Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | NRG Yield, Inc. | |
Entity Central Index Key | 1,567,683 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Common Class A [Member] | ||
Class of Stock | ||
Entity Common Stock, Shares Outstanding | 34,586,250 | |
Common Class B [Member] | ||
Class of Stock | ||
Entity Common Stock, Shares Outstanding | 42,738,750 | |
Common Class C [Member] | ||
Class of Stock | ||
Entity Common Stock, Shares Outstanding | 62,784,250 | |
Common Class D [Member] | ||
Class of Stock | ||
Entity Common Stock, Shares Outstanding | 42,738,750 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||
Operating Revenues | |||||||
Total operating revenues | $ 209 | $ 184 | [1] | $ 606 | $ 497 | [1] | |
Operating Costs and Expenses | |||||||
Cost of operations | 69 | 60 | [1] | 211 | 173 | [1] | |
Depreciation and amortization | 50 | 34 | [1] | 163 | 112 | [1],[2] | |
General and administrative — affiliate | 3 | 3 | [1] | 9 | 7 | [1] | |
Acquisition-related transaction and integration costs | 1 | 2 | [1] | 2 | 2 | [1] | |
Total operating costs and expenses | 123 | 99 | [1] | 385 | 294 | [1] | |
Operating Income | 86 | 85 | [1] | 221 | 203 | [1] | |
Other Income (Expense) | |||||||
Equity in earnings of unconsolidated affiliates | 19 | 11 | [1] | 29 | 26 | [1] | |
Other income, net | 1 | 1 | [1] | 2 | 2 | [1] | |
Loss on debt extinguishment | (2) | 0 | [1] | (9) | 0 | [1],[2] | |
Interest expense | (62) | (48) | [1] | (176) | (109) | [1] | |
Total other expense, net | (44) | (36) | [1] | (154) | (81) | [1] | |
Income Before Income Taxes | 42 | 49 | [1] | 67 | 122 | [1] | |
Income tax expense | 8 | 10 | 8 | 15 | |||
Net Income | 34 | 39 | [1],[3] | 59 | 107 | [1],[3] | |
Less: Pre-acquisition net income of Drop Down Assets | 0 | 8 | [3] | 0 | 33 | [1],[3] | |
Net Income Excluding Pre-acquisition Net Income of Drop Down Assets | 34 | 31 | [1] | 59 | 74 | [1] | |
Less: Net income attributable to noncontrolling interests | 17 | 25 | [1] | 37 | 58 | [1] | |
Net Income Attributable to NRG Yield, Inc. | $ 17 | 6 | 22 | 16 | |||
Earnings Per Share Attributable to NRG Yield, Inc. Class A and Class C Common Stockholders | |||||||
Dividends Per Common Share, Cash Paid | $ 0.21 | ||||||
Common Class A [Member] | |||||||
Other Income (Expense) | |||||||
Net Income Attributable to NRG Yield, Inc. | $ 6 | $ 3 | $ 10 | $ 8 | |||
Earnings Per Share Attributable to NRG Yield, Inc. Class A and Class C Common Stockholders | |||||||
Weighted average number of Class A common shares outstanding - basic and diluted | 35 | 31 | 35 | 25 | |||
Earnings per Weighted Average Class A and Class C Common Share - Basic and Diluted | $ 0.18 | $ 0.10 | $ 0.28 | [4] | $ 0.31 | [4] | |
Dividends Per Common Share, Cash Paid | $ 0.21 | $ 0.365 | $ 0.80 | $ 1.045 | |||
Common Class C [Member] | |||||||
Other Income (Expense) | |||||||
Net Income Attributable to NRG Yield, Inc. | $ 11 | $ 3 | $ 12 | $ 8 | |||
Earnings Per Share Attributable to NRG Yield, Inc. Class A and Class C Common Stockholders | |||||||
Weighted average number of Class A common shares outstanding - basic and diluted | 63 | 31 | 44 | 25 | |||
Earnings per Weighted Average Class A and Class C Common Share - Basic and Diluted | $ 0.18 | $ 0.10 | $ 0.28 | [4] | $ 0.31 | [4] | |
Dividends Per Common Share, Cash Paid | $ 0.21 | $ 0.41 | |||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||
[2] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||
[3] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||
[4] | (a) Basic and diluted earnings per share might not recalculate due to presenting Net income attributable to NRG Yield, Inc. and Weighted average number of common shares outstanding in millions rather than whole dollars. |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||
Net Income | $ 34 | $ 39 | [1],[2] | $ 59 | $ 107 | [1],[2] |
Other Comprehensive Income (Loss), net of tax | ||||||
Unrealized (loss) gain on derivatives, net of income tax benefit of $9, $2, $13 and $2 | (29) | 6 | [2] | (25) | (28) | [2] |
Other comprehensive (loss) income | (29) | 6 | [2] | (25) | (28) | [2] |
Comprehensive Income | 5 | 45 | [2] | 34 | 79 | [2] |
Less: Pre-acquisition net income of Drop Down Assets | 0 | 8 | [2] | 0 | 33 | [1],[2] |
Less: Comprehensive income attributable to noncontrolling interests | 4 | 29 | [2] | 35 | 37 | [2] |
Comprehensive Income (Loss) Attributable to NRG Yield, Inc. | $ 1 | $ 8 | $ (1) | $ 9 | ||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||
[2] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain/loss on derivatives, income tax expense /(benefit) | $ 9 | $ 2 | $ 13 | $ 2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Current Assets | |||
Cash and cash equivalents | $ 125 | $ 406 | [1] |
Restricted cash | 69 | 45 | [1] |
Accounts receivable — trade | 104 | 85 | [1] |
Accounts receivable — affiliate | 1 | 0 | [1] |
Inventory | 30 | 27 | [1] |
Derivative instruments — affiliate | 3 | 0 | [1] |
Notes receivable | 7 | 6 | [1] |
Deferred income taxes | 12 | 16 | [1] |
Prepayments and other current assets | 25 | 21 | [1] |
Total current assets | 376 | 606 | [2] |
Property, plant and equipment | |||
In service | 4,929 | 4,796 | [1] |
Under construction | 4 | 8 | [1] |
Total property, plant and equipment | 4,933 | 4,804 | [2] |
Less accumulated depreciation | (499) | (338) | [1] |
Net property, plant and equipment | 4,434 | 4,466 | [1] |
Other Assets | |||
Equity investments in affiliates | 553 | 227 | [1] |
Notes receivable | 11 | 15 | [1] |
Intangible assets, net of accumulated amortization of $80 and $36 | 1,377 | 1,423 | [1] |
Derivative instruments | 0 | 2 | [1] |
Deferred income taxes | 124 | 118 | [1] |
Other non-current assets | 114 | 108 | [1] |
Total other assets | 2,179 | 1,893 | [1] |
Total Assets | 6,989 | 6,965 | [2] |
Current Liabilities | |||
Current portion of long-term debt | 224 | 214 | [2] |
Accounts payable — trade | 22 | 20 | [2] |
Accounts payable — affiliate | 58 | 46 | [2] |
Derivative instruments | 42 | 48 | [2] |
Accrued expenses and other current liabilities | 79 | 61 | [2] |
Total current liabilities | 425 | 389 | [1] |
Total current liabilities | |||
Long-term debt | 4,285 | 4,573 | [2] |
Derivative instruments | 74 | 69 | [2] |
Other non-current liabilities | 53 | 49 | [2] |
Total non-current liabilities | 4,412 | 4,691 | [2] |
Total Liabilities | $ 4,837 | $ 5,080 | [2] |
Commitments and Contingencies | [2] | ||
Stockholders' Equity | |||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | $ 0 | $ 0 | [2] |
Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 182,848,000 shares issued and outstanding (Class A 34,586,250, Class B 42,738,750, Class C 62,784,250, Class D 42,738,750) and 154,650,000 shares issued and outstanding (Class A 34,586,250, Class B 42,738,750, Class C 34,586,250, Class D 42,738,750) at September 30, 2015 and December 31, 2014, respectively | 1 | 0 | [2] |
Additional paid-in capital | 1,820 | 1,240 | [2] |
Retained earnings | 15 | 3 | [2] |
Accumulated other comprehensive loss | (32) | (9) | [2] |
Noncontrolling interest | 348 | 651 | [2] |
Total Stockholders' Equity | 2,152 | 1,885 | [1] |
Total Liabilities and Stockholders' Equity | $ 6,989 | $ 6,965 | [1] |
[1] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||
[2] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Intangible assets, net of accumulated amortization of $80 and $36 | $ 80 | $ 36 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Class A [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 34,586,250 | 34,586,250 |
Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Class B [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 42,738,750 | 42,738,750 |
Common Class C [Member] | ||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 62,784,250 | 34,586,250 |
Common Class D [Member] | ||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Issued | 42,738,750 | 42,738,750 |
Condensed Consolidated Stateme
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | |||
Cash Flows from Operating Activities | ||||
Net income | $ 59 | $ 107 | [1],[2] | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Distributions in excess of equity in earnings of unconsolidated affiliates | 25 | 17 | [3] | |
Depreciation and amortization | 163 | 112 | [1],[3] | |
Amortization of financing costs and debt discount/premiums | 11 | 8 | [3] | |
Amortization of intangibles and out-of-market contracts | 41 | 21 | [3] | |
Adjustment for debt extinguishment | 9 | 0 | [1],[3] | |
Changes in deferred income taxes | 8 | 15 | [3] | |
Changes in derivative instruments | (36) | (14) | [3] | |
Changes in other working capital | (11) | (17) | [3] | |
Net Cash Provided by Operating Activities | 269 | 249 | [3] | |
Cash Flows from Investing Activities | ||||
Acquisition of businesses, net of cash acquired | 37 | 901 | [3] | |
Acquisition of Drop Down Assets, net of cash acquired | (489) | (336) | [3] | |
Capital expenditures | (16) | (28) | [3] | |
(Increase) decrease in restricted cash | (24) | 20 | [3] | |
Decrease in notes receivable | 5 | 6 | [3] | |
Proceeds from renewable energy grants | 0 | 137 | [3] | |
Net investments in unconsolidated affiliates | (335) | (17) | [3] | |
Other | 0 | 11 | [3] | |
Net Cash Used in Investing Activities | (896) | (1,108) | [3] | |
Cash Flows from Financing Activities | ||||
Contributions from noncontrolling interests | 119 | 0 | [3] | |
Capital contributions from NRG | 0 | 2 | [3] | |
Distributions and return of capital to NRG | 0 | (45) | [3] | |
Proceeds from the issuance of common stock | 599 | 630 | [3] | |
Payment of dividends and distributions to shareholders | (99) | (72) | [3] | |
Proceeds from issuance of long-term debt | 589 | 924 | [3] | |
Payment of debt issuance costs | (13) | (26) | [3] | |
Payments for long-term debt | (849) | (220) | [3] | |
Net Cash Provided by Financing Activities | 346 | 1,193 | [3] | |
Net (Decrease) Increase in Cash and Cash Equivalents | (281) | 334 | [3] | |
Cash and Cash Equivalents at Beginning of Period | 406 | [4] | 59 | [3] |
Cash and Cash Equivalents at End of Period | $ 125 | $ 393 | [3] | |
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||
[2] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||
[3] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||
[4] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Nature of Business
Nature of Business | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business NRG Yield, Inc., together with its consolidated subsidiaries, or the Company, is a dividend growth-oriented company formed as a Delaware corporation on December 20, 2012, to serve as the primary vehicle through which NRG owns, operates and acquires contracted renewable and conventional generation and thermal infrastructure assets. The Company owns 100% of the Class A units and Class C units of NRG Yield LLC, including a controlling interest through its position as managing member. NRG Yield LLC, through its wholly owned subsidiary, NRG Yield Operating LLC, or Yield Operating, is the holder of a portfolio of renewable and conventional generation and thermal infrastructure assets, primarily located in the Northeast, Southwest and California regions of the U.S. The Company consolidates the results of NRG Yield LLC through its controlling interest, with NRG's interest shown as noncontrolling interest in the financial statements. On May 14, 2015, the Company completed a stock split in connection with which each outstanding share of Class A common stock was split into one share of Class A common stock and one share of Class C common stock, and each outstanding share of Class B common stock was split into one share of Class B common stock and one share of Class D common stock. The stock split is referred to as the Recapitalization and all references to share or per share amounts in the accompanying consolidated financial statements and applicable disclosures have been retrospectively adjusted to reflect the Recapitalization. In addition, on June 29, 2015, NRG Yield, Inc. completed the issuance of 28,198,000 shares of Class C common stock for net proceeds of $599 million . See further discussion in Note 10, Changes in Capital Structure . The holders of the Company's outstanding shares of Class A and Class C common stock are entitled to dividends as declared. NRG receives its distributions from NRG Yield LLC through its ownership of NRG Yield LLC Class B and Class D units. The following table represents the structure of the Company as of September 30, 2015 : As of September 30, 2015 , the Company's operating assets are comprised of the following projects: Projects Percentage Ownership Net Capacity (MW) (a) Offtake Counterparty Expiration Conventional GenConn Middletown (b) 50 % 95 Connecticut Light & Power 2041 GenConn Devon (b) 50 % 95 Connecticut Light & Power 2040 Marsh Landing 100 % 720 Pacific Gas and Electric 2023 El Segundo 100 % 550 Southern California Edison 2023 Walnut Creek 100 % 485 Southern California Edison 2023 1,945 Utility Scale Solar Alpine 100 % 66 Pacific Gas and Electric 2033 Avenal (b) 50 % 23 Pacific Gas and Electric 2031 Avra Valley 100 % 25 Tucson Electric Power 2032 Blythe 100 % 21 Southern California Edison 2029 Borrego 100 % 26 San Diego Gas and Electric 2038 Roadrunner 100 % 20 El Paso Electric 2031 CVSR 48.95 % 122 Pacific Gas and Electric 2038 Kansas South 100 % 20 Pacific Gas and Electric 2033 TA High Desert 100 % 20 Southern California Edison 2033 Desert Sunlight 250 25 % 63 Southern California Edison 2035 Desert Sunlight 300 25 % 75 Pacific Gas and Electric 2040 481 Distributed Solar AZ DG Solar Projects 100 % 5 Various 2025 - 2033 PFMG DG Solar Projects 51 % 4 Various 2032 9 Wind Alta I 100 % 150 Southern California Edison 2035 Alta II 100 % 150 Southern California Edison 2035 Alta III 100 % 150 Southern California Edison 2035 Alta IV 100 % 102 Southern California Edison 2035 Alta V 100 % 168 Southern California Edison 2035 Alta X (c)(d) 100 % 137 Southern California Edison 2038 (c) Alta XI (c)(d) 100 % 90 Southern California Edison 2038 (c) South Trent 100 % 101 AEP Energy Partners 2029 Laredo Ridge 100 % 80 Nebraska Public Power District 2031 Taloga 100 % 130 Oklahoma Gas & Electric 2031 Pinnacle 100 % 55 Maryland Department of General Services and University System of Maryland 2031 Buffalo Bear 100 % 19 Western Farmers Electric Co-operative 2033 Spring Canyon II (c) 90.1 % 31 Platte River Power Authority 2038 Spring Canyon III (c) 90.1 % 26 Platte River Power Authority 2039 1,389 Thermal Thermal equivalent MWt (e) 100 % 1,310 Various Various Thermal generation 100 % 124 Various Various Total net capacity (excluding equivalent MWt) (f) 3,948 (a) Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of September 30, 2015 . (b) On September 30, 2015, the Company acquired NRG's remaining 0.05% for an immaterial amount. (c) Projects are part of tax equity arrangements, as further described in Note 2, Summary of Significant Accounting Policies . (d) PPA begins on January 1, 2016. (e) For thermal energy, net capacity represents MWt for steam or chilled water and excludes 134 MWt available under the right-to-use provisions contained in agreements between two of the Company's thermal facilities and certain of its customers. (f) Total net capacity excludes capacity for RPV Holdco and DGPV Holdco, which are consolidated by NRG, as further described in Note 5, Variable Interest Entities . Substantially all of the Company's generation assets are under long-term contractual arrangements for the output or capacity from these assets. The thermal assets are comprised of district energy systems and combined heat and power plants that produce steam, hot water and/or chilled water and in some instances, electricity at a central plant. Three of the district energy systems are subject to rate regulation by state public utility commissions while the other district energy systems have rates determined by negotiated bilateral contracts. The Company entered into a management services agreement with NRG for various services, including human resources, accounting, tax, legal, information systems, treasury, and risk management. Costs incurred by the Company under this agreement were $9 million and $7 million for the nine months ended September 30, 2015 , and 2014 , respectively, which included certain direct expenses incurred by NRG on behalf of the Company. Stockholders' equity represents the equity associated with the Class A and Class C common stockholders, with the equity associated with the Class B and Class D common stockholder, or NRG, classified as noncontrolling interest. As described in Note 3 , Business Acquisitions , on January 2, 2015, the Company acquired the Laredo Ridge, Tapestry, and Walnut Creek projects, or the January 2015 Drop Down Assets, for total cash consideration of $489 million , including $9 million for working capital, plus assumed debt of $737 million . Additionally, on June 30, 2014, the Company acquired the TA High Desert, Kansas South, and El Segundo projects, or the June 2014 Drop Down Assets, from NRG for total cash consideration of $357 million plus assumed project level debt. These acquisitions were accounted for as transfers of entities under common control. The accounting guidance requires retrospective combination of the entities for all periods presented as if the combination has been in effect since the inception of common control. Accordingly, the Company prepared its consolidated financial statements to reflect the transfers as if they had taken place from the beginning of the financial statements period or from the date the entities were under common control (if later than the beginning of the financial statements period). The January 2015 Drop Down Assets are reflected as if the transfer took place on April 1, 2014, which represents the date these entities were acquired by NRG. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the SEC’s regulations for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP 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 Company’s annual financial statements for the year ended December 31, 2014 . Interim results are not necessarily indicative of results for a full year. In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of September 30, 2015 , and the results of operations, comprehensive income and cash flows for the nine months ended September 30, 2015 , and 2014 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amount of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. They also impact the reported amount of net earnings during the reporting period. Actual results could be different from these estimates. Tax Equity Arrangements Certain portions of the Company’s noncontrolling interests in subsidiaries represent third-party interests in the net assets under certain tax equity arrangements, which are consolidated by the Company, that have been entered into to finance the cost of wind facilities eligible for certain tax credits. Additionally, certain portions of the Company’s investments in unconsolidated affiliates reflect the Company’s interests in tax equity arrangements, that are not consolidated by the Company, that have been entered into to finance the cost of solar energy systems under operating leases eligible for certain tax credits. The Company has determined that the provisions in the contractual agreements of these structures represent substantive profit sharing arrangements. Further, the Company has determined that the appropriate methodology for calculating the noncontrolling interest and investment in unconsolidated affiliates that reflects the substantive profit sharing arrangements is a balance sheet approach utilizing the hypothetical liquidation at book value, or HLBV, method. Under the HLBV method, the amounts reported as noncontrolling interests and investment in unconsolidated affiliates represent the amounts the investors to the tax equity arrangements would hypothetically receive at each balance sheet date under the liquidation provisions of the contractual agreements, assuming the net assets of the funding structures were liquidated at their recorded amounts determined in accordance with U.S. GAAP. The investors’ interests in the results of operations of the funding structures are determined as the difference in noncontrolling interests and investment in unconsolidated affiliates at the start and end of each reporting period, after taking into account any capital transactions between the structures and the funds’ investors. The calculations utilized to apply the HLBV method include estimated calculations of taxable income or losses for each reporting period. Noncontrolling Interests The following table reflects the changes in the Company's noncontrolling interest balance: (In millions) Balance as of December 31, 2014 651 Payment to NRG for acquired January 2015 Drop Down Assets (489 ) Contributions from noncontrolling interest for Alta Wind X-X1 TE Holdco 119 Noncontrolling interest acquired in Spring Canyon acquisition 74 Comprehensive income 35 Non-cash contributions 10 Cash distributions to NRG (52 ) Balance as of September 30, 2015 $ 348 On June 30, 2015, the Company sold an economic interest in Alta Wind X-XI TE Holdco, holder of the Alta Wind X and Alta Wind XI projects, to a financial institution in order to monetize cash and tax attributes, primarily production tax credits. The net proceeds of $119 million are reflected as noncontrolling interest in the Company's balance sheet. As described in Note 3, Business Acquisitions , the Company acquired Spring Canyon on May 7, 2015. The Company owns 90.1% of the Class B shares of Spring Canyon. The seller, Invenergy, owns the remaining 9.9% of the Class B shares and the Class A shares are owned by a tax equity investor. The interests of Invenergy and the tax equity investor of $74 million are shown as noncontrolling interests. On January 2, 2015, the Company acquired the January 2015 Drop Down Assets, as discussed in Note 3 , Business Acquisitions . The difference between the cash paid of $489 million and the historical value of the entities' net assets of $61 million , as well as $23 million of AOCL, was recorded as a distribution to NRG and reduced the balance of its noncontrolling interest. In addition, as the January 2015 Drop Down Assets were owned by NRG until January 2, 2015, the pre-acquisition earnings of such projects are recorded as attributable to NRG's noncontrolling interest. Distributions The following table lists the distributions paid on NRG Yield LLC's Class B and D units during the nine months ended September 30, 2015 : Third Quarter 2015 Second Quarter 2015 First Quarter 2015 Distributions per Class B $ 0.21 $ 0.20 $ 0.39 Distributions per Class D $ 0.21 $ 0.20 N/A On November 4, 2015 , NRG Yield LLC announced the declaration of a distribution on its units of $0.215 per unit payable on December 15, 2015 to unit holders of record as of December 1, 2015 . The portion of the distributions paid by NRG Yield LLC to NRG is recorded as a reduction to the Company's noncontrolling interest balance. Recent Accounting Developments ASU 2015-16 — In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , or ASU No. 2015-16. The amendments of ASU No. 2015-16 require that an acquirer recognize measurement period adjustments to the provisional amounts recognized in a business combination in the reporting period during which the adjustments are determined. Additionally, the amendments of ASU No. 2015-16 require the acquirer to record in the same period's financial statements the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the measurement period adjustment, calculated as if the accounting had been completed at the acquisition date as well as disclosing on either the face of the income statement or in the notes the portion of the amount recorded in current period earnings that would have been recorded in previous reporting periods. The guidance in ASU No. 2015-16 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments should be applied prospectively. The adoption of this standard is not expected to have a material impact on the Company's results of operations, cash flows or financial position. ASU 2015-03 and ASU 2015-15 — In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , or ASU No. 2015-03. The amendments of ASU No. 2015-03 were issued to reduce complexity in the balance sheet presentation of debt issuance costs. ASU No. 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this standard. Additionally, in August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, or ASU No. 2015-15, as ASU No. 2015-03 did not specifically address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU No. 2015-15 allows an entity to continue to defer and present debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The guidance in ASU No. 2015-03 and ASU No. 2015-15 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. Had the Company adopted this guidance early, other assets would have been lower by $ 65 million and $ 67 million with corresponding decreases in debt as of September 30, 2015 , and December 31, 2014 , respectively. The adoption of this standard will have no impact on the Company's results of operations, cash flows or net assets. ASU 2015-02 — In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , or ASU No. 2015-02. The amendments of ASU No. 2015-02 were issued in an effort to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity's voting rights; or (3) the exposure to a majority of the legal entity's economic benefits. ASU No. 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The guidance in ASU No. 2015-02 is effective for periods beginning after December 15, 2015. Early adoption is permitted. The Company adopted the standard effective January 1, 2015 and the adoption of this standard did not impact the Company's results of operations, cash flows or financial position. ASU 2014-16 — In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity , or ASU No. 2014-16. The amendments of ASU No. 2014-16 clarify how U.S. GAAP should be applied in determining whether the nature of a host contract is more akin to debt or equity and in evaluating whether the economic characteristics and risks of an embedded feature are "clearly and closely related" to its host contract. The guidance in ASU No. 2014-16 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company adopted the standard effective January 1, 2015 and the adoption of this standard did not impact the Company's results of operations, cash flows or financial position. ASU 2014-09 — In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), or ASU No. 2014-09. The amendments of ASU No. 2014-09 complete the joint effort between the FASB and the International Accounting Standards Board, or IASB, to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards, or IFRS, and to improve financial reporting. The guidance in ASU No. 2014-09 provides that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for the goods or services provided and establishes the following steps to be applied by an entity: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies the performance obligation. In August 2015, the FASB issued ASU 2015-14, which formally deferred the effective date by one year to make the guidance of ASU No. 2014-09 effective for annual reporting periods beginning after December 15, 2017, including interim periods therein. Early adoption is permitted, but not prior to the original effective date, which was for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of the standard on the Company's results of operations, cash flows and financial position. |
Business Acquisitions
Business Acquisitions | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Business Acquisition | Business Acquisitions 2015 Acquisitions November 2015 Drop Down Assets from NRG On November 3, 2015, the Company acquired 75% of the Class B interests of NRG Wind TE Holdco, or the November 2015 Drop Down Assets, which owns a portfolio of 12 wind facilities totaling 814 net MW, from NRG for total cash consideration of $210 million , subject to working capital adjustments. The Company will be responsible for its pro-rata share of non-recourse project debt of $193 million and noncontrolling interest associated with a tax equity structure of $165 million (as of September 30, 2015). The Company funded the acquisition with borrowings from the revolving credit facility. The assets and liabilities transferred to the Company relate to interests under common control by NRG and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues . The difference between the cash paid and historical value of the entities' equity was recorded as a distribution to NRG and reduced the balance of its noncontrolling interest. Because the transaction constituted a transfer of net assets under common control, the guidance requires retrospective combination of the entities for all periods presented as if the combination has been in effect since the inception of common control. The Class A interests of NRG Wind TE Holdco are owned by a tax equity investor, or Investor, who receives 99% of allocations of taxable income and other items until the flip point, which occurs when the Investor obtains a specified return on its initial investment, at which time the allocations to the Investor change to 8.53% . The Company generally receives 75% of cash available for distribution until the flip point, at which time the allocations to the Company of cash available for distribution change to 68.60% . If the flip point has not occurred by a specified date, 100% of cash available for distribution is allocated to the Investor until the flip point occurs. NRG Wind TE Holdco is a VIE and the Company is the primary beneficiary, through its position as managing member, and consolidates NRG Wind TE Holdco. The following is a summary of assets and liabilities transferred in connection with the acquisition as of September 30, 2015 : NRG Wind TE Holdco (In millions) Current assets $ 34 Property, plant and equipment 673 Non-current assets 179 Total assets 886 Debt 193 Other current and non-current liabilities 33 Total liabilities 226 Less: noncontrolling interest $ 289 Net assets acquired $ 371 Supplemental Pro Forma Information As described above, the Company's acquisition of the November 2015 Drop Down Assets was accounted for as a transfer of entities under common control. The following unaudited supplemental pro forma information represents the results of operations as if the Company had acquired the November 2015 Drop Down Assets on January 1, 2014, including the impact of acquisition accounting with respect to NRG's acquisition of the projects. All net income or losses prior to the Company's acquisition of the projects is reflected as attributable to NRG and, accordingly, no pro forma impact to earnings per Class A and Class C common share was calculated. For the three months ended For the nine months ended (In millions) September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Operating revenues $ 225 $ 200 $ 660 $ 561 Net income 24 37 42 77 Desert Sunlight — On June 29, 2015, the Company acquired 25% of the membership interest in Desert Sunlight Investment Holdings, LLC, which owns two solar photovoltaic facilities that total 550 MW, located in Desert Center, California from EFS Desert Sun, LLC, an affiliate of GE Energy Financial Services for a purchase price of $285 million . Power generated by the facilities is sold to Southern California Edison and Pacific Gas and Electric under long-term PPAs with approximately 20 years and 25 years of remaining contract life, respectively. The Company accounts for its 25% investment as an equity method investment. Spring Canyon — On May 7, 2015, the Company acquired a 90.1% interest in Spring Canyon II, a 34 MW wind facility, and Spring Canyon III, a 29 MW wind facility, each located in Logan County, Colorado, from Invenergy Wind Global LLC. The purchase price was funded with cash on hand. Power generated by Spring Canyon II and Spring Canyon III is sold to Platte River Power Authority under long-term PPAs with approximately 24 years of remaining contract life. University of Bridgeport Fuel Cell — On April 30, 2015, the Company completed the acquisition of the University of Bridgeport Fuel Cell project in Bridgeport, Connecticut from FuelCell Energy, Inc. The project added an additional 1.4 MW of thermal capacity to the Company's portfolio, with a 12 years contract, with the option for a 7-year extension. The acquisition is reflected in the Company's Thermal segment. January 2015 Drop Down Assets from NRG — On January 2, 2015, the Company acquired the following projects from NRG: (i) Laredo Ridge, an 80 MW wind facility located in Petersburg, Nebraska, (ii) Tapestry, which includes Buffalo Bear, a 19 MW wind facility in Buffalo, Oklahoma; Taloga, a 130 MW wind facility in Putnum, Oklahoma; and Pinnacle, a 55 MW wind facility in Keyser, West Virginia, and (iii) Walnut Creek, a 485 MW natural gas facility located in City of Industry, California, for total cash consideration of $489 million , including $9 million for working capital, plus assumed project-level debt of $737 million . The Company funded the acquisition with cash on hand and drawings under its revolving credit facility. The assets and liabilities transferred to the Company relate to interests under common control by NRG and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues . The difference between the cash paid and the historical value of the entities' equity of $61 million , as well as $23 million of AOCL, was recorded as a distribution to NRG and reduced the balance of its noncontrolling interest. Since the transaction constituted a transfer of assets under common control, the guidance requires retrospective combination of the entities for all periods presented as if the combination has been in effect since the inception of common control. NRG acquired the majority of EME's assets, including Laredo Ridge, Tapestry and Walnut Creek, on April 1, 2014. The following table presents the historical information summary combining the financial information for the January 2015 Drop Down Assets transferred in connection with the acquisition: December 31, 2014 As Previously Reported Walnut Creek Tapestry Laredo Ridge As Currently Reported (In millions) Current assets $ 539 $ 46 $ 14 $ 7 $ 606 Property, plant and equipment 3,487 575 286 118 4,466 Non-current assets 1,726 57 61 49 1,893 Total assets 5,752 678 361 174 6,965 Debt 4,050 437 192 108 4,787 Other current and non-current liabilities 222 62 5 4 293 Total liabilities 4,272 499 197 112 5,080 Net assets $ 1,480 $ 179 $ 164 $ 62 $ 1,885 Supplemental Pro Forma Information As described above, the Company's acquisition of the January 2015 Drop Down Assets was accounted for as a transfer of entities under common control and all periods were retrospectively adjusted to reflect the entities as if they were transferred on the date the entities were under common control, which was April 1, 2014, the date NRG acquired Walnut Creek, Laredo Ridge and Tapestry. The following unaudited supplemental pro forma information represents the results of operations as if the Company had acquired the January 2015 Drop Down Assets on January 1, 2014, including the impact of acquisition accounting with respect to NRG's acquisition of the projects. While the financial statements have been retrospectively adjusted, all net income or losses prior to the Company's acquisition of the projects is reflected as attributable to NRG and accordingly, no pro forma impact to earnings per Class A and Class C common share was calculated. For the nine months ended (In millions) September 30, 2014 Operating revenues $ 523 Net income 104 Since the acquisition date, the January 2015 Drop Down Assets contributed $106 million in operating revenues and $31 million in net income. 2014 Acquisitions Alta Wind Portfolio Acquisition — On August 12, 2014, the Company acquired 100% of the membership interests of Alta Wind Asset Management Holdings, LLC, Alta Wind Company, LLC, Alta Wind X Holding Company, LLC and Alta Wind XI Holding Company, LLC, which collectively own seven wind facilities that total 947 MW located in Tehachapi, California and a portfolio of associated land leases, or the Alta Wind Portfolio. Power generated by the Alta Wind Portfolio is sold to Southern California Edison under long-term PPAs, with 21 years of remaining contract life for Alta Wind I-V. The Alta Wind X and XI PPAs begin in 2016 with a term of 22 years and currently sell energy and renewable energy credits on a merchant basis. The purchase price for the Alta Wind Portfolio was $923 million , which consisted of a base purchase price of $870 million , as well as a payment for working capital of $53 million , plus the assumption of $1.6 billion of non-recourse project-level debt. In order to fund the purchase price, NRG Yield, Inc. completed an equity offering of 12,075,000 shares of its Class A common stock at an offering price of $54.00 per share on July 29, 2014, which resulted in net proceeds of $630 million , after underwriting discounts and expenses. In addition, on August 5, 2014, NRG Yield Operating LLC issued $500 million of Senior Notes, which bear interest at a rate of 5.375% and mature in August 2024. The acquisition was recorded as a business combination under ASC 805-50, with identifiable assets acquired and liabilities assumed provisionally recorded at their estimated fair values on the acquisition date. The accounting for the business combination was completed as of August 11, 2015, at which point the fair values became final. The following table summarizes the provisional amounts recognized for assets acquired and liabilities assumed as of December 31, 2014, as well as adjustments made through August 11, 2015, when the allocation became final. The purchase price of $923 million was allocated as follows: Acquisition Date Fair Value at December 31, 2014 Measurement period adjustments Revised Acquisition Date (In millions) Assets Cash $ 22 $ — $ 22 Current and non-current assets 49 (2 ) 47 Property, plant and equipment 1,304 6 1,310 Intangible assets 1,177 (6 ) 1,171 Total assets acquired 2,552 (2 ) 2,550 Liabilities Debt 1,591 — 1,591 Current and non-current liabilities 38 (2 ) 36 Total liabilities assumed 1,629 (2 ) 1,627 Net assets acquired $ 923 $ — $ 923 Fair value measurements The fair values of the property, plant and equipment and intangible assets were measured primarily based on significant inputs that are not observable in the market and thus represent a Level 3 measurement as defined in ASC 820. Significant inputs were as follows: • Property, plant and equipment — The fair values were determined primarily based on an income method using discounted cash flows and validated using a cost approach based on the replacement cost of the assets less economic obsolescence. The income approach was applied by determining the enterprise value for each acquired entity and subtracting the fair value of the intangible assets and working capital to determine the implied value of the tangible fixed assets. This methodology was primarily relied upon as the forecasted cash flows incorporate the specific attributes of each asset including age, useful life, equipment condition and technology. The income approach also allows for an accurate reflection of current and expected market dynamics such as supply and demand and regulatory environment as of the acquisition date. • Intangible Assets - PPAs — The fair values of the PPAs acquired were determined utilizing a variation of the income approach where the incremental future cash flows resulting from the acquired PPAs compared to the cash flows based on current market prices were discounted to present value at a weighted average cost of capital reflective of a market participant. The values were corroborated with available market data. The PPA values will be amortized over the term of the PPAs, which approximate 22 years . • Intangible Assets - Leasehold rights — The fair values of the leasehold rights acquired, which represent the contractual right to receive royalty payments equal to a percentage of PPA revenue from certain projects, were determined utilizing the income approach. The values were corroborated with available market data. The leasehold rights values will be amortized over a period of 21 years , which is equal to the average term of the contracts. June 2014 Drop Down Assets — On June 30, 2014, the Company acquired from NRG: (i) El Segundo, a 550 MW fast-start, gas-fired facility located in Los Angeles County, California; (ii) TA High Desert, a 20 MW solar facility located in Los Angeles County, California; and (iii) Kansas South, a 20 MW solar facility located in Kings County, California. The Company paid total cash consideration of $357 million , which represents a base purchase price of $349 million and $8 million of working capital adjustments. In addition, the acquisition included the assumption of $612 million of project-level debt. The assets and liabilities transferred to the Company relate to interests under common control by NRG and were recorded at historical cost in accordance with ASC 805-50. The difference between the cash proceeds and the historical value of the net assets was recorded as a distribution to NRG and reduced the balance of its noncontrolling interest. Since the transaction constituted a transfer of entities under common control, the guidance requires retrospective combination of the entities for all periods presented as if the combination has been in effect since the inception of common control. Accordingly, the Company prepared its consolidated financial statements to reflect the transfer as if it had taken place from the beginning of the financial statements period. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | Property, Plant and Equipment The Company’s major classes of property, plant, and equipment were as follows: September 30, 2015 December 31, 2014 Depreciable Lives (In millions) Facilities and equipment $ 4,837 $ 4,709 2 - 40 Years Land and improvements 92 87 Construction in progress 4 8 Total property, plant and equipment 4,933 4,804 Accumulated depreciation (499 ) (338 ) Net property, plant and equipment $ 4,434 $ 4,466 |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments Accounted for by the Equity Method and Variable Interest Entities | Variable Interest Entities, or VIEs Entity that is Consolidated Alta TE Holdco — On June 30, 2015, the Company sold an economic interest in Alta TE Holdco to a financial institution in order to monetize certain cash and tax attributes, primarily production tax credits. The financial institution, or Investor, receives 99% of allocations of taxable income and other items until the flip point, which occurs when the Investor obtains a specified return on its initial investment, at which time the allocations to the Investor change to 5% . The Company receives 100% of cash available for distribution in the first year and subsequently receives 94.34% until the flip point, at which time the allocations to the Company of cash available for distribution change to 97.12% , unless the flip point has not occurred by a specified date, which would result in 100% of cash available for distribution allocated to the Investor until the flip point occurs. Alta TE Holdco is a VIE and the Company is the primary beneficiary through its position as managing member, and therefore consolidates Alta TE Holdco. The net proceeds of $119 million are reflected as noncontrolling interest in the Company's balance sheet. The summarized financial information for Alta TE Holdco consisted of the following: (In millions) September 30, 2015 Other current and non-current assets $ 20 Property, plant and equipment 490 Intangible assets 287 Total assets 797 Current and non-current liabilities 13 Total liabilities 13 Noncontrolling interest 124 Net assets less noncontrolling interests $ 660 Entities that are not Consolidated The Company has interests in entities that are considered VIEs under ASC 810, Consolidation , but for which it is not considered the primary beneficiary. The Company accounts for its interests in these entities under the equity method of accounting. NRG DGPV Holdco 1 LLC — On May 8, 2015, NRG Yield DGPV Holding LLC, a subsidiary of the Company and NRG Renew LLC, a subsidiary of NRG, entered into a partnership by forming NRG DGPV Holdco 1 LLC, or DGPV Holdco, the purpose of which is to own or purchase solar power generation projects and other ancillary related assets from NRG Renew LLC, via intermediate funds, including: (i) a tax equity-financed portfolio of 11 recently completed community solar projects representing approximately 11 MW with a weighted average remaining PPA term of 20 years ; and (ii) a tax equity-financed portfolio of approximately 29 commercial photovoltaic systems representing approximately 89 MW. The following illustrates the structure of DGPV Holdco: As of September 30, 2015, the Company's investment in DGPV Holdco related to the recently completed community solar projects was $17 million . Additionally, as of September 30, 2015, the Company's investment related to the commercial photovoltaic systems was $11 million , $9 million of which remained payable at September 30, 2015. DGPV Holdco is considered a VIE under ASC 810, however the Company is not the primary beneficiary and will account for its investment under the equity method. The Company's maximum exposure to loss is limited to its equity investment, which was $28 million as of September 30, 2015 . NRG RPV Holdco 1 LLC — On April 9, 2015, NRG Yield RPV Holding LLC, a subsidiary of the Company and NRG Residential Solar Solutions LLC, a subsidiary of NRG, entered into a partnership by forming NRG RPV Holdco 1 LLC, or RPV Holdco, that will invest in and hold operating portfolios of residential solar assets developed by NRG Home Solar, a subsidiary of NRG, including: (i) an existing, unlevered portfolio of over 2,200 leases across nine states representing approximately 17 MW with a weighted average remaining lease term of approximately 17 years ; and (ii) a tax equity-financed portfolios of approximately 13,000 leases representing approximately 90 MW, with an average lease term for the existing and new leases of approximately 17 to 20 years . The following illustrates the structure of RPV Holdco: The Company invested $26 million in RPV Holdco in April 2015 related to the existing, unlevered portfolio of leases. The Company also invested $21 million of its $150 million commitment in the tax equity-financed portfolios through September 30, 2015 . The Company's maximum exposure will be limited to its equity investment. RPV Holdco is considered a VIE under ASC 810, however the Company is not the primary beneficiary, and will account for its investment under the equity method. The Company's maximum exposure to loss is limited to its equity investment, which was $47 million as of September 30, 2015 . GenConn Energy LLC — The Company has a 50% interest in GCE Holding LLC, the owner of GenConn, which owns and operates two 190 MW peaking generation facilities in Connecticut at the Devon and Middletown sites. Each of these facilities was constructed pursuant to a 30-year cost of service type contract with the Connecticut Light & Power Company. GenConn is considered a VIE under ASC 810, however the Company is not the primary beneficiary, and accounts for its investment under the equity method. Effective September 30, 2015, the Company increased its 49.95% ownership by acquiring an additional 0.05% membership interest from NRG, bringing its total ownership interest to 50% . The project was funded through equity contributions from the owners and non-recourse, project-level debt. As of September 30, 2015 , the Company's investment in GenConn was $110 million and its maximum exposure to loss is limited to its equity investment. Additionally, GenConn has a $237 million project note with an interest rate of 4.73% and a maturity date of July 2041, and a 5-year, $35 million working capital facility that matures in 2018, which can be used to issue letters of credit at an interest rate of 1.875% per annum. As of September 30, 2015 , $220 million was outstanding under the note and nothing was drawn on the working capital facility. The note is secured by all of the GenConn assets. The following table presents summarized financial information for GCE Holding LLC: Three months ended September 30, Nine months ended September 30, (In millions) 2015 2014 2015 2014 Income Statement Data: Operating revenues $ 21 $ 18 $ 61 $ 62 Operating income 9 10 29 30 Net income $ 6 $ 7 $ 20 $ 21 September 30, 2015 December 31, 2014 Balance Sheet Data: (In millions) Current assets $ 32 $ 33 Non-current assets 420 438 Current liabilities 16 20 Non-current liabilities $ 216 $ 223 Desert Sunlight Investment Holdings, LLC - The Company has a 25% membership interest in Desert Sunlight Investment Holdings, LLC, which owns two solar photovoltaic facilities that total 550 MW in Desert Center, California. Power generated by the facilities is sold to Southern California Edison and Pacific Gas and Electric under long-term PPAs with approximately 20 years and 25 years of contract life, respectively. Desert Sunlight is considered a VIE under ASC 810, however the Company is not the primary beneficiary, and accounts for its investment under the equity method. As of September 30, 2015 , the Company's investment in Desert Sunlight was $281 million and its maximum exposure to loss is limited to its equity investment. The following tables present summarized financial information for Desert Sunlight Investment Holdings, LLC: Three months ended September 30, Nine months ended September 30, (In millions) 2015 2014 2015 2014 Income Statement Data: Operating revenues $ 73 $ 48 $ 170 $ 102 Operating income 51 33 108 58 Net income $ 39 $ 22 $ 70 $ 27 September 30, 2015 December 31, 2014 Balance Sheet Data: (In millions) Current assets $ 381 $ 706 Non-current assets 1,508 1,519 Current liabilities 91 436 Non-current liabilities $ 1,141 $ 1,152 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities [Table Text Block] | The Company records its derivative assets and liabilities at fair market value on its consolidated balance sheet. The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: As of September 30, 2015 As of December 31, 2014 Fair Value (a) Fair Value (a) Fair Value (b) (In millions) Level 1 Level 2 Level 2 Derivative assets: Commodity contracts $ — $ 3 $ — Interest rate contracts — — 2 Total assets — 3 2 Derivative liabilities: Commodity contracts 1 2 3 Interest rate contracts — 113 114 Total liabilities $ 1 $ 115 $ 117 (a) There were no assets or liabilities classified as Level 3 as of September 30, 2015 . (b) There were no assets or liabilities classified as Level 1 or Level 3 as of December 31, 2014 . |
Fair Value of Financial Instruments | Fair Value of Financial Instruments For cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accounts payable — affiliate, accrued expenses and other liabilities, the carrying amounts approximate 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 the Company’s recorded financial instruments not carried at fair market value are as follows: As of September 30, 2015 As of December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Assets: Notes receivable, including current portion $ 18 $ 18 $ 21 $ 21 Liabilities: Long-term debt, including current portion $ 4,509 $ 4,406 $ 4,787 $ 4,873 The fair value of notes receivable and long-term debt are based on expected future cash flows discounted at market interest rates, or current interest rates for similar instruments, and are classified as Level 3 within the fair value hierarchy. Fair Value Accounting under ASC 820 ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: • Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date. • Level 2—inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. • Level 3—unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. In accordance with ASC 820, the Company determines the level in the fair value hierarchy within which each fair value measurement in its entirety falls, based on the lowest level input that is significant to the fair value measurement. Recurring Fair Value Measurements The Company records its derivative assets and liabilities at fair market value on its consolidated balance sheet. The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: As of September 30, 2015 As of December 31, 2014 Fair Value (a) Fair Value (a) Fair Value (b) (In millions) Level 1 Level 2 Level 2 Derivative assets: Commodity contracts $ — $ 3 $ — Interest rate contracts — — 2 Total assets — 3 2 Derivative liabilities: Commodity contracts 1 2 3 Interest rate contracts — 113 114 Total liabilities $ 1 $ 115 $ 117 (a) There were no assets or liabilities classified as Level 3 as of September 30, 2015 . (b) There were no assets or liabilities classified as Level 1 or Level 3 as of December 31, 2014 . Derivative Fair Value Measurements A portion of the Company's contracts are exchange-traded contracts with readily available quoted market prices. A majority of the Company's contracts are non-exchange-traded and valued using prices provided by external sources. For the Company’s energy markets, management receives quotes from multiple sources. To the extent that multiple quotes are received, the prices reflect the average of the bid-ask mid-point prices obtained from all sources believed to provide the most liquid market for the commodity. The remainder of the assets and liabilities represent contracts for which external sources or observable market quotes are not available. These contracts are valued using various valuation techniques including, but not limited to, internal models that apply fundamental analysis of the market and corroboration with similar markets. As of September 30, 2015 , there were no contracts valued with prices provided by models and other valuation techniques. The fair value of each contract is discounted using a risk free interest rate. In addition, a credit reserve is applied to reflect credit risk, which is calculated based on credit default swaps. To the extent that the net exposure is an asset, the Company uses the counterparty’s default swap rate. If the net exposure is a liability, the Company uses its default swap rate. The credit reserve is added to the discounted fair value to reflect the exit price that a market participant would be willing to receive to assume the liabilities or that a market participant would be willing to pay for the assets. As of September 30, 2015 , the credit reserve resulted in a $3 million increase in fair value in OCI. It is possible that future market prices could vary from those used in recording assets and liabilities and such variations could be material. 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 audited consolidated financial statements included in the Company's 2014 Form 10-K , the following item is a discussion of the concentration of credit risk for the Company's financial instruments. 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. The Company monitors and manages credit risk through credit policies that include: (i) an established credit approval process; (ii) daily monitoring of counterparties' credit limits; (iii) the use of credit mitigation measures such as margin, collateral, prepayment arrangements, or volumetric limits; (iv) the use of payment netting agreements; and (v) the use of master netting agreements that allow for the netting of positive and negative exposures of various contracts associated with a single counterparty. Risks surrounding counterparty performance and credit could ultimately impact the amount and timing of expected cash flows. The Company seeks to mitigate counterparty risk by having a diversified portfolio of counterparties. Counterparty credit exposure includes credit risk exposure under certain long-term agreements, including solar and other PPAs. As external sources or observable market quotes are not available to estimate such exposure, the Company estimates the exposure related to these contracts based on various techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. Based on these valuation techniques, as of September 30, 2015 , credit risk exposure to these counterparties attributable to the Company's ownership interests was approximately $2.9 billion for the next five years . The majority of these power contracts are with utilities with strong credit quality and public utility commission or other regulatory support, as further described in Note 11 , Segment Reporting , to the Company's audited consolidated financial statements included in the Company's 2014 Form 10-K. However, such regulated utility counterparties can be impacted by changes in government regulations, which the Company is unable to predict. |
Accounting for Derivative Instr
Accounting for Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Accounting for Derivative Instruments and Hedging Activities | Accounting for Derivative Instruments and Hedging Activities This footnote should be read in conjunction with the complete description under Note 7, Accounting for Derivative Instruments and Hedging Activities , to the Company's audited consolidated financial statements included in the Company's 2014 Form 10-K . Energy-Related Commodities As of September 30, 2015 , the Company had forward contracts with an NRG subsidiary, hedging the sale of power from the Alta X and Alta XI wind facilities, entered into in the first quarter of 2015 and extending through the end of 2015 and forward contracts for the purchase of fuel commodities relating to the forecasted usage of the Company’s district energy centers extending through 2017. At September 30, 2015 , these contracts were not designated as cash flow or fair value hedges. Interest Rate Swaps As of September 30, 2015 , the Company had interest rate derivative instruments on non-recourse debt extending through 2031, most of which are designated as cash flow hedges. Volumetric Underlying Derivative Transactions The following table summarizes the net notional volume buy/(sell) of the Company's open derivative transactions broken out by commodity as of September 30, 2015 , and December 31, 2014 . Total Volume September 30, 2015 December 31, 2014 Commodity Units (In millions) Natural Gas MMBtu 4 2 Interest Dollars $ 1,786 $ 2,817 The decrease in the interest rate position is primarily the result of settling the Alta X and Alta XI interest rate swaps in connection with the repayment of the outstanding project-level debt during the second quarter of 2015, as further described in Note 8 , Long-term Debt . Fair Value of Derivative Instruments The following table summarizes the fair value within the derivative instrument valuation on the balance sheet: Fair Value Derivative Assets Derivative Liabilities September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 (In millions) Derivatives Designated as Cash Flow Hedges: Interest rate contracts current $ — $ — $ 36 $ 40 Interest rate contracts long-term — 2 67 49 Total Derivatives Designated as Cash Flow Hedges — 2 103 89 Derivatives Not Designated as Cash Flow Hedges : Interest rate contracts current — — 3 5 Interest rate contracts long-term — — 7 20 Commodity contracts current 3 — 3 3 Total Derivatives Not Designated as Cash Flow Hedges 3 — 13 28 Total Derivatives $ 3 $ 2 $ 116 $ 117 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. As of September 30, 2015 , there was no outstanding collateral paid or received. The following table summarizes the offsetting of derivatives by counterparty master agreement level: Gross Amounts Not Offset in the Statement of Financial Position As of September 30, 2015 Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Net Amount Commodity contracts: (In millions) Derivative assets $ 3 $ (1 ) $ 2 Derivative liabilities (3 ) 1 (2 ) Total commodity contracts — — — Interest rate contracts: Derivative liabilities (113 ) — (113 ) Total interest rate contracts (113 ) — (113 ) Total derivative instruments $ (113 ) $ — $ (113 ) Gross Amounts Not Offset in the Statement of Financial Position As of December 31, 2014 Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Net Amount Commodity contracts: (In millions) Derivative liabilities $ (3 ) $ — $ (3 ) Total commodity contracts (3 ) — (3 ) Interest rate contracts: Derivative assets 2 (2 ) — Derivative liabilities (114 ) 2 (112 ) Total interest rate contracts (112 ) — (112 ) Total derivative instruments $ (115 ) $ — $ (115 ) Accumulated Other Comprehensive Loss The following table summarizes the effects on the Company’s accumulated OCL balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (In millions) Accumulated OCL beginning balance $ (48 ) $ (34 ) $ (52 ) $ — Reclassified from accumulated OCL to income due to realization of previously deferred amounts 3 1 10 8 Mark-to-market of cash flow hedge accounting contracts (32 ) 5 (35 ) (36 ) Accumulated OCL ending balance, net of income tax benefit of $19, and $3, respectively $ (77 ) $ (28 ) $ (77 ) $ (28 ) Accumulated OCL attributable to NRG (45 ) (22 ) (45 ) (22 ) Accumulated OCL attributable to NRG Yield, Inc. $ (32 ) $ (6 ) $ (32 ) $ (6 ) Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $4 $ (14 ) $ (14 ) Amounts reclassified from accumulated OCL into income and amounts recognized in income from the ineffective portion of cash flow hedges are recorded to interest expense. There was no ineffectiveness for the three or nine months ended September 30, 2015 , and 2014 . Impact of Derivative Instruments on the Statements of Operations The Company has interest rate derivative instruments that are not designated as cash flow hedges. The effect of interest rate hedges is recorded to interest expense. For the three months ended September 30, 2015 , and 2014 , the impact to the consolidated statements of operations was a loss of $6 million and $0 million , respectively. For the nine months ended September 30, 2015 , and 2014 , the impact to the consolidated statements of operations was a gain of $13 million and a loss of $6 million , respectively. A portion of the Company’s derivative commodity contracts relates to its Thermal Business for the purchase of fuel commodities based on the forecasted usage of the thermal district energy centers. Realized gains and losses on these contracts are reflected in the fuel costs that are permitted to be billed to customers through the related customer contracts or tariffs and, accordingly, no gains or losses are reflected in the consolidated statements of operations for these contracts. Commodity contracts also hedge the forecasted sale of power for the Alta X and Alta XI wind facilities until the start of the PPAs on January 1, 2016. The effect of these commodity hedges is recorded to operating revenues. For the three months ended September 30, 2015 , the impact to the consolidated statements of operations was an unrealized loss of $1 million . For the nine months ended September 30, 2015 , the impact to the consolidated statements of operations was an unrealized gain of $2 million . See Note 6 , Fair Value of Financial Instruments , for discussion regarding concentration of credit risk. |
Long-term Debt
Long-term Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt This footnote should be read in conjunction with the complete description under Note 9, Long-term Debt , to the Company's 2014 Form 10-K. Long-term debt consisted of the following: September 30, 2015 December 31, 2014 September 30, 2015, interest rate % (a) (In millions, except rates) Senior Notes, due 2024 $ 500 $ 500 5.375 Convertible notes, due 2019 (b) 329 326 3.50 NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2019 (c) 92 — L+2.75 Convertible notes, due 2020 (d) 266 — 3.25 Project-level debt: Alta Wind I, lease financing arrangement, due 2034 255 261 7.015 Alta Wind II, lease financing arrangement, due 2034 200 205 5.696 Alta Wind III, lease financing arrangement, due 2034 208 212 6.067 Alta Wind IV, lease financing arrangement, due 2034 135 138 5.938 Alta Wind V, lease financing arrangement, due 2035 215 220 6.071 Alta Wind X, due 2021 — 300 L+2.00 Alta Wind XI, due 2021 — 191 L+2.00 Alta Realty Investments, due 2031 33 34 7.00 Alta Wind Asset Management, due 2031 19 20 L+2.375 NRG West Holdings LLC, due 2023 (El Segundo Energy Center) 485 506 L+1.625 - L+2.25 NRG Marsh Landing LLC, due 2017 and 2023 431 464 L+1.75 - L+1.875 Walnut Creek Energy, due 2023 363 391 L+1.625 Tapestry Wind LLC, due 2021 184 192 L+1.625 NRG Solar Alpine LLC, due 2014 and 2022 156 163 L+1.75 NRG Energy Center Minneapolis LLC, due 2017 and 2025 110 121 5.95 -7.25 Laredo Ridge LLC, due 2028 105 108 L+1.875 NRG Solar Borrego LLC, due 2025 and 2038 73 75 L+ 2.50/5.65 South Trent Wind LLC, due 2020 62 65 L+1.625 NRG Solar Avra Valley LLC, due 2031 61 63 L+1.75 TA High Desert LLC, due 2020 and 2032 54 55 L+2.50/5.15 WCEP Holdings LLC, due 2023 46 46 L+3.00 NRG Roadrunner LLC, due 2031 40 42 L+1.625 NRG Solar Kansas South LLC, due 2031 34 35 L+2.00 NRG Solar Blythe LLC, due 2028 22 22 L+1.625 PFMG and related subsidiaries financing agreement, due 2030 30 31 6.00 NRG Energy Center Princeton LLC, due 2017 1 1 5.95 Subtotal project-level debt: 3,322 3,961 Total debt 4,509 4,787 Less current maturities 224 214 Total long-term debt $ 4,285 $ 4,573 (a) As of September 30, 2015 , L+ equals 3 month LIBOR plus x%, except for the NRG Marsh Landing term loan, Walnut Creek term loan, and the Revolving Credit Facility where L+ equals 1 month LIBOR plus x% and Kansas South where L+ equals 6 month LIBOR plus x%. (b) Net of discount of $16 million and $19 million as of September 30, 2015 , and December 31, 2014 , respectively. (c) Applicable rate is determined by the Borrower Leverage Ratio, as defined in the credit agreement. (d) Net of discount of $22 million as of September 30, 2015 . The financing arrangements listed above contain certain covenants, including financial covenants that the Company is required to comply with during the term of the respective arrangement. As of September 30, 2015 , the Company was in compliance with all of the required covenants. The discussion below lists changes to or additions of long-term debt for the nine months ended September 30, 2015 . Convertible Notes due 2019 In connection with the Recapitalization, the Company adjusted the conversion rate of its 2019 Convertible Notes. Effective on May 15, 2015, the conversion rate was adjusted to 42.9644 shares of Class A common stock per $1,000 principal amount of 2019 Convertible Notes in accordance with the terms of the related indenture. NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility On June 26, 2015, the Company amended the revolving credit facility to, among other things, increase the availability from $450 million to $495 million . As of September 30, 2015 , $92 million of borrowings and $25 million of letters of credit were outstanding. On November 3, 2015, the Company borrowed $209 million from the revolving credit facility to finance the acquisition of the November 2015 Drop Down Assets, as discussed in Note 3 , Business Acquisitions . Convertible Senior Notes due 2020 On June 29, 2015, the Company closed on its offering of $287.5 million aggregate principal amount of 3.25% Convertible Senior Notes due 2020, or the 2020 Convertible Notes. The 2020 Convertible Notes are convertible, under certain circumstances, into the Company’s Class C common stock, cash or a combination thereof at an initial conversion price of $27.50 per Class C common share, which is equivalent to an initial conversion rate of approximately 36.3636 shares of Class C common stock per $1,000 principal amount of notes. Interest on the 2020 Convertible Notes is payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2015. The 2020 Convertible Notes mature on June 1, 2020, unless earlier repurchased or converted in accordance with their terms. Prior to the close of business on the business day immediately preceding December 1, 2019, the 2020 Convertible Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The 2020 Convertible Notes are accounted for in accordance with ASC 470-20. Under ASC 470-20, issuers of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, are required to separately account for the liability (debt) and equity (conversion option) components. The application of ACS 470-20 resulted in the recognition of $23 million as the value for the equity component with the offset to debt discount. The debt discount will be amortized to interest expense using the effective interest method over the term of the 2020 Convertible Notes. Alta Wind X and Alta Wind XI Financing Due 2021 On June 30, 2015, the Company entered into a tax equity financing arrangement through which NRG Yield Operating received $119 million in net proceeds, as described in Note 5 , Variable Interest Entities, or VIEs . These proceeds, as well as proceeds obtained from the June 29, 2015, common stock issuance, as described in Note 10 , Changes in Capital Structure , and 2020 Convertible Notes issuance, as described above, were utilized to repay all of the outstanding project indebtedness associated with the Alta Wind X and Alta Wind XI wind facilities. The Company also settled interest rate swaps associated with the project level debt for the Alta Wind X and Alta Wind XI wind facilities at a value of $17 million . Laredo Ridge On July 27, 2010, Laredo Ridge entered into a credit agreement with a group of lenders for a $75 million construction loan that was convertible to a term loan upon completion of the project, a $53 million cash grant loan and a $3 million working capital loan facility. The project met the conditions to convert to a term loan on March 18, 2011. The cash grant loan was repaid in July 2011 with proceeds of the cash grant. The credit agreement also included a letter of credit facility on behalf of Laredo Ridge of up to $9 million . Laredo Ridge paid a fee equal to the applicable margin on issued letters of credit. On December 17, 2014, Laredo Ridge amended the credit agreement to increase its term loan borrowings by an additional $41 million to reduce the working capital facility by $1 million , to increase the letter of credit facility by $1 million and to reduce the related interest rate to LIBOR plus 1.875% through December 31, 2018, LIBOR plus 2.125% from January 1, 2019 through December 31, 2023 and LIBOR plus 2.375% from January 1, 2024 through the maturity date. The fee on the working capital facility was reduced to 0.5% . In addition, the maturity date was extended to December 31, 2028. The proceeds were utilized to make a distribution of $33 million to NRG Wind LLC, an NRG subsidiary, with the remaining $8 million utilized to fund the costs of the amendment. As of September 30, 2015 , $105 million was outstanding under the term loan, nothing was outstanding under the working capital facility, and $10 million of letters of credit in support of the project were issued. In connection with the amendment to the credit agreement, Laredo Ridge entered into a series of fixed for floating interest rate swaps that would fix the interest rate for a minimum of 75% of the outstanding notional amount. Laredo Ridge pays its counterparty the equivalent of a 2.31% fixed interest payment on a predetermined notional value, and quarterly, Laredo Ridge will receive the equivalent of a floating interest payment based on the three-month LIBOR calculated on the same notional value through December 31, 2028. All interest rate swap payments by Laredo Ridge and its counterparties are made quarterly and LIBOR is determined in advance of each interest period. Tapestry Wind LLC On December 21, 2011, Tapestry Wind LLC entered into a credit agreement with a group of lenders for a $214 million term loan and an $8 million working capital loan facility. The term loan matures in December 2021. It is secured by Tapestry Wind LLC's interest in the Buffalo Bear, Taloga, and Pinnacle projects. The term loan amortizes based upon a predetermined schedule. The working capital facility is available to fund the operating needs of Tapestry Wind LLC. The commitment fee on this facility is 0.75% . The credit agreement also includes a letter of credit facility on behalf of Tapestry Wind LLC of up to $20 million . Tapestry Wind LLC pays a fee equal to the applicable margin on issued letters of credit. Under the terms of the agreement, Tapestry Wind LLC entered into a series of fixed for floating interest rate swaps that would fix the interest rate for a minimum of 90% of the outstanding notional amount. Tapestry Wind LLC will pay its counterparty the equivalent of a 2.21% fixed interest payment on a predetermined notional value, and quarterly, Tapestry Wind LLC will receive the equivalent of a floating interest payment based on a three-month LIBOR calculated on the same notional value through December 21, 2021. All interest rate swap payments by Tapestry Wind LLC and its counterparties are made quarterly and the LIBOR is determined in advance of each interest period. Swaps became effective December 30, 2011, and amortize in proportion to the term loan. At the same time Tapestry Wind LLC entered into a series of forward starting swaps to hedge the refinancing risk. The swaps are effective December 21, 2021. Tapestry Wind LLC will pay its counterparty the equivalent of a 3.57% fixed interest payment on a predetermined notional value, and quarterly, Tapestry Wind LLC will receive the equivalent of a floating interest payment based on a three-month LIBOR calculated on the same notional value through December 21, 2029. On November 12, 2014, Tapestry Wind LLC amended the credit agreement to reduce the related interest rate to LIBOR plus 1.625% through December 20, 2018, and LIBOR plus 1.75% from December 21, 2018, through the maturity date. As of September 30, 2015 , $184 million was outstanding under the term loan, nothing was outstanding under the working capital facility and $20 million of letters of credit in support of the project were issued. Walnut Creek On July 27, 2011, Walnut Creek entered into a credit agreement with a group of lenders for a $442 million construction loan that was convertible to a term loan upon completion of the project, and a $5 million working capital loan facility. The project met the conditions to convert to a term loan on June 21, 2013, and matures in May 2023. The term loan amortizes based upon a predetermined schedule. The working capital facility is available to fund the operating needs of Walnut Creek. The commitment fee on this facility is 0.625% . The Walnut Creek agreement also includes a letter of credit facility on behalf of Walnut Creek of up to $117 million . Walnut Creek pays a fee equal to the applicable margin on issued letters of credit. Under the terms of the agreement, Walnut Creek entered into a series of fixed for floating interest rate swaps that would fix the interest rate for a minimum of 90% of the outstanding notional amount. Walnut Creek will pay its counterparty the equivalent of a 3.54% fixed interest payment on a predetermined notional value, and quarterly, Walnut Creek will receive the equivalent of a floating interest payment based on a three-month LIBOR calculated on the same notional value through May 31, 2023. All interest rate swap payments by Walnut Creek and its counterparties are made quarterly and the LIBOR is determined in advance of each interest period. Swaps became effective June 28, 2013, and amortize in proportion to the term loan. On October 21, 2014, Walnut Creek amended the credit agreement to increase its term loan borrowings by an additional $10 million , and to reduce the related interest rate to LIBOR plus 1.625% through September 30, 2018, LIBOR plus 1.75% from October 1, 2018, through September 30, 2022, and LIBOR plus 1.875% from October 1, 2022, through the maturity date. The fee on the working capital facility was reduced to 0.5% . The proceeds were utilized to make a distribution of $6 million to WCEP Holdings LLC with the remaining $4 million utilized to fund the costs of the amendment. In addition, Walnut Creek entered into an additional interest rate swap to maintain the minimum of 90% of the outstanding notional amount being swapped to a fixed interest rate. Walnut Creek pays its counterparty the equivalent of a 4.0025% fixed interest payment on a predetermined notional value, and quarterly, Walnut Creek receives the equivalent of a floating interest payment based on a three-month LIBOR calculated on the same notional value through July 31, 2020. All interest rate swap payments by Walnut Creek and its counterparties are made quarterly and the LIBOR is determined in advance of each interest period. Swaps became effective June 28, 2013, and amortize in proportion to the term loan. As of September 30, 2015 , $363 million was outstanding under the term loan, nothing was outstanding under the working capital facility, and $49 million of letters of credit were issued. WCEP Holdings LLC On July 27, 2011, WCEP Holdings LLC entered into a credit agreement with a group of lenders for a $53 million construction loan that was convertible to a term loan upon completion of the Walnut Creek project. The Walnut Creek project met the conditions for the WCEP Holdings LLC loan to convert to a term loan on June 21, 2013. The term loan has an interest rate of LIBOR plus an applicable margin of 4% . The term loan matures in May 2023. The term loan amortizes based upon a predetermined schedule. Under the terms of the credit agreement, WCEP Holdings LLC entered into two fixed for floating interest rate swaps that would fix the interest rate for a minimum of 90% of the outstanding notional amount. WCEP Holdings LLC will pay its counterparty the equivalent of a 4% fixed interest payment on a predetermined notional value, and quarterly, WCEP Holdings LLC will receive the equivalent of a floating interest payment based on a three-month LIBOR calculated on the same notional value through May 31, 2023. All interest rate swap payments by WCEP Holdings LLC and its counterparties are made quarterly and the LIBOR is determined in advance of each interest period. Swaps became effective June 28, 2013, and amortize in proportion to the term loan. On October 21, 2014, WCEP Holdings LLC amended the credit agreement to reduce the related interest rate to LIBOR plus 3% . The proceeds of the distribution from Walnut Creek were utilized to make an optional repayment of $6 million on the term loan. In addition, WCEP Holdings LLC partially terminated the interest rate agreements so that at least 90% and no more than 100% of the aggregate principal amount of the loans then outstanding will be subject to interest rate agreements. As of September 30, 2015 , $46 million was outstanding under the term loan. Avenal Solar Holdings LLC On March 18, 2015, Avenal Solar Holdings LLC, one of the Company's equity method investments, amended its credit agreement to increase its borrowings by $43 million and to reduce the related interest rate from 6 month LIBOR plus an applicable margin of 2.25% to 6 month LIBOR plus 1.75% from March 18, 2015, through March 17, 2022, 6 month LIBOR plus 2.00% from March 18, 2022, through March 17, 2027, and 6 month LIBOR plus 2.25% from March 18, 2027, through the maturity date. As a result of the credit agreement amendment, the Company received net proceeds of $20 million after fees from its 49.95% ownership in Avenal. Effective September 30, 2015, the Company increased its ownership to 50% by acquiring an additional 0.05% membership interest in Avenal. NRG West Holdings LLC On May 29, 2015, NRG West Holdings LLC amended its financing agreement to increase borrowings under the Tranche A facility by $5 million and to reduce the related interest rate to LIBOR plus an applicable margin of 1.625% from May 29, 2015, to August 31, 2017, LIBOR plus an applicable margin of 1.75% from September 1, 2017, to August 31, 2020, and LIBOR plus 1.875% from September 1, 2020, through the maturity date; to reduce the Tranche B loan interest rate to LIBOR plus an applicable margin of 2.250% from May 29, 2015, to August 31, 2017, LIBOR plus 2.375% from September 1, 2017, to August 31, 2020, and LIBOR plus an applicable margin of 2.50% from September 1, 2020, through the maturity date and to reduce the working capital facility by $9 million . The proceeds of the increased borrowing were used to pay costs associated with the refinancing. Further, the amendment resulted in a $7 million loss on debt extinguishment. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per common share are computed by dividing net income by the weighted average number of common shares outstanding. Shares issued during the year are weighted for the portion of the year that they were outstanding. The number of shares and per share amounts for the prior periods presented below have been retrospectively restated to reflect the Recapitalization as further described in Note 10 , Changes in Capital Structure . The reconciliation of the Company's basic and diluted earnings per share is shown in the following tables: Three months ended September 30, 2015 2014 (In millions, except per share data) Common Class A Common Class C Common Class A Common Class C Basic and diluted earnings per share attributable to NRG Yield, Inc. common stockholders Net income attributable to NRG Yield, Inc. $ 6 $ 11 $ 3 $ 3 Weighted average number of common shares outstanding 35 63 31 31 Earnings per weighted average common share — basic and diluted (a) $ 0.18 $ 0.18 $ 0.10 $ 0.10 Nine months ended September 30, 2015 2014 (In millions, except per share data) (a) Common Class A Common Class C Common Class A Common Class C Basic and diluted earnings per share attributable to NRG Yield, Inc. common stockholders Net income attributable to NRG Yield, Inc. $ 10 $ 12 $ 8 $ 8 Weighted average number of common shares outstanding 35 44 25 25 Earnings per weighted average common share — basic and diluted (a) $ 0.28 $ 0.28 $ 0.31 $ 0.31 (a) Basic and diluted earnings per share might not recalculate due to presenting Net income attributable to NRG Yield, Inc. and Weighted average number of common shares outstanding in millions rather than whole dollars. With respect to the Class A common stock, there were a total of 15 million and 7 million anti-dilutive outstanding equity instruments for the three months ended September 30, 2015 , and 2014 , respectively, and 15 million and 6 million anti-dilutive outstanding equity instruments for the nine months ended September 30, 2015 , and 2014 , respectively, related to the 2019 Convertible Notes. With respect to the Class C common stock, there were a total of 10 million anti-dilutive outstanding equity instruments for the three months ended September 30, 2015 , and 4 million anti-dilutive outstanding equity instruments for the nine months ended September 30, 2015 , related to the 2020 Convertible Notes. |
Changes in Capital Structure
Changes in Capital Structure | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity | Changes in Capital Structure Recapitalization On May 5, 2015, the Company's stockholders approved amendments to the Company's certificate of incorporation that adjusted the Company’s capital structure by creating two new classes of capital stock, Class C common stock and Class D common stock, and distributed shares of Class C and Class D common stock to holders of the Company's outstanding Class A and Class B common stock, respectively, through a stock split. The Recapitalization became effective on May 14, 2015. The Class C common stock and Class D common stock have the same rights and privileges and rank equally, share ratably and are identical in all respects to the shares of Class A common stock and Class B common stock, respectively, as to all matters, except that each share of Class C common stock and Class D common stock is entitled to 1/100th of a vote on all stockholder matters. The par value per share of the Company’s Class A common stock and Class B common stock remains unchanged at $0.01 per share after the effect of the stock split described above. Accordingly, the stock split was accounted for as a stock dividend. The Company recorded a transfer between retained earnings and common stock equal to the par value of each share of Class C common stock and Class D common stock that was issued. The Company also retrospectively adjusted all prior period share and per share amounts in the consolidated financial statements for the effect of the stock dividend, so that all periods are comparable. Class C Common Stock Issuance On June 29, 2015, the Company closed on its offering of 28,198,000 shares of Class C common stock at a price of $22 per share, which included 3,678,000 shares of Class C common stock purchased by the underwriters through the exercise of an over-allotment option. Net proceeds to the Company from the sale of the Class C common stock were $599 million , net of underwriting discounts and commissions of $21 million . The Company utilized the proceeds of the offering to acquire 28,198,000 additional Class C units of NRG Yield LLC and, as a result, it currently owns 53.3% of the economic interests of NRG Yield LLC, with NRG retaining 46.7% of the economic interests of NRG Yield LLC. Dividends to Class A and Class C common stockholders The following table lists the dividends paid on the Company's Class A common stock and Class C common stock during the nine months ended September 30, 2015 : Third Quarter 2015 Second Quarter 2015 First Quarter 2015 Dividends per Class A share $ 0.21 $ 0.20 $ 0.39 Dividends per Class C share $ 0.21 0.20 N/A Dividends on the Class A common stock and Class C common stock are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations. On November 4, 2015 , the Company announced the declaration of quarterly dividends on its Class A common stock and Class C common stock of $0.215 per share payable on December 15, 2015 , to stockholders of record as of December 1, 2015 . The Company also has authorized 10,000,000 shares of preferred stock, par value $0.01 per share. None of the shares of preferred stock have been issued. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company’s segment structure reflects how management currently operates and allocates resources. The Company's businesses are primarily segregated based on conventional power generation, renewable businesses which consist of solar and wind, and the thermal and chilled water business. The Corporate segment reflects the Company's corporate costs. The Company'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, and cash available for distribution, or CAFD, as well as net income (loss). Three months ended September 30, 2015 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 86 $ 77 $ 46 $ — $ 209 Cost of operations 15 23 31 — 69 Depreciation and amortization 19 26 5 — 50 General and administrative — affiliate — — — 3 3 Acquisition-related transaction and integration costs — — — 1 1 Operating income (loss) 52 28 10 (4 ) 86 Equity in earnings of unconsolidated affiliates 3 16 — — 19 Other income, net — 1 — — 1 Loss on debt extinguishment — (2 ) — — (2 ) Interest expense (11 ) (32 ) (1 ) (18 ) (62 ) Income (loss) before income taxes 44 11 9 (22 ) 42 Income tax expense — — — 8 8 Net Income (Loss) $ 44 $ 11 $ 9 $ (30 ) $ 34 Total Assets $ 2,132 $ 4,214 $ 434 $ 209 $ 6,989 Three months ended September 30, 2014 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 80 $ 56 $ 48 $ — $ 184 Cost of operations 15 13 32 — 60 Depreciation and amortization 13 16 5 — 34 General and administrative — affiliate — — — 3 3 Acquisition-related transaction and integration costs — — — 2 2 Operating income (loss) 52 27 11 (5 ) 85 Equity in earnings of unconsolidated affiliates 4 7 — — 11 Other income, net — — — 1 1 Interest expense (14 ) (23 ) (2 ) (9 ) (48 ) Income (loss) before income taxes 42 11 9 (13 ) 49 Income tax expense — — — 10 10 Net Income (Loss) $ 42 $ 11 $ 9 $ (23 ) $ 39 Nine months ended September 30, 2015 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 247 $ 224 $ 135 $ — $ 606 Cost of operations 51 64 96 — 211 Depreciation and amortization 61 88 14 — 163 General and administrative — affiliate — — — 9 9 Acquisition-related transaction and integration costs — — — 2 2 Operating income (loss) 135 72 25 (11 ) 221 Equity in earnings of unconsolidated affiliates 10 19 — — 29 Other income, net 1 1 — — 2 Loss on debt extinguishment (7 ) (2 ) — — (9 ) Interest expense (36 ) (91 ) (5 ) (44 ) (176 ) Income (loss) before income taxes 103 (1 ) 20 (55 ) 67 Income tax expense — — — 8 8 Net Income (Loss) $ 103 $ (1 ) $ 20 $ (63 ) $ 59 Nine months ended September 30, 2014 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 223 $ 118 $ 156 $ — $ 497 Cost of operations 41 24 108 — 173 Depreciation and amortization 60 38 14 — 112 General and administrative — affiliate — — — 7 7 Acquisition-related transaction and integration costs — — — 2 2 Operating income (loss) 122 56 34 (9 ) 203 Equity in earnings of unconsolidated affiliates 11 15 — — 26 Other income, net — 1 — 1 2 Interest expense (40 ) (46 ) (6 ) (17 ) (109 ) Income (loss) before income taxes 93 26 28 (25 ) 122 Income tax expense — — — 15 15 Net Income (Loss) $ 93 $ 26 $ 28 $ (40 ) $ 107 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Effective Tax Rate The income tax provision consisted of the following: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (In millions, except percentages) Income before income taxes $ 42 $ 49 $ 67 $ 122 Income tax expense 8 10 8 15 Effective income tax rate 19.0 % 20.4 % 11.9 % 12.3 % For the three and nine months ended September 30, 2015 and 2014 , the overall effective tax rate was different than the statutory rate of 35% primarily due to taxable earnings allocated to NRG resulting from its interest in NRG Yield LLC and production tax credits generated from certain wind facilities. For tax purposes, NRG Yield LLC is treated as a partnership; therefore, the Company and NRG each record their respective share of taxable income or loss. The Company's deferred tax balances reflect cumulative net operating losses and the difference in book and tax basis of the Company's assets primarily due to an increase in the tax basis of property, plant and equipment. The change in tax basis resulted in non-cash additions of $29 million during the nine months ended September 30, 2015 , and $65 million during the year ended December 31, 2014 , to the Company's additional paid-in capital. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | Related Party Transactions Management Services Agreement by and between the Company and NRG NRG provides the Company with various operation, management, and administrative services, which include human resources, accounting, tax, legal, information systems, treasury, and risk management, as set forth in the Management Services Agreement. As of September 30, 2015 , the base management fee was approximately $7 million per year, subject to an inflation-based adjustment annually at an inflation factor based on the year-over-year U.S. consumer price index. The fee is also subject to adjustments following the consummation of future acquisitions and as a result of a change in the scope of services provided under the Management Services Agreement. During the nine months ended September 30, 2015 , the fee was increased by approximately $1 million per year primarily due to the acquisition of the January 2015 Drop Down Assets. Costs incurred under this agreement were $9 million and $7 million for the nine months ended September 30, 2015 , and 2014 , respectively, which included certain direct expenses incurred by NRG on behalf of the Company in addition to the base management fee. There was a balance of $5 million due to NRG in accounts payable — affiliate as of September 30, 2015 . Operation and Maintenance Services (O&M) Agreements by and between Thermal Entities and NRG On October 1, 2014, NRG entered into Plant O&M Services Agreements with certain wholly-owned subsidiaries of the Company. NRG provides necessary and appropriate services to operate and maintain the subsidiaries' plant operations, businesses and thermal facilities. NRG is to be reimbursed for the provided services, as well as for all reasonable and related expenses and expenditures, and payments to third parties for services and materials rendered to or on behalf of the parties to the agreements. NRG is not entitled to any management fee or mark-up under the agreements. Prior to October 1, 2014, NRG provided the same services to the Thermal Business on an informal basis. Total fees incurred under the agreements were $21 million for the nine months ended September 30, 2015 , and 2014 . There was a balance of $30 million and $22 million due to NRG in accounts payable — affiliate as of September 30, 2015 , and December 31, 2014 , respectively. Subsequent to quarter end, $7 million of the outstanding balance has been paid. Administrative Services Agreement by and between Marsh Landing and GenOn Energy Services, LLC Marsh Landing is a party to an administrative services agreement with GenOn Energy Services, LLC, a wholly-owned subsidiary of NRG, which provides invoice processing and payment on behalf of Marsh Landing. Marsh Landing reimburses GenOn Energy Services, LLC for the amounts paid by it. The Company reimbursed costs under this agreement of approximately $11 million for the nine months ended September 30, 2015 , and 2014 . There was a balance of $1 million and $4 million due to GenOn Energy Services, LLC in accounts payable — affiliate as of September 30, 2015 , and December 31, 2014 , respectively. O&M Services Agreements by and between El Segundo and NRG El Segundo Operations El Segundo incurs fees under an O&M agreement with NRG El Segundo Operations, Inc., a wholly-owned subsidiary of NRG. Under the O&M agreement, NRG El Segundo Operations, Inc. manages, operates and maintains the El Segundo facility for an initial term of ten years following the commercial operations date. For the nine months ended September 30, 2015 , and 2014, the costs incurred under the agreement were approximately $4 million and $3 million , respectively. There was a balance of $1 million due to NRG El Segundo in accounts payable — affiliate as of September 30, 2015 , and December 31, 2014 . O&M Services Agreements by and between GenConn and NRG GenConn incurs fees under two O&M agreements with wholly-owned subsidiaries of NRG. The fees incurred under the agreements were $3 million and $5 million for the nine months ended September 30, 2015 , and 2014 , respectively. Administrative Services Agreement by and between CVSR and NRG CVSR is a party to an administrative services agreement with NRG Energy Services LLC, a wholly-owned subsidiary of NRG, which provides O&M services on behalf of CVSR. CVSR reimburses NRG Energy Services LLC for the amounts paid by it. CVSR reimbursed costs under this agreement of $4 million and $5 million for the nine months ended September 30, 2015 , and 2014 , respectively. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | Noncontrolling Interests The following table reflects the changes in the Company's noncontrolling interest balance: (In millions) Balance as of December 31, 2014 651 Payment to NRG for acquired January 2015 Drop Down Assets (489 ) Contributions from noncontrolling interest for Alta Wind X-X1 TE Holdco 119 Noncontrolling interest acquired in Spring Canyon acquisition 74 Comprehensive income 35 Non-cash contributions 10 Cash distributions to NRG (52 ) Balance as of September 30, 2015 $ 348 On June 30, 2015, the Company sold an economic interest in Alta Wind X-XI TE Holdco, holder of the Alta Wind X and Alta Wind XI projects, to a financial institution in order to monetize cash and tax attributes, primarily production tax credits. The net proceeds of $119 million are reflected as noncontrolling interest in the Company's balance sheet. As described in Note 3, Business Acquisitions , the Company acquired Spring Canyon on May 7, 2015. The Company owns 90.1% of the Class B shares of Spring Canyon. The seller, Invenergy, owns the remaining 9.9% of the Class B shares and the Class A shares are owned by a tax equity investor. The interests of Invenergy and the tax equity investor of $74 million are shown as noncontrolling interests. On January 2, 2015, the Company acquired the January 2015 Drop Down Assets, as discussed in Note 3 , Business Acquisitions . The difference between the cash paid of $489 million and the historical value of the entities' net assets of $61 million , as well as $23 million of AOCL, was recorded as a distribution to NRG and reduced the balance of its noncontrolling interest. In addition, as the January 2015 Drop Down Assets were owned by NRG until January 2, 2015, the pre-acquisition earnings of such projects are recorded as attributable to NRG's noncontrolling interest. |
Distributions [Policy Text Block] | Distributions The following table lists the distributions paid on NRG Yield LLC's Class B and D units during the nine months ended September 30, 2015 : Third Quarter 2015 Second Quarter 2015 First Quarter 2015 Distributions per Class B $ 0.21 $ 0.20 $ 0.39 Distributions per Class D $ 0.21 $ 0.20 N/A On November 4, 2015 , NRG Yield LLC announced the declaration of a distribution on its units of $0.215 per unit payable on December 15, 2015 to unit holders of record as of December 1, 2015 . The portion of the distributions paid by NRG Yield LLC to NRG is recorded as a reduction to the Company's noncontrolling interest balance. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amount of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. They also impact the reported amount of net earnings during the reporting period. Actual results could be different from these estimates. |
Recent Accounting Developments | Recent Accounting Developments ASU 2015-16 — In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , or ASU No. 2015-16. The amendments of ASU No. 2015-16 require that an acquirer recognize measurement period adjustments to the provisional amounts recognized in a business combination in the reporting period during which the adjustments are determined. Additionally, the amendments of ASU No. 2015-16 require the acquirer to record in the same period's financial statements the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the measurement period adjustment, calculated as if the accounting had been completed at the acquisition date as well as disclosing on either the face of the income statement or in the notes the portion of the amount recorded in current period earnings that would have been recorded in previous reporting periods. The guidance in ASU No. 2015-16 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments should be applied prospectively. The adoption of this standard is not expected to have a material impact on the Company's results of operations, cash flows or financial position. ASU 2015-03 and ASU 2015-15 — In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , or ASU No. 2015-03. The amendments of ASU No. 2015-03 were issued to reduce complexity in the balance sheet presentation of debt issuance costs. ASU No. 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this standard. Additionally, in August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, or ASU No. 2015-15, as ASU No. 2015-03 did not specifically address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU No. 2015-15 allows an entity to continue to defer and present debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The guidance in ASU No. 2015-03 and ASU No. 2015-15 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. Had the Company adopted this guidance early, other assets would have been lower by $ 65 million and $ 67 million with corresponding decreases in debt as of September 30, 2015 , and December 31, 2014 , respectively. The adoption of this standard will have no impact on the Company's results of operations, cash flows or net assets. ASU 2015-02 — In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , or ASU No. 2015-02. The amendments of ASU No. 2015-02 were issued in an effort to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity's voting rights; or (3) the exposure to a majority of the legal entity's economic benefits. ASU No. 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The guidance in ASU No. 2015-02 is effective for periods beginning after December 15, 2015. Early adoption is permitted. The Company adopted the standard effective January 1, 2015 and the adoption of this standard did not impact the Company's results of operations, cash flows or financial position. ASU 2014-16 — In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity , or ASU No. 2014-16. The amendments of ASU No. 2014-16 clarify how U.S. GAAP should be applied in determining whether the nature of a host contract is more akin to debt or equity and in evaluating whether the economic characteristics and risks of an embedded feature are "clearly and closely related" to its host contract. The guidance in ASU No. 2014-16 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company adopted the standard effective January 1, 2015 and the adoption of this standard did not impact the Company's results of operations, cash flows or financial position. ASU 2014-09 — In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), or ASU No. 2014-09. The amendments of ASU No. 2014-09 complete the joint effort between the FASB and the International Accounting Standards Board, or IASB, to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards, or IFRS, and to improve financial reporting. The guidance in ASU No. 2014-09 provides that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for the goods or services provided and establishes the following steps to be applied by an entity: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies the performance obligation. In August 2015, the FASB issued ASU 2015-14, which formally deferred the effective date by one year to make the guidance of ASU No. 2014-09 effective for annual reporting periods beginning after December 15, 2017, including interim periods therein. Early adoption is permitted, but not prior to the original effective date, which was for annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of the standard on the Company's results of operations, cash flows and financial position. |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | The Company’s segment structure reflects how management currently operates and allocates resources. The Company's businesses are primarily segregated based on conventional power generation, renewable businesses which consist of solar and wind, and the thermal and chilled water business. The Corporate segment reflects the Company's corporate costs. The Company'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, and cash available for distribution, or CAFD, as well as net income (loss). |
Nature of Business Nature of Bu
Nature of Business Nature of Business (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Nature of Business Disclosure [Abstract] | |
IPO of NRG Yield | The following table represents the structure of the Company as of September 30, 2015 : |
Schedule of Ownership | As of September 30, 2015 , the Company's operating assets are comprised of the following projects: Projects Percentage Ownership Net Capacity (MW) (a) Offtake Counterparty Expiration Conventional GenConn Middletown (b) 50 % 95 Connecticut Light & Power 2041 GenConn Devon (b) 50 % 95 Connecticut Light & Power 2040 Marsh Landing 100 % 720 Pacific Gas and Electric 2023 El Segundo 100 % 550 Southern California Edison 2023 Walnut Creek 100 % 485 Southern California Edison 2023 1,945 Utility Scale Solar Alpine 100 % 66 Pacific Gas and Electric 2033 Avenal (b) 50 % 23 Pacific Gas and Electric 2031 Avra Valley 100 % 25 Tucson Electric Power 2032 Blythe 100 % 21 Southern California Edison 2029 Borrego 100 % 26 San Diego Gas and Electric 2038 Roadrunner 100 % 20 El Paso Electric 2031 CVSR 48.95 % 122 Pacific Gas and Electric 2038 Kansas South 100 % 20 Pacific Gas and Electric 2033 TA High Desert 100 % 20 Southern California Edison 2033 Desert Sunlight 250 25 % 63 Southern California Edison 2035 Desert Sunlight 300 25 % 75 Pacific Gas and Electric 2040 481 Distributed Solar AZ DG Solar Projects 100 % 5 Various 2025 - 2033 PFMG DG Solar Projects 51 % 4 Various 2032 9 Wind Alta I 100 % 150 Southern California Edison 2035 Alta II 100 % 150 Southern California Edison 2035 Alta III 100 % 150 Southern California Edison 2035 Alta IV 100 % 102 Southern California Edison 2035 Alta V 100 % 168 Southern California Edison 2035 Alta X (c)(d) 100 % 137 Southern California Edison 2038 (c) Alta XI (c)(d) 100 % 90 Southern California Edison 2038 (c) South Trent 100 % 101 AEP Energy Partners 2029 Laredo Ridge 100 % 80 Nebraska Public Power District 2031 Taloga 100 % 130 Oklahoma Gas & Electric 2031 Pinnacle 100 % 55 Maryland Department of General Services and University System of Maryland 2031 Buffalo Bear 100 % 19 Western Farmers Electric Co-operative 2033 Spring Canyon II (c) 90.1 % 31 Platte River Power Authority 2038 Spring Canyon III (c) 90.1 % 26 Platte River Power Authority 2039 1,389 Thermal Thermal equivalent MWt (e) 100 % 1,310 Various Various Thermal generation 100 % 124 Various Various Total net capacity (excluding equivalent MWt) (f) 3,948 (a) Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of September 30, 2015 . (b) On September 30, 2015, the Company acquired NRG's remaining 0.05% for an immaterial amount. (c) Projects are part of tax equity arrangements, as further described in Note 2, Summary of Significant Accounting Policies . (d) PPA begins on January 1, 2016. (e) For thermal energy, net capacity represents MWt for steam or chilled water and excludes 134 MWt available under the right-to-use provisions contained in agreements between two of the Company's thermal facilities and certain of its customers. (f) Total net capacity excludes capacity for RPV Holdco and DGPV Holdco, which are consolidated by NRG, as further described in Note 5, Variable Interest Entities . |
Summary of Significant Accoun24
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Change in Noncontrolling Interest [Table Text Block] | The following table reflects the changes in the Company's noncontrolling interest balance: (In millions) Balance as of December 31, 2014 651 Payment to NRG for acquired January 2015 Drop Down Assets (489 ) Contributions from noncontrolling interest for Alta Wind X-X1 TE Holdco 119 Noncontrolling interest acquired in Spring Canyon acquisition 74 Comprehensive income 35 Non-cash contributions 10 Cash distributions to NRG (52 ) Balance as of September 30, 2015 $ 348 |
Business Acquisitions Business
Business Acquisitions Business Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
November 2015 Drop Down Assets [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following is a summary of assets and liabilities transferred in connection with the acquisition as of September 30, 2015 : NRG Wind TE Holdco (In millions) Current assets $ 34 Property, plant and equipment 673 Non-current assets 179 Total assets 886 Debt 193 Other current and non-current liabilities 33 Total liabilities 226 Less: noncontrolling interest $ 289 Net assets acquired $ 371 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited supplemental pro forma information represents the results of operations as if the Company had acquired the November 2015 Drop Down Assets on January 1, 2014, including the impact of acquisition accounting with respect to NRG's acquisition of the projects. All net income or losses prior to the Company's acquisition of the projects is reflected as attributable to NRG and, accordingly, no pro forma impact to earnings per Class A and Class C common share was calculated. For the three months ended For the nine months ended (In millions) September 30, 2015 September 30, 2014 September 30, 2015 September 30, 2014 Operating revenues $ 225 $ 200 $ 660 $ 561 Net income 24 37 42 77 |
January 2015 Drop Down Assets [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table presents the historical information summary combining the financial information for the January 2015 Drop Down Assets transferred in connection with the acquisition: December 31, 2014 As Previously Reported Walnut Creek Tapestry Laredo Ridge As Currently Reported (In millions) Current assets $ 539 $ 46 $ 14 $ 7 $ 606 Property, plant and equipment 3,487 575 286 118 4,466 Non-current assets 1,726 57 61 49 1,893 Total assets 5,752 678 361 174 6,965 Debt 4,050 437 192 108 4,787 Other current and non-current liabilities 222 62 5 4 293 Total liabilities 4,272 499 197 112 5,080 Net assets $ 1,480 $ 179 $ 164 $ 62 $ 1,885 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited supplemental pro forma information represents the results of operations as if the Company had acquired the January 2015 Drop Down Assets on January 1, 2014, including the impact of acquisition accounting with respect to NRG's acquisition of the projects. While the financial statements have been retrospectively adjusted, all net income or losses prior to the Company's acquisition of the projects is reflected as attributable to NRG and accordingly, no pro forma impact to earnings per Class A and Class C common share was calculated. For the nine months ended (In millions) September 30, 2014 Operating revenues $ 523 Net income 104 |
Alta Wind Portfolio [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition, Purchase Price [Table Text Block] | The purchase price of $923 million was allocated as follows: Acquisition Date Fair Value at December 31, 2014 Measurement period adjustments Revised Acquisition Date (In millions) Assets Cash $ 22 $ — $ 22 Current and non-current assets 49 (2 ) 47 Property, plant and equipment 1,304 6 1,310 Intangible assets 1,177 (6 ) 1,171 Total assets acquired 2,552 (2 ) 2,550 Liabilities Debt 1,591 — 1,591 Current and non-current liabilities 38 (2 ) 36 Total liabilities assumed 1,629 (2 ) 1,627 Net assets acquired $ 923 $ — $ 923 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The Company’s major classes of property, plant, and equipment were as follows: September 30, 2015 December 31, 2014 Depreciable Lives (In millions) Facilities and equipment $ 4,837 $ 4,709 2 - 40 Years Land and improvements 92 87 Construction in progress 4 8 Total property, plant and equipment 4,933 4,804 Accumulated depreciation (499 ) (338 ) Net property, plant and equipment $ 4,434 $ 4,466 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
NRG DGPV Holdco [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Summarized financial information of equity method investment | The following illustrates the structure of DGPV Holdco: |
NRG RPV Holdco [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Summarized financial information of equity method investment | The following illustrates the structure of RPV Holdco: |
GCE Holding LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Summarized financial information of equity method investment | The following table presents summarized financial information for GCE Holding LLC: Three months ended September 30, Nine months ended September 30, (In millions) 2015 2014 2015 2014 Income Statement Data: Operating revenues $ 21 $ 18 $ 61 $ 62 Operating income 9 10 29 30 Net income $ 6 $ 7 $ 20 $ 21 September 30, 2015 December 31, 2014 Balance Sheet Data: (In millions) Current assets $ 32 $ 33 Non-current assets 420 438 Current liabilities 16 20 Non-current liabilities $ 216 $ 223 |
Desert Sunlight [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Summarized financial information of equity method investment | The following tables present summarized financial information for Desert Sunlight Investment Holdings, LLC: Three months ended September 30, Nine months ended September 30, (In millions) 2015 2014 2015 2014 Income Statement Data: Operating revenues $ 73 $ 48 $ 170 $ 102 Operating income 51 33 108 58 Net income $ 39 $ 22 $ 70 $ 27 September 30, 2015 December 31, 2014 Balance Sheet Data: (In millions) Current assets $ 381 $ 706 Non-current assets 1,508 1,519 Current liabilities 91 436 Non-current liabilities $ 1,141 $ 1,152 |
Alta X and XI TE Holdco [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Variable Interest Entities [Table Text Block] | The summarized financial information for Alta TE Holdco consisted of the following: (In millions) September 30, 2015 Other current and non-current assets $ 20 Property, plant and equipment 490 Intangible assets 287 Total assets 797 Current and non-current liabilities 13 Total liabilities 13 Noncontrolling interest 124 Net assets less noncontrolling interests $ 660 |
Fair Value of Financial Instr28
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Estimated carrying values and fair values | The estimated carrying amounts and fair values of the Company’s recorded financial instruments not carried at fair market value are as follows: As of September 30, 2015 As of December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Assets: Notes receivable, including current portion $ 18 $ 18 $ 21 $ 21 Liabilities: Long-term debt, including current portion $ 4,509 $ 4,406 $ 4,787 $ 4,873 |
Schedule of Fair Value, Assets and Liabilities [Table Text Block] | The Company records its derivative assets and liabilities at fair market value on its consolidated balance sheet. The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: As of September 30, 2015 As of December 31, 2014 Fair Value (a) Fair Value (a) Fair Value (b) (In millions) Level 1 Level 2 Level 2 Derivative assets: Commodity contracts $ — $ 3 $ — Interest rate contracts — — 2 Total assets — 3 2 Derivative liabilities: Commodity contracts 1 2 3 Interest rate contracts — 113 114 Total liabilities $ 1 $ 115 $ 117 (a) There were no assets or liabilities classified as Level 3 as of September 30, 2015 . (b) There were no assets or liabilities classified as Level 1 or Level 3 as of December 31, 2014 . |
Accounting for Derivative Ins29
Accounting for Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Net notional volume buy/(sell) of NRG Yield's open derivative transactions broken out by commodity | The following table summarizes the net notional volume buy/(sell) of the Company's open derivative transactions broken out by commodity as of September 30, 2015 , and December 31, 2014 . Total Volume September 30, 2015 December 31, 2014 Commodity Units (In millions) Natural Gas MMBtu 4 2 Interest Dollars $ 1,786 $ 2,817 The decrease in the interest rate position is primarily the result of settling the Alta X and Alta XI interest rate swaps in connection with the repayment of the outstanding project-level debt during the second quarter of 2015, as further described in Note 8 , Long-term Debt . |
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 sheet: Fair Value Derivative Assets Derivative Liabilities September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 (In millions) Derivatives Designated as Cash Flow Hedges: Interest rate contracts current $ — $ — $ 36 $ 40 Interest rate contracts long-term — 2 67 49 Total Derivatives Designated as Cash Flow Hedges — 2 103 89 Derivatives Not Designated as Cash Flow Hedges : Interest rate contracts current — — 3 5 Interest rate contracts long-term — — 7 20 Commodity contracts current 3 — 3 3 Total Derivatives Not Designated as Cash Flow Hedges 3 — 13 28 Total Derivatives $ 3 $ 2 $ 116 $ 117 |
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: Gross Amounts Not Offset in the Statement of Financial Position As of September 30, 2015 Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Net Amount Commodity contracts: (In millions) Derivative assets $ 3 $ (1 ) $ 2 Derivative liabilities (3 ) 1 (2 ) Total commodity contracts — — — Interest rate contracts: Derivative liabilities (113 ) — (113 ) Total interest rate contracts (113 ) — (113 ) Total derivative instruments $ (113 ) $ — $ (113 ) Gross Amounts Not Offset in the Statement of Financial Position As of December 31, 2014 Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Net Amount Commodity contracts: (In millions) Derivative liabilities $ (3 ) $ — $ (3 ) Total commodity contracts (3 ) — (3 ) Interest rate contracts: Derivative assets 2 (2 ) — Derivative liabilities (114 ) 2 (112 ) Total interest rate contracts (112 ) — (112 ) Total derivative instruments $ (115 ) $ — $ (115 ) |
Effects of NRG Yield's accumulated OCI balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax | The following table summarizes the effects on the Company’s accumulated OCL balance attributable to interest rate swaps designated as cash flow hedge derivatives, net of tax: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (In millions) Accumulated OCL beginning balance $ (48 ) $ (34 ) $ (52 ) $ — Reclassified from accumulated OCL to income due to realization of previously deferred amounts 3 1 10 8 Mark-to-market of cash flow hedge accounting contracts (32 ) 5 (35 ) (36 ) Accumulated OCL ending balance, net of income tax benefit of $19, and $3, respectively $ (77 ) $ (28 ) $ (77 ) $ (28 ) Accumulated OCL attributable to NRG (45 ) (22 ) (45 ) (22 ) Accumulated OCL attributable to NRG Yield, Inc. $ (32 ) $ (6 ) $ (32 ) $ (6 ) Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $4 $ (14 ) $ (14 ) |
Long-term Debt (Tables)
Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt consisted of the following: September 30, 2015 December 31, 2014 September 30, 2015, interest rate % (a) (In millions, except rates) Senior Notes, due 2024 $ 500 $ 500 5.375 Convertible notes, due 2019 (b) 329 326 3.50 NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2019 (c) 92 — L+2.75 Convertible notes, due 2020 (d) 266 — 3.25 Project-level debt: Alta Wind I, lease financing arrangement, due 2034 255 261 7.015 Alta Wind II, lease financing arrangement, due 2034 200 205 5.696 Alta Wind III, lease financing arrangement, due 2034 208 212 6.067 Alta Wind IV, lease financing arrangement, due 2034 135 138 5.938 Alta Wind V, lease financing arrangement, due 2035 215 220 6.071 Alta Wind X, due 2021 — 300 L+2.00 Alta Wind XI, due 2021 — 191 L+2.00 Alta Realty Investments, due 2031 33 34 7.00 Alta Wind Asset Management, due 2031 19 20 L+2.375 NRG West Holdings LLC, due 2023 (El Segundo Energy Center) 485 506 L+1.625 - L+2.25 NRG Marsh Landing LLC, due 2017 and 2023 431 464 L+1.75 - L+1.875 Walnut Creek Energy, due 2023 363 391 L+1.625 Tapestry Wind LLC, due 2021 184 192 L+1.625 NRG Solar Alpine LLC, due 2014 and 2022 156 163 L+1.75 NRG Energy Center Minneapolis LLC, due 2017 and 2025 110 121 5.95 -7.25 Laredo Ridge LLC, due 2028 105 108 L+1.875 NRG Solar Borrego LLC, due 2025 and 2038 73 75 L+ 2.50/5.65 South Trent Wind LLC, due 2020 62 65 L+1.625 NRG Solar Avra Valley LLC, due 2031 61 63 L+1.75 TA High Desert LLC, due 2020 and 2032 54 55 L+2.50/5.15 WCEP Holdings LLC, due 2023 46 46 L+3.00 NRG Roadrunner LLC, due 2031 40 42 L+1.625 NRG Solar Kansas South LLC, due 2031 34 35 L+2.00 NRG Solar Blythe LLC, due 2028 22 22 L+1.625 PFMG and related subsidiaries financing agreement, due 2030 30 31 6.00 NRG Energy Center Princeton LLC, due 2017 1 1 5.95 Subtotal project-level debt: 3,322 3,961 Total debt 4,509 4,787 Less current maturities 224 214 Total long-term debt $ 4,285 $ 4,573 (a) As of September 30, 2015 , L+ equals 3 month LIBOR plus x%, except for the NRG Marsh Landing term loan, Walnut Creek term loan, and the Revolving Credit Facility where L+ equals 1 month LIBOR plus x% and Kansas South where L+ equals 6 month LIBOR plus x%. (b) Net of discount of $16 million and $19 million as of September 30, 2015 , and December 31, 2014 , respectively. (c) Applicable rate is determined by the Borrower Leverage Ratio, as defined in the credit agreement. (d) Net of discount of $22 million as of September 30, 2015 . |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The reconciliation of the Company's basic and diluted earnings per share is shown in the following tables: Three months ended September 30, 2015 2014 (In millions, except per share data) Common Class A Common Class C Common Class A Common Class C Basic and diluted earnings per share attributable to NRG Yield, Inc. common stockholders Net income attributable to NRG Yield, Inc. $ 6 $ 11 $ 3 $ 3 Weighted average number of common shares outstanding 35 63 31 31 Earnings per weighted average common share — basic and diluted (a) $ 0.18 $ 0.18 $ 0.10 $ 0.10 Nine months ended September 30, 2015 2014 (In millions, except per share data) (a) Common Class A Common Class C Common Class A Common Class C Basic and diluted earnings per share attributable to NRG Yield, Inc. common stockholders Net income attributable to NRG Yield, Inc. $ 10 $ 12 $ 8 $ 8 Weighted average number of common shares outstanding 35 44 25 25 Earnings per weighted average common share — basic and diluted (a) $ 0.28 $ 0.28 $ 0.31 $ 0.31 |
Changes in Capital Structure St
Changes in Capital Structure Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Schedule of Dividends Paid [Table Text Block] | The following table lists the dividends paid on the Company's Class A common stock and Class C common stock during the nine months ended September 30, 2015 : Third Quarter 2015 Second Quarter 2015 First Quarter 2015 Dividends per Class A share $ 0.21 $ 0.20 $ 0.39 Dividends per Class C share $ 0.21 0.20 N/A |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Three months ended September 30, 2015 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 86 $ 77 $ 46 $ — $ 209 Cost of operations 15 23 31 — 69 Depreciation and amortization 19 26 5 — 50 General and administrative — affiliate — — — 3 3 Acquisition-related transaction and integration costs — — — 1 1 Operating income (loss) 52 28 10 (4 ) 86 Equity in earnings of unconsolidated affiliates 3 16 — — 19 Other income, net — 1 — — 1 Loss on debt extinguishment — (2 ) — — (2 ) Interest expense (11 ) (32 ) (1 ) (18 ) (62 ) Income (loss) before income taxes 44 11 9 (22 ) 42 Income tax expense — — — 8 8 Net Income (Loss) $ 44 $ 11 $ 9 $ (30 ) $ 34 Total Assets $ 2,132 $ 4,214 $ 434 $ 209 $ 6,989 Three months ended September 30, 2014 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 80 $ 56 $ 48 $ — $ 184 Cost of operations 15 13 32 — 60 Depreciation and amortization 13 16 5 — 34 General and administrative — affiliate — — — 3 3 Acquisition-related transaction and integration costs — — — 2 2 Operating income (loss) 52 27 11 (5 ) 85 Equity in earnings of unconsolidated affiliates 4 7 — — 11 Other income, net — — — 1 1 Interest expense (14 ) (23 ) (2 ) (9 ) (48 ) Income (loss) before income taxes 42 11 9 (13 ) 49 Income tax expense — — — 10 10 Net Income (Loss) $ 42 $ 11 $ 9 $ (23 ) $ 39 Nine months ended September 30, 2015 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 247 $ 224 $ 135 $ — $ 606 Cost of operations 51 64 96 — 211 Depreciation and amortization 61 88 14 — 163 General and administrative — affiliate — — — 9 9 Acquisition-related transaction and integration costs — — — 2 2 Operating income (loss) 135 72 25 (11 ) 221 Equity in earnings of unconsolidated affiliates 10 19 — — 29 Other income, net 1 1 — — 2 Loss on debt extinguishment (7 ) (2 ) — — (9 ) Interest expense (36 ) (91 ) (5 ) (44 ) (176 ) Income (loss) before income taxes 103 (1 ) 20 (55 ) 67 Income tax expense — — — 8 8 Net Income (Loss) $ 103 $ (1 ) $ 20 $ (63 ) $ 59 Nine months ended September 30, 2014 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 223 $ 118 $ 156 $ — $ 497 Cost of operations 41 24 108 — 173 Depreciation and amortization 60 38 14 — 112 General and administrative — affiliate — — — 7 7 Acquisition-related transaction and integration costs — — — 2 2 Operating income (loss) 122 56 34 (9 ) 203 Equity in earnings of unconsolidated affiliates 11 15 — — 26 Other income, net — 1 — 1 2 Interest expense (40 ) (46 ) (6 ) (17 ) (109 ) Income (loss) before income taxes 93 26 28 (25 ) 122 Income tax expense — — — 15 15 Net Income (Loss) $ 93 $ 26 $ 28 $ (40 ) $ 107 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of the U.S. federal statutory rate to the Company's effective rate | The income tax provision consisted of the following: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (In millions, except percentages) Income before income taxes $ 42 $ 49 $ 67 $ 122 Income tax expense 8 10 8 15 Effective income tax rate 19.0 % 20.4 % 11.9 % 12.3 % |
Nature of Business (Details)
Nature of Business (Details) $ in Millions | Jun. 29, 2015USD ($)shares | Jan. 02, 2015USD ($) | Jul. 29, 2014USD ($)shares | Jun. 30, 2014USD ($) | Sep. 30, 2015USD ($)MW | Sep. 30, 2014USD ($) | [2] | Sep. 30, 2015USD ($)MW | Sep. 30, 2014USD ($) | Jun. 30, 2015 | ||||
Nature of Business | ||||||||||||||
Proceeds from the issuance of common stock | $ | $ 599 | $ 630 | [1] | |||||||||||
Megawatts Thermal Equivalent, Available Under right-to-use Provisions | 134 | 134 | ||||||||||||
Power Generation Capacity, Megawatts | 3,948 | 3,948 | ||||||||||||
General and administrative — affiliate | $ | $ 3 | $ 3 | $ 9 | 7 | [2] | |||||||||
Conventional Generation [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Power Generation Capacity, Megawatts | [3] | 1,945 | 1,945 | |||||||||||
Utility-Scale Solar | ||||||||||||||
Nature of Business | ||||||||||||||
Power Generation Capacity, Megawatts | [3] | 481 | 481 | |||||||||||
Distributed Solar | ||||||||||||||
Nature of Business | ||||||||||||||
Power Generation Capacity, Megawatts | [3] | 9 | 9 | |||||||||||
Wind Farms [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Power Generation Capacity, Megawatts | [4] | 1,389 | 1,389 | |||||||||||
Thermal [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 124 | 124 | |||||||||||
Steam and Chilled Water Capacity, Megawatts Thermal Equivalent | [3],[5] | 1,310 | 1,310 | |||||||||||
NRG Yield [Member] | NRG Yield [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 28,198,000 | |||||||||||||
NRG Yield LLC | NRG Yield [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Partners' Capital Account, Units, Sale of Units | shares | 28,198,000 | |||||||||||||
NRG Yield LLC | NRG Yield, Inc. [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Voting Interest | 44.90% | |||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 53.30% | 53.30% | ||||||||||||
NRG Yield LLC | NRG [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Voting Interest | 55.10% | |||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 46.70% | 46.70% | ||||||||||||
GenConn Middletown | Conventional Generation [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Equity Method Investment, Ownership Percentage | [6] | 50.00% | 50.00% | |||||||||||
Power Generation Capacity, Megawatts | [3],[6] | 95 | 95 | |||||||||||
GenConn Devon [Member] | Conventional Generation [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Equity Method Investment, Ownership Percentage | [6] | 50.00% | 50.00% | |||||||||||
Power Generation Capacity, Megawatts | [3],[6] | 95 | 95 | |||||||||||
Marsh Landing | Conventional Generation [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 720 | 720 | |||||||||||
El Segundo [Member] | Conventional Generation [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 550 | 550 | |||||||||||
Walnut Creek [Member] | Conventional Generation [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 485 | 485 | |||||||||||
Alpine [Member] | Utility-Scale Solar | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 66 | 66 | |||||||||||
Avenal [Member] | Utility-Scale Solar | ||||||||||||||
Nature of Business | ||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | [6] | 50.00% | [6] | 49.95% | |||||||||
Power Generation Capacity, Megawatts | [3],[6] | 23 | 23 | |||||||||||
Avra Valley | Utility-Scale Solar | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 25 | 25 | |||||||||||
NRG Solar Blythe LLC [Member] | Utility-Scale Solar | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 21 | 21 | |||||||||||
Borrego [Member] | Utility-Scale Solar | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 26 | 26 | |||||||||||
Roadrunner | Utility-Scale Solar | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 20 | 20 | |||||||||||
CVSR [Member] | Utility-Scale Solar | ||||||||||||||
Nature of Business | ||||||||||||||
Equity Method Investment, Ownership Percentage | 48.95% | 48.95% | ||||||||||||
Power Generation Capacity, Megawatts | [3],[7] | 122 | 122 | |||||||||||
Kansas South [Member] | Utility-Scale Solar | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 20 | 20 | |||||||||||
TA - High Desert LLC [Member] | Utility-Scale Solar | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 20 | 20 | |||||||||||
Desert Sunlight [Member] | Utility-Scale Solar | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 25.00% | 25.00% | ||||||||||||
AZ DG Solar Projects | Distributed Solar | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 5 | 5 | |||||||||||
PFMG DG Solar Projects [Member] | Distributed Solar | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 51.00% | 51.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 4 | 4 | |||||||||||
Alta I [Member] | Wind Farms [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 150 | 150 | |||||||||||
Alta II [Member] | Wind Farms [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 150 | 150 | |||||||||||
Alta III [Member] | Wind Farms [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 150 | 150 | |||||||||||
Alta IV [Member] | Wind Farms [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 102 | 102 | |||||||||||
Alta V [Member] | Wind Farms [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 168 | 168 | |||||||||||
Alta X [Member] | Wind Farms [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | [8] | 100.00% | 100.00% | |||||||||||
Power Generation Capacity, Megawatts | [8] | 137 | 137 | |||||||||||
Alta XI [Member] | Wind Farms [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | [8] | 100.00% | 100.00% | |||||||||||
Power Generation Capacity, Megawatts | [8] | 90 | 90 | |||||||||||
South Trent | Wind Farms [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 101 | 101 | |||||||||||
Laredo Ridge [Member] | Wind Farms [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 80 | 80 | |||||||||||
Taloga [Member] | Wind Farms [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 130 | 130 | |||||||||||
Pinnacle [Member] | Wind Farms [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 55 | 55 | |||||||||||
Buffalo Bear [Member] | Wind Farms [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | ||||||||||||
Power Generation Capacity, Megawatts | [3] | 19 | 19 | |||||||||||
Spring Canyon II [Member] | Wind Farms [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 90.10% | 90.10% | ||||||||||||
Power Generation Capacity, Megawatts | 31 | 31 | ||||||||||||
Spring Canyon III [Member] | Wind Farms [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Percentage of Ownership | 90.10% | 90.10% | ||||||||||||
Power Generation Capacity, Megawatts | 26 | 26 | ||||||||||||
June 2014 Drop Down Assets [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Business Acquisitions, Purchase Price | $ | $ 357 | |||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ | 612 | |||||||||||||
Business Acquisition, Consideration Transferred, Working Capital | $ | $ 8 | |||||||||||||
January 2015 Drop Down Assets [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Business Acquisitions, Purchase Price | $ | $ 489 | |||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ | 737 | |||||||||||||
Business Acquisition, Consideration Transferred, Working Capital | $ | $ 9 | |||||||||||||
NRG [Member] | NRG Yield [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
General and administrative — affiliate | $ | $ 9 | $ 7 | [2] | |||||||||||
Southern California Edison [Member] | Desert Sunlight [Member] | Utility-Scale Solar | ||||||||||||||
Nature of Business | ||||||||||||||
Power Generation Capacity, Megawatts | 63 | 63 | ||||||||||||
Pacific Gas and Electric [Member] | Desert Sunlight [Member] | Utility-Scale Solar | ||||||||||||||
Nature of Business | ||||||||||||||
Power Generation Capacity, Megawatts | 75 | 75 | ||||||||||||
Common Class A [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 12,075,000 | |||||||||||||
Proceeds from the issuance of common stock | $ | $ 630 | |||||||||||||
Common Class A [Member] | NRG Yield LLC | ||||||||||||||
Nature of Business | ||||||||||||||
Sale of Stock, Percentage of Ownership after Transaction | 100.00% | |||||||||||||
Common Class C [Member] | ||||||||||||||
Nature of Business | ||||||||||||||
Proceeds from the issuance of common stock | $ | $ 599 | |||||||||||||
Common Class C [Member] | NRG Yield LLC | ||||||||||||||
Nature of Business | ||||||||||||||
Sale of Stock, Percentage of Ownership after Transaction | 100.00% | |||||||||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||
[2] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||
[3] | Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of September 30, 2015. | |||||||||||||
[4] | Total net capacity excludes capacity for RPV Holdco and DGPV Holdco, which are consolidated by NRG, as further described in Note 5, Variable Interest Entities. | |||||||||||||
[5] | For thermal energy, net capacity represents MWt for steam or chilled water and excludes 134 MWt available under the right-to-use provisions contained in agreements between two of the Company's thermal facilities and certain of its customers. | |||||||||||||
[6] | On September 30, 2015, the Company acquired NRG's remaining 0.05% for an immaterial amount. | |||||||||||||
[7] | Projects are part of tax equity arrangements, as further described in Note 2, Summary of Significant Accounting Policies | |||||||||||||
[8] | PPA begins on January 1, 2016. |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 30, 2015 | May. 08, 2015 | Jan. 02, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 348 | $ 348 | $ 651 | [1] | |||||||||
Contributions from noncontrolling interest for Alta Wind X-X1 TE Holdco | 119 | $ 0 | [2] | ||||||||||
Comprehensive income | $ 4 | $ 29 | [3] | $ 35 | $ 37 | [3] | |||||||
Dividends Payable, Date Declared | Nov. 4, 2015 | ||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.215 | ||||||||||||
Dividends Payable, Date to be Paid | Dec. 15, 2015 | ||||||||||||
Dividends Payable, Date of Record | Dec. 1, 2015 | ||||||||||||
Dividends Per Common Share, Cash Paid | $ 0.21 | $ 0.20 | |||||||||||
Spring Canyon [Member] | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Percentage of Ownership | 90.10% | 90.10% | |||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 9.90% | 9.90% | |||||||||||
January 2015 Drop Down Assets [Member] | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Payment to NRG for acquired January 2015 Drop Down Assets | $ 489 | ||||||||||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | 61 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), before Tax | $ 23 | ||||||||||||
Scenario, Plan [Member] | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 65 | $ 65 | $ 67 | ||||||||||
Noncontrolling Interest [Member] | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Non-cash contributions | 10 | ||||||||||||
Cash distributions to NRG | $ (52) | ||||||||||||
Alta X and XI TE Holdco [Member] | Financial Institutions [Member] | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Contributions from noncontrolling interest for Alta Wind X-X1 TE Holdco | $ 119 | ||||||||||||
Spring Canyon [Member] | Financial Institutions [Member] | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Noncontrolling interest acquired in Spring Canyon acquisition | $ 74 | ||||||||||||
Common Class A [Member] | |||||||||||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Dividends Per Common Share, Cash Paid | $ 0.21 | $ 0.39 | $ 0.365 | $ 0.80 | $ 1.045 | ||||||||
[1] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||
[2] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||
[3] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Business Acquisitions Busines37
Business Acquisitions Business Acquisitions - November 2015 Drop Down (Details) | Nov. 03, 2015USD ($) | Sep. 30, 2015USD ($)MW | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)MW | Sep. 30, 2014USD ($) | Nov. 02, 2015USD ($)MW | |
Business Acquisition [Line Items] | |||||||
Power Generation Capacity, Megawatts | MW | 3,948 | 3,948 | |||||
November 2015 Drop Down Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Current Assets | $ 34,000,000 | $ 34,000,000 | |||||
Business Combination, Property, Plant, and Equipment | 673,000,000 | 673,000,000 | |||||
Business Combination, Noncurrent Assets | 179,000,000 | 179,000,000 | |||||
Business Combination, Total Assets | 886,000,000 | 886,000,000 | |||||
Business Combination, Long-term Debt | 193,000,000 | 193,000,000 | |||||
Business Combination, Other Current and Non-Current Liabilities | 33,000,000 | 33,000,000 | |||||
Business Combination, Total Liabilities | 226,000,000 | 226,000,000 | |||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 289,000,000 | 289,000,000 | |||||
Business Combination,Net Assets Acquired | 371,000,000 | 371,000,000 | |||||
Business Acquisition, Pro Forma Operating Revenue | 225,000,000 | $ 200,000,000 | 660,000,000 | $ 561,000,000 | |||
Business Acquisition, Pro Forma Net Income(Loss) | 24,000,000 | $ 37,000,000 | 42,000,000 | $ 77,000,000 | |||
Subsequent Event [Member] | November 2015 Drop Down Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 75.00% | ||||||
Payments to Acquire Businesses, Gross | $ 210,000,000 | ||||||
Number of Facilities | 12 | ||||||
Financial Institutions [Member] | November 2015 Drop Down Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 165,000,000 | $ 165,000,000 | |||||
Financial Institutions [Member] | Subsequent Event [Member] | November 2015 Drop Down Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Taxable Income Allocation, Pre-Flip | 99.00% | ||||||
Taxable Income Allocation, Post-Flip | 8.53% | ||||||
Post-Flip Point [Member] | Subsequent Event [Member] | November 2015 Drop Down Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of Cash Available for Distributions | 68.60% | ||||||
Pre-Flip Point [Member] | Subsequent Event [Member] | November 2015 Drop Down Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of Cash Available for Distributions | 75.00% | ||||||
Pre-determined Date Through Flip Point If Flip Has Not Occured [Member] | Financial Institutions [Member] | Subsequent Event [Member] | November 2015 Drop Down Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of Cash Available for Distributions | 100.00% | ||||||
Wind Farms [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Power Generation Capacity, Megawatts | MW | [1] | 1,389 | 1,389 | ||||
Wind Farms [Member] | Subsequent Event [Member] | November 2015 Drop Down Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Power Generation Capacity, Megawatts | MW | [2] | 814 | |||||
[1] | Total net capacity excludes capacity for RPV Holdco and DGPV Holdco, which are consolidated by NRG, as further described in Note 5, Variable Interest Entities. | ||||||
[2] | Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of September 30, 2015. |
Business Acquisitions Busines38
Business Acquisitions Business Acquisitions - Desert Sunlight/Spring Canyon/Fuel Cell (Details) | Jun. 30, 2015USD ($) | May. 08, 2015 | Apr. 30, 2015 | Sep. 30, 2015MW | Jun. 29, 2015USD ($) | May. 07, 2015 | |
Business Acquisition [Line Items] | |||||||
Power Generation Capacity, Megawatts | 3,948 | ||||||
Spring Canyon [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of Ownership | 90.10% | ||||||
Utility-Scale Solar [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Power Generation Capacity, Megawatts | [1] | 481 | |||||
Wind Farms [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Power Generation Capacity, Megawatts | [2] | 1,389 | |||||
Wind Farms [Member] | Spring Canyon [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 90.10% | ||||||
Wind Farms [Member] | Spring Canyon II [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Power Generation Capacity, Megawatts | 34 | ||||||
Wind Farms [Member] | Spring Canyon III [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Power Generation Capacity, Megawatts | 29 | ||||||
Thermal [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 124 | |||||
Desert Sunlight [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of Facilities | $ | 2 | ||||||
Power Generation Capacity, Megawatts | 550 | ||||||
Payments to Acquire Equity Method Investments | $ | $ 285,000,000 | ||||||
Desert Sunlight [Member] | Utility-Scale Solar [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of Ownership | 25.00% | ||||||
UB Fuel Cell [Member] | Thermal [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Power Generation Capacity, Megawatts | 1.4 | ||||||
Supply Commitment Arrangement [Domain] | Spring Canyon [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 24 years | ||||||
Supply Commitment Arrangement [Domain] | UB Fuel Cell [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | ||||||
Southern California Edison [Member] | Supply Commitment Arrangement [Domain] | Desert Sunlight [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||||||
Pacific Gas and Electric [Member] | Supply Commitment Arrangement [Domain] | Desert Sunlight [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 25 years | ||||||
[1] | Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of September 30, 2015. | ||||||
[2] | Total net capacity excludes capacity for RPV Holdco and DGPV Holdco, which are consolidated by NRG, as further described in Note 5, Variable Interest Entities. |
Business Acquisitions Busines39
Business Acquisitions Business Acquisitions - January 2015 Drop Downs (Details) $ in Millions | Jan. 02, 2015USD ($) | Sep. 30, 2015USD ($)MW | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | ||
Business Acquisition [Line Items] | ||||||
Power Generation Capacity, Megawatts | MW | 3,948 | |||||
Current assets | $ 376 | $ 606 | [1] | |||
Property, Plant and Equipment, Net | 4,434 | 4,466 | [2] | |||
Non-current assets | 1,893 | |||||
Total assets | 6,989 | 6,965 | [1] | |||
Debt | 4,509 | 4,787 | ||||
Other current and non-current liabilities | 293 | |||||
Total liabilities | 4,837 | 5,080 | [1] | |||
Net assets | 1,885 | |||||
January 2015 Drop Down Assets [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payment to NRG for acquired January 2015 Drop Down Assets | $ 489 | |||||
Business Acquisition, Consideration Transferred, Working Capital | 9 | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | 737 | |||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | 61 | |||||
Accumulated Other Comprehensive Income (Loss), before Tax | $ 23 | |||||
Business Acquisition, Pro Forma Operating Revenue | $ 523 | |||||
Business Acquisition, Pro Forma Net Income(Loss) | $ 104 | |||||
Business Combination, Revenue of Acquiree since Acquisition Date, Actual | 106 | |||||
Business Combination, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 31 | |||||
Tapestry Wind [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Current Assets | 14 | |||||
Business Combination, Property, Plant, and Equipment | 286 | |||||
Business Combination, Noncurrent Assets | 61 | |||||
Business Combination, Total Assets | 361 | |||||
Business Combination, Long-term Debt | 192 | |||||
Business Combination, Other Current and Non-Current Liabilities | 5 | |||||
Business Combination, Total Liabilities | 197 | |||||
Business Combination,Net Assets Acquired | 164 | |||||
Walnut Creek [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Current Assets | 46 | |||||
Business Combination, Property, Plant, and Equipment | 575 | |||||
Business Combination, Noncurrent Assets | 57 | |||||
Business Combination, Total Assets | 678 | |||||
Business Combination, Long-term Debt | 437 | |||||
Business Combination, Other Current and Non-Current Liabilities | 62 | |||||
Business Combination, Total Liabilities | 499 | |||||
Business Combination,Net Assets Acquired | 179 | |||||
Laredo Ridge [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Current Assets | 7 | |||||
Business Combination, Property, Plant, and Equipment | 118 | |||||
Business Combination, Noncurrent Assets | 49 | |||||
Business Combination, Total Assets | 174 | |||||
Business Combination, Long-term Debt | 108 | |||||
Business Combination, Other Current and Non-Current Liabilities | 4 | |||||
Business Combination, Total Liabilities | 112 | |||||
Business Combination,Net Assets Acquired | 62 | |||||
Wind Farms [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Power Generation Capacity, Megawatts | MW | [3] | 1,389 | ||||
Conventional Generation [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Power Generation Capacity, Megawatts | MW | [4] | 1,945 | ||||
Laredo Ridge [Member] | Wind Farms [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Power Generation Capacity, Megawatts | MW | [4] | 80 | ||||
Buffalo Bear [Member] | Wind Farms [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Power Generation Capacity, Megawatts | MW | [4] | 19 | ||||
Taloga [Member] | Wind Farms [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Power Generation Capacity, Megawatts | MW | [4] | 130 | ||||
Pinnacle [Member] | Wind Farms [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Power Generation Capacity, Megawatts | MW | [4] | 55 | ||||
Walnut Creek [Member] | Conventional Generation [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Power Generation Capacity, Megawatts | MW | [4] | 485 | ||||
Scenario, Previously Reported [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Current assets | 539 | |||||
Property, Plant and Equipment, Net | 3,487 | |||||
Non-current assets | 1,726 | |||||
Total assets | 5,752 | |||||
Debt | 4,050 | |||||
Other current and non-current liabilities | 222 | |||||
Total liabilities | 4,272 | |||||
Net assets | $ 1,480 | |||||
[1] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||
[2] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||
[3] | Total net capacity excludes capacity for RPV Holdco and DGPV Holdco, which are consolidated by NRG, as further described in Note 5, Variable Interest Entities. | |||||
[4] | Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of September 30, 2015. |
Business Acquisitions Busines40
Business Acquisitions Business Acquisitions - Alta Wind (Details) | Aug. 12, 2014USD ($)MW | Aug. 05, 2014USD ($) | Jul. 29, 2014USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | Sep. 30, 2015USD ($)MW | Sep. 30, 2014USD ($) | [1] |
Business Acquisition [Line Items] | |||||||
Power Generation Capacity, Megawatts | MW | 3,948 | ||||||
Proceeds from the issuance of common stock | $ 599,000,000 | $ 630,000,000 | |||||
Common Class A [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 12,075,000 | ||||||
Share Price | $ / shares | $ 54 | ||||||
Proceeds from the issuance of common stock | $ 630,000,000 | ||||||
Alta Wind Portfolio [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||
Number of Facilities | 7 | ||||||
Power Generation Capacity, Megawatts | MW | 947 | ||||||
Payments to Acquire Businesses, Gross | $ 923,000,000 | ||||||
Business Acquisitions, Purchase Price | 870,000,000 | ||||||
Business Acquisition, Consideration Transferred, Working Capital | 53,000,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 22,000,000 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Cash | $ 0 | ||||||
Business Combination, Current and non-current assets | 49,000,000 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Assets | (2,000,000) | ||||||
Business Acquisition, Purchase Price Allocation, Other Assets, Adjusted | 47,000,000 | ||||||
Business Combination, Property, Plant, and Equipment | 1,304,000,000 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 6,000,000 | ||||||
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment, Adjusted | 1,310,000,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,177,000,000 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (6,000,000) | ||||||
Business Acquisition, Purchase Price Allocation, Intangible Assets, Other than Goodwill, Adjusted | 1,171,000,000 | ||||||
Business Combination, Total Assets | 2,552,000,000 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Total Assets | (2,000,000) | ||||||
Business Acquisition, Purchase Price Allocation, Assets Acquired, Adjusted | 2,550,000,000 | ||||||
Business Combination, Long-term Debt | 1,591,000,000 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Noncurrent Liabilities Longterm Debt | 0 | ||||||
Business Acquisition, Purchase Price Allocation, Noncurrent Liabilities, Long-term Debt, Adjusted | 1,591,000,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current and Non-Current Liabilities | 38,000,000 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Current and Noncurrent Liabilities | (2,000,000) | ||||||
Business Acquisition, Purchase Price Allocation, Current and Non-current Liabilities, Adjusted | 36,000,000 | ||||||
Business Combination, Total Liabilities | 1,629,000,000 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | (2,000,000) | ||||||
Business Acquisition, Purchase Price Allocation, Liabilities Assumed, Adjusted | 1,627,000,000 | ||||||
Business Combination,Net Assets Acquired | 923,000,000 | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Net Assets Acquired | $ 0 | ||||||
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net Adjusted | $ 923,000,000 | ||||||
Leasehold Rights [Member] | Alta Wind Portfolio [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 21 years | ||||||
Supply Commitment Arrangement [Domain] | Alta Wind Portfolio [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 22 years | ||||||
5.375% Senior Notes due in 2024 [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | ||||||
5.375% Senior Notes due in 2024 [Member] | NRG Yield Operating LLC [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from Issuance of Senior Long-term Debt | $ 500,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | ||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Business Acquisitions Busines41
Business Acquisitions Business Acquisitions - June 2014 Drop Downs (Details) $ in Millions | Jun. 30, 2014USD ($) | Sep. 30, 2015MW | |
Business Acquisition [Line Items] | |||
Power Generation Capacity, Megawatts | 3,948 | ||
June 2014 Drop Down Assets [Member] | |||
Business Acquisition [Line Items] | |||
Payment to NRG for acquired January 2015 Drop Down Assets | $ | $ 357 | ||
Business Acquisitions, Purchase Price | $ | 349 | ||
Business Acquisition, Consideration Transferred, Working Capital | $ | 8 | ||
Business Combination, Consideration Transferred, Liabilities Incurred | $ | $ 612 | ||
Conventional Generation [Member] | |||
Business Acquisition [Line Items] | |||
Power Generation Capacity, Megawatts | [1] | 1,945 | |
Utility-Scale Solar [Member] | |||
Business Acquisition [Line Items] | |||
Power Generation Capacity, Megawatts | [1] | 481 | |
El Segundo [Member] | Conventional Generation [Member] | |||
Business Acquisition [Line Items] | |||
Power Generation Capacity, Megawatts | [1] | 550 | |
TA - High Desert LLC [Member] | Utility-Scale Solar [Member] | |||
Business Acquisition [Line Items] | |||
Power Generation Capacity, Megawatts | [1] | 20 | |
Kansas South [Member] | Utility-Scale Solar [Member] | |||
Business Acquisition [Line Items] | |||
Power Generation Capacity, Megawatts | [1] | 20 | |
[1] | Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of September 30, 2015. |
Property, Plant and Equipment42
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | ||
Property, Plant and Equipment | |||
Property, plant and equipment, gross | $ 4,933 | $ 4,804 | [1] |
Under construction | 4 | 8 | [2] |
Less accumulated depreciation | (499) | (338) | [2] |
Property, Plant and Equipment, Net | 4,434 | 4,466 | [2] |
Support Equipment and Facilities [Member] | |||
Property, Plant and Equipment | |||
Property, plant and equipment, gross | 4,837 | 4,709 | |
Land and improvements | |||
Property, Plant and Equipment | |||
Property, plant and equipment, gross | $ 92 | $ 87 | |
Minimum [Member] | Support Equipment and Facilities [Member] | |||
Property, Plant and Equipment | |||
Property, plant and equipment, useful life | 2 years | ||
Maximum [Member] | Support Equipment and Facilities [Member] | |||
Property, Plant and Equipment | |||
Property, plant and equipment, useful life | 40 years | ||
[1] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||
[2] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Variable Interest Entities Vari
Variable Interest Entities Variable Interest Entities - Alta TE Holdco (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | [2] | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Other Assets | $ 2,179 | $ 1,893 | [1] | |||
Contributions from noncontrolling interests | 119 | $ 0 | ||||
Property, Plant and Equipment, Net | 4,434 | 4,466 | [1] | |||
Total assets | 6,989 | 6,965 | [3] | |||
Total liabilities | 4,837 | 5,080 | [3] | |||
Net assets | $ 1,885 | |||||
Alta X and XI TE Holdco [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Other Assets | 20 | |||||
Property, Plant and Equipment, Net | 490 | |||||
Intangible Assets, Net (Excluding Goodwill) | 287 | |||||
Total assets | 797 | |||||
Total liabilities | 13 | |||||
Noncontrolling interest | 124 | |||||
Net assets | $ 660 | |||||
Alta X and XI TE Holdco [Member] | Financial Institutions [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Taxable Income Allocation, Pre-Flip | 99.00% | |||||
Taxable Income Allocation, Post-Flip | 5.00% | |||||
Contributions from noncontrolling interests | $ 119 | |||||
First Year [Member] | Alta X and XI TE Holdco [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of Cash Available for Distributions | 100.00% | |||||
Second Year through Flip Point [Member] | Alta X and XI TE Holdco [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of Cash Available for Distributions | 94.34% | |||||
Post-Flip Point [Member] | Alta X and XI TE Holdco [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of Cash Available for Distributions | 97.12% | |||||
Pre-determined Date Through Flip Point If Flip Has Not Occured [Member] | Alta X and XI TE Holdco [Member] | Financial Institutions [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of Cash Available for Distributions | 100.00% | |||||
[1] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||
[2] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||
[3] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Variable Interest Entities Va44
Variable Interest Entities Variable Interest Entities - DGPV (Details) $ in Millions | May. 08, 2015generatingunitMW | Sep. 30, 2015USD ($)MW | Sep. 30, 2014USD ($) | [1] | Dec. 31, 2014USD ($) | [2] |
Schedule of Equity Method Investments [Line Items] | ||||||
Payments to Acquire Businesses and Interest in Affiliates | $ 335 | $ 17 | ||||
Equity investments in affiliates | $ 553 | $ 227 | ||||
Power Generation Capacity, Megawatts | MW | 3,948 | |||||
NRG DGPV Holdco [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity investments in affiliates | $ 28 | |||||
Tax Equity Financed Portfolio of Leases - Commercial PV [Member] | NRG DGPV Fund 2 [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Solar Leases in Portfolio | generatingunit | 29 | |||||
Due to Affiliate | 9 | |||||
Equity investments in affiliates | 11 | |||||
Power Generation Capacity, Megawatts | MW | 89 | |||||
Tax Equity Financed Portfolio of Leases - Community Solar [Member] | NRG DGPV Fund 1 [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Solar Leases in Portfolio | generatingunit | 11 | |||||
Equity investments in affiliates | $ 17 | |||||
Power Generation Capacity, Megawatts | MW | 11 | |||||
Remaining Lease Term | 20 years | |||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||
[2] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Variable Interest Entities Va45
Variable Interest Entities Variable Interest Entities - RPV (Details) $ in Millions | Apr. 09, 2015generatingunitMW | Sep. 30, 2015USD ($)MW | Dec. 31, 2014USD ($) | [1] |
Schedule of Equity Method Investments [Line Items] | ||||
Power Generation Capacity, Megawatts | MW | 3,948 | |||
Equity investments in affiliates | $ 553 | $ 227 | ||
NRG RPV Holdco [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity investments in affiliates | 47 | |||
Existing Portfolio of Leases [Member] | NRG RPV Holdco [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Solar Leases in Portfolio | generatingunit | 2,200 | |||
Power Generation Capacity, Megawatts | MW | 17 | |||
Remaining Lease Term | 17 years | |||
Equity investments in affiliates | 26 | |||
Tax Equity Financed Portfolio of Leases [Member] | NRG RPV Holdco [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Solar Leases in Portfolio | generatingunit | 13,000 | |||
Power Generation Capacity, Megawatts | MW | 90 | |||
Equity investments in affiliates | 21 | |||
Minimum [Member] | Tax Equity Financed Portfolio of Leases [Member] | NRG RPV Holdco [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Remaining Lease Term | 17 years | |||
Maximum [Member] | Tax Equity Financed Portfolio of Leases [Member] | NRG RPV Holdco [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Remaining Lease Term | 20 years | |||
Equity investments in affiliates | $ 150 | |||
[1] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Variable Interest Entities Va46
Variable Interest Entities Variable Interest Entities - GenConn (Details) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2015USD ($)facilityMW | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)facilityMW | Sep. 30, 2014USD ($) | Jun. 30, 2015 | Dec. 31, 2014USD ($) | ||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Total operating revenues | $ 209,000,000 | $ 184,000,000 | [1] | $ 606,000,000 | $ 497,000,000 | [1] | |||
Operating Income (Loss) | 86,000,000 | 85,000,000 | [1] | 221,000,000 | 203,000,000 | [1] | |||
Net Income (Loss) | $ 34,000,000 | 39,000,000 | [1],[2] | $ 59,000,000 | 107,000,000 | [1],[2] | |||
Power Generation Capacity, Megawatts | MW | 3,948 | 3,948 | |||||||
Equity investments in affiliates | $ 553,000,000 | $ 553,000,000 | $ 227,000,000 | [3] | |||||
Debt | 4,509,000,000 | 4,509,000,000 | 4,787,000,000 | ||||||
Current assets | 376,000,000 | 376,000,000 | 606,000,000 | [4] | |||||
Non-current assets | 1,893,000,000 | ||||||||
Current liabilities | 425,000,000 | 425,000,000 | 389,000,000 | [3] | |||||
Non-current liabilities | 4,412,000,000 | 4,412,000,000 | 4,691,000,000 | [4] | |||||
GCE Holding LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Total operating revenues | 21,000,000 | 18,000,000 | 61,000,000 | 62,000,000 | |||||
Operating Income (Loss) | 9,000,000 | 10,000,000 | 29,000,000 | (30,000,000) | |||||
Net Income (Loss) | $ 6,000,000 | $ 7,000,000 | $ 20,000,000 | $ 21,000,000 | |||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 49.95% | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 0.05% | 0.05% | |||||||
Equity investments in affiliates | $ 110,000,000 | $ 110,000,000 | |||||||
Current assets | 32,000,000 | 32,000,000 | 33,000,000 | ||||||
Non-current assets | 420,000,000 | 420,000,000 | 438,000,000 | ||||||
Current liabilities | 16,000,000 | 16,000,000 | 20,000,000 | ||||||
Non-current liabilities | $ 216,000,000 | $ 216,000,000 | $ 223,000,000 | ||||||
Gen Conn Energy LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Power Generation Units, Number | facility | 2 | 2 | |||||||
Power Generation Capacity, Megawatts | MW | 190 | 190 | |||||||
Fixed Rate Notes [Member] | GCE Holding LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 237,000,000 | $ 237,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.73% | 4.73% | |||||||
Debt | $ 220,000,000 | $ 220,000,000 | |||||||
Working Capital Facility [Member] | GCE Holding LLC [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000,000 | $ 35,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.875% | 1.875% | |||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | $ 0 | |||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||
[2] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||
[3] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||
[4] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Variable Interest Entities Va47
Variable Interest Entities Variable Interest Entities - Desert Sunlight (Details) | Jun. 30, 2015 | Sep. 30, 2015USD ($)MW | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)MW | Sep. 30, 2014USD ($) | Jun. 29, 2015USD ($) | Dec. 31, 2014USD ($) | ||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Current assets | $ 376,000,000 | $ 376,000,000 | $ 606,000,000 | [1] | |||||||
Operating revenues | 209,000,000 | $ 184,000,000 | [2] | 606,000,000 | $ 497,000,000 | [2] | |||||
Operating Income (Loss) | 86,000,000 | 85,000,000 | [2] | 221,000,000 | 203,000,000 | [2] | |||||
Net income | 34,000,000 | 39,000,000 | [2],[3] | 59,000,000 | 107,000,000 | [2],[3] | |||||
Non-current assets | 1,893,000,000 | ||||||||||
Current liabilities | 425,000,000 | 425,000,000 | 389,000,000 | [4] | |||||||
Non-current liabilities | $ 4,412,000,000 | $ 4,412,000,000 | 4,691,000,000 | [1] | |||||||
Power Generation Capacity, Megawatts | MW | 3,948 | 3,948 | |||||||||
Equity investments in affiliates | $ 553,000,000 | $ 553,000,000 | 227,000,000 | [4] | |||||||
Desert Sunlight [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Current assets | 381,000,000 | 381,000,000 | 706,000,000 | ||||||||
Operating revenues | 73,000,000 | 48,000,000 | 170,000,000 | 102,000,000 | |||||||
Operating Income (Loss) | 51,000,000 | 33,000,000 | 108,000,000 | 58,000,000 | |||||||
Net income | 39,000,000 | $ 22,000,000 | 70,000,000 | $ 27,000,000 | |||||||
Non-current assets | 1,508,000,000 | 1,508,000,000 | 1,519,000,000 | ||||||||
Current liabilities | 91,000,000 | 91,000,000 | 436,000,000 | ||||||||
Non-current liabilities | $ 1,141,000,000 | $ 1,141,000,000 | $ 1,152,000,000 | ||||||||
Number of Facilities | 2 | ||||||||||
Power Generation Capacity, Megawatts | MW | 550 | 550 | |||||||||
Equity investments in affiliates | $ 281,000,000 | $ 281,000,000 | |||||||||
Utility-Scale Solar [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Power Generation Capacity, Megawatts | MW | [5] | 481 | 481 | ||||||||
Utility-Scale Solar [Member] | Desert Sunlight [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Percentage of Ownership | 25.00% | 25.00% | |||||||||
Pacific Gas and Electric [Member] | Supply Commitment Arrangement [Domain] | Desert Sunlight [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 25 years | ||||||||||
Southern California Edison [Member] | Supply Commitment Arrangement [Domain] | Desert Sunlight [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||||||||||
[1] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||
[2] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||
[3] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||
[4] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||
[5] | Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of September 30, 2015. |
Fair Value of Financial Instr48
Fair Value of Financial Instruments Fair Value of Financial Instruments - Balance Sheet Grouping (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financing Receivable, Net | $ 18 | $ 21 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 4,509 | 4,787 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financing Receivable, Net | 18 | 21 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | $ 4,406 | $ 4,873 |
Fair Value of Financial Instr49
Fair Value of Financial Instruments Fair Value of Financial Instruments - Recurring Fair Value (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 3,000,000 | $ 2,000,000 | |
Derivative Liability, Fair Value, Gross Liability | 116,000,000 | 117,000,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 3,000,000 | 2,000,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 1,000,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | 115,000,000 | 117,000,000 |
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 Assets (Liabilities), at Fair Value, Net | 0 | 0 | |
Commodity Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 3,000,000 | ||
Derivative Liability, Fair Value, Gross Liability | 3,000,000 | 3,000,000 | |
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 1,000,000 | ||
Commodity Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 3,000,000 | 0 |
Derivative Liability, Fair Value, Gross Liability | [1] | 2,000,000 | 3,000,000 |
Interest Rate Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 2,000,000 | ||
Derivative Liability, Fair Value, Gross Liability | 113,000,000 | 114,000,000 | |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | ||
Derivative Liability, Fair Value, Gross Liability | 0 | ||
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 0 | 2,000,000 |
Derivative Liability, Fair Value, Gross Liability | [1] | $ 113,000,000 | $ 114,000,000 |
[1] | (a) There were no assets or liabilities classified as Level 3 as of September 30, 2015. (b) There were no assets or liabilities classified as Level 1 or Level 3 as of December 31, 2014. |
Fair Value of Financial Instr50
Fair Value of Financial Instruments Fair Value of Financial Instruments - Credit Risk and Derivative FV Measurements (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Fair Value Disclosures [Abstract] | |
Derivative Asset, Fair Value Determined Using Valuation Techniques, Percentage | 0.00% |
Fair Value Assets, Valuation Techniques, Impact of Credit Reserve to Fair Value | $ 3 |
Estimated Counterparty Credit Risk Exposure to Certain Counterparties, Period | 5 years |
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $ 2,900 |
Accounting for Derivative Ins51
Accounting for Derivative Instruments and Hedging Activities Accounting for Derivative Instruments and Hedging Activities - FV of Derivatives (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 3 | $ 2 | |
Derivative Liability, Fair Value, Gross Liability | 116 | 117 | |
Fair Value of Gross Derivative Assets/(Liabilities), Net | (113) | (115) | |
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | 0 | |
Derivative Asset, Net Amount | 3 | 0 | [1] |
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | (113) | (115) | |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 | |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |
Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 2 | |
Derivative Liability, Fair Value, Gross Liability | 103 | 89 | |
Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 3 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 13 | 28 | |
Commodity Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 3 | ||
Derivative Liability, Fair Value, Gross Liability | 3 | 3 | |
Fair Value of Gross Derivative Assets/(Liabilities), Net | 0 | (3) | |
Derivative Asset, Fair Value, Gross Liability | 1 | ||
Derivative Liability, Fair Value, Gross Asset | 1 | 0 | |
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | 0 | |
Derivative Asset, Net Amount | 2 | ||
Derivative Liability, Net Amount | 2 | 3 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | (3) | |
Interest Rate Contract Current [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 36 | 40 | |
Interest Rate Contract Current [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 3 | 5 | |
Interest Rate Contract Non Current [Member] | Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 2 | |
Derivative Liability, Fair Value, Gross Liability | 67 | 49 | |
Interest Rate Contract Non Current [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 7 | 20 | |
Commodity Contract Current [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 3 | 0 | |
Derivative Liability, Fair Value, Gross Liability | 3 | 3 | |
Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 2 | ||
Derivative Liability, Fair Value, Gross Liability | 113 | 114 | |
Fair Value of Gross Derivative Assets/(Liabilities), Net | (113) | (112) | |
Derivative Asset, Fair Value, Gross Liability | 2 | ||
Derivative Liability, Fair Value, Gross Asset | 0 | 2 | |
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | 0 | |
Derivative Asset, Net Amount | 0 | ||
Derivative Liability, Net Amount | 113 | 112 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | (113) | (112) | |
Interest [Member] | United States of America, Dollars | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 1,786 | 2,817 | |
Natural Gas [Member] | MMbtu [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | $ 4 | $ 2 | |
[1] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Accounting for Derivative Ins52
Accounting for Derivative Instruments and Hedging Activities Accounting for Derivative Instruments and Hedging Activities - AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | ||||||||
Accumulated Other Comprehensive Loss, Net of Tax | $ (77) | $ (28) | $ (77) | $ (28) | $ (48) | $ (52) | $ (34) | $ 0 |
Accumulated Other Comprehensive Income (Loss), Cumulative Change in Gain (Loss) from Cash Flow Hedges, Tax Amount | 19 | 3 | 19 | 3 | ||||
Mark-to-market of cash flow hedge accounting contracts | (32) | 5 | (35) | (36) | ||||
Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $4 | (14) | |||||||
Losses expected to be realized from OCL during the next 12 months, Tax | 4 | 4 | ||||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | 0 | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Derivative [Line Items] | ||||||||
Reclassified from accumulated OCL to income due to realization of previously deferred amounts | 3 | 1 | 10 | 8 | ||||
Noncontrolling Interest [Member] | ||||||||
Derivative [Line Items] | ||||||||
Accumulated Other Comprehensive Loss, Net of Tax | (45) | (22) | (45) | (22) | ||||
Successor [Member] | ||||||||
Derivative [Line Items] | ||||||||
Accumulated Other Comprehensive Loss, Net of Tax | $ (32) | $ (6) | $ (32) | $ (6) |
Accounting for Derivative Ins53
Accounting for Derivative Instruments and Hedging Activities Accounting for Derivative Instruments and Hedging Activities - Impact to Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest Rate Contract [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized Gain (Loss) on Derivatives | $ 6 | $ 0 | $ (13) | $ 6 |
Commodity Contract [Member] | Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized Gain (Loss) on Derivatives | $ 1 | $ (2) |
Long-term Debt Long-term Debt -
Long-term Debt Long-term Debt - Debt Table (Details) - USD ($) $ in Millions | May. 29, 2015 | Oct. 21, 2014 | Jul. 27, 2011 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 21, 2011 | Jul. 27, 2010 | ||
Debt Instrument [Line Items] | |||||||||
Debt | $ 4,509 | $ 4,787 | |||||||
Long-term Debt, Current Maturities | 224 | 214 | |||||||
Long-term Debt, Excluding Current Maturities | 4,285 | 4,573 | |||||||
5.375% Senior Notes due in 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior Notes | $ 500 | 500 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | ||||||||
3.5% Convertible Notes due 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | [1] | $ 329 | 326 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | ||||||||
Debt Instrument, Unamortized Discount | $ 16 | 19 | |||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | [2] | $ 92 | 0 | ||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 1 month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | [4] | 2.75% | |||||||
3.25% Convertible Notes due 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 266 | [2] | 0 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||||||||
Debt Instrument, Unamortized Discount | $ 22 | ||||||||
Alta Wind I, lease financing arrangement, due 2034 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 255 | 261 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.015% | ||||||||
Alta Wind II, lease financing arrangement, due 2034 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 200 | 205 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.696% | ||||||||
Alta Wind III, lease financing arrangement, due 2034 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 208 | 212 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.067% | ||||||||
Alta Wind IV, lease financing arrangement, due 2034 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 135 | 138 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.938% | ||||||||
Alta Wind V, lease financing arrangement, due 2035 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 215 | 220 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.071% | ||||||||
Alta Wind X, due 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 0 | 300 | |||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 3 month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||
Alta Wind XI, due 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 0 | 191 | |||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 3 month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||
Alta Realty Investments, due 2031 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 33 | 34 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ||||||||
Alta Wind Asset Management, due 2031 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 19 | 20 | |||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 3 month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.375% | ||||||||
West Holdings Credit Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 485 | 506 | |||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 1 month LIBOR | |||||||
West Holdings Credit Agreement due 2023 Tranche A [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | 1.625% | |||||||
Marsh Landing Term Loan Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 431 | 464 | |||||||
Walnut Creek Energy, LLC, due in 2023 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 442 | $ 363 | 391 | ||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 1 month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | ||||||||
Tapestry Wind LLC due in 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 184 | 192 | $ 214 | ||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | ||||||||
NRG Energy Center Minneapolis LLC Senior Secured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 110 | 121 | |||||||
Laredo Ridge Wind, LLC, due in 2026 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 105 | 108 | $ 75 | ||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | ||||||||
South Trent Financing Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 62 | 65 | |||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | ||||||||
Avra Valley Financing Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 61 | 63 | |||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||
High Desert Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 54 | 55 | |||||||
WCEP Holdings, LLC, due in 2023 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 53 | $ 46 | 46 | ||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | 3-Month LIBOR | [3] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | 4.00% | 3.00% | ||||||
Roadrunner Financing Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 40 | 42 | |||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | ||||||||
Kansas South Facility, due 2031 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 34 | 35 | |||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 6-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||
NRG Solar Blythe LLC Credit Agreement Due 2028 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 22 | 22 | |||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | ||||||||
PFMG Financing Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 30 | 31 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||||
NRG Energy Center Princeton LLC, due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 1 | 1 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | ||||||||
Project [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 3,322 | 3,961 | |||||||
West Holdings Credit Agreement due 2023 Tranche B [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | 2.25% | |||||||
Marsh Landing Tranche A due December 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 1 month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||
Marsh Landing Tranche B due 2023 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 1 month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | ||||||||
Alpine Financing Agreement, due 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 156 | 163 | |||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||
NRG Energy Center Minneapolis LLC Senior Secured Notes, due 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | ||||||||
NRG Energy Center Minneapolis LLC Senior Secured Notes, due 2025 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ||||||||
Borrego Financing Agreement, due 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt | $ 73 | $ 75 | |||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||
Borrego Financing Agreement, due 2038 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.65% | ||||||||
High Desert Facility, due 2033 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||
TA - High Desert, due 2023 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | ||||||||
Minimum [Member] | West Holdings Credit Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | |||||||||
Maximum [Member] | West Holdings Credit Agreement [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | |||||||||
[1] | Net of discount of $16 million and $19 million as of September 30, 2015, and December 31, 2014, respectively. | ||||||||
[2] | Applicable rate is determined by the Borrower Leverage Ratio, as defined in the credit agreement. | ||||||||
[3] | As of September 30, 2015, L+ equals 3 month LIBOR plus x%, except for the NRG Marsh Landing term loan, Walnut Creek term loan, and the Revolving Credit Facility where L+ equals 1 month LIBOR plus x% and Kansas South where L+ equals 6 month LIBOR plus x% | ||||||||
[4] | Net of discount of $22 million as of September 30, 2015. |
Long-term Debt Long-term Debt55
Long-term Debt Long-term Debt - Corporate Debt (Details) | Nov. 03, 2015USD ($) | Jun. 30, 2015 | May. 15, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 29, 2015USD ($)$ / shares |
3.5% Convertible Notes due 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Convertible, Conversion Ratio | 42.9644 | ||||
Debt Instrument, Face Amount | $ 1,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | ||||
NRG Yield Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 495,000,000 | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 92,000,000 | ||||
3.25% Convertible Notes due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Convertible, Conversion Ratio | 36.3636 | ||||
Debt Instrument, Face Amount | $ 1,000 | ||||
Convertible Debt | $ 287,500,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 27.50 | ||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | $ 23,000,000 | ||||
Letter of Credit [Member] | NRG Yield Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of Credit Outstanding, Amount | 25,000,000 | ||||
Scenario, Previously Reported [Member] | NRG Yield Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 450,000,000 | ||||
Subsequent Event [Member] | NRG Yield Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Proceeds from Issuance of Debt | $ 209,000,000 |
Long-term Debt Long-term Debt56
Long-term Debt Long-term Debt - January 2015 Drop Downs (Details) - USD ($) | Dec. 17, 2014 | Nov. 12, 2014 | Oct. 21, 2014 | Dec. 21, 2011 | Jul. 27, 2011 | Sep. 30, 2015 | Dec. 31, 2014 | Jul. 27, 2010 | ||
Debt Instrument [Line Items] | ||||||||||
Debt | $ 4,509,000,000 | $ 4,787,000,000 | ||||||||
Laredo Ridge Wind, LLC, due in 2026 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt | $ 105,000,000 | 108,000,000 | $ 75,000,000 | |||||||
Proceeds from Issuance of Debt | $ 41,000,000 | |||||||||
Debt Instrument, Description of Variable Rate Basis | [1] | 3-Month LIBOR | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | |||||||||
Debt Issuance Cost | 8,000,000 | |||||||||
Tapestry Wind LLC due in 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt | $ 214,000,000 | $ 184,000,000 | 192,000,000 | |||||||
Debt Instrument, Description of Variable Rate Basis | [1] | 3-Month LIBOR | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | |||||||||
Walnut Creek Energy, LLC, due in 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt | $ 442,000,000 | $ 363,000,000 | 391,000,000 | |||||||
Proceeds from Issuance of Debt | $ 10,000,000 | |||||||||
Debt Instrument, Description of Variable Rate Basis | [1] | 1 month LIBOR | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | |||||||||
Debt Issuance Cost | $ 4,000,000 | |||||||||
WCEP Holdings, LLC, due in 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt | $ 53,000,000 | $ 46,000,000 | $ 46,000,000 | |||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | LIBOR | 3-Month LIBOR | [1] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | 4.00% | 3.00% | |||||||
Repayments of Debt | $ 6,000,000 | |||||||||
Cash Grant Loan [Member] | Laredo Ridge Wind, LLC, due in 2026 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt | 53,000,000 | |||||||||
Working Capital Facility [Member] | Laredo Ridge Wind, LLC, due in 2026 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000,000 | |||||||||
Credit Facility, Maximum Borrowing Capacity, Amendment | $ (1,000,000) | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | |||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | |||||||||
Working Capital Facility [Member] | Tapestry Wind LLC due in 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,000,000 | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.75% | |||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | |||||||||
Working Capital Facility [Member] | Walnut Creek Energy, LLC, due in 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.50% | 0.625% | ||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | |||||||||
Letter of Credit [Member] | Laredo Ridge Wind, LLC, due in 2026 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,000,000 | |||||||||
Credit Facility, Maximum Borrowing Capacity, Amendment | $ 1,000,000 | |||||||||
Letters of Credit Outstanding, Amount | 10,000,000 | |||||||||
Letter of Credit [Member] | Tapestry Wind LLC due in 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | |||||||||
Letters of Credit Outstanding, Amount | 20,000,000 | |||||||||
Letter of Credit [Member] | Walnut Creek Energy, LLC, due in 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 117,000,000 | |||||||||
Letters of Credit Outstanding, Amount | $ 49,000,000 | |||||||||
December 17, 2014 to December 31, 2018 [Member] | Laredo Ridge Wind, LLC, due in 2026 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | |||||||||
January 1, 2019 to December 31, 2023 [Member] | Laredo Ridge Wind, LLC, due in 2026 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.125% | |||||||||
January 1, 2024 to March 31, 2028 [Member] | Laredo Ridge Wind, LLC, due in 2026 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.375% | |||||||||
November 12, 2014 to December 20, 2018 [Member] | Tapestry Wind LLC due in 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | |||||||||
December 21, 2018 to December 31, 2021 [Member] | Tapestry Wind LLC due in 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||
October 21, 2014 to September 30, 2018 [Member] | Walnut Creek Energy, LLC, due in 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | |||||||||
October 1, 2018 to September 30, 2022 [Member] | Walnut Creek Energy, LLC, due in 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||
October 1, 2022 to May 31, 2023 [Member] | Walnut Creek Energy, LLC, due in 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | |||||||||
NRG Wind LLC [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid | $ 33,000,000 | |||||||||
Interest Rate Swap [Member] | Laredo Ridge Wind, LLC, due in 2026 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of Debt Hedged by Interest Rate Derivatives | 75.00% | |||||||||
Interest Rate Swap [Member] | Tapestry Wind LLC due in 2021 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of Debt Hedged by Interest Rate Derivatives | 90.00% | |||||||||
Derivative, Fixed Interest Rate | 2.21% | |||||||||
Derivative, Forward Interest Rate | 3.57% | |||||||||
Interest Rate Swap [Member] | Walnut Creek Energy, LLC, due in 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of Debt Hedged by Interest Rate Derivatives | 90.00% | 90.00% | ||||||||
Derivative, Fixed Interest Rate | 4.0025% | 3.54% | ||||||||
Interest Rate Swap [Member] | WCEP Holdings, LLC, due in 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Derivative, Fixed Interest Rate | 4.00% | |||||||||
Interest Rate Swap [Member] | Laredo Ridge [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Derivative, Fixed Interest Rate | 2.31% | |||||||||
Minimum [Member] | Interest Rate Swap [Member] | WCEP Holdings, LLC, due in 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of Debt Hedged by Interest Rate Derivatives | 90.00% | 90.00% | ||||||||
Maximum [Member] | Interest Rate Swap [Member] | WCEP Holdings, LLC, due in 2023 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of Debt Hedged by Interest Rate Derivatives | 100.00% | |||||||||
WCEP Holdings LLC [Member] | Walnut Creek [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Distribution Made to Limited Liability Company (LLC) Member, Cash Distributions Paid | $ 6,000,000 | |||||||||
[1] | As of September 30, 2015, L+ equals 3 month LIBOR plus x%, except for the NRG Marsh Landing term loan, Walnut Creek term loan, and the Revolving Credit Facility where L+ equals 1 month LIBOR plus x% and Kansas South where L+ equals 6 month LIBOR plus x% |
Long-term Debt Long-term Debt57
Long-term Debt Long-term Debt - Alta/Avenal/West Holdings (Details) - USD ($) $ in Millions | Jun. 30, 2015 | May. 29, 2015 | Mar. 18, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | [2] | Sep. 30, 2015 | Sep. 30, 2014 | [1] | |||
Debt Instrument [Line Items] | ||||||||||||
Contributions from noncontrolling interests | $ 119 | $ 0 | ||||||||||
Loss on debt extinguishment | $ (2) | $ 0 | $ (9) | $ 0 | [2] | |||||||
West Holdings Credit Agreement due 2023 Tranche A [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | 1.625% | ||||||||||
Proceeds from Issuance of Debt | $ 5 | |||||||||||
West Holdings Credit Agreement due 2023 Tranche B [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | 2.25% | ||||||||||
West Holdings Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | [3] | 1 month LIBOR | ||||||||||
Loss on debt extinguishment | $ (7) | |||||||||||
Working Capital Facility [Member] | West Holdings Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit Facility, Maximum Borrowing Capacity, Amendment | $ (9) | |||||||||||
Financial Institutions [Member] | Alta X and XI TE Holdco [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Contributions from noncontrolling interests | $ 119 | |||||||||||
Interest Rate Swap [Member] | Alta Wind X and Alta Wind XI, due 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Extinguishment of Debt, Amount | $ 17 | |||||||||||
Avenal [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 43 | |||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 20 | |||||||||||
September 22, 2010 to March 18, 2015 [Member] | Avenal [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 6 month LIBOR | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||||
March 18, 2015 to March 17, 2022 [Member] | Avenal [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 6 month LIBOR | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||
March 18, 2022 to March 17, 2027 [Member] | Avenal [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 6 month LIBOR | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||||
March 18, 2027 through Maturity [Member] | Avenal [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 6 month LIBOR | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||||
September 1, 2017 to August 31, 2020 [Member] | West Holdings Credit Agreement due 2023 Tranche A [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||
September 1, 2017 to August 31, 2020 [Member] | West Holdings Credit Agreement due 2023 Tranche B [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.375% | |||||||||||
September 1, 2020 through maturity [Member] | West Holdings Credit Agreement due 2023 Tranche A [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | |||||||||||
September 1, 2020 through maturity [Member] | West Holdings Credit Agreement due 2023 Tranche B [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||||
Utility-Scale Solar [Member] | Avenal [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 49.95% | 50.00% | [4] | 50.00% | [4] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | [4] | 0.05% | 0.05% | |||||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||
[2] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||
[3] | As of September 30, 2015, L+ equals 3 month LIBOR plus x%, except for the NRG Marsh Landing term loan, Walnut Creek term loan, and the Revolving Credit Facility where L+ equals 1 month LIBOR plus x% and Kansas South where L+ equals 6 month LIBOR plus x% | |||||||||||
[4] | On September 30, 2015, the Company acquired NRG's remaining 0.05% for an immaterial amount. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||
Numerator: | ||||||
Net income attributable to NRG Yield, Inc. | $ 17 | $ 6 | $ 22 | $ 16 | ||
Common Class A [Member] | ||||||
Numerator: | ||||||
Net income attributable to NRG Yield, Inc. | $ 6 | $ 3 | $ 10 | $ 8 | ||
Denominator: | ||||||
Weighted average number of common shares outstanding | 35 | 31 | 35 | 25 | ||
Basic and diluted loss per share: | ||||||
Earnings per weighted average common share — basic and diluted (a) | $ 0.18 | $ 0.10 | $ 0.28 | [1] | $ 0.31 | [1] |
Common Class C [Member] | ||||||
Numerator: | ||||||
Net income attributable to NRG Yield, Inc. | $ 11 | $ 3 | $ 12 | $ 8 | ||
Denominator: | ||||||
Weighted average number of common shares outstanding | 63 | 31 | 44 | 25 | ||
Basic and diluted loss per share: | ||||||
Earnings per weighted average common share — basic and diluted (a) | $ 0.18 | $ 0.10 | $ 0.28 | [1] | $ 0.31 | [1] |
3.5% Convertible Notes due 2019 [Member] | Common Class A [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 15 | 7 | 15 | 6 | ||
3.25% Convertible Notes due 2020 [Member] | Common Class C [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10 | 0 | 4 | 0 | ||
[1] | (a) Basic and diluted earnings per share might not recalculate due to presenting Net income attributable to NRG Yield, Inc. and Weighted average number of common shares outstanding in millions rather than whole dollars. |
Changes in Capital Structure Ch
Changes in Capital Structure Changes in Capital Structure - Recapitalization and Stock Issuance (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 29, 2015 | Jul. 29, 2014 | Mar. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | [1] | Feb. 24, 2015 | Dec. 31, 2014 |
Statement of Stockholders' Equity | ||||||||
Proceeds from the issuance of common stock | $ 599 | $ 630 | ||||||
Common Class C [Member] | ||||||||
Statement of Stockholders' Equity | ||||||||
Sale of Stock, Price Per Share | $ 22 | |||||||
Proceeds from the issuance of common stock | $ 599 | |||||||
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions | $ 21 | |||||||
Common Class B [Member] | ||||||||
Statement of Stockholders' Equity | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |||||||
Common Class D [Member] | ||||||||
Statement of Stockholders' Equity | ||||||||
Common Stock, Voting Rights | 1/100th | 1/100th | ||||||
Common Class A [Member] | ||||||||
Statement of Stockholders' Equity | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Sale of Stock, Number of Shares Issued in Transaction | 12,075,000 | |||||||
Proceeds from the issuance of common stock | $ 630 | |||||||
NRG Yield [Member] | NRG Yield [Member] | ||||||||
Statement of Stockholders' Equity | ||||||||
Sale of Stock, Number of Shares Issued in Transaction | 28,198,000 | |||||||
NRG Yield [Member] | NRG Yield LLC [Member] | ||||||||
Statement of Stockholders' Equity | ||||||||
Partners' Capital Account, Units, Sale of Units | 28,198,000 | |||||||
NRG [Member] | NRG Yield LLC [Member] | ||||||||
Statement of Stockholders' Equity | ||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 46.70% | 46.70% | ||||||
NRG Yield, Inc. [Member] | NRG Yield LLC [Member] | ||||||||
Statement of Stockholders' Equity | ||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 53.30% | 53.30% | ||||||
Over-Allotment Option [Member] | NRG Yield, Inc. [Member] | Common Class C [Member] | ||||||||
Statement of Stockholders' Equity | ||||||||
Sale of Stock, Number of Shares Issued in Transaction | 3,678,000 | |||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Changes in Capital Structure 60
Changes in Capital Structure Changes in Capital Structure - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Dividends Payable [Line Items] | ||||||||
Dividends Per Common Share, Cash Paid | $ 0.21 | $ 0.20 | ||||||
Dividends Payable, Date Declared | Nov. 4, 2015 | |||||||
Common Stock, Dividends, Per Share, Declared | $ 0.215 | |||||||
Dividends Payable, Date to be Paid | Dec. 15, 2015 | |||||||
Dividends Payable, Date of Record | Dec. 1, 2015 | |||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||||
Preferred Stock, Value, Issued | $ 0 | $ 0 | $ 0 | [1] | ||||
Common Class A [Member] | ||||||||
Dividends Payable [Line Items] | ||||||||
Dividends Per Common Share, Cash Paid | $ 0.21 | $ 0.39 | $ 0.365 | $ 0.80 | $ 1.045 | |||
[1] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | [4] | |||
Segment Reporting | ||||||||
Operating revenues | $ 209 | $ 184 | [1] | $ 606 | $ 497 | [1] | ||
Cost of operations | 69 | 60 | 211 | 173 | ||||
Depreciation and amortization | 50 | 34 | [1] | 163 | 112 | [1],[2] | ||
General and administrative — affiliate | 3 | 3 | [1] | 9 | 7 | [1] | ||
Acquisition-related transaction and integration costs | 1 | 2 | [1] | 2 | 2 | [1] | ||
Operating income (loss) | 86 | 85 | [1] | 221 | 203 | [1] | ||
Equity in earnings of unconsolidated affiliates | 19 | 11 | [1] | 29 | 26 | [1] | ||
Other income, net | 1 | 1 | [1] | 2 | 2 | [1] | ||
Loss on debt extinguishment | (2) | 0 | [1] | (9) | 0 | [1],[2] | ||
Interest expense | (62) | (48) | [1] | (176) | (109) | [1] | ||
Income (loss) before income taxes | 42 | 49 | [1] | 67 | 122 | [1] | ||
Income tax expense | 8 | 10 | 8 | 15 | ||||
Net Income (Loss) | 34 | 39 | [1],[3] | 59 | 107 | [1],[3] | ||
Total assets | 6,989 | 6,989 | $ 6,965 | |||||
Conventional Generation | ||||||||
Segment Reporting | ||||||||
Operating revenues | 86 | 80 | 247 | 223 | ||||
Cost of operations | 15 | 15 | 51 | 41 | ||||
Depreciation and amortization | 19 | 13 | 61 | 60 | ||||
General and administrative — affiliate | 0 | 0 | 0 | 0 | ||||
Acquisition-related transaction and integration costs | 0 | 0 | 0 | 0 | ||||
Operating income (loss) | 52 | 52 | 135 | 122 | ||||
Equity in earnings of unconsolidated affiliates | 3 | 4 | 10 | 11 | ||||
Other income, net | 0 | 0 | 1 | 0 | ||||
Loss on debt extinguishment | 0 | (7) | ||||||
Interest expense | (11) | (14) | (36) | (40) | ||||
Income (loss) before income taxes | 44 | 42 | 103 | 93 | ||||
Income tax expense | 0 | 0 | 0 | 0 | ||||
Net Income (Loss) | 44 | 42 | 103 | 93 | ||||
Total assets | 2,132 | 2,132 | ||||||
Renewables | ||||||||
Segment Reporting | ||||||||
Operating revenues | 77 | 56 | 224 | 118 | ||||
Cost of operations | 23 | 13 | 64 | 24 | ||||
Depreciation and amortization | 26 | 16 | 88 | 38 | ||||
General and administrative — affiliate | 0 | 0 | 0 | 0 | ||||
Acquisition-related transaction and integration costs | 0 | 0 | 0 | 0 | ||||
Operating income (loss) | 28 | 27 | 72 | 56 | ||||
Equity in earnings of unconsolidated affiliates | 16 | 7 | 19 | 15 | ||||
Other income, net | 1 | 0 | 1 | 1 | ||||
Loss on debt extinguishment | (2) | (2) | ||||||
Interest expense | (32) | (23) | (91) | (46) | ||||
Income (loss) before income taxes | 11 | 11 | (1) | 26 | ||||
Income tax expense | 0 | 0 | 0 | 0 | ||||
Net Income (Loss) | 11 | 11 | (1) | 26 | ||||
Total assets | 4,214 | 4,214 | ||||||
Thermal [Member] | ||||||||
Segment Reporting | ||||||||
Operating revenues | 46 | 48 | 135 | 156 | ||||
Cost of operations | 31 | 32 | 96 | 108 | ||||
Depreciation and amortization | 5 | 5 | 14 | 14 | ||||
General and administrative — affiliate | 0 | 0 | 0 | 0 | ||||
Acquisition-related transaction and integration costs | 0 | 0 | 0 | 0 | ||||
Operating income (loss) | 10 | 11 | 25 | 34 | ||||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | 0 | ||||
Other income, net | 0 | 0 | 0 | 0 | ||||
Loss on debt extinguishment | 0 | 0 | ||||||
Interest expense | (1) | (2) | (5) | (6) | ||||
Income (loss) before income taxes | 9 | 9 | 20 | 28 | ||||
Income tax expense | 0 | 0 | 0 | 0 | ||||
Net Income (Loss) | 9 | 9 | 20 | 28 | ||||
Total assets | 434 | 434 | ||||||
Corporate | ||||||||
Segment Reporting | ||||||||
Operating revenues | 0 | 0 | 0 | 0 | ||||
Cost of operations | 0 | 0 | 0 | 0 | ||||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||||
General and administrative — affiliate | 3 | 3 | 9 | 7 | ||||
Acquisition-related transaction and integration costs | 1 | 2 | 2 | 2 | ||||
Operating income (loss) | (4) | (5) | (11) | (9) | ||||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | 0 | ||||
Other income, net | 0 | 1 | 0 | 1 | ||||
Loss on debt extinguishment | 0 | 0 | ||||||
Interest expense | (18) | (9) | (44) | (17) | ||||
Income (loss) before income taxes | (22) | (13) | (55) | (25) | ||||
Income tax expense | 8 | 10 | 8 | 15 | ||||
Net Income (Loss) | (30) | $ (23) | (63) | $ (40) | ||||
Total assets | $ 209 | $ 209 | ||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||
[2] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||
[3] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||
[4] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Income Taxes (Provision) (Detai
Income Taxes (Provision) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||
Income before income taxes | $ 42 | $ 49 | [1] | $ 67 | $ 122 | [1] | |
Income tax expense | $ 8 | $ 10 | $ 8 | $ 15 | |||
Effective income tax rate | 19.04762% | 20.40% | 11.9403% | 12.30% | |||
U.S. federal statutory rate (as a percent) | 35.00% | ||||||
Adjustments to Additional Paid in Capital, Other | $ 29 | $ 65 | |||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | [1] | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Related Party Transaction | ||||||||
General and administrative — affiliate | $ 3 | $ 3 | $ 9 | $ 7 | [1] | |||
GenOn Energy Services LLC [Member] | ||||||||
Related Party Transaction | ||||||||
Due to Affiliate | 1 | 1 | $ 4 | |||||
NRG Yield [Member] | NRG [Member] | ||||||||
Related Party Transaction | ||||||||
Management Services Fee, Increase | 1 | |||||||
General and administrative — affiliate | 9 | 7 | [1] | |||||
NRG Yield [Member] | NRG [Member] | Scenario, Plan [Member] | ||||||||
Related Party Transaction | ||||||||
Management Services Fee, Annual | 7 | |||||||
NRG Yield, Inc. [Member] | NRG [Member] | ||||||||
Related Party Transaction | ||||||||
Due to Affiliate | 5 | 5 | ||||||
Thermal [Member] | NRG [Member] | ||||||||
Related Party Transaction | ||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 21 | 21 | ||||||
Due to Affiliate | 30 | 30 | 22 | |||||
Marsh Landing [Member] | GenOn Energy Services LLC [Member] | ||||||||
Related Party Transaction | ||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 11 | 11 | ||||||
El Segundo [Member] | NRG El Segundo Operations, Inc. [Member] | ||||||||
Related Party Transaction | ||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 4 | 3 | ||||||
Due to Affiliate | $ 1 | 1 | 1 | |||||
Gen Conn Energy LLC [Member] | NRG [Member] | ||||||||
Related Party Transaction | ||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 3 | $ 5 | ||||||
CVSR [Member] | NRG Energy Services LLC [Member] | ||||||||
Related Party Transaction | ||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 4 | $ 5 | ||||||
Subsequent Event [Member] | ||||||||
Related Party Transaction | ||||||||
Repayments of Related Party Debt | $ 7 | |||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. |