Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
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 | Mar. 31, 2017 | |
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 | 316,082,221 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Revenues | ||
Total operating revenues | $ 2,759 | $ 3,229 |
Operating Costs and Expenses | ||
Cost of operations | 2,125 | 2,194 |
Depreciation and amortization | 300 | 313 |
Selling, general and administrative | 272 | 252 |
Development activity expenses | 17 | 26 |
Total operating costs and expenses | 2,714 | 2,785 |
Gain on sale of assets | 2 | 32 |
Operating Income | 47 | 476 |
Other Income/(Expense) | ||
Equity in earnings/(losses) of unconsolidated affiliates | 5 | (7) |
Impairment loss on investment | 0 | (146) |
Other income, net | 12 | 18 |
(Loss)/gain on debt extinguishment, net | (2) | 11 |
Interest expense | (269) | (284) |
Total other expense | (254) | (408) |
(Loss)/Income Before Income Taxes | (207) | 68 |
Income tax (benefit)/expense | (4) | 21 |
Net (Loss)/Income | (203) | 47 |
Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interests | (40) | (35) |
Net (Loss)/Income Attributable to NRG Energy, Inc. | (163) | 82 |
Dividends for preferred shares | 0 | 5 |
(Loss)/Income Available for Common Stockholders | $ (163) | $ 77 |
(Loss)/Earnings per Share Attributable to NRG Energy, Inc. Common Stockholders | ||
Weighted average number of common shares outstanding — basic | 316 | 315 |
(Loss)/Earnings per Weighted Average Common Share — Basic | $ (0.52) | $ 0.24 |
Weighted average number of common shares outstanding — diluted | 316 | 315 |
(Loss)/Earnings per Weighted Average Common Share — Diluted | $ (0.52) | $ 0.24 |
Dividends Per Common Share | $ 0.03 | $ 0.15 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net (loss)/income | $ (203) | $ 47 |
Other comprehensive income/(loss), net of tax | ||
Unrealized income/(loss) on derivatives, net of income tax expense of $1, and $1 | 4 | (32) |
Foreign currency translation adjustments, net of income tax expense of $0, and $0 | 7 | 6 |
Available-for-sale securities, net of income tax expense of $0, and $0 | 0 | 3 |
Defined benefit plans, net of income tax expense of $0, and $0 | 0 | 1 |
Other comprehensive income/(loss) | 11 | (22) |
Comprehensive (loss)/income | (192) | 25 |
Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | (39) | (52) |
Comprehensive (loss)/income attributable to NRG Energy, Inc. | (153) | 77 |
Dividends for preferred shares | 0 | 5 |
Comprehensive (loss)/income available for common stockholders | $ (153) | $ 72 |
Condensed Consolidated Stateme4
Condensed Consolidated Statement of Comprehensive Loss Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized (loss)/gain on derivatives, income tax expense | $ 1 | $ 1 |
Foreign currency translation adjustments, income tax expense | 0 | 0 |
Available-for-sale securities, income tax expense | 0 | 0 |
Defined benefit plans, net of income tax expense | $ 0 | $ 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 1,513 | $ 1,973 |
Funds deposited by counterparties | 3 | 2 |
Restricted cash | 397 | 446 |
Accounts receivable, net | 974 | 1,166 |
Inventory | 1,140 | 1,111 |
Derivative instruments | 682 | 1,062 |
Cash collateral paid in support of energy risk management activities | 277 | 203 |
Current assets held-for-sale | 0 | 9 |
Prepayments and other current assets | 454 | 423 |
Total current assets | 5,440 | 6,395 |
Property, plant and equipment, net | 17,942 | 17,912 |
Other Assets | ||
Equity investments in affiliates | 1,148 | 1,120 |
Notes receivable, less current portion | 13 | 17 |
Goodwill | 662 | 662 |
Intangible assets, net | 1,957 | 2,036 |
Nuclear decommissioning trust fund | 627 | 610 |
Derivative instruments | 226 | 189 |
Deferred income taxes | 223 | 225 |
Non-current assets held-for-sale | 10 | 10 |
Other non-current assets | 1,172 | 1,179 |
Total other assets | 6,038 | 6,048 |
Total Assets | 29,420 | 30,355 |
Current Liabilities | ||
Current portion of long-term debt and capital leases | 1,688 | 1,220 |
Accounts payable | 872 | 895 |
Derivative instruments | 747 | 1,084 |
Cash collateral received in support of energy risk management activities | 3 | 2 |
Current liabilities held-for-sale | 0 | |
Accrued expenses and other current liabilities | 887 | 1,181 |
Total current liabilities | 4,197 | 4,382 |
Other Liabilities | ||
Long-term debt and capital leases | 17,672 | 18,006 |
Nuclear decommissioning reserve | 291 | 287 |
Nuclear decommissioning trust liability | 352 | 339 |
Deferred income taxes | 20 | 20 |
Derivative instruments | 315 | 294 |
Out-of-market contracts, net | 1,017 | 1,040 |
Non-current liabilities held-for-sale | 12 | 12 |
Other non-current liabilities | 1,487 | 1,483 |
Total non-current liabilities | 21,166 | 21,481 |
Total Liabilities | 25,363 | 25,863 |
Redeemable noncontrolling interest in subsidiaries | 44 | 46 |
Stockholders’ Equity | ||
Common stock | 4 | 4 |
Additional paid-in capital | 8,375 | 8,358 |
Retained deficit | (4,238) | (3,787) |
Less treasury stock, at cost — 101,858,284 and 102,140,814 shares, respectively | (2,392) | (2,399) |
Accumulated other comprehensive loss | (124) | (135) |
Noncontrolling interest | 2,388 | 2,405 |
Total Stockholders’ Equity | 4,013 | 4,446 |
Total Liabilities and Stockholders’ Equity | $ 29,420 | $ 30,355 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Treasury stock, shares (in shares) | 101,858,284 | 102,140,814 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash Flows from Operating Activities | ||
Net (loss)/income | $ (203) | $ 47 |
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | ||
Distributions and equity in earnings of unconsolidated affiliates | 8 | 17 |
Depreciation and amortization | 300 | 313 |
Provision for bad debts | 9 | 10 |
Amortization of nuclear fuel | 12 | 13 |
Amortization of financing costs and debt discount/premiums | 1 | 1 |
Adjustment for debt extinguishment | 0 | (11) |
Amortization of intangibles and out-of-market contracts | 10 | 26 |
Amortization of unearned equity compensation | 8 | 8 |
Impairment losses | 0 | 146 |
Changes in deferred income taxes and liability for uncertain tax benefits | 1 | (25) |
Changes in nuclear decommissioning trust liability | 36 | 9 |
Changes in derivative instruments | 25 | (50) |
Changes in collateral posted in support of risk management activities | (74) | 156 |
Proceeds from sale of emission allowances | 0 | 47 |
Gain on sale of assets | (2) | (32) |
Cash used by changes in other working capital | (199) | (121) |
Net Cash Provided by Operating Activities | (68) | 554 |
Cash Flows from Investing Activities | ||
Acquisitions of businesses, net of cash acquired | (3) | (6) |
Capital expenditures | (268) | (279) |
Decrease/(increase)in restricted cash, net | 13 | (12) |
Decrease in restricted cash to support equity requirements for U.S. DOE funded projects | 36 | 39 |
Decrease in notes receivable | 4 | 1 |
Purchases of emission allowances | (9) | (12) |
Proceeds from sale of emission allowances | 11 | 7 |
Investments in nuclear decommissioning trust fund securities | (153) | (200) |
Proceeds from the sale of nuclear decommissioning trust fund securities | 117 | 191 |
Proceeds from renewable energy grants and state rebates | 0 | 8 |
Proceeds from sale of assets, net of cash disposed of | 14 | 120 |
Investments in unconsolidated affiliates | (12) | (4) |
Other | 18 | 4 |
Net Cash Used by Investing Activities | (232) | (143) |
Cash Flows from Financing Activities | ||
Payment of dividends to common and preferred stockholders | (9) | (48) |
Net receipts from settlement of acquired derivatives that include financing elements | 1 | 39 |
Proceeds from issuance of long-term debt | 192 | 61 |
Payments for short and long-term debt | (177) | (316) |
Payment for Credit Support in Long-Term Deposits | (130) | 0 |
Proceeds from Lines of Credit | 125 | 0 |
Payments for Loans to Related Parties | (125) | 0 |
Contributions to, net of distributions from, noncontrolling interest in subsidiaries | (5) | 10 |
Payments of Debt Issuance Costs | (15) | 0 |
Other - contingent consideration | (10) | (10) |
Net Cash Used by Financing Activities | (153) | (264) |
Effect of exchange rate changes on cash and cash equivalents | (7) | (6) |
Net (Decrease)/ Increase in Cash and Cash Equivalents | (460) | 141 |
Cash and Cash Equivalents at Beginning of Period | 1,973 | 1,518 |
Cash and Cash Equivalents at End of Period | $ 1,513 | $ 1,659 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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 leading integrated power company built on the strength of the nation's largest and most diverse competitive electric generation portfolio and leading retail electricity platform. NRG aims to create a sustainable energy future by producing, selling and delivering electricity and related products and services in major competitive power markets in the U.S. in a manner that delivers value to all of NRG's stakeholders. The Company owns and operates approximately 46,000 MW 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 names “NRG”, "Reliant" and other retail brand names owned by NRG. 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 2016 Form 10-K. Interim results are not necessarily indicative of results for a full year. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of March 31, 2017 , and the results of operations, comprehensive income/(loss) and cash flows for the three months ended March 31, 2017 and 2016 . GenOn Liquidity and Ability to Continue as a Going Concern As of March 31, 2017, GenOn had cash and cash equivalents of $885 million , of which $305 million and $82 million were held by GenOn Mid-Atlantic and REMA, respectively. Under their respective operating leases, GenOn Mid-Atlantic and REMA are not permitted to make any distributions and other restricted payments unless: (a) they satisfy the fixed charge coverage ratio for the most recently ended period for four fiscal quarters; (b) they are projected to satisfy the fixed charge coverage ratio for each of the two following periods of four fiscal quarters, commencing with the fiscal quarter in which such payment is proposed to be made; and (c) no significant lease default or event of default has occurred and is continuing. Additionally, GenOn Mid-Atlantic and REMA must be in compliance with the requirement to provide credit support to the owner lessors securing their obligations to pay scheduled rent under their respective leases. As a result, GenOn Mid-Atlantic has not been able to make distributions of cash and certain other restricted payments since the quarter ended March 31, 2014 which was the last quarterly period for which GenOn Mid-Atlantic satisfied the conditions under its operating agreement. REMA has not satisfied the conditions under its operating agreement to make distributions of cash and certain other restricted payments since 2009. As disclosed in Note 8 , Debt and Capital Leases , $691 million of GenOn's Senior Notes, excluding $4 million of associated premiums, are current within the GenOn consolidated balance sheet as of March 31, 2017 and are due on June 15, 2017. GenOn's future profitability continues to be adversely affected by (i) a sustained decline in natural gas prices and its resulting effect on wholesale power prices and capacity prices, and (ii) the inability of GenOn Mid-Atlantic and REMA to make distributions of cash and certain other restricted payments to GenOn. GenOn is currently considering all options available to it, including negotiations with creditors and lessors, refinancing the GenOn Senior Notes, potential sales of certain generating assets as well as the possibility for a need to file for protection under Chapter 11 of the U.S. Bankruptcy Code. If GenOn is unable to enter into a settlement with its creditors, refinance the senior notes or otherwise raise or generate sufficient capital, GenOn is not expected to have sufficient liquidity to repay the GenOn Senior Notes due in June 2017. Pending resolution, there is substantial doubt about GenOn's ability to continue as a going concern. As a result of the substantial doubt about GenOn’s ability to continue as a going concern, along with additional factors, there is substantial doubt about certain of GenOn’s subsidiaries’ ability to continue as a going concern. During 2016, GenOn appointed two independent directors, retained advisors and established a separate audit committee as part of this process. On April 7, 2017, GenOn also appointed a new dedicated chief executive officer, effective immediately. Any resolution may have a material impact on the NRG's statement of operations, cash flows and financial position. NRG, GenOn's parent company, has no obligation to provide any financial support to GenOn other than under the secured intercompany revolving credit agreement between NRG and GenOn and NRG Americas. As of March 31, 2017, $214 million was available to be used by GenOn under the $500 million revolving credit agreement. As controlled group members, ERISA requires that NRG and GenOn are jointly and severally liable for the NRG Pension Plan for Bargained Employees and the NRG Pension Plan, including the pension liabilities associated with GenOn employees. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Reclassifications Certain prior year amounts have been reclassified for comparative purposes. The reclassifications did not affect results from operations, net assets or cash flows. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Other Balance Sheet Information The following table presents the allowance for doubtful accounts included in accounts receivable, net; accumulated depreciation included in property, plant and equipment, net; accumulated amortization included in intangible assets, net and accumulated amortization included in out-of-market contracts, net: March 31, 2017 December 31, 2016 (In millions) Accounts receivable allowance for doubtful accounts $ 33 $ 30 Property, plant and equipment accumulated depreciation 6,602 6,314 Intangible assets accumulated amortization 1,724 1,775 Out-of-market contracts accumulated amortization 666 765 Noncontrolling Interest The following table reflects the changes in NRG's noncontrolling interest balance: (In millions) Balance as of December 31, 2016 $ 2,405 Dividends paid to NRG Yield, Inc. public shareholders (25 ) Comprehensive loss attributable to noncontrolling interest (22 ) Distributions to noncontrolling interest (21 ) Contributions from noncontrolling interest 48 Sale of assets to NRG Yield, Inc. 3 Balance as of March 31, 2017 $ 2,388 Redeemable Noncontrolling Interest The following table reflects the changes in the Company's redeemable noncontrolling interest balance: (In millions) Balance as of December 31, 2016 $ 46 Contributions from redeemable noncontrolling interest 15 Comprehensive loss attributable to redeemable noncontrolling interest (17 ) Balance as of March 31, 2017 $ 44 Recent Accounting Developments - Guidance Adopted in 2017 ASU 2016-16 — In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740) , Intra-Entity Transfers of Assets Other Than Inventory, or ASU No. 2016-16. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party which has resulted in diversity in practice and increased complexity within financial reporting. The amendments of ASU No. 2016-16 would require an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The Company adopted the guidance in ASU No. 2016-16 effective January 1, 2017. In connection with the adoption of the standard, the Company recorded a reduction to non-current assets of $267 million with a corresponding reduction to cumulative retained deficit. ASU 2016-15 — In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) , Classification of Certain Cash Receipts and Cash Payments, or ASU No. 2016-15. The amendments of ASU No. 2016-15 were issued to address eight specific cash flow issues for which stakeholders have indicated to the FASB that a diversity in practice existed in how entities were presenting and classifying these items in the statement of cash flows. The issues addressed by ASU No. 2016-15 include but are not limited to the classification of debt prepayment and debt extinguishment costs, payments made for contingent consideration for a business combination, proceeds from the settlement of insurance proceeds, distributions received from equity method investees and separately identifiable cash flows and the application of the predominance principle. The Company adopted the guidance in ASU No. 2016-15 effective January 1, 2017. While the Company has applied this guidance retrospectively, the adoption of the standard did not have an impact on the statement of cash flow for the three months ended March 31, 2016. ASU 2016-09 — In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718), or ASU No. 2016-09. The amendments focused on simplification specifically with regard to share-based payment transactions, including income tax consequences, classification of awards as equity or liabilities and classification on the statement of cash flows. The Company adopted the guidance in ASU No. 2016-09 effective January 1, 2017 with no material adjustments recorded to the consolidated balance sheet. Recent Accounting Developments - Guidance Not Yet Adopted ASU 2017-07 — In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715) , Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, or ASU No. 2017-07. Current GAAP does not indicate where the amount of net benefit cost should be presented in an entity’s income statement and does not require entities to disclose the amount of net benefit cost that is included in the income statement. The amendments of ASU No. 2017-07 require an entity to report the service cost component of net benefit costs in the same line item as other compensation costs arising from services rendered by the related employees during the applicable service period. The other components of net benefit cost are required to be presented separately from the service cost component and outside the subtotal of income from operations. Further, ASU No. 2017-07 prescribes that only the service cost component of net benefit costs is eligible for capitalization. The amendments of ASU No. 2017-07 are effective for fiscal years beginning after December 15, 2017, including interim periods therein. Early adoption is permitted and must be applied on a retrospective basis, except for the amendments regarding the capitalization of the service cost component, which must be applied prospectively. The Company is currently assessing the impact that the adoption of ASU No. 2017-07 will have on its results of operations, cash flows, and statement of financial position. ASU 2016-18 — In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) , Restricted Cash, or ASU No. 2016-18. The amendments of ASU No. 2016-18 require an entity to include amounts generally described as restricted cash and restricted cash equivalents, including funds deposited by counterparties with cash and cash equivalents when reconciling the beginning of period and end of period total amounts on the statement of cash flows. The amendments of ASU No. 2016-18 are effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted and the adoption of ASU No. 2016-18 will be applied retrospectively. The Company calculated the impact of ASU No. 2016-18 on the statement of cash flows to be a decrease of cash flows used by operating activities of $1 million and an increase of cash flows used by investing activities of $49 million for the three months ended March 31, 2017, and a decrease of cash flows provided by operating activities of $5 million and a decrease of cash flows used by investing activities of $27 million for the three months ended March 31, 2016. ASU 2016-02 — In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , or Topic 842, with the objective to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and to improve financial reporting by expanding the related disclosures. The guidance in Topic 842 provides that a lessee that may have previously accounted for a lease as an operating lease under current GAAP should recognize the assets and liabilities that arise from a lease on the balance sheet. In addition, Topic 842 expands the required quantitative and qualitative disclosures with regards to lease arrangements. The Company expects to adopt the standard effective January 1, 2019 utilizing the required modified retrospective approach for the earliest period presented. The Company expects to elect certain of the practical expedients permitted, including the expedient that permits the Company to retain its existing lease assessment and classification. The Company is currently working through an adoption plan which includes the evaluation of lease contracts compared to the new standard. While the Company is currently evaluating the impact the new guidance will have on its financial position and results of operations, the Company expects to recognize lease liabilities and right of use assets. The extent of the increase to assets and liabilities associated with these amounts remains to be determined pending the Company’s review of its existing lease contracts and service contracts which may contain embedded leases. As this review is still in process, it is currently not practicable to quantify the impact of adopting the ASU at this time. ASU 2014-09 — In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , or Topic 606, which was further amended through various updates issued by the FASB thereafter. The amendments of Topic 606 completed the joint effort between the FASB and the IASB, to develop a common revenue standard for GAAP and IFRS, and to improve financial reporting. The guidance under Topic 606 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 a five step model to be applied by an entity in evaluating its contracts with customers. The Company expects to adopt the standard effective January 1, 2018 and apply the guidance retrospectively to contracts at the date of adoption. The Company will recognize the cumulative effect of applying Topic 606 at the date of initial application, as prescribed under the modified retrospective transition method. The Company also expects to elect the practical expedient available under Topic 606 for measuring progress toward complete satisfaction of a performance obligation and for disclosure requirements of remaining performance obligations. The practical expedient allows an entity to recognize revenue in the amount to which the entity has the right to invoice such that the entity has a right to the consideration in an amount that corresponds directly with the value to the customer for performance completed to date by the entity. The Company continues to assess the new standard with a focus on identifying the performance obligations included within its revenue arrangements with customers and evaluating the Company’s methods of estimating the amount and timing of variable consideration. Based on the assessment to date, the Company is currently evaluating the impact of the new standard on the Company’s results of operations, financial position or cash flows. |
Business Acquisitions and Dispo
Business Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Dispositions The Company completed the following transfer of assets under common control. On March 27, 2017, the Company sold to NRG Yield, Inc.: (i) a 16% interest in the Agua Caliente solar project, representing ownership of approximately 46 net MW of capacity and (ii) NRG's interests in seven utility-scale solar projects located in Utah representing 265 net MW of capacity, which have reached commercial operations. NRG Yield Inc. paid cash consideration of $130 million , plus $1 million in working capital adjustments, and assumed non-recourse debt of approximately $328 million . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
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 2016 Form 10-K. For cash and cash equivalents, funds deposited by counterparties, accounts and other receivables, accounts payable, restricted cash, and cash collateral paid and received in support of energy risk management activities, the carrying amount approximates fair value because of the short-term maturity of those instruments and are classified as Level 1 within the fair value hierarchy. The estimated carrying amounts and fair values of NRG's recorded financial instruments not carried at fair market value are as follows: As of March 31, 2017 As of December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Assets: Notes receivable (a) $ 30 $ 30 $ 34 $ 34 Liabilities: Long-term debt, including current portion (b) 19,539 18,726 19,406 18,566 (a) Includes the current portion of notes receivable which is recorded in prepayments and other current assets on the Company's consolidated balance sheets. (b) Excludes deferred financing costs, which are recorded as a reduction to long-term debt on the Company's consolidated balance sheets. The fair value of the Company's publicly-traded long-term debt is based on quoted market prices and is classified as Level 2 within the fair value hierarchy. The fair value of debt securities, non-publicly traded long-term debt and certain notes receivable of the Company are based on expected future cash flows discounted at market interest rates, or current interest rates for similar instruments with equivalent credit quality and are classified as Level 3 within the fair value hierarchy. The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of March 31, 2017 and December 31, 2016 : As of March 31, 2017 As of December 31, 2016 Level 2 Level 3 Level 2 Level 3 (In millions) Long-term debt, including current portion $ 11,190 $ 7,536 $ 11,055 $ 7,511 Recurring Fair Value Measurements Debt securities, equity securities, and trust fund investments, which are comprised of various U.S. debt and equity securities, and derivative assets and liabilities, are carried at fair market value. The following tables present assets and liabilities measured and recorded at fair value on the Company's condensed consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: As of March 31, 2017 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 4 — — 4 Other (a) 8 — — 8 Nuclear trust fund investments: Cash and cash equivalents 16 — — 16 U.S. government and federal agency obligations 55 1 — 56 Federal agency mortgage-backed securities — 67 — 67 Commercial mortgage-backed securities — 17 — 17 Corporate debt securities — 100 — 100 Equity securities 309 — 58 367 Foreign government fixed income securities — 4 — 4 Other trust fund investments: U.S. government and federal agency obligations 1 — — 1 Derivative assets: Commodity contracts 245 534 79 858 Interest rate contracts — 50 — 50 Total assets $ 638 $ 773 $ 155 $ 1,566 Derivative liabilities: Commodity contracts 307 541 137 985 Interest rate contracts — 77 — 77 Total liabilities $ 307 $ 618 $ 137 $ 1,062 (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, 2016 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 $ — $ — $ 17 $ 17 Available-for-sale securities 10 — — 10 Other (a) 10 — — 10 Nuclear trust fund investments: Cash and cash equivalents 25 — — 25 U.S. government and federal agency obligations 72 1 — 73 Federal agency mortgage-backed securities — 62 — 62 Commercial mortgage-backed securities — 17 — 17 Corporate debt securities — 84 — 84 Equity securities 292 — 54 346 Foreign government fixed income securities — 3 — 3 Other trust fund investments: U.S. government and federal agency obligations 1 — — 1 Derivative assets: Commodity contracts 559 551 92 1,202 Interest rate contracts — 49 — 49 Total assets $ 969 $ 767 $ 163 $ 1,899 Derivative liabilities: Commodity contracts 494 635 161 1,290 Interest rate contracts — 88 — 88 Total liabilities $ 494 $ 723 $ 161 $ 1,378 (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 months ended March 31, 2017 and 2016 between Levels 1 and 2. The following tables reconcile, for the three months ended March 31, 2017 and 2016 , the beginning and ending balances for financial instruments that are recognized at fair value in the condensed consolidated financial statements, at least annually, using significant unobservable inputs: Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Three months ended March 31, 2017 (In millions) Debt Securities Trust Fund Investments Derivatives (a) Total Beginning balance $ 17 $ 54 $ (69 ) $ 2 Total gains — realized/unrealized: Included in earnings 1 — 6 7 Included in nuclear decommissioning obligation — 4 — 4 Purchases — — 3 3 Transfers into Level 3 (b) — — (8 ) (8 ) Transfers out of Level 3 (b) — — 10 10 Ending balance as of March 31, 2017 $ 18 $ 58 $ (58 ) $ 18 Losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of March 31, 2017 $ — $ — $ (15 ) $ (15 ) (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 March 31, 2016 (In millions) Debt Securities Trust Fund Investments Derivatives (a) Total Beginning balance $ 17 $ 54 $ (33 ) $ 38 Total losses — realized/unrealized: Included in earnings — — (17 ) (17 ) Included in nuclear decommissioning obligations — (2 ) — (2 ) Purchases — — 5 5 Transfers into Level 3 (b) — — 27 27 Transfers out of Level 3 (b) — — 1 1 Ending balance as of March 31, 2016 $ 17 $ 52 $ (17 ) $ 52 Losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of March 31, 2016 $ — $ — $ (24 ) $ (24 ) (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 March 31, 2017 , contracts valued with prices provided by models and other valuation techniques make up 9% of the total derivative assets and 13% 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 March 31, 2017 and December 31, 2016 : Significant Unobservable Inputs March 31, 2017 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 43 $ 97 Discounted Cash Flow Forward Market Price (per MWh) $ 12 $ 88 $ 26 Coal Contracts — 1 Discounted Cash Flow Forward Market Price (per ton) 42 48 44 FTRs 36 39 Discounted Cash Flow Auction Prices (per MWh) (17 ) 19 — $ 79 $ 137 Significant Unobservable Inputs December 31, 2016 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 40 $ 107 Discounted Cash Flow Forward Market Price (per MWh) $ 11 $ 104 $ 31 Coal Contracts — 1 Discounted Cash Flow Forward Market Price (per ton) 42 51 45 FTRs 52 53 Discounted Cash Flow Auction Prices (per MWh) (22 ) 17 — $ 92 $ 161 The following table provides sensitivity of fair value measurements to increases/(decreases) in significant unobservable inputs as of March 31, 2017 and December 31, 2016 : 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 March 31, 2017 , the credit reserve resulted in a $2 million decrease in fair value in operating revenue and cost of operations. As of December 31, 2016 , the credit reserve resulted in an $11 million decrease in fair value in operating revenue and cost of operations. Concentration of Credit Risk In addition to the credit risk discussion as disclosed in Note 2 , Summary of Significant Accounting Policies , to the Company's 2016 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 2016 Form 10-K. As of March 31, 2017 , the Company's counterparty credit exposure, excluding credit risk exposure under certain long term agreements, was $191 million with net exposure of $188 million . NRG held collateral (cash and letters of credit) against those positions of $3 million . Approximately 76% of the Company's exposure before collateral is expected to roll off by the end of 2018 . Counterparty credit exposure is valued through observable market quotes and discounted at a risk free interest rate. The following tables highlight net counterparty credit exposure by industry sector and by counterparty credit quality. Net counterparty credit exposure is defined as the aggregate net asset position for NRG with counterparties where netting is permitted under the enabling agreement and includes all cash flow, mark-to-market and NPNS, and non-derivative transactions. The exposure is shown net of collateral held, and includes amounts net of receivables or payables. Net Exposure (a) (b) Category by Industry Sector (% of Total) Utilities, energy merchants, marketers and other 91 % Financial institutions 9 Total as of March 31, 2017 100 % Net Exposure (a) (b) Category by Counterparty Credit Quality (% of Total) Investment grade 87 % Non-Investment grade/Non-Rated 13 Total as of March 31, 2017 100 % (a) Counterparty credit exposure excludes uranium and coal transportation contracts because of the unavailability of market prices. (b) The figures in the tables above exclude potential counterparty credit exposure related to RTOs, ISOs, registered commodity exchanges and certain long term contracts. NRG has counterparty credit risk exposure to certain counterparties, each of which represent more than 10% of total net exposure discussed above. The aggregate of such counterparties' exposure was $72 million as of March 31, 2017 . Changes in hedge positions and market prices will affect credit exposure and counterparty concentration. Given the credit quality, diversification and term of the exposure in the portfolio, NRG does not anticipate a material impact on the Company's financial position or results of operations from nonperformance by any of NRG's counterparties. RTOs and ISOs The Company participates in the organized markets of CAISO, ERCOT, ISO-NE, MISO, NYISO and PJM, known as RTOs or ISOs. Trading in these markets is approved by FERC, or in the case of ERCOT, approved by the PUCT and includes credit policies that, under certain circumstances, require that losses arising from the default of one member on spot market transactions be shared by the remaining participants. As a result, the counterparty credit risk to these markets is limited to NRG’s share of overall market and are excluded from the above exposures. Exchange Traded Transactions The Company enters into commodity transactions on registered exchanges, notably ICE and NYMEX. These clearinghouses act as the counterparty and transactions are subject to extensive collateral and margining requirements. As a result, these commodity transactions have limited counterparty credit risk. Long Term Contracts Counterparty credit exposure described above excludes credit risk exposure under certain long term agreements, including California tolling agreements, Gulf Coast load obligations, and wind and solar PPAs. As external sources or observable market quotes are not available to estimate such exposure, the Company estimates its credit exposure for these contracts based on various techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. Based on these valuation techniques, as of March 31, 2017 , aggregate credit risk exposure managed by NRG to these counterparties was approximately $4.4 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, which NRG is unable to predict. Retail Customer Credit Risk NRG is exposed to retail credit risk through the Company's retail electricity providers, which serve commercial, industrial and governmental/institutional customers and the Mass market. Retail credit risk results when a customer fails to pay for products or services rendered. The losses may result from both nonpayment of customer accounts receivable and the loss of in-the-money forward value. NRG manages retail credit risk through the use of established credit policies that include monitoring of the portfolio, and the use of credit mitigation measures such as deposits or prepayment arrangements. As of March 31, 2017 , 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 | 3 Months Ended |
Mar. 31, 2017 | |
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 2016 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 March 31, 2017 As of December 31, 2016 (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 $ 16 $ — $ — — $ 25 $ — $ — — U.S. government and federal agency obligations 56 2 — 9 73 1 — 11 Federal agency mortgage-backed securities 67 1 1 24 62 1 1 25 Commercial mortgage-backed securities 17 — 1 26 17 — 1 26 Corporate debt securities 100 1 1 10 84 1 2 11 Equity securities 367 233 — — 346 214 — — Foreign government fixed income securities 4 — — 7 3 — — 9 Total $ 627 $ 237 $ 3 $ 610 $ 217 $ 4 The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from these sales. The cost of securities sold is determined on the specific identification method. Three months ended March 31, 2017 2016 (In millions) Realized gains $ 2 $ 4 Realized losses 2 3 Proceeds from sale of securities 117 191 |
Accounting for Derivative Instr
Accounting for Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2017 | |
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 2016 Form 10-K. Energy-Related Commodities As of March 31, 2017 , NRG had energy-related derivative instruments extending through 2031 . The Company marks these derivatives to market through the statement of operations. Interest Rate Swaps NRG is exposed to changes in interest rates through the Company's issuance of variable rate debt. In order to manage the Company's interest rate risk, NRG enters into interest rate swap agreements. As of March 31, 2017 , the Company had interest rate derivative instruments on recourse debt extending through 2021, which are not designated as cash flow hedges. The Company had interest rate swaps on non-recourse debt extending through 2036 , 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 March 31, 2017 and December 31, 2016 . Option contracts are reflected using delta volume. Delta volume equals the notional volume of an option adjusted for the probability that the option will be in-the-money at its expiration date. Total Volume March 31, 2017 December 31, 2016 Category Units (In millions) Emissions Short Ton (4 ) — Coal Short Ton 32 41 Natural Gas MMBtu 162 85 Oil Barrel — 1 Power MWh (12 ) (28 ) Capacity MW/Day (1 ) (1 ) Interest Dollars $ 3,369 $ 3,429 Equity Shares 1 1 The increase in the natural gas position was primarily the result of additional generation and retail hedge positions. Fair Value of Derivative Instruments The following table summarizes the fair value within the derivative instrument valuation on the balance sheets: Fair Value Derivative Assets Derivative Liabilities March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 (In millions) Derivatives designated as cash flow hedges: Interest rate contracts current $ — $ — $ 22 $ 28 Interest rate contracts long-term 12 12 31 41 Total derivatives designated as cash flow hedges 12 12 53 69 Derivatives not designated as cash flow hedges : Interest rate contracts current 3 — 8 7 Interest rate contracts long-term 35 37 16 12 Commodity contracts current 679 1,062 717 1,049 Commodity contracts long-term 179 140 268 241 Total derivatives not designated as cash flow hedges 896 1,239 1,009 1,309 Total derivatives $ 908 $ 1,251 $ 1,062 $ 1,378 The Company has elected to present derivative assets and liabilities on the balance sheet on a trade-by-trade basis and does not offset amounts at the counterparty master agreement level. In addition, collateral received or paid on the Company's derivative assets or liabilities are recorded on a separate line item on the balance sheet. The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid: Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets / Liabilities Derivative Instruments Cash Collateral (Held) / Posted Net Amount As of March 31, 2017 (In millions) Commodity contracts: Derivative assets $ 858 $ (732 ) $ (2 ) $ 124 Derivative liabilities (985 ) 732 64 (189 ) Total commodity contracts (127 ) — 62 (65 ) Interest rate contracts: Derivative assets 50 (4 ) — 46 Derivative liabilities (77 ) 4 — (73 ) Total interest rate contracts (27 ) — — (27 ) Total derivative instruments $ (154 ) $ — $ 62 $ (92 ) 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, 2016 (In millions) Commodity contracts: Derivative assets $ 1,202 $ (1,005 ) $ (1 ) $ 196 Derivative liabilities (1,290 ) 1,005 14 (271 ) Total commodity contracts (88 ) — 13 (75 ) Interest rate contracts: Derivative assets 49 (4 ) — 45 Derivative liabilities (88 ) 4 — (84 ) Total interest rate contracts (39 ) — — (39 ) Total derivative instruments $ (127 ) $ — $ 13 $ (114 ) Accumulated Other Comprehensive Loss The following table summarizes the effects of ASC 815 on the Company's accumulated OCI balance attributable to cash flow hedge derivatives, net of tax: Three months ended March 31, 2017 Interest Rate Total (In millions) Accumulated OCI beginning balance $ (66 ) $ (66 ) Reclassified from accumulated OCI to income: Due to realization of previously deferred amounts 3 3 Mark-to-market of cash flow hedge accounting contracts 2 2 Accumulated OCI ending balance, net of $14 tax $ (61 ) $ (61 ) Losses expected to be realized from OCI during the next 12 months, net of $4 tax $ (15 ) $ (15 ) Three months ended March 31, 2016 Interest Rate Total (In millions) Accumulated OCI beginning balance $ (101 ) $ (101 ) Reclassified from accumulated OCI to income: Due to realization of previously deferred amounts 3 3 Mark-to-market of cash flow hedge accounting contracts (52 ) (52 ) Accumulated OCI ending balance, net of $24 tax $ (150 ) $ (150 ) Amounts reclassified from accumulated OCI into income and amounts recognized in income from the ineffective portion of cash flow hedges are recorded to interest expense for interest rate contracts. There was no ineffectiveness for the three months ended March 31, 2017 and 2016 . Accounting guidelines require a high degree of correlation between the derivative and the hedged item throughout the period in order to qualify as a cash flow hedge. As of December 31, 2016, the Company's regression analysis for Viento Funding II interest rate swaps, while positively correlated, did not meet the required threshold for cash flow hedge accounting. As a result, the Company de-designated the Viento Funding II cash flow hedges as of December 31, 2016, and will prospectively mark these derivatives to market through the income statement. Impact of Derivative Instruments on the Statements of Operations Unrealized gains and losses associated with changes in the fair value of derivative instruments not accounted for as cash flow hedges and ineffectiveness of hedge derivatives are reflected in current period consolidated results of operations. The following table summarizes the pre-tax effects of economic hedges that have not been designated as cash flow hedges, 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 March 31, 2017 2016 Unrealized mark-to-market results (In millions) Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges $ 16 $ (86 ) Reversal of acquired loss/(gain) positions related to economic hedges 2 (13 ) Net unrealized (losses)/gains on open positions related to economic hedges (24 ) 134 Total unrealized mark-to-market (losses)/gains for economic hedging activities (6 ) 35 Reversal of previously recognized unrealized (gains)/losses on settled positions related to trading activity (15 ) 8 Net unrealized gains on open positions related to trading activity 1 11 Total unrealized mark-to-market (losses)/gains for trading activity (14 ) 19 Total unrealized (losses)/gains $ (20 ) $ 54 Three months ended March 31, 2017 2016 (In millions) Unrealized gains included in operating revenues $ 114 $ 45 Unrealized (losses)/gains included in cost of operations (134 ) 9 Total impact to statement of operations — energy commodities $ (20 ) $ 54 Total impact to statement of operations — interest rate contracts $ 5 $ (11 ) The reversals of acquired gain or loss positions were valued based upon the forward prices on the acquisition date. The roll-off amounts were offset by realized gains or losses at the settled prices and are reflected in operating revenue or cost of operations during the same period. For the three months ended March 31, 2017 , the $24 million unrealized loss from open economic hedge positions was primarily the result of a decrease in value of forward purchases of natural gas, coal, and ERCOT electricity due to decreases in natural gas, coal and ERCOT electricity prices. For the three months ended March 31, 2016 , the $134 million unrealized gain from open economic hedge positions was primarily the result of an increase in value of forward sales of power due to decreases in electricity prices partially offset by a decrease in value of forward purchases of coal due to decreases in coal prices. Credit Risk Related Contingent Features Certain of the Company's hedging agreements contain provisions that require the Company to post additional collateral if the counterparty determines that there has been deterioration in credit quality, generally termed “adequate assurance” under the agreements, or requires the Company to post additional collateral if there were a one notch downgrade in the Company's credit rating. The collateral required for contracts with adequate assurance clauses that are in a net liability position as of March 31, 2017 , was $38 million . The collateral required for contracts with credit rating contingent features as of March 31, 2017 , was $33 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 $4 million as of March 31, 2017 . See Note 4 , Fair Value of Financial Instruments , to this Form 10-Q for discussion regarding concentration of credit risk. |
Impairments Impairments
Impairments Impairments | 3 Months Ended |
Mar. 31, 2017 | |
Asset Impairment Charges [Abstract] | |
Asset Impairment Charges [Text Block] | Impairments 2016 Impairment Loss Petra Nova Parish Holdings — During the first quarter of 2016, management changed its plans with respect to its future capital commitments driven in part by the continued decline in oil prices. As a result, the Company reviewed its 50% interest in Petra Nova Parish Holdings for impairment utilizing the other-than-temporary impairment model. In determining fair value, the Company utilized an income approach and considered project specific assumptions for the future project cash flows. The carrying amount of the Company's equity method investment exceeded the fair value of the investment and the Company concluded that the decline is considered to be other than temporary. As a result, the Company measured the impairment loss as the difference between the carrying amount and the fair value of the investment and recorded an impairment loss of $140 million . |
Debt and Capital Leases
Debt and Capital Leases | 3 Months Ended |
Mar. 31, 2017 | |
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 2016 Form 10-K. Long-term debt and capital leases consisted of the following: (In millions, except rates) March 31, 2017 December 31, 2016 March 31, 2017 interest rate % (a) Recourse debt: Senior notes, due 2018 $ 398 $ 398 7.625 Senior notes, due 2021 207 207 7.875 Senior notes, due 2022 992 992 6.250 Senior notes, due 2023 869 869 6.625 Senior notes, due 2024 733 733 6.250 Senior notes, due 2026 1,000 1,000 7.250 Senior notes, due 2027 1,250 1,250 6.625 Term loan facility, due 2023 1,886 1,891 L+2.25 Revolving credit facility, due 2018 and 2021 125 — L+2.25 Tax-exempt bonds 455 455 4.125 - 6.00 Subtotal NRG recourse debt 7,915 7,795 Non-recourse debt: GenOn senior notes 1,830 1,830 7.875 - 9.875 GenOn Americas Generation senior notes 695 695 8.500 - 9.125 GenOn other 95 96 Subtotal GenOn debt (non-recourse to NRG) 2,620 2,621 NRG Yield Operating LLC Senior Notes, due 2024 500 500 5.375 NRG Yield Operating LLC Senior Notes, due 2026 350 350 5.000 NRG Yield Inc. Convertible Senior Notes, due 2019 345 345 3.500 NRG Yield Inc. Convertible Senior Notes, due 2020 288 288 3.250 El Segundo Energy Center, due 2023 414 443 L+1.625 - L+2.25 Marsh Landing, due 2017 and 2023 361 370 L+1.750 - L+1.875 Alta Wind I - V lease financing arrangements, due 2034 and 2035 965 965 5.696 - 7.015 Walnut Creek, term loans due 2023 303 310 L+1.625 Utah Portfolio, due 2022 287 287 L+2.65 Tapestry, due 2021 168 172 L+1.625 CVSR, due 2037 757 771 2.339 - 3.775 CVSR HoldCo, due 2037 194 199 4.680 Alpine, due 2022 144 145 L+1.750 Energy Center Minneapolis, due 2017 and 2025 94 96 5.95 - 7.25 Energy Center Minneapolis, due 2031 125 125 3.55 Viento, due 2023 178 178 L+2.75 NRG Yield - other 578 540 various Subtotal NRG Yield debt (non-recourse to NRG) 6,051 6,084 Ivanpah, due 2033 and 2038 1,108 1,113 2.285 - 4.256 Agua Caliente, due 2037 846 849 2.395 - 3.633 Agua Caliente Borrower 1, due 2038 89 — 5.430 Cedro Hill, due 2025 161 163 L+1.75 Midwest Generation, due 2019 213 231 4.390 NRG Other 462 468 various Subtotal other NRG non-recourse debt 2,879 2,824 Subtotal all non-recourse debt 11,550 11,529 Subtotal long-term debt (including current maturities) 19,465 19,324 Capital leases 12 8 various Subtotal long-term debt and capital leases (including current maturities) 19,477 19,332 Less current maturities (1,688 ) (1,220 ) Less debt issuance costs (191 ) (188 ) Premiums, net of discounts 74 82 Total long-term debt and capital leases $ 17,672 $ 18,006 (a) As of March 31, 2017 , L+ equals 3 month LIBOR plus x%, with the exception of the Viento Funding II term loan, the Utah Portfolio term loans, the Alpine Term Loan, the NRG Marsh Landing term loan, the Walnut Creek term loan, the 2023 Term Loan Facility, and the Revolving credit facility which are 1 month LIBOR plus x%. Recourse Debt Revolving Credit Facility On January 27, 2017, GenOn Mid-Atlantic entered into an agreement with Natixis Funding Corp., or Natixis, under which Natixis will procure payment and credit support for the payment of certain lease payments owed pursuant to the GenOn Mid-Atlantic operating leases for Morgantown and Dickerson. GenOn Mid-Atlantic made a payment of $130 million plus fees of $1 million as consideration for Natixis applying for the issuance of, and obtaining, letters of credit from Natixis, New York Branch, the LC Provider, to support the lease payments. Natixis is solely responsible for (i) obtaining letters of credit from the LC Provider, (ii) causing the letters of credit to be issued to the lessors to support the lease payments on behalf of GenOn Mid-Atlantic, (iii) making lease payments and (iv) satisfying any reimbursement obligations payable to the LC Provider. The payment is reflected as a long-term deposit on the Company's consolidated balance sheet as of March 31, 2017. On February 24, 2017, GenOn Mid-Atlantic received a series of notices from certain of the owner lessors under its operating leases of the Morgantown coal generation unit alleging default, or Notices. The Notices allege the existence of lease events of default as a result of, among other items, the purported failure by GenOn Mid-Atlantic to comply with a covenant requiring the maintenance of qualifying credit support. The Notices instructed the relevant trustees to draw on letters of credit under the secured intercompany revolving credit agreement between NRG and GenOn, supporting the GenOn Mid-Atlantic operating leases that were set to expire on February 28, 2017. The offset was recorded to other non-current assets under the related operating leases pending resolution of the matter which is further described below. On February 28, 2017, the trustees drew on the letters of credit under NRG's revolving credit facility, which resulted in borrowings of $125 million . Upon notification, GenOn became obligated under the secured intercompany revolving credit agreement between NRG and GenOn. GenOn requested Genon Mid-Atlantic repay the related amount borrowed under the secured intercompany revolving credit agreement. GenOn Mid-Atlantic is unaware of whether any further action will be taken by the owner lessors or any other person in connection with the Notices. GenOn Mid-Atlantic disagrees with the owner lessors as to the existence of any lease events of default and/or any breaches by GenOn Mid-Atlantic of any terms and conditions of the operating leases and believes that the declaration of a lease event of default, the instruction to draw on the letters of credit under the secured intercompany revolving credit agreement between NRG and GenOn and the draws thereon constituted a violation by the owner lessors and the relevant trustees of the terms and conditions of the GenOn Mid-Atlantic operating leases. GenOn Mid-Atlantic intends to vigorously pursue its rights and remedies in connection with these actions. On March 7, 2017, GenOn Mid-Atlantic filed a complaint in the Supreme Court for the State of New York against the owner lessors of the Morgantown and Dickerson facilities and U.S. Bank National Association in its capacity as the indenture trustee. The complaint seeks, inter alia , a declaratory judgment that no lease events of default exist and asserts counts for breach of contract, conversion, tortious interference, breach of the implied covenant of good faith and fair dealing, unjust enrichment, constructive trust, and injunctive relief. The defendants in this action have not yet responded to the complaint and have until June 5, 2017 to do so. The court has set an initial conference hearing for June 12, 2017. 2023 Term Loan Facility On January 24, 2017, NRG repriced the 2023 Term Loan Facility, reducing the interest rate margin by 50 basis points to LIBOR plus 2.25% . The LIBOR floor remains 0.75% . Non-recourse Debt GenOn Senior Notes As disclosed in Note 1 , Basis of Presentation , as of March 31, 2017 , $691 million of GenOn's Senior Notes, excluding $4 million of associated premiums, of GenOn's Senior Notes outstanding are classified as current within the consolidated balance sheet as they mature on June 15, 2017. GenOn is currently considering all options available to it, including negotiations with creditors and lessors, refinancing the Senior Notes, potential sales of certain generating assets as well as the possibility of a need to file for protection under Chapter 11 of the U.S. Bankruptcy Code. If GenOn is unable to enter into a settlement with its creditors, refinance the senior notes or otherwise raise or generate sufficient capital, GenOn is not expected to have sufficient liquidity to repay the GenOn Senior Notes due in June 2017. Pending resolution, there is substantial doubt about GenOn's ability to continue as a going concern. During 2016, GenOn appointed two independent directors, retained advisors and established a separate audit committee as part of this process. On April 7, 2017, GenOn also appointed a new dedicated chief executive officer, effective immediately. Any resolution may have a material impact on the Company's statement of operations, cash flows and financial position. NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility NRG Yield LLC and its direct wholly owned subsidiary, NRG Yield Operating LLC, entered into a senior secured revolving credit facility, which can be used for cash and for the issuance of letters of credit. At March 31, 2017 , there was $64 million of letters of credit issued under the revolving credit facility and no borrowing outstanding on the revolver. Project Financings Agua Caliente Project Financing On February 17, 2017, Agua Caliente Borrower 1 LLC and Agua Caliente Borrower 2 LLC, or Agua Caliente Holdco, the indirect owners of 51% of the Agua Caliente solar facility, issued $130 million of senior secured notes under the Agua Caliente Holdco Financing Agreement, or 2038 Agua Caliente Holdco Notes, that bear interest at 5.43% and mature on December 31, 2038. As described in Note 3 , Dispositions , on March 27, 2017, NRG Yield, Inc. acquired Agua Caliente Borrower 2 LLC from NRG. The debt is joint and several with respect to Agua Caliente Borrower 1 LLC and Agua Caliente Borrower 2 LLC and is secured by the equity interests of each borrower in the Agua Caliente solar facility. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2017 | |
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, NRG Yield Operating LLC, 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 $104 million as of March 31, 2017 . Entities that are Consolidated The Company has a controlling financial interest in certain entities which have been identified as VIEs under ASC 810. These arrangements are primarily related to tax equity arrangements entered into with third-parties in order to finance the cost of solar energy systems under operating leases and wind facilities eligible for certain tax credits as further described in Note 2 , Summary of Significant Accounting Policies to the Company's 2016 Form 10-K. For one of the tax equity arrangements, the Company has a deficit restoration obligation equal to $88 million as of March 31, 2017 , which would be required to be funded if the arrangement were to be dissolved. The summarized financial information for the Company's consolidated VIEs consisted of the following: (In millions) March 31, 2017 December 31, 2016 Current assets $ 90 $ 87 Net property, plant and equipment 1,513 1,534 Other long-term assets 948 954 Total assets 2,551 2,575 Current liabilities 59 59 Long-term debt 439 442 Other long-term liabilities 185 183 Total liabilities 683 684 Noncontrolling interests 535 529 Net assets less noncontrolling interests $ 1,333 $ 1,362 |
Changes in Capital Structure
Changes in Capital Structure | 3 Months Ended |
Mar. 31, 2017 | |
Changes in Capital Structure Disclosure [Abstract] | |
Changes in Capital Structure | Changes in Capital Structure As of March 31, 2017 and December 31, 2016 , 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, 2016 417,583,825 (102,140,814 ) 315,443,011 Shares issued under LTIPs 355,047 — 355,047 Shares issued under ESPP — 282,530 282,530 Balance as of March 31, 2017 417,938,872 (101,858,284 ) 316,080,588 Amended and Restated Employee Stock Purchase Plan As of March 31, 2017 , there were 385,289 shares of treasury stock available for issuance under the ESPP. On April 27, 2017, NRG stockholders approved an increase of 3,000,000 shares available for issuance under the ESPP. Amended and Restated Long-term Incentive Plan On April 27, 2017, NRG stockholders approved an increase of 3,000,000 shares available for issuance under the NRG Energy, Inc. Amended and Restated Long-term Incentive Plan. NRG Common Stock Dividends The following table lists the dividends paid during the three months ended March 31, 2017 : First Quarter 2017 Dividends per Common Share $ 0.030 On April 7, 2017 , NRG declared a quarterly dividend on the Company's common stock of $0.03 per share, payable May 15, 2017 , to stockholders of record as of May 1, 2017 , representing $0.12 per share on an annualized basis. The Company's common stock dividends are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations. |
Earnings_(Loss) Per Share
Earnings/(Loss) Per Share | 3 Months Ended |
Mar. 31, 2017 | |
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 income/(loss) per share while giving effect to all potentially dilutive common shares that were outstanding during the period. During the second quarter of 2016, the Company repurchased 100% of the outstanding shares of its 2.822% preferred stock. The reconciliation of NRG's basic and diluted earnings/(loss) per share is shown in the following table: Three months ended March 31, (In millions, except per share data) 2017 2016 Basic (loss)/earnings per share attributable to NRG Energy, Inc. common stockholders Net (loss)/income attributable to NRG Energy, Inc. $ (163 ) $ 82 Dividends for preferred shares — 5 (Loss)/income available for common stockholders $ (163 ) $ 77 Weighted average number of common shares outstanding - basic 316 315 (Loss)/Earnings per weighted average common share — basic $ (0.52 ) $ 0.24 Diluted (loss)/earnings per share attributable to NRG Energy, Inc. common stockholders Weighted average number of common shares outstanding - diluted 316 315 Incremental shares attributable to the issuance of equity compensation (treasury stock method) — — Total dilutive shares 316 315 (Loss)/earnings per weighted average common share — diluted $ (0.52 ) $ 0.24 The following table summarizes NRG’s outstanding equity instruments that are anti-dilutive and were not included in the computation of the Company’s diluted loss per share: Three months ended March 31, (In millions of shares) 2017 2016 Equity compensation plans 6 4 Embedded derivative of 2.822% redeemable perpetual preferred stock — 16 Total 6 20 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting Disclosure [Abstract] | |
Segment Reporting | Segment Reporting The Company's segment structure reflects how management currently makes financial decisions and allocates resources. The Company's businesses are segregated as follows: Generation, which includes generation, international and BETM; Retail, which includes Mass customers and Business Solutions, which includes C&I customers and other distributed and reliability products; Renewables, which includes solar and wind assets, excluding those in NRG Yield; NRG Yield; and corporate activities. Intersegment sales are accounted for at market prices. The financial information for the three months ended March 31, 2016 has been recast to reflect the current segment structure. On September 1, 2016, NRG Yield acquired the remaining 51.05% interest in CVSR Holdco LLC, which indirectly owns the CVSR solar facility, from the Company. On March 27, 2017, NRG Yield acquired from NRG a 16% interest in the Agua Caliente solar project, and NRG's interests in seven utility-scale solar projects located in Utah. Both acquisitions were treated as a transfer of entities under common control and accordingly, all historical periods have been recast to reflect the acquisition as if they had occurred at the beginning of the financial statement period. 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). Generation (a) Retail (a) Renewables (a)(b) NRG Yield Corporate (a) Eliminations Total Three months ended March 31, 2017 (In millions) Operating revenues (a) $ 1,343 $ 1,335 $ 98 $ 218 $ 8 $ (243 ) $ 2,759 Depreciation and amortization 138 28 49 75 10 — 300 Equity in (losses)/earnings of unconsolidated affiliates (13 ) — (1 ) 19 3 (3 ) 5 Gain on sale of assets 2 — — — — — 2 Income/(loss) before income taxes 67 (30 ) (37 ) (2 ) (203 ) (2 ) (207 ) Net Income/(Loss) 67 (33 ) (31 ) (1 ) (203 ) (2 ) (203 ) Net Income/(Loss) attributable to NRG Energy, Inc. $ 67 $ (32 ) $ (3 ) $ 13 $ (203 ) $ (5 ) $ (163 ) Total assets as of March 31, 2017 $ 12,962 $ 2,150 $ 5,123 $ 8,580 $ 14,621 $ (14,016 ) $ 29,420 (a) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 205 $ 1 $ 8 $ — $ 29 $ — $ 243 (b) Includes loss on debt extinguishment $ — $ — $ (2 ) $ — $ — $ — $ (2 ) Generation (a) Retail (a) Renewables (a) NRG Yield (a) Corporate (a)(b) Eliminations Total Three months ended March 31, 2016 (In millions) Operating revenues (a) $ 1,708 $ 1,370 $ 96 $ 234 $ 18 $ (197 ) $ 3,229 Depreciation and amortization 144 30 48 74 17 — 313 Impairment losses (137 ) — — — (9 ) — (146 ) Equity in earnings/(loss) of unconsolidated affiliates (8 ) — (4 ) 4 3 (2 ) (7 ) Gain on sale of assets 32 — — — — — 32 Income/(Loss) before income taxes 191 150 (46 ) 2 (231 ) 2 68 Net Income/(Loss) 191 150 (40 ) 2 (258 ) 2 47 Net Income/(Loss) attributable to NRG Energy, Inc. $ 191 $ 150 $ (30 ) $ 10 $ (245 ) $ 6 $ 82 (a) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 118 $ 3 $ 6 $ 4 $ 66 $ — $ 197 (b) Includes gain on debt extinguishment $ — $ — $ — $ — $ 11 $ — $ 11 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Effective Tax Rate The income tax provision consisted of the following: Three months ended March 31, (In millions except otherwise noted) 2017 2016 Income/(loss) before income taxes $ (207 ) $ 68 Income tax (benefit)/expense (4 ) 21 Effective tax rate 1.9 % 30.9 % For the three months ended March 31, 2017 , NRG's overall effective tax rate was different than the statutory rate of 35% primarily due to the change in valuation allowance partially offset by the generation of PTCs and ITCs from various wind and solar facilities, respectively and current state tax expense. For the three months ended March 31, 2016 , NRG's overall effective tax rate was different than the statutory rate of 35% primarily due to the change in the valuation allowance, partially offset by the recording of a deferred tax liability associated with the amortization of indefinite lived assets. Uncertain Tax Benefits As of March 31, 2017 , NRG has recorded a non-current tax liability of $38 million for uncertain tax benefits from positions taken on various state income tax returns, including accrued interest. For the three months ended March 31, 2017 , NRG accrued $0.2 million of interest relating to the uncertain tax benefits. As of March 31, 2017 , NRG had cumulative interest and penalties related to these uncertain tax benefits of $3 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 2015. With few exceptions, state and local income tax examinations are no longer open for years before 2010. The Company's primary foreign operations are also no longer subject to examination by local jurisdictions for years prior to 2010. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
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 2016 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 March 31, 2017 , hedges under the first liens were out-of-the-money for NRG on a counterparty aggregate basis. Ivanpah Energy Production Guarantee — The Company's PPAs with PG&E with respect to the Ivanpah plant 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. In January 2017, the Company and PG&E executed amendments to the PPAs that provide, among other things, the ability to cure any failure to meet the guaranteed energy production amounts through performance and liquidated damage provisions. On February 2, 2017, PG&E filed a request with the CPUC to approve the amendments. On April 5, 2017, the CPUC issued a draft resolution proposing approval of the amendments without modification. Pending final and nonappealable CPUC approval, PG&E agreed to refrain from declaring any event of default with respect to any failure to deliver the guaranteed energy production amounts. Lignite Contract with Texas Westmoreland Coal Co. — The Company has a contract with TWCC for reclamation activities associated with closure of the Jewett mine. NRG is responsible for reclamation costs and has recorded an adequate ARO liability. The Railroad Commission of Texas has imposed a bond obligation of $95.5 million on TWCC for the reclamation of the mine. Pursuant to the contract with TWCC, NRG supports this obligation through surety bonds. Additionally, NRG is obligated to provide additional performance assurance if required by the Railroad Commission of Texas. Contingencies The Company's material legal proceedings are described below. The Company believes that it has valid defenses to these legal proceedings and intends to defend them vigorously. NRG records reserves for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As applicable, the Company has established an adequate reserve for the matters discussed below. In addition, legal costs are expensed as incurred. Management has assessed each of the following matters based on current information and made a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought, and the probability of success. Unless specified below, the Company is unable to predict the outcome of these legal proceedings or reasonably estimate the scope or amount of any associated costs and potential liabilities. As additional information becomes available, management adjusts its assessment and estimates of such contingencies accordingly. Because litigation is subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of the Company's liabilities and contingencies could be at amounts that are different from its currently recorded reserves and that such difference could be material. In addition to the legal proceedings noted below, NRG and its subsidiaries are party to other litigation or legal proceedings arising in the ordinary course of business. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect NRG's consolidated financial position, results of operations, or cash flows. Midwest Generation Asbestos Liabilities — The Company, through its subsidiary, Midwest Generation, may be subject to potential asbestos liabilities as a result of its acquisition of EME. The Company is currently analyzing the scope of potential liability as it may relate to Midwest Generation. The Company believes that it has established an adequate reserve for these cases. 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, or the Fifth Circuit. In March 2012, the Fifth Circuit reversed the District Court's dismissal and reinstated MC Asset Recovery's amended complaint against the Commerzbank Defendants. On December 10, 2015, the District Court granted summary judgment in favor of the Commerzbank Defendants. On December 29, 2015, MC Asset Recovery filed a notice to appeal this judgment with the Fifth Circuit. The appeal has been fully briefed by the parties and was argued before the Fifth Circuit on February 8, 2017. 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, or the Ninth Circuit, which reversed the decision of the District Court. GenOn along with the other defendants in the lawsuit filed a petition for a writ of certiorari to the U.S. Supreme Court challenging the Ninth Circuit's decision and the U.S. Supreme Court granted the petition. On April 21, 2015, the U.S. Supreme Court affirmed the Ninth Circuit’s holding that plaintiffs’ state antitrust law claims are not field-preempted by the federal Natural Gas Act and the Supremacy Clause of the U.S. Constitution. The U.S. Supreme Court left open whether the claims were preempted on the basis of conflict preemption. The U.S. Supreme Court directed that the case be remanded to the U.S. District Court for the District of Nevada for further proceedings. On March 7, 2016, class plaintiffs filed their motions for class certification. Defendants filed their briefs in opposition to class plaintiffs' motions for class certification on June 24, 2016. On March 30, 2017, the court denied the plaintiffs' motions for class certification. On April 13, 2017, the plaintiffs petitioned the Ninth Circuit for interlocutory review of the court’s order denying class certification. In May 2016 in one of the Kansas cases, the U.S. District Court for the District of Nevada granted the defendants' motion for summary judgment. Subsequently in December 2016, the plaintiffs filed a notice of appeal with the Ninth Circuit. On March 28, 2017, plaintiffs filed their appellate brief. 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. Energy Plus Holdings provided responsive documents to this 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 operation, 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. Potomac River Environmental Investigation — In March 2013, NRG Potomac River LLC, a subsidiary of GenOn, received notice that the District of Columbia Department of Environment (now renamed the Department of Energy and Environment, or DOEE) was investigating potential discharges to the Potomac River originating from the Potomac River Generating facility site, a site where the generation facility is no longer in operation. In connection with that investigation, DOEE served a civil subpoena on NRG Potomac River LLC requesting information related to the site and potential discharges occurring from the site. NRG Potomac River LLC provided various responsive materials. In January 2016, DOEE advised NRG Potomac River LLC that DOEE believed various environmental violations had occurred as a result of discharges DOEE believes occurred to the Potomac River from the Potomac River Generating facility site and as a result of associated failures to accurately or sufficiently report such discharges. DOEE has indicated it believes that penalties are appropriate in light of the violations. NRG is currently reviewing the information provided by DOEE. Telephone Consumer Protection Act Purported Class Actions — Three purported class action lawsuits have been filed against NRG Residential Solar Solutions, LLC — one in California and two in New Jersey. The plaintiffs generally allege misrepresentation by the call agents and violations of the TCPA, claiming that the defendants engaged in a telemarketing campaign placing unsolicited calls to individuals on the “Do Not Call List.” The plaintiffs seek statutory damages of up to $1,500 per plaintiff, actual damages and equitable relief. On July 8, 2016, NRG filed a Rule 11 Motion seeking dismissal of NRG from the California case. The Rule 11 Motion was denied on August 16, 2016. Class certification hearings are scheduled on August 21, 2017 and June 19, 2017 in the New Jersey and California cases respectively. California Department of Water Resources and San Diego Gas & Electric Company v. Sunrise Power Company LLC — On January 29, 2016, CDWR and SDG&E filed a lawsuit against Sunrise Power Company, along with NRG and Chevron Power Corporation. In June 2001, CDWR and Sunrise entered into a 10-year PPA under which Sunrise would construct and operate a generating facility and provide power to CDWR. At the time the PPA was entered into, Sunrise had a transportation services agreement, or TSA, to purchase natural gas from Kern River through April 30, 2018. In August 2003, CDWR entered into an agreement with Sunrise and Kern River in which CDWR accepted assignment of the TSA through the term of the PPA. After the PPA expired, Kern River demanded that any reassignment be to a party which met certain creditworthiness standards which Sunrise did not. As such, the plaintiffs have brought this lawsuit against the defendants alleging breach of contract, breach of covenant of good faith and fair dealing and improper distributions. Plaintiffs generally claim damages of $1.2 million per month for the remaining 70 months of the TSA. On April 20, 2016, the defendants filed demurrers in response to the plaintiffs' complaint. The demurrers were granted on June 14, 2016; however, the plaintiffs were allowed to file amended complaints on July 1, 2016. On July 27, 2016, defendants filed demurrers to the amended complaints. On November 18, 2016, the court sustained the demurrers and allowed plaintiffs another opportunity to file a second amended lawsuit which they did on January 13, 2017. On April 21, 2017, the court issued an order sustaining the demurrers without leave to amend. Braun v. NRG Yield, Inc. — On April 19, 2016, plaintiffs filed a putative class action lawsuit against NRG Yield, Inc., the current and former members of its board of directors individually, and other parties in California Superior Court in Kern County, CA. Plaintiffs allege various violations of the Securities Act due to the defendants’ alleged failure to disclose material facts related to low wind production prior to the NRG Yield, Inc.'s June 22, 2015 Class C common stock offering. Plaintiffs seek compensatory damages, rescission, attorney’s fees and costs. On August 3, 2016, the court approved a stipulation entered into by the parties. The stipulation provided that the plaintiffs would file an amended complaint by August 19, 2016, which they did on August 18, 2016. The Defendants filed demurrers and a motion challenging jurisdiction on October 18, 2016. On February 24, 2017, the court approved the parties' stipulation which provides the plaintiffs' opposition is due on June 15, 2017 and defendants' reply is due on August 14, 2017. Ahmed v. NRG Energy, Inc. and the NRG Yield Board of Directors — On September 15, 2016, plaintiffs filed a putative class action lawsuit against NRG Energy, Inc., the directors of NRG Yield, Inc., and other parties in the Delaware Chancery Court. The complaint alleges that the defendants breached their respective fiduciary duties with regard to the recapitalization of NRG Yield, Inc. common stock in 2015. The plaintiffs generally seek economic damages, attorney’s fees and injunctive relief. The defendants filed a motion to dismiss the lawsuit on December 21, 2016. Plaintiffs filed their objection to the motion to dismiss on February 15, 2017. The Defendants' reply was filed on March 24, 2017. Oral argument is scheduled for June 20, 2017. GenOn Noteholders' Lawsuit — On December 13, 2016, certain indenture trustees for an ad hoc group of holders, or the Noteholders, of the GenOn Energy, Inc. 7.875% Senior Notes due 2017, 9.500% Notes due 2018, and 9.875% Notes due 2020, and the GenOn Americas Generation, LLC 8.50% Senior Notes due 2021 and 9.125% Senior Notes due 2031, along with certain of the Noteholders, filed a complaint in the Superior Court of the State of Delaware against NRG and GenOn alleging certain claims related to a services agreement between NRG and GenOn. Plaintiffs generally seek recovery of all monies paid under the services agreement and any other damages that the court deems appropriate. On February 3, 2017, the court entered an order approving a Standstill Agreement whereby the parties agreed to suspend all deadlines in the case until March 1, 2017. The Standstill Agreement terminated on March 1, 2017. On April 30, 2017, the Noteholders filed an amended complaint that asserts (i) additional fraudulent transfer claims in relation to GenOn’s sale of the Marsh Landing project to NRG Yield LLC, (ii) alleged breaches of fiduciary duty by certain current and former officers and directors of GenOn in relation to the management services agreement and the alleged usurpation of corporate opportunities concerning the Mandalay and Canal projects and (iii) claims against NRG for allegedly aiding and abetting such claimed breaches of fiduciary duties. In addition to NRG and GenOn, the amended complaint names NRG Yield LLC and certain current and former officers and directors of GenOn as defendants. The plaintiffs generally seek recovery of all monies paid under the services agreement and any other damages that the court deems appropriate. On March 31, 2017, NRG and GenOn filed separate motions to dismiss the complaint, but such motions are superseded by the amended complaint. Griffoul v. NRG Residential Solar Solutions — On February 28, 2017, plaintiffs, consisting of New Jersey residential solar customers, filed a purported class action lawsuit in New Jersey state court. Plaintiffs allege violations of the New Jersey Consumer Fraud Action and Truth-in-Consumer Contracts, Warranty and Notice Act with regard to certain provisions of their residential solar contracts. The plaintiffs seek damages and injunctive relief as to the proper allocation of the solar renewable energy credits. Rice v. NRG — On April 14, 2017, plaintiffs filed a purported class action lawsuit in the U.S. District Court for the Western District of Pennsylvania against NRG, First Energy Corporation and Matt Canastrale Contracting, Inc. Plaintiffs generally claim personal injury, trespass, nuisance and property damage related to the disposal of coal ash from the Elrama Power Plant and First Energy’s Mitchell and Hatfield Power Plants. Plaintiffs generally seek monetary damages, medical monitoring and remediation of their property. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2017 | |
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 2016 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 parties to other regulatory proceedings arising in the ordinary course of business or have other regulatory exposure. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect NRG's consolidated financial position, results of operations, or cash flows. National Zero-Emission Credits for Nuclear Plants in Illinois — In 2016, the Illinois legislature approved a Zero Emission Credit, or ZEC, program for selected nuclear units in Illinois. In total, the program directs over $2.5 billion over ten years to nuclear plants in Illinois that would otherwise retire. Pursuant to the legislation , the Illinois Power Agency, or IPA, conducts a competitive solicitation to procure ZECs, although both the Governor of Illinois and Exelon have already announced that the ZECs will be awarded to two Exelon-owned nuclear power plants in Illinois. These ZECs are out-of-market subsidies that threaten to artificially suppress market prices and interfere with the wholesale power market. On February 14, 2017, NRG, along with other companies, filed a complaint in the U.S. District Court for the Northern District of Illinois alleging that the state program is preempted by federal law and in violation of the dormant commerce clause. Another plaintiff group filed a similar complaint on the same day. Subsequently, on March 31, 2017, NRG, along with other companies, filed a motion for preliminary injunction. On April 10, 2017, Exelon, as an intervenor defendant, and State defendants filed motions to dismiss. The motions are pending before the U.S. District Court. Zero-Emission Credits for Nuclear Plants in New York — On August 1, 2016, the NYSPSC issued its Clean Energy Standard, or CES, which provided for ZECs which would provide more than $7.6 billion over 12 years in out-of-market subsidy payments to certain selected nuclear generating units in the state. These ZECs are out-of-market subsidies that threaten to artificially suppress market prices and interfere with the wholesale power market. On October 19, 2016, NRG, along with other companies, filed a complaint in the U.S. District Court for the Southern District of New York, challenging the validity of the NYSPSC action and the ZEC program. On March 29, 2017, the U.S. District Court heard oral arguments on a motion to dismiss filed by defendants. Current Administration and Changeover at FERC — FERC is currently without a quorum and cannot issue orders in contested proceedings until a new Commissioner is appointed. FERC continues to issue orders through authority that was delegated by the full Commission to FERC Staff. The legal validity of these actions has been questioned in connection with several of those orders. With a new administration and three vacant positions at FERC, NRG’s business may be affected because its generation fleet is subject to changes in FERC regulatory policy. |
Environmental Matters
Environmental Matters | 3 Months Ended |
Mar. 31, 2017 | |
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 2016 Form 10-K. NRG is subject to a wide range of environmental laws in the development, construction, ownership and operation of projects. These laws generally require that governmental permits and approvals be obtained before construction and during operation of power plants. NRG is also subject to laws regarding the protection of wildlife, including migratory birds, eagles and threatened and endangered species. The electric generation industry has been facing requirements regarding GHGs, combustion byproducts, water discharge and use, and threatened and endangered species that have been put in place in recent years. However, under the new U.S. presidential administration, some of these rules are being reconsidered and reviewed. In general, future laws are expected to require the addition of emissions controls or other environmental controls or to impose certain restrictions on the operations of the Company's facilities, which could have a material effect on the Company's consolidated financial position, results of operations, or cash flows. Federal and state environmental laws generally have become more stringent over time, although this trend could slow or pause in the near term with respect to federal laws under the new U.S. presidential administration. The EPA finalized CSAPR in 2011, which was intended to replace CAIR in January 2012, to address certain states' obligations to reduce emissions so that downwind states can achieve federal air quality standards. In December 2011, the D.C. Circuit stayed the implementation of CSAPR and then vacated CSAPR in August 2012 but kept CAIR in place until the EPA could replace it. In April 2014, the U.S. Supreme Court reversed and remanded the D.C. Circuit's decision. In October 2014, the D.C. Circuit lifted the stay of CSAPR. In response, the EPA in November 2014 amended the CSAPR compliance dates. Accordingly, CSAPR replaced CAIR on January 1, 2015. On July 28, 2015, the D.C. Circuit held that the EPA had exceeded its authority by requiring certain reductions that were not necessary for downwind states to achieve federal standards. Although the D.C. Circuit kept the rule in place, the court ordered the EPA to revise the Phase 2 (or 2017) (i) SO 2 budgets for four states including Texas and (ii) ozone-season NOx budgets for 11 states including Maryland, New Jersey, New York, Ohio, Pennsylvania and Texas. On October 26, 2016, the EPA finalized the CSAPR Update Rule, which reduces future NOx allocations and discounts the current banked allowances to account for the more stringent 2008 Ozone NAAQS and to address the D.C. Circuit's July 2015 decision. This rule has been challenged in the D.C. Circuit. The Company believes its investment in pollution controls and cleaner technologies leave the fleet well-positioned for compliance. In February 2012, the EPA promulgated standards (the MATS rule) to control emissions of HAPs from coal and oil-fired electric generating units. The rule established limits for mercury, non-mercury metals, certain organics and acid gases, which had to be met beginning in April 2015 (with some units getting a 1-year extension). In June 2015, the U.S. Supreme Court issued a decision in the case of Michigan v. EPA, and held that the EPA unreasonably refused to consider costs when it determined that it was "appropriate and necessary" to regulate HAPs emitted by electric generating units. The U.S. Supreme Court did not vacate the MATS rule but rather remanded it to the D.C. Circuit for further proceedings. In December 2015, the D.C. Circuit remanded the MATS rule to the EPA without vacatur. On April 25, 2016, the EPA released a supplemental finding that the benefits of this regulation outweigh the costs to address the U.S. Supreme Court's ruling that the EPA had not properly considered costs. This finding has been challenged in the D.C. Circuit. On April 18, 2017, the EPA asked the D.C. Circuit to postpone oral argument that had been scheduled for May 18, 2017 because the EPA is closely reviewing the supplemental finding to determine whether it should reconsider all or part of the rule. On April 27, 2017, the D.C. Circuit granted EPA's request to postpone the oral argument and hold the case in abeyance. While NRG cannot predict the final outcome of this rulemaking, NRG believes that because it has already invested in pollution controls and cleaner technologies, the fleet is well-positioned to comply with the MATS rule. Water In August 2014, the EPA finalized the regulation regarding the use of water for once through cooling at existing facilities to address impingement and entrainment concerns. NRG anticipates that more stringent requirements will be incorporated into some of its water discharge permits over the next several years as NPDES permits are renewed. Effluent Limitations Guidelines — In November 2015, the EPA revised the Effluent Limitations Guidelines for Steam Electric Generating Facilities, which would have imposed more stringent requirements (as individual permits were renewed) for wastewater streams from flue gas desulfurization, fly ash, bottom ash, and flue gas mercury control. The Company estimated that it would have cost approximately $200 million over the next eight years (the majority of the cost would be incurred after 2019) to comply with this rule at 11 coal-fired plants. In April 2017, the EPA granted two petitions to reconsider the rule and also administratively stayed the deadlines. This regulation also has been challenged. The Company expects the legal challenges to be suspended while the EPA reconsiders and likely modifies the rule. Accordingly, the Company expects to reduce its estimate of the environmental capital expenditures that would be required to comply with permits issued that incorporate the revised guidelines. The Company decides to invest capital for environmental controls based on: the certainty of regulations; evaluation of different technologies; options to convert to gas; and the expected economic returns on the capital. Over the next several years, the Company will decide whether to proceed with these investments at each of the plants as permits are renewed based on, among other things, the legal certainty of the regulation and market conditions at that time. 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. The Company has evaluated the impact of the new rule on the Company's consolidated financial position, results of operations, or cash flows and has accrued its environmental and asset retirement obligations under the rule based on current estimates as of March 31, 2017. East Region Burton Island Old Ash Landfill — In January 2006, NRG's Indian River Power LLC was notified that it may be a potentially responsible party with respect to Burton Island Old Ash Landfill, a historic captive landfill located at the Indian River facility. On October 1, 2007, NRG signed an agreement with DNREC to investigate the site through the Voluntary Clean-up Program, or the VCP. On February 4, 2008, DNREC issued findings that no further action was required in relation to surface water and that a previously planned shoreline stabilization project would satisfactorily address shoreline erosion. The landfill itself required a Remedial Investigation and Feasibility Study to determine the type and scope of any additional required work. DNREC approved the Feasibility Study in December 2012. In January 2013, DNREC proposed a remediation plan based on the Feasibility Study. The remediation plan was approved in October 2013. In December 2015, DNREC approved the Company's remediation design and the Company's Long Term Stewardship Plan. The cost of completing the work required by the approved remediation plan is consistent with amounts budgeted in early 2016 and on track for completion in the second quarter of 2017. The estimated cost to comply with the Long-Term Stewardship Plan was added to the liability in December 2016. In addition to the VCP, on May 29, 2008, DNREC requested that NRG's Indian River Power LLC participate in the development and performance of a Natural Resource Damage Assessment at the Burton Island Old Ash Landfill. NRG is working with DNREC and other trustees to close out the assessment process. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2017 | |
Condensed Consolidating Financial Information Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information As of March 31, 2017 , the Company had outstanding $5.4 billion of Senior Notes due from 2018 to 2027, 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 March 31, 2017 : Ace Energy, Inc. Norwalk Power LLC NRG Operating Services, Inc. Allied Home Warranty GP LLC NRG Advisory Services LLC NRG Oswego Harbor Power Operations Inc. Allied Warranty LLC NRG Affiliate Services Inc. NRG PacGen Inc. Arthur Kill Power LLC NRG Artesian Energy LLC NRG Portable Power LLC Astoria Gas Turbine Power LLC NRG Arthur Kill Operations Inc. NRG Power Marketing LLC Bayou Cove Peaking Power, LLC NRG Astoria Gas Turbine Operations Inc. NRG Reliability Solutions LLC BidURenergy, Inc. NRG Bayou Cove LLC NRG Renter's Protection LLC Cabrillo Power I LLC NRG Business Services LLC NRG Retail LLC Cabrillo Power II LLC NRG Business Solutions LLC NRG Retail Northeast LLC Carbon Management Solutions LLC NRG Cabrillo Power Operations Inc. NRG Rockford Acquisition LLC Cirro Group, Inc. NRG California Peaker Operations LLC NRG Saguaro Operations Inc. Cirro Energy Services, Inc. NRG Cedar Bayou Development Company, LLC NRG Security LLC Clean Edge Energy LLC NRG Connected Home LLC NRG Services Corporation Conemaugh Power LLC NRG Connecticut Affiliate Services Inc. NRG SimplySmart Solutions LLC Connecticut Jet Power LLC NRG Construction LLC NRG South Central Affiliate Services Inc. Cottonwood Development LLC NRG Curtailment Solutions Holdings LLC NRG South Central Generating LLC Cottonwood Energy Company LP NRG Curtailment Solutions, Inc NRG South Central Operations Inc. Cottonwood Generating Partners I LLC NRG Development Company Inc. NRG South Texas LP Cottonwood Generating Partners II LLC NRG Devon Operations Inc. NRG SPV #1 LLC Cottonwood Generating Partners III LLC NRG Dispatch Services LLC NRG Texas C&I Supply LLC Cottonwood Technology Partners LP NRG Distributed Generation PR LLC NRG Texas Gregory LLC Devon Power LLC NRG Dunkirk Operations Inc. NRG Texas Holding Inc. Dunkirk Power LLC NRG El Segundo Operations Inc. NRG Texas LLC Eastern Sierra Energy Company LLC NRG Energy Efficiency-L LLC NRG Texas Power LLC El Segundo Power, LLC NRG Energy Labor Services LLC NRG Warranty Services LLC El Segundo Power II LLC NRG ECOKAP Holdings LLC NRG West Coast LLC Energy Alternatives Wholesale, LLC NRG Energy Services Group LLC NRG Western Affiliate Services Inc. Energy Choice Solutions LLC NRG Energy Services International Inc. O'Brien Cogeneration, Inc. II Energy Plus Holdings LLC NRG Energy Services LLC ONSITE Energy, Inc. Energy Plus Natural Gas LLC NRG Generation Holdings, Inc. Oswego Harbor Power LLC Energy Protection Insurance Company NRG Greenco RE Retail Receivables, LLC Everything Energy LLC NRG Home & Business Solutions LLC Reliant Energy Northeast LLC Forward Home Security, LLC NRG Home Services LLC Reliant Energy Power Supply, LLC GCP Funding Company, LLC NRG Home Solutions LLC Reliant Energy Retail Holdings, LLC Green Mountain Energy 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 DG 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 New Genco GP, 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 March 31, 2017 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 1,599 $ 1,243 $ — $ (83 ) $ 2,759 Operating Costs and Expenses Cost of operations 1,261 933 14 (83 ) 2,125 Depreciation and amortization 102 190 8 — 300 Selling, general and administrative 96 106 70 — 272 Development activity expenses — 12 5 — 17 Total operating costs and expenses 1,459 1,241 97 (83 ) 2,714 Gain on sale of assets 2 — — — 2 Operating Income/(Loss) 142 2 (97 ) — 47 Other Income/(Expense) Equity in (losses)/earnings of consolidated subsidiaries (77 ) (34 ) 67 44 — Equity in (losses)/earnings of unconsolidated affiliates (1 ) 7 (1 ) — 5 Other income 1 8 4 (1 ) 12 Loss on debt extinguishment — (2 ) — — (2 ) Interest expense (4 ) (151 ) (114 ) — (269 ) Total other expense (81 ) (172 ) (44 ) 43 (254 ) Income/(Loss) Before Income Taxes 61 (170 ) (141 ) 43 (207 ) Income tax expense/(benefit) 19 (46 ) 25 (2 ) (4 ) Net Income/(Loss) 42 (124 ) (166 ) 45 (203 ) Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interests — (38 ) (3 ) 1 (40 ) Net Income/(Loss) Attributable to NRG Energy, Inc. $ 42 $ (86 ) $ (163 ) $ 44 $ (163 ) (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 March 31, 2017 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Net Income/(Loss) $ 42 $ (124 ) $ (166 ) $ 45 $ (203 ) Other Comprehensive Income/(Loss), net of tax Unrealized gain on derivatives, net — 5 4 (5 ) 4 Foreign currency translation adjustments, net 5 4 7 (9 ) 7 Defined benefit plans, net — 1 (1 ) — — Other comprehensive income 5 10 10 (14 ) 11 Comprehensive Income/(Loss) 47 (114 ) (156 ) 31 (192 ) Less: Comprehensive loss attributable to noncontrolling interest and redeemable noncontrolling interest — (37 ) (3 ) 1 (39 ) Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. 47 (77 ) (153 ) 30 (153 ) Comprehensive Income/(Loss) Available for Common Stockholders $ 47 $ (77 ) $ (153 ) $ 30 $ (153 ) (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS March 31, 2017 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated ASSETS (In millions) Current Assets Cash and cash equivalents $ — $ 1,257 $ 256 $ — $ 1,513 Funds deposited by counterparties 3 — — — 3 Restricted cash 5 392 — — 397 Accounts receivable - trade, net 592 378 4 — 974 Accounts receivable - affiliate 251 23 (36 ) (231 ) 7 Inventory 483 657 — — 1,140 Derivative instruments 594 207 3 (122 ) 682 Cash collateral paid in support of energy risk management activities 173 104 — — 277 Prepayments and other current assets 94 295 58 — 447 Total current assets 2,195 3,313 285 (353 ) 5,440 Net property, plant and equipment 4,168 13,555 246 (27 ) 17,942 Other Assets Investment in subsidiaries 1,067 1,062 10,040 (12,169 ) — Equity investments in affiliates — 1,144 4 — 1,148 Notes receivable, less current portion — 13 125 (125 ) 13 Goodwill 359 303 — — 662 Intangible assets, net 566 1,394 — (3 ) 1,957 Nuclear decommissioning trust fund 627 — — — 627 Derivative instruments 178 66 34 (52 ) 226 Deferred income tax (2 ) 911 (686 ) — 223 Non-current assets held-for-sale — 10 — — 10 Other non-current assets 71 1,037 64 — 1,172 Total other assets 2,866 5,940 9,581 (12,349 ) 6,038 Total Assets $ 9,229 $ 22,808 $ 10,112 $ (12,729 ) $ 29,420 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Current portion of long-term debt and capital leases $ — $ 1,268 $ 420 $ — $ 1,688 Accounts payable 436 403 33 — 872 Accounts payable — affiliate 738 1,686 (2,193 ) (231 ) — Derivative instruments 584 285 — (122 ) 747 Cash collateral received in support of energy risk management activities 3 — — — 3 Accrued expenses and other current liabilities 251 368 268 — 887 Total current liabilities 2,012 4,010 (1,472 ) (353 ) 4,197 Other Liabilities Long-term debt and capital leases 244 10,443 7,110 (125 ) 17,672 Nuclear decommissioning reserve 291 — — — 291 Nuclear decommissioning trust liability 352 — — — 352 Deferred income taxes 200 (1,095 ) 915 — 20 Derivative instruments 183 184 — (52 ) 315 Out-of-market contracts, net 77 940 — — 1,017 Non-current liabilities held-for-sale — 12 — — 12 Other non-current liabilities 402 763 322 — 1,487 Total non-current liabilities 1,749 11,247 8,347 (177 ) 21,166 Total liabilities 3,761 15,257 6,875 (530 ) 25,363 Redeemable noncontrolling interest in subsidiaries — 44 — — 44 Stockholders’ Equity 5,468 7,507 3,237 (12,199 ) 4,013 Total Liabilities and Stockholders’ Equity $ 9,229 $ 22,808 $ 10,112 $ (12,729 ) $ 29,420 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the three months ended March 31, 2017 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Cash Flows from Operating Activities Net income/(loss) $ 42 $ (124 ) $ (166 ) $ 45 $ (203 ) Adjustments to reconcile net income/(loss) to net cash provided by operating activities: Distributions from unconsolidated affiliates — 18 — (5 ) 13 Equity in losses/(earnings) of unconsolidated affiliates 1 (7 ) 1 — (5 ) Depreciation and amortization 102 190 8 — 300 Provision for bad debts 8 1 — — 9 Amortization of nuclear fuel 12 — — — 12 Amortization of financing costs and debt discount/premiums — (3 ) 4 — 1 Amortization of intangibles and out-of-market contracts 6 4 — — 10 Amortization of unearned equity compensation — — 8 — 8 Changes in deferred income taxes and liability for uncertain tax benefits 19 (46 ) 28 — 1 Changes in nuclear decommissioning trust liability 36 — — — 36 Changes in derivative instruments (4 ) 30 (1 ) — 25 Changes in collateral deposits supporting energy risk management activities (136 ) 62 — — (74 ) Gain on sale of assets (2 ) — — — (2 ) Cash (used)/provided by changes in other working capital (86 ) 499 (604 ) (8 ) (199 ) Net Cash (Used)/Provided by Operating Activities (2 ) 624 (722 ) 32 (68 ) Cash Flows from Investing Activities Dividends from NRG Yield, Inc. — — 22 (22 ) — Acquisition of Drop Down Assets, net of cash acquired — (131 ) — 131 — Intercompany dividends — — 129 (129 ) — Acquisition of business, net of cash acquired — (3 ) — — (3 ) Capital expenditures (64 ) (200 ) (4 ) — (268 ) Decrease in restricted cash, net 2 11 — — 13 Decrease in restricted cash - U.S. DOE projects 4 32 — — 36 Decrease in notes receivable — 4 — — 4 Purchases of emission allowances (9 ) — — — (9 ) Proceeds from sale of emission allowances 11 — — — 11 Investments in nuclear decommissioning trust fund securities (153 ) — — — (153 ) Proceeds from sales of nuclear decommissioning trust fund securities 117 — — — 117 Proceeds from sale of assets, net of cash disposed of 11 3 — — 14 Investments in unconsolidated affiliates — (12 ) — — (12 ) Other 18 — — — 18 Net Cash (Used)/Provided by Investing Activities (63 ) (296 ) 147 (20 ) (232 ) Cash Flows from Financing Activities Dividends from NRG Yield, Inc. — (22 ) — 22 — Payments from/(for) intercompany loans 65 (428 ) 395 (32 ) — Acquisition of Drop Down Assets, net of cash acquired — — 131 (131 ) — Intercompany dividends — (129 ) — 129 — Payment of dividends to common and preferred stockholders — — (9 ) — (9 ) Net receipts from settlement of acquired derivatives that include financing elements — 1 — — 1 Proceeds from issuance of long-term debt — 166 26 — 192 Payments for short and long-term debt — (146 ) (31 ) — (177 ) Payment for credit support in long-term deposits — (130 ) — — (130 ) Proceeds from draw on revolving credit facility for long-term deposits — 125 — — 125 Increase in long-term deposits — (125 ) — — (125 ) Contributions to, net of distributions from, noncontrolling interest in subsidiaries — (5 ) — — (5 ) Payment of debt issuance costs — (11 ) (4 ) — (15 ) Other - contingent consideration — (10 ) — — (10 ) Net Cash Provided/(Used) by Financing Activities 65 (714 ) 508 (12 ) (153 ) Effect of exchange rate changes on cash and cash equivalents — (7 ) — — (7 ) Net Decrease in Cash and Cash Equivalents — (393 ) (67 ) — (460 ) Cash and Cash Equivalents at Beginning of Period — 1,650 323 — 1,973 Cash and Cash Equivalents at End of Period $ — $ 1,257 $ 256 $ — $ 1,513 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the three months ended March 31, 2016 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 1,956 $ 1,299 $ — $ (26 ) $ 3,229 Operating Costs and Expenses Cost of operations 1,455 759 10 (30 ) 2,194 Depreciation and amortization 117 190 6 — 313 Selling, general and administrative 93 99 60 — 252 Development activity expenses — 19 7 — 26 Total operating costs and expenses 1,665 1,067 83 (30 ) 2,785 Gain on sale of assets — 32 — — 32 Operating Income/(Loss) 291 264 (83 ) 4 476 Other Income/(Expense) Equity in (losses)/earnings of consolidated subsidiaries (24 ) 4 213 (193 ) — Equity in losses of unconsolidated affiliates — (8 ) — 1 (7 ) Impairment loss on investment — (140 ) (6 ) — (146 ) Other income/(expense), net — 20 (2 ) — 18 Gain on debt extinguishment — — 11 — 11 Interest expense (5 ) (150 ) (129 ) — (284 ) Total other (expense)/income (29 ) (274 ) 87 (192 ) (408 ) Income/(Loss) Before Income Taxes 262 (10 ) 4 (188 ) 68 Income tax expense/(benefit) 100 (8 ) (83 ) 12 21 Net Income/(Loss) 162 (2 ) 87 (200 ) 47 Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (33 ) 5 (7 ) (35 ) Net Income Attributable to NRG Energy, Inc. $ 162 $ 31 $ 82 $ (193 ) $ 82 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the three months ended March 31, 2016 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Net Income/(Loss) $ 162 $ (2 ) $ 87 $ (200 ) $ 47 Other Comprehensive Income/(Loss), net of tax Unrealized (loss)/gain on derivatives, net — (50 ) 24 (6 ) (32 ) Foreign currency translation adjustments, net 4 4 6 (8 ) 6 Available-for-sale securities, net — — 3 — 3 Defined benefit plans, net 1 — — — 1 Other comprehensive income/(loss) 5 (46 ) 33 (14 ) (22 ) Comprehensive Income/Loss 167 (48 ) 120 (214 ) 25 Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (50 ) 5 (7 ) (52 ) Comprehensive Income Attributable to NRG Energy, Inc. 167 2 115 (207 ) 77 Dividends for preferred shares — — 5 — 5 Comprehensive Income Available for Common Stockholders $ 167 $ 2 $ 110 $ (207 ) $ 72 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2016 Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated ASSETS (In millions) Current Assets Cash and cash equivalents $ — $ 1,650 $ 323 $ — $ 1,973 Funds deposited by counterparties 2 — — — 2 Restricted cash 11 435 — — 446 Accounts receivable - trade, net 734 429 3 — 1,166 Accounts receivable - affiliate 309 (241 ) 200 (262 ) 6 Inventory 482 629 — — 1,111 Derivative instruments 962 305 — (205 ) 1,062 Cash collateral paid in support of energy risk management activities 37 166 — — 203 Current assets held-for-sale — 9 — — 9 Prepayments and other current assets 76 279 62 — 417 Total current assets 2,613 3,661 588 (467 ) 6,395 Net Property, Plant and Equipment 4,216 13,472 251 (27 ) 17,912 Other Assets Investment in subsidiaries 837 1,973 10,128 (12,938 ) — Equity investments in affiliates (14 ) 1,129 5 — 1,120 Notes receivable, less current portion — 17 (76 ) 76 17 Goodwill 359 303 — — 662 Intangible assets, net 592 1,447 — (3 ) 2,036 Nuclear decommissioning trust fund 610 — — — 610 Derivative instruments 143 60 36 (50 ) 189 Deferred income taxes 3 868 (646 ) — 225 Non-current assets held for sale — 10 — — 10 Other non-current assets 67 784 328 — 1,179 Total other assets 2,597 6,591 9,775 (12,915 ) 6,048 Total Assets $ 9,426 $ 23,724 $ 10,614 $ (13,409 ) $ 30,355 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Current portion of long-term debt and capital leases $ — $ 1,202 $ (58 ) $ 76 $ 1,220 Accounts payable 499 362 34 — 895 Accounts payable — affiliate 655 1,834 (2,227 ) (262 ) — Derivative instruments 947 342 — (205 ) 1,084 Cash collateral received in support of energy risk management activities 2 — — — 2 Current liabilities held-for-sale — — — — — Accrued expenses and other current liabilities 317 400 464 — 1,181 Total current liabilities 2,420 4,140 (1,787 ) (391 ) 4,382 Other Liabilities Long-term debt and capital leases 244 10,302 7,460 — 18,006 Nuclear decommissioning reserve 287 — — — 287 Nuclear decommissioning trust liability 339 — — — 339 Deferred income taxes 186 (1,094 ) 928 — 20 Derivative instruments 157 187 — (50 ) 294 Out-of-market contracts, net 80 960 — — 1,040 Non-current liabilities held-for-sale — 12 — — 12 Other non-current liabilities 397 762 324 — 1,483 Total non-current liabilities 1,690 11,129 8,712 (50 ) 21,481 Total Liabilities 4,110 15,269 6,925 (441 ) 25,863 Redeemable noncontrolling interest in subsidiaries — 46 — — 46 Stockholders’ Equity 5,316 8,409 3,689 (12,968 ) 4,446 Total Liabilities and Stockholders’ Equity $ 9,426 $ 23,724 $ 10,614 $ (13,409 ) $ 30,355 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the three months ended March 31, 2016 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Cash Flows from Operating Activities Net income/(loss) $ 162 $ (2 ) $ 87 $ (200 ) $ 47 Adjustments to reconcile net income/(loss) to net cash provided by operating activities: Distributions from unconsolidated affiliates — 22 — (12 ) 10 Equity in losses of unconsolidated affiliates — 8 — (1 ) 7 Depreciation and amortization 117 190 6 — 313 Provision for bad debts 8 2 — — 10 Amortization of nuclear fuel 13 — — — 13 Amortization of financing costs and debt discount/premiums — 7 (6 ) — 1 Adjustment for debt extinguishment — — (11 ) — (11 ) Amortization of intangibles and out-of-market contracts 11 15 — — 26 Amortization of unearned equity compensation — — 8 — 8 Impairment losses — 140 6 — 146 Changes in deferred income taxes and liability for uncertain tax benefits (613 ) (1,696 ) 2,284 — (25 ) Changes in nuclear decommissioning trust liability 9 — — — 9 Changes in derivative instruments (28 ) (22 ) — — (50 ) Changes in collateral deposits supporting energy risk management activities 150 6 — — 156 Proceeds from sale of emission allowances 47 — — — 47 Gain on sale of assets — (32 ) — — (32 ) Cash provided/(used) by changes in other working capital 338 1,728 (2,400 ) 213 (121 ) Net Cash Provided/(Used) by Operating Activities 214 366 (26 ) — 554 Cash Flows from Investing Activities Dividends from NRG Yield, Inc. — (19 ) — 19 — Acquisition of businesses, net of cash acquired — (6 ) — — (6 ) Capital expenditures (44 ) (219 ) (16 ) — (279 ) Increase in restricted cash, net (2 ) (10 ) — — (12 ) Decrease in restricted cash - U.S. DOE funded projects — 39 — — 39 Decrease in notes receivable — 1 — — 1 Purchases of emission allowances (12 ) — — — (12 ) Proceeds from sale of emission allowances 7 — — — 7 Investments in nuclear decommissioning trust fund securities (200 ) — — — (200 ) Proceeds from sales of nuclear decommissioning trust fund securities 191 — — — 191 Proceeds from renewable energy grants and state rebates — 8 — — 8 Proceeds from sale of assets, net of cash disposed of — 120 — — 120 Investments in unconsolidated affiliates — (4 ) — — (4 ) Other — 4 — — 4 Net Cash Used by Investing Activities (60 ) (86 ) (16 ) 19 (143 ) Cash Flows from Financing Activities Dividends from NRG Yield, Inc. — — 19 (19 ) — Payments (for)/from intercompany loans (151 ) (11 ) 162 — Payment of dividends to common and preferred stockholders — — (48 ) — (48 ) Net receipts for settlement of acquired derivatives that include financing elements — 39 — — 39 Proceeds from issuance of long-term debt — 61 — — 61 Payments for short and long-term debt — (121 ) (195 ) — (316 ) Distributions from, net of contributions to, noncontrolling interest in subsidiaries — 10 — — 10 Other (3 ) (7 ) — — (10 ) Net Cash Used by Financing Activities (154 ) (29 ) (62 ) (19 ) (264 ) Effect of exchange rate changes on cash and cash equivalents — (6 ) — — (6 ) Net Increase/(Decrease) in Cash and Cash Equivalents — 245 (104 ) — 141 Cash and Cash Equivalents at Beginning of Period — 825 693 — 1,518 Cash and Cash Equivalents at End of Period $ — $ 1,070 $ 589 $ — $ 1,659 (a) All significant intercompany transactions have been eliminated in consolidation. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2017 | |
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 2016 Form 10-K. Interim results are not necessarily indicative of results for a full year. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of March 31, 2017 , and the results of operations, comprehensive income/(loss) and cash flows for the three months ended March 31, 2017 and 2016 . |
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 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Developments - Guidance Adopted in 2017 ASU 2016-16 — In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740) , Intra-Entity Transfers of Assets Other Than Inventory, or ASU No. 2016-16. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party which has resulted in diversity in practice and increased complexity within financial reporting. The amendments of ASU No. 2016-16 would require an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The Company adopted the guidance in ASU No. 2016-16 effective January 1, 2017. In connection with the adoption of the standard, the Company recorded a reduction to non-current assets of $267 million with a corresponding reduction to cumulative retained deficit. ASU 2016-15 — In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) , Classification of Certain Cash Receipts and Cash Payments, or ASU No. 2016-15. The amendments of ASU No. 2016-15 were issued to address eight specific cash flow issues for which stakeholders have indicated to the FASB that a diversity in practice existed in how entities were presenting and classifying these items in the statement of cash flows. The issues addressed by ASU No. 2016-15 include but are not limited to the classification of debt prepayment and debt extinguishment costs, payments made for contingent consideration for a business combination, proceeds from the settlement of insurance proceeds, distributions received from equity method investees and separately identifiable cash flows and the application of the predominance principle. The Company adopted the guidance in ASU No. 2016-15 effective January 1, 2017. While the Company has applied this guidance retrospectively, the adoption of the standard did not have an impact on the statement of cash flow for the three months ended March 31, 2016. ASU 2016-09 — In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718), or ASU No. 2016-09. The amendments focused on simplification specifically with regard to share-based payment transactions, including income tax consequences, classification of awards as equity or liabilities and classification on the statement of cash flows. The Company adopted the guidance in ASU No. 2016-09 effective January 1, 2017 with no material adjustments recorded to the consolidated balance sheet. Recent Accounting Developments - Guidance Not Yet Adopted ASU 2017-07 — In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715) , Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, or ASU No. 2017-07. Current GAAP does not indicate where the amount of net benefit cost should be presented in an entity’s income statement and does not require entities to disclose the amount of net benefit cost that is included in the income statement. The amendments of ASU No. 2017-07 require an entity to report the service cost component of net benefit costs in the same line item as other compensation costs arising from services rendered by the related employees during the applicable service period. The other components of net benefit cost are required to be presented separately from the service cost component and outside the subtotal of income from operations. Further, ASU No. 2017-07 prescribes that only the service cost component of net benefit costs is eligible for capitalization. The amendments of ASU No. 2017-07 are effective for fiscal years beginning after December 15, 2017, including interim periods therein. Early adoption is permitted and must be applied on a retrospective basis, except for the amendments regarding the capitalization of the service cost component, which must be applied prospectively. The Company is currently assessing the impact that the adoption of ASU No. 2017-07 will have on its results of operations, cash flows, and statement of financial position. ASU 2016-18 — In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) , Restricted Cash, or ASU No. 2016-18. The amendments of ASU No. 2016-18 require an entity to include amounts generally described as restricted cash and restricted cash equivalents, including funds deposited by counterparties with cash and cash equivalents when reconciling the beginning of period and end of period total amounts on the statement of cash flows. The amendments of ASU No. 2016-18 are effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. Early adoption is permitted and the adoption of ASU No. 2016-18 will be applied retrospectively. The Company calculated the impact of ASU No. 2016-18 on the statement of cash flows to be a decrease of cash flows used by operating activities of $1 million and an increase of cash flows used by investing activities of $49 million for the three months ended March 31, 2017, and a decrease of cash flows provided by operating activities of $5 million and a decrease of cash flows used by investing activities of $27 million for the three months ended March 31, 2016. ASU 2016-02 — In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , or Topic 842, with the objective to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and to improve financial reporting by expanding the related disclosures. The guidance in Topic 842 provides that a lessee that may have previously accounted for a lease as an operating lease under current GAAP should recognize the assets and liabilities that arise from a lease on the balance sheet. In addition, Topic 842 expands the required quantitative and qualitative disclosures with regards to lease arrangements. The Company expects to adopt the standard effective January 1, 2019 utilizing the required modified retrospective approach for the earliest period presented. The Company expects to elect certain of the practical expedients permitted, including the expedient that permits the Company to retain its existing lease assessment and classification. The Company is currently working through an adoption plan which includes the evaluation of lease contracts compared to the new standard. While the Company is currently evaluating the impact the new guidance will have on its financial position and results of operations, the Company expects to recognize lease liabilities and right of use assets. The extent of the increase to assets and liabilities associated with these amounts remains to be determined pending the Company’s review of its existing lease contracts and service contracts which may contain embedded leases. As this review is still in process, it is currently not practicable to quantify the impact of adopting the ASU at this time. ASU 2014-09 — In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , or Topic 606, which was further amended through various updates issued by the FASB thereafter. The amendments of Topic 606 completed the joint effort between the FASB and the IASB, to develop a common revenue standard for GAAP and IFRS, and to improve financial reporting. The guidance under Topic 606 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 a five step model to be applied by an entity in evaluating its contracts with customers. The Company expects to adopt the standard effective January 1, 2018 and apply the guidance retrospectively to contracts at the date of adoption. The Company will recognize the cumulative effect of applying Topic 606 at the date of initial application, as prescribed under the modified retrospective transition method. The Company also expects to elect the practical expedient available under Topic 606 for measuring progress toward complete satisfaction of a performance obligation and for disclosure requirements of remaining performance obligations. The practical expedient allows an entity to recognize revenue in the amount to which the entity has the right to invoice such that the entity has a right to the consideration in an amount that corresponds directly with the value to the customer for performance completed to date by the entity. The Company continues to assess the new standard with a focus on identifying the performance obligations included within its revenue arrangements with customers and evaluating the Company’s methods of estimating the amount and timing of variable consideration. Based on the assessment to date, the Company is currently evaluating the impact of the new standard on the Company’s results of operations, financial position or cash flows. |
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) | The Company's segment structure reflects how management currently makes financial decisions and allocates resources. The Company's businesses are segregated as follows: Generation, which includes generation, international and BETM; Retail, which includes Mass customers and Business Solutions, which includes C&I customers and other distributed and reliability products; Renewables, which includes solar and wind assets, excluding those in NRG Yield; NRG Yield; and corporate activities. Intersegment sales are accounted for at market prices. The financial information for the three months ended March 31, 2016 has been recast to reflect the current segment structure. On September 1, 2016, NRG Yield acquired the remaining 51.05% interest in CVSR Holdco LLC, which indirectly owns the CVSR solar facility, from the Company. On March 27, 2017, NRG Yield acquired from NRG a 16% interest in the Agua Caliente solar project, and NRG's interests in seven utility-scale solar projects located in Utah. Both acquisitions were treated as a transfer of entities under common control and accordingly, all historical periods have been recast to reflect the acquisition as if they had occurred at the beginning of the financial statement period. NRG’s chief operating decision maker, its chief executive officer, evaluates the performance of its segments based on operational measures including adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA, free cash flow and capital for allocation, as well as net income/(loss). |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Supplemental Balance Sheet Disclosures [Text Block] | The following table presents the allowance for doubtful accounts included in accounts receivable, net; accumulated depreciation included in property, plant and equipment, net; accumulated amortization included in intangible assets, net and accumulated amortization included in out-of-market contracts, net: March 31, 2017 December 31, 2016 (In millions) Accounts receivable allowance for doubtful accounts $ 33 $ 30 Property, plant and equipment accumulated depreciation 6,602 6,314 Intangible assets accumulated amortization 1,724 1,775 Out-of-market contracts accumulated amortization 666 765 |
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, 2016 $ 2,405 Dividends paid to NRG Yield, Inc. public shareholders (25 ) Comprehensive loss attributable to noncontrolling interest (22 ) Distributions to noncontrolling interest (21 ) Contributions from noncontrolling interest 48 Sale of assets to NRG Yield, Inc. 3 Balance as of March 31, 2017 $ 2,388 |
Redeemable Noncontrolling Interest [Table Text Block] | Redeemable Noncontrolling Interest The following table reflects the changes in the Company's redeemable noncontrolling interest balance: (In millions) Balance as of December 31, 2016 $ 46 Contributions from redeemable noncontrolling interest 15 Comprehensive loss attributable to redeemable noncontrolling interest (17 ) Balance as of March 31, 2017 $ 44 |
Fair Value of Financial Instr27
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value of Financial Instruments Disclosure [Abstract] | |
Estimated carrying amounts and fair values of NRG's recorded financial instruments not carried at fair market value | The estimated carrying amounts and fair values of NRG's recorded financial instruments not carried at fair market value are as follows: As of March 31, 2017 As of December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Assets: Notes receivable (a) $ 30 $ 30 $ 34 $ 34 Liabilities: Long-term debt, including current portion (b) 19,539 18,726 19,406 18,566 (a) Includes the current portion of notes receivable which is recorded in prepayments and other current assets on the Company's consolidated balance sheets. (b) Excludes deferred financing costs, which are recorded as a reduction to long-term debt on the Company's consolidated balance sheets. The fair value of the Company's publicly-traded long-term debt is based on quoted market prices and is classified as Level 2 within the fair value hierarchy. The fair value of debt securities, non-publicly traded long-term debt and certain notes receivable of the Company are based on expected future cash flows discounted at market interest rates, or current interest rates for similar instruments with equivalent credit quality and are classified as Level 3 within the fair value hierarchy. The following table presents the level within the fair value hierarchy for long-term debt, including current portion as of March 31, 2017 and December 31, 2016 : As of March 31, 2017 As of December 31, 2016 Level 2 Level 3 Level 2 Level 3 (In millions) Long-term debt, including current portion $ 11,190 $ 7,536 $ 11,055 $ 7,511 |
Assets and liabilities measured and recorded at fair value on the consolidated balance sheets on a recurring basis | The following tables present assets and liabilities measured and recorded at fair value on the Company's condensed consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: As of March 31, 2017 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 4 — — 4 Other (a) 8 — — 8 Nuclear trust fund investments: Cash and cash equivalents 16 — — 16 U.S. government and federal agency obligations 55 1 — 56 Federal agency mortgage-backed securities — 67 — 67 Commercial mortgage-backed securities — 17 — 17 Corporate debt securities — 100 — 100 Equity securities 309 — 58 367 Foreign government fixed income securities — 4 — 4 Other trust fund investments: U.S. government and federal agency obligations 1 — — 1 Derivative assets: Commodity contracts 245 534 79 858 Interest rate contracts — 50 — 50 Total assets $ 638 $ 773 $ 155 $ 1,566 Derivative liabilities: Commodity contracts 307 541 137 985 Interest rate contracts — 77 — 77 Total liabilities $ 307 $ 618 $ 137 $ 1,062 (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, 2016 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 $ — $ — $ 17 $ 17 Available-for-sale securities 10 — — 10 Other (a) 10 — — 10 Nuclear trust fund investments: Cash and cash equivalents 25 — — 25 U.S. government and federal agency obligations 72 1 — 73 Federal agency mortgage-backed securities — 62 — 62 Commercial mortgage-backed securities — 17 — 17 Corporate debt securities — 84 — 84 Equity securities 292 — 54 346 Foreign government fixed income securities — 3 — 3 Other trust fund investments: U.S. government and federal agency obligations 1 — — 1 Derivative assets: Commodity contracts 559 551 92 1,202 Interest rate contracts — 49 — 49 Total assets $ 969 $ 767 $ 163 $ 1,899 Derivative liabilities: Commodity contracts 494 635 161 1,290 Interest rate contracts — 88 — 88 Total liabilities $ 494 $ 723 $ 161 $ 1,378 (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 months ended March 31, 2017 and 2016 , the beginning and ending balances for financial instruments that are recognized at fair value in the condensed consolidated financial statements, at least annually, using significant unobservable inputs: Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Three months ended March 31, 2017 (In millions) Debt Securities Trust Fund Investments Derivatives (a) Total Beginning balance $ 17 $ 54 $ (69 ) $ 2 Total gains — realized/unrealized: Included in earnings 1 — 6 7 Included in nuclear decommissioning obligation — 4 — 4 Purchases — — 3 3 Transfers into Level 3 (b) — — (8 ) (8 ) Transfers out of Level 3 (b) — — 10 10 Ending balance as of March 31, 2017 $ 18 $ 58 $ (58 ) $ 18 Losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of March 31, 2017 $ — $ — $ (15 ) $ (15 ) (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 March 31, 2016 (In millions) Debt Securities Trust Fund Investments Derivatives (a) Total Beginning balance $ 17 $ 54 $ (33 ) $ 38 Total losses — realized/unrealized: Included in earnings — — (17 ) (17 ) Included in nuclear decommissioning obligations — (2 ) — (2 ) Purchases — — 5 5 Transfers into Level 3 (b) — — 27 27 Transfers out of Level 3 (b) — — 1 1 Ending balance as of March 31, 2016 $ 17 $ 52 $ (17 ) $ 52 Losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of March 31, 2016 $ — $ — $ (24 ) $ (24 ) (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 March 31, 2017 and December 31, 2016 : Significant Unobservable Inputs March 31, 2017 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 43 $ 97 Discounted Cash Flow Forward Market Price (per MWh) $ 12 $ 88 $ 26 Coal Contracts — 1 Discounted Cash Flow Forward Market Price (per ton) 42 48 44 FTRs 36 39 Discounted Cash Flow Auction Prices (per MWh) (17 ) 19 — $ 79 $ 137 Significant Unobservable Inputs December 31, 2016 Fair Value Input/Range Assets Liabilities Valuation Technique Significant Unobservable Input Low High Weighted Average (In millions) Power Contracts $ 40 $ 107 Discounted Cash Flow Forward Market Price (per MWh) $ 11 $ 104 $ 31 Coal Contracts — 1 Discounted Cash Flow Forward Market Price (per ton) 42 51 45 FTRs 52 53 Discounted Cash Flow Auction Prices (per MWh) (22 ) 17 — $ 92 $ 161 |
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 March 31, 2017 and December 31, 2016 : 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) (b) Category by Industry Sector (% of Total) Utilities, energy merchants, marketers and other 91 % Financial institutions 9 Total as of March 31, 2017 100 % Net Exposure (a) (b) Category by Counterparty Credit Quality (% of Total) Investment grade 87 % Non-Investment grade/Non-Rated 13 Total as of March 31, 2017 100 % (a) Counterparty credit exposure excludes uranium and coal transportation contracts because of the unavailability of market prices. (b) The figures in the tables above exclude potential counterparty credit exposure related to RTOs, ISOs, registered commodity exchanges and certain long term contracts. |
Nuclear Decommissioning Trust28
Nuclear Decommissioning Trust Fund (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Nuclear Decommissioning Trust Fund Disclosure [Abstract] | |
Summary of aggregate fair values and unrealized gains and losses (including other-than-temporary impairments) for the securities held in the nuclear decommissioning trust fund | The following table summarizes the aggregate fair values and unrealized gains and losses (including other-than-temporary impairments) for the securities held in the trust funds, as well as information about the contractual maturities of those securities. As of March 31, 2017 As of December 31, 2016 (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 $ 16 $ — $ — — $ 25 $ — $ — — U.S. government and federal agency obligations 56 2 — 9 73 1 — 11 Federal agency mortgage-backed securities 67 1 1 24 62 1 1 25 Commercial mortgage-backed securities 17 — 1 26 17 — 1 26 Corporate debt securities 100 1 1 10 84 1 2 11 Equity securities 367 233 — — 346 214 — — Foreign government fixed income securities 4 — — 7 3 — — 9 Total $ 627 $ 237 $ 3 $ 610 $ 217 $ 4 |
Summary of proceeds from sales of available-for-sale securities and the related realized gains and losses | The following table summarizes proceeds from sales of available-for-sale securities and the related realized gains and losses from these sales. The cost of securities sold is determined on the specific identification method. Three months ended March 31, 2017 2016 (In millions) Realized gains $ 2 $ 4 Realized losses 2 3 Proceeds from sale of securities 117 191 |
Accounting for Derivative Ins29
Accounting for Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and December 31, 2016 . Option contracts are reflected using delta volume. Delta volume equals the notional volume of an option adjusted for the probability that the option will be in-the-money at its expiration date. Total Volume March 31, 2017 December 31, 2016 Category Units (In millions) Emissions Short Ton (4 ) — Coal Short Ton 32 41 Natural Gas MMBtu 162 85 Oil Barrel — 1 Power MWh (12 ) (28 ) Capacity MW/Day (1 ) (1 ) Interest Dollars $ 3,369 $ 3,429 Equity Shares 1 1 |
Fair value within the derivative instrument valuation on the balance sheets | The following table summarizes the fair value within the derivative instrument valuation on the balance sheets: Fair Value Derivative Assets Derivative Liabilities March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 (In millions) Derivatives designated as cash flow hedges: Interest rate contracts current $ — $ — $ 22 $ 28 Interest rate contracts long-term 12 12 31 41 Total derivatives designated as cash flow hedges 12 12 53 69 Derivatives not designated as cash flow hedges : Interest rate contracts current 3 — 8 7 Interest rate contracts long-term 35 37 16 12 Commodity contracts current 679 1,062 717 1,049 Commodity contracts long-term 179 140 268 241 Total derivatives not designated as cash flow hedges 896 1,239 1,009 1,309 Total derivatives $ 908 $ 1,251 $ 1,062 $ 1,378 |
Offsetting of derivatives by counterparty master agreement level and collateral received or paid | The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid: Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts of Recognized Assets / Liabilities Derivative Instruments Cash Collateral (Held) / Posted Net Amount As of March 31, 2017 (In millions) Commodity contracts: Derivative assets $ 858 $ (732 ) $ (2 ) $ 124 Derivative liabilities (985 ) 732 64 (189 ) Total commodity contracts (127 ) — 62 (65 ) Interest rate contracts: Derivative assets 50 (4 ) — 46 Derivative liabilities (77 ) 4 — (73 ) Total interest rate contracts (27 ) — — (27 ) Total derivative instruments $ (154 ) $ — $ 62 $ (92 ) 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, 2016 (In millions) Commodity contracts: Derivative assets $ 1,202 $ (1,005 ) $ (1 ) $ 196 Derivative liabilities (1,290 ) 1,005 14 (271 ) Total commodity contracts (88 ) — 13 (75 ) Interest rate contracts: Derivative assets 49 (4 ) — 45 Derivative liabilities (88 ) 4 — (84 ) Total interest rate contracts (39 ) — — (39 ) Total derivative instruments $ (127 ) $ — $ 13 $ (114 ) |
Effects of ASC 815 on the Company's accumulated OCI balance attributable to cash flow hedge derivatives, net of tax | The following table summarizes the effects of ASC 815 on the Company's accumulated OCI balance attributable to cash flow hedge derivatives, net of tax: Three months ended March 31, 2017 Interest Rate Total (In millions) Accumulated OCI beginning balance $ (66 ) $ (66 ) Reclassified from accumulated OCI to income: Due to realization of previously deferred amounts 3 3 Mark-to-market of cash flow hedge accounting contracts 2 2 Accumulated OCI ending balance, net of $14 tax $ (61 ) $ (61 ) Losses expected to be realized from OCI during the next 12 months, net of $4 tax $ (15 ) $ (15 ) Three months ended March 31, 2016 Interest Rate Total (In millions) Accumulated OCI beginning balance $ (101 ) $ (101 ) Reclassified from accumulated OCI to income: Due to realization of previously deferred amounts 3 3 Mark-to-market of cash flow hedge accounting contracts (52 ) (52 ) Accumulated OCI ending balance, net of $24 tax $ (150 ) $ (150 ) |
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 March 31, 2017 2016 Unrealized mark-to-market results (In millions) Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges $ 16 $ (86 ) Reversal of acquired loss/(gain) positions related to economic hedges 2 (13 ) Net unrealized (losses)/gains on open positions related to economic hedges (24 ) 134 Total unrealized mark-to-market (losses)/gains for economic hedging activities (6 ) 35 Reversal of previously recognized unrealized (gains)/losses on settled positions related to trading activity (15 ) 8 Net unrealized gains on open positions related to trading activity 1 11 Total unrealized mark-to-market (losses)/gains for trading activity (14 ) 19 Total unrealized (losses)/gains $ (20 ) $ 54 Three months ended March 31, 2017 2016 (In millions) Unrealized gains included in operating revenues $ 114 $ 45 Unrealized (losses)/gains included in cost of operations (134 ) 9 Total impact to statement of operations — energy commodities $ (20 ) $ 54 Total impact to statement of operations — interest rate contracts $ 5 $ (11 ) |
Debt and Capital Leases Debt an
Debt and Capital Leases Debt and Capital Leases (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Instrument [Line Items] | |
Long-term debt and capital leases | Long-term debt and capital leases consisted of the following: (In millions, except rates) March 31, 2017 December 31, 2016 March 31, 2017 interest rate % (a) Recourse debt: Senior notes, due 2018 $ 398 $ 398 7.625 Senior notes, due 2021 207 207 7.875 Senior notes, due 2022 992 992 6.250 Senior notes, due 2023 869 869 6.625 Senior notes, due 2024 733 733 6.250 Senior notes, due 2026 1,000 1,000 7.250 Senior notes, due 2027 1,250 1,250 6.625 Term loan facility, due 2023 1,886 1,891 L+2.25 Revolving credit facility, due 2018 and 2021 125 — L+2.25 Tax-exempt bonds 455 455 4.125 - 6.00 Subtotal NRG recourse debt 7,915 7,795 Non-recourse debt: GenOn senior notes 1,830 1,830 7.875 - 9.875 GenOn Americas Generation senior notes 695 695 8.500 - 9.125 GenOn other 95 96 Subtotal GenOn debt (non-recourse to NRG) 2,620 2,621 NRG Yield Operating LLC Senior Notes, due 2024 500 500 5.375 NRG Yield Operating LLC Senior Notes, due 2026 350 350 5.000 NRG Yield Inc. Convertible Senior Notes, due 2019 345 345 3.500 NRG Yield Inc. Convertible Senior Notes, due 2020 288 288 3.250 El Segundo Energy Center, due 2023 414 443 L+1.625 - L+2.25 Marsh Landing, due 2017 and 2023 361 370 L+1.750 - L+1.875 Alta Wind I - V lease financing arrangements, due 2034 and 2035 965 965 5.696 - 7.015 Walnut Creek, term loans due 2023 303 310 L+1.625 Utah Portfolio, due 2022 287 287 L+2.65 Tapestry, due 2021 168 172 L+1.625 CVSR, due 2037 757 771 2.339 - 3.775 CVSR HoldCo, due 2037 194 199 4.680 Alpine, due 2022 144 145 L+1.750 Energy Center Minneapolis, due 2017 and 2025 94 96 5.95 - 7.25 Energy Center Minneapolis, due 2031 125 125 3.55 Viento, due 2023 178 178 L+2.75 NRG Yield - other 578 540 various Subtotal NRG Yield debt (non-recourse to NRG) 6,051 6,084 Ivanpah, due 2033 and 2038 1,108 1,113 2.285 - 4.256 Agua Caliente, due 2037 846 849 2.395 - 3.633 Agua Caliente Borrower 1, due 2038 89 — 5.430 Cedro Hill, due 2025 161 163 L+1.75 Midwest Generation, due 2019 213 231 4.390 NRG Other 462 468 various Subtotal other NRG non-recourse debt 2,879 2,824 Subtotal all non-recourse debt 11,550 11,529 Subtotal long-term debt (including current maturities) 19,465 19,324 Capital leases 12 8 various Subtotal long-term debt and capital leases (including current maturities) 19,477 19,332 Less current maturities (1,688 ) (1,220 ) Less debt issuance costs (191 ) (188 ) Premiums, net of discounts 74 82 Total long-term debt and capital leases $ 17,672 $ 18,006 (a) As of March 31, 2017 , L+ equals 3 month LIBOR plus x%, with the exception of the Viento Funding II term loan, the Utah Portfolio term loans, the Alpine Term Loan, the NRG Marsh Landing term loan, the Walnut Creek term loan, the 2023 Term Loan Facility, and the Revolving credit facility which are 1 month LIBOR plus x%. |
Variable Interest Entities Summ
Variable Interest Entities Summarized Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Additional Financial Information Disclosure [Text Block] | The summarized financial information for the Company's consolidated VIEs consisted of the following: (In millions) March 31, 2017 December 31, 2016 Current assets $ 90 $ 87 Net property, plant and equipment 1,513 1,534 Other long-term assets 948 954 Total assets 2,551 2,575 Current liabilities 59 59 Long-term debt 439 442 Other long-term liabilities 185 183 Total liabilities 683 684 Noncontrolling interests 535 529 Net assets less noncontrolling interests $ 1,333 $ 1,362 |
Changes in Capital Structure (T
Changes in Capital Structure (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 417,583,825 (102,140,814 ) 315,443,011 Shares issued under LTIPs 355,047 — 355,047 Shares issued under ESPP — 282,530 282,530 Balance as of March 31, 2017 417,938,872 (101,858,284 ) 316,080,588 |
Schedule of dividends paid | The following table lists the dividends paid during the three months ended March 31, 2017 : First Quarter 2017 Dividends per Common Share $ 0.030 |
Earnings_(Loss) Per Share (Tabl
Earnings/(Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, (In millions, except per share data) 2017 2016 Basic (loss)/earnings per share attributable to NRG Energy, Inc. common stockholders Net (loss)/income attributable to NRG Energy, Inc. $ (163 ) $ 82 Dividends for preferred shares — 5 (Loss)/income available for common stockholders $ (163 ) $ 77 Weighted average number of common shares outstanding - basic 316 315 (Loss)/Earnings per weighted average common share — basic $ (0.52 ) $ 0.24 Diluted (loss)/earnings per share attributable to NRG Energy, Inc. common stockholders Weighted average number of common shares outstanding - diluted 316 315 Incremental shares attributable to the issuance of equity compensation (treasury stock method) — — Total dilutive shares 316 315 (Loss)/earnings per weighted average common share — diluted $ (0.52 ) $ 0.24 |
Summary of NRG's outstanding equity instruments that are anti-dilutive and were not included in the computation of the Company's diluted earnings per share | The following table summarizes NRG’s outstanding equity instruments that are anti-dilutive and were not included in the computation of the Company’s diluted loss per share: Three months ended March 31, (In millions of shares) 2017 2016 Equity compensation plans 6 4 Embedded derivative of 2.822% redeemable perpetual preferred stock — 16 Total 6 20 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting Disclosure [Abstract] | |
Schedule of segment reporting information, by segment | Generation (a) Retail (a) Renewables (a)(b) NRG Yield Corporate (a) Eliminations Total Three months ended March 31, 2017 (In millions) Operating revenues (a) $ 1,343 $ 1,335 $ 98 $ 218 $ 8 $ (243 ) $ 2,759 Depreciation and amortization 138 28 49 75 10 — 300 Equity in (losses)/earnings of unconsolidated affiliates (13 ) — (1 ) 19 3 (3 ) 5 Gain on sale of assets 2 — — — — — 2 Income/(loss) before income taxes 67 (30 ) (37 ) (2 ) (203 ) (2 ) (207 ) Net Income/(Loss) 67 (33 ) (31 ) (1 ) (203 ) (2 ) (203 ) Net Income/(Loss) attributable to NRG Energy, Inc. $ 67 $ (32 ) $ (3 ) $ 13 $ (203 ) $ (5 ) $ (163 ) Total assets as of March 31, 2017 $ 12,962 $ 2,150 $ 5,123 $ 8,580 $ 14,621 $ (14,016 ) $ 29,420 (a) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 205 $ 1 $ 8 $ — $ 29 $ — $ 243 (b) Includes loss on debt extinguishment $ — $ — $ (2 ) $ — $ — $ — $ (2 ) Generation (a) Retail (a) Renewables (a) NRG Yield (a) Corporate (a)(b) Eliminations Total Three months ended March 31, 2016 (In millions) Operating revenues (a) $ 1,708 $ 1,370 $ 96 $ 234 $ 18 $ (197 ) $ 3,229 Depreciation and amortization 144 30 48 74 17 — 313 Impairment losses (137 ) — — — (9 ) — (146 ) Equity in earnings/(loss) of unconsolidated affiliates (8 ) — (4 ) 4 3 (2 ) (7 ) Gain on sale of assets 32 — — — — — 32 Income/(Loss) before income taxes 191 150 (46 ) 2 (231 ) 2 68 Net Income/(Loss) 191 150 (40 ) 2 (258 ) 2 47 Net Income/(Loss) attributable to NRG Energy, Inc. $ 191 $ 150 $ (30 ) $ 10 $ (245 ) $ 6 $ 82 (a) Operating revenues include inter-segment sales and net derivative gains and losses of: $ 118 $ 3 $ 6 $ 4 $ 66 $ — $ 197 (b) Includes gain on debt extinguishment $ — $ — $ — $ — $ 11 $ — $ 11 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The income tax provision consisted of the following: Three months ended March 31, (In millions except otherwise noted) 2017 2016 Income/(loss) before income taxes $ (207 ) $ 68 Income tax (benefit)/expense (4 ) 21 Effective tax rate 1.9 % 30.9 % |
Condensed Consolidating Finan36
Condensed Consolidating Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Condensed Consolidating Financial Information Disclosure [Abstract] | |
Condensed Consolidating Statements of Operations | NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the three months ended March 31, 2017 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 1,599 $ 1,243 $ — $ (83 ) $ 2,759 Operating Costs and Expenses Cost of operations 1,261 933 14 (83 ) 2,125 Depreciation and amortization 102 190 8 — 300 Selling, general and administrative 96 106 70 — 272 Development activity expenses — 12 5 — 17 Total operating costs and expenses 1,459 1,241 97 (83 ) 2,714 Gain on sale of assets 2 — — — 2 Operating Income/(Loss) 142 2 (97 ) — 47 Other Income/(Expense) Equity in (losses)/earnings of consolidated subsidiaries (77 ) (34 ) 67 44 — Equity in (losses)/earnings of unconsolidated affiliates (1 ) 7 (1 ) — 5 Other income 1 8 4 (1 ) 12 Loss on debt extinguishment — (2 ) — — (2 ) Interest expense (4 ) (151 ) (114 ) — (269 ) Total other expense (81 ) (172 ) (44 ) 43 (254 ) Income/(Loss) Before Income Taxes 61 (170 ) (141 ) 43 (207 ) Income tax expense/(benefit) 19 (46 ) 25 (2 ) (4 ) Net Income/(Loss) 42 (124 ) (166 ) 45 (203 ) Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interests — (38 ) (3 ) 1 (40 ) Net Income/(Loss) Attributable to NRG Energy, Inc. $ 42 $ (86 ) $ (163 ) $ 44 $ (163 ) (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the three months ended March 31, 2016 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Operating Revenues Total operating revenues $ 1,956 $ 1,299 $ — $ (26 ) $ 3,229 Operating Costs and Expenses Cost of operations 1,455 759 10 (30 ) 2,194 Depreciation and amortization 117 190 6 — 313 Selling, general and administrative 93 99 60 — 252 Development activity expenses — 19 7 — 26 Total operating costs and expenses 1,665 1,067 83 (30 ) 2,785 Gain on sale of assets — 32 — — 32 Operating Income/(Loss) 291 264 (83 ) 4 476 Other Income/(Expense) Equity in (losses)/earnings of consolidated subsidiaries (24 ) 4 213 (193 ) — Equity in losses of unconsolidated affiliates — (8 ) — 1 (7 ) Impairment loss on investment — (140 ) (6 ) — (146 ) Other income/(expense), net — 20 (2 ) — 18 Gain on debt extinguishment — — 11 — 11 Interest expense (5 ) (150 ) (129 ) — (284 ) Total other (expense)/income (29 ) (274 ) 87 (192 ) (408 ) Income/(Loss) Before Income Taxes 262 (10 ) 4 (188 ) 68 Income tax expense/(benefit) 100 (8 ) (83 ) 12 21 Net Income/(Loss) 162 (2 ) 87 (200 ) 47 Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (33 ) 5 (7 ) (35 ) Net Income Attributable to NRG Energy, Inc. $ 162 $ 31 $ 82 $ (193 ) $ 82 (a) All significant intercompany transactions have been eliminated in consolidation. |
Condensed Consolidating Statements of Comprehensive Income/(Loss) | NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) For the three months ended March 31, 2017 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Net Income/(Loss) $ 42 $ (124 ) $ (166 ) $ 45 $ (203 ) Other Comprehensive Income/(Loss), net of tax Unrealized gain on derivatives, net — 5 4 (5 ) 4 Foreign currency translation adjustments, net 5 4 7 (9 ) 7 Defined benefit plans, net — 1 (1 ) — — Other comprehensive income 5 10 10 (14 ) 11 Comprehensive Income/(Loss) 47 (114 ) (156 ) 31 (192 ) Less: Comprehensive loss attributable to noncontrolling interest and redeemable noncontrolling interest — (37 ) (3 ) 1 (39 ) Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. 47 (77 ) (153 ) 30 (153 ) Comprehensive Income/(Loss) Available for Common Stockholders $ 47 $ (77 ) $ (153 ) $ 30 $ (153 ) (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the three months ended March 31, 2016 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Net Income/(Loss) $ 162 $ (2 ) $ 87 $ (200 ) $ 47 Other Comprehensive Income/(Loss), net of tax Unrealized (loss)/gain on derivatives, net — (50 ) 24 (6 ) (32 ) Foreign currency translation adjustments, net 4 4 6 (8 ) 6 Available-for-sale securities, net — — 3 — 3 Defined benefit plans, net 1 — — — 1 Other comprehensive income/(loss) 5 (46 ) 33 (14 ) (22 ) Comprehensive Income/Loss 167 (48 ) 120 (214 ) 25 Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest — (50 ) 5 (7 ) (52 ) Comprehensive Income Attributable to NRG Energy, Inc. 167 2 115 (207 ) 77 Dividends for preferred shares — — 5 — 5 Comprehensive Income Available for Common Stockholders $ 167 $ 2 $ 110 $ (207 ) $ 72 (a) All significant intercompany transactions have been eliminated in consolidation. |
Condensed Consolidating Balance Sheets | NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS March 31, 2017 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated ASSETS (In millions) Current Assets Cash and cash equivalents $ — $ 1,257 $ 256 $ — $ 1,513 Funds deposited by counterparties 3 — — — 3 Restricted cash 5 392 — — 397 Accounts receivable - trade, net 592 378 4 — 974 Accounts receivable - affiliate 251 23 (36 ) (231 ) 7 Inventory 483 657 — — 1,140 Derivative instruments 594 207 3 (122 ) 682 Cash collateral paid in support of energy risk management activities 173 104 — — 277 Prepayments and other current assets 94 295 58 — 447 Total current assets 2,195 3,313 285 (353 ) 5,440 Net property, plant and equipment 4,168 13,555 246 (27 ) 17,942 Other Assets Investment in subsidiaries 1,067 1,062 10,040 (12,169 ) — Equity investments in affiliates — 1,144 4 — 1,148 Notes receivable, less current portion — 13 125 (125 ) 13 Goodwill 359 303 — — 662 Intangible assets, net 566 1,394 — (3 ) 1,957 Nuclear decommissioning trust fund 627 — — — 627 Derivative instruments 178 66 34 (52 ) 226 Deferred income tax (2 ) 911 (686 ) — 223 Non-current assets held-for-sale — 10 — — 10 Other non-current assets 71 1,037 64 — 1,172 Total other assets 2,866 5,940 9,581 (12,349 ) 6,038 Total Assets $ 9,229 $ 22,808 $ 10,112 $ (12,729 ) $ 29,420 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Current portion of long-term debt and capital leases $ — $ 1,268 $ 420 $ — $ 1,688 Accounts payable 436 403 33 — 872 Accounts payable — affiliate 738 1,686 (2,193 ) (231 ) — Derivative instruments 584 285 — (122 ) 747 Cash collateral received in support of energy risk management activities 3 — — — 3 Accrued expenses and other current liabilities 251 368 268 — 887 Total current liabilities 2,012 4,010 (1,472 ) (353 ) 4,197 Other Liabilities Long-term debt and capital leases 244 10,443 7,110 (125 ) 17,672 Nuclear decommissioning reserve 291 — — — 291 Nuclear decommissioning trust liability 352 — — — 352 Deferred income taxes 200 (1,095 ) 915 — 20 Derivative instruments 183 184 — (52 ) 315 Out-of-market contracts, net 77 940 — — 1,017 Non-current liabilities held-for-sale — 12 — — 12 Other non-current liabilities 402 763 322 — 1,487 Total non-current liabilities 1,749 11,247 8,347 (177 ) 21,166 Total liabilities 3,761 15,257 6,875 (530 ) 25,363 Redeemable noncontrolling interest in subsidiaries — 44 — — 44 Stockholders’ Equity 5,468 7,507 3,237 (12,199 ) 4,013 Total Liabilities and Stockholders’ Equity $ 9,229 $ 22,808 $ 10,112 $ (12,729 ) $ 29,420 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2016 Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated ASSETS (In millions) Current Assets Cash and cash equivalents $ — $ 1,650 $ 323 $ — $ 1,973 Funds deposited by counterparties 2 — — — 2 Restricted cash 11 435 — — 446 Accounts receivable - trade, net 734 429 3 — 1,166 Accounts receivable - affiliate 309 (241 ) 200 (262 ) 6 Inventory 482 629 — — 1,111 Derivative instruments 962 305 — (205 ) 1,062 Cash collateral paid in support of energy risk management activities 37 166 — — 203 Current assets held-for-sale — 9 — — 9 Prepayments and other current assets 76 279 62 — 417 Total current assets 2,613 3,661 588 (467 ) 6,395 Net Property, Plant and Equipment 4,216 13,472 251 (27 ) 17,912 Other Assets Investment in subsidiaries 837 1,973 10,128 (12,938 ) — Equity investments in affiliates (14 ) 1,129 5 — 1,120 Notes receivable, less current portion — 17 (76 ) 76 17 Goodwill 359 303 — — 662 Intangible assets, net 592 1,447 — (3 ) 2,036 Nuclear decommissioning trust fund 610 — — — 610 Derivative instruments 143 60 36 (50 ) 189 Deferred income taxes 3 868 (646 ) — 225 Non-current assets held for sale — 10 — — 10 Other non-current assets 67 784 328 — 1,179 Total other assets 2,597 6,591 9,775 (12,915 ) 6,048 Total Assets $ 9,426 $ 23,724 $ 10,614 $ (13,409 ) $ 30,355 LIABILITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Current portion of long-term debt and capital leases $ — $ 1,202 $ (58 ) $ 76 $ 1,220 Accounts payable 499 362 34 — 895 Accounts payable — affiliate 655 1,834 (2,227 ) (262 ) — Derivative instruments 947 342 — (205 ) 1,084 Cash collateral received in support of energy risk management activities 2 — — — 2 Current liabilities held-for-sale — — — — — Accrued expenses and other current liabilities 317 400 464 — 1,181 Total current liabilities 2,420 4,140 (1,787 ) (391 ) 4,382 Other Liabilities Long-term debt and capital leases 244 10,302 7,460 — 18,006 Nuclear decommissioning reserve 287 — — — 287 Nuclear decommissioning trust liability 339 — — — 339 Deferred income taxes 186 (1,094 ) 928 — 20 Derivative instruments 157 187 — (50 ) 294 Out-of-market contracts, net 80 960 — — 1,040 Non-current liabilities held-for-sale — 12 — — 12 Other non-current liabilities 397 762 324 — 1,483 Total non-current liabilities 1,690 11,129 8,712 (50 ) 21,481 Total Liabilities 4,110 15,269 6,925 (441 ) 25,863 Redeemable noncontrolling interest in subsidiaries — 46 — — 46 Stockholders’ Equity 5,316 8,409 3,689 (12,968 ) 4,446 Total Liabilities and Stockholders’ Equity $ 9,426 $ 23,724 $ 10,614 $ (13,409 ) $ 30,355 (a) All significant intercompany transactions have been eliminated in consolidation. |
Condensed Consolidating Statements of Cash Flows | NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the three months ended March 31, 2017 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Cash Flows from Operating Activities Net income/(loss) $ 42 $ (124 ) $ (166 ) $ 45 $ (203 ) Adjustments to reconcile net income/(loss) to net cash provided by operating activities: Distributions from unconsolidated affiliates — 18 — (5 ) 13 Equity in losses/(earnings) of unconsolidated affiliates 1 (7 ) 1 — (5 ) Depreciation and amortization 102 190 8 — 300 Provision for bad debts 8 1 — — 9 Amortization of nuclear fuel 12 — — — 12 Amortization of financing costs and debt discount/premiums — (3 ) 4 — 1 Amortization of intangibles and out-of-market contracts 6 4 — — 10 Amortization of unearned equity compensation — — 8 — 8 Changes in deferred income taxes and liability for uncertain tax benefits 19 (46 ) 28 — 1 Changes in nuclear decommissioning trust liability 36 — — — 36 Changes in derivative instruments (4 ) 30 (1 ) — 25 Changes in collateral deposits supporting energy risk management activities (136 ) 62 — — (74 ) Gain on sale of assets (2 ) — — — (2 ) Cash (used)/provided by changes in other working capital (86 ) 499 (604 ) (8 ) (199 ) Net Cash (Used)/Provided by Operating Activities (2 ) 624 (722 ) 32 (68 ) Cash Flows from Investing Activities Dividends from NRG Yield, Inc. — — 22 (22 ) — Acquisition of Drop Down Assets, net of cash acquired — (131 ) — 131 — Intercompany dividends — — 129 (129 ) — Acquisition of business, net of cash acquired — (3 ) — — (3 ) Capital expenditures (64 ) (200 ) (4 ) — (268 ) Decrease in restricted cash, net 2 11 — — 13 Decrease in restricted cash - U.S. DOE projects 4 32 — — 36 Decrease in notes receivable — 4 — — 4 Purchases of emission allowances (9 ) — — — (9 ) Proceeds from sale of emission allowances 11 — — — 11 Investments in nuclear decommissioning trust fund securities (153 ) — — — (153 ) Proceeds from sales of nuclear decommissioning trust fund securities 117 — — — 117 Proceeds from sale of assets, net of cash disposed of 11 3 — — 14 Investments in unconsolidated affiliates — (12 ) — — (12 ) Other 18 — — — 18 Net Cash (Used)/Provided by Investing Activities (63 ) (296 ) 147 (20 ) (232 ) Cash Flows from Financing Activities Dividends from NRG Yield, Inc. — (22 ) — 22 — Payments from/(for) intercompany loans 65 (428 ) 395 (32 ) — Acquisition of Drop Down Assets, net of cash acquired — — 131 (131 ) — Intercompany dividends — (129 ) — 129 — Payment of dividends to common and preferred stockholders — — (9 ) — (9 ) Net receipts from settlement of acquired derivatives that include financing elements — 1 — — 1 Proceeds from issuance of long-term debt — 166 26 — 192 Payments for short and long-term debt — (146 ) (31 ) — (177 ) Payment for credit support in long-term deposits — (130 ) — — (130 ) Proceeds from draw on revolving credit facility for long-term deposits — 125 — — 125 Increase in long-term deposits — (125 ) — — (125 ) Contributions to, net of distributions from, noncontrolling interest in subsidiaries — (5 ) — — (5 ) Payment of debt issuance costs — (11 ) (4 ) — (15 ) Other - contingent consideration — (10 ) — — (10 ) Net Cash Provided/(Used) by Financing Activities 65 (714 ) 508 (12 ) (153 ) Effect of exchange rate changes on cash and cash equivalents — (7 ) — — (7 ) Net Decrease in Cash and Cash Equivalents — (393 ) (67 ) — (460 ) Cash and Cash Equivalents at Beginning of Period — 1,650 323 — 1,973 Cash and Cash Equivalents at End of Period $ — $ 1,257 $ 256 $ — $ 1,513 (a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the three months ended March 31, 2016 (Unaudited) Guarantor Subsidiaries Non-Guarantor Subsidiaries NRG Energy, Inc. (Note Issuer) Eliminations (a) Consolidated (In millions) Cash Flows from Operating Activities Net income/(loss) $ 162 $ (2 ) $ 87 $ (200 ) $ 47 Adjustments to reconcile net income/(loss) to net cash provided by operating activities: Distributions from unconsolidated affiliates — 22 — (12 ) 10 Equity in losses of unconsolidated affiliates — 8 — (1 ) 7 Depreciation and amortization 117 190 6 — 313 Provision for bad debts 8 2 — — 10 Amortization of nuclear fuel 13 — — — 13 Amortization of financing costs and debt discount/premiums — 7 (6 ) — 1 Adjustment for debt extinguishment — — (11 ) — (11 ) Amortization of intangibles and out-of-market contracts 11 15 — — 26 Amortization of unearned equity compensation — — 8 — 8 Impairment losses — 140 6 — 146 Changes in deferred income taxes and liability for uncertain tax benefits (613 ) (1,696 ) 2,284 — (25 ) Changes in nuclear decommissioning trust liability 9 — — — 9 Changes in derivative instruments (28 ) (22 ) — — (50 ) Changes in collateral deposits supporting energy risk management activities 150 6 — — 156 Proceeds from sale of emission allowances 47 — — — 47 Gain on sale of assets — (32 ) — — (32 ) Cash provided/(used) by changes in other working capital 338 1,728 (2,400 ) 213 (121 ) Net Cash Provided/(Used) by Operating Activities 214 366 (26 ) — 554 Cash Flows from Investing Activities Dividends from NRG Yield, Inc. — (19 ) — 19 — Acquisition of businesses, net of cash acquired — (6 ) — — (6 ) Capital expenditures (44 ) (219 ) (16 ) — (279 ) Increase in restricted cash, net (2 ) (10 ) — — (12 ) Decrease in restricted cash - U.S. DOE funded projects — 39 — — 39 Decrease in notes receivable — 1 — — 1 Purchases of emission allowances (12 ) — — — (12 ) Proceeds from sale of emission allowances 7 — — — 7 Investments in nuclear decommissioning trust fund securities (200 ) — — — (200 ) Proceeds from sales of nuclear decommissioning trust fund securities 191 — — — 191 Proceeds from renewable energy grants and state rebates — 8 — — 8 Proceeds from sale of assets, net of cash disposed of — 120 — — 120 Investments in unconsolidated affiliates — (4 ) — — (4 ) Other — 4 — — 4 Net Cash Used by Investing Activities (60 ) (86 ) (16 ) 19 (143 ) Cash Flows from Financing Activities Dividends from NRG Yield, Inc. — — 19 (19 ) — Payments (for)/from intercompany loans (151 ) (11 ) 162 — Payment of dividends to common and preferred stockholders — — (48 ) — (48 ) Net receipts for settlement of acquired derivatives that include financing elements — 39 — — 39 Proceeds from issuance of long-term debt — 61 — — 61 Payments for short and long-term debt — (121 ) (195 ) — (316 ) Distributions from, net of contributions to, noncontrolling interest in subsidiaries — 10 — — 10 Other (3 ) (7 ) — — (10 ) Net Cash Used by Financing Activities (154 ) (29 ) (62 ) (19 ) (264 ) Effect of exchange rate changes on cash and cash equivalents — (6 ) — — (6 ) Net Increase/(Decrease) in Cash and Cash Equivalents — 245 (104 ) — 141 Cash and Cash Equivalents at Beginning of Period — 825 693 — 1,518 Cash and Cash Equivalents at End of Period $ — $ 1,070 $ 589 $ — $ 1,659 (a) All significant intercompany transactions have been eliminated in consolidation. |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Details) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2017USD ($)MW | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 14, 2012USD ($) | |
Power Generation Capacity, Megawatts | MW | 46,000 | ||||
Document Period End Date | Mar. 31, 2017 | ||||
Cash and cash equivalents | $ 1,513 | $ 1,973 | $ 1,659 | $ 1,518 | |
Debt Instrument, Unamortized Discount (Premium), Net | 74 | $ 82 | |||
Genon [Member] | |||||
Cash and cash equivalents | 885 | ||||
GenOn Mid-Atlantic, LLC [Member] | |||||
Cash and cash equivalents | 305 | ||||
REMA [Member] | |||||
Cash and cash equivalents | 82 | ||||
Senior Notes [Member] | Senior Unsecured Notes 2017 [Member] | Genon [Member] | |||||
Debt, Current | 691 | ||||
Debt Instrument, Unamortized Discount (Premium), Net | 4 | ||||
Genon [Member] | Intercompany Credit Agreement [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 214 | $ 500 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Supplemental Info) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 33 | $ 30 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 6,602 | 6,314 |
Finite-Lived Intangible Assets, Accumulated Amortization | 1,724 | 1,775 |
Accumulated Amortization of Out of Market Contracts | $ 666 | $ 765 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (NCI - Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Noncontrolling Interest [Line Items] | |||
Balance of Noncontrolling Interest | $ 2,388 | $ 2,405 | |
Distributions to noncontrolling interest | (21) | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (39) | $ (52) | |
Contributions from noncontrolling interest | 48 | ||
Noncontrolling Interest [Member] | |||
Noncontrolling Interest [Line Items] | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (22) | ||
NRG Yield, Inc. [Member] | |||
Noncontrolling Interest [Line Items] | |||
Distributions to noncontrolling interest | (25) | ||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | $ 3 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Redeemable NCI - Details 3) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Noncontrolling Interest [Line Items] | |||
Redeemable noncontrolling interest in subsidiaries | $ 44 | $ 46 | |
Contributions from redeemable noncontrolling interest | 15 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (39) | $ (52) | |
Redeemable noncontrolling interest [Member] | |||
Noncontrolling Interest [Line Items] | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $ (17) |
Summary of Significant Accoun41
Summary of Significant Accounting Policies Recent Acctg Developments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accounting Standards Update 2016-16 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 267 | |
Accounting Standards Update 2016-18 [Member] | Operating Activities [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 1 | $ 5 |
Accounting Standards Update 2016-18 [Member] | Investing Activities [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 49 | $ 27 |
Business Acquisitions and Dis42
Business Acquisitions and Dispositions Business Acquisitions and Dispositions (Details 1 - Transfer of Assets) $ in Millions | Mar. 31, 2017USD ($)MW | Mar. 27, 2017USD ($)MW | Dec. 31, 2016USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Long-term Debt | $ 19,465 | $ 19,324 | |
Power Generation Capacity, Megawatts | MW | 46,000 | ||
ROFO Assets [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Percentage of Ownership Sold of Subsidiary | 16.00% | ||
Consideration Paid for Sale of Assets Under Common Control | $ 130 | ||
Long-term Debt | 328 | ||
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 | $ 1 | ||
Agua Caliente [Member] | ROFO Assets [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Power Generation Capacity, Megawatts | MW | 46 | ||
Utah Portfolio [Member] | ROFO Assets [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Power Generation Capacity, Megawatts | MW | 265 |
Fair Value of Financial Instr43
Fair Value of Financial Instruments (Details 1 - Balance Sheet grouping) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Long-term debt, including current portion (b) | $ 19,465 | $ 19,324 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Notes receivable | [1] | 30 | 34 |
Long-term debt, including current portion (b) | [2] | 19,539 | 19,406 |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Notes receivable | [1] | 30 | 34 |
Long-term debt, including current portion (b) | [2] | 18,726 | 18,566 |
Fair Value, Inputs, Level 2 [Member] | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Long-term debt, including current portion (b) | 11,190 | 11,055 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Long-term debt, including current portion (b) | $ 7,536 | $ 7,511 | |
[1] | Includes the current portion of notes receivable which is recorded in prepayments and other current assets on the Company's consolidated balance sheets. | ||
[2] | Excludes deferred financing costs, which are recorded as a reduction to long-term debt on the Company's consolidated balance sheets. |
Fair Value of Financial Instr44
Fair Value of Financial Instruments (Details 2 - Recurring FV) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | ||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | $ 908 | $ 1,251 | ||
Derivative Liabilities | 1,062 | 1,378 | ||
Commodity contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 858 | 1,202 | ||
Derivative Liabilities | 985 | 1,290 | ||
Interest rate contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 50 | 49 | ||
Derivative Liabilities | 77 | 88 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Debt securities | 18 | 17 | ||
Available-for-sale securities | 4 | 10 | ||
Other (a) | 8 | [1] | 10 | [2] |
Total assets | 1,566 | 1,899 | ||
Derivative Liabilities | 1,062 | 1,378 | ||
Fair Value, Measurements, Recurring | Commodity contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 858 | 1,202 | ||
Derivative Liabilities | 985 | 1,290 | ||
Fair Value, Measurements, Recurring | Interest rate contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 50 | 49 | ||
Derivative Liabilities | 77 | 88 | ||
Fair Value, Measurements, Recurring | Cash and cash equivalents | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Decommissioning Fund Investments | 16 | 25 | ||
Fair Value, Measurements, Recurring | U.S. government and federal agency obligations | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Decommissioning Fund Investments | 56 | 73 | ||
U.S. government and federal agency obligations | 1 | 1 | ||
Fair Value, Measurements, Recurring | Federal agency mortgage-backed securities | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Decommissioning Fund Investments | 67 | 62 | ||
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Decommissioning Fund Investments | 17 | 17 | ||
Fair Value, Measurements, Recurring | Corporate debt securities | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Decommissioning Fund Investments | 100 | 84 | ||
Fair Value, Measurements, Recurring | Equity securities | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Decommissioning Fund Investments | 367 | 346 | ||
Fair Value, Measurements, Recurring | Foreign government fixed income securities | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Decommissioning Fund Investments | 4 | 3 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Debt securities | 18 | 17 | ||
Available-for-sale securities | 0 | 0 | ||
Other (a) | 0 | [1] | 0 | [2] |
Total assets | 155 | 163 | ||
Derivative Liabilities | 137 | 161 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Commodity contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 79 | 92 | ||
Derivative Liabilities | 137 | 161 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Interest rate contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 0 | 0 | ||
Derivative Liabilities | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | Cash and cash equivalents | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Decommissioning Fund Investments | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring | U.S. government and federal agency obligations | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Decommissioning Fund Investments | 0 | 0 | ||
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 | 58 | 54 | ||
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 | 773 | 767 | ||
Derivative Liabilities | 618 | 723 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Commodity contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 534 | 551 | ||
Derivative Liabilities | 541 | 635 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Interest rate contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 50 | 49 | ||
Derivative Liabilities | 77 | 88 | ||
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 | 1 | 1 | ||
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 | 67 | 62 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Decommissioning Fund Investments | 17 | 17 | ||
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 | 100 | 84 | ||
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 | 4 | 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 | 4 | 10 | ||
Other (a) | 8 | [1] | 10 | [2] |
Total assets | 638 | 969 | ||
Derivative Liabilities | 307 | 494 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Commodity contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 245 | 559 | ||
Derivative Liabilities | 307 | 494 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Interest rate contracts | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Derivative Assets | 0 | 0 | ||
Derivative Liabilities | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring | Cash and cash equivalents | ||||
Fair Value Assets and Liabilities, Measured on Recurring Basis | ||||
Decommissioning Fund Investments | 16 | 25 | ||
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 | 55 | 72 | ||
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 | 309 | 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 Instr45
Fair Value of Financial Instruments (Details 3 - Level 3 FV) - USD ($) $ in Millions | 3 Months Ended | |||||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Fair Value Asset and Liabilities, Measured on Recurring Basis Unobservable Input, Changes | ||||||||
No transfers from Level 1 to Level 2 | $ 0 | $ 0 | ||||||
No transfers from Level 2 to Level 1 | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Reconciliation of the beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 18 | 52 | $ 2 | $ 38 | ||||
Total gains/(losses) - realized/unrealized: | ||||||||
Included in earnings | 7 | (17) | ||||||
Included in nuclear decommissioning obligation | 4 | (2) | ||||||
Purchases | 3 | 5 | ||||||
Transfers into Level 3 (b) | (8) | [1] | 27 | [2] | ||||
Transfers out of Level 3 (b) | 10 | [1] | 1 | [2] | ||||
Losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of March 31, 2016 | (15) | (24) | ||||||
Fair Value, Inputs, Level 3 [Member] | Debt Securities | ||||||||
Reconciliation of the beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 18 | 17 | 17 | 17 | ||||
Total gains/(losses) - realized/unrealized: | ||||||||
Included in earnings | 1 | 0 | ||||||
Included in nuclear decommissioning obligation | 0 | 0 | ||||||
Purchases | 0 | 0 | ||||||
Transfers into Level 3 (b) | 0 | [1] | 0 | [2] | ||||
Transfers out of Level 3 (b) | 0 | [1] | 0 | [2] | ||||
Losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of March 31, 2016 | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | Trust Fund Investments | ||||||||
Reconciliation of the beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 58 | 52 | 54 | 54 | ||||
Total gains/(losses) - realized/unrealized: | ||||||||
Included in earnings | 0 | 0 | ||||||
Included in nuclear decommissioning obligation | 4 | (2) | ||||||
Purchases | 0 | 0 | ||||||
Transfers into Level 3 (b) | 0 | [1] | 0 | [2] | ||||
Transfers out of Level 3 (b) | 0 | [1] | 0 | [2] | ||||
Losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of March 31, 2016 | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | Derivatives(a) | ||||||||
Reconciliation of the beginning and ending balances for financial instruments that are recognized at fair value in the consolidated financial statements | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (58) | [3] | (17) | [4] | $ (69) | [3] | $ (33) | [4] |
Total gains/(losses) - realized/unrealized: | ||||||||
Included in earnings | 6 | [3] | (17) | [4] | ||||
Included in nuclear decommissioning obligation | 0 | [3] | 0 | [4] | ||||
Purchases | 3 | [3] | 5 | [4] | ||||
Transfers into Level 3 (b) | (8) | [1],[3] | 27 | [2],[4] | ||||
Transfers out of Level 3 (b) | 10 | [1],[3] | 1 | [2],[4] | ||||
Losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of March 31, 2016 | $ (15) | [3] | $ (24) | [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 Instr46
Fair Value of Financial Instruments Fair Value of Financial Instruments (Details 4 - Derivative FV Measurements) $ / T in Millions, $ / MWh in Millions, $ in Millions | Mar. 31, 2017USD ($)$ / T$ / MWh | Dec. 31, 2016USD ($)$ / T$ / MWh |
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) | 9.00% | |
Total derivative liabilities valued with prices provied by models and other valuation techniques (as a percent) | 13.00% | |
Derivative Asset, Fair Value, Gross Asset | $ 908 | $ 1,251 |
Derivative Liability, Fair Value, Gross Liability | 1,062 | 1,378 |
Valuation Allowances and Reserves, Balance | 2 | 11 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1,062 | 1,378 |
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 Liability, Fair Value, Gross Liability | 137 | 161 |
Commodity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 858 | 1,202 |
Derivative Liability, Fair Value, Gross Liability | 985 | 1,290 |
Commodity contracts | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 858 | 1,202 |
Derivative Liability, Fair Value, Gross Liability | 985 | 1,290 |
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 | 79 | 92 |
Derivative Liability, Fair Value, Gross Liability | 137 | 161 |
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 | 43 | 40 |
Derivative Liability, Fair Value, Gross Liability | 97 | 107 |
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 | 0 |
Derivative Liability, Fair Value, Gross Liability | 1 | 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 | 36 | 52 |
Derivative Liability, Fair Value, Gross Liability | $ 39 | $ 53 |
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 | 12 | 11 |
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 | 42 | 42 |
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 | (17) | (22) |
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 | 88 | 104 |
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 | 48 | 51 |
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 | 19 | 17 |
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 | 26 | 31 |
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 | 44 | 45 |
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 Instr47
Fair Value of Financial Instruments (Details 5 - Credit Risk) $ in Millions | 3 Months Ended | |
Mar. 31, 2017USD ($) | ||
Concentration of Credit Risk | ||
Counterparty credit exposure to a portion of the Company's counterparties | $ 191 | |
Collateral held (cash and letters of credit) against counterparty credit exposure to a portion of the Company's counterparties | 3 | |
Net counterparty credit exposure to a portion of the Company's counterparties | $ 188 | |
Company's exposure before collateral is expected to roll off by the end of 2014 (as a percent) | 76.00% | |
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 | $ 72 | |
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 | $ 4,400 | |
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) | 87.00% | [1] |
Non-Investment grade/Non-Rated | ||
Concentration of Credit Risk | ||
Net Exposure (as a percent) | 13.00% | [1],[2] |
Financial institutions | ||
Concentration of Credit Risk | ||
Net Exposure (as a percent) | 9.00% | [1] |
Utilities, energy merchants, marketers and other | ||
Concentration of Credit Risk | ||
Net Exposure (as a percent) | 91.00% | [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] | The figures in the tables above exclude potential counterparty credit exposure related to RTOs, ISOs, registered commodity exchanges and certain long term contracts. |
Nuclear Decommissioning Trust48
Nuclear Decommissioning Trust Fund (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Nuclear decommissioning trust fund disclosure | ||||
Fair Value | $ 627 | $ 610 | ||
Unrealized Gains | 237 | 217 | ||
Unrealized Losses | 3 | 4 | ||
Realized gains | 2 | $ 4 | ||
Realized losses | 2 | 3 | ||
Proceeds from sale of securities | 117 | $ 191 | ||
Cash and Cash Equivalents [Member] | ||||
Nuclear decommissioning trust fund disclosure | ||||
Fair Value | 16 | 25 | ||
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 | $ 56 | 73 | ||
Unrealized Gains | 2 | 1 | ||
Unrealized Losses | $ 0 | $ 0 | ||
Weighted-average Maturities (In years) | 9 years | 11 years | ||
Federal agency mortgage-backed securities | ||||
Nuclear decommissioning trust fund disclosure | ||||
Fair Value | $ 67 | $ 62 | ||
Unrealized Gains | 1 | 1 | ||
Unrealized Losses | $ 1 | $ 1 | ||
Weighted-average Maturities (In years) | 24 years | 25 years | ||
Commercial mortgage-backed securities | ||||
Nuclear decommissioning trust fund disclosure | ||||
Fair Value | $ 17 | $ 17 | ||
Unrealized Gains | 0 | 0 | ||
Unrealized Losses | $ 1 | $ 1 | ||
Weighted-average Maturities (In years) | 26 years | 26 years | ||
Corporate debt securities | ||||
Nuclear decommissioning trust fund disclosure | ||||
Fair Value | $ 100 | $ 84 | ||
Unrealized Gains | 1 | 1 | ||
Unrealized Losses | $ 1 | $ 2 | ||
Weighted-average Maturities (In years) | 10 years | 11 years | ||
Equity securities | ||||
Nuclear decommissioning trust fund disclosure | ||||
Fair Value | $ 367 | $ 346 | ||
Unrealized Gains | 233 | 214 | ||
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 | $ 4 | 3 | ||
Unrealized Gains | 0 | 0 | ||
Unrealized Losses | $ 0 | $ 0 | ||
Weighted-average Maturities (In years) | 7 years | 9 years |
Accounting for Derivative Ins49
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017USD ($)MWhMMBTUTsharesbbl | Dec. 31, 2016USD ($)MWhMMBTUTsharesbbl | |
Fair Value of Derivative Instrument | ||
Derivative Assets | $ 908 | $ 1,251 |
Derivative Liabilities | 1,062 | 1,378 |
Derivatives Designated as Cash Flow Hedges | ||
Fair Value of Derivative Instrument | ||
Derivative Assets | 12 | 12 |
Derivative Liabilities | 53 | 69 |
Derivatives Not Designated as Cash Flow Hedges | ||
Fair Value of Derivative Instrument | ||
Derivative Assets | 896 | 1,239 |
Derivative Liabilities | 1,009 | 1,309 |
Interest rate contracts current | Derivatives Designated as Cash Flow Hedges | ||
Fair Value of Derivative Instrument | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | 22 | 28 |
Interest rate contracts current | Derivatives Not Designated as Cash Flow Hedges | ||
Fair Value of Derivative Instrument | ||
Derivative Assets | 3 | 0 |
Derivative Liabilities | 8 | 7 |
Interest rate contracts long-term | Derivatives Designated as Cash Flow Hedges | ||
Fair Value of Derivative Instrument | ||
Derivative Assets | 12 | 12 |
Derivative Liabilities | 31 | 41 |
Interest rate contracts long-term | Derivatives Not Designated as Cash Flow Hedges | ||
Fair Value of Derivative Instrument | ||
Derivative Assets | 35 | 37 |
Derivative Liabilities | 16 | 12 |
Commodity contracts current | Derivatives Not Designated as Cash Flow Hedges | ||
Fair Value of Derivative Instrument | ||
Derivative Assets | 679 | 1,062 |
Derivative Liabilities | 717 | 1,049 |
Commodity contracts long-term | Derivatives Not Designated as Cash Flow Hedges | ||
Fair Value of Derivative Instrument | ||
Derivative Assets | 179 | 140 |
Derivative Liabilities | $ 268 | $ 241 |
Long [Member] | Emissions | Short Ton [Member] | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, Nonmonetary Notional Amount, Mass | T | 0 | |
Long [Member] | Coal | Short Ton [Member] | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, Nonmonetary Notional Amount, Mass | T | 32 | 41 |
Long [Member] | Natural Gas | MMbtu [Member] | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU | 162 | 85 |
Long [Member] | Oil | Barrel [Member] | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, Nonmonetary Notional Amount, Volume | bbl | 0 | 1 |
Long [Member] | Interest | United States of America, Dollars | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, Notional Amount | $ 3,369 | $ 3,429 |
Long [Member] | Equity | Shares [Member] | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, Non-monetary Notional Amount, Other | shares | 1 | 1 |
Short [Member] | Emissions | Short Ton [Member] | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, Nonmonetary Notional Amount, Mass | T | (4) | |
Short [Member] | Power | M Wh [Member] | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | MWh | (12) | (28) |
Short [Member] | Capacity | MW/Day [Member] | ||
Volumetric Underlying Derivative Transactions | ||
Derivative, Nonmonetary Notional Amount, Energy Measure | MWh | (1) | (1) |
Accounting for Derivative Ins50
Accounting for Derivative Instruments and Hedging Activities (Details 2 - Offsetting Derivatives) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Derivative Assets | $ 908 | $ 1,251 |
Cash Collateral (Held) / Posted | (3) | (2) |
Gross Amounts of Recognized Derivative Liabilities | (1,062) | (1,378) |
Cash Collateral Posted | 277 | 203 |
Gross Amounts of Recognized Assets / Liabilities | (154) | (127) |
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 | 62 | 13 |
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | (92) | (114) |
Commodity contracts | ||
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Derivative Assets | 858 | 1,202 |
Derivative Instruments | (732) | (1,005) |
Cash Collateral (Held) / Posted | (2) | (1) |
Net Amount | 124 | 196 |
Gross Amounts of Recognized Derivative Liabilities | (985) | (1,290) |
Derivative Instruments | 732 | 1,005 |
Cash Collateral Posted | 64 | 14 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (189) | (271) |
Gross Amounts of Recognized Assets / Liabilities | (127) | (88) |
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 | 62 | 13 |
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | (65) | (75) |
Interest rate contracts | ||
Offsetting of Derivatives by Counterparty Master Agreement Level and Collateral Received or Paid | ||
Derivative Assets | 50 | 49 |
Derivative Instruments | (4) | (4) |
Cash Collateral (Held) / Posted | 0 | 0 |
Net Amount | 46 | 45 |
Gross Amounts of Recognized Derivative Liabilities | (77) | (88) |
Derivative Instruments | 4 | 4 |
Cash Collateral Posted | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | (73) | (84) |
Gross Amounts of Recognized Assets / Liabilities | (27) | (39) |
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 | $ (27) | $ (39) |
Accounting for Derivative Ins51
Accounting for Derivative Instruments and Hedging Activities (Details 3 - AOCI) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Effects of ASC 815 on NRG's Accumulated OCI Balance Attributable to Cash Flow Hedge Derivatives, net of tax | ||
Accumulated OCI beginning balance | $ (66) | $ (101) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 3 | 3 |
Mark-to-market of cash flow hedge accounting contracts | 2 | (52) |
Accumulated OCI ending balance, net of tax | (61) | (150) |
Gains/(losses) expected to be realized from OCI during the next 12 months, net of tax | (15) | |
Accumulated OCI ending balance, tax | 14 | 24 |
Gains/(losses) expected to be realized from OCI during the next 12 months, tax | 4 | 0 |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 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 | (66) | (101) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 3 | 3 |
Mark-to-market of cash flow hedge accounting contracts | 2 | (52) |
Accumulated OCI ending balance, net of tax | (61) | $ (150) |
Gains/(losses) expected to be realized from OCI during the next 12 months, net of tax | $ (15) |
Accounting for Derivative Ins52
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Unrealized mark-to-market results | ||
Reversal of previously recognized unrealized losses/(gains) on settled positions related to economic hedges | $ 16 | $ (86) |
Reversal of acquired loss/(gain) positions related to economic hedges | 2 | (13) |
Net unrealized (losses)/gains on open positions related to economic hedges | (24) | 134 |
Total unrealized mark-to-market (losses)/gains for economic hedging activities | (6) | 35 |
Reversal of previously recognized unrealized (gains)/losses on settled positions related to trading activity | (15) | 8 |
Net unrealized gains on open positions related to trading activity | 1 | 11 |
Total unrealized mark-to-market (losses)/gains for trading activity | (14) | 19 |
Impact of derivative instruments on statement of operations | ||
Total unrealized losses | (20) | 54 |
Credit Risk Related Contingent Features | ||
Derivative Liability, Fair Value of Collateral | 38 | |
Derivative, Net Liability Position, Collateral Required Contracts with Credit Rating Contingent Feature | 33 | |
Collateral due on net liability position that has not been called by a certain marginable agreement counterparty | 4 | |
Commodity contracts | ||
Impact of derivative instruments on statement of operations | ||
Total unrealized losses | (20) | 54 |
Commodity contracts | Sales [Member] | ||
Impact of derivative instruments on statement of operations | ||
Total unrealized losses | 114 | 45 |
Commodity contracts | Cost of Sales [Member] | ||
Impact of derivative instruments on statement of operations | ||
Total unrealized losses | (134) | 9 |
Interest rate contracts | ||
Impact of derivative instruments on statement of operations | ||
Total unrealized losses | $ 5 | $ (11) |
Impairments (Details)
Impairments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 0 | $ 146 |
Petra Nova Parish Holdings [Member] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 140 |
Debt and Capital Leases (Detail
Debt and Capital Leases (Details 1 - Debt Table) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | ||
Debt and Capital Leases | |||
Long-term Debt | $ 19,465 | $ 19,324 | |
Capital Lease Obligations | 12 | 8 | |
Subtotal | 19,477 | 19,332 | |
Less current maturities | (1,688) | (1,220) | |
Deferred Finance Costs, Net | (191) | (188) | |
Debt Instrument, Unamortized Discount (Premium), Net | 74 | 82 | |
Total long-term debt and capital leases | $ 17,672 | 18,006 | |
Interest rate, variable basis | 3 month LIBOR | ||
Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 7,915 | 7,795 | |
Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | 11,550 | 11,529 | |
Senior Notes Due In 2018 [Member] | Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 398 | 398 | |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 7.625% | |
Senior Notes Due In 2021 [Member] | Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 207 | 207 | |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 7.875% | |
Senior Notes Due In 2022 [Member] | Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 992 | 992 | |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 6.25% | |
Senior Notes Due in 2023 [Member] | Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 869 | 869 | |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 6.625% | |
Senior Notes 2024 [Member] | Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 733 | 733 | |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 6.25% | |
Senior Notes due 2026 [Member] | Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 1,000 | 1,000 | |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 7.25% | |
Senior Notes due 2027 [Member] | Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 1,250 | 1,250 | |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 6.625% | |
Term Loan Facility Due 2023 [Member] | |||
Debt and Capital Leases | |||
Interest rate, variable basis | 1 - month LIBOR | ||
Term Loan Facility Due 2023 [Member] | Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 1,886 | 1,891 | |
Revolving Credit Facility [Member] | |||
Debt and Capital Leases | |||
Interest rate, variable basis | 1 - month LIBOR | ||
Revolving Credit Facility [Member] | Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 125 | 0 | |
Tax-exempt Bonds [Member] | Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | 455 | 455 | |
GenOn Senior Notes [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 1,830 | 1,830 | |
GenOn Senior Notes Due in 2017 [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 7.875% | |
GenOn senior notes, due 2018 | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 9.50% | |
GenOn senior notes, due 2020 | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 9.875% | |
GenOn Americas Generation Senior Notes [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 695 | 695 | |
GenOn Americas Generation Senior Notes Due in 2021 [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 8.50% | |
GenOn Americas Generation senior notes, due in 2031 | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 9.125% | |
GenOn Other [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 95 | 96 | |
Genon [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | 2,620 | 2,621 | |
5.375% Senior Notes due in 2024 [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 500 | 500 | |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.375% | |
5.00% Senior Notes due in 2026 [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 350 | 350 | |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.00% | |
3.5% Convertible Notes due 2019 [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 345 | 345 | |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.50% | |
3.25% Convertible Notes due 2020 [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 288 | 288 | |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.25% | |
West Holdings Credit Agreement [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 414 | 443 | |
Marsh Landing Term Loan Facility [Member] | |||
Debt and Capital Leases | |||
Interest rate, variable basis | 1 - month LIBOR | ||
Marsh Landing Term Loan Facility [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 361 | 370 | |
Alta Wind I - V Lease financing arrangement [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 965 | 965 | |
Alta Wind I [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 7.015% | |
Alta Wind II [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.696% | |
Alta Wind III [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 6.067% | |
Alta Wind IV [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.938% | |
Alta Wind V [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 6.071% | |
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 | $ 303 | 310 | |
Interest rate, variable basis | [1] | LIBOR | |
Utah Portfolio [Member] | |||
Debt and Capital Leases | |||
Interest rate, variable basis | 1 - month LIBOR | ||
Utah Portfolio [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 287 | 287 | |
Tapestry Wind LLC due in 2021 [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 168 | 172 | |
Interest rate, variable basis | [1] | LIBOR | |
CVSR due 2037 [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 757 | 771 | |
CVSR Holdco due 2037 [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 194 | 199 | |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.68% | |
NRG Solar Alpine LLC, due 2022 | |||
Debt and Capital Leases | |||
Interest rate, variable basis | 1 - month LIBOR | ||
NRG Solar Alpine LLC, due 2022 | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 144 | 145 | |
NRG Energy Center Minneapolis LLC, senior secured notes, due 2013, 2017, and 2025 | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 94 | 96 | |
NRG Energy Center Minneapolis LLC Senior Secured Notes, due 2025 | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.95% | |
NRG Energy Center Minneapolis LLC Senior Secured Notes due 2031 [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 125 | 125 | |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.55% | |
Viento Funding II, Inc., due in 2023 [Member] | |||
Debt and Capital Leases | |||
Interest rate, variable basis | 1 - month LIBOR | ||
Viento Funding II, Inc., due in 2023 [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 178 | 178 | |
Interest rate, variable basis | [1] | LIBOR | |
NRG Yield - Other [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 578 | 540 | |
NRG Yield, Inc. | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | 6,051 | 6,084 | |
Ivanpah Financing, due 2014 and 2038 | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | 1,108 | 1,113 | |
Agua Caliente Solar LLC, due 2037 | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | 846 | 849 | |
Agua Caliente Holdco, due 2038 [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 89 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.43% | |
Cedro Hill Wind LLC, due in 2025 [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 161 | 163 | |
Interest rate, variable basis | [1] | LIBOR | |
Midwest Generation due 2019 [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 213 | 231 | |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.39% | |
Other (Non-recourse debt) | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 462 | 468 | |
NRG Energy [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | 2,879 | $ 2,824 | |
Senior Notes [Member] | Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Long-term Debt | $ 5,400 | ||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan Facility Due 2023 [Member] | Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Interest rate, variable basis | [1] | LIBOR | |
Interest rate, basis spread on variable rate | [1] | 2.25% | |
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Interest rate, variable basis | [1] | LIBOR | |
Interest rate, basis spread on variable rate | [1] | 2.25% | |
London Interbank Offered Rate (LIBOR) [Member] | West Holdings Credit Agreement [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Interest rate, variable basis | [1] | LIBOR | |
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] | 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] | Utah Portfolio [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Interest rate, variable basis | [1] | LIBOR | |
Interest rate, basis spread on variable rate | [1] | 2.65% | |
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] | 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] | Cedro Hill Wind LLC, due in 2025 [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Interest rate, basis spread on variable rate | [1] | 1.75% | |
Minimum [Member] | Fort Bend County, tax-exempt bonds, due 2038 and 2042 | Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.125% | |
Minimum [Member] | CVSR due 2037 [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 2.339% | |
Minimum [Member] | NRG Energy Center Minneapolis LLC Senior Secured Notes, due 2017 | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 7.12% | |
Minimum [Member] | Ivanpah Financing, due 2014 and 2038 | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 2.285% | |
Minimum [Member] | Agua Caliente Solar LLC, due 2037 | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 2.395% | |
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | West Holdings Credit Agreement [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 1.625% | |
Maximum [Member] | Fort Bend County, tax-exempt bonds, due 2038 and 2042 | Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 6.00% | |
Maximum [Member] | CVSR due 2037 [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.775% | |
Maximum [Member] | NRG Energy Center Minneapolis LLC Senior Secured Notes, due 2017 | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 7.25% | |
Maximum [Member] | Ivanpah Financing, due 2014 and 2038 | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.256% | |
Maximum [Member] | Agua Caliente Solar LLC, due 2037 | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 3.633% | |
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | West Holdings Credit Agreement [Member] | Non Recourse Debt [Member] | |||
Debt and Capital Leases | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 2.25% | |
[1] | As of March 31, 2017, L+ equals 3 month LIBOR plus x%, with the exception of the Viento Funding II term loan, the Utah Portfolio term loans, the Alpine Term Loan, the NRG Marsh Landing term loan, the Walnut Creek term loan, the 2023 Term Loan Facility, and the Revolving credit facility which are 1 month LIBOR plus x%. |
Debt and Capital Leases Debt 55
Debt and Capital Leases Debt and Capital Leases (Details 2 - Recourse Debt - Issuance & Repurchases) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2017 | Jan. 27, 2017 | Dec. 31, 2016 | ||
Debt and Capital Leases | ||||
Long-term Debt | $ 19,465 | $ 19,324 | ||
Debt Instrument, Description of Variable Rate Basis | 3 month LIBOR | |||
Debt and Capital Lease Obligations | $ 19,477 | 19,332 | ||
Debt Instrument, Unamortized Discount (Premium), Net | $ 74 | 82 | ||
Revolving Credit Facility [Member] | ||||
Debt and Capital Leases | ||||
Debt Instrument, Description of Variable Rate Basis | 1 - month LIBOR | |||
Term Loan Facility Due 2023 [Member] | ||||
Debt and Capital Leases | ||||
Debt Instrument, Description of Variable Rate Basis | 1 - month LIBOR | |||
NRG Yield Revolving Credit Facility [Member] | ||||
Debt and Capital Leases | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | |||
Non Recourse Debt [Member] | ||||
Debt and Capital Leases | ||||
Long-term Debt | 11,550 | 11,529 | ||
Non Recourse Debt [Member] | Agua Caliente Holdco, due 2038 [Member] | ||||
Debt and Capital Leases | ||||
Long-term Debt | 89 | 0 | ||
Proceeds from Issuance of Debt | $ 130 | |||
Debt Instrument, Interest Rate, Stated Percentage | [1] | 5.43% | ||
Percentage of Ownership | 51.00% | |||
Recourse Debt [Member] | ||||
Debt and Capital Leases | ||||
Long-term Debt | $ 7,915 | 7,795 | ||
Recourse Debt [Member] | Revolving Credit Facility [Member] | ||||
Debt and Capital Leases | ||||
Long-term Debt | 125 | 0 | ||
Recourse Debt [Member] | Term Loan Facility Due 2023 [Member] | ||||
Debt and Capital Leases | ||||
Long-term Debt | 1,886 | $ 1,891 | ||
Letter of Credit [Member] | NRG Yield Revolving Credit Facility [Member] | ||||
Debt and Capital Leases | ||||
Letters of Credit Outstanding, Amount | 64 | |||
Genon [Member] | Senior Notes [Member] | Senior Unsecured Notes 2017 [Member] | ||||
Debt and Capital Leases | ||||
Debt Instrument, Unamortized Discount (Premium), Net | 4 | |||
GenOn Mid-Atlantic, LLC [Member] | ||||
Debt and Capital Leases | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 130 | |||
Debt Instrument, Fee Amount | $ 1 | |||
GenOn Energy, Inc. [Member] | Senior Notes [Member] | Senior Unsecured Notes 2017 [Member] | ||||
Debt and Capital Leases | ||||
Debt and Capital Lease Obligations | $ 691 | |||
London Interbank Offered Rate (LIBOR) [Member] | Recourse Debt [Member] | Revolving Credit Facility [Member] | ||||
Debt and Capital Leases | ||||
Debt Instrument, Description of Variable Rate Basis | [1] | LIBOR | ||
Debt Instrument, Basis Spread on Variable Rate | [1] | 2.25% | ||
London Interbank Offered Rate (LIBOR) [Member] | Recourse Debt [Member] | Term Loan Facility Due 2023 [Member] | ||||
Debt and Capital Leases | ||||
Debt Instrument, Description of Variable Rate Basis | [1] | LIBOR | ||
Debt Instrument, Basis Spread on Variable Rate | [1] | 2.25% | ||
London Interbank Offered Rate (LIBOR) floor [Member] | Recourse Debt [Member] | Term Loan Facility Due 2023 [Member] | ||||
Debt and Capital Leases | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||
[1] | As of March 31, 2017, L+ equals 3 month LIBOR plus x%, with the exception of the Viento Funding II term loan, the Utah Portfolio term loans, the Alpine Term Loan, the NRG Marsh Landing term loan, the Walnut Creek term loan, the 2023 Term Loan Facility, and the Revolving credit facility which are 1 month LIBOR plus x%. |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Millions | Mar. 31, 2017USD ($)facilityMW | Dec. 31, 2016USD ($) |
Investments Accounted for by the Equity Method | ||
Generation Capacity (in MW) | MW | 46,000 | |
Equity investments in affiliates | $ 1,148 | $ 1,120 |
Deficit Restoration Obligation | 88 | |
Current assets | 90 | 87 |
Net property, plant and equipment | 1,513 | 1,534 |
Other long-term assets | 948 | 954 |
Total assets | 2,551 | 2,575 |
Current liabilities | 59 | 59 |
Long-term debt | 439 | 442 |
Other long-term liabilities | 185 | 183 |
Total liabilities | 683 | 684 |
Noncontrolling interests | 535 | 529 |
Net assets less noncontrolling interests | $ 1,333 | $ 1,362 |
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 | $ 104 |
Changes in Capital Structure (D
Changes in Capital Structure (Details) - shares | 3 Months Ended | ||
Mar. 31, 2017 | Apr. 27, 2017 | Dec. 31, 2016 | |
Capital Structure | |||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |
Common stock issued and outstanding | |||
Shares issued, balance at the beginning of the year | 417,583,825 | ||
Treasury shares, balance at the beginning of the year | (102,140,814) | ||
Common Stock, Shares, Outstanding, beginning of year | 315,443,011 | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 355,047 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 282,530 | ||
Shares issued, balance at the end of the year | 417,938,872 | ||
Treasury shares, balance at the end of the year | (101,858,284) | ||
Common Stock, Shares, Outstanding, end of year | 316,080,588 | ||
Common Stock, Capital Shares Reserved for Employee Stock Purchase Plan | 385,289 | ||
Increase in Shares Available for Issuance, Employee Stock Purchase Plan | 3,000,000 | ||
Increase in Shares Available for Issuance, LTIP | 3,000,000 | ||
Common Stock [Member] | |||
Common stock issued and outstanding | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 355,047 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 0 | ||
Treasury Stock [Member] | |||
Common stock issued and outstanding | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 0 | ||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 282,530 |
Changes in Capital Structure Ch
Changes in Capital Structure Changes in Capital Structure (Details 2 - Dividends) - $ / shares | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | |
Dividends Payable [Line Items] | |||
Dividends per Common Share | $ 0.030 | ||
Subsequent Event [Member] | |||
Dividends Payable [Line Items] | |||
Dividends Payable, Date Declared | Apr. 7, 2017 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.03 | ||
Dividends Payable, Date to be Paid | May 15, 2017 | ||
Dividends Payable, Date of Record | May 1, 2017 | ||
Scenario, Plan [Member] | Subsequent Event [Member] | |||
Dividends Payable [Line Items] | |||
Common Stock, Dividends, Proposed Annual Amount, Per Share | $ 0.12 |
Earnings_(Loss) Per Share (Deta
Earnings/(Loss) Per Share (Details) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2016 | May 24, 2016 | |
Numerator: | ||||
Net (loss)/income attributable to NRG Energy, Inc. | $ | $ (163) | $ 82 | ||
Gain on redemption, net of dividends for preferred shares | $ | 0 | 5 | ||
(Loss)/income available for common stockholders | $ | $ (163) | $ 77 | ||
Denominator: | ||||
Weighted Average Number of Shares Outstanding, Basic | 316 | 315 | ||
Basic earnings per share: | ||||
(Loss)/Earnings per Weighted Average Common Share — Basic | $ / shares | $ (0.52) | $ 0.24 | ||
Denominator (diluted earnings per share): | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 | ||
Total dilutive shares | 316 | 315 | ||
Diluted earnings per share: | ||||
(Loss)/earnings per weighted average common share — diluted | $ / shares | $ (0.52) | $ 0.24 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Temporary Equity, Redemption Percentage | 1 | |||
Antidilutive securities excluded from computation of diluted earnings per share, amount | 6 | 20 | ||
Equity compensation plans | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Antidilutive securities excluded from computation of diluted earnings per share, amount | 6 | 4 | ||
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 | 0 | 16 | ||
Convertible Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||
Preferred Stock, Dividend Rate Amended, Percentage | 2.822% |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | ||||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 27, 2017 | Dec. 31, 2016 | Sep. 01, 2016 | |||
Segment Reporting Information | |||||||
Operating revenues | $ 2,759 | $ 3,229 | |||||
Depreciation and amortization | 300 | 313 | |||||
Asset Impairment Charges | (146) | ||||||
Equity in earnings/(losses) of unconsolidated affiliates | 5 | (7) | |||||
Gain on sale of assets | 2 | 32 | |||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 0 | 146 | |||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (207) | 68 | |||||
Net (loss)/income | (203) | 47 | |||||
Net (loss)/income attributable to NRG Energy, Inc. | (163) | 82 | |||||
Total Assets | 29,420 | $ 30,355 | |||||
Inter-Segment Sales | 243 | 197 | |||||
Loss on debt extinguishment | (2) | 11 | |||||
Generation/Business | |||||||
Segment Reporting Information | |||||||
Operating revenues | 1,343 | [1] | 1,708 | [2] | |||
Depreciation and amortization | 138 | 144 | |||||
Asset Impairment Charges | (137) | ||||||
Equity in earnings/(losses) of unconsolidated affiliates | (13) | (8) | |||||
Gain on sale of assets | 2 | 32 | |||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 67 | 191 | |||||
Net (loss)/income | 67 | 191 | |||||
Net (loss)/income attributable to NRG Energy, Inc. | 67 | 191 | |||||
Total Assets | 12,962 | ||||||
Inter-Segment Sales | 205 | 118 | |||||
Loss on debt extinguishment | 0 | 0 | |||||
Retail (a) | |||||||
Segment Reporting Information | |||||||
Operating revenues | 1,335 | [1] | 1,370 | [2] | |||
Depreciation and amortization | 28 | 30 | |||||
Asset Impairment Charges | 0 | ||||||
Equity in earnings/(losses) of unconsolidated affiliates | 0 | 0 | |||||
Gain on sale of assets | 0 | 0 | |||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (30) | 150 | |||||
Net (loss)/income | (33) | 150 | |||||
Net (loss)/income attributable to NRG Energy, Inc. | (32) | 150 | |||||
Total Assets | 2,150 | ||||||
Inter-Segment Sales | 1 | 3 | |||||
Loss on debt extinguishment | 0 | 0 | |||||
Renewables(a)(b) | |||||||
Segment Reporting Information | |||||||
Operating revenues | 98 | [1] | 96 | [2] | |||
Depreciation and amortization | 49 | 48 | |||||
Asset Impairment Charges | 0 | ||||||
Equity in earnings/(losses) of unconsolidated affiliates | (1) | (4) | |||||
Gain on sale of assets | 0 | 0 | |||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (37) | (46) | |||||
Net (loss)/income | (31) | (40) | |||||
Net (loss)/income attributable to NRG Energy, Inc. | (3) | (30) | |||||
Total Assets | 5,123 | ||||||
Inter-Segment Sales | 8 | 6 | |||||
Loss on debt extinguishment | (2) | 0 | |||||
NRG Yield(a) | |||||||
Segment Reporting Information | |||||||
Operating revenues | 218 | [1] | 234 | [2] | |||
Depreciation and amortization | 75 | 74 | |||||
Asset Impairment Charges | 0 | ||||||
Equity in earnings/(losses) of unconsolidated affiliates | 19 | 4 | |||||
Gain on sale of assets | 0 | 0 | |||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (2) | 2 | |||||
Net (loss)/income | (1) | 2 | |||||
Net (loss)/income attributable to NRG Energy, Inc. | 13 | 10 | |||||
Total Assets | 8,580 | ||||||
Inter-Segment Sales | 0 | 4 | |||||
Loss on debt extinguishment | 0 | 0 | |||||
Corporate | |||||||
Segment Reporting Information | |||||||
Operating revenues | 8 | [1] | 18 | [2] | |||
Depreciation and amortization | 10 | 17 | |||||
Asset Impairment Charges | (9) | ||||||
Equity in earnings/(losses) of unconsolidated affiliates | 3 | 3 | |||||
Gain on sale of assets | 0 | 0 | |||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (203) | (231) | |||||
Net (loss)/income | (203) | (258) | |||||
Net (loss)/income attributable to NRG Energy, Inc. | (203) | (245) | |||||
Total Assets | 14,621 | ||||||
Inter-Segment Sales | 29 | 66 | |||||
Loss on debt extinguishment | 0 | 11 | |||||
Elimination | |||||||
Segment Reporting Information | |||||||
Operating revenues | (243) | (197) | |||||
Depreciation and amortization | 0 | 0 | |||||
Asset Impairment Charges | 0 | ||||||
Equity in earnings/(losses) of unconsolidated affiliates | (3) | (2) | |||||
Gain on sale of assets | 0 | 0 | |||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (2) | 2 | |||||
Net (loss)/income | (2) | 2 | |||||
Net (loss)/income attributable to NRG Energy, Inc. | (5) | 6 | |||||
Total Assets | (14,016) | ||||||
Inter-Segment Sales | 0 | 0 | |||||
Loss on debt extinguishment | $ 0 | $ 0 | |||||
CVSR [Member] | |||||||
Segment Reporting Information | |||||||
Percentage of Ownership Sold of Subsidiary | 51.05% | ||||||
ROFO Assets [Member] | |||||||
Segment Reporting Information | |||||||
Percentage of Ownership Sold of Subsidiary | 16.00% | ||||||
[1] | (a) Operating revenues include inter-segment sales and net derivative gains and losses of:$205 $1 $8 $— $29 $— $243(b) Includes loss on debt extinguishment$— $— $(2) $— $— $— $(2) | ||||||
[2] | (a) Operating revenues include inter-segment sales and net derivative gains and losses of:$118 $3 $6 $4 $66 $— $197(b) Includes gain on debt extinguishment$— $— $— $— $11 $— $11 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Effective Tax Rate | ||
Income/(loss) before income taxes | $ (207) | $ 68 |
Income tax (benefit)/expense | $ (4) | $ 21 |
Effective tax rate | 1.90% | 30.90% |
Statutory tax rate (as a percent) | 35.00% | 35.00% |
Uncertain Tax Benefits | ||
Non-current tax liability for uncertain tax benefits | $ 38 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0.2 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 3 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Sep. 30, 2010 | Dec. 31, 2015 | |
Midwest Generation New Source Review [Member] | |||
Loss Contingencies | |||
Civil Penalties | $ 37,500 | ||
Telephone Consumer Protection Act Purported Class Actions [Member] | |||
Loss Contingencies | |||
Loss Contingency, Damages Sought, Value | $ 1,500 | ||
CDWR and SDGE v Sunrise Power [Member] | |||
Loss Contingencies | |||
Loss Contingency, Damages Sought, Value | $ 1,200,000 | ||
Remaining Term | 70 months | ||
Texas Westmoreland Coal Co. [Member] | Lignite Contract with Texas Westmoreland Coal Co. [Member] | |||
Loss Contingencies | |||
Third Party Bond Obligation | $ 95,500,000 | ||
GenOn Energy [Member] | Senior Notes [Member] | Senior Unsecured Notes 2017 [Member] | |||
Loss Contingencies | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | ||
GenOn Energy [Member] | Senior Notes [Member] | Senior Unsecured Notes 2018 [Member] | |||
Loss Contingencies | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | ||
GenOn Energy [Member] | Senior Notes [Member] | Senior Unsecured Notes 2020 [Member] | |||
Loss Contingencies | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | ||
GenOn Americas Generation, LLC [Member] | Senior Notes [Member] | Senior Unsecured Notes 2021 [Member] | |||
Loss Contingencies | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | ||
GenOn Americas Generation, LLC [Member] | Senior Notes [Member] | Senior Unsecured Notes 2031 [Member] | |||
Loss Contingencies | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.125% |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Billions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Regulatory Matters [Abstract] | ||
ZEC Illinois program payment | $ 2.5 | |
ZEC Illinois Program Payment Term | 10 years | |
Out-of-market subsidy payments | $ 7.6 | |
Out of Market Subsidy Payment term | 12 years |
Environmental Matters (Details)
Environmental Matters (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Environmental capital expenditures [Line Items] | |
Environmental Remediation Expense | $ 200 |
Condensed Consolidating Finan65
Condensed Consolidating Financial Information (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument | ||
Long-term Debt | $ 19,465 | $ 19,324 |
Recourse Debt [Member] | ||
Debt Instrument | ||
Long-term Debt | 7,915 | $ 7,795 |
Senior Notes [Member] | Recourse Debt [Member] | ||
Debt Instrument | ||
Long-term Debt | $ 5,400 |
Condensed Consolidating Finan66
Condensed Consolidating Financial Information (Details 2) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | ||||
Operating Revenues | |||||
Total operating revenues | $ 2,759 | $ 3,229 | |||
Operating Costs and Expenses | |||||
Cost of operations | 2,125 | 2,194 | |||
Depreciation and amortization | 300 | 313 | |||
Asset Impairment Charges | (146) | ||||
Selling, general and administrative | 272 | 252 | |||
Development activity expenses | 17 | 26 | |||
Total operating costs and expenses | 2,714 | 2,785 | |||
Gain on sale of assets | 2 | 32 | |||
Operating Income/(Loss) | 47 | 476 | |||
Other Income/(Expense) | |||||
Equity in (losses)/earnings of consolidated subsidiaries | 0 | 0 | |||
Equity in earnings/(losses) of unconsolidated affiliates | 5 | (7) | |||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 0 | (146) | |||
Other Nonoperating Income (Expense) | 12 | 18 | |||
(Loss)/gain on debt extinguishment, net | (2) | 11 | |||
Interest Expense | (269) | (284) | |||
Nonoperating Income (Expense) | (254) | (408) | |||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (207) | 68 | |||
Income Tax Expense (Benefit) | (4) | 21 | |||
Net (loss)/income | (203) | 47 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | (40) | (35) | |||
Net Income (Loss) Attributable to Parent | (163) | 82 | |||
Other Comprehensive Income/(Loss), net of tax | |||||
Unrealized gain on derivatives, net | 4 | (32) | |||
Foreign currency translation adjustments, net | 7 | 6 | |||
Available-for-sale securities, net | 0 | 3 | |||
Defined benefit plans, net | 0 | 1 | |||
Other comprehensive income | 11 | (22) | |||
Comprehensive Income/(Loss) | (192) | 25 | |||
Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | (39) | (52) | |||
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | (153) | 77 | |||
Dividends for preferred shares | 0 | 5 | |||
Comprehensive Income/(Loss) Available for Common Stockholders | (153) | 72 | |||
Guarantor Subsidiaries | |||||
Operating Revenues | |||||
Total operating revenues | 1,599 | 1,956 | |||
Operating Costs and Expenses | |||||
Cost of operations | 1,261 | 1,455 | |||
Depreciation and amortization | 102 | 117 | |||
Selling, general and administrative | 96 | 93 | |||
Development activity expenses | 0 | 0 | |||
Total operating costs and expenses | 1,459 | 1,665 | |||
Gain on sale of assets | 2 | 0 | |||
Operating Income/(Loss) | 142 | 291 | |||
Other Income/(Expense) | |||||
Equity in (losses)/earnings of consolidated subsidiaries | (77) | (24) | |||
Equity in earnings/(losses) of unconsolidated affiliates | (1) | 0 | |||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 0 | ||||
Other Nonoperating Income (Expense) | 1 | 0 | |||
(Loss)/gain on debt extinguishment, net | 0 | 0 | |||
Interest Expense | (4) | (5) | |||
Nonoperating Income (Expense) | (81) | (29) | |||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 61 | 262 | |||
Income Tax Expense (Benefit) | 19 | 100 | |||
Net (loss)/income | 42 | 162 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | |||
Net Income (Loss) Attributable to Parent | 42 | 162 | |||
Other Comprehensive Income/(Loss), net of tax | |||||
Unrealized gain on derivatives, net | 0 | 0 | |||
Foreign currency translation adjustments, net | 5 | 4 | |||
Available-for-sale securities, net | 0 | ||||
Defined benefit plans, net | 0 | 1 | |||
Other comprehensive income | 5 | 5 | |||
Comprehensive Income/(Loss) | 47 | 167 | |||
Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | 0 | 0 | |||
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | 47 | 167 | |||
Dividends for preferred shares | 0 | ||||
Comprehensive Income/(Loss) Available for Common Stockholders | 47 | 167 | |||
Non-Guarantor Subsidiaries | |||||
Operating Revenues | |||||
Total operating revenues | 1,243 | 1,299 | |||
Operating Costs and Expenses | |||||
Cost of operations | 933 | 759 | |||
Depreciation and amortization | 190 | 190 | |||
Selling, general and administrative | 106 | 99 | |||
Development activity expenses | 12 | 19 | |||
Total operating costs and expenses | 1,241 | 1,067 | |||
Gain on sale of assets | 0 | 32 | |||
Operating Income/(Loss) | 2 | 264 | |||
Other Income/(Expense) | |||||
Equity in (losses)/earnings of consolidated subsidiaries | (34) | 4 | |||
Equity in earnings/(losses) of unconsolidated affiliates | 7 | (8) | |||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (140) | ||||
Other Nonoperating Income (Expense) | 8 | 20 | |||
(Loss)/gain on debt extinguishment, net | (2) | 0 | |||
Interest Expense | (151) | (150) | |||
Nonoperating Income (Expense) | (172) | (274) | |||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (170) | (10) | |||
Income Tax Expense (Benefit) | (46) | (8) | |||
Net (loss)/income | (124) | (2) | |||
Net Income (Loss) Attributable to Noncontrolling Interest | (38) | (33) | |||
Net Income (Loss) Attributable to Parent | (86) | 31 | |||
Other Comprehensive Income/(Loss), net of tax | |||||
Unrealized gain on derivatives, net | 5 | (50) | |||
Foreign currency translation adjustments, net | 4 | 4 | |||
Available-for-sale securities, net | 0 | ||||
Defined benefit plans, net | 1 | 0 | |||
Other comprehensive income | 10 | (46) | |||
Comprehensive Income/(Loss) | (114) | (48) | |||
Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | (37) | (50) | |||
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | (77) | 2 | |||
Dividends for preferred shares | 0 | ||||
Comprehensive Income/(Loss) Available for Common Stockholders | (77) | 2 | |||
NRG Energy, Inc. | |||||
Operating Revenues | |||||
Total operating revenues | 0 | 0 | |||
Operating Costs and Expenses | |||||
Cost of operations | 14 | 10 | |||
Depreciation and amortization | 8 | 6 | |||
Selling, general and administrative | 70 | 60 | |||
Development activity expenses | 5 | 7 | |||
Total operating costs and expenses | 97 | 83 | |||
Gain on sale of assets | 0 | 0 | |||
Operating Income/(Loss) | (97) | (83) | |||
Other Income/(Expense) | |||||
Equity in (losses)/earnings of consolidated subsidiaries | 67 | 213 | |||
Equity in earnings/(losses) of unconsolidated affiliates | (1) | 0 | |||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | (6) | ||||
Other Nonoperating Income (Expense) | 4 | (2) | |||
(Loss)/gain on debt extinguishment, net | 0 | 11 | |||
Interest Expense | (114) | (129) | |||
Nonoperating Income (Expense) | (44) | 87 | |||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (141) | 4 | |||
Income Tax Expense (Benefit) | 25 | (83) | |||
Net (loss)/income | (166) | 87 | |||
Net Income (Loss) Attributable to Noncontrolling Interest | (3) | 5 | |||
Net Income (Loss) Attributable to Parent | (163) | 82 | |||
Other Comprehensive Income/(Loss), net of tax | |||||
Unrealized gain on derivatives, net | 4 | 24 | |||
Foreign currency translation adjustments, net | 7 | 6 | |||
Available-for-sale securities, net | 3 | ||||
Defined benefit plans, net | (1) | 0 | |||
Other comprehensive income | 10 | 33 | |||
Comprehensive Income/(Loss) | (156) | 120 | |||
Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | (3) | 5 | |||
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | (153) | 115 | |||
Dividends for preferred shares | 5 | ||||
Comprehensive Income/(Loss) Available for Common Stockholders | (153) | 110 | |||
Consolidation, Eliminations [Member] | |||||
Operating Revenues | |||||
Total operating revenues | (83) | [1] | (26) | [2] | |
Operating Costs and Expenses | |||||
Cost of operations | (83) | [1] | (30) | [2] | |
Depreciation and amortization | 0 | [1],[3] | 0 | [2],[4] | |
Selling, general and administrative | 0 | [1] | 0 | [2] | |
Development activity expenses | 0 | [1] | 0 | [2] | |
Total operating costs and expenses | (83) | [1] | (30) | [2] | |
Gain on sale of assets | 0 | [1] | 0 | [2] | |
Operating Income/(Loss) | 0 | [1] | 4 | [2] | |
Other Income/(Expense) | |||||
Equity in (losses)/earnings of consolidated subsidiaries | 44 | [1] | (193) | [2] | |
Equity in earnings/(losses) of unconsolidated affiliates | [3] | 0 | [1] | 1 | [2] |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 0 | ||||
Other Nonoperating Income (Expense) | (1) | [1] | 0 | [2] | |
(Loss)/gain on debt extinguishment, net | 0 | [1] | 0 | [2] | |
Interest Expense | 0 | [1] | 0 | [2] | |
Nonoperating Income (Expense) | 43 | [1] | (192) | [2] | |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 43 | [1] | (188) | [2] | |
Income Tax Expense (Benefit) | (2) | [1] | 12 | [2] | |
Net (loss)/income | 45 | [1] | (200) | [2],[4] | |
Net Income (Loss) Attributable to Noncontrolling Interest | 1 | [1] | (7) | [2] | |
Net Income (Loss) Attributable to Parent | 44 | [1] | (193) | [2] | |
Other Comprehensive Income/(Loss), net of tax | |||||
Unrealized gain on derivatives, net | (5) | [5] | (6) | [6] | |
Foreign currency translation adjustments, net | (9) | [5] | (8) | [6] | |
Available-for-sale securities, net | [6] | 0 | |||
Defined benefit plans, net | 0 | [5] | 0 | [6] | |
Other comprehensive income | (14) | [5] | (14) | [6] | |
Comprehensive Income/(Loss) | 31 | [5] | (214) | [6] | |
Less: Comprehensive income/(loss) attributable to noncontrolling interest and redeemable noncontrolling interests | 1 | [5] | (7) | [6] | |
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | 30 | [5] | (207) | [6] | |
Dividends for preferred shares | [6] | 0 | |||
Comprehensive Income/(Loss) Available for Common Stockholders | $ 30 | [5] | $ (207) | [6] | |
[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. |
Condensed Consolidating Finan67
Condensed Consolidating Financial Information (Details 3) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |||||
Current Assets | |||||||||
Cash and cash equivalents | $ 1,513 | $ 1,973 | $ 1,659 | $ 1,518 | |||||
Funds deposited by counterparties | 3 | 2 | |||||||
Restricted cash | 397 | 446 | |||||||
Accounts receivable - trade, net | 974 | 1,166 | |||||||
Accounts receivable - affiliate | 7 | 6 | |||||||
Inventory | 1,140 | 1,111 | |||||||
Derivative instruments | 682 | 1,062 | |||||||
Cash collateral paid in support of energy risk management activities | 277 | 203 | |||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | 9 | |||||||
Prepayments and other current assets | 447 | 417 | |||||||
Total current assets | 5,440 | 6,395 | |||||||
Net property, plant and equipment | 17,942 | 17,912 | |||||||
Other Assets | |||||||||
Investment in subsidiaries | 0 | 0 | |||||||
Equity investments in affiliates | 1,148 | 1,120 | |||||||
Notes receivable, less current portion | 13 | 17 | |||||||
Goodwill | 662 | 662 | |||||||
Intangible assets, net | 1,957 | 2,036 | |||||||
Nuclear decommissioning trust fund | 627 | 610 | |||||||
Derivative instruments | 226 | 189 | |||||||
Deferred income taxes | 223 | 225 | |||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 10 | 10 | |||||||
Other non-current assets | 1,172 | 1,179 | |||||||
Total other assets | 6,038 | 6,048 | |||||||
Total Assets | 29,420 | 30,355 | |||||||
Current Liabilities | |||||||||
Current portion of long-term debt and capital leases | 1,688 | 1,220 | |||||||
Accounts payable | 872 | 895 | |||||||
Accounts payable — affiliate | 0 | 0 | |||||||
Derivative instruments | 747 | 1,084 | |||||||
Cash collateral received in support of energy risk management activities | 3 | 2 | |||||||
Accrued expenses and other current liabilities | 887 | 1,181 | |||||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | ||||||||
Other Liabilities, Current | 1,181 | ||||||||
Total current liabilities | 4,197 | 4,382 | |||||||
Other Liabilities | |||||||||
Long-term debt and capital leases | 17,672 | 18,006 | |||||||
Nuclear decommissioning reserve | 291 | 287 | |||||||
Nuclear decommissioning trust liability | 352 | 339 | |||||||
Deferred income taxes | 20 | 20 | |||||||
Derivative instruments | 315 | 294 | |||||||
Out-of-market contracts, net of accumulated amortization | 1,017 | 1,040 | |||||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 12 | 12 | |||||||
Other non-current liabilities | 1,487 | 1,483 | |||||||
Total non-current liabilities | 21,166 | 21,481 | |||||||
Total liabilities | 25,363 | 25,863 | |||||||
Redeemable noncontrolling interest in subsidiaries | 44 | 46 | |||||||
Stockholders’ Equity | 4,013 | 4,446 | |||||||
Total Liabilities and Stockholders’ Equity | 29,420 | 30,355 | |||||||
Guarantor Subsidiaries | |||||||||
Current Assets | |||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |||||
Funds deposited by counterparties | 3 | 2 | |||||||
Restricted cash | 5 | 11 | |||||||
Accounts receivable - trade, net | 592 | 734 | |||||||
Accounts receivable - affiliate | 251 | 309 | |||||||
Inventory | 483 | 482 | |||||||
Derivative instruments | 594 | 962 | |||||||
Cash collateral paid in support of energy risk management activities | 173 | 37 | |||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | ||||||||
Prepayments and other current assets | 94 | 76 | |||||||
Total current assets | 2,195 | 2,613 | |||||||
Net property, plant and equipment | 4,168 | 4,216 | |||||||
Other Assets | |||||||||
Investment in subsidiaries | 1,067 | 837 | |||||||
Equity investments in affiliates | 0 | (14) | |||||||
Notes receivable, less current portion | 0 | 0 | |||||||
Goodwill | 359 | 359 | |||||||
Intangible assets, net | 566 | 592 | |||||||
Nuclear decommissioning trust fund | 627 | 610 | |||||||
Derivative instruments | 178 | 143 | |||||||
Deferred income taxes | (2) | 3 | |||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | 0 | |||||||
Other non-current assets | 71 | 67 | |||||||
Total other assets | 2,866 | 2,597 | |||||||
Total Assets | 9,229 | 9,426 | |||||||
Current Liabilities | |||||||||
Current portion of long-term debt and capital leases | 0 | 0 | |||||||
Accounts payable | 436 | 499 | |||||||
Accounts payable — affiliate | 738 | 655 | |||||||
Derivative instruments | 584 | 947 | |||||||
Cash collateral received in support of energy risk management activities | 3 | 2 | |||||||
Accrued expenses and other current liabilities | 251 | ||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | ||||||||
Other Liabilities, Current | 317 | ||||||||
Total current liabilities | 2,012 | 2,420 | |||||||
Other Liabilities | |||||||||
Long-term debt and capital leases | 244 | 244 | |||||||
Nuclear decommissioning reserve | 291 | 287 | |||||||
Nuclear decommissioning trust liability | 352 | 339 | |||||||
Deferred income taxes | 200 | 186 | |||||||
Derivative instruments | 183 | 157 | |||||||
Out-of-market contracts, net of accumulated amortization | 77 | 80 | |||||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | 0 | |||||||
Other non-current liabilities | 402 | 397 | |||||||
Total non-current liabilities | 1,749 | 1,690 | |||||||
Total liabilities | 3,761 | 4,110 | |||||||
Redeemable noncontrolling interest in subsidiaries | 0 | 0 | |||||||
Stockholders’ Equity | 5,468 | 5,316 | |||||||
Total Liabilities and Stockholders’ Equity | 9,229 | 9,426 | |||||||
Non-Guarantor Subsidiaries | |||||||||
Current Assets | |||||||||
Cash and cash equivalents | 1,257 | 1,650 | 1,070 | 825 | |||||
Funds deposited by counterparties | 0 | 0 | |||||||
Restricted cash | 392 | 435 | |||||||
Accounts receivable - trade, net | 378 | 429 | |||||||
Accounts receivable - affiliate | 23 | (241) | |||||||
Inventory | 657 | 629 | |||||||
Derivative instruments | 207 | 305 | |||||||
Cash collateral paid in support of energy risk management activities | 104 | 166 | |||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 9 | ||||||||
Prepayments and other current assets | 295 | 279 | |||||||
Total current assets | 3,313 | 3,661 | |||||||
Net property, plant and equipment | 13,555 | 13,472 | |||||||
Other Assets | |||||||||
Investment in subsidiaries | 1,062 | 1,973 | |||||||
Equity investments in affiliates | 1,144 | 1,129 | |||||||
Notes receivable, less current portion | 13 | 17 | |||||||
Goodwill | 303 | 303 | |||||||
Intangible assets, net | 1,394 | 1,447 | |||||||
Nuclear decommissioning trust fund | 0 | 0 | |||||||
Derivative instruments | 66 | 60 | |||||||
Deferred income taxes | 911 | 868 | |||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 10 | 10 | |||||||
Other non-current assets | 1,037 | 784 | |||||||
Total other assets | 5,940 | 6,591 | |||||||
Total Assets | 22,808 | 23,724 | |||||||
Current Liabilities | |||||||||
Current portion of long-term debt and capital leases | 1,268 | 1,202 | |||||||
Accounts payable | 403 | 362 | |||||||
Accounts payable — affiliate | 1,686 | 1,834 | |||||||
Derivative instruments | 285 | 342 | |||||||
Cash collateral received in support of energy risk management activities | 0 | 0 | |||||||
Accrued expenses and other current liabilities | 368 | ||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | ||||||||
Other Liabilities, Current | 400 | ||||||||
Total current liabilities | 4,010 | 4,140 | |||||||
Other Liabilities | |||||||||
Long-term debt and capital leases | 10,443 | 10,302 | |||||||
Nuclear decommissioning reserve | 0 | 0 | |||||||
Nuclear decommissioning trust liability | 0 | 0 | |||||||
Deferred income taxes | (1,095) | (1,094) | |||||||
Derivative instruments | 184 | 187 | |||||||
Out-of-market contracts, net of accumulated amortization | 940 | 960 | |||||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 12 | 12 | |||||||
Other non-current liabilities | 763 | 762 | |||||||
Total non-current liabilities | 11,247 | 11,129 | |||||||
Total liabilities | 15,257 | 15,269 | |||||||
Redeemable noncontrolling interest in subsidiaries | 44 | 46 | |||||||
Stockholders’ Equity | 7,507 | 8,409 | |||||||
Total Liabilities and Stockholders’ Equity | 22,808 | 23,724 | |||||||
NRG Energy, Inc. | |||||||||
Current Assets | |||||||||
Cash and cash equivalents | 256 | 323 | 589 | 693 | |||||
Funds deposited by counterparties | 0 | 0 | |||||||
Restricted cash | 0 | 0 | |||||||
Accounts receivable - trade, net | 4 | 3 | |||||||
Accounts receivable - affiliate | (36) | 200 | |||||||
Inventory | 0 | 0 | |||||||
Derivative instruments | 3 | 0 | |||||||
Cash collateral paid in support of energy risk management activities | 0 | 0 | |||||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | 0 | ||||||||
Prepayments and other current assets | 58 | 62 | |||||||
Total current assets | 285 | 588 | |||||||
Net property, plant and equipment | 246 | 251 | |||||||
Other Assets | |||||||||
Investment in subsidiaries | 10,040 | 10,128 | |||||||
Equity investments in affiliates | 4 | 5 | |||||||
Notes receivable, less current portion | 125 | (76) | |||||||
Goodwill | 0 | 0 | |||||||
Intangible assets, net | 0 | 0 | |||||||
Nuclear decommissioning trust fund | 0 | 0 | |||||||
Derivative instruments | 34 | 36 | |||||||
Deferred income taxes | (686) | (646) | |||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | 0 | |||||||
Other non-current assets | 64 | 328 | |||||||
Total other assets | 9,581 | 9,775 | |||||||
Total Assets | 10,112 | 10,614 | |||||||
Current Liabilities | |||||||||
Current portion of long-term debt and capital leases | 420 | (58) | |||||||
Accounts payable | 33 | 34 | |||||||
Accounts payable — affiliate | (2,193) | (2,227) | |||||||
Derivative instruments | 0 | 0 | |||||||
Cash collateral received in support of energy risk management activities | 0 | 0 | |||||||
Accrued expenses and other current liabilities | 268 | ||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 0 | ||||||||
Other Liabilities, Current | 464 | ||||||||
Total current liabilities | (1,472) | (1,787) | |||||||
Other Liabilities | |||||||||
Long-term debt and capital leases | 7,110 | 7,460 | |||||||
Nuclear decommissioning reserve | 0 | 0 | |||||||
Nuclear decommissioning trust liability | 0 | 0 | |||||||
Deferred income taxes | 915 | 928 | |||||||
Derivative instruments | 0 | 0 | |||||||
Out-of-market contracts, net of accumulated amortization | 0 | 0 | |||||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | 0 | |||||||
Other non-current liabilities | 322 | 324 | |||||||
Total non-current liabilities | 8,347 | 8,712 | |||||||
Total liabilities | 6,875 | 6,925 | |||||||
Redeemable noncontrolling interest in subsidiaries | 0 | 0 | |||||||
Stockholders’ Equity | 3,237 | 3,689 | |||||||
Total Liabilities and Stockholders’ Equity | 10,112 | 10,614 | |||||||
Consolidation, Eliminations [Member] | |||||||||
Current Assets | |||||||||
Cash and cash equivalents | 0 | [1],[2] | 0 | [2],[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 | (231) | [1] | (262) | [3] | |||||
Inventory | 0 | [1] | 0 | [3] | |||||
Derivative instruments | (122) | [1] | (205) | [3] | |||||
Cash collateral paid in support of energy risk management activities | 0 | [1] | 0 | [3] | |||||
Disposal Group, Including Discontinued Operation, Other Assets, Current | [3] | 0 | |||||||
Prepayments and other current assets | 0 | [1] | 0 | [3] | |||||
Total current assets | (353) | [1] | (467) | [3] | |||||
Net property, plant and equipment | (27) | [1] | (27) | [3] | |||||
Other Assets | |||||||||
Investment in subsidiaries | (12,169) | [1] | (12,938) | [3] | |||||
Equity investments in affiliates | 0 | [1] | 0 | [3] | |||||
Notes receivable, less current portion | (125) | [1] | 76 | [3] | |||||
Goodwill | 0 | [1] | 0 | [3] | |||||
Intangible assets, net | (3) | [1] | (3) | [3] | |||||
Nuclear decommissioning trust fund | 0 | [1] | 0 | [3] | |||||
Derivative instruments | (52) | [1] | (50) | [3] | |||||
Deferred income taxes | 0 | [1] | 0 | [3] | |||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | [1] | 0 | [3] | |||||
Other non-current assets | 0 | [1] | 0 | [3] | |||||
Total other assets | (12,349) | [1] | (12,915) | [3] | |||||
Total Assets | (12,729) | [1] | (13,409) | [3] | |||||
Current Liabilities | |||||||||
Current portion of long-term debt and capital leases | 0 | [1] | 76 | [3] | |||||
Accounts payable | 0 | [1] | 0 | [3] | |||||
Accounts payable — affiliate | (231) | [1] | (262) | [3] | |||||
Derivative instruments | (122) | [1] | (205) | [3] | |||||
Cash collateral received in support of energy risk management activities | 0 | [1] | 0 | [3] | |||||
Accrued expenses and other current liabilities | [1] | 0 | |||||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | [3] | 0 | |||||||
Other Liabilities, Current | [3] | 0 | |||||||
Total current liabilities | (353) | [1] | (391) | [3] | |||||
Other Liabilities | |||||||||
Long-term debt and capital leases | (125) | [1] | 0 | [3] | |||||
Nuclear decommissioning reserve | 0 | [1] | 0 | [3] | |||||
Nuclear decommissioning trust liability | 0 | [1] | 0 | [3] | |||||
Deferred income taxes | 0 | [1] | 0 | [3] | |||||
Derivative instruments | (52) | [1] | (50) | [3] | |||||
Out-of-market contracts, net of accumulated amortization | 0 | [1] | 0 | [3] | |||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | [1] | 0 | [3] | |||||
Other non-current liabilities | 0 | [1] | 0 | [3] | |||||
Total non-current liabilities | (177) | [1] | (50) | [3] | |||||
Total liabilities | (530) | [1] | (441) | [3] | |||||
Redeemable noncontrolling interest in subsidiaries | 0 | [1] | 0 | [3] | |||||
Stockholders’ Equity | (12,199) | [1] | (12,968) | [3] | |||||
Total Liabilities and Stockholders’ Equity | $ (12,729) | [1] | $ (13,409) | [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 Finan68
Condensed Consolidating Financial Information (Details 4) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | ||||
Cash Flows from Operating Activities | |||||
Net (loss)/income | $ (203) | $ 47 | |||
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | |||||
Distributions and equity in (earnings)/losses of unconsolidated affiliates and consolidated subsidiaries | 13 | 10 | |||
Equity in earnings of unconsolidated affiliates | (5) | 7 | |||
Depreciation and amortization | 300 | 313 | |||
Provision for bad debts | 9 | 10 | |||
Amortization of nuclear fuel | 12 | 13 | |||
Amortization of financing costs and debt discount/premiums | 1 | 1 | |||
Amortization of intangibles and out-of-market contracts | 10 | 26 | |||
Amortization of unearned equity compensation | 8 | 8 | |||
Changes in deferred income taxes and liability for uncertain tax benefits | 1 | (25) | |||
Changes in nuclear decommissioning trust liability | 36 | 9 | |||
Changes in derivative instruments | 25 | (50) | |||
Changes in collateral posted in support of risk management activities | (74) | 156 | |||
Cash used by changes in other working capital | (199) | (121) | |||
Proceeds from sale of emission allowances | 0 | 47 | |||
Gain on sale of assets | (2) | (32) | |||
Asset Impairment Charges | (146) | ||||
Impairment losses | 0 | 146 | |||
Adjustment for debt extinguishment | 0 | (11) | |||
Net Cash (Used)/Provided by Operating Activities | (68) | 554 | |||
Cash Flows from Investing Activities | |||||
Proceeds from Dividends Received | 0 | ||||
Payments to Acquire Business Two, Net of Cash Acquired | 0 | ||||
Acquisitions of businesses, net of cash acquired | (3) | (6) | |||
Capital expenditures | (268) | (279) | |||
Decrease/(increase)in restricted cash, net | 13 | (12) | |||
Increase in restricted cash — U.S. DOE funded projects | 36 | 39 | |||
Decrease in notes receivable | 4 | 1 | |||
Investments in nuclear decommissioning trust fund securities | (153) | (200) | |||
Proceeds from the sale of nuclear decommissioning trust fund securities | 117 | 191 | |||
Proceeds from renewable energy grants and state rebates | 0 | 8 | |||
Payments to Acquire Intangible Assets | (9) | (12) | |||
Proceeds from Sale of Intangible Assets | 11 | 7 | |||
Proceeds from sale of assets, net of cash disposed of | 14 | 120 | |||
(Investments in) Proceeds From Sales of Unconsolidated Affiliates | (12) | (4) | |||
Other | 18 | 4 | |||
Net Cash (Used)/Provided by Investing Activities | (232) | (143) | |||
Cash Flows from Financing Activities | |||||
Payments from/(for) intercompany loans | 0 | 0 | |||
Payments to Acquire Business Three, Net of Cash Acquired | 0 | ||||
Intercompany Dividend Proceeds - Financing | 0 | ||||
Payment of dividends to common and preferred stockholders | (9) | (48) | |||
Net receipts from settlement of acquired derivatives that include financing elements | 1 | 39 | |||
Proceeds from issuance of long-term debt | 192 | 61 | |||
Contributions to, net of distributions from, noncontrolling interest in subsidiaries | (5) | 10 | |||
Payments of Debt Issuance Costs | (15) | 0 | |||
Payments for short and long-term debt | (177) | (316) | |||
Payment for Credit Support in Long-Term Deposits | (130) | 0 | |||
Proceeds from Lines of Credit | 125 | 0 | |||
Payments for Loans to Related Parties | (125) | 0 | |||
Other - contingent consideration | (10) | (10) | |||
Net Cash Provided/(Used) by Financing Activities | (153) | (264) | |||
Effect of exchange rate changes on cash and cash equivalents | (7) | (6) | |||
Net Decrease in Cash and Cash Equivalents | (460) | 141 | |||
Cash and Cash Equivalents at Beginning of Period | 1,973 | 1,518 | |||
Cash and Cash Equivalents at End of Period | 1,513 | 1,659 | |||
Guarantor Subsidiaries | |||||
Cash Flows from Operating Activities | |||||
Net (loss)/income | 42 | 162 | |||
Adjustments to reconcile net (loss)/income 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 | |||
Depreciation and amortization | 102 | 117 | |||
Provision for bad debts | 8 | 8 | |||
Amortization of nuclear fuel | 12 | 13 | |||
Amortization of financing costs and debt discount/premiums | 0 | 0 | |||
Amortization of intangibles and out-of-market contracts | 6 | 11 | |||
Amortization of unearned equity compensation | 0 | 0 | |||
Changes in deferred income taxes and liability for uncertain tax benefits | 19 | (613) | |||
Changes in nuclear decommissioning trust liability | 36 | 9 | |||
Changes in derivative instruments | (4) | (28) | |||
Changes in collateral posted in support of risk management activities | (136) | 150 | |||
Cash used by changes in other working capital | (86) | 338 | |||
Proceeds from sale of emission allowances | 47 | ||||
Gain on sale of assets | (2) | 0 | |||
Impairment losses | 0 | ||||
Adjustment for debt extinguishment | 0 | ||||
Net Cash (Used)/Provided by Operating Activities | (2) | 214 | |||
Cash Flows from Investing Activities | |||||
Proceeds from Dividends Received | 0 | ||||
Payments to Acquire Business Two, Net of Cash Acquired | 0 | ||||
Acquisitions of businesses, net of cash acquired | 0 | 0 | |||
Capital expenditures | (64) | (44) | |||
Decrease/(increase)in restricted cash, net | 2 | (2) | |||
Increase in restricted cash — U.S. DOE funded projects | 4 | 0 | |||
Decrease in notes receivable | 0 | 0 | |||
Investments in nuclear decommissioning trust fund securities | (153) | (200) | |||
Proceeds from the sale of nuclear decommissioning trust fund securities | 117 | 191 | |||
Proceeds from renewable energy grants and state rebates | 0 | ||||
Payments to Acquire Intangible Assets | (9) | (12) | |||
Proceeds from Sale of Intangible Assets | 11 | 7 | |||
Proceeds from sale of assets, net of cash disposed of | 11 | 0 | |||
(Investments in) Proceeds From Sales of Unconsolidated Affiliates | 0 | 0 | |||
Other | 18 | 0 | |||
Net Cash (Used)/Provided by Investing Activities | (63) | (60) | |||
Cash Flows from Financing Activities | |||||
Payments from/(for) intercompany loans | 65 | (151) | |||
Payments to Acquire Business Three, Net of Cash Acquired | 0 | ||||
Intercompany Dividend Proceeds - Financing | 0 | ||||
Payment of dividends to common and preferred stockholders | 0 | 0 | |||
Net receipts from settlement of acquired derivatives that include financing elements | 0 | 0 | |||
Proceeds from issuance of long-term debt | 0 | 0 | |||
Contributions to, net of distributions from, noncontrolling interest in subsidiaries | 0 | 0 | |||
Payments of Debt Issuance Costs | 0 | ||||
Payments for short and long-term debt | 0 | 0 | |||
Payment for Credit Support in Long-Term Deposits | 0 | ||||
Proceeds from Lines of Credit | 0 | ||||
Payments for Loans to Related Parties | 0 | ||||
Other - contingent consideration | 0 | (3) | |||
Net Cash Provided/(Used) by Financing Activities | 65 | (154) | |||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |||
Net Decrease in Cash and Cash Equivalents | 0 | 0 | |||
Cash and Cash Equivalents at Beginning of Period | 0 | 0 | |||
Cash and Cash Equivalents at End of Period | 0 | 0 | |||
Non-Guarantor Subsidiaries | |||||
Cash Flows from Operating Activities | |||||
Net (loss)/income | (124) | (2) | |||
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | |||||
Distributions and equity in (earnings)/losses of unconsolidated affiliates and consolidated subsidiaries | 18 | 22 | |||
Equity in earnings of unconsolidated affiliates | (7) | 8 | |||
Depreciation and amortization | 190 | 190 | |||
Provision for bad debts | 1 | 2 | |||
Amortization of nuclear fuel | 0 | 0 | |||
Amortization of financing costs and debt discount/premiums | (3) | 7 | |||
Amortization of intangibles and out-of-market contracts | 4 | 15 | |||
Amortization of unearned equity compensation | 0 | 0 | |||
Changes in deferred income taxes and liability for uncertain tax benefits | (46) | (1,696) | |||
Changes in nuclear decommissioning trust liability | 0 | 0 | |||
Changes in derivative instruments | 30 | (22) | |||
Changes in collateral posted in support of risk management activities | 62 | 6 | |||
Cash used by changes in other working capital | 499 | 1,728 | |||
Proceeds from sale of emission allowances | 0 | ||||
Gain on sale of assets | 0 | (32) | |||
Impairment losses | 140 | ||||
Adjustment for debt extinguishment | 0 | ||||
Net Cash (Used)/Provided by Operating Activities | 624 | 366 | |||
Cash Flows from Investing Activities | |||||
Proceeds from Dividends Received | 0 | ||||
Payments to Acquire Business Two, Net of Cash Acquired | (131) | ||||
Acquisitions of businesses, net of cash acquired | (3) | (6) | |||
Capital expenditures | (200) | (219) | |||
Decrease/(increase)in restricted cash, net | 11 | (10) | |||
Increase in restricted cash — U.S. DOE funded projects | 32 | 39 | |||
Decrease in notes receivable | 4 | 1 | |||
Investments in nuclear decommissioning trust fund securities | 0 | 0 | |||
Proceeds from the sale of nuclear decommissioning trust fund securities | 0 | 0 | |||
Proceeds from renewable energy grants and state rebates | 8 | ||||
Payments to Acquire Intangible Assets | 0 | 0 | |||
Proceeds from Sale of Intangible Assets | 0 | 0 | |||
Proceeds from sale of assets, net of cash disposed of | 3 | 120 | |||
(Investments in) Proceeds From Sales of Unconsolidated Affiliates | (12) | (4) | |||
Other | 0 | 4 | |||
Net Cash (Used)/Provided by Investing Activities | (296) | (86) | |||
Cash Flows from Financing Activities | |||||
Payments from/(for) intercompany loans | (428) | (11) | |||
Payments to Acquire Business Three, Net of Cash Acquired | 0 | ||||
Intercompany Dividend Proceeds - Financing | (129) | ||||
Payment of dividends to common and preferred stockholders | 0 | 0 | |||
Net receipts from settlement of acquired derivatives that include financing elements | 1 | 39 | |||
Proceeds from issuance of long-term debt | 166 | 61 | |||
Contributions to, net of distributions from, noncontrolling interest in subsidiaries | (5) | 10 | |||
Payments of Debt Issuance Costs | (11) | ||||
Payments for short and long-term debt | (146) | (121) | |||
Payment for Credit Support in Long-Term Deposits | (130) | ||||
Proceeds from Lines of Credit | 125 | ||||
Payments for Loans to Related Parties | (125) | ||||
Other - contingent consideration | (10) | (7) | |||
Net Cash Provided/(Used) by Financing Activities | (714) | (29) | |||
Effect of exchange rate changes on cash and cash equivalents | (7) | (6) | |||
Net Decrease in Cash and Cash Equivalents | (393) | 245 | |||
Cash and Cash Equivalents at Beginning of Period | 1,650 | 825 | |||
Cash and Cash Equivalents at End of Period | 1,257 | 1,070 | |||
NRG Energy, Inc. | |||||
Cash Flows from Operating Activities | |||||
Net (loss)/income | (166) | 87 | |||
Adjustments to reconcile net (loss)/income 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 | |||
Depreciation and amortization | 8 | 6 | |||
Provision for bad debts | 0 | 0 | |||
Amortization of nuclear fuel | 0 | 0 | |||
Amortization of financing costs and debt discount/premiums | 4 | (6) | |||
Amortization of intangibles and out-of-market contracts | 0 | 0 | |||
Amortization of unearned equity compensation | 8 | 8 | |||
Changes in deferred income taxes and liability for uncertain tax benefits | 28 | 2,284 | |||
Changes in nuclear decommissioning trust liability | 0 | 0 | |||
Changes in derivative instruments | (1) | 0 | |||
Changes in collateral posted in support of risk management activities | 0 | 0 | |||
Cash used by changes in other working capital | (604) | (2,400) | |||
Proceeds from sale of emission allowances | 0 | ||||
Gain on sale of assets | 0 | 0 | |||
Impairment losses | 6 | ||||
Adjustment for debt extinguishment | (11) | ||||
Net Cash (Used)/Provided by Operating Activities | (722) | (26) | |||
Cash Flows from Investing Activities | |||||
Proceeds from Dividends Received | 129 | ||||
Payments to Acquire Business Two, Net of Cash Acquired | 0 | ||||
Acquisitions of businesses, net of cash acquired | 0 | 0 | |||
Capital expenditures | (4) | (16) | |||
Decrease/(increase)in restricted cash, net | 0 | 0 | |||
Increase in restricted cash — U.S. DOE funded projects | 0 | 0 | |||
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 | ||||
Payments to Acquire Intangible Assets | 0 | 0 | |||
Proceeds from Sale of Intangible Assets | 0 | 0 | |||
Proceeds from sale of assets, net of cash disposed of | 0 | 0 | |||
(Investments in) Proceeds From Sales of Unconsolidated Affiliates | 0 | 0 | |||
Other | 0 | 0 | |||
Net Cash (Used)/Provided by Investing Activities | 147 | (16) | |||
Cash Flows from Financing Activities | |||||
Payments from/(for) intercompany loans | 395 | 162 | |||
Payments to Acquire Business Three, Net of Cash Acquired | 131 | ||||
Intercompany Dividend Proceeds - Financing | 0 | ||||
Payment of dividends to common and preferred stockholders | (9) | (48) | |||
Net receipts from settlement of acquired derivatives that include financing elements | 0 | 0 | |||
Proceeds from issuance of long-term debt | 26 | 0 | |||
Contributions to, net of distributions from, noncontrolling interest in subsidiaries | 0 | 0 | |||
Payments of Debt Issuance Costs | (4) | ||||
Payments for short and long-term debt | (31) | (195) | |||
Payment for Credit Support in Long-Term Deposits | 0 | ||||
Proceeds from Lines of Credit | 0 | ||||
Payments for Loans to Related Parties | 0 | ||||
Other - contingent consideration | 0 | 0 | |||
Net Cash Provided/(Used) by Financing Activities | 508 | (62) | |||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | |||
Net Decrease in Cash and Cash Equivalents | (67) | (104) | |||
Cash and Cash Equivalents at Beginning of Period | 323 | 693 | |||
Cash and Cash Equivalents at End of Period | 256 | 589 | |||
NRG Yield, Inc. | |||||
Cash Flows from Investing Activities | |||||
Proceeds from Dividends Received | 0 | 0 | |||
Cash Flows from Financing Activities | |||||
Intercompany Dividend Proceeds - Financing | 0 | 0 | |||
NRG Yield, Inc. | Guarantor Subsidiaries | |||||
Cash Flows from Investing Activities | |||||
Proceeds from Dividends Received | 0 | 0 | |||
Cash Flows from Financing Activities | |||||
Intercompany Dividend Proceeds - Financing | 0 | 0 | |||
NRG Yield, Inc. | Non-Guarantor Subsidiaries | |||||
Cash Flows from Investing Activities | |||||
Proceeds from Dividends Received | 0 | (19) | |||
Cash Flows from Financing Activities | |||||
Intercompany Dividend Proceeds - Financing | (22) | 0 | |||
NRG Yield, Inc. | NRG Energy, Inc. | |||||
Cash Flows from Investing Activities | |||||
Proceeds from Dividends Received | 22 | 0 | |||
Cash Flows from Financing Activities | |||||
Intercompany Dividend Proceeds - Financing | 0 | 19 | |||
Consolidation, Eliminations [Member] | |||||
Cash Flows from Operating Activities | |||||
Net (loss)/income | 45 | [1] | (200) | [2],[3] | |
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | |||||
Distributions and equity in (earnings)/losses of unconsolidated affiliates and consolidated subsidiaries | [4] | (5) | (12) | ||
Equity in earnings of unconsolidated affiliates | [4] | 0 | [1] | (1) | [2] |
Depreciation and amortization | 0 | [1],[4] | 0 | [2],[3] | |
Provision for bad debts | 0 | [4] | 0 | [3] | |
Amortization of nuclear fuel | 0 | [4] | 0 | [3] | |
Amortization of financing costs and debt discount/premiums | 0 | [4] | 0 | [3] | |
Amortization of intangibles and out-of-market contracts | 0 | [4] | 0 | [3] | |
Amortization of unearned equity compensation | 0 | [4] | 0 | [3] | |
Changes in deferred income taxes and liability for uncertain tax benefits | 0 | [4] | 0 | [3] | |
Changes in nuclear decommissioning trust liability | 0 | [4] | 0 | [3] | |
Changes in derivative instruments | 0 | [4] | 0 | [3] | |
Changes in collateral posted in support of risk management activities | 0 | [4] | 0 | [3] | |
Cash used by changes in other working capital | (8) | [4] | 213 | [3] | |
Proceeds from sale of emission allowances | [3] | 0 | |||
Gain on sale of assets | 0 | [4] | 0 | [3] | |
Impairment losses | [3] | 0 | |||
Adjustment for debt extinguishment | [4] | 0 | |||
Net Cash (Used)/Provided by Operating Activities | 32 | [4] | 0 | [3] | |
Cash Flows from Investing Activities | |||||
Proceeds from Dividends Received | [4] | (129) | |||
Payments to Acquire Business Two, Net of Cash Acquired | [4] | 131 | |||
Acquisitions of businesses, net of cash acquired | 0 | [4] | 0 | [3] | |
Capital expenditures | 0 | [4] | 0 | [3] | |
Decrease/(increase)in restricted cash, net | 0 | [4] | 0 | [3] | |
Increase in restricted cash — U.S. DOE funded projects | 0 | [4] | 0 | [3] | |
Decrease in notes receivable | 0 | [4] | 0 | [3] | |
Investments in nuclear decommissioning trust fund securities | 0 | [4] | 0 | [3] | |
Proceeds from the sale of nuclear decommissioning trust fund securities | 0 | [4] | 0 | [3] | |
Proceeds from renewable energy grants and state rebates | [3] | 0 | |||
Payments to Acquire Intangible Assets | 0 | [4] | 0 | [3] | |
Proceeds from Sale of Intangible Assets | 0 | [4] | 0 | [3] | |
Proceeds from sale of assets, net of cash disposed of | 0 | [4] | 0 | [3] | |
(Investments in) Proceeds From Sales of Unconsolidated Affiliates | 0 | [4] | 0 | [3] | |
Other | 0 | [4] | 0 | [3] | |
Net Cash (Used)/Provided by Investing Activities | (20) | [4] | 19 | [3] | |
Cash Flows from Financing Activities | |||||
Payments from/(for) intercompany loans | (32) | [4] | [3] | ||
Payments to Acquire Business Three, Net of Cash Acquired | [4] | (131) | |||
Intercompany Dividend Proceeds - Financing | [4] | 129 | |||
Payment of dividends to common and preferred stockholders | 0 | [4] | 0 | [3] | |
Net receipts from settlement of acquired derivatives that include financing elements | 0 | [4] | 0 | [3] | |
Proceeds from issuance of long-term debt | 0 | [4] | 0 | [3] | |
Contributions to, net of distributions from, noncontrolling interest in subsidiaries | 0 | [4] | 0 | [3] | |
Payments of Debt Issuance Costs | [4] | 0 | |||
Payments for short and long-term debt | 0 | [4] | 0 | [3] | |
Payment for Credit Support in Long-Term Deposits | [4] | 0 | |||
Proceeds from Lines of Credit | [4] | 0 | |||
Payments for Loans to Related Parties | [4] | 0 | |||
Other - contingent consideration | 0 | [4] | 0 | [3] | |
Net Cash Provided/(Used) by Financing Activities | (12) | [4] | (19) | [3] | |
Effect of exchange rate changes on cash and cash equivalents | 0 | [4] | 0 | [3] | |
Net Decrease in Cash and Cash Equivalents | 0 | [4] | 0 | [3] | |
Cash and Cash Equivalents at Beginning of Period | 0 | [4],[5] | 0 | [3] | |
Cash and Cash Equivalents at End of Period | 0 | [4],[6] | 0 | [3] | |
Consolidation, Eliminations [Member] | NRG Yield, Inc. | |||||
Cash Flows from Investing Activities | |||||
Proceeds from Dividends Received | [4] | (22) | 19 | ||
Cash Flows from Financing Activities | |||||
Intercompany Dividend Proceeds - Financing | $ 22 | [4] | $ (19) | [3] | |
[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. |