Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
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 | Mar. 31, 2016 | |
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 | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Operating Revenues | ||||
Total operating revenues | $ 220 | $ 200 | [1] | |
Operating Costs and Expenses | ||||
Cost of operations | 83 | 84 | [1] | |
Depreciation and amortization | 66 | 67 | [1],[2] | |
General and administrative | 3 | 3 | [1] | |
Total operating costs and expenses | 152 | 154 | [1] | |
Operating Income | 68 | 46 | [1] | |
Other Income (Expense) | ||||
Equity in earnings of unconsolidated affiliates | 2 | 2 | [1] | |
Other income, net | 0 | 1 | [1] | |
Interest expense | (68) | (73) | [1] | |
Total other expense, net | (66) | (70) | [1] | |
Income (Loss) Before Income Taxes | 2 | (24) | [1] | |
Income tax benefit | 0 | (4) | ||
Net Income (Loss) | 2 | (20) | [1],[3] | |
Less: Pre-acquisition net loss of Drop Down Assets | 0 | (4) | [1],[3] | |
Net Income (Loss) Excluding Pre-acquisition Net Loss of Drop Down Assets | 2 | (16) | [1] | |
Less: Net loss attributable to noncontrolling interests | (3) | (11) | [1] | |
Net Income (Loss) Attributable to NRG Yield, Inc. | 5 | (5) | ||
Common Class C [Member] | ||||
Other Income (Expense) | ||||
Net Income (Loss) Attributable to NRG Yield, Inc. | $ 3 | $ (3) | ||
Earnings (Loss) 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 | 35 | ||
Earnings (Loss) per Weighted Average Class A and Class C Common Share - Basic and Diluted | [4] | $ 0.05 | $ (0.07) | |
Dividends Per Common Share, Cash Paid | $ 0.225 | $ 0 | ||
Common Class A [Member] | ||||
Other Income (Expense) | ||||
Net Income (Loss) Attributable to NRG Yield, Inc. | $ 2 | $ (3) | ||
Earnings (Loss) 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 | 35 | ||
Earnings (Loss) per Weighted Average Class A and Class C Common Share - Basic and Diluted | $ 0.05 | $ (0.07) | [4] | |
Dividends Per Common Share, Cash Paid | $ 0.225 | $ 0.39 | ||
[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] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||
[4] | (a) Net income (loss) attributable to NRG Yield, Inc. and basic and diluted earnings (loss) per share might not recalculate due to presenting values in millions rather than whole dollars. |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Net Income (Loss) | $ 2 | $ (20) | [1],[2] |
Other Comprehensive Loss, net of tax | |||
Unrealized loss on derivatives, net of income tax benefit of $9 and $8 | (41) | (20) | [2] |
Other comprehensive loss | (41) | (20) | [2] |
Comprehensive Loss | (39) | (40) | [2] |
Less: Pre-acquisition net loss of Drop Down Assets | 0 | (4) | [1],[2] |
Less: Comprehensive loss attributable to noncontrolling interests | (27) | (18) | [2] |
Comprehensive Loss Attributable to NRG Yield, Inc. | $ (12) | $ (18) | |
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||
[2] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized gain/loss on derivatives, income tax expense /(benefit) | $ (9) | $ (8) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 76 | $ 111 |
Restricted cash | 60 | 48 |
Accounts receivable — trade | 85 | 95 |
Accounts receivable — affiliate | 2 | 0 |
Inventory | 34 | 35 |
Notes receivable | 7 | 7 |
Prepayments and other current assets | 20 | 22 |
Total current assets | 284 | 318 |
Property, plant and equipment | ||
Property, plant and equipment, net of accumulated depreciation of $767 and $701 | 5,012 | 5,056 |
Other Assets | ||
Equity investments in affiliates | 779 | 798 |
Notes receivable | 8 | 10 |
Intangible assets, net of accumulated amortization of $111 and $93 | 1,338 | 1,362 |
Deferred income taxes | 180 | 170 |
Other non-current assets | 58 | 61 |
Total other assets | 2,363 | 2,401 |
Total Assets | 7,659 | 7,775 |
Current Liabilities | ||
Current portion of long-term debt | 242 | 241 |
Accounts payable — trade | 26 | 23 |
Accounts payable — affiliate | 24 | 85 |
Derivative instruments | 38 | 39 |
Accrued expenses and other current liabilities | 53 | 68 |
Total current liabilities | 383 | 456 |
Other Liabilities | ||
Long-term debt | 4,521 | 4,562 |
Accounts payable — affiliate | 20 | 0 |
Derivative instruments | 110 | 61 |
Other non-current liabilities | 64 | 64 |
Total non-current liabilities | 4,715 | 4,687 |
Total Liabilities | 5,098 | 5,143 |
Stockholders' Equity | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | 0 | 0 |
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) at March 31, 2016, and December 31, 2015 | 1 | 1 |
Additional paid-in capital | 1,844 | 1,855 |
Retained earnings | 7 | 12 |
Accumulated other comprehensive loss | (44) | (27) |
Noncontrolling interest | 753 | 791 |
Total Stockholders' Equity | 2,561 | 2,632 |
Total Liabilities and Stockholders' Equity | $ 7,659 | $ 7,775 |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Intangible assets, net of accumulated amortization of $111 and $93 | $ 111,000,000 | $ 93,000,000 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 767,000,000 | $ 701,000,000 |
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, 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 | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Cash Flows from Operating Activities | |||
Net income (loss) | $ 2 | $ (20) | [1],[2] |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Distributions in excess of equity in earnings of unconsolidated affiliates | 17 | 35 | [3] |
Depreciation and amortization | 66 | 67 | [1],[3] |
Amortization of financing costs and debt discounts | 5 | 3 | [3] |
Amortization of Intangibles and Out of Market Contracts | 23 | 12 | [3] |
Changes in deferred income taxes | 0 | (4) | [3] |
Changes in derivative instruments | 2 | (2) | [3] |
Changes in other working capital | (13) | (16) | [3] |
Net Cash Provided by Operating Activities | 102 | 75 | [3] |
Cash Flows from Investing Activities | |||
Acquisition of Drop Down Assets, net of cash acquired | 0 | 490 | [3] |
Capital expenditures | (7) | (3) | [3] |
Increase in restricted cash | (12) | (1) | [3] |
Decrease in notes receivable | 2 | 2 | [3] |
Net investments in unconsolidated affiliates | (43) | 3 | [3] |
Other | 2 | 0 | [3] |
Net Cash Used in Investing Activities | (58) | (489) | [3] |
Cash Flows from Financing Activities | |||
Net contributions from noncontrolling interests | 10 | 0 | [3] |
Distributions to NRG for NRG Wind TE Holdco | (4) | 0 | [3] |
Payment of dividends and distributions to shareholders | (41) | (30) | [3] |
Net (payments for) borrowings of long-term debt | (44) | 149 | [3] |
Net Cash (Used in) Provided by Financing Activities | (79) | 119 | [3] |
Net Decrease in Cash and Cash Equivalents | (35) | (295) | [3] |
Cash and Cash Equivalents at Beginning of Period | 111 | 429 | [3] |
Cash and Cash Equivalents at End of Period | $ 76 | $ 134 | [3] |
[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] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Nature of Business
Nature of Business | 3 Months Ended |
Mar. 31, 2016 | |
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 by NRG 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. NRG Yield, Inc. 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, 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 . The holders of NRG Yield, Inc.'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 March 31, 2016 : As of March 31, 2016 , the Company's operating assets are comprised of the following projects: Projects Percentage Ownership Net Capacity (MW) (a) Offtake Counterparty Expiration Conventional El Segundo 100 % 550 Southern California Edison 2023 GenConn Devon 50 % 95 Connecticut Light & Power 2040 GenConn Middletown 50 % 95 Connecticut Light & Power 2041 Marsh Landing 100 % 720 Pacific Gas and Electric 2023 Walnut Creek 100 % 485 Southern California Edison 2023 1,945 Utility Scale Solar Alpine 100 % 66 Pacific Gas and Electric 2033 Avenal 50 % 23 Pacific Gas and Electric 2031 Avra Valley 100 % 26 Tucson Electric Power 2032 Blythe 100 % 21 Southern California Edison 2029 Borrego 100 % 26 San Diego Gas and Electric 2038 CVSR 48.95 % 122 Pacific Gas and Electric 2038 Desert Sunlight 250 25 % 63 Southern California Edison 2035 Desert Sunlight 300 25 % 75 Pacific Gas and Electric 2040 Kansas South 100 % 20 Pacific Gas and Electric 2033 Roadrunner 100 % 20 El Paso Electric 2031 TA High Desert 100 % 20 Southern California Edison 2033 482 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 (b)(c) 100 % 137 Southern California Edison 2038 Alta XI (b)(c) 100 % 90 Southern California Edison 2038 Buffalo Bear 100 % 19 Western Farmers Electric Co-operative 2033 Crosswinds 74.3 % 16 Corn Belt Power Cooperative 2027 Elbow Creek 75 % 92 NRG Power Marketing LLC 2022 Elkhorn Ridge 50.3 % 41 Nebraska Public Power District 2029 Forward 75 % 22 Constellation NewEnergy, Inc. 2017 Goat Wind 74.9 % 113 Dow Pipeline Company 2025 Hardin 74.3 % 11 Interstate Power and Light Company 2027 Laredo Ridge 100 % 80 Nebraska Public Power District 2031 Lookout 75 % 29 Southern Maryland Electric Cooperative 2030 Odin 74.9 % 15 Missouri River Energy Services 2028 Pinnacle 100 % 55 Maryland Department of General Services and University System of Maryland 2031 San Juan Mesa 56.3 % 68 Southwestern Public Service Company 2025 Sleeping Bear 75 % 71 Public Service Company of Oklahoma 2032 South Trent 100 % 101 AEP Energy Partners 2029 Spanish Fork 75 % 14 PacifiCorp 2028 Spring Canyon II (b) 90.1 % 29 Platte River Power Authority 2039 Spring Canyon III (b) 90.1 % 25 Platte River Power Authority 2039 Taloga 100 % 130 Oklahoma Gas & Electric 2031 Wildorado 74.9 % 121 Southwestern Public Service Company 2027 1,999 Projects Percentage Ownership Net Capacity (MW) (a) Offtake Counterparty Expiration Thermal Thermal equivalent MWt (d) 100 % 1,315 Various Various Thermal generation 100 % 124 Various Various Total net capacity (excluding equivalent MWt) (e) 4,559 (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 March 31, 2016 . (b) Projects are part of tax equity arrangements. (c) PPA began on January 1, 2016. (d) 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. (e) Total net capacity excludes 57 MW for RPV Holdco and 45 MW for DGPV Holdco, which are consolidated by NRG, as further described in Note 5, Variable Interest Entities, or VIEs . 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. As described in Note 12 , Related Party Transactions , 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. 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, NRG, and the third-party interests under certain tax equity arrangements classified as noncontrolling interest. As described in Note 3 , Business Acquisitions , 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, from NRG for cash consideration of $209 million . In February 2016, NRG made a final working capital payment of $2 million , reducing total cash consideration to $207 million . Additionally, 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. The acquisitions of the November 2015 Drop Down Assets and the January 2015 Drop Down Assets, or collectively, the Drop Down Assets, 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 recast did not affect net loss attributable to NRG Yield, Inc., weighted average number of shares outstanding, loss per common share or dividends. With respect to the November 2015 Drop Down Assets, the Company has recorded all minority interests in NRG Wind TE Holdco as noncontrolling interest in the Consolidated Financial Statements for all periods presented. 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 audited consolidated financial statements for the year ended December 31, 2015 . 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 March 31, 2016 , and the results of operations, comprehensive income and cash flows for the three months ended March 31, 2016 , and 2015 . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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. Noncontrolling Interests The following table reflects the changes in the Company's noncontrolling interest balance: (In millions) Balance as of December 31, 2015 $ 791 Capital contributions from tax equity investors, net of distributions 10 November 2015 Drop Down Assets working capital payment 2 Comprehensive loss (27 ) Distributions to NRG (23 ) Balance as of March 31, 2016 $ 753 Distributions to NRG The following table lists the distributions paid on NRG Yield LLC's Class B and D units during the three months ended March 31, 2016 : First Quarter 2016 Distributions per Class B Unit $ 0.225 Distributions per Class D Unit $ 0.225 On April 26, 2016 , NRG Yield LLC declared a distribution on its units of $0.23 per unit payable on June 15, 2016 to unit holders of record as of June 1, 2016 . The portion of the distributions paid by NRG Yield LLC to NRG is recorded as a reduction to the Company's noncontrolling interest balance. Additionally, the Company paid $4 million to NRG relating to its noncontrolling interest in NRG Wind TE Holdco for the three months ended March 31, 2016. Recent Accounting Developments ASU 2016-07 — In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323), or ASU No. 2016-07. The amendments of ASU No. 2016-07 eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting with no retroactive adjustment to the investment. In addition, ASU No. 2016-07 requires that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The guidance in ASU No. 2016-07 is effective for fiscal years beginning after December 15, 2016, and interim periods within those annual periods. The adoption of ASU No. 2016-07 is required to be applied prospectively and early adoption is permitted. The Company does not expect the standard to have a material impact on its results of operations, cash flows and financial position. ASU 2016-02 — In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), or ASU No. 2016-02. The amendments of ASU No. 2016-02 complete the joint effort between the FASB and the International Accounting Standards Board, or IASB, to develop a common leasing standard for U.S. GAAP and International Financial Reporting Standards, or IFRS, with the objective to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and to improve financial reporting. The guidance in ASU No. 2016-02 provides that a lessee that may have previously accounted for a lease as an operating lease under current GAAP should recognize the assets and liabilities that arise from a lease on the balance sheet. In addition, ASU No. 2016-02 expands the required quantitative and qualitative disclosures with regards to lease arrangements. The guidance in ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those annual periods. The adoption of ASU No. 2016-02 is required to be applied using a modified retrospective approach for the earliest period presented and early adoption is permitted. The Company is currently evaluating the impact of the standard on the Company's results of operations, cash flows and financial position. ASU 2016-01 — In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , or ASU No. 2016-01. The amendments of ASU No. 2016-01 eliminate available-for-sale classification of equity investments and require that equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be generally measured at fair value with changes in fair value recognized in net income. Further, the amendments require financial assets and financial liabilities to be presented separately in the notes to the financial statements, grouped by measurement category and form of financial asset. The guidance in ASU No. 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. The Company is currently evaluating the impact of the standard on the Company's results of operations, cash flows and financial position. 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 Company adopted this standard on January 1, 2016, 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. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606), or ASU No. 2016-10. The amendments of ASU No. 2016-10 provide further clarification on contract revenue recognition as updated by ASU No. 2014-09, specifically related to the identification of separately identifiable performance obligations and the implementation of licensing contracts. |
Business Acquisitions
Business Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Business Acquisition | Business Acquisitions 2015 Acquisitions November 2015 Drop Down Assets from NRG — On November 3, 2015, the Company acquired the November 2015 Drop Down Assets, a portfolio of 12 wind facilities totaling 814 net MW, from NRG for cash consideration of $209 million , subject to working capital adjustments. In February 2016, NRG made a final working capital payment of $2 million , reducing total cash consideration to $207 million . The Company is responsible for its pro-rata share of non-recourse project debt of $193 million and noncontrolling interest associated with a tax equity structure of $159 million (as of the acquisition date). The Company funded the acquisition with borrowings from 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. The difference between the cash paid and historical value of the entities' equity was recorded as a distribution from NRG with the offset to noncontrolling interest. The Class A interests of NRG Wind TE Holdco are owned by a tax equity investor, or TE Investor, who receives 99% of allocations of taxable income and other items until the flip point, which occurs when the TE Investor obtains a specified return on its initial investment, at which time the allocations to the TE Investor change to 8.53% . The Company generally receives 75% of CAFD until the flip point, at which time the allocations to the Company of CAFD change to 68.60% . If the flip point has not occurred by a specified date, 100% of CAFD is allocated to the TE 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. 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 32 MW wind facility, and Spring Canyon III, a 28 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 -year 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 Putnam, 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. 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. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, 2016 December 31, 2015 Depreciable Lives (In millions) Facilities and equipment $ 5,602 $ 5,597 2 - 40 Years Land and improvements 151 151 Construction in progress 26 9 Total property, plant and equipment 5,779 5,757 Accumulated depreciation (767 ) (701 ) Net property, plant and equipment $ 5,012 $ 5,056 |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments Accounted for by the Equity Method and Variable Interest Entities | Variable Interest Entities, or VIEs Entities that are Consolidated The Company has a controlling financial interest in certain entities which have been identified as VIEs under ASC 810, Consolidations, or ASC 810. These arrangements are primarily related to tax equity arrangements entered into with third parties in order to monetize certain tax credits associated with wind facilities, as further described in Note 5 , Investments Accounted for by the Equity Method and Variable Interest Entities , to the Company's audited consolidated financial statements included in the 2015 Form 10-K. Summarized financial information for the Company's consolidated VIEs consisted of the following as of March 31, 2016 : (In millions) NRG Wind TE Holdco Alta Wind TE Holdco Spring Canyon Other current and non-current assets $ 205 $ 21 $ 4 Property, plant and equipment 651 478 104 Intangible assets 2 284 — Total assets 858 783 108 Current and non-current liabilities 226 8 7 Total liabilities 226 8 7 Noncontrolling interest 260 123 71 Net assets less noncontrolling interests $ 372 $ 652 $ 30 Entities that are not Consolidated The Company has interests in entities that are considered VIEs under ASC 810, 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, as further described in Note 5 , Investments Accounted for by the Equity Method and Variable Interest Entities , to the Company's audited consolidated financial statements included in the 2015 Form 10-K. NRG DGPV Holdco 1 LLC — The Company and NRG, maintain a partnership, NRG DGPV Holdco 1 LLC, or DGPV Holdco 1, the purpose of which is to own or purchase solar power generation projects and other ancillary related assets from NRG Renew LLC or its subsidiaries, via intermediate funds, including: (i) a tax equity-financed portfolio of 10 recently completed community solar projects representing approximately 8 MW with a weighted average remaining PPA term of 20 years ; and (ii) a tax equity-financed portfolio of approximately 12 commercial photovoltaic systems representing approximately 37 MW with a weighted average remaining PPA term of 19 years . Both of these investments relate to the Company's $100 million commitment to distributed solar projects in partnership with NRG. The Company's maximum exposure to loss is limited to its equity investment, which was $74 million as of March 31, 2016 . NRG DGPV Holdco 2 LLC — On February 29, 2016, the Company and NRG entered into an additional partnership by forming NRG DGPV Holdco 2 LLC, or DGPV Holdco 2, to own or purchase solar power generation projects and other ancillary related assets from NRG Renew LLC or its subsidiaries, via intermediate funds. Under this partnership, the Company committed to fund up to $50 million of capital. NRG RPV Holdco 1 LLC — The Company and NRG Residential Solar Solutions LLC, a subsidiary of NRG, maintain a partnership, NRG RPV Holdco 1 LLC, or RPV Holdco, that holds 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 portfolio of approximately 5,700 leases representing approximately 40 MW, with an average lease term for the existing and new leases of approximately 17 to 20 years . Under this partnership, the Company had previously committed to fund up to $150 million of capital, which was reduced to $100 million in February 2016. The Company's maximum exposure to loss is limited to its equity investment, which was $63 million as of March 31, 2016 . 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. As of March 31, 2016 , the Company's investment in GenConn was $108 million and its maximum exposure to loss is limited to its equity investment. The following table presents summarized financial information for GCE Holding LLC: Three months ended March 31, (In millions) 2016 2015 Income Statement Data: Operating revenues $ 18 $ 22 Operating income 9 9 Net income $ 7 $ 6 March 31, 2016 December 31, 2015 Balance Sheet Data: (In millions) Current assets $ 29 $ 36 Non-current assets 411 416 Current liabilities 13 16 Non-current liabilities 211 215 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities [Table Text Block] | The Company records its derivative assets and liabilities at fair value on its consolidated balance sheet. There were no derivative asset positions on the consolidated balance sheet as of March 31, 2016 , and December 31, 2015 . The following table presents 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 March 31, 2016 As of December 31, 2015 Fair Value (a) Fair Value (a) (In millions) Level 2 Level 2 Derivative liabilities: Commodity contracts 2 2 Interest rate contracts 146 98 Total liabilities $ 148 $ 100 (a) There were no assets or liabilities classified as Level 1 or Level 3 as of March 31, 2016 , and December 31, 2015 . |
Fair Value of Financial Instruments | Fair Value of Financial Instruments 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. For cash and cash equivalents, restricted cash, accounts receivable, accounts receivable — affiliate, 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 March 31, 2016 As of December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Assets: Notes receivable, including current portion $ 15 $ 15 $ 17 $ 17 Liabilities: Long-term debt, including current portion $ 4,821 $ 4,763 $ 4,863 $ 4,745 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. Recurring Fair Value Measurements The Company records its derivative assets and liabilities at fair value on its consolidated balance sheet. There were no derivative asset positions on the consolidated balance sheet as of March 31, 2016 , and December 31, 2015 . The following table presents 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 March 31, 2016 As of December 31, 2015 Fair Value (a) Fair Value (a) (In millions) Level 2 Level 2 Derivative liabilities: Commodity contracts 2 2 Interest rate contracts 146 98 Total liabilities $ 148 $ 100 (a) There were no assets or liabilities classified as Level 1 or Level 3 as of March 31, 2016 , and December 31, 2015 . Derivative Fair Value Measurements 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 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, for interest rate swaps, calculated based on credit default swaps using the bilateral method. For commodities, to the extent that the net exposure under a specific master agreement is an asset, the Company uses the counterparty’s default swap rate. If the net exposure under a specific master agreement is a liability, the Company uses NRG's default swap rate. For interest rate swaps and commodities, 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 March 31, 2016 , the credit reserve resulted in a $3 million increase in fair value, which was composed of a $2 million gain in OCI and $1 million gain in interest expense. 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 in Note 2 , Summary of Significant Accounting Policies , to the Company's audited consolidated financial statements included in the Company's 2015 Form 10-K , the following 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 March 31, 2016 , credit risk exposure to these counterparties attributable to the Company's ownership interests was approximately $2.7 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 12 , Segment Reporting , to the Company's audited consolidated financial statements included in the Company's 2015 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 2015 Form 10-K . Energy-Related Commodities As of March 31, 2016 , the Company had forward contracts for the purchase of fuel commodities relating to the forecasted usage of the Company’s district energy centers extending through 2018. At March 31, 2016 , these contracts were not designated as cash flow or fair value hedges. Interest Rate Swaps As of March 31, 2016 , 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 March 31, 2016 and December 31, 2015 . Total Volume March 31, 2016 December 31, 2015 Commodity Units (In millions) Natural Gas MMBtu 3 4 Interest Dollars $ 1,952 $ 1,991 Fair Value of Derivative Instruments There were no derivative asset positions on the balance sheet as of March 31, 2016 , and December 31, 2015 . The following table summarizes the fair value within the derivative instrument valuation on the balance sheet: Fair Value Derivative Liabilities March 31, 2016 December 31, 2015 (In millions) Derivatives Designated as Cash Flow Hedges: Interest rate contracts current $ 33 $ 34 Interest rate contracts long-term 98 56 Total Derivatives Designated as Cash Flow Hedges 131 90 Derivatives Not Designated as Cash Flow Hedges: Interest rate contracts current 3 3 Interest rate contracts long-term 12 5 Commodity contracts current 2 2 Total Derivatives Not Designated as Cash Flow Hedges 17 10 Total Derivatives $ 148 $ 100 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 March 31, 2016 , and December 31, 2015 , there were no offsetting amounts at the counterparty master agreement level or outstanding collateral paid or received. 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 March 31, 2016 2015 (In millions) Accumulated OCL beginning balance $ (69 ) $ (61 ) Reclassified from accumulated OCL to income due to realization of previously deferred amounts 3 3 Mark-to-market of cash flow hedge accounting contracts (44 ) (23 ) Accumulated OCL ending balance, net of income tax benefit of $25 and $14, respectively $ (110 ) $ (81 ) Accumulated OCL attributable to noncontrolling interests (66 ) (58 ) Accumulated OCL attributable to NRG Yield, Inc. $ (44 ) $ (23 ) Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $4 $ 15 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 months ended March 31, 2016 , and 2015 . 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 March 31, 2016 , and 2015 , the impact to the consolidated statements of operations was a loss of $7 million and $12 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 hedged the forecasted sale of power for Alta X and Alta XI in 2015 until the start of the PPAs on January 1, 2016. The effect of these commodity hedges was recorded to operating revenues. For the three months ended March 31, 2015 , the impact to the consolidated statements of operations was an unrealized gain of $7 million . See Note 6 , Fair Value of Financial Instruments , for a discussion regarding concentration of credit risk. |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2016 | |
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 audited consolidated financial statements included in the 2015 Form 10-K. Long-term debt consisted of the following: March 31, 2016 December 31, 2015 March 31, 2016, interest rate % (a) Letters of Credit Outstanding at March 31, 2016 (In millions, except rates) 2019 Convertible Notes (b) $ 332 $ 330 3.500 2020 Convertible Notes (c) 267 266 3.250 Senior Notes, due 2024 500 500 5.375 NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2019 (d) 316 306 L+2.75 60 Project-level debt: Alpine, due 2022 153 154 L+1.75 37 Alta Wind I, lease financing arrangement, due 2034 252 252 7.015 16 Alta Wind II, lease financing arrangement, due 2034 198 198 5.696 28 Alta Wind III, lease financing arrangement, due 2034 206 206 6.067 28 Alta Wind IV, lease financing arrangement, due 2034 133 133 5.938 19 Alta Wind V, lease financing arrangement, due 2035 213 213 6.071 31 Alta Realty Investments, due 2031 32 33 7.000 — Alta Wind Asset Management, due 2031 19 19 L+2.375 — Avra Valley, due 2031 59 60 L+1.75 3 Blythe, due 2028 21 21 L+1.625 6 Borrego, due 2025 and 2038 72 72 L+ 2.50/5.65 5 El Segundo Energy Center, due 2023 457 485 L+1.625 - L+2.25 82 Energy Center Minneapolis, due 2017 and 2025 107 108 5.95 -7.25 — Kansas South, due 2031 32 33 L+2.00 4 Laredo Ridge, due 2028 103 104 L+1.875 10 Marsh Landing, due 2017 and 2023 410 418 L+1.75 - L+1.875 36 PFMG and related subsidiaries financing agreement, due 2030 29 29 6.000 — Roadrunner, due 2031 39 40 L+1.625 5 South Trent Wind, due 2020 61 62 L+1.625 10 TA High Desert, due 2020 and 2032 52 52 L+2.50/5.15 8 Tapestry, due 2021 178 181 L+1.625 20 Viento, due 2023 189 189 L+2.75 27 Walnut Creek, due 2023 344 351 L+1.625 52 WCEP Holdings, due 2023 46 46 L+3.00 — Other 1 2 various — Subtotal project-level debt: 3,406 3,461 Total debt 4,821 4,863 Less current maturities 242 241 Less deferred financing costs 58 60 Total long-term debt $ 4,521 $ 4,562 (a) As of March 31, 2016 , L+ equals 3 month LIBOR plus x%, except for the NRG Marsh Landing term loan, Walnut Creek term loan, and NRG Yield LLC and Yield Operating LLC 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 $13 million and $15 million as of March 31, 2016 , and December 31, 2015 , respectively. (c) Net of discount of $20 million and $21 million as of March 31, 2016 , and December 31, 2015 , respectively. (d) Applicable rate is determined by the Borrower Leverage Ratio, as defined in the credit agreement. The financing arrangements listed above contain certain covenants, including financial covenants that the Company is required to be in compliance with during the term of the respective arrangement. As of March 31, 2016 , the Company was in compliance with all of the required covenants. The discussion below describes material changes to or additions of long-term debt for the three months ended March 31, 2016 . NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility On February 25, 2016, the Company borrowed $50 million from the revolving credit facility of which $40 million was repaid in March 2016. As of March 31, 2016 , $316 million of borrowings and $60 million of letters of credit were outstanding. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic and diluted earnings (loss) per common share are computed by dividing net income (loss) 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 . The reconciliation of the Company's basic and diluted earnings (loss) per share is shown in the following tables: Three months ended March 31, 2016 2015 (In millions, except per share data) (a) Common Class A Common Class C Common Class A Common Class C Basic and diluted earnings (loss) per share attributable to NRG Yield, Inc. common stockholders Net income (loss) attributable to NRG Yield, Inc. $ 2 $ 3 $ (3 ) $ (3 ) Weighted average number of common shares outstanding 35 63 35 35 Earnings (loss) per weighted average common share — basic and diluted $ 0.05 $ 0.05 $ (0.07 ) $ (0.07 ) (a) Net income (loss) attributable to NRG Yield, Inc. and basic and diluted earnings (loss) per share might not recalculate due to presenting values in millions rather than whole dollars. With respect to the Class A common stock, there were a total of 15 million anti-dilutive outstanding equity instruments for the three months ended March 31, 2016 , and 2015 , 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 March 31, 2016 , related to the 2020 Convertible Notes. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2016 | |
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 CAFD, as well as economic gross margin and net income (loss). Three months ended March 31, 2016 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 79 $ 97 $ 44 $ — $ 220 Cost of operations 23 31 29 — 83 Depreciation and amortization 20 41 5 — 66 General and administrative — — — 3 3 Operating income (loss) 36 25 10 (3 ) 68 Equity in earnings (losses) of unconsolidated affiliates 3 (1 ) — — 2 Interest expense (11 ) (36 ) (2 ) (19 ) (68 ) Income (loss) before income taxes 28 (12 ) 8 (22 ) 2 Net Income (Loss) $ 28 $ (12 ) $ 8 $ (22 ) $ 2 Total Assets $ 2,017 $ 5,018 $ 430 $ 194 $ 7,659 Three months ended March 31, 2015 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 76 $ 77 $ 47 $ — $ 200 Cost of operations 21 29 34 — 84 Depreciation and amortization 21 41 5 — 67 General and administrative — — — 3 3 Operating income (loss) 34 7 8 (3 ) 46 Equity in earnings (losses) of unconsolidated affiliates 3 (1 ) — — 2 Other income, net 1 — — — 1 Interest expense (12 ) (46 ) (2 ) (13 ) (73 ) Income (loss) before income taxes 26 (40 ) 6 (16 ) (24 ) Income tax benefit — — — (4 ) (4 ) Net Income (Loss) $ 26 $ (40 ) $ 6 $ (12 ) $ (20 ) (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Effective Tax Rate The income tax provision consisted of the following: Three months ended March 31, 2016 2015 (In millions, except percentages) Income (Loss) before income taxes $ 2 $ (24 ) Income tax benefit — (4 ) Effective income tax rate — % 16.7 % For the three months ended March 31, 2016 , and 2015 , 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 assets. 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. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure | Related Party Transactions In addition to the transactions and relationships described elsewhere in these notes to the consolidated financial statements, NRG and certain subsidiaries of NRG provide services to the Company's project entities. Amounts due to NRG subsidiaries are recorded as accounts payable - affiliate and amounts due to the Company from NRG or its subsidiaries are recorded as accounts receivable - affiliate in the Company's balance sheet. Power Hedge Contracts by and between Renewable Entities and NRG Texas Power LLC Certain NRG Wind TE Holdco entities, which are subsidiaries in the Renewables segment, entered into power hedge contracts with NRG Texas Power LLC and generated $7 million during the three months ended March 31, 2015 . Effective October 2015, Elbow Creek, one of the NRG Wind TE Holdco entities, entered into a PPA with NRG Power Marketing LLC, as further described below, and the hedge agreement between Elbow Creek and NRG Texas Power LLC was terminated. Additionally, Alta X and Alta XI entered into a hedge agreement with NRG Texas Power LLC, as further described in Note 7 , Accounting for Derivative Instruments and Hedging Activities , to hedge the forecasted sale of power until the start of the PPAs on January 1, 2016. Power Purchase Agreement by and between Elbow Creek and NRG Power Marketing LLC In October 2015, Elbow Creek, the Company's subsidiary from the Renewable segment, entered into a PPA with NRG Power Marketing LLC for the sale of energy and environmental attributes with the effective date of January 1, 2016. Elbow Creek generated $3 million during the three months ended March 31, 2016 . Operation and Maintenance (O&M) Services 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 $7 million for the three months ended March 31, 2016 , and 2015 . There was a balance of $28 million due to NRG in accounts payable — affiliate as of March 31, 2016 , and December 31, 2015 . As of March 31, 2016 , $8 million of it was recorded in the current liabilities of the consolidated balance sheet and $20 million was recorded in long term liabilities of the consolidated balance sheet. Subsequent to March 31, 2016 , $3 million of the outstanding balance has been paid. Power Sales and Services Agreement by and between NRG Energy Center Dover LLC and NRG NRG Energy Center Dover LLC, or NRG Dover, a subsidiary of the Company, is party to a Power Sales and Services Agreement with NRG Power Marketing LLC, or NRG Power Marketing, a wholly-owned subsidiary of NRG. The agreement is automatically renewed on a month-to-month basis unless terminated by either party upon at least 30 days written notice. Under the agreement, NRG Power Marketing has the exclusive right to (i) manage, market and sell power, (ii) procure fuel and fuel transportation for operation of the Dover generating facility, to include for purposes other than generating power, (iii) procure transmission services required for the sale of power, and (iv) procure and market emissions credits for operation of the Dover generating facility. In addition, NRG Power Marketing has the exclusive right and obligation to direct the output from the generating facility, in accordance with and to meet the terms of any power sales contracts executed against the power generation of the Dover facility. Under the agreement, NRG Power Marketing pays NRG Dover gross receipts generated through sales, less costs incurred by NRG Power Marketing related to providing such services as transmission and delivery costs, as well as fuel costs. In July 2013, the coal-fueled plant was converted to a natural gas facility. For the three months ended March 31, 2016 , and 2015 , NRG Dover purchased $1 million and $2 million , respectively, of natural gas from NRG Power Marketing. Energy Marketing Services Agreement by and between NRG Energy Center Minneapolis LLC and NRG NRG Energy Center Minneapolis LLC, or NRG Minneapolis, a subsidiary of the Company is party to an Energy Marketing Services Agreement with NRG Power Marketing, a wholly-owned subsidiary of NRG. The agreement commenced in August 2014 and is automatically renewed annually unless terminated by either party upon at least 90 day written notice prior to the end of any term. Under the agreement, NRG Power Marketing will procure fuel and fuel transportation for the operation of the Minneapolis generating facility. For the three months ended March 31, 2016 , and 2015 , NRG Minneapolis purchased $3 million and $4 million , respectively, of natural gas from NRG Power Marketing. O&M Services Agreements by and between GenConn and NRG GenConn incurs fees under two O&M services agreements with wholly-owned subsidiaries of NRG. The fees incurred under the agreements were $1 million and $2 million for the three months ended March 31, 2016 , and 2015 , respectively. O&M Services Agreement by and between El Segundo and NRG El Segundo Operations El Segundo incurs fees under an O&M services agreement with NRG El Segundo Operations, Inc., a wholly-owned subsidiary of NRG. Under the O&M services 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 three months ended March 31, 2016 , and 2015 , the costs incurred under the agreement were $1 million . There was a balance of $2 million and $1 million due to NRG El Segundo in accounts payable — affiliate as of March 31, 2016 , and December 31, 2015 , respectively. 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 $2 million for the three months ended March 31, 2016 , and 2015 . There was a balance of $6 million due to GenOn Energy Services, LLC in accounts payable — affiliate as of March 31, 2016 , and December 31, 2015 . 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 $1 million for the three months ended March 31, 2016 , and 2015 . 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 March 31, 2016 , 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 year ended December 31, 2015 , the fee was increased by $1 million per year primarily due to the acquisitions of the January 2015 Drop Down Assets and the November 2015 Drop Down Assets. Costs incurred under this agreement were $2 million for the three months ended March 31, 2016 , and 2015 , 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 $3 million due to NRG in accounts payable — affiliate as of March 31, 2016 . Administrative Services Agreements by and between NRG Wind TE Holdco and NRG Certain subsidiaries of NRG have entered into agreements with the Company's project entities to provide operation and maintenance services for the balance of the plants not covered by turbine supplier's maintenance and service agreements for the post-warranty period. The agreements have various terms with provisions for extension until terminated. For the three months ended March 31, 2016 , and 2015 , the costs incurred under the agreements were $1 million . Certain subsidiaries of NRG provide support services to the NRG Wind TE Holdco project entities pursuant to various support services agreements. The agreements provide for administrative and support services and reimbursements of certain insurance, consultant, and credit costs. For the three months ended March 31, 2016 , and 2015 , the costs incurred under the agreements were $1 million . |
Contingencies (Notes)
Contingencies (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies Disclosure [Text Block] | Contingencies The Company's material legal proceeding is described below. The Company believes that it has a valid defense to this legal proceeding and intends to defend it vigorously. The Company records reserves for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. In addition, legal costs are expensed as incurred. Management assesses such matters based on current information and makes a judgment concerning its potential outcome, considering the nature of the claim, the amount and nature of damages sought, and the probability of success. The Company is unable to predict the outcome of the legal proceeding below or reasonably estimate the scope or amount of any associated costs and potential liabilities. As additional information becomes available, management adjusts its assessment and estimates of such contingencies accordingly. Because litigation is subject to inherent uncertainties and unfavorable rulings or developments, it is possible that the ultimate resolution of the Company's liabilities and contingencies could be at amounts that are different from its currently recorded reserves and that such difference could be material. In addition to the legal proceeding noted below, the Company and its subsidiaries are party to other litigation or legal proceedings arising in the ordinary course of business. In management's opinion, the disposition of these ordinary course matters will not materially adversely affect the Company's consolidated financial position, results of operations, or cash flows. Braun v. NRG Yield, Inc. — On April 19, 2016, plaintiffs filed a purported class action lawsuit against NRG Yield, Inc. and against each current and former member of its board of directors individually in Kern County, CA. Plaintiffs allege various violations of the Securities Act due to the defendants’ alleged failure to disclose material facts related to low wind production prior to the June 22, 2015 Class C common stock offering. Plaintiffs seek compensatory damages, rescission, attorney’s fees and costs. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015 $ 791 Capital contributions from tax equity investors, net of distributions 10 November 2015 Drop Down Assets working capital payment 2 Comprehensive loss (27 ) Distributions to NRG (23 ) Balance as of March 31, 2016 $ 753 |
Distributions [Policy Text Block] | Distributions to NRG The following table lists the distributions paid on NRG Yield LLC's Class B and D units during the three months ended March 31, 2016 : First Quarter 2016 Distributions per Class B Unit $ 0.225 Distributions per Class D Unit $ 0.225 On April 26, 2016 , NRG Yield LLC declared a distribution on its units of $0.23 per unit payable on June 15, 2016 to unit holders of record as of June 1, 2016 . The portion of the distributions paid by NRG Yield LLC to NRG is recorded as a reduction to the Company's noncontrolling interest balance. Additionally, the Company paid $4 million to NRG relating to its noncontrolling interest in NRG Wind TE Holdco for the three months ended March 31, 2016. |
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 2016-07 — In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures (Topic 323), or ASU No. 2016-07. The amendments of ASU No. 2016-07 eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting with no retroactive adjustment to the investment. In addition, ASU No. 2016-07 requires that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The guidance in ASU No. 2016-07 is effective for fiscal years beginning after December 15, 2016, and interim periods within those annual periods. The adoption of ASU No. 2016-07 is required to be applied prospectively and early adoption is permitted. The Company does not expect the standard to have a material impact on its results of operations, cash flows and financial position. ASU 2016-02 — In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), or ASU No. 2016-02. The amendments of ASU No. 2016-02 complete the joint effort between the FASB and the International Accounting Standards Board, or IASB, to develop a common leasing standard for U.S. GAAP and International Financial Reporting Standards, or IFRS, with the objective to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and to improve financial reporting. The guidance in ASU No. 2016-02 provides that a lessee that may have previously accounted for a lease as an operating lease under current GAAP should recognize the assets and liabilities that arise from a lease on the balance sheet. In addition, ASU No. 2016-02 expands the required quantitative and qualitative disclosures with regards to lease arrangements. The guidance in ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those annual periods. The adoption of ASU No. 2016-02 is required to be applied using a modified retrospective approach for the earliest period presented and early adoption is permitted. The Company is currently evaluating the impact of the standard on the Company's results of operations, cash flows and financial position. ASU 2016-01 — In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , or ASU No. 2016-01. The amendments of ASU No. 2016-01 eliminate available-for-sale classification of equity investments and require that equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be generally measured at fair value with changes in fair value recognized in net income. Further, the amendments require financial assets and financial liabilities to be presented separately in the notes to the financial statements, grouped by measurement category and form of financial asset. The guidance in ASU No. 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. The Company is currently evaluating the impact of the standard on the Company's results of operations, cash flows and financial position. 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 Company adopted this standard on January 1, 2016, 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. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606), or ASU No. 2016-10. The amendments of ASU No. 2016-10 provide further clarification on contract revenue recognition as updated by ASU No. 2014-09, specifically related to the identification of separately identifiable performance obligations and the implementation of licensing contracts. |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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 CAFD, as well as economic gross margin and net income (loss). |
Nature of Business Nature of Bu
Nature of Business Nature of Business (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Nature of Business Disclosure [Abstract] | |
IPO of NRG Yield | The following table represents the structure of the Company as of March 31, 2016 : |
Schedule of Ownership | As of March 31, 2016 , the Company's operating assets are comprised of the following projects: Projects Percentage Ownership Net Capacity (MW) (a) Offtake Counterparty Expiration Conventional El Segundo 100 % 550 Southern California Edison 2023 GenConn Devon 50 % 95 Connecticut Light & Power 2040 GenConn Middletown 50 % 95 Connecticut Light & Power 2041 Marsh Landing 100 % 720 Pacific Gas and Electric 2023 Walnut Creek 100 % 485 Southern California Edison 2023 1,945 Utility Scale Solar Alpine 100 % 66 Pacific Gas and Electric 2033 Avenal 50 % 23 Pacific Gas and Electric 2031 Avra Valley 100 % 26 Tucson Electric Power 2032 Blythe 100 % 21 Southern California Edison 2029 Borrego 100 % 26 San Diego Gas and Electric 2038 CVSR 48.95 % 122 Pacific Gas and Electric 2038 Desert Sunlight 250 25 % 63 Southern California Edison 2035 Desert Sunlight 300 25 % 75 Pacific Gas and Electric 2040 Kansas South 100 % 20 Pacific Gas and Electric 2033 Roadrunner 100 % 20 El Paso Electric 2031 TA High Desert 100 % 20 Southern California Edison 2033 482 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 (b)(c) 100 % 137 Southern California Edison 2038 Alta XI (b)(c) 100 % 90 Southern California Edison 2038 Buffalo Bear 100 % 19 Western Farmers Electric Co-operative 2033 Crosswinds 74.3 % 16 Corn Belt Power Cooperative 2027 Elbow Creek 75 % 92 NRG Power Marketing LLC 2022 Elkhorn Ridge 50.3 % 41 Nebraska Public Power District 2029 Forward 75 % 22 Constellation NewEnergy, Inc. 2017 Goat Wind 74.9 % 113 Dow Pipeline Company 2025 Hardin 74.3 % 11 Interstate Power and Light Company 2027 Laredo Ridge 100 % 80 Nebraska Public Power District 2031 Lookout 75 % 29 Southern Maryland Electric Cooperative 2030 Odin 74.9 % 15 Missouri River Energy Services 2028 Pinnacle 100 % 55 Maryland Department of General Services and University System of Maryland 2031 San Juan Mesa 56.3 % 68 Southwestern Public Service Company 2025 Sleeping Bear 75 % 71 Public Service Company of Oklahoma 2032 South Trent 100 % 101 AEP Energy Partners 2029 Spanish Fork 75 % 14 PacifiCorp 2028 Spring Canyon II (b) 90.1 % 29 Platte River Power Authority 2039 Spring Canyon III (b) 90.1 % 25 Platte River Power Authority 2039 Taloga 100 % 130 Oklahoma Gas & Electric 2031 Wildorado 74.9 % 121 Southwestern Public Service Company 2027 1,999 Projects Percentage Ownership Net Capacity (MW) (a) Offtake Counterparty Expiration Thermal Thermal equivalent MWt (d) 100 % 1,315 Various Various Thermal generation 100 % 124 Various Various Total net capacity (excluding equivalent MWt) (e) 4,559 (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 March 31, 2016 . (b) Projects are part of tax equity arrangements. (c) PPA began on January 1, 2016. (d) 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. (e) Total net capacity excludes 57 MW for RPV Holdco and 45 MW for DGPV Holdco, which are consolidated by NRG, as further described in Note 5, Variable Interest Entities, or VIEs . |
Summary of Significant Accoun24
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015 $ 791 Capital contributions from tax equity investors, net of distributions 10 November 2015 Drop Down Assets working capital payment 2 Comprehensive loss (27 ) Distributions to NRG (23 ) Balance as of March 31, 2016 $ 753 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The Company’s major classes of property, plant, and equipment were as follows: March 31, 2016 December 31, 2015 Depreciable Lives (In millions) Facilities and equipment $ 5,602 $ 5,597 2 - 40 Years Land and improvements 151 151 Construction in progress 26 9 Total property, plant and equipment 5,779 5,757 Accumulated depreciation (767 ) (701 ) Net property, plant and equipment $ 5,012 $ 5,056 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, (In millions) 2016 2015 Income Statement Data: Operating revenues $ 18 $ 22 Operating income 9 9 Net income $ 7 $ 6 March 31, 2016 December 31, 2015 Balance Sheet Data: (In millions) Current assets $ 29 $ 36 Non-current assets 411 416 Current liabilities 13 16 Non-current liabilities 211 215 |
Consolidated Entities [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Schedule of Variable Interest Entities [Table Text Block] | Summarized financial information for the Company's consolidated VIEs consisted of the following as of March 31, 2016 : (In millions) NRG Wind TE Holdco Alta Wind TE Holdco Spring Canyon Other current and non-current assets $ 205 $ 21 $ 4 Property, plant and equipment 651 478 104 Intangible assets 2 284 — Total assets 858 783 108 Current and non-current liabilities 226 8 7 Total liabilities 226 8 7 Noncontrolling interest 260 123 71 Net assets less noncontrolling interests $ 372 $ 652 $ 30 |
Fair Value of Financial Instr27
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 As of December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Assets: Notes receivable, including current portion $ 15 $ 15 $ 17 $ 17 Liabilities: Long-term debt, including current portion $ 4,821 $ 4,763 $ 4,863 $ 4,745 |
Schedule of Fair Value, Assets and Liabilities [Table Text Block] | The Company records its derivative assets and liabilities at fair value on its consolidated balance sheet. There were no derivative asset positions on the consolidated balance sheet as of March 31, 2016 , and December 31, 2015 . The following table presents 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 March 31, 2016 As of December 31, 2015 Fair Value (a) Fair Value (a) (In millions) Level 2 Level 2 Derivative liabilities: Commodity contracts 2 2 Interest rate contracts 146 98 Total liabilities $ 148 $ 100 (a) There were no assets or liabilities classified as Level 1 or Level 3 as of March 31, 2016 , and December 31, 2015 . |
Accounting for Derivative Ins28
Accounting for Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 . Total Volume March 31, 2016 December 31, 2015 Commodity Units (In millions) Natural Gas MMBtu 3 4 Interest Dollars $ 1,952 $ 1,991 |
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 Liabilities March 31, 2016 December 31, 2015 (In millions) Derivatives Designated as Cash Flow Hedges: Interest rate contracts current $ 33 $ 34 Interest rate contracts long-term 98 56 Total Derivatives Designated as Cash Flow Hedges 131 90 Derivatives Not Designated as Cash Flow Hedges: Interest rate contracts current 3 3 Interest rate contracts long-term 12 5 Commodity contracts current 2 2 Total Derivatives Not Designated as Cash Flow Hedges 17 10 Total Derivatives $ 148 $ 100 |
Offsetting of derivatives by counterparty master agreement level and collateral received or paid | |
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 March 31, 2016 2015 (In millions) Accumulated OCL beginning balance $ (69 ) $ (61 ) Reclassified from accumulated OCL to income due to realization of previously deferred amounts 3 3 Mark-to-market of cash flow hedge accounting contracts (44 ) (23 ) Accumulated OCL ending balance, net of income tax benefit of $25 and $14, respectively $ (110 ) $ (81 ) Accumulated OCL attributable to noncontrolling interests (66 ) (58 ) Accumulated OCL attributable to NRG Yield, Inc. $ (44 ) $ (23 ) Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $4 $ 15 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt consisted of the following: March 31, 2016 December 31, 2015 March 31, 2016, interest rate % (a) Letters of Credit Outstanding at March 31, 2016 (In millions, except rates) 2019 Convertible Notes (b) $ 332 $ 330 3.500 2020 Convertible Notes (c) 267 266 3.250 Senior Notes, due 2024 500 500 5.375 NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2019 (d) 316 306 L+2.75 60 Project-level debt: Alpine, due 2022 153 154 L+1.75 37 Alta Wind I, lease financing arrangement, due 2034 252 252 7.015 16 Alta Wind II, lease financing arrangement, due 2034 198 198 5.696 28 Alta Wind III, lease financing arrangement, due 2034 206 206 6.067 28 Alta Wind IV, lease financing arrangement, due 2034 133 133 5.938 19 Alta Wind V, lease financing arrangement, due 2035 213 213 6.071 31 Alta Realty Investments, due 2031 32 33 7.000 — Alta Wind Asset Management, due 2031 19 19 L+2.375 — Avra Valley, due 2031 59 60 L+1.75 3 Blythe, due 2028 21 21 L+1.625 6 Borrego, due 2025 and 2038 72 72 L+ 2.50/5.65 5 El Segundo Energy Center, due 2023 457 485 L+1.625 - L+2.25 82 Energy Center Minneapolis, due 2017 and 2025 107 108 5.95 -7.25 — Kansas South, due 2031 32 33 L+2.00 4 Laredo Ridge, due 2028 103 104 L+1.875 10 Marsh Landing, due 2017 and 2023 410 418 L+1.75 - L+1.875 36 PFMG and related subsidiaries financing agreement, due 2030 29 29 6.000 — Roadrunner, due 2031 39 40 L+1.625 5 South Trent Wind, due 2020 61 62 L+1.625 10 TA High Desert, due 2020 and 2032 52 52 L+2.50/5.15 8 Tapestry, due 2021 178 181 L+1.625 20 Viento, due 2023 189 189 L+2.75 27 Walnut Creek, due 2023 344 351 L+1.625 52 WCEP Holdings, due 2023 46 46 L+3.00 — Other 1 2 various — Subtotal project-level debt: 3,406 3,461 Total debt 4,821 4,863 Less current maturities 242 241 Less deferred financing costs 58 60 Total long-term debt $ 4,521 $ 4,562 (a) As of March 31, 2016 , L+ equals 3 month LIBOR plus x%, except for the NRG Marsh Landing term loan, Walnut Creek term loan, and NRG Yield LLC and Yield Operating LLC 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 $13 million and $15 million as of March 31, 2016 , and December 31, 2015 , respectively. (c) Net of discount of $20 million and $21 million as of March 31, 2016 , and December 31, 2015 , respectively. (d) Applicable rate is determined by the Borrower Leverage Ratio, as defined in the credit agreement. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The reconciliation of the Company's basic and diluted earnings (loss) per share is shown in the following tables: Three months ended March 31, 2016 2015 (In millions, except per share data) (a) Common Class A Common Class C Common Class A Common Class C Basic and diluted earnings (loss) per share attributable to NRG Yield, Inc. common stockholders Net income (loss) attributable to NRG Yield, Inc. $ 2 $ 3 $ (3 ) $ (3 ) Weighted average number of common shares outstanding 35 63 35 35 Earnings (loss) per weighted average common share — basic and diluted $ 0.05 $ 0.05 $ (0.07 ) $ (0.07 ) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Three months ended March 31, 2016 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 79 $ 97 $ 44 $ — $ 220 Cost of operations 23 31 29 — 83 Depreciation and amortization 20 41 5 — 66 General and administrative — — — 3 3 Operating income (loss) 36 25 10 (3 ) 68 Equity in earnings (losses) of unconsolidated affiliates 3 (1 ) — — 2 Interest expense (11 ) (36 ) (2 ) (19 ) (68 ) Income (loss) before income taxes 28 (12 ) 8 (22 ) 2 Net Income (Loss) $ 28 $ (12 ) $ 8 $ (22 ) $ 2 Total Assets $ 2,017 $ 5,018 $ 430 $ 194 $ 7,659 Three months ended March 31, 2015 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 76 $ 77 $ 47 $ — $ 200 Cost of operations 21 29 34 — 84 Depreciation and amortization 21 41 5 — 67 General and administrative — — — 3 3 Operating income (loss) 34 7 8 (3 ) 46 Equity in earnings (losses) of unconsolidated affiliates 3 (1 ) — — 2 Other income, net 1 — — — 1 Interest expense (12 ) (46 ) (2 ) (13 ) (73 ) Income (loss) before income taxes 26 (40 ) 6 (16 ) (24 ) Income tax benefit — — — (4 ) (4 ) Net Income (Loss) $ 26 $ (40 ) $ 6 $ (12 ) $ (20 ) (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 2015 (In millions, except percentages) Income (Loss) before income taxes $ 2 $ (24 ) Income tax benefit — (4 ) Effective income tax rate — % 16.7 % |
Nature of Business (Details)
Nature of Business (Details) $ in Millions | Feb. 19, 2016USD ($) | Nov. 03, 2015USD ($) | Jun. 29, 2015USD ($)shares | Jan. 02, 2015USD ($) | Mar. 31, 2016MW | Nov. 02, 2015MW | |
Nature of Business | |||||||
Megawatts Thermal Equivalent, Available Under right-to-use Provisions | 134 | ||||||
Power Generation Capacity, Megawatts | [1] | 4,559 | |||||
Conventional Generation [Member] | |||||||
Nature of Business | |||||||
Power Generation Capacity, Megawatts | [1] | 1,945 | |||||
Utility-Scale Solar | |||||||
Nature of Business | |||||||
Power Generation Capacity, Megawatts | [1] | 482 | |||||
Distributed Solar [Member] | |||||||
Nature of Business | |||||||
Power Generation Capacity, Megawatts | [1] | 9 | |||||
Wind Farms [Member] | |||||||
Nature of Business | |||||||
Power Generation Capacity, Megawatts | [1] | 1,999 | |||||
Thermal [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 124 | |||||
Steam and Chilled Water Capacity, Megawatts Thermal Equivalent | [1],[2] | 1,315 | |||||
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, 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% | ||||||
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% | ||||||
GenConn Middletown | Conventional Generation [Member] | |||||||
Nature of Business | |||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 95 | |||||
GenConn Devon [Member] | Conventional Generation [Member] | |||||||
Nature of Business | |||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 95 | |||||
Marsh Landing | Conventional Generation [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 720 | |||||
El Segundo [Member] | Conventional Generation [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 550 | |||||
Walnut Creek [Member] | Conventional Generation [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 485 | |||||
Alpine [Member] | Utility-Scale Solar | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 66 | |||||
AZ DG Solar Projects [Member] | Distributed Solar [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 5 | |||||
PFMG DG Solar Projects [Member] | Distributed Solar [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 51.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 4 | |||||
Avenal [Member] | Utility-Scale Solar | |||||||
Nature of Business | |||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 23 | |||||
Avra Valley | Utility-Scale Solar | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 26 | |||||
NRG Solar Blythe LLC [Member] | Utility-Scale Solar | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 21 | |||||
Borrego [Member] | Utility-Scale Solar | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 26 | |||||
Roadrunner | Utility-Scale Solar | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 20 | |||||
CVSR [Member] | Utility-Scale Solar | |||||||
Nature of Business | |||||||
Equity Method Investment, Ownership Percentage | 48.95% | ||||||
Power Generation Capacity, Megawatts | [1] | 122 | |||||
TA - High Desert LLC [Member] | Utility-Scale Solar | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 20 | |||||
Desert Sunlight [Member] | Utility-Scale Solar | |||||||
Nature of Business | |||||||
Percentage of Ownership | 25.00% | ||||||
RE Kansas South [Member] | Utility-Scale Solar | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 20 | |||||
Alta I [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 150 | |||||
Alta II [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 150 | |||||
Alta III [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 150 | |||||
Alta IV [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 102 | |||||
Alta V [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 168 | |||||
Alta X [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | [3],[4] | 100.00% | |||||
Power Generation Capacity, Megawatts | [1],[3],[4] | 137 | |||||
Alta XI [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | [3],[4] | 100.00% | |||||
Power Generation Capacity, Megawatts | [1],[3],[4] | 90 | |||||
South Trent | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 101 | |||||
Spanish Fork [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 75.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 14 | |||||
Laredo Ridge [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 80 | |||||
Lookout [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 75.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 29 | |||||
Odin Wind Farm [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 74.90% | ||||||
Power Generation Capacity, Megawatts | [1] | 15 | |||||
Taloga [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 130 | |||||
Wildorado [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 74.90% | ||||||
Power Generation Capacity, Megawatts | [1] | 121 | |||||
Pinnacle [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 55 | |||||
San Juan Mesa Wind Project, LLC [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 56.30% | ||||||
Power Generation Capacity, Megawatts | [1] | 68 | |||||
Sleeping Bear [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 75.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 71 | |||||
Buffalo Bear [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 100.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 19 | |||||
Crosswinds [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 74.30% | ||||||
Power Generation Capacity, Megawatts | [1] | 16 | |||||
Elbow Creek [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 75.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 92 | |||||
Elkhorn Ridge Wind, LLC [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 50.30% | ||||||
Power Generation Capacity, Megawatts | [1] | 41 | |||||
Forward [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 75.00% | ||||||
Power Generation Capacity, Megawatts | [1] | 22 | |||||
Goat Wind [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 74.90% | ||||||
Power Generation Capacity, Megawatts | [1] | 113 | |||||
Hardin [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 74.30% | ||||||
Power Generation Capacity, Megawatts | [1] | 11 | |||||
Spring Canyon II [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 90.10% | ||||||
Power Generation Capacity, Megawatts | [1],[4] | 29 | |||||
Spring Canyon III [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Percentage of Ownership | 90.10% | ||||||
Power Generation Capacity, Megawatts | [1],[4] | 25 | |||||
NRG RPV Holdco [Member] | |||||||
Nature of Business | |||||||
Power Generation Capacity, Megawatts | 57 | ||||||
NRG DGPV Holdco [Member] | |||||||
Nature of Business | |||||||
Power Generation Capacity, Megawatts | 45 | ||||||
November 2015 Drop Down Assets [Member] | |||||||
Nature of Business | |||||||
Business Acquisition, Consideration Transferred, Working Capital | $ | $ 2 | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 75.00% | ||||||
Payments to Acquire Businesses, Gross | $ | $ 207 | $ 209 | |||||
November 2015 Drop Down Assets [Member] | Wind Farms [Member] | |||||||
Nature of Business | |||||||
Power Generation Capacity, Megawatts | [1] | 814 | |||||
January 2015 Drop Down Assets [Member] | |||||||
Nature of Business | |||||||
Business Acquisitions, Purchase Price | $ | $ 489 | ||||||
Business Acquisition, Consideration Transferred, Working Capital | $ | $ 9 | ||||||
Southern California Edison [Member] | Desert Sunlight [Member] | Utility-Scale Solar | |||||||
Nature of Business | |||||||
Power Generation Capacity, Megawatts | [1] | 63 | |||||
Pacific Gas and Electric [Member] | Desert Sunlight [Member] | Utility-Scale Solar | |||||||
Nature of Business | |||||||
Power Generation Capacity, Megawatts | [1] | 75 | |||||
Common Class D [Member] | NRG Yield LLC | |||||||
Nature of Business | |||||||
Sale of Stock, Percentage of Ownership after Transaction | 100.00% | ||||||
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 | ||||||
Financial Institutions [Member] | November 2015 Drop Down Assets [Member] | |||||||
Nature of Business | |||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ | $ 159 | ||||||
[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 March 31, 2016. | ||||||
[2] | 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. | ||||||
[3] | PPA began on January 1, 2016. | ||||||
[4] | Projects are part of tax equity arrangements |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Feb. 19, 2016 | Dec. 31, 2015 | ||
Summary of Significant Accounting Policies [Line Items] | |||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ (753) | $ (791) | |||
Capital contributions from tax equity investors, net of distributions | 10 | $ 0 | [1] | ||
Comprehensive loss | (27) | (18) | [2] | ||
Distributions to NRG | $ (23) | ||||
Dividends Payable, Date Declared | Apr. 26, 2016 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0 | ||||
Dividends Payable, Date to be Paid | Jun. 15, 2016 | ||||
Dividends Payable, Date of Record | Jun. 1, 2016 | ||||
Payments of Capital Distribution | $ 4 | $ 0 | [1] | ||
November 2015 Drop Down Assets [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Business Acquisition, Consideration Transferred, Working Capital | $ 2 | ||||
Financial Institutions [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Capital contributions from tax equity investors, net of distributions | $ 10 | ||||
Common Class B [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Distribution Made to Limited Liability Company (LLC) Member, Distributions Paid, Per Unit | $ 0.225 | ||||
Common Class D [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Distribution Made to Limited Liability Company (LLC) Member, Distributions Paid, Per Unit | $ 0.225 | ||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||
[2] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Business Acquisitions Business
Business Acquisitions Business Acquisitions - November 2015 Drop Down (Details) | Feb. 19, 2016USD ($) | Nov. 03, 2015USD ($) | Mar. 31, 2016MW | Nov. 02, 2015USD ($)MW | |
Business Acquisition [Line Items] | |||||
Power Generation Capacity, Megawatts | MW | [1] | 4,559 | |||
November 2015 Drop Down Assets [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 75.00% | ||||
Number of Facilities | 12 | ||||
Payments to Acquire Businesses, Gross | $ 207,000,000 | $ 209,000,000 | |||
Business Combination, Long-term Debt | 193,000,000 | ||||
Business Acquisition, Consideration Transferred, Working Capital | $ 2,000,000 | ||||
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 | $ 159,000,000 | ||||
Taxable Income Allocation, Pre-Flip | 99.00% | ||||
Taxable Income Allocation, Post-Flip | 8.53% | ||||
Post-Flip Point [Member] | November 2015 Drop Down Assets [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of Cash Available for Distributions | 68.60% | ||||
Pre-Flip Point [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] | 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] | 1,999 | |||
Wind Farms [Member] | November 2015 Drop Down Assets [Member] | |||||
Business Acquisition [Line Items] | |||||
Power Generation Capacity, Megawatts | MW | [1] | 814 | |||
[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 March 31, 2016. |
Business Acquisitions Busines36
Business Acquisitions Business Acquisitions - Desert Sunlight/Spring Canyon/Fuel Cell (Details) | Jun. 30, 2015USD ($) | May. 08, 2015 | Apr. 30, 2015 | Mar. 31, 2016MW | Jun. 29, 2015USD ($) | May. 07, 2015 | |
Business Acquisition [Line Items] | |||||||
Power Generation Capacity, Megawatts | [1] | 4,559 | |||||
Utility-Scale Solar [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Power Generation Capacity, Megawatts | [1] | 482 | |||||
Wind Farms [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Power Generation Capacity, Megawatts | [1] | 1,999 | |||||
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 | 32 | ||||||
Wind Farms [Member] | Spring Canyon III [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Power Generation Capacity, Megawatts | 28 | ||||||
Thermal [Member] | |||||||
Business Acquisition [Line Items] | |||||||
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] | |||||||
Equity Method Investment, Ownership Percentage | 25.00% | ||||||
UB Fuel Cell [Member] | Thermal [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Power Generation Capacity, Megawatts | 1.4 | ||||||
Supply Commitment [Member] | Spring Canyon [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 24 years | ||||||
Supply Commitment [Member] | 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 [Member] | 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 [Member] | 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 March 31, 2016. |
Business Acquisitions Busines37
Business Acquisitions Business Acquisitions - January 2015 Drop Downs (Details) $ in Millions | Jan. 02, 2015USD ($) | Mar. 31, 2016MW | |
Business Acquisition [Line Items] | |||
Power Generation Capacity, Megawatts | [1] | 4,559 | |
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 | ||
Wind Farms [Member] | |||
Business Acquisition [Line Items] | |||
Power Generation Capacity, Megawatts | [1] | 1,999 | |
Conventional Generation [Member] | |||
Business Acquisition [Line Items] | |||
Power Generation Capacity, Megawatts | [1] | 1,945 | |
Laredo Ridge [Member] | Wind Farms [Member] | |||
Business Acquisition [Line Items] | |||
Power Generation Capacity, Megawatts | [1] | 80 | |
Buffalo Bear [Member] | Wind Farms [Member] | |||
Business Acquisition [Line Items] | |||
Power Generation Capacity, Megawatts | [1] | 19 | |
Taloga [Member] | Wind Farms [Member] | |||
Business Acquisition [Line Items] | |||
Power Generation Capacity, Megawatts | [1] | 130 | |
Pinnacle [Member] | Wind Farms [Member] | |||
Business Acquisition [Line Items] | |||
Power Generation Capacity, Megawatts | [1] | 55 | |
Walnut Creek [Member] | Conventional Generation [Member] | |||
Business Acquisition [Line Items] | |||
Power Generation Capacity, Megawatts | [1] | 485 | |
[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 March 31, 2016. |
Property, Plant and Equipment38
Property, Plant and Equipment (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment | ||
Property, plant and equipment, gross | $ 5,779,000,000 | $ 5,757,000,000 |
Under construction | 26,000,000 | 9,000,000 |
Less accumulated depreciation | (767,000,000) | (701,000,000) |
Property, Plant and Equipment, Net | 5,012,000,000 | 5,056,000,000 |
Support Equipment and Facilities [Member] | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | 5,602,000,000 | 5,597,000,000 |
Land and improvements [Member] | ||
Property, Plant and Equipment | ||
Property, plant and equipment, gross | $ 151,000,000 | $ 151,000,000 |
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 |
Variable Interest Entities Vari
Variable Interest Entities Variable Interest Entities - Consolidated Entities (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Other Assets | $ 2,363 | $ 2,401 |
Property, Plant and Equipment, Net | 5,012 | 5,056 |
Total Assets | 7,659 | 7,775 |
Liabilities | 5,098 | $ 5,143 |
November 2015 Drop Down Assets [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Other Assets | 205 | |
Property, Plant and Equipment, Net | 651 | |
Intangible Assets, Net (Excluding Goodwill) | 2 | |
Total Assets | 858 | |
Liabilities | 226 | |
Noncontrolling Interest in Variable Interest Entity | 260 | |
Net Assets | 372 | |
Alta X and XI TE Holdco [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Other Assets | 21 | |
Property, Plant and Equipment, Net | 478 | |
Intangible Assets, Net (Excluding Goodwill) | 284 | |
Total Assets | 783 | |
Liabilities | 8 | |
Noncontrolling Interest in Variable Interest Entity | 123 | |
Net Assets | 652 | |
Spring Canyon [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Other Assets | 4 | |
Property, Plant and Equipment, Net | 104 | |
Intangible Assets, Net (Excluding Goodwill) | 0 | |
Total Assets | 108 | |
Liabilities | 7 | |
Noncontrolling Interest in Variable Interest Entity | 71 | |
Net Assets | $ 30 |
Variable Interest Entities Va40
Variable Interest Entities Variable Interest Entities - DGPV (Details) $ in Millions | May. 08, 2015generatingunitMW | Mar. 31, 2016USD ($)MW | Dec. 31, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity investments in affiliates | $ 779 | $ 798 | ||
Power Generation Capacity, Megawatts | MW | [1] | 4,559 | ||
NRG DGPV Holdco [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity investments in affiliates | $ 74 | |||
Tax Equity Financed Portfolio of Leases - Commercial PV [Member] | NRG DGPV Fund 1 [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Solar Leases in Portfolio | generatingunit | 12 | |||
Power Generation Capacity, Megawatts | MW | 37 | |||
Remaining Lease Term | 19 years | |||
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 | 10 | |||
Power Generation Capacity, Megawatts | MW | 8 | |||
Remaining Lease Term | 20 years | |||
Maximum [Member] | Tax Equity Financed Portfolio of Leases [Member] | NRG DGPV Fund 1 [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity investments in affiliates | 100 | |||
Maximum [Member] | Tax Equity Financed Portfolio of Leases [Member] | NRG DGPV Fund 2 [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity investments in affiliates | $ 50 | |||
[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 March 31, 2016. |
Variable Interest Entities Va41
Variable Interest Entities Variable Interest Entities - RPV (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016USD ($)generatingunitMW | Dec. 31, 2015USD ($) | ||
Schedule of Equity Method Investments [Line Items] | |||
Power Generation Capacity, Megawatts | MW | [1] | 4,559 | |
Equity investments in affiliates | $ 779 | $ 798 | |
NRG RPV Holdco [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity investments in affiliates | $ 63 | ||
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 | ||
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 | 5,700 | ||
Power Generation Capacity, Megawatts | MW | 40 | ||
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 | ||
Capital Contributions From Partners in Equity Method Investment | $ 100 | ||
[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 March 31, 2016. |
Variable Interest Entities Va42
Variable Interest Entities Variable Interest Entities - GenConn (Details) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2016USD ($)facilityMW | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |||
Schedule of Equity Method Investments [Line Items] | |||||
Power Generation Capacity, Megawatts | MW | [1] | 4,559 | |||
Equity investments in affiliates | $ 779 | $ 798 | |||
Total operating revenues | 220 | $ 200 | [2] | ||
Operating Income (Loss) | 68 | 46 | [2] | ||
Net Income (Loss) | 2 | (20) | [2],[3] | ||
Current assets | 284 | 318 | |||
Current liabilities | 383 | 456 | |||
Non-current liabilities | $ 4,715 | 4,687 | |||
GCE Holding LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Equity investments in affiliates | $ 108 | ||||
Total operating revenues | 18 | 22 | |||
Operating Income (Loss) | 9 | 9 | |||
Net Income (Loss) | 7 | $ 6 | |||
Current assets | 29 | 36 | |||
Non-current assets | 411 | 416 | |||
Current liabilities | 13 | 16 | |||
Non-current liabilities | $ 211 | $ 215 | |||
Gen Conn Energy LLC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Power Generation Units, Number | facility | 2 | ||||
Power Generation Capacity, Megawatts | MW | 190 | ||||
[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 March 31, 2016. | ||||
[2] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||
[3] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Fair Value of Financial Instr43
Fair Value of Financial Instruments Fair Value of Financial Instruments - Balance Sheet Grouping (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financing Receivable, Net | $ 15 | $ 17 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 4,821 | 4,863 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financing Receivable, Net | 15 | 17 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | $ 4,763 | $ 4,745 |
Fair Value of Financial Instr44
Fair Value of Financial Instruments Fair Value of Financial Instruments - Recurring Fair Value (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | $ 148,000,000 | $ 100,000,000 | |
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 | 0 | |
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 | 148,000,000 | [1] | 100,000,000 |
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, 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 | 2,000,000 | [1] | 2,000,000 |
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 Liability, Fair Value, Gross Liability | $ 146,000,000 | [1] | $ 98,000,000 |
[1] | (a) There were no assets or liabilities classified as Level 1 or Level 3 as of March 31, 2016, and December 31, 2015. |
Fair Value of Financial Instr45
Fair Value of Financial Instruments Fair Value of Financial Instruments - Credit Risk and Derivative FV Measurements (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
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 | $ 2,700 |
Gain (Loss) on Derivative Instruments [Member] | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value Assets, Valuation Techniques, Impact of Credit Reserve to Fair Value | 2 |
Interest Expense [Member] | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |
Fair Value Assets, Valuation Techniques, Impact of Credit Reserve to Fair Value | $ 1 |
Accounting for Derivative Ins46
Accounting for Derivative Instruments and Hedging Activities Accounting for Derivative Instruments and Hedging Activities - FV of Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 148 | $ 100 |
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 Liability, Fair Value, Gross Liability | 131 | 90 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 17 | 10 |
Interest Rate Contract Current [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 33 | 34 |
Interest Rate Contract Current [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 3 | 3 |
Interest Rate Contract Non Current [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 98 | 56 |
Interest Rate Contract Non Current [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 12 | 5 |
Commodity Contract Current [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 2 | 2 |
Interest [Member] | United States of America, Dollars | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,952 | 1,991 |
Natural Gas [Member] | MMbtu [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 3 | $ 4 |
Accounting for Derivative Ins47
Accounting for Derivative Instruments and Hedging Activities Accounting for Derivative Instruments and Hedging Activities - AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||||
Accumulated Other Comprehensive Loss, Net of Tax | $ (110) | $ (81) | $ (69) | $ (61) |
Accumulated Other Comprehensive Loss, Cumulative Change in Loss from Cash Flow Hedges, Tax Amount | 25 | 14 | ||
Mark-to-market of cash flow hedge accounting contracts | (44) | (23) | ||
Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $4 | 15 | |||
Losses expected to be realized from OCL during the next 12 months, Tax Amount | 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 | 3 | ||
Noncontrolling Interest [Member] | ||||
Derivative [Line Items] | ||||
Accumulated Other Comprehensive Loss, Net of Tax | (66) | (58) | ||
Successor [Member] | ||||
Derivative [Line Items] | ||||
Accumulated Other Comprehensive Loss, Net of Tax | $ (44) | $ (23) |
Accounting for Derivative Ins48
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest Rate Contract [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized Gain (Loss) on Derivatives | $ (7) | $ 12 |
Commodity Contract [Member] | Sales [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Unrealized Gain (Loss) on Derivatives | $ (7) |
Long-term Debt Long-term Debt -
Long-term Debt Long-term Debt - Debt Table (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | ||
Debt Instrument [Line Items] | |||
Debt | $ 4,821,000 | $ 4,863,000 | |
Current portion of long-term debt | 242,000 | 241,000 | |
Cumulative Effect of New Accounting Principle in Period of Adoption | 58,000 | 60,000 | |
Long-term Debt, Excluding Current Maturities | 4,521,000 | 4,562,000 | |
5.375% Senior Notes due in 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 500,000 | 500,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | ||
3.5% Convertible Notes due 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Debt | [1] | $ 332,000 | 330,000 |
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | ||
Debt Instrument, Unamortized Discount | $ 13,000 | 15,000 | |
NRG Yield Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 316,000 | 306,000 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | [2] | 1 month LIBOR | |
Debt Instrument, Basis Spread on Variable Rate | [3] | 2.75% | |
3.25% Convertible Notes due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Debt | [4] | $ 267,000 | 266,000 |
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||
Debt Instrument, Unamortized Discount | $ 20,000 | 21,000 | |
Alta Wind I, lease financing arrangement, due 2034 [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 252,000 | 252,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.015% | ||
Alta Wind II, lease financing arrangement, due 2034 [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 198,000 | 198,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.696% | ||
Alta Wind III, lease financing arrangement, due 2034 [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 206,000 | 206,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.067% | ||
Alta Wind IV, lease financing arrangement, due 2034 [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 133,000 | 133,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.938% | ||
Alta Wind V, lease financing arrangement, due 2035 [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 213,000 | 213,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.071% | ||
Alta Realty Investments, due 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 32,000 | 33,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ||
Alta Wind Asset Management, due 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 19,000 | 19,000 | |
Debt Instrument, Description of Variable Rate Basis | [2] | 3 month LIBOR | |
Debt Instrument, Basis Spread on Variable Rate | 2.375% | ||
West Holdings Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 457,000 | 485,000 | |
Debt Instrument, Description of Variable Rate Basis | [2] | 3 month LIBOR | |
West Holdings Credit Agreement due 2023 Tranche A [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | ||
Marsh Landing Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 410,000 | 418,000 | |
Walnut Creek Energy, LLC, due in 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 344,000 | 351,000 | |
Debt Instrument, Description of Variable Rate Basis | [2] | 1 month LIBOR | |
Debt Instrument, Basis Spread on Variable Rate | 1.625% | ||
Tapestry Wind LLC due in 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 178,000 | 181,000 | |
Debt Instrument, Description of Variable Rate Basis | [2] | 3-Month LIBOR | |
Debt Instrument, Basis Spread on Variable Rate | 1.625% | ||
Viento Funding II, Inc., due in 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 189,000 | 189,000 | |
Debt Instrument, Description of Variable Rate Basis | [2] | 3-Month LIBOR | |
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||
NRG Energy Center Minneapolis LLC Senior Secured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 107,000 | 108,000 | |
Laredo Ridge Wind, LLC, due in 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 103,000 | 104,000 | |
Debt Instrument, Description of Variable Rate Basis | [2] | 3-Month LIBOR | |
Debt Instrument, Basis Spread on Variable Rate | 1.875% | ||
South Trent Financing Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 61,000 | 62,000 | |
Debt Instrument, Description of Variable Rate Basis | [2] | 3-Month LIBOR | |
Debt Instrument, Basis Spread on Variable Rate | 1.625% | ||
Avra Valley Financing Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 59,000 | 60,000 | |
Debt Instrument, Description of Variable Rate Basis | [2] | 3-Month LIBOR | |
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
High Desert Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 52,000 | 52,000 | |
WCEP Holdings, LLC, due in 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 46,000 | 46,000 | |
Debt Instrument, Description of Variable Rate Basis | [2] | 3-Month LIBOR | |
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||
Other Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 1,000 | 2,000 | |
Letters of Credit Outstanding, Amount | 0 | ||
Roadrunner Financing Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 39,000 | 40,000 | |
Debt Instrument, Description of Variable Rate Basis | [2] | 3-Month LIBOR | |
Debt Instrument, Basis Spread on Variable Rate | 1.625% | ||
Kansas South Facility, due 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 32,000 | 33,000 | |
Debt Instrument, Description of Variable Rate Basis | [2] | 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 | $ 21,000 | 21,000 | |
Debt Instrument, Description of Variable Rate Basis | [2] | 3-Month LIBOR | |
Debt Instrument, Basis Spread on Variable Rate | 1.625% | ||
PFMG Financing Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 29,000 | 29,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
Project [Domain] | |||
Debt Instrument [Line Items] | |||
Debt | $ 3,406,000 | 3,461,000 | |
West Holdings Credit Agreement due 2023 Tranche B [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||
Marsh Landing Tranche A due December 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Description of Variable Rate Basis | [2] | 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 | [2] | 1 month LIBOR | |
Debt Instrument, Basis Spread on Variable Rate | 1.875% | ||
Alpine Financing Agreement, due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 153,000 | 154,000 | |
Debt Instrument, Description of Variable Rate Basis | [2] | 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 | $ 72,000 | $ 72,000 | |
Debt Instrument, Description of Variable Rate Basis | [2] | 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 | [2] | 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% | ||
Letter of Credit [Member] | NRG Yield Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 60,000 | ||
Letter of Credit [Member] | Alta Wind I, lease financing arrangement, due 2034 [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 16,000 | ||
Letter of Credit [Member] | Alta Wind II, lease financing arrangement, due 2034 [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 28,000 | ||
Letter of Credit [Member] | Alta Wind III, lease financing arrangement, due 2034 [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 28,000 | ||
Letter of Credit [Member] | Alta Wind IV, lease financing arrangement, due 2034 [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 19,000 | ||
Letter of Credit [Member] | Alta Wind V, lease financing arrangement, due 2035 [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 31,000 | ||
Letter of Credit [Member] | Alta Realty Investments, due 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 0 | ||
Letter of Credit [Member] | Alta Wind Asset Management, due 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 0 | ||
Letter of Credit [Member] | West Holdings Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 82,000 | ||
Letter of Credit [Member] | Marsh Landing Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 36,000 | ||
Letter of Credit [Member] | Walnut Creek Energy, LLC, due in 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 52,000 | ||
Letter of Credit [Member] | Tapestry Wind LLC due in 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 20,000 | ||
Letter of Credit [Member] | Viento Funding II, Inc., due in 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 27,000 | ||
Letter of Credit [Member] | NRG Energy Center Minneapolis LLC Senior Secured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 0 | ||
Letter of Credit [Member] | Laredo Ridge Wind, LLC, due in 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 10,000 | ||
Letter of Credit [Member] | South Trent Financing Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 10,000 | ||
Letter of Credit [Member] | Avra Valley Financing Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 3,000 | ||
Letter of Credit [Member] | High Desert Facility [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 8,000 | ||
Letter of Credit [Member] | WCEP Holdings LLC [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 0 | ||
Letter of Credit [Member] | Roadrunner Financing Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 5,000 | ||
Letter of Credit [Member] | Kansas South Facility, due 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 4,000 | ||
Letter of Credit [Member] | NRG Solar Blythe LLC Credit Agreement Due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 6,000 | ||
Letter of Credit [Member] | PFMG Financing Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 0 | ||
Letter of Credit [Member] | Alpine Financing Agreement, due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | 37,000 | ||
Letter of Credit [Member] | Borrego Financing Agreement, due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 5,000 | ||
[1] | Net of discount of $13 million and $15 million as of March 31, 2016, and December 31, 2015, respectively. | ||
[2] | As of March 31, 2016, L+ equals 3 month LIBOR plus x%, except for the NRG Marsh Landing term loan, Walnut Creek term loan, and NRG Yield LLC and Yield Operating LLC Revolving Credit Facility, where L+ equals 1 month LIBOR plus x% and Kansas South, where L+ equals 6 month LIBOR plus x% | ||
[3] | Applicable rate is determined by the Borrower Leverage Ratio, as defined in the credit agreement. | ||
[4] | Net of discount of $20 million and $21 million as of March 31, 2016, and December 31, 2015, respectively |
Long-term Debt Long-term Debt50
Long-term Debt Long-term Debt - Corporate Debt (Details) - NRG Yield Revolving Credit Facility [Member] - USD ($) $ in Millions | Feb. 25, 2016 | Mar. 31, 2016 |
Debt Instrument [Line Items] | ||
Proceeds from Issuance of Debt | $ 50 | |
Repayments of Debt | $ 40 | |
Line of Credit Facility, Fair Value of Amount Outstanding | 316 | |
Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 60 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Numerator: | ||||
Net income attributable to NRG Yield, Inc. | $ 5 | $ (5) | ||
Common Class A [Member] | ||||
Numerator: | ||||
Net income attributable to NRG Yield, Inc. | $ 2 | $ (3) | ||
Denominator: | ||||
Weighted average number of common shares outstanding | 35 | 35 | ||
Basic and diluted loss per share: | ||||
Earnings per weighted average common share — basic and diluted (a) | $ 0.05 | $ (0.07) | [1] | |
Common Class C [Member] | ||||
Numerator: | ||||
Net income attributable to NRG Yield, Inc. | $ 3 | $ (3) | ||
Denominator: | ||||
Weighted average number of common shares outstanding | 63 | 35 | ||
Basic and diluted loss per share: | ||||
Earnings per weighted average common share — basic and diluted (a) | [1] | $ 0.05 | $ (0.07) | |
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 | 15 | ||
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 | ||
[1] | (a) Net income (loss) attributable to NRG Yield, Inc. and basic and diluted earnings (loss) per share might not recalculate due to presenting values in millions rather than whole dollars. |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |||
Segment Reporting | |||||
Operating revenues | $ 220 | $ 200 | [1] | ||
Cost of operations | 83 | 84 | |||
Depreciation and amortization | 66 | 67 | [1],[2] | ||
General and administrative | 3 | 3 | [1] | ||
Operating income (loss) | 68 | 46 | [1] | ||
Equity in earnings of unconsolidated affiliates | 2 | 2 | [1] | ||
Other income, net | 0 | 1 | [1] | ||
Interest expense | (68) | (73) | [1] | ||
Income (loss) before income taxes | 2 | (24) | [1] | ||
Income tax benefit | 0 | (4) | |||
Net Income (Loss) | 2 | (20) | [1],[3] | ||
Total Assets | 7,659 | $ 7,775 | |||
Conventional Generation | |||||
Segment Reporting | |||||
Operating revenues | 79 | 76 | |||
Cost of operations | 23 | 21 | |||
Depreciation and amortization | 20 | 21 | |||
General and administrative | 0 | 0 | |||
Operating income (loss) | 36 | 34 | |||
Equity in earnings of unconsolidated affiliates | 3 | 3 | |||
Other income, net | 1 | ||||
Interest expense | (11) | (12) | |||
Income (loss) before income taxes | 28 | 26 | |||
Income tax benefit | 0 | ||||
Net Income (Loss) | 28 | 26 | |||
Total Assets | 2,017 | ||||
Renewables | |||||
Segment Reporting | |||||
Operating revenues | 97 | 77 | [4] | ||
Cost of operations | 31 | 29 | [4] | ||
Depreciation and amortization | 41 | 41 | [4] | ||
General and administrative | 0 | 0 | [4] | ||
Operating income (loss) | 25 | 7 | [4] | ||
Equity in earnings of unconsolidated affiliates | (1) | (1) | [4] | ||
Other income, net | [4] | 0 | |||
Interest expense | (36) | (46) | [4] | ||
Income (loss) before income taxes | (12) | (40) | [4] | ||
Income tax benefit | [4] | 0 | |||
Net Income (Loss) | (12) | (40) | [4] | ||
Total Assets | 5,018 | ||||
Thermal [Member] | |||||
Segment Reporting | |||||
Operating revenues | 44 | 47 | |||
Cost of operations | 29 | 34 | |||
Depreciation and amortization | 5 | 5 | |||
General and administrative | 0 | 0 | |||
Operating income (loss) | 10 | 8 | |||
Equity in earnings of unconsolidated affiliates | 0 | 0 | |||
Other income, net | 0 | ||||
Interest expense | (2) | (2) | |||
Income (loss) before income taxes | 8 | 6 | |||
Income tax benefit | 0 | ||||
Net Income (Loss) | 8 | 6 | |||
Total Assets | 430 | ||||
Corporate | |||||
Segment Reporting | |||||
Operating revenues | 0 | 0 | |||
Cost of operations | 0 | 0 | |||
Depreciation and amortization | 0 | 0 | |||
General and administrative | 3 | 3 | |||
Operating income (loss) | (3) | (3) | |||
Equity in earnings of unconsolidated affiliates | 0 | 0 | |||
Other income, net | 0 | ||||
Interest expense | (19) | (13) | |||
Income (loss) before income taxes | (22) | (16) | |||
Income tax benefit | (4) | ||||
Net Income (Loss) | (22) | $ (12) | |||
Total Assets | $ 194 | ||||
[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] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||
[4] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Income Taxes (Provision) (Detai
Income Taxes (Provision) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Income (Loss) before income taxes | $ 2 | $ (24) | [1] |
Income tax benefit | $ 0 | $ (4) | |
Effective income tax rate | 0.00% | 16.70% | |
U.S. federal statutory rate (as a percent) | 35.00% | ||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Related Party Transaction | |||||
General and administrative | $ 3,000,000 | $ 3,000,000 | [1] | ||
Due to Affiliate, Current | 24,000,000 | $ 85,000,000 | |||
Accounts payable — affiliate | 20,000,000 | 0 | |||
GenOn Energy Services LLC [Member] | |||||
Related Party Transaction | |||||
Due to Affiliate | 6,000,000 | ||||
NRG Repowering Holdings LLC [Member] | |||||
Related Party Transaction | |||||
Cost of Natural Gas Purchases | 1,000,000 | 2,000,000 | |||
NRG Yield [Member] | NRG [Member] | |||||
Related Party Transaction | |||||
Management Services Fee, Increase | 1,000,000 | ||||
General and administrative | 2,000,000 | 2,000,000 | |||
NRG Yield [Member] | NRG [Member] | Scenario, Plan [Member] | |||||
Related Party Transaction | |||||
Management Services Fee, Annual | 7,000,000 | ||||
NRG Yield, Inc. [Member] | NRG [Member] | |||||
Related Party Transaction | |||||
Due to Affiliate | 3,000,000 | ||||
Thermal [Member] | NRG [Member] | |||||
Related Party Transaction | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 7,000,000 | 7,000,000 | |||
Due to Affiliate | 28,000,000 | 29,000,000 | |||
Due to Affiliate, Current | 8,000,000 | ||||
Accounts payable — affiliate | 20,000,000 | ||||
NRG Energy Center Minneapolis LLC [Member] | NRG [Member] | |||||
Related Party Transaction | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 3,000,000 | 4,000,000 | |||
Marsh Landing [Member] | GenOn Energy Services LLC [Member] | |||||
Related Party Transaction | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 2,000,000 | 2,000,000 | |||
El Segundo [Member] | NRG El Segundo Operations, Inc. [Member] | |||||
Related Party Transaction | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,000,000 | 1,000,000 | |||
Due to Affiliate | 2,000,000 | $ 1,000,000 | |||
Gen Conn Energy LLC [Member] | NRG [Member] | |||||
Related Party Transaction | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,000,000 | 2,000,000 | |||
CVSR [Member] | NRG Energy Services LLC [Member] | |||||
Related Party Transaction | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,000,000 | 1,000,000 | |||
November 2015 Drop Down Assets [Member] | NRG [Member] | |||||
Related Party Transaction | |||||
Related Party Transaction, Other Revenues from Transactions with Related Party | 7,000,000 | ||||
Elbow Creek [Member] | NRG [Member] | |||||
Related Party Transaction | |||||
Revenue from Related Parties | 3,000,000 | ||||
Operations and Maintenance services [Member] | November 2015 Drop Down Assets [Member] | NRG [Member] | |||||
Related Party Transaction | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,000,000 | 1,000,000 | |||
Support services [Member] | November 2015 Drop Down Assets [Member] | NRG [Member] | |||||
Related Party Transaction | |||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 1,000,000 | $ 1,000,000 | |||
Subsequent Event [Member] | |||||
Related Party Transaction | |||||
Repayments of Related Party Debt | $ 3,000,000 | ||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. |