Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | NRG Yield, Inc. |
Entity Central Index Key | 1,567,683 |
Document Type | 8-K |
Document Period End Date | Jun. 30, 2016 |
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||||||
Operating Revenues | ||||||||||||||||||||
Total operating revenues | $ 283 | $ 234 | [1] | $ 224 | $ 256 | [2] | $ 259 | [2],[3] | $ 214 | [1],[2] | $ 517 | $ 473 | [3] | $ 953 | [4] | $ 828 | [4] | $ 434 | [4] | |
Operating Costs and Expenses | ||||||||||||||||||||
Cost of operations | 77 | 85 | [1] | 78 | [3] | 86 | [1] | 162 | 164 | [3] | 321 | [4] | 277 | [4] | 154 | [4] | ||||
Depreciation and amortization | 75 | 74 | [1] | 78 | [3] | 75 | [1] | 149 | 153 | [3] | 297 | [4] | 233 | [4] | 92 | [4] | ||||
General and administrative | 3 | 3 | [1] | 3 | [3] | 3 | [1] | 6 | 6 | [3] | 12 | [4] | 8 | [4] | 7 | [4] | ||||
Acquisition-related transaction and integration costs | 0 | 1 | [3] | 0 | 1 | [3] | 3 | [4] | 4 | [4] | 0 | [4] | ||||||||
Total operating costs and expenses | 155 | 162 | [1] | 160 | [3] | 164 | [1] | 317 | 324 | [3] | 633 | [4] | 522 | [4] | 253 | [4] | ||||
Operating Income | 128 | 72 | [1] | 70 | 101 | [2] | 99 | [2],[3] | 50 | [1],[2] | 200 | 149 | [3] | 320 | [4] | 306 | [4] | 181 | [4] | |
Other Income (Expense) | ||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 13 | 3 | [1],[5] | 4 | [3] | 3 | [1],[5] | 16 | 7 | [3] | 26 | [4],[6] | 17 | [4],[6] | 20 | [4],[6] | ||||
Other income, net | 2 | 0 | [1] | 1 | [3] | 1 | [1] | 2 | 2 | [3] | 3 | [4] | 6 | [4] | 4 | [4] | ||||
Gains (Losses) on Extinguishment of Debt | 0 | (7) | [3] | 0 | (7) | [3],[7] | (9) | [4],[6] | (1) | [4],[6] | 0 | [4],[6] | ||||||||
Interest expense | (68) | (74) | [1] | (51) | [3] | (79) | [1] | (142) | (130) | [3] | (263) | [4] | (216) | (72) | [4] | |||||
Total other expense, net | (53) | (71) | [1] | (53) | [3] | (75) | [1] | (124) | (128) | [3] | (243) | [4] | (194) | [4] | (48) | [4] | ||||
Income Before Income Taxes | 75 | 1 | [1] | 46 | [3] | (25) | [1] | 76 | 21 | [3] | 77 | [4] | 112 | [4] | 133 | [4] | ||||
Income tax expense | 12 | 0 | [1] | 4 | (4) | [1] | 12 | 0 | 12 | [4] | 4 | [4] | 8 | [4],[8],[9] | ||||||
Net Income | 63 | 1 | [1],[10] | 12 | 32 | [2] | 42 | [2],[3],[11] | (21) | [1],[2],[10] | 64 | 21 | [3],[11] | 65 | [4],[12] | 108 | [4],[12] | 125 | [4],[12] | |
Less: Pre-acquisition net (loss) income of Drop Down Assets | 5 | (1) | [1],[10] | 1 | [11] | (5) | [1],[10] | 4 | (4) | [3],[11] | (10) | [12] | 44 | [9],[12] | 16 | [9],[12] | ||||
Net Income Excluding Pre-acquisition Net (Loss) Income of Drop Down Assets | 58 | 2 | [1] | 41 | [3] | (16) | [1] | 60 | 25 | [3] | 75 | [4] | 64 | [4] | 109 | [4] | ||||
Less: Net income attributable to noncontrolling interests | 26 | (3) | [1] | 31 | [3] | (11) | [1] | 23 | 20 | [3] | 42 | [4] | 48 | [4] | 42 | [4],[9] | ||||
Net income attributable to NRG Yield, Inc.(a) | $ 32 | 5 | [1] | $ 11 | $ 17 | $ 10 | $ (5) | [1] | 37 | 5 | 33 | 16 | 13 | |||||||
Earnings Per Share Attributable to NRG Yield, Inc. Class A and Class C Common Stockholders | ||||||||||||||||||||
Earnings Per Share, Basic | $ 0.12 | $ 0.18 | [13] | $ 0.15 | [13] | $ (0.07) | [13] | |||||||||||||
Dividends Per Class A Common Share | $ 0.23 | $ 0.215 | $ 0.21 | $ 0.20 | ||||||||||||||||
Predecessor | ||||||||||||||||||||
Other Income (Expense) | ||||||||||||||||||||
Net Income | 0 | [4] | 0 | [4] | $ 54 | |||||||||||||||
Noncontrolling Interest [Member] | ||||||||||||||||||||
Other Income (Expense) | ||||||||||||||||||||
Less: Pre-acquisition net (loss) income of Drop Down Assets | 44 | |||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 48 | |||||||||||||||||||
Common Class A [Member] | ||||||||||||||||||||
Other Income (Expense) | ||||||||||||||||||||
Net income attributable to NRG Yield, Inc.(a) | $ 11 | $ 2 | $ 5 | $ (3) | $ 13 | $ 3 | $ 14 | [14] | $ 8 | [14] | ||||||||||
Earnings Per Share Attributable to NRG Yield, Inc. Class A and Class C Common Stockholders | ||||||||||||||||||||
Weighted average number of common shares outstanding | 35 | 35 | 35 | 28 | 23 | |||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 49 | 35 | 35 | 35 | ||||||||||||||||
Earnings per weighted average common share — basic and diluted (a) | $ 0.05 | $ (0.07) | [15] | $ 0.38 | $ 0.07 | $ 0.40 | [14] | $ 0.30 | [14] | $ 0.29 | ||||||||||
Earnings Per Share, Basic | $ 0.33 | $ 0.15 | ||||||||||||||||||
Earnings Per Share, Diluted | 0.29 | 0.15 | 0.38 | 0.07 | ||||||||||||||||
Dividends Per Class A Common Share | $ 0.23 | $ 0.225 | $ 0.200 | $ 0.39 | $ 0.455 | $ 0.59 | $ 1.015 | $ 1.42 | $ 0.23 | |||||||||||
Common Class C [Member] | ||||||||||||||||||||
Other Income (Expense) | ||||||||||||||||||||
Net income attributable to NRG Yield, Inc.(a) | $ 21 | $ 3 | $ 5 | $ (3) | $ 24 | $ 3 | $ 19 | [14] | $ 8 | [14] | ||||||||||
Earnings Per Share Attributable to NRG Yield, Inc. Class A and Class C Common Stockholders | ||||||||||||||||||||
Weighted average number of common shares outstanding | 63 | 35 | 49 | 28 | 23 | |||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 73 | 35 | 63 | 35 | ||||||||||||||||
Earnings per weighted average common share — basic and diluted (a) | $ 0.05 | [15] | $ (0.07) | [15] | $ 0.38 | [16] | $ 0.07 | [16] | $ 0.40 | [14] | $ 0.30 | [14] | ||||||||
Earnings Per Share, Basic | $ 0.33 | $ 0.15 | ||||||||||||||||||
Earnings Per Share, Diluted | 0.31 | 0.15 | 0.38 | 0.07 | ||||||||||||||||
Dividends Per Class A Common Share | $ 0.23 | $ 0.225 | $ 0.20 | $ 0 | $ 0.455 | $ 0.20 | $ 0.625 | |||||||||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[2] | a) The Company's unaudited quarterly financial data was recast for the effect of the effect of the CVSR Drop Down. | |||||||||||||||||||
[3] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[4] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[5] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[6] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[7] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[8] | (a) Represents 34.5% ownership for the period July 22, 2013 through December 31, 2013 | |||||||||||||||||||
[9] | Retrospectively adjusted as discussed in Item 15 — Note 1, Nature of Business of the Company's Consolidated Financial Statements. | |||||||||||||||||||
[10] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[11] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[12] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[13] | The Company's unaudited quarterly financial data was recast for the effect of the CVSR Drop Down. | |||||||||||||||||||
[14] | Net income attributable to NRG Yield, Inc. and basic and diluted earnings per share might not recalculate due to presenting values in millions rather than whole dollars. | |||||||||||||||||||
[15] | (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. | |||||||||||||||||||
[16] | (a) Net income attributable to NRG Yield, Inc. and basic and diluted earnings per share might not recalculate due to presenting values in millions rather than whole dollars. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||||
Other Comprehensive (Loss) Income, net of tax | ||||||||||||||||
Net Income | $ 63 | $ 1 | [1],[2] | $ 42 | [3],[4],[5] | $ (21) | [1],[2],[5] | $ 64 | $ 21 | [3],[4] | $ 65 | [6],[7] | $ 108 | [6],[7] | $ 125 | [6],[7] |
Unrealized (loss) gain on derivatives, net of income tax benefit (expense) of $10, $5, and ($16) | (19) | (44) | 19 | (23) | (63) | (4) | (21) | (74) | 38 | |||||||
Mark-to-market of cash flow hedge accounting contracts | (16) | (41) | [2] | 23 | (20) | [2] | (57) | 3 | (7) | [7] | (60) | [7] | 52 | [7] | ||
Other comprehensive (loss) income | (16) | (41) | [2] | 23 | [4] | (20) | [2] | (57) | 3 | [4] | (7) | [7] | (60) | [7] | 52 | [7] |
Comprehensive Income | 47 | (40) | [2] | 65 | [4] | (41) | [2] | 7 | 24 | [4] | 58 | [7] | 48 | [7] | 177 | [7] |
Less: Pre-acquisition net (loss) income of Drop Down Assets | 5 | (1) | [1],[2] | 1 | [4] | (5) | [1],[2] | 4 | (4) | [3],[4] | (10) | [7] | 44 | [7],[8] | 16 | [7],[8] |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 13 | (27) | [2] | 48 | (18) | [2] | (14) | 30 | 53 | [7] | (3) | [7] | 73 | [7] | ||
Comprehensive Income Attributable to NRG Yield Inc. | $ 29 | $ (12) | [2] | $ 16 | $ (18) | [2] | $ 17 | $ (2) | 15 | 7 | 15 | |||||
Predecessor | ||||||||||||||||
Other Comprehensive (Loss) Income, net of tax | ||||||||||||||||
Net Income | 0 | [6] | 0 | [6] | 54 | |||||||||||
Comprehensive Income | $ 0 | [7] | $ 0 | [7] | $ 73 | |||||||||||
[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. | |||||||||||||||
[5] | a) The Company's unaudited quarterly financial data was recast for the effect of the effect of the CVSR Drop Down. | |||||||||||||||
[6] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||
[7] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||
[8] | Retrospectively adjusted as discussed in Item 15 — Note 1, Nature of Business of the Company's Consolidated Financial Statements. |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||||||||
Unrealized gain/loss on derivatives, income tax expense /(benefit) | $ (3) | $ (9) | $ 4 | $ (8) | $ (12) | $ (4) | $ 10 | $ 5 | $ (16) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Current Assets | ||||||||
Cash and cash equivalents | $ 89,000,000 | $ 76,000,000 | [1],[2] | $ 111,000,000 | [1],[3] | $ 429,000,000 | [2],[3],[4],[5] | |
Restricted cash | 123,000,000 | 108,000,000 | [1] | 131,000,000 | [1],[3] | 130,000,000 | [3] | |
Accounts receivable — trade | 121,000,000 | 91,000,000 | [1] | 98,000,000 | [1],[3] | 93,000,000 | [3] | |
Accounts receivable — affiliate | 1,000,000 | 2,000,000 | [1] | 0 | [1],[3] | 28,000,000 | [3] | |
Inventory | 36,000,000 | 35,000,000 | [1] | 36,000,000 | [1],[3] | 32,000,000 | [3] | |
Derivative instruments — affiliate | 1,000,000 | 0 | [3] | 2,000,000 | [3] | |||
Notes receivable | 17,000,000 | 17,000,000 | [1] | 17,000,000 | [1],[3] | 16,000,000 | [3] | |
Prepayments and other current assets | 23,000,000 | 21,000,000 | [1] | 23,000,000 | [1],[3] | 98,000,000 | [3] | |
Total current assets | 411,000,000 | 350,000,000 | [1] | 416,000,000 | [1],[3] | 828,000,000 | ||
Property, plant and equipment | ||||||||
In service | [3] | 6,651,000,000 | 6,487,000,000 | |||||
Under construction | 26,000,000 | 9,000,000 | [3] | 9,000,000 | [3] | |||
Total property, plant and equipment | 6,689,000,000 | 6,660,000,000 | [3] | 6,496,000,000 | [3] | |||
Less accumulated depreciation | (928,000,000) | (855,000,000) | (782,000,000) | (487,000,000) | [3] | |||
Net property, plant and equipment | 5,761,000,000 | 5,834,000,000 | [1] | 5,878,000,000 | [1],[3] | 6,009,000,000 | [3] | |
Other Assets | ||||||||
Equity investments in affiliates | 683,000,000 | 689,000,000 | [1] | 697,000,000 | [1],[3] | 308,000,000 | [3] | |
Notes receivable | 21,000,000 | 25,000,000 | [1] | 30,000,000 | [1],[3] | 45,000,000 | [3] | |
Intangible assets, net of accumulated amortization of $93 and $38 | 1,321,000,000 | 1,338,000,000 | [1] | 1,362,000,000 | [1],[3] | 1,424,000,000 | [3] | |
Derivative instruments | [3] | 0 | 2,000,000 | |||||
Deferred income taxes | 170,000,000 | 180,000,000 | [1] | 170,000,000 | [1],[3] | 134,000,000 | [3] | |
Other non-current assets | 141,000,000 | 133,000,000 | [1] | 136,000,000 | [1],[3] | 44,000,000 | [3] | |
Total other assets | 2,336,000,000 | 2,365,000,000 | [1] | 2,395,000,000 | [1],[3] | 1,957,000,000 | [3] | |
Total Assets | 8,508,000,000 | 8,549,000,000 | [1] | 8,689,000,000 | [1],[3] | 8,794,000,000 | ||
Current Liabilities | ||||||||
Current portion of long-term debt | 274,000,000 | 265,000,000 | [1] | 264,000,000 | [1],[6] | 245,000,000 | [6] | |
Accounts payable | 22,000,000 | 26,000,000 | [1] | 23,000,000 | [1],[6] | 22,000,000 | [6] | |
Accounts payable — affiliate | 33,000,000 | 25,000,000 | [1] | 86,000,000 | [1],[6] | 48,000,000 | [6] | |
Derivative instruments | 37,000,000 | 38,000,000 | [1] | 39,000,000 | [1],[6] | 52,000,000 | [6] | |
Accrued expenses and other current liabilities | 48,000,000 | 56,000,000 | [1] | 77,000,000 | [1],[6] | 75,000,000 | [6] | |
Total current liabilities | 414,000,000 | 410,000,000 | [1] | 489,000,000 | [1],[6] | 442,000,000 | [6] | |
Total current liabilities | ||||||||
Long-term debt | 5,218,000,000 | 5,274,000,000 | [1] | 5,329,000,000 | [1],[6] | 5,486,000,000 | [6] | |
Derivative instruments | 122,000,000 | 110,000,000 | [1] | 61,000,000 | [1],[6] | 77,000,000 | [6] | |
Other non-current liabilities | 79,000,000 | 80,000,000 | [1] | 72,000,000 | [1],[6] | 57,000,000 | [6] | |
Total non-current liabilities | 5,439,000,000 | 5,484,000,000 | [1] | 5,462,000,000 | [1],[6] | 5,620,000,000 | [6] | |
Total Liabilities | 5,853,000,000 | 5,894,000,000 | [1] | 5,951,000,000 | [1],[6] | 6,062,000,000 | [6] | |
Commitments and Contingencies | ||||||||
Stockholders' Equity | ||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | 0 | 0 | [1] | 0 | [1],[6] | 0 | [6] | |
Common Stock, Value, Issued | 1,000,000 | 1,000,000 | [1] | 1,000,000 | [1],[6] | 0 | [6] | |
Additional Paid in Capital | 1,835,000,000 | 1,844,000,000 | [1] | 1,855,000,000 | [1],[6] | 1,240,000,000 | [6] | |
Retained Earnings (Accumulated Deficit) | 26,000,000 | 7,000,000 | [1] | 12,000,000 | [1],[6] | 3,000,000 | [6] | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (47,000,000) | (44,000,000) | [1] | (27,000,000) | [1],[6] | (9,000,000) | [6] | |
Noncontrolling interest | 840,000,000 | 847,000,000 | [1] | 897,000,000 | [1],[6] | 1,498,000,000 | [6] | |
Total Stockholders' Equity | 2,655,000,000 | 2,655,000,000 | [1] | 2,738,000,000 | [1],[6] | 2,732,000,000 | [6] | |
Total Liabilities and Stockholders’ Equity | $ 8,508,000,000 | $ 8,549,000,000 | [1] | $ 8,689,000,000 | [1],[6] | $ 8,794,000,000 | [6] | |
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||
[2] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||
[3] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||
[4] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||
[5] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||
[6] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 22, 2013 |
Intangible assets, accumulated amortization | $ 132 | $ 111 | $ 93 | $ 38 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 | 0 | 0 | |
Common Class A [Member] | |||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | |
Common Stock, Shares, Issued | 34,586,250 | 34,586,250 | 34,586,250 | ||
Common Class B [Member] | |||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | |
Common Stock, Shares, Issued | 42,738,750 | 42,738,750 | 42,738,750 | ||
Common Class C [Member] | |||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | |
Common Stock, Shares, Issued | 62,784,250 | 62,784,250 | 62,784,250 | 34,586,250 | |
Common Class D [Member] | |||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | |
Common Stock, Shares, Issued | 42,738,750 | 42,738,750 | 42,738,750 | 42,738,750 |
Consolidated Statements Of Cas
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2016 | Mar. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Cash Flows from Operating Activities | |||||||||||||||
Net Income | $ 1 | [1],[2] | $ (21) | [1],[2],[3] | $ 64 | $ 21 | [4],[5] | $ 65 | [6],[7] | $ 108 | [6],[7] | $ 125 | [6],[7] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Equity in earnings of unconsolidated affiliates | 3 | [1],[8] | 3 | [1],[8] | 16 | 7 | [4] | 26 | [6],[9] | 17 | [6],[9] | 20 | [6],[9] | ||
Return of Capital from Unconsolidated Affiliates | 8 | [8] | 3 | [8] | 18 | 15 | 42 | 4 | 6 | ||||||
Proceeds from Equity Method Investment, Dividends or Distributions | 7 | [8] | 26 | [8] | 22 | 21 | [10] | 43 | [9] | 21 | [9] | 16 | [9] | ||
Depreciation and amortization | 74 | [1] | 75 | [1] | 149 | 153 | [4] | 297 | [6] | 233 | [6] | 92 | [6] | ||
Depreciation, Amortization and Accretion, Net | 75 | [8] | 75 | [8] | 150 | 154 | [10] | 299 | [9] | 235 | [9] | 93 | [9] | ||
Amortization of financing costs and debt discount/premiums | 5 | [8] | 3 | [8] | 10 | 6 | [10] | 18 | [9] | 13 | [9] | 12 | [9] | ||
Amortization of intangibles and out-of-market contracts | 23 | [8] | 12 | [8] | 40 | 26 | [10] | 54 | [9] | 28 | [9] | 1 | [9] | ||
Gains (Losses) on Extinguishment of Debt | 0 | 7 | [4],[10] | 9 | [6],[9] | 1 | [6],[9] | 0 | [6],[9] | ||||||
Change in deferred income taxes | 0 | [8] | (4) | [8] | 12 | 0 | [10] | 12 | [9] | 4 | [9] | 8 | [9] | ||
Changes in derivative instruments | 3 | [8] | (1) | [8] | (1) | (36) | [10] | (45) | [9] | (14) | [9] | (21) | [9] | ||
Other Noncash Expense | [9] | 0 | 0 | 13 | |||||||||||
Asset Retirement Obligation, Accretion Expense | 3 | 1 | 3 | [9] | 0 | [9] | |||||||||
Changes in Prepaid and Accrued Capacity Payments | (37) | [8] | (37) | [8] | (65) | (66) | (12) | [9] | 0 | [9] | 4 | [9] | |||
Changes in other working capital | 15 | [8] | 12 | [8] | (4) | (29) | [10] | (15) | [9] | (17) | [9] | (63) | [9] | ||
Net Cash Provided by Operating Activities | 89 | [8] | 62 | [8] | 215 | 98 | [10] | 405 | [9] | 362 | [9] | 168 | [9] | ||
Cash Flows from Investing Activities | |||||||||||||||
Capital expenditures | (7) | [8] | (3) | [8] | (11) | (9) | [10] | (29) | (60) | [9] | (782) | [9] | |||
receipt of indemnity from supplier | 0 | 57 | 0 | ||||||||||||
Acquisition of businesses, net of cash acquired | 0 | (37) | [10] | (37) | (901) | [9] | (120) | [9] | |||||||
Payment to Acquire Business under Common Control | 0 | [8] | 490 | [8] | 0 | 489 | [10] | 698 | 311 | [9] | 0 | [9] | |||
(Increase) decrease in restricted cash | 23 | [8] | 34 | [8] | 7 | 20 | [10] | (1) | 25 | [9] | (90) | [9] | |||
Decrease in notes receivable, including affiliates | 4 | [8] | 4 | [8] | 9 | 8 | [10] | 17 | 14 | [9] | (4) | [9] | |||
Proceeds from Renewable Energy Grants | 0 | 422 | [9] | 25 | [9] | ||||||||||
Net investments in unconsolidated affiliates | (51) | [8] | 0 | [8] | (59) | (328) | [10] | (402) | 0 | [9] | 0 | [9] | |||
Other | 2 | [8] | 0 | [8] | 2 | 0 | [10] | 0 | 11 | [9] | 0 | [9] | |||
Net Cash Used in Investing Activities | (21) | [8] | (452) | [8] | (34) | (820) | [10] | (1,108) | (739) | [9] | (965) | [9] | |||
Cash Flows from Financing Activities | |||||||||||||||
Proceeds from Noncontrolling Interests | 10 | [8] | 0 | [8] | 8 | 123 | [10] | 122 | 190 | [9] | 0 | [9] | |||
Proceeds from Contributions from Parent | 0 | 2 | [9] | 171 | [9] | ||||||||||
Distributions and return of capital to NRG prior to the acquisition of Drop Down Assets and IPO | (4) | 6 | (59) | (335) | [9] | (648) | [9] | ||||||||
Proceeds from the issuance of common stock | 0 | 600 | [10] | 599 | 630 | [9] | 468 | [9] | |||||||
Payment of dividends and distributions | (41) | [8] | (30) | [8] | (83) | (61) | [10] | (139) | (101) | [9] | (15) | [9] | |||
Proceeds from issuance of long-term debt | 0 | 293 | 293 | 523 | 933 | ||||||||||
Proceeds from (Repayments of) Lines of Credit | 12 | 267 | 306 | 500 | 0 | ||||||||||
Payment of debt issuance costs | 0 | (11) | [10] | (13) | (36) | [9] | (5) | [9] | |||||||
Payments for long-term debt — external | 67 | [8] | 58 | [8] | (724) | (626) | [9] | (72) | [9] | ||||||
Payments for long-term debt — affiliate | [9] | (2) | |||||||||||||
Gain(Loss) on settlement of swaptions | 0 | 0 | 4 | ||||||||||||
Net Cash Provided by Financing Activities | (103) | [8] | 95 | [8] | (203) | 600 | [10] | 385 | 747 | [9] | 834 | [9] | |||
Net (Decrease) Increase in Cash and Cash Equivalents | (35) | [8] | (295) | [8] | (22) | (122) | [10] | (318) | 370 | [9] | 37 | [9] | |||
Cash and Cash Equivalents at Beginning of Period | 111 | [11],[12] | 429 | [8],[9],[10],[12] | 111 | [11],[12] | 429 | [8],[9],[10],[12] | 429 | [8],[9],[10],[12] | 59 | [9] | 22 | [9] | |
Cash and Cash Equivalents at End of Period | 76 | [8],[11] | 134 | [8] | 89 | 307 | [10] | 111 | [11],[12] | 429 | [8],[9],[10],[12] | 59 | [9] | ||
Interest Paid, Net | (274) | (192) | [9] | (63) | [9] | ||||||||||
Additions (reductions) to fixed assets for accrued capital expenditures | 1 | (21) | [9] | 3 | [9] | ||||||||||
Decrease to fixed assets for accrued grants | 0 | (34) | [9] | (547) | [9] | ||||||||||
Decrease to fixed assets for deferred tax asset | (19) | (7) | [9] | (112) | [9] | ||||||||||
Non-cash addition to additional paid-in capital for change in tax basis of property, plant and equipment for assets acquired from NRG | 38 | (14) | |||||||||||||
Debt Conversion, Converted Instrument, Amount | 0 | 11 | 0 | ||||||||||||
Payment of capital distributions and returns of capital, net of capital contributions | (333) | ||||||||||||||
CVSR [Member] | |||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||
Distributions and return of capital to NRG prior to the acquisition of Drop Down Assets and IPO | (11) | [8] | (12) | (12) | (12) | ||||||||||
November 2015 Drop Down Assets [Member] | |||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||
Distributions and return of capital to NRG prior to the acquisition of Drop Down Assets and IPO | (4) | [8] | 0 | [8] | (6) | 0 | [10] | ||||||||
Affiliated Entity [Member] | |||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||
Proceeds from (Repayments of) Lines of Credit | [8] | $ 10 | $ 195 | ||||||||||||
Payments for long-term debt — external | $ (122) | $ (599) | |||||||||||||
Payments for long-term debt — affiliate | 0 | 0 | [9] | ||||||||||||
Non-cash [Member] | |||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||
Non-cash addition to additional paid-in capital for change in tax basis of property, plant and equipment for assets acquired from NRG | 38 | 153 | [9] | ||||||||||||
Payment of capital distributions and returns of capital, net of capital contributions | $ (13) | $ 1,058 | [9] | $ (55) | [9] | ||||||||||
[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) The Company's unaudited quarterly financial data was recast for the effect of the effect of the CVSR Drop Down. | ||||||||||||||
[4] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||
[5] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||
[6] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||
[7] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||
[8] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||
[9] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||
[10] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||
[11] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||
[12] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Equity - USD ($) $ in Millions | Total | Preferred Stock [Member] | Common Stock | Additional Paid-in Capital | Other Additional Capital [Member] | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest [Member] | Common Class A [Member] | Acquired ROFO Assets [Domain] | Acquired ROFO Assets [Domain]Other Additional Capital [Member] | Acquired ROFO Assets [Domain]Noncontrolling Interest [Member] | Alta X and XI TE Holdco [Member] | Financial Institutions [Member] | Financial Institutions [Member]Alta X and XI TE Holdco [Member] | Financial Institutions [Member]Alta X and XI TE Holdco [Member]Noncontrolling Interest [Member] | Financial Institutions [Member]Spring Canyon [Member]Noncontrolling Interest [Member] | January 2015 Drop Down Assets [Member] | January 2015 Drop Down Assets [Member]Noncontrolling Interest [Member] | November 2015 Drop Down Assets [Member] | November 2015 Drop Down Assets [Member]Noncontrolling Interest [Member] | ||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||
Total Stockholders' Equity | Scenario, Previously Reported [Member] | [1] | $ 1,242 | $ 0 | $ 0 | $ 0 | $ 1,242 | $ 0 | $ 0 | $ 0 | ||||||||||||||||
Total Stockholders' Equity | 1,341 | 0 | 0 | 0 | 1,341 | 0 | 0 | 0 | |||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (54) | (54) | |||||||||||||||||||||||
Less: Pre-acquisition net (loss) income of Drop Down Assets | (6) | (6) | |||||||||||||||||||||||
Unrealized gain/(loss) on derivatives | 41 | 41 | |||||||||||||||||||||||
Proceeds from Contributions from Affiliates | Non-cash [Member] | (71) | (71) | |||||||||||||||||||||||
Proceeds from Contributions from Affiliates | $ (213) | $ (213) | |||||||||||||||||||||||
Payments of Capital Distribution | Non-cash [Member] | (55) | (55) | |||||||||||||||||||||||
Payments of Capital Distribution | (312) | (312) | |||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | [2],[3] | 42 | |||||||||||||||||||||||
Net Income Excluding Pre-acquisition Net (Loss) Income of Drop Down Assets | [3] | 109 | |||||||||||||||||||||||
Net income attributable to NRG Yield, Inc.(a) | 13 | ||||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | Scenario, Previously Reported [Member] | [4] | (134) | |||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (125) | [3],[5] | $ 9 | ||||||||||||||||||||||
Less: Pre-acquisition net (loss) income of Drop Down Assets | [2],[5] | 16 | |||||||||||||||||||||||
Payment to Acquire Business under Common Control | [6] | 0 | |||||||||||||||||||||||
Payment of capital distributions and returns of capital, net of capital contributions | Non-cash [Member] | [6] | (55) | |||||||||||||||||||||||
Proceeds from Noncontrolling Interests | [6] | 0 | |||||||||||||||||||||||
Payments of Capital Distribution | [6] | (648) | |||||||||||||||||||||||
Non-cash addition to additional paid-in capital for change in tax basis of property, plant and equipment for assets acquired from NRG | Non-cash [Member] | [6] | 153 | |||||||||||||||||||||||
Proceeds from the issuance of common stock | [6] | 468 | |||||||||||||||||||||||
Total Stockholders' Equity | 1,347 | 0 | 0 | 0 | 1,347 | 0 | 0 | 0 | |||||||||||||||||
Allocation of Predecessor's equity | 0 | (952) | 3 | 949 | |||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 42 | ||||||||||||||||||||||||
Net Income Excluding Pre-acquisition Net (Loss) Income of Drop Down Assets | 55 | ||||||||||||||||||||||||
Net income attributable to NRG Yield, Inc.(a) | 13 | $ 7 | [7] | ||||||||||||||||||||||
Less: Pre-acquisition net (loss) income of Drop Down Assets | 22 | 22 | |||||||||||||||||||||||
Unrealized gain/(loss) on derivatives | 7 | (3) | 10 | ||||||||||||||||||||||
Payment of capital distributions and returns of capital, net of capital contributions | Non-cash [Member] | (28) | (28) | |||||||||||||||||||||||
Partners' Capital Account, Return of Capital | (395) | (395) | |||||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (43) | (43) | |||||||||||||||||||||||
Common Stock, Value, Issued | 468 | 468 | |||||||||||||||||||||||
Non-cash addition to additional paid-in capital for change in tax basis of property, plant and equipment for assets acquired from NRG | 153 | 153 | |||||||||||||||||||||||
Payments of Ordinary Dividends, Common Stock | (15) | (5) | (10) | ||||||||||||||||||||||
Total Stockholders' Equity | 1,588 | 0 | 0 | 621 | 0 | 8 | 0 | 959 | |||||||||||||||||
Less: Net income attributable to noncontrolling interests | 48 | [3] | 48 | ||||||||||||||||||||||
Net Income Excluding Pre-acquisition Net (Loss) Income of Drop Down Assets | 64 | [3] | 64 | ||||||||||||||||||||||
Net income attributable to NRG Yield, Inc.(a) | 16 | 16 | 8 | [7] | |||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | Scenario, Previously Reported [Member] | [4] | (121) | |||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (108) | [3],[5] | 13 | ||||||||||||||||||||||
Less: Pre-acquisition net (loss) income of Drop Down Assets | 44 | [2],[5] | 44 | ||||||||||||||||||||||
Unrealized gain/(loss) on derivatives | (60) | (9) | (51) | ||||||||||||||||||||||
Acquisition of Assets Under Common Control | (357) | (357) | |||||||||||||||||||||||
Payment to Acquire Business under Common Control | [6] | (311) | |||||||||||||||||||||||
Payment of capital distributions and returns of capital, net of capital contributions | Non-cash [Member] | [6] | 1,058 | |||||||||||||||||||||||
Payment of capital distributions and returns of capital, net of capital contributions | (333) | (333) | |||||||||||||||||||||||
Proceeds from Noncontrolling Interests | 190 | [6] | $ 190 | $ 190 | |||||||||||||||||||||
Proceeds from Contributions from Affiliates | Non-cash [Member] | [8] | (1,058) | (1,058) | ||||||||||||||||||||||
Proceeds from Contributions from Affiliates | $ (17) | $ (17) | |||||||||||||||||||||||
Payments of Capital Distribution | [6] | (335) | |||||||||||||||||||||||
Common Stock, Value, Issued | 630 | ||||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 23 | 23 | |||||||||||||||||||||||
Non-cash addition to additional paid-in capital for change in tax basis of property, plant and equipment for assets acquired from NRG | (14) | (14) | [6] | ||||||||||||||||||||||
Payments of Ordinary Dividends, Common Stock | (101) | (20) | (21) | (60) | |||||||||||||||||||||
Proceeds from the issuance of common stock | 630 | [6] | 630 | ||||||||||||||||||||||
Total Stockholders' Equity | 2,732 | [9] | 0 | 0 | 1,240 | 0 | (9) | 1,498 | |||||||||||||||||
Retained Earnings (Accumulated Deficit) | [9] | 3 | |||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | [3] | 42 | |||||||||||||||||||||||
Net Income Excluding Pre-acquisition Net (Loss) Income of Drop Down Assets | [3] | 75 | |||||||||||||||||||||||
Net income attributable to NRG Yield, Inc.(a) | 33 | 14 | [7] | ||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | [3],[5] | (65) | |||||||||||||||||||||||
Less: Pre-acquisition net (loss) income of Drop Down Assets | [5] | (10) | |||||||||||||||||||||||
Unrealized gain/(loss) on derivatives | (7) | (18) | |||||||||||||||||||||||
Payment to Acquire Business under Common Control | (698) | $ (489) | $ (489) | $ (209) | $ (209) | ||||||||||||||||||||
Payment of capital distributions and returns of capital, net of capital contributions | Non-cash [Member] | (13) | (13) | |||||||||||||||||||||||
Share-based Compensation | 1 | 1 | |||||||||||||||||||||||
Proceeds from Noncontrolling Interests | 122 | $ 119 | $ 122 | $ 122 | |||||||||||||||||||||
Noncontrolling Interest, Increase from Business Combination | 74 | $ 74 | |||||||||||||||||||||||
Proceeds from Contributions from Affiliates | (11) | ||||||||||||||||||||||||
Payments of Capital Distribution | (59) | (59) | |||||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (70) | ||||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 23 | 23 | |||||||||||||||||||||||
Non-cash addition to additional paid-in capital for change in tax basis of property, plant and equipment for assets acquired from NRG | Non-cash [Member] | 38 | ||||||||||||||||||||||||
Non-cash addition to additional paid-in capital for change in tax basis of property, plant and equipment for assets acquired from NRG | 38 | 38 | |||||||||||||||||||||||
Payments of Ordinary Dividends, Common Stock | (139) | (45) | $ (24) | ||||||||||||||||||||||
Proceeds from the issuance of common stock | 599 | 1 | 598 | ||||||||||||||||||||||
Total Stockholders' Equity | 2,738 | [9],[10] | $ 0 | $ 1 | $ 1,855 | $ 0 | $ (27) | $ 897 | |||||||||||||||||
Retained Earnings (Accumulated Deficit) | [9],[10] | 12 | |||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | [11] | (3) | |||||||||||||||||||||||
Net Income Excluding Pre-acquisition Net (Loss) Income of Drop Down Assets | [11] | 2 | |||||||||||||||||||||||
Net income attributable to NRG Yield, Inc.(a) | 5 | [11] | 2 | ||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | [11],[12] | (1) | |||||||||||||||||||||||
Less: Pre-acquisition net (loss) income of Drop Down Assets | [11],[12] | (1) | |||||||||||||||||||||||
Payment to Acquire Business under Common Control | [13] | 0 | |||||||||||||||||||||||
Proceeds from Noncontrolling Interests | 10 | [13] | $ 10 | ||||||||||||||||||||||
Payments of Capital Distribution | (4) | ||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (34) | ||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 23 | ||||||||||||||||||||||||
Net Income Excluding Pre-acquisition Net (Loss) Income of Drop Down Assets | 60 | ||||||||||||||||||||||||
Net income attributable to NRG Yield, Inc.(a) | 37 | 13 | |||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (64) | ||||||||||||||||||||||||
Less: Pre-acquisition net (loss) income of Drop Down Assets | 4 | ||||||||||||||||||||||||
Payment to Acquire Business under Common Control | 0 | ||||||||||||||||||||||||
Proceeds from Noncontrolling Interests | 8 | $ 8 | |||||||||||||||||||||||
Payments of Capital Distribution | 6 | ||||||||||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (57) | ||||||||||||||||||||||||
Proceeds from the issuance of common stock | 0 | ||||||||||||||||||||||||
Total Stockholders' Equity | [10] | 2,655 | |||||||||||||||||||||||
Retained Earnings (Accumulated Deficit) | [10] | 7 | |||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 26 | ||||||||||||||||||||||||
Net Income Excluding Pre-acquisition Net (Loss) Income of Drop Down Assets | 58 | ||||||||||||||||||||||||
Net income attributable to NRG Yield, Inc.(a) | 32 | $ 11 | |||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (63) | ||||||||||||||||||||||||
Less: Pre-acquisition net (loss) income of Drop Down Assets | 5 | ||||||||||||||||||||||||
Total Stockholders' Equity | 2,655 | ||||||||||||||||||||||||
Retained Earnings (Accumulated Deficit) | $ 26 | ||||||||||||||||||||||||
[1] | (a) As previously reported in the Company's audited financial statements for the year ended December 31, 2014, included in the Form 8-K dated May 22, 2015. | ||||||||||||||||||||||||
[2] | Retrospectively adjusted as discussed in Item 15 — Note 1, Nature of Business of the Company's Consolidated Financial Statements. | ||||||||||||||||||||||||
[3] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||
[4] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||
[5] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||
[6] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||
[7] | Net income attributable to NRG Yield, Inc. and basic and diluted earnings per share might not recalculate due to presenting values in millions rather than whole dollars. | ||||||||||||||||||||||||
[8] | Capital contributions from NRG, non-cash, primarily represent Drop Down Assets' equity transferred from NRG to the Company in accordance with guidance on business combinations between entities under common control, as further described in Note 1, Nature of Business. | ||||||||||||||||||||||||
[9] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||
[10] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||
[11] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||
[12] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||
[13] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Schedule 1 - Yield, Inc,'s FS 2
Schedule 1 - Yield, Inc,'s FS 2014, 2013 NRG Yield PL - USD ($) $ in Millions | 5 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||
Operating Expenses | $ 321 | $ 277 | $ 154 | ||||||
Interest Expense | (263) | [1] | (216) | (72) | [1] | ||||
Nonoperating Income (Expense) | [1] | (243) | (194) | (48) | |||||
Income Before Income Taxes | [1] | 77 | 112 | 133 | |||||
Net Income | [1],[2] | 65 | 108 | 125 | |||||
Income tax expense | [1] | 12 | 4 | 8 | [3],[4] | ||||
Less: Net income attributable to noncontrolling interests | [1] | 42 | 48 | 42 | [4] | ||||
Less: Pre-acquisition net (loss) income of Drop Down Assets | $ 22 | (10) | [2] | 44 | [2],[4] | 16 | [2],[4] | ||
Net income attributable to NRG Yield, Inc. | 33 | 16 | 13 | ||||||
Common Class A [Member] | |||||||||
Net income attributable to NRG Yield, Inc. | [5] | 7 | 14 | 8 | |||||
NRG Yield, Inc. [Member] | |||||||||
Operating Expenses | 2 | 0 | [4] | 0 | [4] | ||||
Equity in Earnings of Consolidated Subsidiaries | 88 | 117 | [4] | 79 | [4] | ||||
Interest Expense | (9) | (5) | [4] | 0 | [4] | ||||
Nonoperating Income (Expense) | 79 | 112 | [4] | 79 | [4] | ||||
Income Before Income Taxes | 77 | 112 | [4] | 79 | [4] | ||||
Net Income | 65 | 108 | [4] | 71 | [4] | ||||
Income tax expense | 12 | 4 | [4] | ||||||
Less: Net income attributable to noncontrolling interests | $ 48 | [4] | 42 | ||||||
Net income attributable to NRG Yield, Inc. | $ 33 | $ 16 | [4] | $ 13 | [4] | ||||
[1] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||
[2] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||
[3] | (a) Represents 34.5% ownership for the period July 22, 2013 through December 31, 2013 | ||||||||
[4] | Retrospectively adjusted as discussed in Item 15 — Note 1, Nature of Business of the Company's Consolidated Financial Statements. | ||||||||
[5] | Net income attributable to NRG Yield, Inc. and basic and diluted earnings per share might not recalculate due to presenting values in millions rather than whole dollars. |
Schedule 1 - Yield, Inc,'s FS10
Schedule 1 - Yield, Inc,'s FS 2014, 2013 NRG Yield BS - USD ($) | 3 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jul. 22, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Less: Pre-acquisition net income of Acquired ROFO assets | $ 5,000,000 | $ (1,000,000) | [1],[2] | $ 1,000,000 | [3] | $ (5,000,000) | [1],[2] | $ 22,000,000 | $ 4,000,000 | $ (4,000,000) | [3],[4] | $ (6,000,000) | $ (10,000,000) | [5] | $ 44,000,000 | [5],[6] | $ 16,000,000 | [5],[6] | |||
Income Before Income Taxes | 75,000,000 | 1,000,000 | [1] | 46,000,000 | [4] | (25,000,000) | [1] | 76,000,000 | 21,000,000 | [4] | 77,000,000 | [7] | 112,000,000 | [7] | 133,000,000 | [7] | |||||
Cash and cash equivalents | 89,000,000 | 76,000,000 | [8],[9] | $ 307,000,000 | [10] | $ 134,000,000 | [9] | 59,000,000 | [11] | 89,000,000 | $ 307,000,000 | [10] | 111,000,000 | [8],[12] | 429,000,000 | [9],[10],[11],[12] | 59,000,000 | [11] | $ 22,000,000 | [11] | |
Deferred Tax Assets, Gross | 170,000,000 | 180,000,000 | [8] | 170,000,000 | 170,000,000 | [8],[12] | 134,000,000 | [12] | |||||||||||||
Total Assets | 8,508,000,000 | 8,549,000,000 | [8] | 8,508,000,000 | 8,689,000,000 | [8],[12] | 8,794,000,000 | ||||||||||||||
Long-term Debt | 5,552,000,000 | 5,601,000,000 | 5,552,000,000 | 5,656,000,000 | 5,800,000,000 | ||||||||||||||||
Total Liabilities | 5,853,000,000 | 5,894,000,000 | [8] | 5,853,000,000 | 5,951,000,000 | [8],[13] | 6,062,000,000 | [13] | |||||||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | 0 | 0 | [8] | 0 | 0 | [8],[13] | 0 | [13] | |||||||||||||
Common Stock, Value, Issued | 1,000,000 | 1,000,000 | [8] | 1,000,000 | 1,000,000 | [8],[13] | 0 | [13] | |||||||||||||
Additional Paid in Capital | 1,835,000,000 | 1,844,000,000 | [8] | 1,835,000,000 | 1,855,000,000 | [8],[13] | 1,240,000,000 | [13] | |||||||||||||
Retained Earnings (Accumulated Deficit) | 26,000,000 | 7,000,000 | [8] | 26,000,000 | 12,000,000 | [8],[13] | 3,000,000 | [13] | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (47,000,000) | (44,000,000) | [8] | (47,000,000) | (27,000,000) | [8],[13] | (9,000,000) | [13] | |||||||||||||
Noncontrolling interest | 840,000,000 | 847,000,000 | [8] | 840,000,000 | 897,000,000 | [8],[13] | 1,498,000,000 | [13] | |||||||||||||
Total Stockholders' Equity | 2,655,000,000 | 2,655,000,000 | [8] | 1,588,000,000 | 2,655,000,000 | $ 1,347,000,000 | 2,738,000,000 | [8],[13] | 2,732,000,000 | [13] | 1,588,000,000 | 1,341,000,000 | |||||||||
Total Liabilities and Stockholders’ Equity | $ 8,508,000,000 | $ 8,549,000,000 | [8] | $ 8,508,000,000 | $ 8,689,000,000 | [8],[13] | $ 8,794,000,000 | [13] | |||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||||||||
Preferred Stock, Shares Issued | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Common Class A [Member] | |||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||||||||
Common Stock, Shares, Issued | 34,586,250 | 34,586,250 | 34,586,250 | 34,586,250 | |||||||||||||||||
Common Class B [Member] | |||||||||||||||||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||||||||
Common Stock, Shares, Issued | 42,738,750 | 42,738,750 | 42,738,750 | 42,738,750 | |||||||||||||||||
Common Class C [Member] | |||||||||||||||||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||||||||
Common Stock, Shares, Issued | 62,784,250 | 62,784,250 | 62,784,250 | 62,784,250 | 34,586,250 | ||||||||||||||||
Common Class D [Member] | |||||||||||||||||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||||||||
Common Stock, Shares, Issued | 42,738,750 | 42,738,750 | 42,738,750 | 42,738,750 | 42,738,750 | ||||||||||||||||
NRG Yield, Inc. [Member] | |||||||||||||||||||||
Income Before Income Taxes | $ 77,000,000 | $ 112,000,000 | [6] | 79,000,000 | [6] | ||||||||||||||||
Cash and cash equivalents | 1,000,000 | 0 | [14] | ||||||||||||||||||
Investments in subsidiaries | 2,540,000,000 | 2,582,000,000 | [14] | ||||||||||||||||||
Notes Receivable, Related Parties | 618,000,000 | 337,000,000 | [14] | ||||||||||||||||||
Deferred Tax Assets, Gross | 170,000,000 | 134,000,000 | [14] | ||||||||||||||||||
Total Assets | 3,329,000,000 | 3,053,000,000 | [14] | ||||||||||||||||||
Deferred income taxes | 4,000,000 | 0 | [14] | ||||||||||||||||||
Other Liabilities, Current | 1,000,000 | 0 | [14] | ||||||||||||||||||
Long-term Debt | 586,000,000 | 321,000,000 | [14] | ||||||||||||||||||
Total Liabilities | 591,000,000 | 321,000,000 | [14] | ||||||||||||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | 0 | 0 | [14] | ||||||||||||||||||
Common Stock, Value, Issued | 1,000,000 | 0 | [14] | ||||||||||||||||||
Additional Paid in Capital | 1,855,000,000 | 1,240,000,000 | [14] | ||||||||||||||||||
Retained Earnings (Accumulated Deficit) | 12,000,000 | 3,000,000 | [14] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (27,000,000) | (9,000,000) | [14] | ||||||||||||||||||
Noncontrolling interest | 897,000,000 | 1,498,000,000 | [14] | ||||||||||||||||||
Total Stockholders' Equity | 2,738,000,000 | 2,732,000,000 | [14] | ||||||||||||||||||
Total Liabilities and Stockholders’ Equity | $ 3,329,000,000 | $ 3,053,000,000 | [14] | ||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||||||||||||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |||||||||||||||||||
Preferred Stock, Shares Issued | 0 | 0 | |||||||||||||||||||
NRG Yield, Inc. [Member] | 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 | |||||||||||||||||||
NRG Yield, Inc. [Member] | Common Class B [Member] | |||||||||||||||||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | |||||||||||||||||||
Common Stock, Shares, Issued | 42,738,750 | 42,738,750 | |||||||||||||||||||
NRG Yield [Member] | |||||||||||||||||||||
Cash and cash equivalents | $ 0 | [6] | $ 1,000,000 | $ 0 | [6] | $ 0 | [6] | $ 0 | [6] | ||||||||||||
[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. | ||||||||||||||||||||
[5] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||
[6] | Retrospectively adjusted as discussed in Item 15 — Note 1, Nature of Business of the Company's Consolidated Financial Statements. | ||||||||||||||||||||
[7] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||
[8] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||
[9] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||
[10] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||
[11] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||
[12] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||
[13] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||
[14] | Retrospectively adjusted as discussed in Item 15 — Note 1, Nature of Business of the Company's Consolidated Financial Statements. |
Schedule 1 - Yield, Inc,'s FS11
Schedule 1 - Yield, Inc,'s FS 2014, 2013 NRG Yield CF - USD ($) $ in Thousands | Jul. 22, 2013 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | [2] | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | [2] | Jun. 30, 2014 | [2] | Mar. 31, 2014 | [2] | Dec. 31, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jul. 22, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Operating Income | $ 128,000 | $ 72,000 | [1] | $ 70,000 | $ 101,000 | $ 99,000 | [2],[3] | $ 50,000 | [1],[2] | $ 74,000 | [2] | $ 97,000 | $ 82,000 | $ 53,000 | $ 200,000 | $ 149,000 | [3] | $ 320,000 | [4] | $ 306,000 | [4] | $ 181,000 | [4] | |||||||||||
Income (Loss) from Equity Method Investments | (13,000) | (3,000) | [1],[5] | (4,000) | [3] | (3,000) | [1],[5] | (16,000) | (7,000) | [3] | (26,000) | [4],[6] | (17,000) | [4],[6] | (20,000) | [4],[6] | ||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | 89,000 | [5] | 62,000 | [5] | 215,000 | 98,000 | [7] | 405,000 | [6] | 362,000 | [6] | 168,000 | [6] | |||||||||||||||||||||
Payments of Capital Distribution | (4,000) | 6,000 | $ (312,000) | (59,000) | (335,000) | [6] | (648,000) | [6] | ||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt | 0 | 293,000 | 293,000 | 523,000 | 933,000 | |||||||||||||||||||||||||||||
Net Cash Used in Investing Activities | (21,000) | [5] | (452,000) | [5] | (34,000) | (820,000) | [7] | (1,108,000) | (739,000) | [6] | (965,000) | [6] | ||||||||||||||||||||||
Proceeds from the issuance of common stock | $ 468,000 | 0 | 600,000 | [7] | 599,000 | 630,000 | [6] | 468,000 | [6] | |||||||||||||||||||||||||
Payments of Ordinary Dividends, Common Stock | $ (15,000) | (139,000) | (101,000) | |||||||||||||||||||||||||||||||
Net Cash Provided by Financing Activities | (103,000) | [5] | 95,000 | [5] | (203,000) | 600,000 | [7] | 385,000 | 747,000 | [6] | 834,000 | [6] | ||||||||||||||||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | (35,000) | [5] | (295,000) | [5] | (22,000) | (122,000) | [7] | (318,000) | 370,000 | [6] | 37,000 | [6] | ||||||||||||||||||||||
Cash and cash equivalents | $ 89,000 | $ 76,000 | [5],[8] | 111,000 | [8],[9] | $ 307,000 | [7] | $ 134,000 | [5] | 429,000 | [5],[6],[7],[9] | 59,000 | [6] | $ 89,000 | $ 307,000 | [7] | 111,000 | [8],[9] | 429,000 | [5],[6],[7],[9] | 59,000 | [6] | $ 22,000 | [6] | ||||||||||
NRG Yield [Member] | ||||||||||||||||||||||||||||||||||
Net Cash Provided by (Used in) Operating Activities | 2,000 | (1,000) | [10] | 5,000 | [10] | |||||||||||||||||||||||||||||
Payments of Capital Distribution | (600,000) | (630,000) | [10] | (468,000) | [10] | |||||||||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt | 288,000 | 345,000 | [10] | 0 | [10] | |||||||||||||||||||||||||||||
Increase (Decrease) in Notes Receivable, Related Parties | (281,000) | (337,000) | [10] | 0 | [10] | |||||||||||||||||||||||||||||
Net Cash Used in Investing Activities | (881,000) | (967,000) | [10] | (468,000) | [10] | |||||||||||||||||||||||||||||
Proceeds from the issuance of common stock | 599,000 | 630,000 | [10] | 468,000 | [10] | |||||||||||||||||||||||||||||
Payments of Financing Costs | (7,000) | (7,000) | [10] | 0 | [10] | |||||||||||||||||||||||||||||
Proceeds from Contributions from Affiliates | 69,000 | 41,000 | [10] | 0 | [10] | |||||||||||||||||||||||||||||
Payments of Ordinary Dividends, Common Stock | (69,000) | (41,000) | [10] | (5,000) | [10] | |||||||||||||||||||||||||||||
Net Cash Provided by Financing Activities | 880,000 | 968,000 | [10] | 463,000 | [10] | |||||||||||||||||||||||||||||
Cash and Cash Equivalents, Period Increase (Decrease) | 1,000 | 0 | [10] | 0 | [10] | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ 1,000 | $ 0 | [10] | $ 0 | [10] | $ 1,000 | $ 0 | [10] | $ 0 | [10] | $ 0 | [10] | ||||||||||||||||||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||||
[2] | a) The Company's unaudited quarterly financial data was recast for the effect of the effect of the CVSR Drop Down. | |||||||||||||||||||||||||||||||||
[3] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||||
[4] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||||
[5] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||||
[6] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||||
[7] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||||
[8] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||||
[9] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||||
[10] | Retrospectively adjusted as discussed in Item 15 — Note 1, Nature of Business of the Company's Consolidated Financial Statements. |
Schedule 1 - Yield, Inc,'s FS12
Schedule 1 - Yield, Inc,'s FS 2014, 2013 Footnotes - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Nature of Business [Line Items] | |||||
Payments of Capital Distribution | $ 59 | $ 335 | [1] | $ 648 | [1] |
Proceeds from the issuance of common stock | 599 | 630 | [1] | 468 | [1] |
NRG Yield [Member] | |||||
Nature of Business [Line Items] | |||||
Payments of Capital Distribution | 600 | 630 | [2] | 468 | [2] |
Proceeds from the issuance of common stock | 599 | 630 | [2] | 468 | [2] |
NRG Yield LLC [Member] | NRG Yield, Inc. [Member] | |||||
Nature of Business [Line Items] | |||||
Payments of Capital Distribution | $ 69 | $ 41 | $ 5 | ||
[1] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||
[2] | Retrospectively adjusted as discussed in Item 15 — Note 1, Nature of Business of the Company's Consolidated Financial Statements. |
Nature of Business
Nature of Business | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Nature of Business Disclosure [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 100 % 250 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 610 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) 100 % 137 Southern California Edison 2038 Alta XI (b) 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 (c) 100 % 1,315 Various Various Thermal generation 100 % 124 Various Various Total net capacity (excluding equivalent MWt) (d) 4,687 (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) 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. (d) 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. In addition, as described in Note 3 , Business Acquisitions , the Company acquired the remaining 51.05% of CVSR, or the CVSR Drop Down, on September 1, 2016, for cash consideration of $78.5 million . The CVSR Drop Down, 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), which was April 1, 2014 for the January Drop Down Assets and the majority of the November 2015 Drop Down Assets. The recast did not affect net income attributable to NRG Yield, Inc., weighted average number of shares outstanding, earnings per 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. With respect to the CVSR Drop Down, prior to the transaction, the Company recorded its 48.95% interest in CVSR as an equity method investment. In connection with the retrospective adjustment of prior periods, the Company has removed the equity method investment from all prior periods and adjusted its financial statements to reflect its results of operations, financial position and cash flows as if it had consolidated CVSR from the beginning of the financial statement period. 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 . | 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. NRG Yield, Inc. 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, NRG Yield, Inc. completed a stock split whereby 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 June 30, 2016 : As of June 30, 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 100 % 250 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 610 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) 100 % 137 Southern California Edison 2038 Alta XI (b) 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 (c) 100 % 1,315 Various Various NRG Dover Energy Center LLC 100 % 103 NRG Power Marketing LLC 2018 Thermal generation 100 % 20 Various Various Total net capacity (excluding equivalent MWt) (d) 4,686 (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 June 30, 2016 . (b) Projects are part of tax equity arrangements. (c) 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. (d) Total net capacity excludes 55 MW for RPV Holdco and 45 MW for DGPV Holdco 1 and DGPV Holdco 2, which are consolidated by NRG, as further described in Note 4 , 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 out of the fourteen 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 11 , Related Party Transactions , the Company has 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. In addition, as described in Note 3 , Business Acquisitions , the Company acquired the remaining 51.05% of CVSR, or the CVSR Drop Down, on September 1, 2016, for cash consideration of $78.5 million. The acquisitions of the CVSR Drop Down, 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), which was April 1, 2014 for the January Drop Down Assets and the majority of the November 2015 Drop Down Assets. The recast did not affect net income attributable to NRG Yield, Inc., weighted average number of shares outstanding, earnings per 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. With respect to the CVSR Drop Down, prior to the transaction, the Company recorded its 48.95% interest in CVSR as an equity method investment. In connection with the retrospective adjustment of prior periods, the Company has removed the equity method investment from all prior periods and adjusted its financial statements to reflect its results of operations, financial position and cash flows as if it had consolidated CVSR from the beginning of the financial statement period. 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 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 June 30, 2016 , and the results of operations, comprehensive income and cash flows for the six months ended June 30, 2016 , and 2015 . | 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. The Company used the net proceeds from its initial public offering of Class A common stock on July 22, 2013, to acquire 19,011,250 Class A units of NRG Yield LLC from NRG, as well as 3,500,000 Class A units directly from NRG Yield LLC. At the time of the offering, NRG owned 42,738,750 NRG Yield LLC Class B units. NRG Yield LLC, through its wholly owned subsidiary, NRG Yield Operating LLC, is a 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. On July 29, 2014, the Company issued 12,075,000 shares of Class A common stock for net proceeds, after underwriting discount and expenses, of $630 million . The Company utilized the proceeds of the offering to acquire 12,075,000 additional Class A units of NRG Yield LLC. 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, the Company completed the issuance of 28,198,000 shares of Class C common stock for net proceeds of $599 million . See further discussion in Note 11 , Stockholders' Equity . The holders of the Company's issued and 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 December 31, 2015 : For the periods prior to the initial public offering, the accompanying combined financial statements represent the combination of the assets that NRG Yield LLC acquired and were prepared using NRG's historical basis in the assets and liabilities. For the purposes of the combined financial statements, the term "NRG Yield" represents the accounting predecessor, or the combination of the acquired businesses. For all periods subsequent to the initial public offering, the accompanying audited consolidated financial statements represent the consolidated results of the Company, which consolidates NRG Yield LLC through its controlling interest. As of December 31, 2015 , 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 (b) 50 % 95 Connecticut Light & Power 2040 GenConn Middletown (b) 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 (b) 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 100 % 250 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 610 Distributed Solar AZ DG Solar Projects 100 % 5 Various 2025 - 2033 PFMG DG Solar Projects 51 % 4 Various 2032 9 Wind Alta I 100 % 150 Southern California Edison 2035 Alta II 100 % 150 Southern California Edison 2035 Alta III 100 % 150 Southern California Edison 2035 Alta IV 100 % 102 Southern California Edison 2035 Alta V 100 % 168 Southern California Edison 2035 Alta X (c)(d) 100 % 137 Southern California Edison 2038 Alta XI (c)(d) 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 Projects Percentage Ownership Net Capacity (MW) (a) Offtake Counterparty Expiration 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 (c) 90.1 % 29 Platte River Power Authority 2039 Spring Canyon III (c) 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 Thermal Thermal equivalent MWt (e) 100 % 1,315 Various Various Thermal generation 100 % 124 Various Various Total net capacity (excluding equivalent MWt) (f) 4,687 (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 December 31, 2015 . (b) On September 30, 2015, the Company acquired NRG's remaining 0.05% for an immaterial amount. (c) Projects are part of tax equity arrangements, as further described in Note 2 , Summary of Significant Accounting Policies and Note 5 , Investments Accounted for by the Equity Method and Variable Interest Entities . (d) PPA began on January 1, 2016. (e) For thermal energy, net capacity represents MWt for steam or chilled water and excludes 134 MWt available under the right-to-use provisions contained in agreements between two of the Company's thermal facilities and certain of its customers. (f) Total net capacity excludes capacity for RPV Holdco and DGPV Holdco, which are consolidated by NRG, as further described in Note 5 , Investments Accounted for by the Equity Method and Variable Interest Entities . Substantially all of the Company's generation assets are under long-term contractual arrangements for the output or capacity from these assets. The thermal assets are comprised of district energy systems and combined heat and power plants that produce steam, hot water and/or chilled water and in some instances, electricity at a central plant. Three of the district energy systems are subject to rate regulation by state public utility commissions while the other district energy systems have rates determined by negotiated bilateral contracts. The historical combined financial statements include allocations of certain NRG corporate expenses. Management believes the assumptions and methodology underlying the allocation of general corporate overhead expenses are reasonable. The allocated costs include legal, accounting, tax, treasury, information technology, insurance, employee benefit costs, and other corporate costs. However, such expenses may not be indicative of the actual level of expense that would have been incurred if the Company had operated as an independent, publicly-traded company during the period prior to the offering or of the costs expected to be incurred in the future. Allocations of NRG corporate expenses were $3 million for the period from January 1, 2013, through July 22, 2013. In connection with the initial public offering, the Company entered into a management services agreement with NRG for various services, including human resources, accounting, tax, legal, information systems, treasury, and risk management. Costs incurred by the Company under this agreement were $3 million for the period from July 23, 2013, through December 31, 2013, $6 million for the year ended December 31, 2014 and $8 million for the year ended December 31, 2015 , which included certain direct expenses incurred by NRG on behalf of the Company. For the period prior to the initial public offering, members' equity represents the combined equity of the Company's subsidiaries, including adjustments necessary to present the Company's financial statements as if the Company were in existence as of the beginning of the periods presented. Member's equity represents NRG's equity in the subsidiaries, and accordingly, in connection with the initial public offering, the historical equity balance as of that date was reclassified into noncontrolling interest. Subsequent to the initial public offering, 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 stockholders, or NRG, classified as noncontrolling interest. As described in Note 3 , Business Acquisitions , the Company has completed acquisitions of Drop Down Assets from NRG as follows: • On September 1, 2016, the Company acquired the remaining 51.05% of CVSR, or the CVSR Drop Down, which indirectly owns the CVSR solar facility, for cash consideration of $78.5 million plus assumed project level debt of $496 million . • 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, for total 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 . 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). • 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 , plus assumed project-level debt of $737 million . • On June 30, 2014, the Company acquired the TA High Desert, Kansas South, and El Segundo projects from NRG for total cash consideration of $357 million plus assumed project level debt of $612 million . The guidance requires retrospective combination of the entities for all periods presented as if the combination has been in effect since the inception of common control. Accordingly, the Company prepared its consolidated financial statements and the notes to the 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), which was May 13, 2013 for Kansas South, March 28, 2013 for TA High Desert, and April 1, 2014 for the January 2015 Drop Down Assets and the majority of the November 2015 Drop Down Assets, and which represent the dates these entities were acquired by NRG. The recast did not affect net income attributable to NRG Yield, Inc., weighted average number of shares outstanding, earnings per common share, or dividends. With respect to the November 2015 Drop Down Asset acquisition, the Company has recorded all minority interests in NRG Wind TE Holdco as noncontrolling interest in the Consolidated Financial Statements for all periods presented. With respect to the CVSR Drop Down, prior to the transaction, the Company recorded its 48.95% interest in CVSR as an equity method investment. In connection with the retrospective adjustment of prior periods, the Company has removed the equity method investment from all prior periods and adjusted its financial statements to reflect its results of operations, financial position and cash flows as if it had consolidated CVSR from the beginning of the financial statement period. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amount of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. They also impact the reported amount of net earnings during the reporting period. Actual results could be different from these estimates. Noncontrolling Interests The following table reflects the changes in the Company's noncontrolling interest balance: (In millions) Balance as of December 31, 2015 $ 897 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 (34 ) Pre-acquisition net loss of Drop Down assets (1 ) Balance as of March 31, 2016 $ 847 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. On July 26, 2016 , NRG Yield LLC declared a distribution on its units of $0.24 per unit payable on September 15, 2016 to unit holders of record as of September 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. NRG Indemnity Receivable As of March 31, 2016, $75 million remains receivable as the balance is expected to be fully recovered from the current litigation with SunPower pursuant to the existing indemnity on the project. In addition, during the first quarter of 2016, CVSR recorded a payable to SunPower for $7 million that SunPower overpaid for liquidated damages pursuant to the project indemnities with a corresponding increase to the related property, plant and equipment. The agreement between NRG and the Company for the CVSR Drop Down specified that all amounts related to the litigation with SunPower are excluded from the acquisition. Accordingly, prior to close of the transaction, the $75 million receivable and $7 million payable were transferred to NRG as a net reduction to its ownership interest in CVSR. 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. | Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in accordance with 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 $ 897 Capital contributions from tax equity investors, net of distributions 8 November 2015 Drop Down Assets working capital payment 2 Comprehensive loss (14 ) Distributions to NRG (57 ) Pre-acquisition net income of Drop Down assets $ 4 Balance as of June 30, 2016 $ 840 Distributions to NRG The following table lists the distributions paid on NRG Yield LLC's Class B and D units during the six months ended June 30, 2016 : Second Quarter 2016 First Quarter 2016 Distributions per Class B Unit $ 0.23 $ 0.225 Distributions per Class D Unit $ 0.23 $ 0.225 On July 26, 2016 , NRG Yield LLC declared a distribution on its units of $0.24 per unit payable on September 15, 2016 to unit holders of record as of September 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 $6 million to NRG relating to its noncontrolling interest in NRG Wind TE Holdco for the six months ended June 30, 2016 . NRG Indemnity Receivable As of June 30, 2016, $75 million remains receivable as the balance is expected to be fully recovered from the current litigation with SunPower pursuant to the existing indemnity on the project. In addition, $7 million is payable to SunPower related to amounts that SunPower overpaid for liquidated damages pursuant to the project indemnities. The agreement between NRG and the Company for the CVSR Drop Down specified that all amounts related to the litigation with SunPower are excluded from the acquisition. Accordingly, prior to close of the transaction, the $75 million receivable and $7 million payable were transferred to NRG as a net reduction to its ownership interest in CVSR. 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 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 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. In addition to ASU No. 2014-09, the FASB has issued additional guidance which provides further clarification on Topic 606. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606), or ASU No. 2016-08. The amendments of ASU No. 2016-08 clarify how to apply the implementation guidance on principal versus agent considerations related to the sale of goods or services to a customer as updated by ASU No. 2014-09. 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. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606), or ASU No. 2016-12. The amendments of ASU No. 2016-12 provide further clarification on contract revenue recognition as updated by ASU No. 2014-09, specifically related to collectability, the presentation of tax collected from customers, and non-cash consideration, as well as offering practical expedients. The Company is working through an adoption plan which includes the evaluation of revenue contracts compared to the new standard and evaluating the impact of Topic 606 on the Company's results of operations, cash flows and financial position. | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The Company's consolidated and combined financial statements have been prepared in accordance with U.S. GAAP. The FASB ASC is the source of authoritative U.S. GAAP to be applied by nongovernmental entities. In addition, the rules and interpretative releases of the SEC under authority of federal securities laws are also sources of authoritative U.S. GAAP for SEC registrants. The consolidated and combined financial statements include the Company's accounts and operations and those of its subsidiaries in which it has a controlling interest. All significant intercompany transactions and balances have been eliminated in consolidation. The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist through arrangements that do not involve controlling voting interests. As such, the Company applies the guidance of ASC 810, Consolidations, or ASC 810, to determine when an entity that is insufficiently capitalized or not controlled through its voting interests, referred to as a variable interest entity, or VIE, should be consolidated. Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with an original maturity of three months or less at the time of purchase. Cash and cash equivalents held at project subsidiaries was $93 million and $74 million as of December 31, 2015 , and 2014 , respectively. Restricted Cash Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company's projects that are restricted in their use. Of these funds as of December 31, 2015, approximately $26 million is designated for current debt service payments, $33 million is designated to fund operating expenses and $7 million is designated for distributions to the Company, with the remaining $65 million restricted for reserves including debt service, performance obligations and other reserves as well as capital expenditures. Trade Receivables and Allowance for Doubtful Accounts Trade receivables are reported on the balance sheet at the invoiced amount adjusted for any write-offs and the allowance for doubtful accounts. The allowance for doubtful accounts is reviewed periodically based on amounts past due and significance. The allowance for doubtful accounts was immaterial as of December 31, 2015 , and 2014 . Inventory Inventory consists principally of spare parts and fuel oil and is valued at the weighted average cost, unless evidence indicates that the weighted average cost will be recovered with a normal profit in the ordinary course of business. The Company removes fuel inventories as they are used in the production of steam, chilled water or electricity. Spare parts inventory are removed when they are used for repairs, maintenance or capital projects. NRG Indemnity Receivable NRG previously applied for cash grants in lieu of investment tax credits from the U.S. Treasury Department in the amount of $414 million for the CVSR project, which is a qualified renewable energy project. In 2013, an initial $30 million reserve was established for a portion of the renewable energy grant receivable that was not expected to be realized as a result of the U.S. Government’s budget sequestration. In addition, the related deferred tax assets of $106 million recognizable by NRG were recorded as a non-cash distribution to NRG and a corresponding reduction to the related property, plant, and equipment. In connection with the cash grants and related tax assets, the book value of the CVSR's property, plant, and equipment was reduced by a total of $490 million . In 2014, cash grant proceeds of $285 million were received from the U.S. Treasury. The sequestration reserve was increased to $54 million based on the actual cash grant awarded. As of December 31, 2015, the remaining $75 million was receivable as the balance is expected to be fully recovered from the current litigation with SunPower pursuant to the existing indemnity on the project. Pursuant to the purchase and sale agreement for the CVSR project between NRG and SunPower, SunPower agreed to indemnify NRG up to $75 million if the U.S. Treasury Department made certain determinations and awarded a reduced 1603 cash grant for the project. In 2014, NRG filed a lawsuit with respect to the indemnity against SunPower in California state court. Separately, liquidated damages related to the cash grant shortfall of $57 million were received from SunPower and recorded as a reduction to the cost of the related property, plant and equipment. Subsequent to the receipt of this payment and in connection with the SunPower litigation, it was determined that SunPower overpaid by $7 million . Accordingly, during 2016 CVSR recorded a payable to SunPower for $7 million with a corresponding increase to the related property, plant and equipment. The agreement between NRG and the Company for the CVSR Drop Down specified that all amounts related to the litigation with SunPower are excluded from the acquisition. Accordingly, prior to close of the transaction, the $75 million receivable and $7 million payable were transferred to NRG as a net reduction to its ownership interest in CVSR. Property, Plant and Equipment Property, plant and equipment are stated at cost or, in the case of business acquisitions, fair value; however impairment adjustments are recorded whenever events or changes in circumstances indicate that their carrying values may not be recoverable. See Note 3 , Business Acquisitions , for more information on acquired property, plant and equipment. Significant additions or improvements extending asset lives are capitalized as incurred, while repairs and maintenance that do not improve or extend the life of the respective asset are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives. Certain assets and their related accumulated depreciation amounts are adjusted for asset retirements and disposals with the resulting gain or loss included in cost of operations in the consolidated statements of operations. Additionally, the Company reduces the book value of the property, plant and equipment of its eligible renewable energy projects for any cash grants that are submitted to the U.S. Treasury Department when the receivable is recorded for the net realizable amount. The related deferred tax asset is also recorded with a corresponding reduction to the book value of the property, plant and equipment. Asset Impairments Long-lived assets that are held and used are reviewed for impairment whenever events or changes in circumstances indicate carrying values may not be recoverable. Such reviews are performed in accordance with ASC 360. An impairment loss is recognized if the total future estimated undiscounted cash flows expected from an asset are less than its carrying value. An impairment charge is measured by the difference between an asset's carrying amount and fair value with the difference recorded in operating costs and expenses in the statements of operations. Fair values are determined by a variety of valuation methods, including appraisals, sales prices of similar assets and present value techniques. Investments accounted for by the equity method are reviewed for impairment in accordance with ASC 323, Investments-Equity Method and Joint Ventures , which requires that a loss in value of an investment that is other than a temporary decline should be recognized. The Company identifies and measures losses in the value of equity method investments based upon a comparison of fair value to carrying value. Capitalized Interest Interest incurred on funds borrowed to finance capital projects is capitalized, until the project under construction is ready for its intended use. The amount of interest capitalized for the year ended December 31, 2013 , was $26 million . The Company recorded less than $1 million of capitalized interest during the years ended December 31, 2015 , and 2014 . When a project is available for operations, capitalized interest is reclassified to property, plant and equipment and depreciated on a straight-line basis over the estimated useful life of the project's related assets. Debt Issuance Costs Debt issuance costs are capitalized and amortized as interest expense on a basis which approximates the effective interest method over the term of the related debt. As discussed below, as of December 31, 2015, the Company adopted ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , and reclassified debt issuance costs to be presented as a direct deduction from the carrying amount of the related debt in both the current and prior periods. Intangible Assets Intangible assets represent contractual rights held by the Company. The Company recognizes specifically identifiable intangible assets including customer contracts, customer relationships, power purchase agreements and development rights when specific rights and contracts are acquired. These intangible assets are amortized primarily on a straight-line basis. Notes Receivable Notes receivable consists of receivables related to the financing of required network upgrades. The notes issued with respect to network upgrades will be repaid within a 5 year period following the date each facility reaches commercial operations. Income Taxes The Company accounts for income taxes using the liability method in accordance with ASC 740, Income Taxes , or ASC 740, which requires that it use the asset and liability method of accounting for deferred income taxes and provide deferred income taxes for all significant temporary differences. The Company has two categories of income tax expense or benefit — current and deferred, as follows: • Current income tax expense or benefit consists solely of current taxes payable less applicable tax credits, and • Deferred income tax expense or benefit is the change in the net deferred income tax asset or liability, excluding amounts charged or credited to accumulated other comprehensive income. The Company reports some of its revenues and expenses differently for financial statement purposes than for income tax return purposes, resulting in temporary and permanent differences between the Company's financial statements and income tax returns. The tax effects of such temporary differences are recorded as either deferred income tax assets or deferred income tax liabilities in the Company's consolidated balance sheets. The Company measures its deferred income tax assets and deferred income tax liabilities using income tax rates that are currently in effect. The Company believes it is more likely than not that the results of future operations will generate sufficient taxable income which includes the future reversal of existing taxable temporary differences to realize deferred tax assets, net of valuation allowances. A valuation allowance is recorded to reduce the net deferred tax assets to an amount that is more-likely-than-not to be realized. The Company accounts for uncertain tax positions in accordance with ASC 740, which applies to all tax positions related to income taxes. Under ASC 740, tax benefits are recognized when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. The benefit recognized from a position that has surpassed the more-likely-than-not threshold is the largest amount of benefit that is more than 50% likely to be realized upon settlement. The Company recognizes interest and penalties accrued related to uncertain tax benefits as a component of income tax expense. In accordance with ASC 805 and as discussed further in Note 13 , Income Taxes , changes to existing net deferred tax assets or valuation allowances or changes to uncertain tax benefits, are recorded to income tax expense. Revenue Recognition Thermal Revenues Steam and chilled water revenue is recognized based on customer usage as determined by meter readings taken at month-end. Some locations read customer meters throughout the month, and recognize estimated revenue for the period between meter read date and month-end. The Thermal Business subsidiaries collect and remit state and local taxes associated with sales to their customers, as required by governmental authorities. These taxes are presented on a net basis in the income statement. Power Purchase Agreements, or PPAs The majority of the Company’s revenues are obtained through PPAs or other contractual agreements. In order to determine lease classification as operating, the Company evaluates the terms of the PPA to determine if the lease includes any of the following provisions which would indicate capital lease treatment: • Transfers the ownership of the generating facility, • Bargain purchase option at the end of the term of the lease, • Lease term is greater than 75% of the economic life of the generating facility, or • Present value of minimum lease payments exceeds 90% of the fair value of the generating facility at inception of the lease In considering the above it was determined that all of Company’s PPAs are operating leases. ASC 840 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. Judgment is required by management in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or capital lease. Certain of these leases have no minimum lease payments and all of the rental income under these leases is recorded as contingent rent on an actual basis when the electricity is delivered. The contingent rental income recognized in the years ended December 31, 2015 , 2014 and 2013 was $416 million , $296 million and $135 million , respectively. Derivative Financial Instruments The Company accounts for derivative financial instruments under ASC 815, Derivatives and Hedging , or ASC 815, which requires the Company to record all derivatives on the balance sheet at fair value unless they qualify for a NPNS exception. Changes in the fair value of non-hedge derivatives are immediately recognized in earnings. Changes in the fair value of derivatives accounted for as hedges, if elected for hedge accounting, are either: • Recognized in earnings as an offset to the changes in the fair value of the related hedged assets, liabilities and firm commitments; or • Deferred and recorded as a component of accumulated OCI until the hedged transactions occur and are recognized in earnings. The Company's primary derivative instruments are power sales contracts used to mitigate variability in earnings due to fluctuations in market prices, fuels purchase contracts used to control customer reimbursable fuel cost, and interest rate instruments used to mitigate variability in earnings due to fluctuations in interest rates. On an ongoing basis, the Company assesses the effectiveness of all derivatives that are designated as hedges for accounting purposes in order to determine that each derivative continues to be highly effective in offsetting changes in fair values or cash flows of hedged items. Internal analyses that measure the statistical correlation between the derivative and the associated hedged item determine the effectiveness of such a contract designated as a hedge. If it is determined that the derivative instrument is not highly effective as a hedge, hedge accounting will be discontinued prospectively. In this case, the gain or loss previously deferred in accumulated OCI would be frozen until the underlying hedged item is delivered unless the transaction being hedged is no longer probable of occurring in which case the amount in OCI would be immediately reclassified into earnings. If the derivative instrument is terminated, the effective portion of this derivative deferred in accumulated OCI will be frozen until the underlying hedged item is delivered. Revenues and expenses on contracts that qualify for the NPNS exception are recognized when the underlying physical transaction is delivered. While these contracts are considered derivative financial instruments under ASC 815, they are not recorded at fair value, but on an accrual basis of accounting. If it is determined that a transaction designated as NPNS no longer meets the scope exception, the fair value of the related contract is recorded on the balance sheet and immediately recognized through earnings. Concentrations of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable, notes receivable and derivative instruments, which are concentrated within entities engaged in the energy and financial industry. These industry concentrations may impact the overall exposure to credit risk, either positively or negatively, in that the customers may be similarly affected by changes in economic, industry or other conditions. In addition, many of the Company's projects have only one customer. However, the Company believes that the credit risk posed by industry concentration is offset by the diversification and creditworthiness of its customer base. See Note 6 , Fair Value of Financial Instruments , for a further discussion of derivative concentrations and Note 12 , Segment Reporting , for concentration of counterparties. Fair Value of Financial Instruments The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, intercompany accounts payable and receivable, and accrued expenses and other liabilities approximate fair value because of the short-term maturity of these instruments. See Note 6 , Fair Value of Financial Instruments , for a further discussion of fair value of financial instruments. Asset Retirement Obligations Asset retirement obligations, or AROs, are accounted for in accordance with ASC 410-20, Asset Retirement Obligations, or ASC 410-20. Retirement obligations associated with long-lived assets included within the scope of ASC 410-20 are those for which a legal obligation exists under enacted laws, statutes, and written or oral contracts, including obligations arising under the doctrine of promissory estoppel, and for which the timing and/or method of settlement may be conditional on a future event. ASC 410-20 requires an entity to recognize the fair value of a liability for an ARO in the period in which it is incurred and a reasonable estimate of fair value can be made. Upon initial recognition of a liability for an ARO, the asset retirement cost is capitalized by increasing the carrying amount of the related long-lived asset by the same amount. Over time, the liability is accreted to its future value, while the capitalized cost is depreciated over the useful life of the related asset. The Company's asset retirement obligations were $43 million and $32 million as of December 31, 2015 , and 2014 , respectively. The Company records AROs as part of other non-current liabilities on its balance sheet. Guarantees The Company enters into various contracts that include indemnification and guarantee provisions as a routine part of its business activities. Examples of these contracts include EPC agreements, operation and maintenance agreements, service agreements, commercial sales arrangements and other types of contractual agreements with vendors and other third parties, as well as affiliates. These contracts generally indemnify the counterparty for tax, environmental liability, litigation and other matters, as well as breaches of representations, warranties and covenants set forth in these agreements. Because many of the guarantees and indemnities the Company issues to third parties and affiliates do not limit the amount or duration of its obligations to perform under them, there exists a risk that the Company may have obligations in excess of the amounts agreed upon in the contracts mentioned above. For those guarantees and indemnities that do not limit the liability exposure, it may not be able to estimate what the liability would be, until a claim is made for payment or performance, due to the contingent nature of these contracts. Investments Accounted for by the Equity Method The Company has investments in eight energy projects accounted for by the equity method, three of which are VIEs, where the Company is not a primary beneficiary, and two of which are owned by a subsidiary that is consolidated as a VIE, as described in Note 5 , Investments Accounted for by the Equity Method and Variable Interest Entities . The equity method of accounting is applied to these investments in affiliates because the ownership structure prevents the Company from exercising a controlling influence over the operating and financial policies of the projects. Under this method, equity in pre-tax income or losses of the investments is reflected as equity in earnings of unconsolidated affiliates. Sale Leaseback Arrangements The Company is party to sale-leaseback arrangements that provide for the sale of certain assets to a third party and simultaneous leaseback to the Company. In accordance with ASC 840-40, Sale-Leaseback Transactions , if the seller-lessee retains, through the leaseback, substantially all of the benefits and risks incident to the ownership of the property sold, the sale-leaseback transaction is accounted for as a financing arrangement. An example of this type of continuing involvement would include an option to repurchase the assets or the buyer-lessor having the option to sell the assets back to the Company. This provision is included in most of the Company’s sale-leaseback arrangements. As such, the Company accounts for these arrangements as financings. Under the financing method, the Company does not recognize as income any of the sale proceeds received from the lessor that contractually constitutes payment to acquire the assets subject to these arrangements. Instead, the sale proceeds received are accounted for as financing obligations and leaseback payments made by the Company are allocated between interest expense and a reduction to the financing obligation. Interest on the financing obligation is calculated using the Company’s incremental borrowing rate at the inception of the arrangement on the outstanding financing obligation. Judgment is required to determine the appropriate borrowing rate for the arrangement and in determining any gain or loss on the transaction that would be recorded either at the end of or over the lease term. Business Combinations The Company accounts for its business combinations in accordance with ASC 805, Business Combinations, or ASC 805. ASC 805 requires an acquirer to recognize and measure in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at fair value at the acquisition date. It also recognizes and measures the goodwill acquired or a gain from a bargain purchase in the business combination and determines what information to disclose to enable users of an entity's financial statements to evaluate the nature and financial effects of the business combination. In addition, transaction costs are expensed as incurred. 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. In recording transactions and balances resulting from business operations, the Company uses estimates based on the best information available. Estimates are used for such items as plant depreciable lives, tax provisions, uncollectible accounts, environmental liabilities, acquisition accounting and legal costs incurred in connection with recorded loss contingencies, among others. As better information becomes available or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates. Tax Equity Arrangements Certain portions of the Company’s noncontrolling interests in subsidiaries represent third-party interests in the net assets under certain tax equity arrangements, which are consolidated by the Company, that have been entered into to finance the cost of wind facilities eligible for certain tax credits. Additionally, certain portions of the Company’s investments in unconsolidated affiliates reflect the Company’s interests in tax equity arrangements, that are not consolidated by the Company, that have been entered into to finance the cost of distributed solar energy systems under operating leases or PPAs eligible for certain tax credits. The Company has determined that the provisions in the contractual agreements of these structures represent substantive profit sharing arrangements. Further, the Company has determined that the appropriate methodology for calculating the noncontrolling interest and investment in unconsolidated affiliates that reflects the substantive profit sharing arrangements is a balance sheet approach utilizing the hypothetical liquidation at book value, or HLBV, method. Under the HLBV method, the amounts reported as noncontrolling interests and investment in unconsolidated affiliates represent the amounts the investors to the tax equity arrangements would hypothetically receive at each balance sheet date under the liquidation provisions of the contractual agreements, assuming the net assets of the funding structures were liquidated at their recorded amounts determined in accordance with U.S. GAAP. The investors’ interests in the results of operations of the funding structures are determined as the difference in noncontrolling interests and investment in unconsolidated affiliates at the start and end of each reporting period, after taking into account any capital transactions between the structures and the funds’ investors. The calculations utilized to apply the HLBV method include estimated calculations of taxable income or losses for each reporting period. Reclassifications Certain prior-year amounts have been reclassified for comparative purposes. Recent Accounting Developments 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 that 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 2015-17 — In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , or ASU No. 2015-17. The amendments of ASU No. 2015-17 require that deferred tax liabilities and assets, as well as any related valuation allowance, be presented as noncurrent in a classified statement of financial position. The guidance in ASU No. 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those annual periods. The amendments may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early adoption is permitted. The Company adopted the standard for the year ended December 31, 2015, and elected to apply the amendments retrospectively. The adoption did not have any impact on the Company's results of operations, cash flows, or net assets. ASU 2015-16 — In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , or ASU No. 2015-16. The amendments of ASU No. 2015-16 require that an acquirer recognize measurement period adjustments to the provisional amounts recognized in a business combination in the reporting period during which the adjustments are determined. Additionally, the amendments of ASU No. 2015-16 require the acquirer to record in the same period's financial statements the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the measurement period adjustment, calculated as if the accounting had been completed at the acquisition date as well as disclosing on either the face of the income statement or in the notes the portion of the amount recorded in current period earnings that would have been recorded in previous reporting periods. The guidance in ASU No. 2015-16 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments should be applied prospectively. The adoption of this standard is not expected to have a material impact on the Company's results of operations, cash flows or financial position. ASU 2015-03 and ASU 2015-15 — In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , or ASU No. 2015-03. The amendments of ASU No. 2015-03 were issued to reduce complexity in the balance sheet presentation of debt issuance costs. ASU No. 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this standard. Additionally, in August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, or ASU No. 2015-15, as ASU No. 2015-03 did not specifically address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU No. 2015-15 allows an entity to continue to defer and present debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The guidance in ASU No. 2015-03 and ASU No. 2015-15 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The Company adopted ASU No. 2015-03 for the year ended December 31, 2015, which resulted in decreases to other assets and debt of $63 million and $69 million as of December 31, 2015 , and December 31, 2014 , respectively. The adoption of this standard had no impact on the Company's results of operations, cash flows or net assets. ASU 2015-02 — In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , or ASU No. 2015-02. The amendments of ASU No. 2015-02 were issued in an effort to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity's voting rights; or (3) the exposure to a majority of the legal entity's economic benefits. |
Business Acquisitions
Business Acquisitions | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Business Acquisition, Purchase Price [Table Text Block] | The purchase price of $923 million was allocated as follows: Acquisition Date Fair Value at December 31, 2014 Measurement period adjustments Revised Acquisition Date (In millions) Assets Cash $ 22 $ — $ 22 Current and non-current assets 49 (2 ) 47 Property, plant and equipment 1,304 6 1,310 Intangible assets 1,177 (6 ) 1,171 Total assets acquired 2,552 (2 ) 2,550 Liabilities Debt 1,591 — 1,591 Current and non-current liabilities 38 (2 ) 36 Total liabilities assumed 1,629 (2 ) 1,627 Net assets acquired $ 923 $ — $ 923 | ||
Business Acquisition | Business Acquisitions 2016 Acquisitions CVSR Drop Down from NRG — On September 1, 2016, the Company acquired the remaining 51.05% interest of CVSR Holdco LLC, which indirectly owns the CVSR solar facility, from NRG, or the CVSR Drop Down, for total cash consideration of $78.5 million , subject to working capital adjustments plus assumed non-recourse project debt. The acquisition was funded with cash on hand. The assets and liabilities transferred to the Company relate to interests under common control by NRG and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues . The difference between the cash paid and historical value of the entities' equity was recorded as a contribution from NRG with the offset to noncontrolling interest. Because the transaction constituted a transfer of net assets under common control, the guidance requires retrospective combination of the entities for all periods presented as if the combination has been in effect since the inception of common control. Prior to the transaction, the Company recorded its 48.95% interest in CVSR as an equity method investment. In connection with the retrospective adjustment of prior periods, the Company has removed the equity method investment from all prior periods and adjusted its financial statements to reflect its results of operations, financial position and cash flows as if it had consolidated CVSR from the beginning of the financial statement period. In connection with the acquisition and prior to close of the transaction, a $68 million receivable resulting from the litigation with SunPower was transferred to NRG as a reduction to its ownership interest in the Company. 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. | Business Acquisitions 2016 Acquisitions CVSR Drop Down from NRG — On September 1, 2016, the Company acquired from NRG the remaining 51.05% interest of CVSR Holdco LLC, which indirectly owns the CVSR solar facility, for total cash consideration of $78.5 million , subject to working capital adjustments and plus assumed non-recourse project debt. The acquisition was funded with cash on hand. The assets and liabilities transferred to the Company relate to interests under common control by NRG and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues . The difference between the cash paid and historical value of the entities' equity was recorded as a contribution from NRG with the offset to noncontrolling interest. Because the transaction constituted a transfer of net assets under common control, the guidance requires retrospective combination of the entities for all periods presented as if the combination has been in effect since the inception of common control. Prior to the transaction, the Company recorded its 48.95% interest in CVSR as an equity method investment. In connection with the retrospective adjustment of prior periods, the Company has removed the equity method investment from all prior periods and adjusted its financial statements to reflect its results of operations, financial position and cash flows as if it had consolidated CVSR from the beginning of the financial statement period. In connection with the acquisition and prior to close of the transaction, a $68 million net receivable resulting from the litigation with SunPower, as described in Note 2, Summary of Significant Accounting Policies, was transferred to NRG as a reduction to its ownership interest in the Company. 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. | Business Acquisitions 2016 Acquisitions CVSR Drop Down from NRG On September 1, 2016, the Company acquired the remaining 51.05% interest of CVSR Holdco LLC, which indirectly owns the CVSR solar facility, from NRG, or the CVSR Drop Down, for total cash consideration of $78.5 million , subject to working capital adjustments. The acquisition was funded with cash on hand. The assets and liabilities transferred to the Company relate to interests under common control by NRG and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues . The difference between the cash paid and historical value of the entities' equity was recorded as a contribution from NRG with the offset to noncontrolling interest. Because the transaction constituted a transfer of net assets under common control, the guidance requires retrospective combination of the entities for all periods presented as if the combination has been in effect since the inception of common control. Prior to the transaction, the Company recorded its 48.95% interest in CVSR as an equity method investment. In connection with the retrospective adjustment of prior periods, the Company has removed the equity method investment from all prior periods and adjusted its financial statements to reflect its results of operations, financial position and cash flows as if it had consolidated CVSR from the beginning of the financial statement period. In connection with the acquisition and prior to close of the transaction, a $68 million net receivable resulting from the litigation with SunPower, as described in Note 2, Summary of Significant Accounting Policies, was transferred to NRG as a reduction to its ownership interest in the Company. 2015 Acquisitions November 2015 Drop Down Assets from NRG On November 3, 2015, the Company acquired 75% of the Class B interests of NRG Wind TE Holdco, or the November 2015 Drop Down Assets, which owns a portfolio of 12 wind facilities totaling 814 net MW, from NRG for 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 in accordance with ASC 805-50, Business Combinations - Related Issues . The difference between the cash paid and historical value of the entities' equity was recorded as a distribution from NRG with the offset to noncontrolling interest. Because the transaction constituted a transfer of net assets under common control, the guidance requires retrospective combination of the entities for all periods presented as if the combination has been in effect since the inception of common control. The Class A interests of NRG Wind TE Holdco are owned by a tax equity investor, or 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. The following is a summary of assets and liabilities transferred in connection with the acquisition as of November 3, 2015: NRG Wind TE Holdco (In millions) Current assets $ 30 Property, plant and equipment 669 Non-current assets 177 Total assets 876 Debt 193 Other current and non-current liabilities 32 Total liabilities 225 Less: noncontrolling interest 282 Net assets acquired $ 369 The following table presents the historical information summary combining the financial information for the November 2015 Drop Down Assets transferred in connection with the acquisition: December 31, 2014 As adjusted (a) NRG Wind TE Holdco As Currently Reported Current assets $ 762 (b) $ 66 $ 828 Property, plant and equipment 5,300 709 6,009 Non-current assets 1,773 (b)(c) 184 1,957 Total assets 7,835 959 8,794 Debt 5,533 (c) 198 5,731 Other current and non-current liabilities 310 21 331 Total liabilities 5,843 219 6,062 Net assets $ 1,992 $ 740 (d) $ 2,732 (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . (b) Retrospectively adjusted to reclassify deferred tax assets in accordance with ASU 2015-17, as further discussed in Note 2 , Summary of Significant Accounting Policies . (c) Retrospectively adjusted to reclassify deferred financing costs in accordance with ASU 2015-03, as further discussed in Note 2 , Summary of Significant Accounting Policies . (d) Net Assets for NRG Wind TE Holdco as of December 31, 2014, includes noncontrolling interest of $199 million attributable to the TE Investor and $135 million attributable to NRG. Year ended December 31, 2014 As adjusted (a) NRG Wind TE Holdco As Currently Reported Total operating revenues $ 771 $ 57 $ 828 Operating income 312 (6 ) 306 Net income 121 (13 ) 108 (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . Year ended December 31, 2013 As adjusted (a) NRG Wind TE Holdco As Currently Reported Total operating revenues $ 426 $ 8 $ 434 Operating income 190 (9 ) 181 Net income 134 (9 ) 125 (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . Supplemental Pro Forma Information As described above, the Company's acquisition of the November 2015 Drop Down Assets was accounted for as a transfer of entities under common control. The following unaudited supplemental pro forma information represents the results of operations as if the Company had acquired the November 2015 Drop Down Assets on January 1, 2014, including the impact of acquisition accounting with respect to NRG's acquisition of the projects, all of which were acquired by NRG on April 1, 2014, except for Elbow Creek. All net income or losses prior to the Company's acquisition of the projects is reflected as attributable to NRG and, accordingly, no pro forma impact to earnings per Class A and Class C common share was calculated. (In millions) For the year ended December 31, 2014 Operating revenues $ 850 Net income 110 Since the acquisition date, the November 2015 Drop Down Assets contributed $14 million in operating revenues and $1 million in net income. 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, each 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 in accordance with ASC 805-50, Business Combinations - Related Issues . The difference between the cash paid and the historical value of the entities' equity of $61 million , as well as $23 million of AOCL, was recorded as a distribution to NRG and reduced the balance of its noncontrolling interest. Since the transaction constituted a transfer of assets under common control, the guidance requires retrospective combination of the entities for all periods presented as if the combination has been in effect since the inception of common control. NRG acquired the majority of EME's assets, including Laredo Ridge, Tapestry and Walnut Creek, on April 1, 2014. Supplemental Pro Forma Information As described above, the Company's acquisition of the January 2015 Drop Down Assets was accounted for as a transfer of entities under common control and all periods were retrospectively adjusted to reflect the entities as if they were transferred on the date the entities were under common control, which was April 1, 2014, the date NRG acquired Walnut Creek, Laredo Ridge and Tapestry. The following unaudited supplemental pro forma information represents the results of operations as if the Company had acquired the January 2015 Drop Down Assets on January 1, 2014, including the impact of acquisition accounting with respect to NRG's acquisition of the projects. While the financial statements have been retrospectively adjusted, all net income or losses prior to the Company's acquisition of the projects is reflected as attributable to NRG and accordingly, no pro forma impact to earnings per Class A and Class C common share was calculated. (In millions) For the year ended December 31, 2014 Operating revenues $ 854 Net income 101 Since the acquisition date, the January 2015 Drop Down Assets contributed $144 million in operating revenues and $44 million in net income. 2014 Acquisitions Alta Wind Portfolio Acquisition — On August 12, 2014, the Company acquired 100% of the membership interests of Alta Wind Asset Management Holdings, LLC, Alta Wind Company, LLC, Alta Wind X Holding Company, LLC and Alta Wind XI Holding Company, LLC, which collectively own seven wind facilities that total 947 MW located in Tehachapi, California, and a portfolio of associated land leases, or the Alta Wind Portfolio. Power generated by the Alta Wind Portfolio is sold to Southern California Edison under long-term PPAs with 21 years of remaining contract life for Alta I-V. The Alta Wind X and XI PPAs began in 2016 with a term of 22 years and sold energy and renewable energy credits on a merchant basis during the years ending December 31, 2014, and 2015. The purchase price for the Alta Wind Portfolio was $923 million , which consisted of a base purchase price of $870 million , as well as a payment for working capital of $53 million , plus the assumption of $1.6 billion of non-recourse project-level debt. In order to fund the purchase price, the Company completed an equity offering of 12,075,000 shares of its Class A common stock at an offering price of $54.00 per share on July 29, 2014, which resulted in net proceeds of $630 million , after underwriting discounts and expenses. In addition, on August 5, 2014, NRG Yield Operating LLC issued $500 million of Senior Notes, which bear interest at a rate of 5.375% and mature in August 2024. The acquisition was recorded as a business combination under ASC 805-50, with identifiable assets acquired and liabilities assumed provisionally recorded at their estimated fair values on the acquisition date. The accounting for the business combination was completed as of August 11, 2015, at which point the fair values became final. The following table summarizes the provisional amounts recognized for assets acquired and liabilities assumed as of December 31, 2014, as well as adjustments made through August 11, 2015, when the allocation became final. The purchase price of $923 million was allocated as follows: Acquisition Date Fair Value at December 31, 2014 Measurement period adjustments Revised Acquisition Date (In millions) Assets Cash $ 22 $ — $ 22 Current and non-current assets 49 (2 ) 47 Property, plant and equipment 1,304 6 1,310 Intangible assets 1,177 (6 ) 1,171 Total assets acquired 2,552 (2 ) 2,550 Liabilities Debt 1,591 — 1,591 Current and non-current liabilities 38 (2 ) 36 Total liabilities assumed 1,629 (2 ) 1,627 Net assets acquired $ 923 $ — $ 923 The Company incurred and expensed acquisition-related transaction costs related to the acquisition of the Alta Wind Portfolio of $2 million for the year ended December 31, 2014 . June 2014 Drop Down Assets — On June 30, 2014, the Company acquired from NRG: (i) El Segundo, a 550 MW fast-start, gas-fired facility located in Los Angeles County, California; (ii) TA High Desert, a 20 MW solar facility located in Los Angeles County, California; and (iii) Kansas South, a 20 MW solar facility located in Kings County, California. The Company paid total cash consideration of $357 million , which represents a base purchase price of $349 million and $8 million of working capital adjustments. In addition, the acquisition included the assumption of $612 million of project-level debt. The assets and liabilities transferred to the Company relate to interests under common control by NRG and were recorded at historical cost in accordance with ASC 805-50. The difference between the cash proceeds and the historical value of the net assets was recorded as a distribution to NRG and reduced the balance of its noncontrolling interest. Since the transaction constituted a transfer of entities under common control, the guidance requires retrospective combination of the entities for all periods presented as if the combination has been in effect since the beginning of the financial statements period or the inception of common control (if later than the beginning of the financial statements period). Accordingly, the Company prepared its consolidated financial statements to reflect the transfer as if it had taken place from the beginning of the financial statements period. 2013 Acquisitions Energy Systems — On December 31, 2013, NRG Energy Center Omaha Holdings, LLC, an indirect wholly owned subsidiary of NRG Yield LLC, acquired Energy Systems Company, or Energy Systems, for approximately $120 million . The acquisition was financed using cash on hand. Energy Systems is an operator of steam and chilled water thermal facilities that provides heating and cooling services to nonresidential customers in Omaha, Nebraska. The acquisition was recorded as a business combination under ASC 805, with identifiable assets acquired and liabilities assumed recorded at their fair values. The purchase price was primarily allocated to property, plant and equipment of $60 million , customer relationships of $59 million , and $1 million of working capital. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Property, Plant and Equipment Disclosure | Property, Plant and Equipment The Company’s major classes of property, plant, and equipment were as follows: March 31, 2016 December 31, 2015 Depreciable Lives (In millions) Facilities and equipment $ 6,492 $ 6,480 2 - 40 Years Land and improvements 171 171 Construction in progress 26 9 Total property, plant and equipment 6,689 6,660 Accumulated depreciation (855 ) (782 ) Net property, plant and equipment $ 5,834 $ 5,878 | Property, Plant and Equipment The Company’s major classes of property, plant, and equipment were as follows: June 30, 2016 December 31, 2015 Depreciable Lives (In millions) Facilities and equipment $ — $ 5,597 2 - 40 Years Land and improvements — 151 Construction in progress — 9 Total property, plant and equipment — 5,757 Accumulated depreciation — — Net property, plant and equipment $ — $ 5,757 | Property, Plant and Equipment The Company’s major classes of property, plant, and equipment were as follows: December 31, 2015 December 31, 2014 Depreciable Lives (In millions) Facilities and equipment $ 6,480 $ 6,317 2 - 40 Years Land and improvements 171 170 Construction in progress 9 9 Total property, plant and equipment 6,660 6,496 Accumulated depreciation (782 ) (487 ) Net property, plant and equipment $ 5,878 $ 6,009 |
Investments Accounted for by th
Investments Accounted for by the Equity Method and Variable Interest Entities | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
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 . On August 5, 2016, the Company and NRG amended the RPV Holdco partnership to further reduce the aggregate commitment of $100 million to $60 million in connection with NRG’s change in business model approach in the residential solar business. 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 | 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 June 30, 2016 : (In millions) NRG Wind TE Holdco Alta Wind TE Holdco Spring Canyon Other current and non-current assets $ 190 $ 27 $ 4 Property, plant and equipment 638 472 102 Intangible assets 2 281 — Total assets 830 780 106 Current and non-current liabilities 215 8 6 Total liabilities 215 8 6 Noncontrolling interest 235 121 70 Net assets less noncontrolling interests $ 380 $ 651 $ 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. 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. The Company's maximum exposure to loss is limited to its equity investment in DGPV Holdco 1 and DGPV Holdco 2, which was $78 million on a combined basis as of June 30, 2016 . 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 5,500 leases representing approximately 38 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 $67 million as of June 30, 2016 . On August 5, 2016, the Company and NRG amended the RPV Holdco partnership to further reduce the aggregate commitment of $100 million to $60 million in connection with NRG’s change in business model approach in the residential solar business. 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 June 30, 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 June 30, Six months ended June 30, (In millions) 2016 2015 2016 2015 Income Statement Data: Operating revenues $ 18 $ 18 $ 36 $ 40 Operating income 10 11 19 20 Net income $ 6 $ 8 $ 13 $ 14 June 30, 2016 December 31, 2015 Balance Sheet Data: (In millions) Current assets $ 34 $ 36 Non-current assets 408 416 Current liabilities 14 16 Non-current liabilities $ 211 $ 215 | Investments Accounted for by the Equity Method and Variable Interest Entities Equity Method Investments The following table summarizes the Company's equity method investments as of December 31, 2015 : Name Economic Interest Investment Balance (In millions) Desert Sunlight 25% 291 GenConn (a)(b) 50% 110 Elkhorn Ridge (c) 50.3% 96 San Juan Mesa (c) 56.3% 80 NRG DGPV Holdco 1 LLC (d) 95% 71 NRG RPV Holdco 1 LLC (e) 95% 58 Avenal (b) 50% (9) (a) GenConn is a variable interest entity. (b) The Company's interest in GenConn and Avenal increased from 49.95% to 50% on September 30, 2015. (c) San Juan Mesa and Elkhorn Ridge are part of the TE Wind Holdco tax equity structure, as described below. San Juan Mesa and Elkhorn Ridge are owned 75% and 66.7% , respectively, by TE Wind Holdco. The Company owns 75% of the Class B interests in TE Wind Holdco. (d) NRG DGPV Holdco 1 LLC is a tax equity structure and is a VIE. The related allocations are described below. (e) NRG RPV Holdco 1 LLC is a tax equity structure and is a VIE. The related allocations are described below. As of December 31, 2015 the Company had no undistributed earnings from its equity method investments. As of December 31, 2014 , the Company had $10 million of undistributed earnings from its equity method investments. The Company acquired its interest in Desert Sunlight on June 30, 2015, for $285 million , which resulted in a difference between the purchase price and the basis of the acquired assets and liabilities of $171 million . The difference is attributable to the fair value of the property, plant and equipment and power purchase agreements. The Company is amortizing the related basis difference to equity in earnings (losses) over the related useful life of the underlying assets acquired. Non-recourse project-level debt of unconsolidated affiliates The Company's pro-rata share of non-recourse debt held by unconsolidated affiliates was approximately $454 million as of December 31, 2015 . Avenal — The Company owns a 50% equity interest in Avenal, which consists of three solar PV projects in Kings County, California totaling approximately 45 MWs. Eurus Energy owns the remaining 50% of Avenal. Power generated by the projects is sold under a 20 -year PPA. On September 22, 2010, Avenal entered into a $35 million promissory note facility with the Company. Amounts drawn under the promissory note facility accrue interest at 4.5% per annum. Also, on September 22, 2010, Avenal entered into a $209 million financing arrangement with a syndicate of banks, or the Avenal Facility. As of December 31, 2015 , and 2014 , Avenal had outstanding $143 million and $107 million , respectively, under the Avenal Facility. GenConn — GenConn has a $237 million project note with an interest rate of 4.73% and a maturity date of July 2041 and a 5-year, $35 million working capital facility that matures in 2018 which can be used to issue letters of credit at an interest rate of 1.875% per annum. As of December 31, 2015 , $220 million was outstanding under the note and $14 million was drawn on the working capital facility. The note is secured by all of the GenConn assets. In March 2015, GenConn entered into a settlement agreement relating to a lawsuit it filed against the electrical contractor responsible for the design and installation of the 5X and 6X circuits at the GenConn Middletown facility and one of its subcontractors. The results of the settlement agreement are not expected to have a material impact on the Company's results of operations, cash flows or financial position. Desert Sunlight — Desert Sunlight 250 and Desert Sunlight 300 each entered into three distinct tranches of debt. As of December 31, 2015 , and 2014 , Desert Sunlight had total debt outstanding of $1.1 billion and $1.5 billion , respectively, under the three tranches. The following tables present summarized financial information for the Company's significant equity method investments: Year Ended December 31, 2015 2014 2013 Income Statement Data: (In millions) GenConn Operating revenues 78 82 80 Operating income 40 40 44 Net income 28 28 31 Desert Sunlight Operating revenues 206 Operating income 124 Net income 73 As of December 31, 2015 2014 Balance Sheet Data: (In millions) GenConn Current assets 36 33 Non-current assets 416 438 Current liabilities 16 20 Non-current liabilities 215 223 Desert Sunlight Current assets 310 Non-current assets 1,435 Current liabilities 82 Non-current liabilities 1,086 Variable Interest Entities, or VIEs Entities that are Consolidated NRG Wind TE Holdco — On November 3, 2015, the Company acquired 75% of the Class B interests of NRG Wind TE Holdco, or the November 2015 Drop Down Assets, which owns a portfolio of 12 wind facilities totaling 814 net MW, from NRG for total cash consideration of $209 million , as described in Note 3 , Business Acquisitions . In February 2016, NRG made a final working capital payment of $2 million , reducing total cash consideration to $207 million . NRG retained a 25% ownership of the Class B 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. The Company utilizes the HLBV method to determine the net income or loss allocated to the TE Investor noncontrolling interest. Net income or loss attributable to the Class B interests is allocated to NRG's noncontrolling interest based on its 25% ownership interest. Alta TE Holdco — On June 30, 2015, the Company sold an economic interest in Alta TE Holdco to a financial institution in order to monetize certain cash and tax attributes, primarily PTCs. The financial institution, or Alta Investor, receives 99% of allocations of taxable income and other items until the flip point, which occurs when the Alta Investor obtains a specified return on its initial investment, at which time the allocations to the Alta Investor change to 5% . The Company received 100% of CAFD through December 31, 2015, and subsequently will receive 94.34% until the flip point, at which time the allocations to the Company of CAFD will change to 97.12% , unless the flip point will not have occurred by a specified date, which would result in 100% of CAFD allocated to the Alta Investor until the flip point occurs. Alta TE Holdco is a VIE and the Company is the primary beneficiary through its position as managing member, and therefore consolidates Alta TE Holdco, with the Alta Investor's interest shown as noncontrolling interest. The Company utilizes the HLBV method to determine the net income or loss allocated to the noncontrolling interest. The net proceeds of $119 million are reflected as noncontrolling interest in the Company's balance sheet. Spring Canyon — On May 7, 2015, the Company acquired a 90.1% of the Class B interests 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. Invenergy owns 9.9% of the Class B interests. Prior to the acquisition date, the projects were financed with a partnership flip tax-equity structure with a financial institution, who owns the Class A interests, to monetize certain cash and tax attributes, primarily PTCs. Until the flip point, the Class A member will receive 34.81% of the cash distributions based on the projects’ production level and the Company and Invenergy will receive 65.19% . After the flip point, cash distributions are allocated 5% to the Class A member and 95% to the Company and Invenergy. Spring Canyon is a VIE and the Company is the primary beneficiary through its position as managing member, and therefore consolidates Spring Canyon. The Class A member and Invenergy's interests are shown as noncontrolling interest. The Company utilizes the HLBV method to determine the net income or loss allocated to the Class A member. Net Income or loss attributable to the Class B interests is allocated to Invenergy's noncontrolling interest based on its 9.9% ownership interest. Summarized financial information for the Company's consolidated VIEs consisted of the following as of December 31, 2015 : (In millions) NRG TE Wind Holdco Alta Wind TE Holdco Spring Canyon Other current and non-current assets $ 204 $ 18 $ 3 Property, plant and equipment 663 484 104 Intangible assets 2 287 — Total assets 869 789 107 Current and non-current liabilities 220 10 5 Total liabilities 220 10 5 Noncontrolling interest 268 121 70 Net assets less noncontrolling interests $ 381 $ 658 $ 32 Entities that are not Consolidated The Company has interests in entities that are considered VIEs under ASC 810, Consolidation , but for which it is not considered the primary beneficiary. The Company accounts for its interests in these entities under the equity method of accounting. NRG DGPV Holdco 1 LLC — On May 8, 2015, NRG Yield DGPV Holding LLC, a subsidiary of the Company and NRG Renew DG Holdings LLC, a subsidiary of NRG, entered into a partnership by forming 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 DG Holdings LLC, 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 . The following illustrates the structure of DGPV Holdco: As of December 31, 2015 , the Company's investment in DGPV Holdco 1 related to the recently completed community solar projects was $17 million . Additionally, as of December 31, 2015 , the Company's investment in DGPV Holdco 1 related to the commercial photovoltaic systems was $55 million , $44 million of which remained payable and is recorded in accounts payable — affiliate on the consolidated balance sheet at December 31, 2015 . 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. 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 — On April 9, 2015, NRG Yield RPV Holding LLC, a subsidiary of the Company and NRG Residential Solar Solutions LLC, a subsidiary of NRG, entered into a partnership by forming NRG RPV Holdco 1 LLC, or RPV Holdco, that will invest in and hold operating portfolios of residential solar assets developed by NRG Home Solar, a subsidiary of NRG, including: (i) an existing, unlevered portfolio of over 2,200 leases across nine states representing approximately 17 MW with a weighted average remaining lease term of approximately 17 years ; and (ii) a tax equity-financed 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 . The following illustrates the structure of RPV Holdco: The Company invested $26 million in RPV Holdco in April 2015 related to the existing, unlevered portfolio of leases. The Company also invested $36 million of its $150 million commitment in the tax equity-financed portfolio through December 31, 2015 . The Company's maximum exposure to loss is limited to its equity investment. On February 29, 2016, the Company and NRG amended the RPV Holdco partnership to reduce the aggregate commitment of $150 million to $100 million in connection with the formation of DGPV Holdco 2. On August 5, 2016, the Company and NRG amended the RPV Holdco partnership to further reduce the aggregate commitment of $100 million to $60 million in connection with NRG’s change in business model approach in the residential solar business. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [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 . | The Company records its derivative assets and liabilities at fair value on its consolidated balance sheet. There were no derivative asset positions on the Company's consolidated balance sheet as of December 31, 2015 . The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: As of June 30, 2016 As of December 31, 2015 Fair Value (a) Fair Value (a) (In millions) Level 2 Level 2 Derivative assets: Commodity contracts $ 1 $ — Total assets 1 — Derivative liabilities: Commodity contracts — 2 Interest rate contracts 159 98 Total liabilities $ 159 $ 100 (a) There were no assets or liabilities classified as Level 1 or Level 3 as of June 30, 2016 , and December 31, 2015 . | The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: As of December 31, 2015 As of December 31, 2014 Fair Value (a) Fair Value (a) (In millions) Level 2 Level 2 Derivative assets: Commodity contracts $ — $ 2 Interest rate contracts — 2 Total assets $ — 4 Derivative liabilities: Commodity contracts $ 2 3 Interest rate contracts 98 126 Total liabilities $ 100 $ 129 (a) There were no assets or liabilities classified as Level 1 or Level 3 as of December 31, 2015 , and 2014 . |
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 $ 42 $ 42 $ 47 $ 47 Liabilities: Long-term debt, including current portion $ 5,601 $ 5,543 $ 5,656 $ 5,538 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 $2.9 billion for the next five years . The majority of these power contracts are with utilities with strong credit quality and public utility commission or other regulatory support, as further described in Note 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. | 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 June 30, 2016 As of December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Assets: Notes receivable, including current portion $ 38 $ 38 $ 47 $ 47 Liabilities: Long-term debt, including current portion $ 5,552 $ 5,552 $ 5,656 $ 5,538 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 Company's consolidated balance sheet as of December 31, 2015 . The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: As of June 30, 2016 As of December 31, 2015 Fair Value (a) Fair Value (a) (In millions) Level 2 Level 2 Derivative assets: Commodity contracts $ 1 $ — Total assets 1 — Derivative liabilities: Commodity contracts — 2 Interest rate contracts 159 98 Total liabilities $ 159 $ 100 (a) There were no assets or liabilities classified as Level 1 or Level 3 as of June 30, 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 June 30, 2016 , the credit reserve resulted in a $5 million increase in fair value, which was composed of a $4 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 June 30, 2016 , credit risk exposure to these counterparties attributable to the Company's ownership interests was approximately $2.6 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. | Fair Value of Financial Instruments For cash and cash equivalents, restricted cash, accounts receivable — affiliate, accounts receivable accounts payable, accounts payable — affiliate, accrued expenses and other liabilities, the carrying amount approximates fair value because of the short-term maturity of those instruments and are classified as Level 1 within the fair value hierarchy. The estimated carrying amounts and fair values of the Company’s recorded financial instruments not carried at fair market value are as follows: As of December 31, 2015 As of December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Assets: Notes receivable, including current portion 47 47 61 61 Liabilities: Long-term debt, including current portion 5,656 5,538 5,800 5,886 The fair value of notes receivable and long-term debt are based on expected future cash flows discounted at market interest rates, or current interest rates for similar instruments and are classified as Level 3 within the fair value hierarchy. Fair Value Accounting under ASC 820 ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: • Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date. • Level 2—inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. • Level 3—unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. In accordance with ASC 820, the Company determines the level in the fair value hierarchy within which each fair value measurement in its entirety falls, based on the lowest level input that is significant to the fair value measurement. Recurring Fair Value Measurements The Company records its derivative assets and liabilities at fair market value on its consolidated balance sheet. There were no asset positions as of December 31, 2015 . The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: As of December 31, 2015 As of December 31, 2014 Fair Value (a) Fair Value (a) (In millions) Level 2 Level 2 Derivative assets: Commodity contracts $ — $ 2 Interest rate contracts — 2 Total assets $ — 4 Derivative liabilities: Commodity contracts $ 2 3 Interest rate contracts 98 126 Total liabilities $ 100 $ 129 (a) There were no assets or liabilities classified as Level 1 or Level 3 as of December 31, 2015 , and 2014 . 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 for interest rate swaps, is calculated based on credit default swaps utilizing the bilateral method. For commodities, to the extent that NRG's net exposure under a specific master agreement is an asset, the Company uses the counterparty's default swap rate. If the 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 December 31, 2015 , the credit reserve resulted in a $1 million increase in fair value which is a gain in OCI. It is possible that future market prices could vary from those used in recording assets and liabilities and such variations could be material. Concentration of Credit Risk In addition to the credit risk discussion as disclosed in Note 2 , Summary of Significant Accounting Policies , the following item is a discussion of the concentration of credit risk for the Company's financial instruments. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. The Company monitors and manages credit risk through credit policies that include: (i) an established credit approval process; (ii) daily monitoring of counterparties' credit limits; (iii) the use of credit mitigation measures such as margin, collateral, prepayment arrangements, or volumetric limits; (iv) the use of payment netting agreements; and (v) the use of master netting agreements that allow for the netting of positive and negative exposures of various contracts associated with a single counterparty. Risks surrounding counterparty performance and credit could ultimately impact the amount and timing of expected cash flows. The Company seeks to mitigate counterparty risk by having a diversified portfolio of counterparties. Counterparty credit exposure includes credit risk exposure under certain long-term agreements, including solar and other PPAs. As external sources or observable market quotes are not available to estimate such exposure, the Company estimates the exposure related to these contracts based on various techniques including but not limited to internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. Based on these valuation techniques, as of December 31, 2015 , credit risk exposure to these counterparties attributable to the Company's ownership interests was approximately $2.8 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 . 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 | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Accounting for 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 $ (83 ) $ (76 ) 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 $ (124 ) $ (96 ) Accumulated OCL attributable to noncontrolling interests (80 ) (73 ) 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 $ 17 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. | 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 June 30, 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 June 30, 2016 , these contracts were not designated as cash flow or fair value hedges. Interest Rate Swaps As of June 30, 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 June 30, 2016 , and December 31, 2015 . Total Volume June 30, 2016 December 31, 2015 Commodity Units (In millions) Natural Gas MMBtu 4 4 Interest Dollars $ 1,932 $ 1,991 Fair Value of Derivative Instruments There were no derivative asset positions on the balance sheet as of December 31, 2015 . The following table summarizes the fair value within the derivative instrument valuation on the balance sheet: Fair Value Derivative Assets Derivative Liabilities June 30, 2016 June 30, 2016 December 31, 2015 (In millions) Derivatives Designated as Cash Flow Hedges: Interest rate contracts current $ — $ 34 $ 34 Interest rate contracts long-term — 108 56 Total Derivatives Designated as Cash Flow Hedges — 142 90 Derivatives Not Designated as Cash Flow Hedges: Interest rate contracts current — 3 3 Interest rate contracts long-term — 14 5 Commodity contracts current 1 — 2 Total Derivatives Not Designated as Cash Flow Hedges 1 17 10 Total Derivatives $ 1 $ 159 $ 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 June 30, 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 June 30, Six months ended June 30, 2016 2015 2016 2015 (In millions) Accumulated OCL beginning balance $ (124 ) $ (96 ) $ (83 ) $ (76 ) Reclassified from accumulated OCL to income due to realization of previously deferred amounts 3 4 6 7 Mark-to-market of cash flow hedge accounting contracts (19 ) 19 (63 ) (4 ) Accumulated OCL ending balance, net of income tax benefit of $28 and $10, respectively $ (140 ) $ (73 ) $ (140 ) $ (73 ) Accumulated OCL attributable to noncontrolling interests (93 ) (57 ) (93 ) (57 ) Accumulated OCL attributable to NRG Yield, Inc. $ (47 ) $ (16 ) $ (47 ) $ (16 ) Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $4 $ (19 ) $ (19 ) 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 six months ended June 30, 2016 , and 2015 . Impact of Derivative Instruments on the Statements of Income 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 June 30, 2016 , and 2015 , the impact to the consolidated statements of income was a loss of $2 million and a gain of $31 million , respectively. For the six months ended June 30, 2016 , and 2015 , the impact to the consolidated statements of income was a loss of $9 million and a gain of $19 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 income for these contracts. Commodity contracts also hedged the forecasted sale of power for Elbow Creek, Alta X and Alta XI in 2015 until the start of the PPAs. The effect of these commodity hedges was recorded to operating revenues. For the three and six months ended June 30, 2015 , the impact to the consolidated statements of income was an unrealized loss of $4 million and an unrealized gain of $3 million , respectively. See Note 5 , Fair Value of Financial Instruments , for a discussion regarding concentration of credit risk. | Accounting for Derivative Instruments and Hedging Activities ASC 815 requires the Company to recognize all derivative instruments on the balance sheet as either assets or liabilities and to measure them at fair value each reporting period unless they qualify for a NPNS exception. The Company may elect to designate certain derivatives as cash flow hedges, if certain conditions are met, and defer the effective portion of the change in fair value of the derivatives to accumulated OCI, until the hedged transactions occur and are recognized in earnings. The ineffective portion of a cash flow hedge is immediately recognized in earnings. For derivatives that are not designated as cash flow hedges or do not qualify for hedge accounting treatment, the changes in the fair value will be immediately recognized in earnings. Certain derivative instruments may qualify for the NPNS exception and are therefore exempt from fair value accounting treatment. ASC 815 applies to the Company's energy related commodity contracts and interest rate swaps. Energy-Related Commodities To manage the commodity price risk associated with its competitive supply activities and the price risk associated with wholesale power sales, the Company may enter into derivative hedging instruments, namely, forward contracts that commit the Company to sell energy commodities or purchase fuels in the future. The objectives for entering into derivatives contracts designated as hedges include fixing the price for a portion of anticipated future electricity sales and fixing the price of a portion of anticipated fuel purchases for the operation of its subsidiaries. As of December 31, 2015 , 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 December 31, 2015 , these contracts were not designated as cash flow or fair value hedges. Also, as of December 31, 2015 , the Company had other energy-related contracts that did not meet the definition of a derivative instrument or qualified for the NPNS exception and were therefore exempt from fair value accounting treatment as follows: • Power tolling contracts through 2039, and • Natural gas transportation contracts through 2028. Interest Rate Swaps The Company is exposed to changes in interest rates through the issuance of variable rate debt. In order to manage interest rate risk, it enters into interest rate swap agreements. As of December 31, 2015 , the Company had interest rate derivative instruments on non-recourse debt extending through 2031, most of which are designated as cash flow hedges. Volumetric Underlying Derivative Transactions The following table summarizes the net notional volume buy/(sell) of the Company's open derivative transactions broken out by commodity as of December 31, 2015 , and 2014 : Total Volume December 31, 2015 December 31, 2014 Commodity Units (In millions) Natural Gas MMBtu 4 2 Interest Dollars $ 1,991 $ 3,059 The decrease in the interest rate position is primarily the result of settling the Alta X and Alta XI interest rate swaps in connection with the repayment of the outstanding project-level debt during the second quarter of 2015, as further described in Note 9 , Long-term Debt . Fair Value of Derivative Instruments There were no derivative asset positions on the balance sheet as of December 31, 2015 . The following table summarizes the fair value within the derivative instrument valuation on the balance sheet: Fair Value Derivative Assets Derivative Liabilities December 31, 2014 December 31, 2015 December 31, 2014 (In millions) Derivatives Designated as Cash Flow Hedges: Interest rate contracts current $ — $ 34 $ 44 Interest rate contracts long-term 2 56 57 Total Derivatives Designated as Cash Flow Hedges 2 90 101 Derivatives Not Designated as Cash Flow Hedges : Interest rate contracts current — 3 5 Interest rate contracts long-term — 5 20 Commodity contracts current 2 2 3 Total Derivatives Not Designated as Cash Flow Hedges 2 10 28 Total Derivatives $ 4 $ 100 $ 129 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 December 31, 2015 , there were no offsetting amounts at the counterparty master agreement level or outstanding collateral paid or received. As of December 31, 2014 , there was no outstanding collateral paid or received. The following table summarizes the offsetting of derivatives by counterparty master agreement level as of December 31, 2014 : Gross Amounts Not Offset in the Statement of Financial Position As of December 31, 2014 Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Net Amount Commodity contracts: (In millions) Derivative assets $ 2 $ — $ 2 Derivative liabilities (3 ) — (3 ) Total commodity contracts (1 ) — (1 ) Interest rate contracts: Derivative assets 2 (2 ) — Derivative liabilities (126 ) 2 (124 ) Total interest rate contracts (124 ) — (124 ) Total derivative instruments $ (125 ) $ — $ (125 ) 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: Year ended December 31, 2015 2014 2013 (In millions) Accumulated OCL beginning balance $ (76 ) $ (16 ) $ (68 ) Reclassified from accumulated OCL to income due to realization of previously deferred amounts 14 14 14 Mark-to-market of cash flow hedge accounting contracts (21 ) (74 ) 38 Accumulated OCL ending balance, net of income tax benefit of $16, $6 and $1, respectively $ (83 ) $ (76 ) $ (16 ) Accumulated OCL attributable to noncontrolling interests (56 ) (67 ) (16 ) Accumulated OCL attributable to NRG Yield, Inc. $ (27 ) $ (9 ) $ — Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $3 $ 14 Amounts reclassified from accumulated OCL into income and amounts recognized in income from the ineffective portion of cash flow hedges are recorded to interest expense. There was no ineffectiveness for the years ended December 31, 2015 , 2014 and 2013 . 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 years ended December 31, 2015 , and 2014 , the impact to the consolidated statements of operations was a gain of $16 million and a loss of $22 million , respectively. A portion of the Company’s derivative commodity contracts relates to its Thermal Business for the purchase of fuel commodities based on the forecasted usage of the thermal district energy centers. Realized gains and losses on these contracts are reflected in the fuel costs that are permitted to be billed to customers through the related customer contracts or tariffs and, accordingly, no gains or losses are reflected in the consolidated statements of operations for these contracts. Commodity contracts also hedge the forecasted sale of power for the Elbow Creek wind facility. The effect of these commodity hedges is recorded to operating revenues. For the years ended December 31, 2015 , and 2014 , the impact to the consolidated statements of operations was an unrealized loss of $2 million and gain of $2 million respectively. See Note 6 , Fair Value of Financial Instruments , for discussion regarding concentration of credit risk. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible Assets — The Company's intangible assets as of December 31, 2015 , and 2014 primarily reflect intangible assets established from its business acquisitions and are comprised of the following: • Emission Allowances — These intangibles primarily consist of SO 2 and NO x emission allowances established with the El Segundo and Walnut Creek acquisitions. These emission allowances are held-for-use and are amortized to cost of operations, with NO x allowances amortized on a straight-line basis and SO 2 allowances amortized based on units of production. • Development rights — Arising primarily from the acquisition of solar businesses in 2010 and 2011, these intangibles are amortized to depreciation and amortization expense on a straight-line basis over the estimated life of the related project portfolio. • Customer contracts — Established with the acquisition of NRG Energy Center Phoenix, these intangibles represent the fair value at the acquisition date of contracts that primarily provide chilled water, steam and electricity to its customers. These contracts are amortized to revenues based on expected volumes. • Customer relationships — Established with the acquisition of NRG Energy Center Phoenix and NRG Energy Systems, these intangibles represent the fair value at the acquisition date of the businesses' customer base. The customer relationships are amortized to depreciation and amortization expense based on the expected discounted future net cash flows by year. • PPAs — Established predominantly with the acquisitions of the Alta Wind Portfolio, Walnut Creek, Tapestry and Laredo Ridge, these represent the fair value of the PPAs acquired. These will be amortized, generally on a straight-line basis, over the term of the PPA. • Leasehold Rights — Established with the acquisition of the Alta Wind Portfolio, this represents the fair value of contractual rights to receive royalty payments equal to a percentage of PPA revenue from certain projects. These will be amortized on a straight-line basis. • Other — Consists of the acquisition date fair value of the contractual rights to a ground lease for South Trent and to utilize certain interconnection facilities for Blythe, as well as land rights acquired in connection with the acquisition of Elbow Creek. The following tables summarize the components of intangible assets subject to amortization: Year ended December 31, 2015 Emission Allowances Development Rights Customer Contracts Customer Relationships PPAs Leasehold Rights Other Total (In millions) January 1, 2015 $ 16 $ 4 $ 15 $ 66 $ 1,269 $ 86 $ 6 $ 1,462 Other (1 ) — — — (6 ) — — (7 ) December 31, 2015 15 4 15 66 1,263 86 6 1,455 Less accumulated amortization (1 ) (1 ) (6 ) (3 ) (75 ) (5 ) (2 ) (93 ) Net carrying amount $ 14 $ 3 $ 9 $ 63 $ 1,188 $ 81 $ 4 $ 1,362 Year ended December 31, 2014 Emission Allowances Development Rights Customer Contracts Customer Relationships PPAs Leasehold Rights Other Total (In millions) January 1, 2014 $ 8 $ 4 $ 15 $ 66 $ 14 $ — $ 6 $ 113 Acquisition of Alta Wind Portfolio — — — — 1,092 86 — 1,178 Transfer of January 2015 Drop Down Assets 7 — — — 160 — — 167 Other 1 — — — 3 — — 4 December 31, 2014 16 4 15 66 1,269 86 6 1,462 Less accumulated amortization — (1 ) (5 ) (2 ) (26 ) (2 ) (2 ) (38 ) Net carrying amount $ 16 $ 3 $ 10 $ 64 $ 1,243 $ 84 $ 4 $ 1,424 The Company recorded amortization of $55 million , $30 million and $4 million during the years ended December 31, 2015 , 2014 and 2013 . Of these amounts, $54 million and $29 million for the years ended December 31, 2015 , and 2014 , respectively, were recorded as contra-revenue. The following table presents estimated amortization of the Company's intangible assets for each of the next five years: Year Ended December 31, Total (In millions) 2016 $ 70 2017 70 2018 71 2019 71 2020 71 The weighted average amortization period related to the intangibles acquired in the year ended December 31, 2015 was 18 years for other intangible assets. Out-of-market contracts — The out-of-market contract liability represents the out-of-market value of the PPA for the Blythe solar project and Spring Canyon wind projects and the out-of-market value of the land lease for Alta Wind XI Holding Company, LLC, as of their respective acquisition dates. The Blythe solar project's liability of $5 million is recorded to other non-current liabilities and is amortized to revenue on a units-of-production basis over the twenty -year term of the agreement. Spring Canyon's liability of $3 million is recorded to other non-current liabilities and is amortized to revenue on a straight-line basis over the twenty-five year term of the agreement. The Alta Wind XI Holding Company, LLC's liability of $5 million is recorded to other non-current liabilities and is amortized to cost of operations on a straight-line basis over the term of the land lease. At December 31, 2015 , accumulated amortization of out-of-market contracts was $3 million and amortization expense was $1 million for the year ended December 31, 2015 . |
Long-term Debt
Long-term Debt | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |||
Long-term Debt | Long-term Debt This footnote should be read in conjunction with the complete description under Note 9, Long-term Debt , to the Company's 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 2024 Senior Notes 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 CVSR, due 2037 780 793 2.339 - 3.775 — 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: 4,186 4,254 Total debt 5,601 5,656 Less current maturities 265 264 Less deferred financing costs 62 63 Total long-term debt $ 5,274 $ 5,329 (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 , as well as any other material financing transactions that took place subsequent to March 31, 2016. CVSR Holdco Financing Arrangement On July 15, 2016, CVSR Holdco, the indirect owner of the CVSR project, issued $200 million of senior secured notes that bear interest at 4.68% and mature on March 31, 2037. Net proceeds were distributed to the Company and NRG based on the ownership as of July 15, 2016, and accordingly, the Company received net proceeds of $97.5 million . NRG Yield Operating LLC 2026 Senior Notes On August 18, 2016, NRG Yield Operating LLC issued $350 million of senior unsecured notes, or the 2026 Senior Notes. The Senior Notes bear interest of 5.00% and mature on September 15, 2026. Interest on the notes is payable semi-annually on March 15 and September 15 of each year, and commence on March 15, 2017. The 2026 Senior Notes are senior unsecured obligations of NRG Yield Operating LLC and are guaranteed by NRG Yield LLC, and by certain of Yield Operating LLC’s wholly owned current and future subsidiaries. A portion of the proceeds from the 2026 Senior Notes were used to repay the revolving credit facility as described below. NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility The Company borrowed $60 million from the revolving credit facility and repaid $366 million during the eight months ended August 31, 2016. The repayments included the Company's pro rata proceeds of $97.5 million from the CVSR Holdco Financing Arrangement, as described above, along with $28 million of cash on hand. Additionally, in August 2016, the Company used a portion of its proceeds from the 2026 Senior Notes to pay the remaining revolver balance of $193 million in full as described above. | 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: June 30, 2016 December 31, 2015 June 30, 2016, interest rate % (a) Letters of Credit Outstanding at June 30, 2016 (In millions, except rates) 2019 Convertible Notes (b) $ 333 $ 330 3.500 2020 Convertible Notes (c) 268 266 3.250 2024 Senior Notes 500 500 5.375 NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2019 (d) 318 306 L+2.75 $ 67 Project-level debt: Alpine, due 2022 151 154 L+1.75 37 Alta Wind I, lease financing arrangement, due 2034 245 252 7.015 16 Alta Wind II, lease financing arrangement, due 2034 194 198 5.696 23 Alta Wind III, lease financing arrangement, due 2034 201 206 6.067 24 Alta Wind IV, lease financing arrangement, due 2034 130 133 5.938 16 Alta Wind V, lease financing arrangement, due 2035 208 213 6.071 27 Alta Realty Investments, due 2031 32 33 7.000 — Alta Wind Asset Management, due 2031 18 19 L+2.375 — Avra Valley, due 2031 58 60 L+1.75 3 Blythe, due 2028 21 21 L+1.625 6 Borrego, due 2025 and 2038 71 72 L+ 2.50/5.65 5 CVSR, due 2037 780 793 2.339 - 3.775 — El Segundo Energy Center, due 2023 457 485 L+1.625 - L+2.25 82 Energy Center Minneapolis, due 2017 and 2025 100 108 5.95 -7.25 — Kansas South, due 2031 31 33 L+2.00 4 Laredo Ridge, due 2028 102 104 L+1.875 10 Marsh Landing, due 2017 and 2023 410 418 L+1.75 - L+1.875 45 PFMG and related subsidiaries financing agreement, due 2030 29 29 6.000 — Roadrunner, due 2031 38 40 L+1.625 5 South Trent Wind, due 2020 59 62 L+1.625 10 TA High Desert, due 2020 and 2032 51 52 L+2.50/5.15 8 Tapestry, due 2021 176 181 L+1.625 20 Viento, due 2023 183 189 L+2.75 27 Walnut Creek, due 2023 341 351 L+1.625 60 WCEP Holdings, due 2023 46 46 L+3.00 — Other 1 2 various — Subtotal project-level debt: 4,133 4,254 Total debt 5,552 5,656 Less current maturities 274 264 Less deferred financing costs 60 63 Total long-term debt $ 5,218 $ 5,329 (a) As of June 30, 2016 , L+ equals 3 month LIBOR plus x%, except for the Marsh Landing term loan, Walnut Creek term loan, and NRG Yield LLC and NRG 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 $12 million and $15 million as of June 30, 2016 , and December 31, 2015 , respectively. (c) Net of discount of $19 million and $21 million as of June 30, 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 June 30, 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 six months ended June 30, 2016 , as well as any other material financing transactions that took place subsequent to June 30, 2016. CVSR Holdco Financing Arrangement On July 15, 2016, CVSR Holdco, the indirect owner of the CVSR project, issued $200 million of senior secured notes that bear interest at 4.68% and mature on March 31, 2037. Net proceeds were distributed to the Company and NRG based on the ownership as of July 15, 2016, and accordingly, the Company received net proceeds of $97.5 million . NRG Yield Operating LLC 2026 Senior Notes On August 18, 2016, NRG Yield Operating LLC issued $350 million of senior unsecured notes, or the 2026 Senior Notes. The 2026 Senior Notes bear interest of 5.00% and mature on September 15, 2026. Interest on the notes is payable semi-annually on March 15 and September 15 of each year, and commence on March 15, 2017. The 2026 Senior Notes are senior unsecured obligations of NRG Yield Operating LLC and are guaranteed by NRG Yield LLC, and by certain of Yield Operating LLC’s wholly owned current and future subsidiaries. A portion of the proceeds of the 2026 Senior Notes were used to repay the revolving credit facility as described below. NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility The Company borrowed $60 million from the revolving credit facility and repaid $366 million during the eight months ended August 31, 2016. The repayments included the Company's pro rata proceeds of $97.5 million from the CVSR Holdco Financing Arrangement, as described above, along with $28 million of cash on hand. Additionally, in August 2016, the Company used a portion of its proceeds from the 2026 Senior Notes to pay the remaining revolver balance of $193 million in full as described above. | Long-term Debt The Company's borrowings, including short term and long term portions consisted of the following: December 31, 2015 December 31, 2014 Interest rate % (a) Letters of Credit Outstanding at December 31, 2015 (In millions, except rates) Convertible Notes, due 2020 (b) $ 266 $ — 3.25 Convertible Notes, due 2019 (c) 330 326 3.5 Senior Notes, due 2024 500 500 5.375 NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2019 (d) 306 — L+2.75 $ 56 Project-level debt: Alpine, due 2022 154 163 L+1.75 37 Alta Wind I, lease financing arrangement, due 2034 252 261 7.015 16 Alta Wind II, lease financing arrangement, due 2034 198 205 5.696 28 Alta Wind III, lease financing arrangement, due 2034 206 212 6.067 28 Alta Wind IV, lease financing arrangement, due 2034 133 138 5.938 19 Alta Wind V, lease financing arrangement, due 2035 213 220 6.071 31 Alta Wind X, due 2021 — 300 L+2.00 — Alta Wind XI, due 2021 — 191 L+2.00 — Alta Realty Investments, due 2031 33 34 7.00 — Alta Wind Asset Management, due 2031 19 20 L+2.375 — Avra Valley, due 2031 60 63 L+1.75 3 Blythe, due 2028 21 22 L+1.625 6 Borrego, due 2025 and 2038 72 75 L+ 2.50/5.65 5 CVSR, due 2037 793 815 2.339 - 3.775 — El Segundo Energy Center, due 2023 485 506 L+1.625 - L+2.25 82 Energy Center Minneapolis, due 2017 and 2025 108 121 5.95 -7.25 — Kansas South, due 2031 33 35 L+2.00 4 Laredo Ridge, due 2028 104 108 L+1.875 10 Marsh Landing, due 2017 and 2023 418 464 L+1.75 - L+1.875 22 PFMG and related subsidiaries financing agreement, due 2030 29 31 6.00 — Roadrunner, due 2031 40 42 L+1.625 5 South Trent Wind, due 2020 62 65 L+1.625 10 TA High Desert, due 2020 and 2032 52 55 L+2.50/5.15 8 Tapestry Wind, due 2021 181 192 L+1.625 20 Viento, due 2023 189 196 L+2.75 27 Walnut Creek, due 2023 351 391 L+1.625 41 WCEP Holdings, due 2023 46 46 L+3.00 — Other 2 3 various — Subtotal project-level debt: 4,254 4,974 Total debt 5,656 5,800 Less current maturities 264 245 Less deferred financing costs (e) 63 69 Total long-term debt $ 5,329 $ 5,486 (a) As of December 31, 2015 , 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 $21 million as of December 31, 2015 . (c) Net of discount of $15 million and $19 million as of December 31, 2015 , and December 31, 2014 , respectively. (d) Applicable rate is determined by the Borrower Leverage Ratio, as defined in the credit agreement. (e) Total net debt reflects the reclassification of deferred financing costs to reduce long-term debt as further described in Note 2 , Summary of Significant Accounting Policies . 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 arrangement. As of December 31, 2015 , the Company was in compliance with all of the required covenants. The Company's pro-rata share of non-recourse debt held by unconsolidated affiliates was approximately $454 million as of December 31, 2015 . 2020 Convertible Senior Notes On June 29, 2015, the Company closed on its offering of $287.5 million aggregate principal amount of 3.25% Convertible Senior Notes due 2020, or the 2020 Convertible Notes. The 2020 Convertible Notes are convertible, under certain circumstances, into the Company’s Class C common stock, cash or a combination thereof at an initial conversion price of $27.50 per Class C common share, which is equivalent to an initial conversion rate of approximately 36.3636 shares of Class C common stock per $1,000 principal amount of notes. Interest on the 2020 Convertible Notes is payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2015. The 2020 Convertible Notes mature on June 1, 2020, unless earlier repurchased or converted in accordance with their terms. Prior to the close of business on the business day immediately preceding December 1, 2019, the 2020 Convertible Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The 2020 Convertible Notes are guaranteed by NRG Yield Operating LLC and NRG Yield LLC. The 2020 Convertible Notes are accounted for in accordance with ASC 470-20, Debt with Conversion and Other Options . Under ASC 470-20, issuers of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, are required to separately account for the liability (debt) and equity (conversion option) components. The application of ACS 470-20 resulted in the recognition of $23 million as the value for the equity component with the offset to debt discount. The debt discount is amortized to interest expense using the effective interest method over the term of the 2020 Convertible Notes. As of December 31, 2015 , the 2020 Convertible Notes were trading at approximately 86% of their face value, resulting in a total market value of $247 million compared to a carrying value of $266 million . The actual conversion value of the 2020 Convertible Notes is based on the product of the conversion rate and the market price of the Company's Class C common stock, as defined in the Convertible Debt indenture. As of December 31, 2015 , the Company's Class C common stock closed at $14.76 per share, resulting in a pro forma conversion value for the Convertible Notes of approximately $154 million . During the year ended December 31, 2015 , the Company recorded the following expense in relation to the 2020 Convertible Notes at the effective rate of 5.10%: (In millions) Interest expense at 3.25% coupon rate $ 5 Debt discount amortization 2 Debt issuance costs amortization 1 $ 8 2019 Convertible Senior Notes During the first quarter of 2014, the Company closed on its offering of $345 million aggregate principal amount of 3.50% Convertible Notes due 2019, or the 2019 Convertible Notes. Interest on the 2019 Convertible Notes is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2014. The 2019 Convertible Notes were convertible, under certain circumstances, into the Company’s Class A common stock, cash or a combination thereof at an initial conversion price of $46.55 per Class A common share, which is equivalent to an initial conversion rate of approximately 21.4822 shares of Class A common stock per $1,000 principal amount of Convertible Notes. In connection with the Recapitalization, effective May 15, 2015, the conversion rate was adjusted to 42.9644 shares of Class A common stock per $1,000 principal amount of 2019 Convertible Notes in accordance with the terms of the related indenture. The 2019 Convertible Notes mature on February 1, 2019, unless earlier repurchased or converted in accordance with their terms. Prior to the close of business on the business day immediately preceding August 1, 2018, the 2019 Convertible Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The 2019 Convertible Notes are guaranteed by NRG Yield Operating LLC and NRG Yield LLC. The 2019 Convertible Notes are accounted for in accordance with ASC 470-20 . The application of ACS 470-20 resulted in the recognition of $23 million as the value for the equity component with the offset to debt discount. The debt discount is amortized to interest expense using the effective interest method through February 2019. As of December 31, 2015 , the 2019 Convertible Notes were trading at approximately 92% of their face value, resulting in a total market value of $319 million compared to a carrying value of $330 million . The actual conversion value of the 2019 Convertible Notes is based on the product of the conversion rate and the market price of the Company's Class A common stock, as defined in the Convertible Debt indenture. As of December 31, 2015 , the Company's Class A common stock closed at $13.91 per share, resulting in a pro forma conversion value for the Convertible Notes of approximately $206 million . During the year ended December 31, 2015 , the Company recorded the following expense in relation to the 2019 Convertible Notes at the effective rate of 5.00% : (In millions) Interest expense at 3.5% coupon rate $ 12 Debt discount amortization 4 Debt issuance costs amortization 2 $ 18 NRG Yield Operating LLC 2024 Senior Notes On August 5, 2014, NRG Yield Operating LLC issued $500 million of senior unsecured notes, or the 2024 Senior Notes. The 2024 Senior Notes bear interest at 5.375% and mature in August 2024. Interest on the notes is payable semi-annually on February 15 and August 15 of each year, and commenced on February 15, 2015. The 2024 Senior Notes are senior unsecured obligations of NRG Yield Operating LLC and are guaranteed by NRG Yield LLC, and by certain of NRG Yield Operating LLC’s wholly owned current and future subsidiaries. NRG Yield Operating LLC 2026 Senior Notes On August 18, 2016, NRG Yield Operating LLC issued $350 million of senior unsecured notes, or the 2026 Senior Notes. The 2026 Senior Notes bear interest at 5.00% and mature on September 15, 2026. Interest on the notes is payable semi-annually on March 15 and September 15 of each year, and commence on March 15, 2017. The 2026 Senior Notes are senior unsecured obligations of NRG Yield Operating LLC and are guaranteed by NRG Yield LLC, and by certain of Yield Operating LLC’s wholly owned current and future subsidiaries. A portion of proceeds of the 2026 Senior Notes were used to repay the revolving credit facility in full. NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility In connection with the Company's initial public offering of Class A common stock in July 2013, as further described in Note 1 , Nature of Business , NRG Yield LLC and NRG Yield Operating LLC entered into a senior secured revolving credit facility, or the Yield Credit Facility, which was amended on June 26, 2015, to, among other things, increase the availability to $495 million . The Company's revolving credit facility can be used for cash or for the issuance of letters of credit. On November 3, 2015, the Company borrowed $209 million from the revolving credit facility to finance the acquisition of the November 2015 Drop Down Assets as discussed in Note 3 , Business Acquisitions . On December 14, 2015, the Company borrowed $45 million from the revolving credit facility to fund dividend payments and tax equity contributions. As of December 31, 2015 , $306 million of borrowings and $56 million of letters of credit were outstanding. The Company borrowed $60 million from the revolving credit facility and repaid $366 million during the eight months ended August 31, 2016. The repayments included the Company's pro rata proceeds of $97.5 million from the CVSR Holdco Financing Arrangement, as described below, along with $28 million of cash on hand. Additionally, in August 2016, the Company used a portion of its proceeds from the 2026 Senior Notes to pay the remaining revolver balance of $193 million in full as described above. There have been no further borrowings and $63 million of letters of credit were outstanding as of September 1, 2016. Project - level Debt El Segundo Credit Agreement On August 23, 2011, NRG West Holdings LLC, or West Holdings, entered into a credit agreement with a group of lenders in respect to the El Segundo project, or the El Segundo Credit Agreement. The El Segundo Credit Agreement is comprised of a $540 million two tranche construction loan facility with additional facilities for the issuance of letters of credit or working capital loans and is secured by the assets of West Holdings. The two tranche construction loan facility consists of the $480 million Tranche A Construction Facility, or the Tranche A Facility, and the $60 million Tranche B Construction Facility, or the Tranche B Facility, both of which mature in August 2023 and convert to a term loan. On May 29, 2015, NRG West Holdings amended its financing agreement to increase borrowings under the Tranche A facility by $5 million and to reduce the related interest rate to LIBOR plus an applicable margin of 1.625% from May 29, 2015, to August 31, 2017, LIBOR plus an applicable margin of 1.75% from September 1, 2017, to August 31, 2020, and LIBOR plus 1.875% from September 1, 2020, through the maturity date; to reduce the Tranche B loan interest rate to LIBOR plus an applicable margin of 2.250% from May 29, 2015, to August 31, 2017, LIBOR plus 2.375% from September 1, 2017, to August 31, 2020, and LIBOR plus an applicable margin of 2.50% from September 1, 2020, through the maturity date and to reduce the working capital facility by $9 million . The proceeds of the increased borrowing were used to pay costs associated with the refinancing. Further, the amendment resulted in a $7 million loss on debt extinguishment. The Tranche A and Tranche B Facilities amortize based upon a predetermined schedule over the term of the loan with the balance payable at maturity. The construction loan converted to a term loan on January 28, 2014. The El Segundo Credit Agreement also provides for the issuance of letters of credit and working capital loans to support the El Segundo project's collateral needs. This includes letter of credit facilities on behalf of El Segundo of up to $90 million in support of the PPA, up to $48 million in support of the collateral agent, and a working capital facility which permits loans or the issuance of letters of credit of up to $10 million . Alta Wind Financing Arrangements On June 30, 2015, Yield Operating LLC entered into a tax equity financing arrangement through which it received $119 million in net proceeds, as described in Note 5 , Investments Accounted for by the Equity Method and Variable Interest Entities . These proceeds, as well as proceeds obtained from the June 29, 2015, Yield, Inc. common stock issuance, as described in Note 1 , Nature of Business , and the 2020 Convertible Notes issuance, as described above, were utilized to repay all of the project indebtedness associated with the Alta Wind X and Alta Wind XI wind facilities outstanding as of that date. The Company also settled interest rate swaps associated with the project level debt for the Alta Wind X and Alta Wind XI wind facilities at a value of $17 million . Avenal On March 18, 2015, Avenal, one of the Company's equity method investments, amended its credit agreement to increase its borrowings by $43 million and to reduce the related interest rate from 6 month LIBOR plus an applicable margin of 2.25% to 6 month LIBOR plus 1.75% from March 18, 2015, through March 17, 2022, 6 month LIBOR plus 2.00% from March 18, 2022, through March 17, 2027, and 6 month LIBOR plus 2.25% from March 18, 2027, through the maturity date. As a result of the credit agreement amendment, the Company received net proceeds of $20 million after fees from its 49.95% ownership in Avenal. Effective September 30, 2015, the Company increased its ownership to 50% by acquiring an additional 0.05% membership interest in Avenal. Viento On July 11, 2013, Viento entered into a credit agreement with lenders for a $200 million term loan with a maturity date of July 11, 2023 and a working capital facility in the amount of $9 million . The interest rate is 6 month LIBOR plus 2.75% until July 11, 2017 when it increases to LIBOR plus 3.00% . On July 11, 2021 it increases to LIBOR plus 3.25% through the maturity date. As of December 31, 2015 , $189 million was outstanding under the term loan, nothing was outstanding under the working capital facility, and $27 million of letters of credit were issued. CVSR In 2011, High Plains Ranch II, LLC, the direct owner of CVSR, entered into the CVSR Financing Agreement with the FFB to borrow up to $1.2 billion to fund the costs of constructing the solar facility. The CVSR Financing Agreement matures in 2037 and the loans provided by the FFB are guaranteed by the U.S. DOE. Amounts borrowed under the CVSR Financing Agreement accrue interest at a fixed rate based on U.S. Treasury rates plus a spread of 0.375% and are secured by the assets of CVSR. As of December 31, 2015 , and 2014 , $793 million and $815 million , respectively, were outstanding under the loan. T he U.S. Treasury Department awarded cash grants on the CVSR project of $307 million ( $285 million net of sequestration), which is approximately 75% of the cash grant amount for which the Company had applied. The cash grant proceeds were used to pay the outstanding balance of the bridge loan due in February 2014 and the remaining amount was used to pay a portion of the outstanding balance on the bridge loan due in August 2014. The remaining balance of the bridge loan due in August 2014 was paid by SunPower. On July 15, 2016, CVSR Holdco LLC, the indirect owner of the CVSR project, issued $200 million of senior secured notes that bear interest at 4.68% and mature on March 31, 2037. Interest on the notes is payable semi-annually on March 31 and September 30 of each year, and commence on September 30, 2016. Net proceeds were distributed to the Company and NRG based on the ownership as of July 15, 2016, and accordingly, the Company received net proceeds of $97.5 million . Lease financing arrangements Alta Wind Holdings (Alta Wind II - V) and Alta I (operating entities) have finance lease obligations issued under lease transactions whereby the respective operating entities sold and leased back undivided interests in specific assets of the project. The sale and related lease transactions are accounted for as financing arrangements as the operating entities have continued involvement with the property. The terms and conditions of each facility lease are substantially similar. Each operating entity makes rental payments as stipulated in the facility lease agreements on a semiannual basis every June 30 and December 30 through the final maturity dates. In addition, the operating entities have a credit agreement with a group of lenders that provides for the issuance of letters of credit to support certain operating and debt service obligations. Certain O&M and rent reserve requirements are satisfied by letters of credit issued under the NRG Yield Operating agreement. As of December 31, 2015 , $1,002 million was outstanding under the finance lease obligations, and $122 million of letters of credit were issued under the credit agreement and $19 million were issued under the Yield Credit Facility. Interest Rate Swaps — Project Financings Many of the Company's project subsidiaries entered into interest rate swaps, intended to hedge the risks associated with interest rates on non-recourse project level debt. These swaps amortize in proportion to their respective loans and are floating for fixed where the project subsidiary pays its counterparty the equivalent of a fixed interest payment on a predetermined notional value and will receive quarterly the equivalent of a floating interest payment based on the same notional value. All interest rate swap payments by the project subsidiary and its counterparty are made quarterly and the LIBOR is determined in advance of each interest period. In connection with the acquisition of the Alta Wind Portfolio, as described in Note 3 , Business Acquisitions , the Company acquired thirty-one additional interest rate swaps, thirty of which were settled during 2015 as discussed above. During 2015, the Company acquired thirty-two additional interest rate swaps in connection with the January 2015 and November 2015 drop downs, as described in Note 3 , Business Acquisitions . The following table summarizes the swaps, some of which are forward starting as indicated, related to the Company's project level debt as of December 31, 2015 . % of Principal Fixed Interest Rate Floating Interest Rate Notional Amount at December 31, 2015 Effective Date Maturity Date Alpine 85 % 2.744 % 3-Month LIBOR $ 122 various December 31, 2029 Alpine 85 % 2.421 % 3-Month LIBOR 9 June 24, 2014 June 30, 2025 Avra Valley 85 % 2.333 % 3-Month LIBOR 51 November 30, 2012 November 30, 2030 AWAM 100 % 2.47 % 3-Month LIBOR 19 May 22, 2013 May 15, 2031 Blythe 75 % 3.563 % 3-Month LIBOR 16 June 25, 2010 June 25, 2028 Borrego 75 % 1.125 % 3-Month LIBOR 9 April 3, 2013 June 30, 2020 El Segundo 75 % 2.417 % 3-Month LIBOR 358 November 30, 2011 August 31, 2023 Kansas South 75 % 2.368 % 6-Month LIBOR 25 June 28, 2013 December 31, 2030 Laredo Ridge 75 % 2.31 % 3-Month LIBOR 83 March 31, 2011 March 31, 2026 Marsh Landing 75 % 3.244 % 3-Month LIBOR 387 June 28, 2013 June 30, 2023 Roadrunner 75 % 4.313 % 3-Month LIBOR 30 September 30, 2011 December 31, 2029 South Trent 75 % 3.265 % 3-Month LIBOR 46 June 15, 2010 June 14, 2020 South Trent 75 % 4.95 % 3-Month LIBOR 21 June 30, 2020 June 14, 2028 Tapestry 75 % 2.21 % 3-Month LIBOR 163 December 30, 2011 December 21, 2021 Tapestry 50 % 3.57 % 3-Month LIBOR 60 December 21, 2021 December 21, 2029 Viento 90 % various 6-Month LIBOR 235 various various Walnut Creek Energy 75 % various 3-Month LIBOR 311 June 28, 2013 May 31, 2023 WCEP Holdings 90 % 4.003 % 3-Month LIBOR 46 June 28, 2013 May 31, 2023 Total $ 1,991 Annual Maturities Annual payments based on the maturities of the Company's debt, for the years ending after December 31, 2015 , are as follows: (In millions) 2016 $ 264 2017 277 2018 286 2019 951 2020 634 Thereafter 3,280 Total $ 5,692 Long-Term Debt For a discussion of NRG Yield Inc.’s financing arrangements, see Note 9 , Long-term Debt , to the Company's consolidated financial statements. |
Earnings Per Share
Earnings Per Share | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Earnings (Loss) Per Share Disclosure [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. | 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 per share is shown in the following tables: Three months ended June 30, 2016 2015 (In millions, except per share data) (a) Common Class A Common Class C Common Class A Common Class C Basic earnings per share attributable to NRG Yield, Inc. common stockholders Net income attributable to NRG Yield, Inc. $ 11 $ 21 $ 5 $ 5 Weighted average number of common shares outstanding - basic 35 63 35 35 Earnings per weighted average common share — basic $ 0.33 $ 0.33 $ 0.15 $ 0.15 Diluted earnings per share attributable to NRG Yield, Inc. common stockholders Net income attributable to NRG Yield, Inc. $ 14 $ 23 $ 5 $ 5 Weighted average number of common shares outstanding - diluted 49 73 35 35 Earnings per weighted average common share — diluted $ 0.29 $ 0.31 $ 0.15 $ 0.15 Six months ended June 30, 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 per share attributable to NRG Yield, Inc. common stockholders Net income attributable to NRG Yield, Inc. $ 13 $ 24 $ 3 $ 3 Weighted average number of common shares outstanding 35 63 35 35 Earnings per weighted average common share — basic and diluted $ 0.38 $ 0.38 $ 0.07 $ 0.07 (a) Net income attributable to NRG Yield, Inc. and basic and diluted earnings 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 six months ended June 30, 2016 , and the three and six months ended June 30, 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 six months ended June 30, 2016 related to the 2020 Convertible Notes. | Earnings Per Share Basic and diluted earnings per common share are computed by dividing net income by the weighted average number of common shares outstanding. Shares issued during the year are weighted for the portion of the year that they were outstanding. The number of shares and per share amounts for the prior periods presented below have been retrospectively restated to reflect the Recapitalization as further described in Note 11 , Stockholders' Equity . The reconciliation of the Company's basic and diluted earnings per share is shown in the following table: Year Ended December 31, 2015 Year Ended December 31, 2014 Period from July 23, 2013 to December 31, 2013 (In millions, except per share data) Common Class A Common Class C Common Class A Common Class C Common Class A Common Class C Basic and diluted earnings per share attributable to NRG Yield, Inc. common stockholders Net income attributable to NRG Yield, Inc. (a) $ 14 $ 19 $ 8 $ 8 $ 7 $ 7 Weighted average number of common shares outstanding 35 49 28 28 23 23 Earnings per weighted average common share — basic and diluted (a) $ 0.40 $ 0.40 $ 0.30 $ 0.30 $ 0.29 $ 0.29 (a) Net income attributable to NRG Yield, Inc. and basic and diluted earnings 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 and 12 million anti-dilutive outstanding equity instruments for the years ended December 31, 2015 , and 2014 , respectively, related to the 2019 Convertible Notes. With respect to the Class C common stock, there were a total of 5 million anti-dilutive outstanding equity instruments for the year ended December 31, 2015 , related to the 2020 Convertible Notes. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity | Stockholders' Equity On July 22, 2013, in connection with its initial public offering, the Company authorized 500,000,000 shares of Class A common stock, of which 22,511,250 were issued to the public and became outstanding. In return for the issuance of these shares, the Company received $468 million , net of underwriting discounts and commissions of $27 million . In addition, the Company authorized 500,000,000 shares of Class B common stock, of which 42,738,750 were issued to NRG concurrently with the initial public offering and became outstanding. The Company utilized $395 million of the proceeds from the issuance of the Class A common stock to acquire a controlling interest in NRG Yield LLC from NRG. Each share of the Class A common stock and the Class B common stock entitles the holder to one vote on all matters. On July 29, 2014, the Company issued 12,075,000 shares of Class A common stock for net proceeds, after underwriting discount and expenses, of $630 million . The Company utilized the proceeds of the offering to acquire 12,075,000 additional Class A units of NRG Yield LLC. Recapitalization On May 5, 2015, the Company's stockholders approved amendments to the Company's certificate of incorporation that adjusted the Company’s capital structure by creating two new classes of capital stock, Class C common stock and Class D common stock, and distributed shares of Class C and Class D common stock to holders of the Company's outstanding Class A and Class B common stock, respectively, through a stock split. The Recapitalization became effective on May 14, 2015. The Class C common stock and Class D common stock have the same rights and privileges and rank equally, share ratably and are identical in all respects to the shares of Class A common stock and Class B common stock, respectively, as to all matters, except that each share of Class C common stock and Class D common stock is entitled to 1/100th of a vote on all stockholder matters. The par value per share of the Company’s Class A common stock and Class B common stock remains unchanged at $0.01 per share after the effect of the stock split described above. Accordingly, the stock split was accounted for as a stock dividend. The Company recorded a transfer between retained earnings and common stock equal to the par value of each share of Class C common stock and Class D common stock that was issued. The Company also retrospectively adjusted all prior period share and per share amounts in the consolidated financial statements for the effect of the stock dividend, so that all periods are comparable. Class C Common Stock Issuance On June 29, 2015, the Company closed on its offering of 28,198,000 shares of Class C common stock, which included 3,678,000 shares of Class C common stock purchased by the underwriters through the exercise of an over-allotment option. Net proceeds to the Company from the sale of the Class C common stock were $599 million , net of underwriting discounts and commissions of $21 million . The Company utilized the proceeds of the offering to acquire 28,198,000 additional Class C units of NRG Yield LLC and, as a result, it currently owns 53.3% of the economic interests of NRG Yield LLC, with NRG retaining 46.7% of the economic interests of NRG Yield LLC. Dividends to Class A and Class C common stockholders The following table lists the dividends paid on the Company's Class A and Class C common stock during the year ended December 31, 2015 : Fourth Quarter 2015 Third Quarter 2015 Second Quarter 2015 First Quarter 2015 Dividends per Class A share $ 0.215 $ 0.21 $ 0.20 $ 0.39 Dividends per Class C share $ 0.215 $ 0.21 $ 0.20 N/A Dividends on the Class A and Class C common stock are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations. The Company expects that, based on current circumstances, comparable cash dividends will continue to be paid in the foreseeable future. On February 17, 2016 , the Company declared a quarterly dividend on its Class A and Class C common stock of $0.225 per share payable on March 15, 2016 , to stockholders of record as of March 1, 2016 . On April 26, 2016 , the Company declared a quarterly dividend on its Class A and Class C common stock of $0.23 per share payable on June 15, 2016 to stockholders of record as of June 1, 2016 . On July 26, 2016 , the Company declared a quarterly dividend on its Class A and Class C common stock of $0.24 per share payable on September 15, 2016 to stockholders of record as of September 1, 2016 . The Company also authorized 10,000,000 shares of preferred stock, par value $0.01 per share. None of the shares of preferred stock have been issued. Distributions to NRG The following table lists the distributions paid to NRG during the year ended December 31, 2015 : Fourth Quarter 2015 Third Quarter 2015 Second Quarter 2015 First Quarter 2015 Distributions per Class B unit $ 0.215 $ 0.21 $ 0.20 $ 0.39 Distributions per Class D unit $ 0.215 $ 0.21 $ 0.20 N/A The portion of the distributions paid by NRG Yield LLC to NRG is recorded as a reduction to the Company's noncontrolling interest balance. The portion of the distributions paid by NRG Yield LLC to the Company was utilized to fund the dividends to the Class A and Class C common stockholders described above. On February 17, 2016 , NRG Yield LLC declared a quarterly distribution on its Class B and Class D units of $0.225 per unit payable to NRG on March 15, 2016 . On April 26, 2016 , NRG Yield LLC declared a quarterly distribution on its Class B and Class D units of $0.23 per unit payable to NRG on June 15, 2016 On July 26, 2016 , NRG Yield LLC declared a quarterly distribution on its Class B and Class D units of $0.24 per unit payable to NRG on September 15, 2016 . During 2016, 2015 and 2014, the Company acquired the Drop Down Assets from NRG, as described in Note 3 , Business Acquisitions . The difference between the cash paid and historical value of the CVSR Drop Down was recorded as a contribution from NRG and increased the balance of its noncontrolling interest in 2016. The difference between the cash paid and historical value of the January 2015 and November 2015 Drop Down Assets of $109 million, as well as 32 million of AOCL, was recorded as a contribution from NRG and increased the balance of its noncontrolling interest in 2015. The difference between the cash paid and historical value of the June 2014 Drop Down Assets of $113 million was recorded as a distribution to NRG and reduced the balance of its noncontrolling interest in 2014. In addition, as the projects were owned by NRG prior to the Company’s acquisitions, the pre-acquisition earnings of such projects are recorded as attributable to NRG's noncontrolling interest. Prior to the date of acquisition, certain of the projects made distributions to NRG and NRG made contributions into certain projects. These amounts are reflected within the Company’s statement of stockholders’ equity as changes in the noncontrolling interest balance. In addition, NRG maintained a 25% ownership interest in the Class B interests of NRG TE Wind Holdco. This 25% interest is also reflected within the Company’s noncontrolling interest balance. |
Segment Reporting
Segment Reporting | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | ||||
Schedule of Segment Reporting Information, by Segment | Three months ended March 31, 2016 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 79 $ 111 $ 44 $ — $ 234 Cost of operations 23 33 29 — 85 Depreciation and amortization 20 49 5 — 74 General and administrative — — — 3 3 Operating income (loss) 36 29 10 (3 ) 72 Equity in earnings (losses) of unconsolidated affiliates 3 — — — 3 Interest expense (11 ) (42 ) (2 ) (19 ) (74 ) Income (loss) before income taxes 28 (13 ) 8 (22 ) 1 Net Income (Loss) $ 28 $ (13 ) $ 8 $ (22 ) $ 1 Total Assets $ 2,017 $ 5,908 $ 430 $ 194 $ 8,549 Three months ended March 31, 2015 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 76 $ 91 $ 47 $ — $ 214 Cost of operations 21 31 34 — 86 Depreciation and amortization 21 49 5 — 75 General and administrative — — — 3 3 Operating income (loss) 34 11 8 (3 ) 50 Equity in earnings (losses) of unconsolidated affiliates 3 — — — 3 Other income, net 1 — — — 1 Interest expense (12 ) (52 ) (2 ) (13 ) (79 ) Income (loss) before income taxes 26 (41 ) 6 (16 ) (25 ) Income tax benefit — — — (4 ) (4 ) Net Income (Loss) $ 26 $ (41 ) $ 6 $ (12 ) $ (21 ) (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . | Three months ended June 30, 2016 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 85 $ 159 $ 39 $ — $ 283 Cost of operations 16 34 27 — 77 Depreciation and amortization 20 50 5 — 75 General and administrative — — — 3 3 Operating income (loss) 49 75 7 (3 ) 128 Equity in earnings of unconsolidated affiliates 4 9 — — 13 Other income, net — 2 — — 2 Interest expense (12 ) (36 ) (1 ) (19 ) (68 ) Income (loss) before income taxes 41 50 6 (22 ) 75 Income tax expense — — — 12 12 Net Income (Loss) $ 41 $ 50 $ 6 $ (34 ) $ 63 Total Assets $ 2,037 $ 5,862 $ 423 $ 186 $ 8,508 (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . Three months ended June 30, 2015 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 85 $ 132 $ 42 $ — $ 259 Cost of operations 15 32 31 — 78 Depreciation and amortization 21 53 4 — 78 General and administrative — — — 3 3 Acquisition-related transaction and integration costs — — — 1 1 Operating income (loss) 49 47 7 (4 ) 99 Equity in earnings of unconsolidated affiliates 4 — — — 4 Other income, net — 1 — — 1 Loss on debt extinguishment (7 ) — — — (7 ) Interest expense (13 ) (23 ) (2 ) (13 ) (51 ) Income (loss) before income taxes 33 25 5 (17 ) 46 Income tax expense — — — 4 4 Net Income (Loss) $ 33 $ 25 $ 5 $ (21 ) $ 42 (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . Six months ended June 30, 2016 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 164 $ 270 $ 83 $ — $ 517 Cost of operations 39 67 56 — 162 Depreciation and amortization 40 99 10 — 149 General and administrative — — — 6 6 Operating income (loss) 85 104 17 (6 ) 200 Equity in earnings of unconsolidated affiliates 7 9 — 16 Other income, net — 2 — — 2 Interest expense (23 ) (78 ) (3 ) (38 ) (142 ) Income (loss) before income taxes 69 37 14 (44 ) 76 Income tax expense — — — 12 12 Net Income (Loss) $ 69 $ 37 $ 14 $ (56 ) $ 64 (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . Six months ended June 30, 2015 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 161 $ 223 $ 89 $ — $ 473 Cost of operations 36 63 65 — 164 Depreciation and amortization 42 102 9 — 153 General and administrative — — — 6 6 Acquisition-related transaction and integration costs — — — 1 1 Operating income (loss) 83 58 15 (7 ) 149 Equity in earnings of unconsolidated affiliates 7 — — — 7 Other income, net 1 1 — — 2 Loss on debt extinguishment (7 ) — — — (7 ) Interest expense (25 ) (75 ) (4 ) (26 ) (130 ) Income (loss) before income taxes 59 (16 ) 11 (33 ) 21 Net Income (Loss) $ 59 $ (16 ) $ 11 $ (33 ) $ 21 (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . | Year ended December 31, 2015 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 336 $ 443 $ 174 $ — $ 953 Cost of operations 59 136 126 — 321 Depreciation and amortization 81 197 19 — 297 General and administrative — — — 12 12 Acquisition-related transaction and integration costs — — — 3 3 Operating income (loss) 196 110 29 (15 ) 320 Equity in earnings of unconsolidated affiliates 14 12 — — 26 Other income, net 1 2 — — 3 Loss on extinguishment of debt (7 ) (2 ) — — (9 ) Interest expense (48 ) (147 ) (7 ) (61 ) (263 ) Income (loss) before income taxes 156 (25 ) 22 (76 ) 77 Income tax expense — — — 12 12 Net Income (Loss) $ 156 $ (25 ) $ 22 $ (88 ) $ 65 Balance Sheet Equity investment in affiliates $ 110 $ 587 $ — $ — $ 697 Capital expenditures (a) 4 6 20 — 30 Total Assets $ 2,102 $ 5,970 $ 428 $ 189 $ 8,689 Year ended December 31, 2013 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 138 $ 144 $ 152 $ — $ 434 Cost of operations 23 21 110 — 154 Depreciation and amortization 20 57 15 — 92 General and administrative — — — 7 7 Operating income (loss) 95 66 27 (7 ) 181 Equity in earnings of unconsolidated affiliates 16 4 — — 20 Other income, net 1 3 — — 4 Interest expense (25 ) (40 ) (7 ) — (72 ) Income (loss) before income taxes 87 33 20 (7 ) 133 Income tax expense — — — 8 8 Net Income (Loss) $ 87 $ 33 $ 20 $ (15 ) $ 125 | Year ended December 31, 2014 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 317 $ 316 $ 195 $ — $ 828 Cost of operations 55 83 139 — 277 Depreciation and amortization 82 133 18 — 233 General and administrative — — — 8 8 Acquisition-related transaction and integration costs — — — 4 4 Operating income (loss) 180 100 38 (12 ) 306 Equity in earnings of unconsolidated affiliates 14 3 — — 17 Other income, net — 5 — 1 6 Loss on extinguishment of debt — (1 ) — — (1 ) Interest expense (53 ) (126 ) (7 ) (30 ) (216 ) Income (loss) before income taxes 141 (19 ) 31 (41 ) 112 Income tax expense — — — 4 4 Net Income (Loss) $ 141 $ (19 ) $ 31 $ (45 ) $ 108 Balance Sheet Equity investments in affiliates $ 114 $ 194 $ — $ — $ 308 Capital expenditures (a) 6 27 7 — 40 Total Assets $ 2,169 $ 5,724 $ 436 $ 465 $ 8,794 |
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 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 79 $ 111 $ 44 $ — $ 234 Cost of operations 23 33 29 — 85 Depreciation and amortization 20 49 5 — 74 General and administrative — — — 3 3 Operating income (loss) 36 29 10 (3 ) 72 Equity in earnings (losses) of unconsolidated affiliates 3 — — — 3 Interest expense (11 ) (42 ) (2 ) (19 ) (74 ) Income (loss) before income taxes 28 (13 ) 8 (22 ) 1 Net Income (Loss) $ 28 $ (13 ) $ 8 $ (22 ) $ 1 Total Assets $ 2,017 $ 5,908 $ 430 $ 194 $ 8,549 Three months ended March 31, 2015 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 76 $ 91 $ 47 $ — $ 214 Cost of operations 21 31 34 — 86 Depreciation and amortization 21 49 5 — 75 General and administrative — — — 3 3 Operating income (loss) 34 11 8 (3 ) 50 Equity in earnings (losses) of unconsolidated affiliates 3 — — — 3 Other income, net 1 — — — 1 Interest expense (12 ) (52 ) (2 ) (13 ) (79 ) Income (loss) before income taxes 26 (41 ) 6 (16 ) (25 ) Income tax benefit — — — (4 ) (4 ) Net Income (Loss) $ 26 $ (41 ) $ 6 $ (12 ) $ (21 ) (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . | 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 June 30, 2016 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 85 $ 159 $ 39 $ — $ 283 Cost of operations 16 34 27 — 77 Depreciation and amortization 20 50 5 — 75 General and administrative — — — 3 3 Operating income (loss) 49 75 7 (3 ) 128 Equity in earnings of unconsolidated affiliates 4 9 — — 13 Other income, net — 2 — — 2 Interest expense (12 ) (36 ) (1 ) (19 ) (68 ) Income (loss) before income taxes 41 50 6 (22 ) 75 Income tax expense — — — 12 12 Net Income (Loss) $ 41 $ 50 $ 6 $ (34 ) $ 63 Total Assets $ 2,037 $ 5,862 $ 423 $ 186 $ 8,508 (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . Three months ended June 30, 2015 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 85 $ 132 $ 42 $ — $ 259 Cost of operations 15 32 31 — 78 Depreciation and amortization 21 53 4 — 78 General and administrative — — — 3 3 Acquisition-related transaction and integration costs — — — 1 1 Operating income (loss) 49 47 7 (4 ) 99 Equity in earnings of unconsolidated affiliates 4 — — — 4 Other income, net — 1 — — 1 Loss on debt extinguishment (7 ) — — — (7 ) Interest expense (13 ) (23 ) (2 ) (13 ) (51 ) Income (loss) before income taxes 33 25 5 (17 ) 46 Income tax expense — — — 4 4 Net Income (Loss) $ 33 $ 25 $ 5 $ (21 ) $ 42 (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . Six months ended June 30, 2016 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 164 $ 270 $ 83 $ — $ 517 Cost of operations 39 67 56 — 162 Depreciation and amortization 40 99 10 — 149 General and administrative — — — 6 6 Operating income (loss) 85 104 17 (6 ) 200 Equity in earnings of unconsolidated affiliates 7 9 — 16 Other income, net — 2 — — 2 Interest expense (23 ) (78 ) (3 ) (38 ) (142 ) Income (loss) before income taxes 69 37 14 (44 ) 76 Income tax expense — — — 12 12 Net Income (Loss) $ 69 $ 37 $ 14 $ (56 ) $ 64 (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . Six months ended June 30, 2015 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 161 $ 223 $ 89 $ — $ 473 Cost of operations 36 63 65 — 164 Depreciation and amortization 42 102 9 — 153 General and administrative — — — 6 6 Acquisition-related transaction and integration costs — — — 1 1 Operating income (loss) 83 58 15 (7 ) 149 Equity in earnings of unconsolidated affiliates 7 — — — 7 Other income, net 1 1 — — 2 Loss on debt extinguishment (7 ) — — — (7 ) Interest expense (25 ) (75 ) (4 ) (26 ) (130 ) Income (loss) before income taxes 59 (16 ) 11 (33 ) 21 Net Income (Loss) $ 59 $ (16 ) $ 11 $ (33 ) $ 21 (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . | 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 net income (loss). The Company generated more than 10% of its revenues from the following customers for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Customer Conventional (%) Renewables (%) Conventional (%) Renewables (%) Conventional (%) Renewables (%) SCE 23% 17% 24% 7% 13% 3% PG&E 13% 12% 15% 13% 19% 17% Year ended December 31, 2015 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 336 $ 443 $ 174 $ — $ 953 Cost of operations 59 136 126 — 321 Depreciation and amortization 81 197 19 — 297 General and administrative — — — 12 12 Acquisition-related transaction and integration costs — — — 3 3 Operating income (loss) 196 110 29 (15 ) 320 Equity in earnings of unconsolidated affiliates 14 12 — — 26 Other income, net 1 2 — — 3 Loss on extinguishment of debt (7 ) (2 ) — — (9 ) Interest expense (48 ) (147 ) (7 ) (61 ) (263 ) Income (loss) before income taxes 156 (25 ) 22 (76 ) 77 Income tax expense — — — 12 12 Net Income (Loss) $ 156 $ (25 ) $ 22 $ (88 ) $ 65 Balance Sheet Equity investment in affiliates $ 110 $ 587 $ — $ — $ 697 Capital expenditures (a) 4 6 20 — 30 Total Assets $ 2,102 $ 5,970 $ 428 $ 189 $ 8,689 (a) Includes accruals. Year ended December 31, 2014 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 317 $ 316 $ 195 $ — $ 828 Cost of operations 55 83 139 — 277 Depreciation and amortization 82 133 18 — 233 General and administrative — — — 8 8 Acquisition-related transaction and integration costs — — — 4 4 Operating income (loss) 180 100 38 (12 ) 306 Equity in earnings of unconsolidated affiliates 14 3 — — 17 Other income, net — 5 — 1 6 Loss on extinguishment of debt — (1 ) — — (1 ) Interest expense (53 ) (126 ) (7 ) (30 ) (216 ) Income (loss) before income taxes 141 (19 ) 31 (41 ) 112 Income tax expense — — — 4 4 Net Income (Loss) $ 141 $ (19 ) $ 31 $ (45 ) $ 108 Balance Sheet Equity investments in affiliates $ 114 $ 194 $ — $ — $ 308 Capital expenditures (a) 6 27 7 — 40 Total Assets $ 2,169 $ 5,724 $ 436 $ 465 $ 8,794 (a) Includes accruals. Capital expenditures for Renewables include a sales tax refund received by Alpine in the first quarter of 2014. Year ended December 31, 2013 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 138 $ 144 $ 152 $ — $ 434 Cost of operations 23 21 110 — 154 Depreciation and amortization 20 57 15 — 92 General and administrative — — — 7 7 Operating income (loss) 95 66 27 (7 ) 181 Equity in earnings of unconsolidated affiliates 16 4 — — 20 Other income, net 1 3 — — 4 Interest expense (25 ) (40 ) (7 ) — (72 ) Income (loss) before income taxes 87 33 20 (7 ) 133 Income tax expense — — — 8 8 Net Income (Loss) $ 87 $ 33 $ 20 $ (15 ) $ 125 |
Income Taxes
Income Taxes | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
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 $ 1 $ (25 ) Income tax benefit — (4 ) Effective income tax rate — % 16.0 % 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. | Income Taxes Effective Tax Rate The income tax provision consisted of the following: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 (In millions, except percentages) Income before income taxes $ 75 $ 46 $ 76 $ 21 Income tax expense 12 4 12 — Effective income tax rate 16.0 % 8.7 % 15.8 % — % For the three and six months ended June 30, 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 and investment tax credits generated from certain wind and solar assets, respectively. 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. | Income Taxes Effective Tax Rate The income tax provision consisted of the following amounts: Year Ended December 31, 2015 2014 2013 (In millions, except percentages) Current U.S. Federal $ — $ — $ — Total — current — — — Deferred U.S. Federal 10 2 14 State 2 2 (6 ) Total — deferred 12 4 8 Total income tax expense $ 12 $ 4 $ 8 Effective tax rate 15.6 % 3.6 % 5.8 % A reconciliation of the U.S. federal statutory rate of 35% to the Company's effective rate is as follows: Year Ended December 31, 2015 2014 2013 (a) (In millions, except percentages) Income Before Income Taxes 77 112 133 Tax at 35% 27 39 47 State taxes, net of federal benefit 2 1 (6 ) Investment tax credits (1 ) — — Impact of non-taxable partnership earnings (15 ) (31 ) (33 ) Production tax credits (4 ) (6 ) — Change in state effective tax rate — 1 — Other 3 — — Income tax expense $ 12 $ 4 $ 8 Effective income tax rate 15.6 % 3.6 % 5.8 % ( a) Represents 34.5% ownership for the period July 22, 2013 through December 31, 2013. For the years ended December 31, 2015 , 2014 and 2013 , the overall effective tax rate was different than the statutory rate of 35% primarily due to taxable earnings allocated to NRG resulting from its interest in NRG Yield LLC and production tax credits generated from certain wind facilities. The Company currently owns 53.3% of NRG Yield LLC and consolidates the results due to its controlling interest. The Company records NRG's 46.7% ownership as noncontrolling interest in the financial statements. For tax purposes, NRG Yield LLC is treated as a partnership; therefore, the Company and NRG each record their respective share of taxable income or loss. The temporary differences, which gave rise to the Company's deferred tax assets, consisted of the following: As of December 31, 2015 2014 (In millions) Deferred tax assets: Investment in projects $ — $ 47 Production tax credits carryforwards 10 6 Investment tax credits 1 — U.S. Federal net operating loss carryforwards 181 74 State net operating loss carryforwards 5 7 Total deferred tax assets 197 134 Deferred tax liabilities: Investment in projects $ 27 $ — Total deferred tax liabilities 27 — Net non-current deferred tax asset $ 170 $ 134 Tax Receivable and Payable As of December 31, 2015 , the Company had a domestic tax receivable of $6 million , which related to federal cash grants for the Borrego project. This amount is fully reserved pending further discussions with the US Treasury Department. Deferred Tax Assets and Valuation Allowance Net deferred tax balance — As of December 31, 2015 , and 2014 , NRG recorded a net deferred tax asset of $170 million and $134 million , respectively. The Company believes it is more likely than not that the results of future operations will generate sufficient taxable income which includes the future reversal of existing taxable temporary differences to realize deferred tax assets. In arriving at this conclusion to utilize projections of future profit before tax in its estimate of future taxable income, the Company considered the profit before tax generated in recent years. NOL carryforwards — At December 31, 2015 , the Company had domestic NOLs carryforwards for federal income tax purposes of $181 million and cumulative state NOLs of $5 million tax-effected. Uncertain Tax Positions The Company had no identified uncertain tax positions that require evaluation as of December 31, 2015 . |
Related Party Transactions
Related Party Transactions | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
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 . | 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 and its 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 Renewables segment Entities and NRG 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 $12 million during the six months ended June 30, 2015 . Effective October 2015, Elbow Creek, one of the NRG Wind TE Holdco entities, entered into a PPA with NRG Power Marketing LLC, or NRG Power Marketing, 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 Power Marketing, as further described in Note 6 , 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 In October 2015, Elbow Creek, the Company's subsidiary in the Renewables segment, entered into a PPA with NRG Power Marketing for the sale of energy and environmental attributes with the effective date of November 1, 2015, and expiring on October 31, 2022. Elbow Creek generated $4 million of revenue during the six months ended June 30, 2016 . Operation and Maintenance (O&M) Services Agreements by and between Thermal Entities and NRG Certain wholly-owned subsidiaries of the Company are party to a Plant O&M Services Agreement with NRG, pursuant to which NRG provides necessary and appropriate services to operate and maintain the subsidiaries' plant operations, businesses and thermal facilities. NRG is 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. Total fees incurred under the agreements were $15 million for the six months ended June 30, 2016 , and 2015 . There was a balance of $27 million and $29 million due to NRG in accounts payable — affiliate as of June 30, 2016 , and December 31, 2015 , respectively. As of June 30, 2016 , $7 million of the balance 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 June 30, 2016 , $4 million of the outstanding balance has been paid. Power Purchase Agreement by and between NRG Energy Center Dover LLC and NRG In February 2016, NRG Energy Center Dover LLC, or NRG Dover, a subsidiary of the Company, entered into a PPA with NRG Power Marketing for the sale of energy and environmental attributes with an effective date of February 1, 2016 and expiration date of December 31, 2018. NRG Dover generated $2 million of revenue during the six months ended June 30, 2016 . The agreement in place is additive to the existing Power Sales and Services Agreement as described further below. 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. 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 six months ended June 30, 2016 , and 2015 , NRG Dover purchased $1 million and $3 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. Under the agreement, NRG Power Marketing procures fuel and fuel transportation for the operation of the Minneapolis generating facility. For the six months ended June 30, 2016 , and 2015 , NRG Minneapolis purchased $4 million and $5 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 $3 million and $2 million for the six months ended June 30, 2016 , and 2015 , respectively. O&M Services Agreement by and between El Segundo and NRG 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 six months ended June 30, 2016 , and 2015 , the costs incurred under the agreement were $2 million . There was a balance of $1 million due to NRG El Segundo in accounts payable — affiliate as of June 30, 2016 , and December 31, 2015 . Administrative Services Agreement by and between Marsh Landing and NRG 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 $5 million and $9 million for the six months ended June 30, 2016 , and 2015 , respectively. There was a balance of $6 million due to GenOn Energy Services, LLC in accounts payable — affiliate as of June 30, 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 Renew Operation & Maintenance 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 $2 million and $3 million for the six months ended June 30, 2016 , and 2015 , respectively. 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 June 30, 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 $5 million for the six months ended June 30, 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 $4 million due to NRG in accounts payable — affiliate as of June 30, 2016 . Subsequent to June 30, 2016 , the balance has been paid in full. 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 six months ended June 30, 2016 , and 2015 , the costs incurred under the agreements were $3 million and $2 million , respectively. 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 six months ended June 30, 2016 , and 2015 , the costs incurred under the agreements were $1 million and $2 million , respectively. | Related Party Transactions In addition to the transactions and relationships described elsewhere in the notes to the consolidated financial statements, 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 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 Elbow Creek and Goat Wind, the Company's subsidiaries from Renewable segment, entered into power hedge contracts with NRG Texas Power LLC and generated $16 million , $12 million and $7 million during the years ended December 31, 2015, 2014 and 2013, respectively. Included in the revenues for the years ended December 31, 2015, and 2014, are unrealized losses and gains, respectively, on forward contracts with NRG Texas Power LLC hedging the sale of power from the Elbow Creek wind facility extending through the end of 2015, as further described in Note 7 , Accounting for Derivative Instruments and Hedging Activities . Operations and Maintenance Services (O&M) Agreements by and between Thermal Entities and NRG On October 1, 2014, NRG entered into Plant O&M Services Agreements with certain wholly-owned subsidiaries of the Company. NRG provides necessary and appropriate services to operate and maintain the subsidiaries' plant operations, businesses and thermal facilities. NRG is to be reimbursed for the provided services, as well as for all reasonable and related expenses and expenditures, and payments to third parties for services and materials rendered to or on behalf of the parties to the agreements. NRG is not entitled to any management fee or mark-up under the agreements. Prior to October 1, 2014, NRG provided the same services to Thermal entities on an informal basis. For the years ended December 31, 2015 , 2014 , and 2013 , total fees incurred under the agreements were $29 million , $27 million , and $24 million , respectively. There was a balance of $29 million and $22 million due to NRG in accounts payable — affiliate as of December 31, 2015 , and 2014 , respectively. 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 day 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 originally coal-fueled plant was converted to a natural gas facility. For the years ended December 31, 2015 , 2014 and 2013 , NRG Dover purchased approximately $5 million , $10 million and $5 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 years ended December 31, 2015 and 2014 , NRG Minneapolis purchased approximately $8 million and $2 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 agreements with wholly-owned subsidiaries of NRG. The fees incurred under the agreements were $4 million , $6 million and $5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. O&M Services Agreements by and between El Segundo and NRG El Segundo Operations El Segundo incurs fees under an O&M agreement with NRG El Segundo Operations, Inc., a wholly-owned subsidiary of NRG. Under the O&M agreement, NRG El Segundo Operations, Inc. manages, operates and maintains the El Segundo facility for an initial term of ten years following the commercial operations date. For the years ended December 31, 2015 , and 2014 , the costs incurred under the agreement were approximately $4 million . The Company incurred $5 million in costs under the agreement for the year ended December 31, 2013. There was a balance of $1 million due to NRG El Segundo in accounts payable — affiliate as of December 31, 2015 , and 2014 . Energy Marketing Services Agreement with NRG Power Marketing LLC El Segundo was a party to an energy marketing services agreement with NRG Power Marketing LLC to procure fuel and market capacity, energy and ancillary output of the facility prior to the start of the PPA with Southern California Edison. The agreement began in April 2013 and ended at the commercial operations date in August 2013. For the years ended December 31, 2014 , and 2013 , the Company recorded approximately, $1 million and $12 million , respectively, in costs related to this agreement, of which $9 million was recorded to property, plant and equipment in 2013 , with the remaining amount recorded to cost of operations in the Company's statement of operations. There were no costs incurred during the year ended December 31, 2015 . 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 with processing and paying invoices services on behalf of Marsh Landing. Marsh Landing reimburses GenOn Energy Services, LLC for the amounts paid by it. The Company reimbursed costs under this agreement of approximately $13 million for the years ended December 31, 2015, and 2014, respectively, and $36 million for the year ended December 31, 2013. For the years ended December 31, 2014 and 2013 , $2 million and $29 million , respectively, were capitalized. There was a balance of $6 million and $4 million due to GenOn Energy Services, LLC in accounts payable — affiliate as of December 31, 2015 , and 2014 , respectively. Administrative Services Agreement by and between CVSR and NRG CVSR is a party to an administrative services agreement with NRG Energy Services LLC, a wholly-owned subsidiary of NRG, which provides O&M services on behalf of CVSR. CVSR reimburses NRG Energy Services LLC for the amounts paid by it. CVSR reimbursed costs under this agreement of $5 million and $7 million for the years ended December 31, 2015 , and 2014 , respectively. 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 December 31, 2015 , the base management fee was approximately $7 million per year, subject to an inflation-based adjustment annually, at an inflation factor based on the year-over-year U.S. consumer price index. The fee is also subject to adjustments following the consummation of future acquisitions and as a result of a change in the scope of services provided under the Management Services Agreement. During the year ended December 31, 2015 , the fee was increased by approximately $1 million per year primarily in connection with the acquisition of the January 2015 and November 2015 Drop Down Assets. Costs incurred under this agreement were approximately $8 million and $6 million for the years ended December 31, 2015 , and 2014 and $3 million for the period from July 23, 2013 through December 31, 2013. These costs included certain direct expenses incurred by NRG on behalf of the Company in addition to the base management fee, none of which was payable as of December 31, 2015 . Administrative Services Agreements by and between Wind TE Holdco LLC 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 postwarranty period. The agreements have various terms with provisions for extension until terminated. For the years ended December 31, 2015 , and 2014 , the costs incurred under the agreements were $5 million and $3 million , respectively. Certain subsidiaries of NRG provide support services to NRG Wind TE Holdco LLC 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 years ended December 31, 2015 , and 2014 , the costs incurred under the agreements were $3 million and $1 million , respectively. Accounts Payable to NRG Repowering Holdings LLC During 2013, NRG Repowering Holdings, LLC, a wholly-owned subsidiary of NRG, made payments to BA Leasing BSC, LLC, or BA Leasing, of $18 million , which were expected to be repaid with the proceeds of the cash grant received by BA Leasing with respect to the PFMG DG Solar Projects, in connection with a sale-leaseback arrangement between the PFMG DG Solar Projects and BA Leasing. As of December 31, 2013 , PFMG DG Solar Projects had a corresponding receivable for the reimbursement of the cash grant from BA Leasing and related payable to NRG Repowering Holdings, LLC. In the first quarter of 2014, the PFMG DG Solar Projects received $11 million from BA Leasing and reduced the remaining receivable with an offset to the deferred liability recorded in connection with the sale - leaseback arrangement. The PFMG DG Solar Projects utilized the $11 million to repay NRG Repowering Holdings LLC. There was a balance of $7 million in accounts payable — affiliate as of December 31, 2015 , and 2014 . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Commitments and Contingencies | 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 California Superior Court in Kern County, CA. Plaintiffs allege various violations of the Securities Act due to the defendants’ alleged failure to disclose material facts related to low wind production prior to the Company's June 22, 2015 Class C common stock offering. Plaintiffs seek compensatory damages, rescission, attorney’s fees and costs. On August 3, 2016, the court approved a stipulation entered into by the parties. The stipulation provided that the plaintiffs would file an amended complaint by August 19, 2016, which they did on August 18, 2016. The Defendants need to file a responsive pleading by October 18, 2016. | 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 California Superior Court in Kern County, CA. Plaintiffs allege various violations of the Securities Act due to the defendants’ alleged failure to disclose material facts related to low wind production prior to the Company's June 22, 2015 Class C common stock offering. Plaintiffs seek compensatory damages, rescission, attorney’s fees and costs. On August 3, 2016, the court approved a stipulation entered into by the parties. The stipulation provided that the plaintiffs would file an amended complaint by August 19, 2016, which they did on August 18, 2016. The Defendants need to file a responsive pleading by October 18, 2016. | Commitments and Contingencies Operating Lease Commitments The Company leases certain facilities and equipment under operating leases, some of which include escalation clauses, expiring on various dates through 2048. The effects of these scheduled rent increases, leasehold incentives, and rent concessions are recognized on a straight-line basis over the lease term unless another systematic and rational allocation basis is more representative of the time pattern in which the leased property is physically employed. Lease expense under operating leases was $10 million , $9 million and $3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Future minimum lease commitments under operating leases for the years ending after December 31, 2015 , are as follows: Period (In millions) 2016 $ 14 2017 10 2018 10 2019 10 2020 10 Thereafter 165 Total $ 219 Gas and Transportation Commitments The Company has entered into contractual arrangements to procure power, fuel and associated transportation services. For the years ended December 31, 2015 , 2014 and 2013 , the Company purchased $40 million , $55 million , and $40 million , respectively, under such arrangements. As further described in Note 14 Related Party Transactions , these balances include intercompany sales in the amount of $13 million , $12 million and $7 million , respectively. As of December 31, 2015 , the Company's commitments under such outstanding agreements are estimated as follows: Period (In millions) 2016 $ 12 2017 6 2018 3 2019 3 2020 3 Thereafter 21 Total $ 48 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 California Superior Court in Kern County, CA. Plaintiffs allege various violations of the Securities Act due to the defendants’ alleged failure to disclose material facts related to low wind production prior to the Company's June 22, 2015 Class C common stock offering. Plaintiffs seek compensatory damages, rescission, attorney’s fees and costs. On August 3, 2016, the court approved a stipulation entered into by the parties. The stipulation provided that the plaintiffs would file an amended complaint by August 19, 2016, which they did on August 18, 2016. The Defendants need to file a responsive pleading by October 18, 2016. Commitments, Contingencies and Guarantees See Note 13 , Income Taxes and Note 15 , Commitments and Contingencies to the Company's consolidated financial statements for a detailed discussion of NRG Yield, Inc.’s commitments and contingencies. |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Data | Unaudited Quarterly Data Refer to Note 2 , Summary of Significant Accounting Policies , and Note 3 , Business Acquisitions , for a description of the effect of unusual or infrequently occurring events during the quarterly periods. Summarized unaudited quarterly financial data is as follows: Quarter Ended December 31, (a) September 30, (a) June 30, (a) March 31, (a) 2015 (In millions, except per share data) Operating Revenues $ 224 $ 256 $ 259 $ 214 (As previously reported) Operating Revenues 209 225 235 200 Change 15 31 24 14 Operating Income 70 101 99 50 (As previously reported) Operating Income 66 80 85 46 Change 4 21 14 4 Net Income (Loss) 12 32 42 (21 ) (As previously reported) Net Income (Loss) 13 24 38 (20 ) Change (1 ) 8 4 (1 ) Net Income (Loss) Attributable to NRG Yield, Inc. $ 11 $ 17 $ 10 $ (5 ) Weighted average number of Class A common shares outstanding - basic and diluted 35 35 35 35 Weighted average number of Class C common shares outstanding - basic and diluted (b) 63 63 35 35 Earnings (Losses) per Weighted Average Class A and Class C Common Share - Basic and Diluted $ 0.12 $ 0.18 $ 0.15 $ (0.07 ) (a) The Company's unaudited quarterly financial data was recast for the effect of the CVSR Drop Down. Quarter Ended December 31, (a) September 30, (a) June 30, (a) March 31, (a) 2014 (In millions, except per share data) Operating Revenues $ 225 $ 230 $ 219 $ 154 (As previously reported) Operating Revenues 212 199 194 141 Change 13 31 25 13 Operating Income 74 97 82 53 (As previously reported) Operating Income 71 84 60 51 Change 3 13 22 2 Net Income 4 41 43 20 (As previously reported) Net Income 4 37 35 23 (Change) — 4 8 (3 ) Net Income Attributable to NRG Yield, Inc. — 6 6 4 Weighted average number of Class A and C common shares outstanding - basic and diluted 35 31 23 23 Earnings per Weighted Average Class A and Class C Common Share - Basic and Diluted $ 0.01 $ 0.10 $ 0.13 $ 0.09 (a) The Company's unaudited quarterly financial data was recast for the effect of the effect of the CVSR Drop Down. |
Yield, Inc. (Parent) Footnotes
Yield, Inc. (Parent) Footnotes (Notes) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Background and Basis of Presentation Background NRG Yield, Inc., is a dividend growth-oriented company formed by NRG, as a Delaware corporation on December 20, 2012 . The Company used the net proceeds from its initial public offering of Class A common stock on July 22, 2013, to acquire 19,011,250 Class A units of NRG Yield LLC from NRG, as well as 3,500,000 Class A units directly from NRG Yield LLC. At the time of the offering, NRG owned 42,738,750 NRG Yield LLC Class B units. NRG Yield LLC, through its wholly owned subsidiary, NRG Yield Operating LLC, is a 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. On July 29, 2014, the Company issued 12,075,000 shares of Class A common stock for net proceeds, after underwriting discount and expenses, of $630 million . The Company utilized the proceeds of the offering to acquire 12,075,000 additional Class A units of NRG Yield LLC. 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 applicable disclosures have been retrospectively adjusted to reflect the Recapitalization. In addition, on June 29, 2015, the Company completed the issuance of 28,198,000 shares of Class C common stock for net proceeds of $599 million . See further discussion in Note 11 , Stockholders' Equity to the Company's consolidated financial statements. As a result and as of December 31, 2015, the Company has a 53.3% economic interest in NRG Yield LLC. The holders of the Company's issued and outstanding shares of Class A and Class C common stock have 100% of economic interest in the Company and are entitled to dividends. NRG receives its distributions from Yield LLC through its ownership of Class B and Class D common units. Basis of Presentation The condensed parent-only company financial statements have been prepared in accordance with Rule 12-04 of Regulation S-X, as the restricted net assets of NRG Yield, Inc.’s subsidiaries exceed 25% of the consolidated net assets of NRG Yield, Inc. The parent's 100% investment in its subsidiaries has been recorded using the equity basis of accounting in the accompanying condensed parent-only financial statements. These statements should be read in conjunction with the consolidated financial statements and notes thereto of NRG Yield, Inc. | ||
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 2024 Senior Notes 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 CVSR, due 2037 780 793 2.339 - 3.775 — 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: 4,186 4,254 Total debt 5,601 5,656 Less current maturities 265 264 Less deferred financing costs 62 63 Total long-term debt $ 5,274 $ 5,329 (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 , as well as any other material financing transactions that took place subsequent to March 31, 2016. CVSR Holdco Financing Arrangement On July 15, 2016, CVSR Holdco, the indirect owner of the CVSR project, issued $200 million of senior secured notes that bear interest at 4.68% and mature on March 31, 2037. Net proceeds were distributed to the Company and NRG based on the ownership as of July 15, 2016, and accordingly, the Company received net proceeds of $97.5 million . NRG Yield Operating LLC 2026 Senior Notes On August 18, 2016, NRG Yield Operating LLC issued $350 million of senior unsecured notes, or the 2026 Senior Notes. The Senior Notes bear interest of 5.00% and mature on September 15, 2026. Interest on the notes is payable semi-annually on March 15 and September 15 of each year, and commence on March 15, 2017. The 2026 Senior Notes are senior unsecured obligations of NRG Yield Operating LLC and are guaranteed by NRG Yield LLC, and by certain of Yield Operating LLC’s wholly owned current and future subsidiaries. A portion of the proceeds from the 2026 Senior Notes were used to repay the revolving credit facility as described below. NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility The Company borrowed $60 million from the revolving credit facility and repaid $366 million during the eight months ended August 31, 2016. The repayments included the Company's pro rata proceeds of $97.5 million from the CVSR Holdco Financing Arrangement, as described above, along with $28 million of cash on hand. Additionally, in August 2016, the Company used a portion of its proceeds from the 2026 Senior Notes to pay the remaining revolver balance of $193 million in full as described above. | 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: June 30, 2016 December 31, 2015 June 30, 2016, interest rate % (a) Letters of Credit Outstanding at June 30, 2016 (In millions, except rates) 2019 Convertible Notes (b) $ 333 $ 330 3.500 2020 Convertible Notes (c) 268 266 3.250 2024 Senior Notes 500 500 5.375 NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2019 (d) 318 306 L+2.75 $ 67 Project-level debt: Alpine, due 2022 151 154 L+1.75 37 Alta Wind I, lease financing arrangement, due 2034 245 252 7.015 16 Alta Wind II, lease financing arrangement, due 2034 194 198 5.696 23 Alta Wind III, lease financing arrangement, due 2034 201 206 6.067 24 Alta Wind IV, lease financing arrangement, due 2034 130 133 5.938 16 Alta Wind V, lease financing arrangement, due 2035 208 213 6.071 27 Alta Realty Investments, due 2031 32 33 7.000 — Alta Wind Asset Management, due 2031 18 19 L+2.375 — Avra Valley, due 2031 58 60 L+1.75 3 Blythe, due 2028 21 21 L+1.625 6 Borrego, due 2025 and 2038 71 72 L+ 2.50/5.65 5 CVSR, due 2037 780 793 2.339 - 3.775 — El Segundo Energy Center, due 2023 457 485 L+1.625 - L+2.25 82 Energy Center Minneapolis, due 2017 and 2025 100 108 5.95 -7.25 — Kansas South, due 2031 31 33 L+2.00 4 Laredo Ridge, due 2028 102 104 L+1.875 10 Marsh Landing, due 2017 and 2023 410 418 L+1.75 - L+1.875 45 PFMG and related subsidiaries financing agreement, due 2030 29 29 6.000 — Roadrunner, due 2031 38 40 L+1.625 5 South Trent Wind, due 2020 59 62 L+1.625 10 TA High Desert, due 2020 and 2032 51 52 L+2.50/5.15 8 Tapestry, due 2021 176 181 L+1.625 20 Viento, due 2023 183 189 L+2.75 27 Walnut Creek, due 2023 341 351 L+1.625 60 WCEP Holdings, due 2023 46 46 L+3.00 — Other 1 2 various — Subtotal project-level debt: 4,133 4,254 Total debt 5,552 5,656 Less current maturities 274 264 Less deferred financing costs 60 63 Total long-term debt $ 5,218 $ 5,329 (a) As of June 30, 2016 , L+ equals 3 month LIBOR plus x%, except for the Marsh Landing term loan, Walnut Creek term loan, and NRG Yield LLC and NRG 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 $12 million and $15 million as of June 30, 2016 , and December 31, 2015 , respectively. (c) Net of discount of $19 million and $21 million as of June 30, 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 June 30, 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 six months ended June 30, 2016 , as well as any other material financing transactions that took place subsequent to June 30, 2016. CVSR Holdco Financing Arrangement On July 15, 2016, CVSR Holdco, the indirect owner of the CVSR project, issued $200 million of senior secured notes that bear interest at 4.68% and mature on March 31, 2037. Net proceeds were distributed to the Company and NRG based on the ownership as of July 15, 2016, and accordingly, the Company received net proceeds of $97.5 million . NRG Yield Operating LLC 2026 Senior Notes On August 18, 2016, NRG Yield Operating LLC issued $350 million of senior unsecured notes, or the 2026 Senior Notes. The 2026 Senior Notes bear interest of 5.00% and mature on September 15, 2026. Interest on the notes is payable semi-annually on March 15 and September 15 of each year, and commence on March 15, 2017. The 2026 Senior Notes are senior unsecured obligations of NRG Yield Operating LLC and are guaranteed by NRG Yield LLC, and by certain of Yield Operating LLC’s wholly owned current and future subsidiaries. A portion of the proceeds of the 2026 Senior Notes were used to repay the revolving credit facility as described below. NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility The Company borrowed $60 million from the revolving credit facility and repaid $366 million during the eight months ended August 31, 2016. The repayments included the Company's pro rata proceeds of $97.5 million from the CVSR Holdco Financing Arrangement, as described above, along with $28 million of cash on hand. Additionally, in August 2016, the Company used a portion of its proceeds from the 2026 Senior Notes to pay the remaining revolver balance of $193 million in full as described above. | Long-term Debt The Company's borrowings, including short term and long term portions consisted of the following: December 31, 2015 December 31, 2014 Interest rate % (a) Letters of Credit Outstanding at December 31, 2015 (In millions, except rates) Convertible Notes, due 2020 (b) $ 266 $ — 3.25 Convertible Notes, due 2019 (c) 330 326 3.5 Senior Notes, due 2024 500 500 5.375 NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2019 (d) 306 — L+2.75 $ 56 Project-level debt: Alpine, due 2022 154 163 L+1.75 37 Alta Wind I, lease financing arrangement, due 2034 252 261 7.015 16 Alta Wind II, lease financing arrangement, due 2034 198 205 5.696 28 Alta Wind III, lease financing arrangement, due 2034 206 212 6.067 28 Alta Wind IV, lease financing arrangement, due 2034 133 138 5.938 19 Alta Wind V, lease financing arrangement, due 2035 213 220 6.071 31 Alta Wind X, due 2021 — 300 L+2.00 — Alta Wind XI, due 2021 — 191 L+2.00 — Alta Realty Investments, due 2031 33 34 7.00 — Alta Wind Asset Management, due 2031 19 20 L+2.375 — Avra Valley, due 2031 60 63 L+1.75 3 Blythe, due 2028 21 22 L+1.625 6 Borrego, due 2025 and 2038 72 75 L+ 2.50/5.65 5 CVSR, due 2037 793 815 2.339 - 3.775 — El Segundo Energy Center, due 2023 485 506 L+1.625 - L+2.25 82 Energy Center Minneapolis, due 2017 and 2025 108 121 5.95 -7.25 — Kansas South, due 2031 33 35 L+2.00 4 Laredo Ridge, due 2028 104 108 L+1.875 10 Marsh Landing, due 2017 and 2023 418 464 L+1.75 - L+1.875 22 PFMG and related subsidiaries financing agreement, due 2030 29 31 6.00 — Roadrunner, due 2031 40 42 L+1.625 5 South Trent Wind, due 2020 62 65 L+1.625 10 TA High Desert, due 2020 and 2032 52 55 L+2.50/5.15 8 Tapestry Wind, due 2021 181 192 L+1.625 20 Viento, due 2023 189 196 L+2.75 27 Walnut Creek, due 2023 351 391 L+1.625 41 WCEP Holdings, due 2023 46 46 L+3.00 — Other 2 3 various — Subtotal project-level debt: 4,254 4,974 Total debt 5,656 5,800 Less current maturities 264 245 Less deferred financing costs (e) 63 69 Total long-term debt $ 5,329 $ 5,486 (a) As of December 31, 2015 , 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 $21 million as of December 31, 2015 . (c) Net of discount of $15 million and $19 million as of December 31, 2015 , and December 31, 2014 , respectively. (d) Applicable rate is determined by the Borrower Leverage Ratio, as defined in the credit agreement. (e) Total net debt reflects the reclassification of deferred financing costs to reduce long-term debt as further described in Note 2 , Summary of Significant Accounting Policies . 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 arrangement. As of December 31, 2015 , the Company was in compliance with all of the required covenants. The Company's pro-rata share of non-recourse debt held by unconsolidated affiliates was approximately $454 million as of December 31, 2015 . 2020 Convertible Senior Notes On June 29, 2015, the Company closed on its offering of $287.5 million aggregate principal amount of 3.25% Convertible Senior Notes due 2020, or the 2020 Convertible Notes. The 2020 Convertible Notes are convertible, under certain circumstances, into the Company’s Class C common stock, cash or a combination thereof at an initial conversion price of $27.50 per Class C common share, which is equivalent to an initial conversion rate of approximately 36.3636 shares of Class C common stock per $1,000 principal amount of notes. Interest on the 2020 Convertible Notes is payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2015. The 2020 Convertible Notes mature on June 1, 2020, unless earlier repurchased or converted in accordance with their terms. Prior to the close of business on the business day immediately preceding December 1, 2019, the 2020 Convertible Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The 2020 Convertible Notes are guaranteed by NRG Yield Operating LLC and NRG Yield LLC. The 2020 Convertible Notes are accounted for in accordance with ASC 470-20, Debt with Conversion and Other Options . Under ASC 470-20, issuers of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, are required to separately account for the liability (debt) and equity (conversion option) components. The application of ACS 470-20 resulted in the recognition of $23 million as the value for the equity component with the offset to debt discount. The debt discount is amortized to interest expense using the effective interest method over the term of the 2020 Convertible Notes. As of December 31, 2015 , the 2020 Convertible Notes were trading at approximately 86% of their face value, resulting in a total market value of $247 million compared to a carrying value of $266 million . The actual conversion value of the 2020 Convertible Notes is based on the product of the conversion rate and the market price of the Company's Class C common stock, as defined in the Convertible Debt indenture. As of December 31, 2015 , the Company's Class C common stock closed at $14.76 per share, resulting in a pro forma conversion value for the Convertible Notes of approximately $154 million . During the year ended December 31, 2015 , the Company recorded the following expense in relation to the 2020 Convertible Notes at the effective rate of 5.10%: (In millions) Interest expense at 3.25% coupon rate $ 5 Debt discount amortization 2 Debt issuance costs amortization 1 $ 8 2019 Convertible Senior Notes During the first quarter of 2014, the Company closed on its offering of $345 million aggregate principal amount of 3.50% Convertible Notes due 2019, or the 2019 Convertible Notes. Interest on the 2019 Convertible Notes is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on August 1, 2014. The 2019 Convertible Notes were convertible, under certain circumstances, into the Company’s Class A common stock, cash or a combination thereof at an initial conversion price of $46.55 per Class A common share, which is equivalent to an initial conversion rate of approximately 21.4822 shares of Class A common stock per $1,000 principal amount of Convertible Notes. In connection with the Recapitalization, effective May 15, 2015, the conversion rate was adjusted to 42.9644 shares of Class A common stock per $1,000 principal amount of 2019 Convertible Notes in accordance with the terms of the related indenture. The 2019 Convertible Notes mature on February 1, 2019, unless earlier repurchased or converted in accordance with their terms. Prior to the close of business on the business day immediately preceding August 1, 2018, the 2019 Convertible Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The 2019 Convertible Notes are guaranteed by NRG Yield Operating LLC and NRG Yield LLC. The 2019 Convertible Notes are accounted for in accordance with ASC 470-20 . The application of ACS 470-20 resulted in the recognition of $23 million as the value for the equity component with the offset to debt discount. The debt discount is amortized to interest expense using the effective interest method through February 2019. As of December 31, 2015 , the 2019 Convertible Notes were trading at approximately 92% of their face value, resulting in a total market value of $319 million compared to a carrying value of $330 million . The actual conversion value of the 2019 Convertible Notes is based on the product of the conversion rate and the market price of the Company's Class A common stock, as defined in the Convertible Debt indenture. As of December 31, 2015 , the Company's Class A common stock closed at $13.91 per share, resulting in a pro forma conversion value for the Convertible Notes of approximately $206 million . During the year ended December 31, 2015 , the Company recorded the following expense in relation to the 2019 Convertible Notes at the effective rate of 5.00% : (In millions) Interest expense at 3.5% coupon rate $ 12 Debt discount amortization 4 Debt issuance costs amortization 2 $ 18 NRG Yield Operating LLC 2024 Senior Notes On August 5, 2014, NRG Yield Operating LLC issued $500 million of senior unsecured notes, or the 2024 Senior Notes. The 2024 Senior Notes bear interest at 5.375% and mature in August 2024. Interest on the notes is payable semi-annually on February 15 and August 15 of each year, and commenced on February 15, 2015. The 2024 Senior Notes are senior unsecured obligations of NRG Yield Operating LLC and are guaranteed by NRG Yield LLC, and by certain of NRG Yield Operating LLC’s wholly owned current and future subsidiaries. NRG Yield Operating LLC 2026 Senior Notes On August 18, 2016, NRG Yield Operating LLC issued $350 million of senior unsecured notes, or the 2026 Senior Notes. The 2026 Senior Notes bear interest at 5.00% and mature on September 15, 2026. Interest on the notes is payable semi-annually on March 15 and September 15 of each year, and commence on March 15, 2017. The 2026 Senior Notes are senior unsecured obligations of NRG Yield Operating LLC and are guaranteed by NRG Yield LLC, and by certain of Yield Operating LLC’s wholly owned current and future subsidiaries. A portion of proceeds of the 2026 Senior Notes were used to repay the revolving credit facility in full. NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility In connection with the Company's initial public offering of Class A common stock in July 2013, as further described in Note 1 , Nature of Business , NRG Yield LLC and NRG Yield Operating LLC entered into a senior secured revolving credit facility, or the Yield Credit Facility, which was amended on June 26, 2015, to, among other things, increase the availability to $495 million . The Company's revolving credit facility can be used for cash or for the issuance of letters of credit. On November 3, 2015, the Company borrowed $209 million from the revolving credit facility to finance the acquisition of the November 2015 Drop Down Assets as discussed in Note 3 , Business Acquisitions . On December 14, 2015, the Company borrowed $45 million from the revolving credit facility to fund dividend payments and tax equity contributions. As of December 31, 2015 , $306 million of borrowings and $56 million of letters of credit were outstanding. The Company borrowed $60 million from the revolving credit facility and repaid $366 million during the eight months ended August 31, 2016. The repayments included the Company's pro rata proceeds of $97.5 million from the CVSR Holdco Financing Arrangement, as described below, along with $28 million of cash on hand. Additionally, in August 2016, the Company used a portion of its proceeds from the 2026 Senior Notes to pay the remaining revolver balance of $193 million in full as described above. There have been no further borrowings and $63 million of letters of credit were outstanding as of September 1, 2016. Project - level Debt El Segundo Credit Agreement On August 23, 2011, NRG West Holdings LLC, or West Holdings, entered into a credit agreement with a group of lenders in respect to the El Segundo project, or the El Segundo Credit Agreement. The El Segundo Credit Agreement is comprised of a $540 million two tranche construction loan facility with additional facilities for the issuance of letters of credit or working capital loans and is secured by the assets of West Holdings. The two tranche construction loan facility consists of the $480 million Tranche A Construction Facility, or the Tranche A Facility, and the $60 million Tranche B Construction Facility, or the Tranche B Facility, both of which mature in August 2023 and convert to a term loan. On May 29, 2015, NRG West Holdings amended its financing agreement to increase borrowings under the Tranche A facility by $5 million and to reduce the related interest rate to LIBOR plus an applicable margin of 1.625% from May 29, 2015, to August 31, 2017, LIBOR plus an applicable margin of 1.75% from September 1, 2017, to August 31, 2020, and LIBOR plus 1.875% from September 1, 2020, through the maturity date; to reduce the Tranche B loan interest rate to LIBOR plus an applicable margin of 2.250% from May 29, 2015, to August 31, 2017, LIBOR plus 2.375% from September 1, 2017, to August 31, 2020, and LIBOR plus an applicable margin of 2.50% from September 1, 2020, through the maturity date and to reduce the working capital facility by $9 million . The proceeds of the increased borrowing were used to pay costs associated with the refinancing. Further, the amendment resulted in a $7 million loss on debt extinguishment. The Tranche A and Tranche B Facilities amortize based upon a predetermined schedule over the term of the loan with the balance payable at maturity. The construction loan converted to a term loan on January 28, 2014. The El Segundo Credit Agreement also provides for the issuance of letters of credit and working capital loans to support the El Segundo project's collateral needs. This includes letter of credit facilities on behalf of El Segundo of up to $90 million in support of the PPA, up to $48 million in support of the collateral agent, and a working capital facility which permits loans or the issuance of letters of credit of up to $10 million . Alta Wind Financing Arrangements On June 30, 2015, Yield Operating LLC entered into a tax equity financing arrangement through which it received $119 million in net proceeds, as described in Note 5 , Investments Accounted for by the Equity Method and Variable Interest Entities . These proceeds, as well as proceeds obtained from the June 29, 2015, Yield, Inc. common stock issuance, as described in Note 1 , Nature of Business , and the 2020 Convertible Notes issuance, as described above, were utilized to repay all of the project indebtedness associated with the Alta Wind X and Alta Wind XI wind facilities outstanding as of that date. The Company also settled interest rate swaps associated with the project level debt for the Alta Wind X and Alta Wind XI wind facilities at a value of $17 million . Avenal On March 18, 2015, Avenal, one of the Company's equity method investments, amended its credit agreement to increase its borrowings by $43 million and to reduce the related interest rate from 6 month LIBOR plus an applicable margin of 2.25% to 6 month LIBOR plus 1.75% from March 18, 2015, through March 17, 2022, 6 month LIBOR plus 2.00% from March 18, 2022, through March 17, 2027, and 6 month LIBOR plus 2.25% from March 18, 2027, through the maturity date. As a result of the credit agreement amendment, the Company received net proceeds of $20 million after fees from its 49.95% ownership in Avenal. Effective September 30, 2015, the Company increased its ownership to 50% by acquiring an additional 0.05% membership interest in Avenal. Viento On July 11, 2013, Viento entered into a credit agreement with lenders for a $200 million term loan with a maturity date of July 11, 2023 and a working capital facility in the amount of $9 million . The interest rate is 6 month LIBOR plus 2.75% until July 11, 2017 when it increases to LIBOR plus 3.00% . On July 11, 2021 it increases to LIBOR plus 3.25% through the maturity date. As of December 31, 2015 , $189 million was outstanding under the term loan, nothing was outstanding under the working capital facility, and $27 million of letters of credit were issued. CVSR In 2011, High Plains Ranch II, LLC, the direct owner of CVSR, entered into the CVSR Financing Agreement with the FFB to borrow up to $1.2 billion to fund the costs of constructing the solar facility. The CVSR Financing Agreement matures in 2037 and the loans provided by the FFB are guaranteed by the U.S. DOE. Amounts borrowed under the CVSR Financing Agreement accrue interest at a fixed rate based on U.S. Treasury rates plus a spread of 0.375% and are secured by the assets of CVSR. As of December 31, 2015 , and 2014 , $793 million and $815 million , respectively, were outstanding under the loan. T he U.S. Treasury Department awarded cash grants on the CVSR project of $307 million ( $285 million net of sequestration), which is approximately 75% of the cash grant amount for which the Company had applied. The cash grant proceeds were used to pay the outstanding balance of the bridge loan due in February 2014 and the remaining amount was used to pay a portion of the outstanding balance on the bridge loan due in August 2014. The remaining balance of the bridge loan due in August 2014 was paid by SunPower. On July 15, 2016, CVSR Holdco LLC, the indirect owner of the CVSR project, issued $200 million of senior secured notes that bear interest at 4.68% and mature on March 31, 2037. Interest on the notes is payable semi-annually on March 31 and September 30 of each year, and commence on September 30, 2016. Net proceeds were distributed to the Company and NRG based on the ownership as of July 15, 2016, and accordingly, the Company received net proceeds of $97.5 million . Lease financing arrangements Alta Wind Holdings (Alta Wind II - V) and Alta I (operating entities) have finance lease obligations issued under lease transactions whereby the respective operating entities sold and leased back undivided interests in specific assets of the project. The sale and related lease transactions are accounted for as financing arrangements as the operating entities have continued involvement with the property. The terms and conditions of each facility lease are substantially similar. Each operating entity makes rental payments as stipulated in the facility lease agreements on a semiannual basis every June 30 and December 30 through the final maturity dates. In addition, the operating entities have a credit agreement with a group of lenders that provides for the issuance of letters of credit to support certain operating and debt service obligations. Certain O&M and rent reserve requirements are satisfied by letters of credit issued under the NRG Yield Operating agreement. As of December 31, 2015 , $1,002 million was outstanding under the finance lease obligations, and $122 million of letters of credit were issued under the credit agreement and $19 million were issued under the Yield Credit Facility. Interest Rate Swaps — Project Financings Many of the Company's project subsidiaries entered into interest rate swaps, intended to hedge the risks associated with interest rates on non-recourse project level debt. These swaps amortize in proportion to their respective loans and are floating for fixed where the project subsidiary pays its counterparty the equivalent of a fixed interest payment on a predetermined notional value and will receive quarterly the equivalent of a floating interest payment based on the same notional value. All interest rate swap payments by the project subsidiary and its counterparty are made quarterly and the LIBOR is determined in advance of each interest period. In connection with the acquisition of the Alta Wind Portfolio, as described in Note 3 , Business Acquisitions , the Company acquired thirty-one additional interest rate swaps, thirty of which were settled during 2015 as discussed above. During 2015, the Company acquired thirty-two additional interest rate swaps in connection with the January 2015 and November 2015 drop downs, as described in Note 3 , Business Acquisitions . The following table summarizes the swaps, some of which are forward starting as indicated, related to the Company's project level debt as of December 31, 2015 . % of Principal Fixed Interest Rate Floating Interest Rate Notional Amount at December 31, 2015 Effective Date Maturity Date Alpine 85 % 2.744 % 3-Month LIBOR $ 122 various December 31, 2029 Alpine 85 % 2.421 % 3-Month LIBOR 9 June 24, 2014 June 30, 2025 Avra Valley 85 % 2.333 % 3-Month LIBOR 51 November 30, 2012 November 30, 2030 AWAM 100 % 2.47 % 3-Month LIBOR 19 May 22, 2013 May 15, 2031 Blythe 75 % 3.563 % 3-Month LIBOR 16 June 25, 2010 June 25, 2028 Borrego 75 % 1.125 % 3-Month LIBOR 9 April 3, 2013 June 30, 2020 El Segundo 75 % 2.417 % 3-Month LIBOR 358 November 30, 2011 August 31, 2023 Kansas South 75 % 2.368 % 6-Month LIBOR 25 June 28, 2013 December 31, 2030 Laredo Ridge 75 % 2.31 % 3-Month LIBOR 83 March 31, 2011 March 31, 2026 Marsh Landing 75 % 3.244 % 3-Month LIBOR 387 June 28, 2013 June 30, 2023 Roadrunner 75 % 4.313 % 3-Month LIBOR 30 September 30, 2011 December 31, 2029 South Trent 75 % 3.265 % 3-Month LIBOR 46 June 15, 2010 June 14, 2020 South Trent 75 % 4.95 % 3-Month LIBOR 21 June 30, 2020 June 14, 2028 Tapestry 75 % 2.21 % 3-Month LIBOR 163 December 30, 2011 December 21, 2021 Tapestry 50 % 3.57 % 3-Month LIBOR 60 December 21, 2021 December 21, 2029 Viento 90 % various 6-Month LIBOR 235 various various Walnut Creek Energy 75 % various 3-Month LIBOR 311 June 28, 2013 May 31, 2023 WCEP Holdings 90 % 4.003 % 3-Month LIBOR 46 June 28, 2013 May 31, 2023 Total $ 1,991 Annual Maturities Annual payments based on the maturities of the Company's debt, for the years ending after December 31, 2015 , are as follows: (In millions) 2016 $ 264 2017 277 2018 286 2019 951 2020 634 Thereafter 3,280 Total $ 5,692 Long-Term Debt For a discussion of NRG Yield Inc.’s financing arrangements, see Note 9 , Long-term Debt , to the Company's consolidated financial statements. |
Commitments and Contingencies | 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 California Superior Court in Kern County, CA. Plaintiffs allege various violations of the Securities Act due to the defendants’ alleged failure to disclose material facts related to low wind production prior to the Company's June 22, 2015 Class C common stock offering. Plaintiffs seek compensatory damages, rescission, attorney’s fees and costs. On August 3, 2016, the court approved a stipulation entered into by the parties. The stipulation provided that the plaintiffs would file an amended complaint by August 19, 2016, which they did on August 18, 2016. The Defendants need to file a responsive pleading by October 18, 2016. | 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 California Superior Court in Kern County, CA. Plaintiffs allege various violations of the Securities Act due to the defendants’ alleged failure to disclose material facts related to low wind production prior to the Company's June 22, 2015 Class C common stock offering. Plaintiffs seek compensatory damages, rescission, attorney’s fees and costs. On August 3, 2016, the court approved a stipulation entered into by the parties. The stipulation provided that the plaintiffs would file an amended complaint by August 19, 2016, which they did on August 18, 2016. The Defendants need to file a responsive pleading by October 18, 2016. | Commitments and Contingencies Operating Lease Commitments The Company leases certain facilities and equipment under operating leases, some of which include escalation clauses, expiring on various dates through 2048. The effects of these scheduled rent increases, leasehold incentives, and rent concessions are recognized on a straight-line basis over the lease term unless another systematic and rational allocation basis is more representative of the time pattern in which the leased property is physically employed. Lease expense under operating leases was $10 million , $9 million and $3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Future minimum lease commitments under operating leases for the years ending after December 31, 2015 , are as follows: Period (In millions) 2016 $ 14 2017 10 2018 10 2019 10 2020 10 Thereafter 165 Total $ 219 Gas and Transportation Commitments The Company has entered into contractual arrangements to procure power, fuel and associated transportation services. For the years ended December 31, 2015 , 2014 and 2013 , the Company purchased $40 million , $55 million , and $40 million , respectively, under such arrangements. As further described in Note 14 Related Party Transactions , these balances include intercompany sales in the amount of $13 million , $12 million and $7 million , respectively. As of December 31, 2015 , the Company's commitments under such outstanding agreements are estimated as follows: Period (In millions) 2016 $ 12 2017 6 2018 3 2019 3 2020 3 Thereafter 21 Total $ 48 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 California Superior Court in Kern County, CA. Plaintiffs allege various violations of the Securities Act due to the defendants’ alleged failure to disclose material facts related to low wind production prior to the Company's June 22, 2015 Class C common stock offering. Plaintiffs seek compensatory damages, rescission, attorney’s fees and costs. On August 3, 2016, the court approved a stipulation entered into by the parties. The stipulation provided that the plaintiffs would file an amended complaint by August 19, 2016, which they did on August 18, 2016. The Defendants need to file a responsive pleading by October 18, 2016. Commitments, Contingencies and Guarantees See Note 13 , Income Taxes and Note 15 , Commitments and Contingencies to the Company's consolidated financial statements for a detailed discussion of NRG Yield, Inc.’s commitments and contingencies. |
Dividends [Text Block] | Dividends Cash distributions paid to NRG Yield, Inc. by its subsidiary, NRG Yield LLC, were $69 million , $41 million and $5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Basis of Presentation | The Company's consolidated and combined financial statements have been prepared in accordance with U.S. GAAP. The FASB ASC is the source of authoritative U.S. GAAP to be applied by nongovernmental entities. In addition, the rules and interpretative releases of the SEC under authority of federal securities laws are also sources of authoritative U.S. GAAP for SEC registrants. | ||
Principles of Consolidation | The consolidated and combined financial statements include the Company's accounts and operations and those of its subsidiaries in which it has a controlling interest. All significant intercompany transactions and balances have been eliminated in consolidation. The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist through arrangements that do not involve controlling voting interests. As such, the Company applies the guidance of ASC 810, Consolidations, or ASC 810, to determine when an entity that is insufficiently capitalized or not controlled through its voting interests, referred to as a variable interest entity, or VIE, should be consolidated. | ||
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with an original maturity of three months or less at the time of purchase. Cash and cash equivalents held at project subsidiaries was $93 million and $74 million as of December 31, 2015 , and 2014 , respectively. | ||
Restricted Cash | Restricted Cash Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company's projects that are restricted in their use. Of these funds as of December 31, 2015, approximately $26 million is designated for current debt service payments, $33 million is designated to fund operating expenses and $7 million is designated for distributions to the Company, with the remaining $65 million restricted for reserves including debt service, performance obligations and other reserves as well as capital expenditures. | ||
Trade Receivables and Allowance for Doubtful Accounts | Trade Receivables and Allowance for Doubtful Accounts Trade receivables are reported on the balance sheet at the invoiced amount adjusted for any write-offs and the allowance for doubtful accounts. The allowance for doubtful accounts is reviewed periodically based on amounts past due and significance. The allowance for doubtful accounts was immaterial as of December 31, 2015 , and 2014 . Notes Receivable Notes receivable consists of receivables related to the financing of required network upgrades. The notes issued with respect to network upgrades will be repaid within a 5 year period following the date each facility reaches commercial operations. | ||
Inventory | Inventory Inventory consists principally of spare parts and fuel oil and is valued at the weighted average cost, unless evidence indicates that the weighted average cost will be recovered with a normal profit in the ordinary course of business. The Company removes fuel inventories as they are used in the production of steam, chilled water or electricity. Spare parts inventory are removed when they are used for repairs, maintenance or capital projects. | ||
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost or, in the case of business acquisitions, fair value; however impairment adjustments are recorded whenever events or changes in circumstances indicate that their carrying values may not be recoverable. See Note 3 , Business Acquisitions , for more information on acquired property, plant and equipment. Significant additions or improvements extending asset lives are capitalized as incurred, while repairs and maintenance that do not improve or extend the life of the respective asset are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful lives. Certain assets and their related accumulated depreciation amounts are adjusted for asset retirements and disposals with the resulting gain or loss included in cost of operations in the consolidated statements of operations. Additionally, the Company reduces the book value of the property, plant and equipment of its eligible renewable energy projects for any cash grants that are submitted to the U.S. Treasury Department when the receivable is recorded for the net realizable amount. The related deferred tax asset is also recorded with a corresponding reduction to the book value of the property, plant and equipment. | ||
Asset Impairments | Asset Impairments Long-lived assets that are held and used are reviewed for impairment whenever events or changes in circumstances indicate carrying values may not be recoverable. Such reviews are performed in accordance with ASC 360. An impairment loss is recognized if the total future estimated undiscounted cash flows expected from an asset are less than its carrying value. An impairment charge is measured by the difference between an asset's carrying amount and fair value with the difference recorded in operating costs and expenses in the statements of operations. Fair values are determined by a variety of valuation methods, including appraisals, sales prices of similar assets and present value techniques. Investments accounted for by the equity method are reviewed for impairment in accordance with ASC 323, Investments-Equity Method and Joint Ventures , which requires that a loss in value of an investment that is other than a temporary decline should be recognized. The Company identifies and measures losses in the value of equity method investments based upon a comparison of fair value to carrying value. | ||
Capitalized Interest | Capitalized Interest Interest incurred on funds borrowed to finance capital projects is capitalized, until the project under construction is ready for its intended use. The amount of interest capitalized for the year ended December 31, 2013 , was $26 million . The Company recorded less than $1 million of capitalized interest during the years ended December 31, 2015 , and 2014 . When a project is available for operations, capitalized interest is reclassified to property, plant and equipment and depreciated on a straight-line basis over the estimated useful life of the project's related assets. | ||
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs are capitalized and amortized as interest expense on a basis which approximates the effective interest method over the term of the related debt. As discussed below, as of December 31, 2015, the Company adopted ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , and reclassified debt issuance costs to be presented as a direct deduction from the carrying amount of the related debt in both the current and prior periods. | ||
Intangible Assets | Intangible Assets Intangible assets represent contractual rights held by the Company. The Company recognizes specifically identifiable intangible assets including customer contracts, customer relationships, power purchase agreements and development rights when specific rights and contracts are acquired. These intangible assets are amortized primarily on a straight-line basis. | ||
Income Taxes | Income Taxes The Company accounts for income taxes using the liability method in accordance with ASC 740, Income Taxes , or ASC 740, which requires that it use the asset and liability method of accounting for deferred income taxes and provide deferred income taxes for all significant temporary differences. The Company has two categories of income tax expense or benefit — current and deferred, as follows: • Current income tax expense or benefit consists solely of current taxes payable less applicable tax credits, and • Deferred income tax expense or benefit is the change in the net deferred income tax asset or liability, excluding amounts charged or credited to accumulated other comprehensive income. The Company reports some of its revenues and expenses differently for financial statement purposes than for income tax return purposes, resulting in temporary and permanent differences between the Company's financial statements and income tax returns. The tax effects of such temporary differences are recorded as either deferred income tax assets or deferred income tax liabilities in the Company's consolidated balance sheets. The Company measures its deferred income tax assets and deferred income tax liabilities using income tax rates that are currently in effect. The Company believes it is more likely than not that the results of future operations will generate sufficient taxable income which includes the future reversal of existing taxable temporary differences to realize deferred tax assets, net of valuation allowances. A valuation allowance is recorded to reduce the net deferred tax assets to an amount that is more-likely-than-not to be realized. The Company accounts for uncertain tax positions in accordance with ASC 740, which applies to all tax positions related to income taxes. Under ASC 740, tax benefits are recognized when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. The benefit recognized from a position that has surpassed the more-likely-than-not threshold is the largest amount of benefit that is more than 50% likely to be realized upon settlement. The Company recognizes interest and penalties accrued related to uncertain tax benefits as a component of income tax expense. In accordance with ASC 805 and as discussed further in Note 13 , Income Taxes , changes to existing net deferred tax assets or valuation allowances or changes to uncertain tax benefits, are recorded to income tax expense. | ||
Revenue Recognition | Revenue Recognition Thermal Revenues Steam and chilled water revenue is recognized based on customer usage as determined by meter readings taken at month-end. Some locations read customer meters throughout the month, and recognize estimated revenue for the period between meter read date and month-end. The Thermal Business subsidiaries collect and remit state and local taxes associated with sales to their customers, as required by governmental authorities. These taxes are presented on a net basis in the income statement. Power Purchase Agreements, or PPAs The majority of the Company’s revenues are obtained through PPAs or other contractual agreements. In order to determine lease classification as operating, the Company evaluates the terms of the PPA to determine if the lease includes any of the following provisions which would indicate capital lease treatment: • Transfers the ownership of the generating facility, • Bargain purchase option at the end of the term of the lease, • Lease term is greater than 75% of the economic life of the generating facility, or • Present value of minimum lease payments exceeds 90% of the fair value of the generating facility at inception of the lease In considering the above it was determined that all of Company’s PPAs are operating leases. ASC 840 requires the minimum lease payments received to be amortized over the term of the lease and contingent rentals are recorded when the achievement of the contingency becomes probable. Judgment is required by management in determining the economic life of each generating facility, in evaluating whether certain lease provisions constitute minimum payments or represent contingent rent and other factors in determining whether a contract contains a lease and whether the lease is an operating lease or capital lease. Certain of these leases have no minimum lease payments and all of the rental income under these leases is recorded as contingent rent on an actual basis when the electricity is delivered. The contingent rental income recognized in the years ended December 31, 2015 , 2014 and 2013 was $416 million , $296 million and $135 million , respectively. | ||
Derivative Financial Instruments | Derivative Financial Instruments The Company accounts for derivative financial instruments under ASC 815, Derivatives and Hedging , or ASC 815, which requires the Company to record all derivatives on the balance sheet at fair value unless they qualify for a NPNS exception. Changes in the fair value of non-hedge derivatives are immediately recognized in earnings. Changes in the fair value of derivatives accounted for as hedges, if elected for hedge accounting, are either: • Recognized in earnings as an offset to the changes in the fair value of the related hedged assets, liabilities and firm commitments; or • Deferred and recorded as a component of accumulated OCI until the hedged transactions occur and are recognized in earnings. The Company's primary derivative instruments are power sales contracts used to mitigate variability in earnings due to fluctuations in market prices, fuels purchase contracts used to control customer reimbursable fuel cost, and interest rate instruments used to mitigate variability in earnings due to fluctuations in interest rates. On an ongoing basis, the Company assesses the effectiveness of all derivatives that are designated as hedges for accounting purposes in order to determine that each derivative continues to be highly effective in offsetting changes in fair values or cash flows of hedged items. Internal analyses that measure the statistical correlation between the derivative and the associated hedged item determine the effectiveness of such a contract designated as a hedge. If it is determined that the derivative instrument is not highly effective as a hedge, hedge accounting will be discontinued prospectively. In this case, the gain or loss previously deferred in accumulated OCI would be frozen until the underlying hedged item is delivered unless the transaction being hedged is no longer probable of occurring in which case the amount in OCI would be immediately reclassified into earnings. If the derivative instrument is terminated, the effective portion of this derivative deferred in accumulated OCI will be frozen until the underlying hedged item is delivered. Revenues and expenses on contracts that qualify for the NPNS exception are recognized when the underlying physical transaction is delivered. While these contracts are considered derivative financial instruments under ASC 815, they are not recorded at fair value, but on an accrual basis of accounting. If it is determined that a transaction designated as NPNS no longer meets the scope exception, the fair value of the related contract is recorded on the balance sheet and immediately recognized through earnings. | ||
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of accounts receivable, notes receivable and derivative instruments, which are concentrated within entities engaged in the energy and financial industry. These industry concentrations may impact the overall exposure to credit risk, either positively or negatively, in that the customers may be similarly affected by changes in economic, industry or other conditions. In addition, many of the Company's projects have only one customer. However, the Company believes that the credit risk posed by industry concentration is offset by the diversification and creditworthiness of its customer base. See Note 6 , Fair Value of Financial Instruments , for a further discussion of derivative concentrations and Note 12 , Segment Reporting , for concentration of counterparties. | ||
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amount of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, intercompany accounts payable and receivable, and accrued expenses and other liabilities approximate fair value because of the short-term maturity of these instruments. See Note 6 , Fair Value of Financial Instruments , for a further discussion of fair value of financial instruments. | ||
Asset Retirement Obligations | Asset Retirement Obligations Asset retirement obligations, or AROs, are accounted for in accordance with ASC 410-20, Asset Retirement Obligations, or ASC 410-20. Retirement obligations associated with long-lived assets included within the scope of ASC 410-20 are those for which a legal obligation exists under enacted laws, statutes, and written or oral contracts, including obligations arising under the doctrine of promissory estoppel, and for which the timing and/or method of settlement may be conditional on a future event. ASC 410-20 requires an entity to recognize the fair value of a liability for an ARO in the period in which it is incurred and a reasonable estimate of fair value can be made. Upon initial recognition of a liability for an ARO, the asset retirement cost is capitalized by increasing the carrying amount of the related long-lived asset by the same amount. Over time, the liability is accreted to its future value, while the capitalized cost is depreciated over the useful life of the related asset. The Company's asset retirement obligations were $43 million and $32 million as of December 31, 2015 , and 2014 , respectively. The Company records AROs as part of other non-current liabilities on its balance sheet. | ||
Guarantees | Guarantees The Company enters into various contracts that include indemnification and guarantee provisions as a routine part of its business activities. Examples of these contracts include EPC agreements, operation and maintenance agreements, service agreements, commercial sales arrangements and other types of contractual agreements with vendors and other third parties, as well as affiliates. These contracts generally indemnify the counterparty for tax, environmental liability, litigation and other matters, as well as breaches of representations, warranties and covenants set forth in these agreements. Because many of the guarantees and indemnities the Company issues to third parties and affiliates do not limit the amount or duration of its obligations to perform under them, there exists a risk that the Company may have obligations in excess of the amounts agreed upon in the contracts mentioned above. For those guarantees and indemnities that do not limit the liability exposure, it may not be able to estimate what the liability would be, until a claim is made for payment or performance, due to the contingent nature of these contracts. | ||
Investments Accounted for by the Equity Method | Investments Accounted for by the Equity Method The Company has investments in eight energy projects accounted for by the equity method, three of which are VIEs, where the Company is not a primary beneficiary, and two of which are owned by a subsidiary that is consolidated as a VIE, as described in Note 5 , Investments Accounted for by the Equity Method and Variable Interest Entities . The equity method of accounting is applied to these investments in affiliates because the ownership structure prevents the Company from exercising a controlling influence over the operating and financial policies of the projects. Under this method, equity in pre-tax income or losses of the investments is reflected as equity in earnings of unconsolidated affiliates. | ||
Lease, Policy [Policy Text Block] | Sale Leaseback Arrangements The Company is party to sale-leaseback arrangements that provide for the sale of certain assets to a third party and simultaneous leaseback to the Company. In accordance with ASC 840-40, Sale-Leaseback Transactions , if the seller-lessee retains, through the leaseback, substantially all of the benefits and risks incident to the ownership of the property sold, the sale-leaseback transaction is accounted for as a financing arrangement. An example of this type of continuing involvement would include an option to repurchase the assets or the buyer-lessor having the option to sell the assets back to the Company. This provision is included in most of the Company’s sale-leaseback arrangements. As such, the Company accounts for these arrangements as financings. Under the financing method, the Company does not recognize as income any of the sale proceeds received from the lessor that contractually constitutes payment to acquire the assets subject to these arrangements. Instead, the sale proceeds received are accounted for as financing obligations and leaseback payments made by the Company are allocated between interest expense and a reduction to the financing obligation. Interest on the financing obligation is calculated using the Company’s incremental borrowing rate at the inception of the arrangement on the outstanding financing obligation. Judgment is required to determine the appropriate borrowing rate for the arrangement and in determining any gain or loss on the transaction that would be recorded either at the end of or over the lease term. | ||
Business Combinations | Business Combinations The Company accounts for its business combinations in accordance with ASC 805, Business Combinations, or ASC 805. ASC 805 requires an acquirer to recognize and measure in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at fair value at the acquisition date. It also recognizes and measures the goodwill acquired or a gain from a bargain purchase in the business combination and determines what information to disclose to enable users of an entity's financial statements to evaluate the nature and financial effects of the business combination. In addition, transaction costs are expensed as incurred. | ||
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. | Use of Estimates The preparation of consolidated financial statements in accordance with 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. | 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. In recording transactions and balances resulting from business operations, the Company uses estimates based on the best information available. Estimates are used for such items as plant depreciable lives, tax provisions, uncollectible accounts, environmental liabilities, acquisition accounting and legal costs incurred in connection with recorded loss contingencies, among others. As better information becomes available or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates. |
Tax Equity Arrangements, Policy [Policy Text Block] | Tax Equity Arrangements Certain portions of the Company’s noncontrolling interests in subsidiaries represent third-party interests in the net assets under certain tax equity arrangements, which are consolidated by the Company, that have been entered into to finance the cost of wind facilities eligible for certain tax credits. Additionally, certain portions of the Company’s investments in unconsolidated affiliates reflect the Company’s interests in tax equity arrangements, that are not consolidated by the Company, that have been entered into to finance the cost of distributed solar energy systems under operating leases or PPAs eligible for certain tax credits. The Company has determined that the provisions in the contractual agreements of these structures represent substantive profit sharing arrangements. Further, the Company has determined that the appropriate methodology for calculating the noncontrolling interest and investment in unconsolidated affiliates that reflects the substantive profit sharing arrangements is a balance sheet approach utilizing the hypothetical liquidation at book value, or HLBV, method. Under the HLBV method, the amounts reported as noncontrolling interests and investment in unconsolidated affiliates represent the amounts the investors to the tax equity arrangements would hypothetically receive at each balance sheet date under the liquidation provisions of the contractual agreements, assuming the net assets of the funding structures were liquidated at their recorded amounts determined in accordance with U.S. GAAP. The investors’ interests in the results of operations of the funding structures are determined as the difference in noncontrolling interests and investment in unconsolidated affiliates at the start and end of each reporting period, after taking into account any capital transactions between the structures and the funds’ investors. The calculations utilized to apply the HLBV method include estimated calculations of taxable income or losses for each reporting period. | ||
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). | 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). | 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 net income (loss). |
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. | 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 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 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. In addition to ASU No. 2014-09, the FASB has issued additional guidance which provides further clarification on Topic 606. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606), or ASU No. 2016-08. The amendments of ASU No. 2016-08 clarify how to apply the implementation guidance on principal versus agent considerations related to the sale of goods or services to a customer as updated by ASU No. 2014-09. 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. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606), or ASU No. 2016-12. The amendments of ASU No. 2016-12 provide further clarification on contract revenue recognition as updated by ASU No. 2014-09, specifically related to collectability, the presentation of tax collected from customers, and non-cash consideration, as well as offering practical expedients. The Company is working through an adoption plan which includes the evaluation of revenue contracts compared to the new standard and evaluating the impact of Topic 606 on the Company's results of operations, cash flows and financial position. | Recent Accounting Developments 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 that 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 2015-17 — In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , or ASU No. 2015-17. The amendments of ASU No. 2015-17 require that deferred tax liabilities and assets, as well as any related valuation allowance, be presented as noncurrent in a classified statement of financial position. The guidance in ASU No. 2015-17 is effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those annual periods. The amendments may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early adoption is permitted. The Company adopted the standard for the year ended December 31, 2015, and elected to apply the amendments retrospectively. The adoption did not have any impact on the Company's results of operations, cash flows, or net assets. ASU 2015-16 — In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments , or ASU No. 2015-16. The amendments of ASU No. 2015-16 require that an acquirer recognize measurement period adjustments to the provisional amounts recognized in a business combination in the reporting period during which the adjustments are determined. Additionally, the amendments of ASU No. 2015-16 require the acquirer to record in the same period's financial statements the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the measurement period adjustment, calculated as if the accounting had been completed at the acquisition date as well as disclosing on either the face of the income statement or in the notes the portion of the amount recorded in current period earnings that would have been recorded in previous reporting periods. The guidance in ASU No. 2015-16 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The amendments should be applied prospectively. The adoption of this standard is not expected to have a material impact on the Company's results of operations, cash flows or financial position. ASU 2015-03 and ASU 2015-15 — In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , or ASU No. 2015-03. The amendments of ASU No. 2015-03 were issued to reduce complexity in the balance sheet presentation of debt issuance costs. ASU No. 2015-03 requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this standard. Additionally, in August 2015, the FASB issued ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, or ASU No. 2015-15, as ASU No. 2015-03 did not specifically address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. ASU No. 2015-15 allows an entity to continue to defer and present debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The guidance in ASU No. 2015-03 and ASU No. 2015-15 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The Company adopted ASU No. 2015-03 for the year ended December 31, 2015, which resulted in decreases to other assets and debt of $63 million and $69 million as of December 31, 2015 , and December 31, 2014 , respectively. The adoption of this standard had no impact on the Company's results of operations, cash flows or net assets. ASU 2015-02 — In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis , or ASU No. 2015-02. The amendments of ASU No. 2015-02 were issued in an effort to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity's voting rights; or (3) the exposure to a majority of the legal entity's economic benefits. ASU No. 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The guidance in ASU No. 2015-02 is effective for periods beginning after December 15, 2015. Early adoption is permitted. The Company adopted the standard effective January 1, 2015 and the adoption of this standard did not impact the Company's results of operations, cash flows or financial position. ASU 2014-16 - In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity , or ASU No. 2014-16. The amendments of ASU No. 2014-16 clarify how U.S. GAAP should be applied in determining whether the nature of a host contract is more akin to debt or equity and in evaluating whether the economic characteristics and risks of an embedded feature are "clearly and closely related" to its host contract. The guidance in ASU No. 2014-16 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company adopted the standard effective January 1, 2015 and the adoption of this standard did not impact the Company's results of operations, cash flows or financial position. ASU 2014-09 - In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), or ASU No. 2014-09. The amendments of ASU No. 2014-09 complete the joint effort between the FASB and the International Accounting Standards Board, or IASB, to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards, or IFRS, and to improve financial reporting. The guidance in ASU No. 2014-09 provides that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for the goods or services provided and establishes the following steps to be applied by an entity: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies the performance obligation. In August 2015, the FASB issued ASU 2015-14, which formally deferred the effective date by one year to make the guidance of ASU No. 2014-09 effective for annual reporting periods beginning after December 15, 2017, including interim reports 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. |
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 $ 897 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 (34 ) Pre-acquisition net loss of Drop Down assets (1 ) Balance as of March 31, 2016 $ 847 | Noncontrolling Interests The following table reflects the changes in the Company's noncontrolling interest balance: (In millions) Balance as of December 31, 2015 $ 897 Capital contributions from tax equity investors, net of distributions 8 November 2015 Drop Down Assets working capital payment 2 Comprehensive loss (14 ) Distributions to NRG (57 ) Pre-acquisition net income of Drop Down assets $ 4 Balance as of June 30, 2016 $ 840 | |
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. On July 26, 2016 , NRG Yield LLC declared a distribution on its units of $0.24 per unit payable on September 15, 2016 to unit holders of record as of September 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 | Distributions to NRG The following table lists the distributions paid on NRG Yield LLC's Class B and D units during the six months ended June 30, 2016 : Second Quarter 2016 First Quarter 2016 Distributions per Class B Unit $ 0.23 $ 0.225 Distributions per Class D Unit $ 0.23 $ 0.225 On July 26, 2016 , NRG Yield LLC declared a distribution on its units of $0.24 per unit payable on September 15, 2016 to unit holders of record as of September 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 $6 million to NRG relating to its noncontrolling interest in NRG Wind TE Holdco for the six months ended June 30, 2016 . |
Nature of Business Nature of Bu
Nature of Business Nature of Business (Tables) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Nature of Business Disclosure [Abstract] | |||
IPO of NRG Yield | The following table represents the structure of the Company as of March 31, 2016 : | The following table represents the structure of the Company as of June 30, 2016 : | The following table represents the structure of the Company as of December 31, 2015 : |
The Company's operating assets are comprised of the following projects: | 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 100 % 250 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 610 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) 100 % 137 Southern California Edison 2038 Alta XI (b) 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 (c) 100 % 1,315 Various Various Thermal generation 100 % 124 Various Various Total net capacity (excluding equivalent MWt) (d) 4,687 (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) 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. (d) 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 . | As of June 30, 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 100 % 250 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 610 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) 100 % 137 Southern California Edison 2038 Alta XI (b) 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 (c) 100 % 1,315 Various Various NRG Dover Energy Center LLC 100 % 103 NRG Power Marketing LLC 2018 Thermal generation 100 % 20 Various Various Total net capacity (excluding equivalent MWt) (d) 4,686 (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 June 30, 2016 . (b) Projects are part of tax equity arrangements. (c) 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. (d) Total net capacity excludes 55 MW for RPV Holdco and 45 MW for DGPV Holdco 1 and DGPV Holdco 2, which are consolidated by NRG, as further described in Note 4 , Variable Interest Entities, or VIEs . | he 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 (b) 50 % 95 Connecticut Light & Power 2040 GenConn Middletown (b) 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 (b) 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 100 % 250 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 610 Distributed Solar AZ DG Solar Projects 100 % 5 Various 2025 - 2033 PFMG DG Solar Projects 51 % 4 Various 2032 9 Wind Alta I 100 % 150 Southern California Edison 2035 Alta II 100 % 150 Southern California Edison 2035 Alta III 100 % 150 Southern California Edison 2035 Alta IV 100 % 102 Southern California Edison 2035 Alta V 100 % 168 Southern California Edison 2035 Alta X (c)(d) 100 % 137 Southern California Edison 2038 Alta XI (c)(d) 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 Projects Percentage Ownership Net Capacity (MW) (a) Offtake Counterparty Expiration 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 (c) 90.1 % 29 Platte River Power Authority 2039 Spring Canyon III (c) 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 Thermal Thermal equivalent MWt (e) 100 % 1,315 Various Various Thermal generation 100 % 124 Various Various Total net capacity (excluding equivalent MWt) (f) 4,687 (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 December 31, 2015 . (b) On September 30, 2015, the Company acquired NRG's remaining 0.05% for an immaterial amount. (c) Projects are part of tax equity arrangements, as further described in Note 2 , Summary of Significant Accounting Policies and Note 5 , Investments Accounted for by the Equity Method and Variable Interest Entities . (d) PPA began on January 1, 2016. (e) For thermal energy, net capacity represents MWt for steam or chilled water and excludes 134 MWt available under the right-to-use provisions contained in agreements between two of the Company's thermal facilities and certain of its customers. (f) Total net capacity excludes capacity for RPV Holdco and DGPV Holdco, which are consolidated by NRG, as further described in Note 5 , Investments Accounted for by the Equity Method and Variable Interest Entities . |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | Jun. 30, 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 $ 897 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 (34 ) Pre-acquisition net loss of Drop Down assets (1 ) Balance as of March 31, 2016 $ 847 | The following table reflects the changes in the Company's noncontrolling interest balance: (In millions) Balance as of December 31, 2015 $ 897 Capital contributions from tax equity investors, net of distributions 8 November 2015 Drop Down Assets working capital payment 2 Comprehensive loss (14 ) Distributions to NRG (57 ) Pre-acquisition net income of Drop Down assets $ 4 Balance as of June 30, 2016 $ 840 |
Business Acquisitions Business
Business Acquisitions Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Acquisition [Line Items] | |
Business Acquisition, Purchase Price [Table Text Block] | The purchase price of $923 million was allocated as follows: Acquisition Date Fair Value at December 31, 2014 Measurement period adjustments Revised Acquisition Date (In millions) Assets Cash $ 22 $ — $ 22 Current and non-current assets 49 (2 ) 47 Property, plant and equipment 1,304 6 1,310 Intangible assets 1,177 (6 ) 1,171 Total assets acquired 2,552 (2 ) 2,550 Liabilities Debt 1,591 — 1,591 Current and non-current liabilities 38 (2 ) 36 Total liabilities assumed 1,629 (2 ) 1,627 Net assets acquired $ 923 $ — $ 923 |
November 2015 Drop Down Assets [Member] | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table presents the historical information summary combining the financial information for the November 2015 Drop Down Assets transferred in connection with the acquisition: December 31, 2014 As adjusted (a) NRG Wind TE Holdco As Currently Reported Current assets $ 762 (b) $ 66 $ 828 Property, plant and equipment 5,300 709 6,009 Non-current assets 1,773 (b)(c) 184 1,957 Total assets 7,835 959 8,794 Debt 5,533 (c) 198 5,731 Other current and non-current liabilities 310 21 331 Total liabilities 5,843 219 6,062 Net assets $ 1,992 $ 740 (d) $ 2,732 (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . (b) Retrospectively adjusted to reclassify deferred tax assets in accordance with ASU 2015-17, as further discussed in Note 2 , Summary of Significant Accounting Policies . (c) Retrospectively adjusted to reclassify deferred financing costs in accordance with ASU 2015-03, as further discussed in Note 2 , Summary of Significant Accounting Policies . (d) Net Assets for NRG Wind TE Holdco as of December 31, 2014, includes noncontrolling interest of $199 million attributable to the TE Investor and $135 million attributable to NRG. Year ended December 31, 2014 As adjusted (a) NRG Wind TE Holdco As Currently Reported Total operating revenues $ 771 $ 57 $ 828 Operating income 312 (6 ) 306 Net income 121 (13 ) 108 (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . Year ended December 31, 2013 As adjusted (a) NRG Wind TE Holdco As Currently Reported Total operating revenues $ 426 $ 8 $ 434 Operating income 190 (9 ) 181 Net income 134 (9 ) 125 The following is a summary of assets and liabilities transferred in connection with the acquisition as of November 3, 2015: NRG Wind TE Holdco (In millions) Current assets $ 30 Property, plant and equipment 669 Non-current assets 177 Total assets 876 Debt 193 Other current and non-current liabilities 32 Total liabilities 225 Less: noncontrolling interest 282 Net assets acquired $ 369 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited supplemental pro forma information represents the results of operations as if the Company had acquired the November 2015 Drop Down Assets on January 1, 2014, including the impact of acquisition accounting with respect to NRG's acquisition of the projects, all of which were acquired by NRG on April 1, 2014, except for Elbow Creek. All net income or losses prior to the Company's acquisition of the projects is reflected as attributable to NRG and, accordingly, no pro forma impact to earnings per Class A and Class C common share was calculated. (In millions) For the year ended December 31, 2014 Operating revenues $ 850 Net income 110 |
January 2015 Drop Down Assets [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited supplemental pro forma information represents the results of operations as if the Company had acquired the January 2015 Drop Down Assets on January 1, 2014, including the impact of acquisition accounting with respect to NRG's acquisition of the projects. While the financial statements have been retrospectively adjusted, all net income or losses prior to the Company's acquisition of the projects is reflected as attributable to NRG and accordingly, no pro forma impact to earnings per Class A and Class C common share was calculated. (In millions) For the year ended December 31, 2014 Operating revenues $ 854 Net income 101 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||
Schedule of Property, Plant and Equipment | The Company’s major classes of property, plant, and equipment were as follows: March 31, 2016 December 31, 2015 Depreciable Lives (In millions) Facilities and equipment $ 6,492 $ 6,480 2 - 40 Years Land and improvements 171 171 Construction in progress 26 9 Total property, plant and equipment 6,689 6,660 Accumulated depreciation (855 ) (782 ) Net property, plant and equipment $ 5,834 $ 5,878 | The Company’s major classes of property, plant, and equipment were as follows: June 30, 2016 December 31, 2015 Depreciable Lives (In millions) Facilities and equipment $ — $ 5,597 2 - 40 Years Land and improvements — 151 Construction in progress — 9 Total property, plant and equipment — 5,757 Accumulated depreciation — — Net property, plant and equipment $ — $ 5,757 | The Company’s major classes of property, plant, and equipment were as follows: December 31, 2015 December 31, 2014 Depreciable Lives (In millions) Facilities and equipment $ 6,480 $ 6,317 2 - 40 Years Land and improvements 171 170 Construction in progress 9 9 Total property, plant and equipment 6,660 6,496 Accumulated depreciation (782 ) (487 ) Net property, plant and equipment $ 5,878 $ 6,009 |
Investments Accounted for by 35
Investments Accounted for by the Equity Method and Variable Interest Entities (Tables) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Summarized financial information of equity method investment | The following table summarizes the Company's equity method investments as of December 31, 2015 : Name Economic Interest Investment Balance (In millions) Desert Sunlight 25% 291 GenConn (a)(b) 50% 110 Elkhorn Ridge (c) 50.3% 96 San Juan Mesa (c) 56.3% 80 NRG DGPV Holdco 1 LLC (d) 95% 71 NRG RPV Holdco 1 LLC (e) 95% 58 Avenal (b) 50% (9) (a) GenConn is a variable interest entity. (b) The Company's interest in GenConn and Avenal increased from 49.95% to 50% on September 30, 2015. (c) San Juan Mesa and Elkhorn Ridge are part of the TE Wind Holdco tax equity structure, as described below. San Juan Mesa and Elkhorn Ridge are owned 75% and 66.7% , respectively, by TE Wind Holdco. The Company owns 75% of the Class B interests in TE Wind Holdco. (d) NRG DGPV Holdco 1 LLC is a tax equity structure and is a VIE. The related allocations are described below. (e) NRG RPV Holdco 1 LLC is a tax equity structure and is a VIE. The related allocations are described below. | ||
NRG DGPV Holdco [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Summarized financial information of equity method investment | The following illustrates the structure of DGPV Holdco: | ||
NRG RPV Holdco [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Summarized financial information of equity method investment | The following illustrates the structure of RPV Holdco: | ||
GCE Holding LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Summarized financial information of equity method investment | The following table presents summarized financial information for GCE Holding LLC: Three months ended 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 | The following table presents summarized financial information for GCE Holding LLC: Three months ended June 30, Six months ended June 30, (In millions) 2016 2015 2016 2015 Income Statement Data: Operating revenues $ 18 $ 18 $ 36 $ 40 Operating income 10 11 19 20 Net income $ 6 $ 8 $ 13 $ 14 June 30, 2016 December 31, 2015 Balance Sheet Data: (In millions) Current assets $ 34 $ 36 Non-current assets 408 416 Current liabilities 14 16 Non-current liabilities $ 211 $ 215 | |
Entities that are not consolidated [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Summarized financial information of equity method investment | The following tables present summarized financial information for the Company's significant equity method investments: Year Ended December 31, 2015 2014 2013 Income Statement Data: (In millions) GenConn Operating revenues 78 82 80 Operating income 40 40 44 Net income 28 28 31 Desert Sunlight Operating revenues 206 Operating income 124 Net income 73 As of December 31, 2015 2014 Balance Sheet Data: (In millions) GenConn Current assets 36 33 Non-current assets 416 438 Current liabilities 16 20 Non-current liabilities 215 223 Desert Sunlight Current assets 310 Non-current assets 1,435 Current liabilities 82 Non-current liabilities 1,086 | ||
Consolidated Entities [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Summarized financial information of equity method investment | consisted of the following as of December 31, 2015 : (In millions) NRG TE Wind Holdco Alta Wind TE Holdco Spring Canyon Other current and non-current assets $ 204 $ 18 $ 3 Property, plant and equipment 663 484 104 Intangible assets 2 287 — Total assets 869 789 107 Current and non-current liabilities 220 10 5 Total liabilities 220 10 5 Noncontrolling interest 268 121 70 Net assets less noncontrolling interests $ 381 $ 658 $ 32 | ||
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 | Summarized financial information for the Company's consolidated VIEs consisted of the following as of June 30, 2016 : (In millions) NRG Wind TE Holdco Alta Wind TE Holdco Spring Canyon Other current and non-current assets $ 190 $ 27 $ 4 Property, plant and equipment 638 472 102 Intangible assets 2 281 — Total assets 830 780 106 Current and non-current liabilities 215 8 6 Total liabilities 215 8 6 Noncontrolling interest 235 121 70 Net assets less noncontrolling interests $ 380 $ 651 $ 30 |
Fair Value of Financial Instr36
Fair Value of Financial Instruments (Tables) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |||
Estimated carrying values and fair values of the Company's recorded financial instruments | 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 $ 42 $ 42 $ 47 $ 47 Liabilities: Long-term debt, including current portion $ 5,601 $ 5,543 $ 5,656 $ 5,538 | 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 June 30, 2016 As of December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Assets: Notes receivable, including current portion $ 38 $ 38 $ 47 $ 47 Liabilities: Long-term debt, including current portion $ 5,552 $ 5,552 $ 5,656 $ 5,538 | 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 December 31, 2015 As of December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In millions) Assets: Notes receivable, including current portion 47 47 61 61 Liabilities: Long-term debt, including current portion 5,656 5,538 5,800 5,886 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [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 . | The Company records its derivative assets and liabilities at fair value on its consolidated balance sheet. There were no derivative asset positions on the Company's consolidated balance sheet as of December 31, 2015 . The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: As of June 30, 2016 As of December 31, 2015 Fair Value (a) Fair Value (a) (In millions) Level 2 Level 2 Derivative assets: Commodity contracts $ 1 $ — Total assets 1 — Derivative liabilities: Commodity contracts — 2 Interest rate contracts 159 98 Total liabilities $ 159 $ 100 (a) There were no assets or liabilities classified as Level 1 or Level 3 as of June 30, 2016 , and December 31, 2015 . | The following table presents assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy: As of December 31, 2015 As of December 31, 2014 Fair Value (a) Fair Value (a) (In millions) Level 2 Level 2 Derivative assets: Commodity contracts $ — $ 2 Interest rate contracts — 2 Total assets $ — 4 Derivative liabilities: Commodity contracts $ 2 3 Interest rate contracts 98 126 Total liabilities $ 100 $ 129 (a) There were no assets or liabilities classified as Level 1 or Level 3 as of December 31, 2015 , and 2014 . |
Accounting for Derivative Ins37
Accounting for Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Accounting for 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 | The following table summarizes the net notional volume buy/(sell) of the Company's open derivative transactions broken out by commodity as of June 30, 2016 , and December 31, 2015 . Total Volume June 30, 2016 December 31, 2015 Commodity Units (In millions) Natural Gas MMBtu 4 4 Interest Dollars $ 1,932 $ 1,991 | The following table summarizes the net notional volume buy/(sell) of the Company's open derivative transactions broken out by commodity as of December 31, 2015 , and 2014 : Total Volume December 31, 2015 December 31, 2014 Commodity Units (In millions) Natural Gas MMBtu 4 2 Interest Dollars $ 1,991 $ 3,059 The decrease in the interest rate position is primarily the result of settling the Alta X and Alta XI interest rate swaps in connection with the repayment of the outstanding project-level debt during the second quarter of 2015, as further described in Note 9 , Long-term Debt . |
Fair value within the derivative instrument valuation on the balance sheets | The following table summarizes the fair value within the derivative instrument valuation on the balance sheet: Fair Value Derivative 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 | he following table summarizes the fair value within the derivative instrument valuation on the balance sheet: Fair Value Derivative Assets Derivative Liabilities June 30, 2016 June 30, 2016 December 31, 2015 (In millions) Derivatives Designated as Cash Flow Hedges: Interest rate contracts current $ — $ 34 $ 34 Interest rate contracts long-term — 108 56 Total Derivatives Designated as Cash Flow Hedges — 142 90 Derivatives Not Designated as Cash Flow Hedges: Interest rate contracts current — 3 3 Interest rate contracts long-term — 14 5 Commodity contracts current 1 — 2 Total Derivatives Not Designated as Cash Flow Hedges 1 17 10 Total Derivatives $ 1 $ 159 $ 100 | The following table summarizes the fair value within the derivative instrument valuation on the balance sheet: Fair Value Derivative Assets Derivative Liabilities December 31, 2014 December 31, 2015 December 31, 2014 (In millions) Derivatives Designated as Cash Flow Hedges: Interest rate contracts current $ — $ 34 $ 44 Interest rate contracts long-term 2 56 57 Total Derivatives Designated as Cash Flow Hedges 2 90 101 Derivatives Not Designated as Cash Flow Hedges : Interest rate contracts current — 3 5 Interest rate contracts long-term — 5 20 Commodity contracts current 2 2 3 Total Derivatives Not Designated as Cash Flow Hedges 2 10 28 Total Derivatives $ 4 $ 100 $ 129 |
Offsetting of derivatives by counterparty master agreement level and collateral received or paid | The following table summarizes the offsetting of derivatives by counterparty master agreement level as of December 31, 2014 : Gross Amounts Not Offset in the Statement of Financial Position As of December 31, 2014 Gross Amounts of Recognized Assets/Liabilities Derivative Instruments Net Amount Commodity contracts: (In millions) Derivative assets $ 2 $ — $ 2 Derivative liabilities (3 ) — (3 ) Total commodity contracts (1 ) — (1 ) Interest rate contracts: Derivative assets 2 (2 ) — Derivative liabilities (126 ) 2 (124 ) Total interest rate contracts (124 ) — (124 ) Total derivative instruments $ (125 ) $ — $ (125 ) | ||
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 $ (83 ) $ (76 ) 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 $ (124 ) $ (96 ) Accumulated OCL attributable to noncontrolling interests (80 ) (73 ) 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 $ 17 | 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 June 30, Six months ended June 30, 2016 2015 2016 2015 (In millions) Accumulated OCL beginning balance $ (124 ) $ (96 ) $ (83 ) $ (76 ) Reclassified from accumulated OCL to income due to realization of previously deferred amounts 3 4 6 7 Mark-to-market of cash flow hedge accounting contracts (19 ) 19 (63 ) (4 ) Accumulated OCL ending balance, net of income tax benefit of $28 and $10, respectively $ (140 ) $ (73 ) $ (140 ) $ (73 ) Accumulated OCL attributable to noncontrolling interests (93 ) (57 ) (93 ) (57 ) Accumulated OCL attributable to NRG Yield, Inc. $ (47 ) $ (16 ) $ (47 ) $ (16 ) Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $4 $ (19 ) $ (19 ) | 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: Year ended December 31, 2015 2014 2013 (In millions) Accumulated OCL beginning balance $ (76 ) $ (16 ) $ (68 ) Reclassified from accumulated OCL to income due to realization of previously deferred amounts 14 14 14 Mark-to-market of cash flow hedge accounting contracts (21 ) (74 ) 38 Accumulated OCL ending balance, net of income tax benefit of $16, $6 and $1, respectively $ (83 ) $ (76 ) $ (16 ) Accumulated OCL attributable to noncontrolling interests (56 ) (67 ) (16 ) Accumulated OCL attributable to NRG Yield, Inc. $ (27 ) $ (9 ) $ — Losses expected to be realized from OCL during the next 12 months, net of income tax benefit of $3 $ 14 Amounts reclassified from accumulated OCL into income and amounts recognized in income from the ineffective portion of cash flow hedges are recorded to interest expense. There was no ineffectiveness for the years ended December 31, 2015 , 2014 and 2013 . |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of the components of the Company's intangible assets subject to amortization | The following tables summarize the components of intangible assets subject to amortization: Year ended December 31, 2015 Emission Allowances Development Rights Customer Contracts Customer Relationships PPAs Leasehold Rights Other Total (In millions) January 1, 2015 $ 16 $ 4 $ 15 $ 66 $ 1,269 $ 86 $ 6 $ 1,462 Other (1 ) — — — (6 ) — — (7 ) December 31, 2015 15 4 15 66 1,263 86 6 1,455 Less accumulated amortization (1 ) (1 ) (6 ) (3 ) (75 ) (5 ) (2 ) (93 ) Net carrying amount $ 14 $ 3 $ 9 $ 63 $ 1,188 $ 81 $ 4 $ 1,362 Year ended December 31, 2014 Emission Allowances Development Rights Customer Contracts Customer Relationships PPAs Leasehold Rights Other Total (In millions) January 1, 2014 $ 8 $ 4 $ 15 $ 66 $ 14 $ — $ 6 $ 113 Acquisition of Alta Wind Portfolio — — — — 1,092 86 — 1,178 Transfer of January 2015 Drop Down Assets 7 — — — 160 — — 167 Other 1 — — — 3 — — 4 December 31, 2014 16 4 15 66 1,269 86 6 1,462 Less accumulated amortization — (1 ) (5 ) (2 ) (26 ) (2 ) (2 ) (38 ) Net carrying amount $ 16 $ 3 $ 10 $ 64 $ 1,243 $ 84 $ 4 $ 1,424 |
Schedule of estimated amortization of NRG's intangible assets for each of the next five years | The following table presents estimated amortization of the Company's intangible assets for each of the next five years: Year Ended December 31, Total (In millions) 2016 $ 70 2017 70 2018 71 2019 71 2020 71 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |||
Schedule of Effective Interest Rate [Table Text Block] | During the year ended December 31, 2015 , the Company recorded the following expense in relation to the 2019 Convertible Notes at the effective rate of 5.00% : (In millions) Interest expense at 3.5% coupon rate $ 12 Debt discount amortization 4 Debt issuance costs amortization 2 $ 18 | ||
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 2024 Senior Notes 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 CVSR, due 2037 780 793 2.339 - 3.775 — 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: 4,186 4,254 Total debt 5,601 5,656 Less current maturities 265 264 Less deferred financing costs 62 63 Total long-term debt $ 5,274 $ 5,329 (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. | Long-term debt consisted of the following: June 30, 2016 December 31, 2015 June 30, 2016, interest rate % (a) Letters of Credit Outstanding at June 30, 2016 (In millions, except rates) 2019 Convertible Notes (b) $ 333 $ 330 3.500 2020 Convertible Notes (c) 268 266 3.250 2024 Senior Notes 500 500 5.375 NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2019 (d) 318 306 L+2.75 $ 67 Project-level debt: Alpine, due 2022 151 154 L+1.75 37 Alta Wind I, lease financing arrangement, due 2034 245 252 7.015 16 Alta Wind II, lease financing arrangement, due 2034 194 198 5.696 23 Alta Wind III, lease financing arrangement, due 2034 201 206 6.067 24 Alta Wind IV, lease financing arrangement, due 2034 130 133 5.938 16 Alta Wind V, lease financing arrangement, due 2035 208 213 6.071 27 Alta Realty Investments, due 2031 32 33 7.000 — Alta Wind Asset Management, due 2031 18 19 L+2.375 — Avra Valley, due 2031 58 60 L+1.75 3 Blythe, due 2028 21 21 L+1.625 6 Borrego, due 2025 and 2038 71 72 L+ 2.50/5.65 5 CVSR, due 2037 780 793 2.339 - 3.775 — El Segundo Energy Center, due 2023 457 485 L+1.625 - L+2.25 82 Energy Center Minneapolis, due 2017 and 2025 100 108 5.95 -7.25 — Kansas South, due 2031 31 33 L+2.00 4 Laredo Ridge, due 2028 102 104 L+1.875 10 Marsh Landing, due 2017 and 2023 410 418 L+1.75 - L+1.875 45 PFMG and related subsidiaries financing agreement, due 2030 29 29 6.000 — Roadrunner, due 2031 38 40 L+1.625 5 South Trent Wind, due 2020 59 62 L+1.625 10 TA High Desert, due 2020 and 2032 51 52 L+2.50/5.15 8 Tapestry, due 2021 176 181 L+1.625 20 Viento, due 2023 183 189 L+2.75 27 Walnut Creek, due 2023 341 351 L+1.625 60 WCEP Holdings, due 2023 46 46 L+3.00 — Other 1 2 various — Subtotal project-level debt: 4,133 4,254 Total debt 5,552 5,656 Less current maturities 274 264 Less deferred financing costs 60 63 Total long-term debt $ 5,218 $ 5,329 (a) As of June 30, 2016 , L+ equals 3 month LIBOR plus x%, except for the Marsh Landing term loan, Walnut Creek term loan, and NRG Yield LLC and NRG 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 $12 million and $15 million as of June 30, 2016 , and December 31, 2015 , respectively. (c) Net of discount of $19 million and $21 million as of June 30, 2016 , and December 31, 2015 , respectively. (d) Applicable rate is determined by the Borrower Leverage Ratio, as defined in the credit agreement. | The Company's borrowings, including short term and long term portions consisted of the following: December 31, 2015 December 31, 2014 Interest rate % (a) Letters of Credit Outstanding at December 31, 2015 (In millions, except rates) Convertible Notes, due 2020 (b) $ 266 $ — 3.25 Convertible Notes, due 2019 (c) 330 326 3.5 Senior Notes, due 2024 500 500 5.375 NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2019 (d) 306 — L+2.75 $ 56 Project-level debt: Alpine, due 2022 154 163 L+1.75 37 Alta Wind I, lease financing arrangement, due 2034 252 261 7.015 16 Alta Wind II, lease financing arrangement, due 2034 198 205 5.696 28 Alta Wind III, lease financing arrangement, due 2034 206 212 6.067 28 Alta Wind IV, lease financing arrangement, due 2034 133 138 5.938 19 Alta Wind V, lease financing arrangement, due 2035 213 220 6.071 31 Alta Wind X, due 2021 — 300 L+2.00 — Alta Wind XI, due 2021 — 191 L+2.00 — Alta Realty Investments, due 2031 33 34 7.00 — Alta Wind Asset Management, due 2031 19 20 L+2.375 — Avra Valley, due 2031 60 63 L+1.75 3 Blythe, due 2028 21 22 L+1.625 6 Borrego, due 2025 and 2038 72 75 L+ 2.50/5.65 5 CVSR, due 2037 793 815 2.339 - 3.775 — El Segundo Energy Center, due 2023 485 506 L+1.625 - L+2.25 82 Energy Center Minneapolis, due 2017 and 2025 108 121 5.95 -7.25 — Kansas South, due 2031 33 35 L+2.00 4 Laredo Ridge, due 2028 104 108 L+1.875 10 Marsh Landing, due 2017 and 2023 418 464 L+1.75 - L+1.875 22 PFMG and related subsidiaries financing agreement, due 2030 29 31 6.00 — Roadrunner, due 2031 40 42 L+1.625 5 South Trent Wind, due 2020 62 65 L+1.625 10 TA High Desert, due 2020 and 2032 52 55 L+2.50/5.15 8 Tapestry Wind, due 2021 181 192 L+1.625 20 Viento, due 2023 189 196 L+2.75 27 Walnut Creek, due 2023 351 391 L+1.625 41 WCEP Holdings, due 2023 46 46 L+3.00 — Other 2 3 various — Subtotal project-level debt: 4,254 4,974 Total debt 5,656 5,800 Less current maturities 264 245 Less deferred financing costs (e) 63 69 Total long-term debt $ 5,329 $ 5,486 (a) As of December 31, 2015 , 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%. |
Summary of swaps related to the Company's project level debt | he following table summarizes the swaps, some of which are forward starting as indicated, related to the Company's project level debt as of December 31, 2015 . % of Principal Fixed Interest Rate Floating Interest Rate Notional Amount at December 31, 2015 Effective Date Maturity Date Alpine 85 % 2.744 % 3-Month LIBOR $ 122 various December 31, 2029 Alpine 85 % 2.421 % 3-Month LIBOR 9 June 24, 2014 June 30, 2025 Avra Valley 85 % 2.333 % 3-Month LIBOR 51 November 30, 2012 November 30, 2030 AWAM 100 % 2.47 % 3-Month LIBOR 19 May 22, 2013 May 15, 2031 Blythe 75 % 3.563 % 3-Month LIBOR 16 June 25, 2010 June 25, 2028 Borrego 75 % 1.125 % 3-Month LIBOR 9 April 3, 2013 June 30, 2020 El Segundo 75 % 2.417 % 3-Month LIBOR 358 November 30, 2011 August 31, 2023 Kansas South 75 % 2.368 % 6-Month LIBOR 25 June 28, 2013 December 31, 2030 Laredo Ridge 75 % 2.31 % 3-Month LIBOR 83 March 31, 2011 March 31, 2026 Marsh Landing 75 % 3.244 % 3-Month LIBOR 387 June 28, 2013 June 30, 2023 Roadrunner 75 % 4.313 % 3-Month LIBOR 30 September 30, 2011 December 31, 2029 South Trent 75 % 3.265 % 3-Month LIBOR 46 June 15, 2010 June 14, 2020 South Trent 75 % 4.95 % 3-Month LIBOR 21 June 30, 2020 June 14, 2028 Tapestry 75 % 2.21 % 3-Month LIBOR 163 December 30, 2011 December 21, 2021 Tapestry 50 % 3.57 % 3-Month LIBOR 60 December 21, 2021 December 21, 2029 Viento 90 % various 6-Month LIBOR 235 various various Walnut Creek Energy 75 % various 3-Month LIBOR 311 June 28, 2013 May 31, 2023 WCEP Holdings 90 % 4.003 % 3-Month LIBOR 46 June 28, 2013 May 31, 2023 Total $ 1,991 | ||
Schedule of annual payments based on the maturities of NRG Yield's debt | Annual Maturities Annual payments based on the maturities of the Company's debt, for the years ending after December 31, 2015 , are as follows: (In millions) 2016 $ 264 2017 277 2018 286 2019 951 2020 634 Thereafter 3,280 Total $ 5,692 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Earnings (Loss) Per Share Disclosure [Abstract] | |||
Reconciliation of NRG's basic earnings per share to diluted earnings per share | 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 ) | The reconciliation of the Company's basic and diluted earnings per share is shown in the following tables: Three months ended June 30, 2016 2015 (In millions, except per share data) (a) Common Class A Common Class C Common Class A Common Class C Basic earnings per share attributable to NRG Yield, Inc. common stockholders Net income attributable to NRG Yield, Inc. $ 11 $ 21 $ 5 $ 5 Weighted average number of common shares outstanding - basic 35 63 35 35 Earnings per weighted average common share — basic $ 0.33 $ 0.33 $ 0.15 $ 0.15 Diluted earnings per share attributable to NRG Yield, Inc. common stockholders Net income attributable to NRG Yield, Inc. $ 14 $ 23 $ 5 $ 5 Weighted average number of common shares outstanding - diluted 49 73 35 35 Earnings per weighted average common share — diluted $ 0.29 $ 0.31 $ 0.15 $ 0.15 Six months ended June 30, 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 per share attributable to NRG Yield, Inc. common stockholders Net income attributable to NRG Yield, Inc. $ 13 $ 24 $ 3 $ 3 Weighted average number of common shares outstanding 35 63 35 35 Earnings per weighted average common share — basic and diluted $ 0.38 $ 0.38 $ 0.07 $ 0.07 | The reconciliation of the Company's basic and diluted earnings per share is shown in the following table: Year Ended December 31, 2015 Year Ended December 31, 2014 Period from July 23, 2013 to December 31, 2013 (In millions, except per share data) Common Class A Common Class C Common Class A Common Class C Common Class A Common Class C Basic and diluted earnings per share attributable to NRG Yield, Inc. common stockholders Net income attributable to NRG Yield, Inc. (a) $ 14 $ 19 $ 8 $ 8 $ 7 $ 7 Weighted average number of common shares outstanding 35 49 28 28 23 23 Earnings per weighted average common share — basic and diluted (a) $ 0.40 $ 0.40 $ 0.30 $ 0.30 $ 0.29 $ 0.29 |
Stockholders' Equity Stockholde
Stockholders' Equity Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Schedule of Distributions Paid [Table Text Block] | The following table lists the distributions paid to NRG during the year ended December 31, 2015 : Fourth Quarter 2015 Third Quarter 2015 Second Quarter 2015 First Quarter 2015 Distributions per Class B unit $ 0.215 $ 0.21 $ 0.20 $ 0.39 Distributions per Class D unit $ 0.215 $ 0.21 $ 0.20 N/A |
Schedule of Dividends Paid [Table Text Block] | The following table lists the dividends paid on the Company's Class A and Class C common stock during the year ended December 31, 2015 : Fourth Quarter 2015 Third Quarter 2015 Second Quarter 2015 First Quarter 2015 Dividends per Class A share $ 0.215 $ 0.21 $ 0.20 $ 0.39 Dividends per Class C share $ 0.215 $ 0.21 $ 0.20 N/A |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting [Abstract] | ||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | The Company generated more than 10% of its revenues from the following customers for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Customer Conventional (%) Renewables (%) Conventional (%) Renewables (%) Conventional (%) Renewables (%) SCE 23% 17% 24% 7% 13% 3% PG&E 13% 12% 15% 13% 19% 17% | |||
Schedule of Segment Reporting Information, by Segment | Three months ended March 31, 2016 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 79 $ 111 $ 44 $ — $ 234 Cost of operations 23 33 29 — 85 Depreciation and amortization 20 49 5 — 74 General and administrative — — — 3 3 Operating income (loss) 36 29 10 (3 ) 72 Equity in earnings (losses) of unconsolidated affiliates 3 — — — 3 Interest expense (11 ) (42 ) (2 ) (19 ) (74 ) Income (loss) before income taxes 28 (13 ) 8 (22 ) 1 Net Income (Loss) $ 28 $ (13 ) $ 8 $ (22 ) $ 1 Total Assets $ 2,017 $ 5,908 $ 430 $ 194 $ 8,549 Three months ended March 31, 2015 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 76 $ 91 $ 47 $ — $ 214 Cost of operations 21 31 34 — 86 Depreciation and amortization 21 49 5 — 75 General and administrative — — — 3 3 Operating income (loss) 34 11 8 (3 ) 50 Equity in earnings (losses) of unconsolidated affiliates 3 — — — 3 Other income, net 1 — — — 1 Interest expense (12 ) (52 ) (2 ) (13 ) (79 ) Income (loss) before income taxes 26 (41 ) 6 (16 ) (25 ) Income tax benefit — — — (4 ) (4 ) Net Income (Loss) $ 26 $ (41 ) $ 6 $ (12 ) $ (21 ) (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . | Three months ended June 30, 2016 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 85 $ 159 $ 39 $ — $ 283 Cost of operations 16 34 27 — 77 Depreciation and amortization 20 50 5 — 75 General and administrative — — — 3 3 Operating income (loss) 49 75 7 (3 ) 128 Equity in earnings of unconsolidated affiliates 4 9 — — 13 Other income, net — 2 — — 2 Interest expense (12 ) (36 ) (1 ) (19 ) (68 ) Income (loss) before income taxes 41 50 6 (22 ) 75 Income tax expense — — — 12 12 Net Income (Loss) $ 41 $ 50 $ 6 $ (34 ) $ 63 Total Assets $ 2,037 $ 5,862 $ 423 $ 186 $ 8,508 (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . Three months ended June 30, 2015 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 85 $ 132 $ 42 $ — $ 259 Cost of operations 15 32 31 — 78 Depreciation and amortization 21 53 4 — 78 General and administrative — — — 3 3 Acquisition-related transaction and integration costs — — — 1 1 Operating income (loss) 49 47 7 (4 ) 99 Equity in earnings of unconsolidated affiliates 4 — — — 4 Other income, net — 1 — — 1 Loss on debt extinguishment (7 ) — — — (7 ) Interest expense (13 ) (23 ) (2 ) (13 ) (51 ) Income (loss) before income taxes 33 25 5 (17 ) 46 Income tax expense — — — 4 4 Net Income (Loss) $ 33 $ 25 $ 5 $ (21 ) $ 42 (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . Six months ended June 30, 2016 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 164 $ 270 $ 83 $ — $ 517 Cost of operations 39 67 56 — 162 Depreciation and amortization 40 99 10 — 149 General and administrative — — — 6 6 Operating income (loss) 85 104 17 (6 ) 200 Equity in earnings of unconsolidated affiliates 7 9 — 16 Other income, net — 2 — — 2 Interest expense (23 ) (78 ) (3 ) (38 ) (142 ) Income (loss) before income taxes 69 37 14 (44 ) 76 Income tax expense — — — 12 12 Net Income (Loss) $ 69 $ 37 $ 14 $ (56 ) $ 64 (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . Six months ended June 30, 2015 (a) (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 161 $ 223 $ 89 $ — $ 473 Cost of operations 36 63 65 — 164 Depreciation and amortization 42 102 9 — 153 General and administrative — — — 6 6 Acquisition-related transaction and integration costs — — — 1 1 Operating income (loss) 83 58 15 (7 ) 149 Equity in earnings of unconsolidated affiliates 7 — — — 7 Other income, net 1 1 — — 2 Loss on debt extinguishment (7 ) — — — (7 ) Interest expense (25 ) (75 ) (4 ) (26 ) (130 ) Income (loss) before income taxes 59 (16 ) 11 (33 ) 21 Net Income (Loss) $ 59 $ (16 ) $ 11 $ (33 ) $ 21 (a) Retrospectively adjusted as discussed in Note 1, Nature of Business . | Year ended December 31, 2015 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 336 $ 443 $ 174 $ — $ 953 Cost of operations 59 136 126 — 321 Depreciation and amortization 81 197 19 — 297 General and administrative — — — 12 12 Acquisition-related transaction and integration costs — — — 3 3 Operating income (loss) 196 110 29 (15 ) 320 Equity in earnings of unconsolidated affiliates 14 12 — — 26 Other income, net 1 2 — — 3 Loss on extinguishment of debt (7 ) (2 ) — — (9 ) Interest expense (48 ) (147 ) (7 ) (61 ) (263 ) Income (loss) before income taxes 156 (25 ) 22 (76 ) 77 Income tax expense — — — 12 12 Net Income (Loss) $ 156 $ (25 ) $ 22 $ (88 ) $ 65 Balance Sheet Equity investment in affiliates $ 110 $ 587 $ — $ — $ 697 Capital expenditures (a) 4 6 20 — 30 Total Assets $ 2,102 $ 5,970 $ 428 $ 189 $ 8,689 Year ended December 31, 2013 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 138 $ 144 $ 152 $ — $ 434 Cost of operations 23 21 110 — 154 Depreciation and amortization 20 57 15 — 92 General and administrative — — — 7 7 Operating income (loss) 95 66 27 (7 ) 181 Equity in earnings of unconsolidated affiliates 16 4 — — 20 Other income, net 1 3 — — 4 Interest expense (25 ) (40 ) (7 ) — (72 ) Income (loss) before income taxes 87 33 20 (7 ) 133 Income tax expense — — — 8 8 Net Income (Loss) $ 87 $ 33 $ 20 $ (15 ) $ 125 | Year ended December 31, 2014 (In millions) Conventional Generation Renewables Thermal Corporate Total Operating revenues $ 317 $ 316 $ 195 $ — $ 828 Cost of operations 55 83 139 — 277 Depreciation and amortization 82 133 18 — 233 General and administrative — — — 8 8 Acquisition-related transaction and integration costs — — — 4 4 Operating income (loss) 180 100 38 (12 ) 306 Equity in earnings of unconsolidated affiliates 14 3 — — 17 Other income, net — 5 — 1 6 Loss on extinguishment of debt — (1 ) — — (1 ) Interest expense (53 ) (126 ) (7 ) (30 ) (216 ) Income (loss) before income taxes 141 (19 ) 31 (41 ) 112 Income tax expense — — — 4 4 Net Income (Loss) $ 141 $ (19 ) $ 31 $ (45 ) $ 108 Balance Sheet Equity investments in affiliates $ 114 $ 194 $ — $ — $ 308 Capital expenditures (a) 6 27 7 — 40 Total Assets $ 2,169 $ 5,724 $ 436 $ 465 $ 8,794 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision from continuing operations | The income tax provision consisted of the following amounts: Year Ended December 31, 2015 2014 2013 (In millions, except percentages) Current U.S. Federal $ — $ — $ — Total — current — — — Deferred U.S. Federal 10 2 14 State 2 2 (6 ) Total — deferred 12 4 8 Total income tax expense $ 12 $ 4 $ 8 Effective tax rate 15.6 % 3.6 % 5.8 % | ||
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 $ 1 $ (25 ) Income tax benefit — (4 ) Effective income tax rate — % 16.0 % | The income tax provision consisted of the following: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 (In millions, except percentages) Income before income taxes $ 75 $ 46 $ 76 $ 21 Income tax expense 12 4 12 — Effective income tax rate 16.0 % 8.7 % 15.8 % — % | A reconciliation of the U.S. federal statutory rate of 35% to the Company's effective rate is as follows: Year Ended December 31, 2015 2014 2013 (a) (In millions, except percentages) Income Before Income Taxes 77 112 133 Tax at 35% 27 39 47 State taxes, net of federal benefit 2 1 (6 ) Investment tax credits (1 ) — — Impact of non-taxable partnership earnings (15 ) (31 ) (33 ) Production tax credits (4 ) (6 ) — Change in state effective tax rate — 1 — Other 3 — — Income tax expense $ 12 $ 4 $ 8 Effective income tax rate 15.6 % 3.6 % 5.8 % |
Company's deferred tax assets and liabilities | The temporary differences, which gave rise to the Company's deferred tax assets, consisted of the following: As of December 31, 2015 2014 (In millions) Deferred tax assets: Investment in projects $ — $ 47 Production tax credits carryforwards 10 6 Investment tax credits 1 — U.S. Federal net operating loss carryforwards 181 74 State net operating loss carryforwards 5 7 Total deferred tax assets 197 134 Deferred tax liabilities: Investment in projects $ 27 $ — Total deferred tax liabilities 27 — Net non-current deferred tax asset $ 170 $ 134 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Long-term Purchase Commitment [Table Text Block] | As of December 31, 2015 , the Company's commitments under such outstanding agreements are estimated as follows: Period (In millions) 2016 $ 12 2017 6 2018 3 2019 3 2020 3 Thereafter 21 Total $ 48 |
Future minimum lease commitments under operating leases | Future minimum lease commitments under operating leases for the years ending after December 31, 2015 , are as follows: Period (In millions) 2016 $ 14 2017 10 2018 10 2019 10 2020 10 Thereafter 165 Total $ 219 |
Unaudited Quarterly Financial45
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Unaudited Quarterly Financial Data | Summarized unaudited quarterly financial data is as follows: Quarter Ended December 31, (a) September 30, (a) June 30, (a) March 31, (a) 2015 (In millions, except per share data) Operating Revenues $ 224 $ 256 $ 259 $ 214 (As previously reported) Operating Revenues 209 225 235 200 Change 15 31 24 14 Operating Income 70 101 99 50 (As previously reported) Operating Income 66 80 85 46 Change 4 21 14 4 Net Income (Loss) 12 32 42 (21 ) (As previously reported) Net Income (Loss) 13 24 38 (20 ) Change (1 ) 8 4 (1 ) Net Income (Loss) Attributable to NRG Yield, Inc. $ 11 $ 17 $ 10 $ (5 ) Weighted average number of Class A common shares outstanding - basic and diluted 35 35 35 35 Weighted average number of Class C common shares outstanding - basic and diluted (b) 63 63 35 35 Earnings (Losses) per Weighted Average Class A and Class C Common Share - Basic and Diluted $ 0.12 $ 0.18 $ 0.15 $ (0.07 ) (a) The Company's unaudited quarterly financial data was recast for the effect of the CVSR Drop Down. Quarter Ended December 31, (a) September 30, (a) June 30, (a) March 31, (a) 2014 (In millions, except per share data) Operating Revenues $ 225 $ 230 $ 219 $ 154 (As previously reported) Operating Revenues 212 199 194 141 Change 13 31 25 13 Operating Income 74 97 82 53 (As previously reported) Operating Income 71 84 60 51 Change 3 13 22 2 Net Income 4 41 43 20 (As previously reported) Net Income 4 37 35 23 (Change) — 4 8 (3 ) Net Income Attributable to NRG Yield, Inc. — 6 6 4 Weighted average number of Class A and C common shares outstanding - basic and diluted 35 31 23 23 Earnings per Weighted Average Class A and Class C Common Share - Basic and Diluted $ 0.01 $ 0.10 $ 0.13 $ 0.09 (a) The Company's unaudited quarterly financial data was recast for the effect of the effect of the CVSR Drop Down. |
Nature of Business (Details)
Nature of Business (Details) | Sep. 02, 2016USD ($) | Feb. 19, 2016USD ($) | Nov. 03, 2015USD ($) | Jun. 29, 2015USD ($)shares | Jul. 29, 2014USD ($)shares | Jun. 30, 2014USD ($) | Jul. 22, 2013USD ($)shares | Jul. 31, 2013USD ($) | Jun. 30, 2016USD ($)MW | Mar. 31, 2016USD ($)MW | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | [6] | Dec. 31, 2013USD ($) | Jun. 30, 2016USD ($)MW | Jun. 30, 2015USD ($) | Jul. 22, 2013USD ($) | Dec. 31, 2015USD ($)MW | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 01, 2016USD ($) | Nov. 02, 2015USD ($)MW | Sep. 30, 2015 | |||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Megawatts Thermal Equivalent, Available Under right-to-use Provisions | 134 | 134 | 134 | 134 | ||||||||||||||||||||||||||||
Proceeds from the issuance of common stock | $ | $ 468,000,000 | $ 0 | $ 600,000,000 | [1] | $ 599,000,000 | $ 630,000,000 | [2] | $ 468,000,000 | [2] | |||||||||||||||||||||||
Power Generation Capacity, Megawatts | 4,686 | [3] | 4,687 | [4] | 4,686 | [3] | 4,687 | [5] | ||||||||||||||||||||||||
Business Acquisition, Consideration Transferred, Working Capital | $ | 1,000,000 | |||||||||||||||||||||||||||||||
Allocation of Corporate Expenses | $ | $ 3,000,000 | |||||||||||||||||||||||||||||||
General and administrative | $ | $ 3,000,000 | $ 3,000,000 | [6] | $ 3,000,000 | [7] | $ 3,000,000 | $ 6,000,000 | $ 6,000,000 | [7] | $ 12,000,000 | [8] | 8,000,000 | [8] | 7,000,000 | [8] | |||||||||||||||||
Conventional Generation [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 1,945 | [3] | 1,945 | [4] | 1,945 | [3] | 1,945 | [9] | ||||||||||||||||||||||||
Utility-Scale Solar | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 610 | [3] | 610 | [4] | 610 | [3] | 610 | [9] | ||||||||||||||||||||||||
Distributed Solar | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 9 | [3] | 9 | [4] | 9 | [3] | 9 | [9] | ||||||||||||||||||||||||
Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 1,999 | [3] | 1,999 | [4] | 1,999 | [3] | 1,999 | |||||||||||||||||||||||||
Thermal [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 20 | [3] | 124 | [4] | 20 | [3] | 124 | [9] | ||||||||||||||||||||||||
Steam and Chilled Water Capacity, Megawatts Thermal Equivalent | 1,315 | [3],[10] | 1,315 | [4],[11] | 1,315 | [3],[10] | 1,315 | [9],[12] | ||||||||||||||||||||||||
Common Class C [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Proceeds from the issuance of common stock | $ | $ 599,000,000 | |||||||||||||||||||||||||||||||
Common Class A [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Proceeds from Issuance Initial Public Offering | $ | ||||||||||||||||||||||||||||||||
Public Shareholders [Member] | Common Class A [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 12,075,000 | 22,511,250 | ||||||||||||||||||||||||||||||
Proceeds from the issuance of common stock | $ | $ 630,000,000 | |||||||||||||||||||||||||||||||
NRG | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ | $ 395,000,000 | |||||||||||||||||||||||||||||||
NRG Yield, Inc. [Member] | NRG | Class A units of NRG Yield LLC | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Sale of Stock, Number of Shares Acquired in Transaction | shares | 19,011,250 | |||||||||||||||||||||||||||||||
NRG Yield, Inc. [Member] | NRG Yield LLC | Class A units of NRG Yield LLC | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Sale of Stock, Number of Shares Acquired in Transaction | shares | 3,500,000 | |||||||||||||||||||||||||||||||
NRG Yield [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Proceeds from the issuance of common stock | $ | $ 599,000,000 | 630,000,000 | [13] | $ 468,000,000 | [13] | |||||||||||||||||||||||||||
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 | Common Class C [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Sale of Stock, Percentage of Ownership after Transaction | 100.00% | 100.00% | ||||||||||||||||||||||||||||||
NRG Yield LLC | Common Class A [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Sale of Stock, Percentage of Ownership after Transaction | 100.00% | 100.00% | ||||||||||||||||||||||||||||||
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% | 44.90% | 44.90% | |||||||||||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 53.30% | 53.30% | 34.50% | 53.30% | 53.30% | 53.30% | ||||||||||||||||||||||||||
NRG Yield LLC | NRG | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Voting Interest | 55.10% | 55.10% | 55.10% | |||||||||||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 46.70% | 46.70% | 46.70% | 46.70% | 46.70% | |||||||||||||||||||||||||||
GenConn Middletown [Member] | Conventional Generation [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | 50.00% | [14] | |||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 95 | [3] | 95 | [4] | 95 | [3] | 95 | [9],[14] | ||||||||||||||||||||||||
GenConn Devon [Member] | Conventional Generation [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | 50.00% | [14] | |||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 95 | [3] | 95 | [4] | 95 | [3] | 95 | [9],[14] | ||||||||||||||||||||||||
Marsh Landing | Conventional Generation [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 720 | [3] | 720 | [4] | 720 | [3] | 720 | [9] | ||||||||||||||||||||||||
El Segundo [Member] | Conventional Generation [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 550 | [3] | 550 | [4] | 550 | [3] | 550 | |||||||||||||||||||||||||
Walnut Creek [Member] | Conventional Generation [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 485 | [3] | 485 | [4] | 485 | [3] | 485 | |||||||||||||||||||||||||
Alpine [Member] | Utility-Scale Solar | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 66 | [3] | 66 | [4] | 66 | [3] | 66 | [9] | ||||||||||||||||||||||||
Avenal [Member] | Utility-Scale Solar | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 49.95% | 50.00% | 49.95% | 50.00% | [14] | 50.00% | ||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 23 | [3] | 23 | [4] | 23 | [3] | 23 | [9],[14] | ||||||||||||||||||||||||
Avra Valley [Member] | Utility-Scale Solar | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 26 | [3] | 26 | [4] | 26 | [3] | 26 | [9] | ||||||||||||||||||||||||
NRG Solar Blythe LLC [Member] | Utility-Scale Solar | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 21 | [3] | 21 | [4] | 21 | [3] | 21 | [9] | ||||||||||||||||||||||||
Borrego [Member] | Utility-Scale Solar | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 26 | [3] | 26 | [4] | 26 | [3] | 26 | [9] | ||||||||||||||||||||||||
NRG Solar Roadrunner LLC [Member] | Utility-Scale Solar | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 20 | [3] | 20 | [4] | 20 | [3] | 20 | [9] | ||||||||||||||||||||||||
CVSR [Member] | Utility-Scale Solar | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | 100.00% | 100.00% | [12] | |||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 250 | [3] | 250 | [4] | 250 | [3] | 250 | [9],[12] | ||||||||||||||||||||||||
RE Kansas South [Member] | Utility-Scale Solar | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 20 | [3] | 20 | [4] | 20 | [3] | 20 | |||||||||||||||||||||||||
TA - High Desert LLC [Member] | Utility-Scale Solar | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 20 | [3] | 20 | [4] | 20 | [3] | 20 | |||||||||||||||||||||||||
Desert Sunlight [Member] | Utility-Scale Solar | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 25.00% | 25.00% | 25.00% | 25.00% | ||||||||||||||||||||||||||||
AZ DG Solar Projects | Distributed Solar | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 5 | [3] | 5 | [4] | 5 | [3] | 5 | [9] | ||||||||||||||||||||||||
PFMG DG Solar Projects | Distributed Solar | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 51.00% | 51.00% | 51.00% | 51.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 4 | [3] | 4 | [4] | 4 | [3] | 4 | [9] | ||||||||||||||||||||||||
Alta I [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 150 | [3] | 150 | [4] | 150 | [3] | 150 | |||||||||||||||||||||||||
Alta II [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 150 | [3] | 150 | [4] | 150 | [3] | 150 | |||||||||||||||||||||||||
Alta III [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 150 | [3] | 150 | [4] | 150 | [3] | 150 | |||||||||||||||||||||||||
Alta IV [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 102 | [3] | 102 | [4] | 102 | [3] | 102 | |||||||||||||||||||||||||
Alta V [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 168 | [3] | 168 | [4] | 168 | [3] | 168 | |||||||||||||||||||||||||
Alta X [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | [15],[16] | 100.00% | [17] | 100.00% | [15],[16] | 100.00% | [18],[19] | ||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 137 | [3],[15],[16] | 137 | [4],[17] | 137 | [3],[15],[16] | 137 | [18],[19] | ||||||||||||||||||||||||
Alta XI [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | [15],[16] | 100.00% | [17] | 100.00% | [15],[16] | 100.00% | [18],[19] | ||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 90 | [3],[15],[16] | 90 | [4],[17] | 90 | [3],[15],[16] | 90 | [18],[19] | ||||||||||||||||||||||||
South Trent | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 101 | [3] | 101 | [4] | 101 | [3] | 101 | [9] | ||||||||||||||||||||||||
Spanish Fork [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 75.00% | 75.00% | 75.00% | 75.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 14 | [3] | 14 | [4] | 14 | [3] | 14 | |||||||||||||||||||||||||
Laredo Ridge [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 80 | [3] | 80 | [4] | 80 | [3] | 80 | |||||||||||||||||||||||||
Lookout [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 75.00% | 75.00% | 75.00% | 75.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 29 | [3] | 29 | [4] | 29 | [3] | 29 | |||||||||||||||||||||||||
Odin Wind Farm [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 74.90% | 74.90% | 74.90% | 74.90% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 15 | [3] | 15 | [4] | 15 | [3] | 15 | |||||||||||||||||||||||||
Taloga [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 130 | [3] | 130 | [4] | 130 | [3] | 130 | |||||||||||||||||||||||||
NRG DGPV Holdco [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 45 | 45 | 45 | |||||||||||||||||||||||||||||
Pinnacle [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 55 | [3] | 55 | [4] | 55 | [3] | 55 | |||||||||||||||||||||||||
San Juan Mesa Wind Project, LLC [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 56.30% | 56.30% | 56.30% | 56.30% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 68 | [3] | 68 | [4] | 68 | [3] | 68 | |||||||||||||||||||||||||
Sleeping Bear [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 75.00% | 75.00% | 75.00% | 75.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 71 | [3] | 71 | [4] | 71 | [3] | 71 | |||||||||||||||||||||||||
Buffalo Bear [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 19 | [3] | 19 | [4] | 19 | [3] | 19 | |||||||||||||||||||||||||
Crosswinds [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 74.30% | 74.30% | 74.30% | 74.30% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 16 | [3] | 16 | [4] | 16 | [3] | 16 | |||||||||||||||||||||||||
Elbow Creek [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 75.00% | 75.00% | 75.00% | 75.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 92 | [3] | 92 | [4] | 92 | [3] | 92 | |||||||||||||||||||||||||
Forward [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 75.00% | 75.00% | 75.00% | 75.00% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 22 | [3] | 22 | [4] | 22 | [3] | 22 | |||||||||||||||||||||||||
Goat Wind [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 74.90% | 74.90% | 74.90% | 74.90% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 113 | [3] | 113 | [4] | 113 | [3] | 113 | |||||||||||||||||||||||||
Elkhorn Ridge Wind, LLC [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 50.30% | 50.30% | 50.30% | 50.30% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 41 | [3] | 41 | [4] | 41 | [3] | 41 | |||||||||||||||||||||||||
Hardin [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 74.30% | 74.30% | 74.30% | 74.30% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 11 | [3] | 11 | [4] | 11 | [3] | 11 | |||||||||||||||||||||||||
Spring Canyon II [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 90.10% | 90.10% | 90.10% | 90.10% | [19] | |||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 29 | [3],[15] | 29 | [4],[17] | 29 | [3],[15] | 29 | [19] | ||||||||||||||||||||||||
Spring Canyon III [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 90.10% | 90.10% | 90.10% | 90.10% | [19] | |||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 25 | [3],[15] | 25 | [4],[17] | 25 | [3],[15] | 25 | [19] | ||||||||||||||||||||||||
Wildorado [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Percentage of Ownership | 74.90% | 74.90% | 74.90% | 74.90% | ||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 121 | [3] | 121 | [4] | 121 | [3] | 121 | |||||||||||||||||||||||||
NRG RPV Holdco [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 55 | 57 | 55 | |||||||||||||||||||||||||||||
CVSR [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ | $ 79,000,000 | |||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ | $ 496,000,000 | |||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | |||||||||||||||||||||||||||||||
November 2015 Drop Down Assets [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ | $ 207,000,000 | $ 209,000,000 | ||||||||||||||||||||||||||||||
Business Acquisition, Consideration Transferred, Working Capital | $ | $ 2,000,000 | |||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ | 193,000,000 | $ 198,000,000 | ||||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 75.00% | |||||||||||||||||||||||||||||||
Number of Facilities | $ | 12 | |||||||||||||||||||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ | $ 282,000,000 | |||||||||||||||||||||||||||||||
November 2015 Drop Down Assets [Member] | Wind Farms [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | [3],[4] | 814 | ||||||||||||||||||||||||||||||
Drop-down Acquisition [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Business Acquisitions, Consideration Transferred, Purchase Price | $ | $ 357,000,000 | |||||||||||||||||||||||||||||||
Affiliated Entity [Member] | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
General and administrative | $ | $ 3,000,000 | |||||||||||||||||||||||||||||||
Southern California Edison [Member] | Desert Sunlight [Member] | Utility-Scale Solar | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 63 | [3] | 63 | [4] | 63 | [3] | 63 | |||||||||||||||||||||||||
Pacific Gas and Electric [Member] | Desert Sunlight [Member] | Utility-Scale Solar | ||||||||||||||||||||||||||||||||
Nature of Business | ||||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | 75 | [3] | 75 | [4] | 75 | [3] | 75 | |||||||||||||||||||||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||
[2] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||
[3] | Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of June 30, 2016. | |||||||||||||||||||||||||||||||
[4] | 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. | |||||||||||||||||||||||||||||||
[5] | Total net capacity excludes capacity for RPV Holdco and DGPV Holdco, which are consolidated by NRG, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. | |||||||||||||||||||||||||||||||
[6] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||
[7] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||
[8] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||
[9] | Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of December 31, 2015. | |||||||||||||||||||||||||||||||
[10] | 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. | |||||||||||||||||||||||||||||||
[11] | (c) 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. | |||||||||||||||||||||||||||||||
[12] | ) 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. | |||||||||||||||||||||||||||||||
[13] | Retrospectively adjusted as discussed in Item 15 — Note 1, Nature of Business of the Company's Consolidated Financial Statements. | |||||||||||||||||||||||||||||||
[14] | On September 30, 2015, the Company acquired NRG's remaining 0.05% for an immaterial amount. | |||||||||||||||||||||||||||||||
[15] | Projects are part of tax equity arrangements | |||||||||||||||||||||||||||||||
[16] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjUzYmNmZTJkYjIyYzQ0YzY4OGMxYzUyMzdjNzFjNTQ4fFRleHRTZWxlY3Rpb246QjY3MTcwM0JCNTAwQTcwRDdGREE3MEU1RjRFRDA5N0MM} | |||||||||||||||||||||||||||||||
[17] | b) Projects are part of tax equity arrangements | |||||||||||||||||||||||||||||||
[18] | PPA began on January 1, 2016. | |||||||||||||||||||||||||||||||
[19] | Projects are part of tax equity arrangements, as further described in Note 2, Summary of Significant Accounting Policies |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2016 | Aug. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | ||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Interest Costs Capitalized | $ 1 | $ 0 | $ 26 | |||||||
Income Taxes, Threshold Percentage | 50.00% | |||||||||
Contingent Rental Income Associated with PPAs | $ 416 | 296 | 135 | |||||||
Asset Retirement Obligation | 43 | 32 | ||||||||
Debt Issuance Costs, Net | 63 | [1] | 69 | [1] | $ 60 | $ 62 | ||||
Deferred Tax Assets, Net | 170 | 134 | ||||||||
Proceeds from Renewable Energy Grants | 0 | 422 | [2] | 25 | [2] | |||||
Project Level Subsidiaries [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Other Cash Equivalents, at Carrying Value | 93 | 74 | ||||||||
CVSR [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Grants Receivable | 414 | |||||||||
Time Sharing Transactions, Allowance for Uncollectible Accounts | 30 | |||||||||
CVSR [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Time Sharing Transactions, Allowance for Uncollectible Accounts | 54 | |||||||||
Deferred Tax Assets, Net | $ 106 | |||||||||
Property, Plant and Equipment, Basis of Valuation | 490 | |||||||||
Proceeds from Renewable Energy Grants | 285 | |||||||||
Indemnity Receivable | 75 | $ 75 | $ 75 | 75 | ||||||
Loss Contingency, Damages Paid, Value | $ 57 | |||||||||
Accounts Payable | 7 | $ 7 | $ 7 | $ 7 | ||||||
Long-Term Debt, Current [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Restricted Cash and Cash Equivalents | 26 | |||||||||
Operating Expense [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Restricted Cash and Cash Equivalents | 33 | |||||||||
Cash Distribution [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Restricted Cash and Cash Equivalents | 7 | |||||||||
Reserves [Member] | ||||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||||
Restricted Cash and Cash Equivalents | $ 65 | |||||||||
[1] | Total net debt reflects the reclassification of deferred financing costs to reduce long-term debt as further described in Note 2, Summary of Significant Accounting Policies. | |||||||||
[2] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Business Acquisitions Busines48
Business Acquisitions Business Acquisitions - November 2015 Drop Down Assets (Details) | Feb. 19, 2016USD ($) | Nov. 03, 2015USD ($) | Jun. 30, 2016USD ($)MW | Mar. 31, 2016USD ($)MW | Dec. 31, 2015USD ($)MW | Sep. 30, 2015USD ($) | [8] | Jun. 30, 2015USD ($) | [8] | Mar. 31, 2015USD ($) | [8] | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | [8] | Jun. 30, 2014USD ($) | [8] | Mar. 31, 2014USD ($) | [8] | Jun. 30, 2016USD ($)MW | Jun. 30, 2015USD ($) | [9] | Jul. 22, 2013USD ($) | Dec. 31, 2015USD ($)MW | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Nov. 02, 2015USD ($)MW | |||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | 4,686 | [1] | 4,687 | [2] | 4,687 | [3] | 4,686 | [1] | 4,687 | [3] | |||||||||||||||||||||||||
Business Acquisition, Consideration Transferred, Working Capital | $ 1,000,000 | $ 1,000,000 | |||||||||||||||||||||||||||||||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 5,731,000,000 | 5,731,000,000 | |||||||||||||||||||||||||||||||||
Current assets | $ 411,000,000 | $ 350,000,000 | [4] | $ 416,000,000 | [4],[5] | 828,000,000 | $ 411,000,000 | $ 416,000,000 | [4],[5] | 828,000,000 | |||||||||||||||||||||||||
Property, Plant and Equipment, Net | 5,761,000,000 | 5,834,000,000 | [4] | 5,878,000,000 | [4],[5] | 6,009,000,000 | [5] | 5,761,000,000 | 5,878,000,000 | [4],[5] | 6,009,000,000 | [5] | |||||||||||||||||||||||
Assets | 8,508,000,000 | 8,549,000,000 | [4] | 8,689,000,000 | [4],[5] | 8,794,000,000 | 8,508,000,000 | 8,689,000,000 | [4],[5] | 8,794,000,000 | |||||||||||||||||||||||||
Other Liabilities | 331,000,000 | 331,000,000 | |||||||||||||||||||||||||||||||||
Liabilities | 5,853,000,000 | 5,894,000,000 | [4] | 5,951,000,000 | [4],[6] | 6,062,000,000 | [6] | 5,853,000,000 | 5,951,000,000 | [4],[6] | 6,062,000,000 | [6] | |||||||||||||||||||||||
Net Assets | 2,732,000,000 | 2,732,000,000 | |||||||||||||||||||||||||||||||||
Operating revenues | 283,000,000 | 234,000,000 | [7] | 224,000,000 | $ 256,000,000 | $ 259,000,000 | [9] | $ 214,000,000 | [7] | 225,000,000 | [8] | $ 230,000,000 | $ 219,000,000 | $ 154,000,000 | 517,000,000 | $ 473,000,000 | 953,000,000 | [10] | 828,000,000 | [10] | $ 434,000,000 | [10] | |||||||||||||
Operating Income | 128,000,000 | 72,000,000 | [7] | 70,000,000 | 101,000,000 | 99,000,000 | [9] | 50,000,000 | [7] | 74,000,000 | [8] | 97,000,000 | 82,000,000 | 53,000,000 | 200,000,000 | 149,000,000 | 320,000,000 | [10] | 306,000,000 | [10] | 181,000,000 | [10] | |||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 63,000,000 | $ 1,000,000 | [7],[11] | $ 12,000,000 | 32,000,000 | 42,000,000 | [9],[12] | (21,000,000) | [7],[11] | 4,000,000 | [8] | 41,000,000 | 43,000,000 | 20,000,000 | $ 64,000,000 | $ 21,000,000 | [12] | $ 54,000,000 | 65,000,000 | [10],[13] | 108,000,000 | [10],[13] | 125,000,000 | [10],[13] | |||||||||||
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 Acquisition, Consideration Transferred, Working Capital | 2,000,000 | ||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 30,000,000 | 66,000,000 | 66,000,000 | ||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 669,000,000 | 709,000,000 | 709,000,000 | ||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 177,000,000 | 184,000,000 | 184,000,000 | ||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 876,000,000 | 959,000,000 | 959,000,000 | ||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 193,000,000 | 198,000,000 | 198,000,000 | ||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Current and Non-Current Liabilities | 32,000,000 | 21,000,000 | 21,000,000 | ||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 225,000,000 | 219,000,000 | 219,000,000 | ||||||||||||||||||||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 282,000,000 | ||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 369,000,000 | 740,000,000 | [14] | 740,000,000 | [14] | ||||||||||||||||||||||||||||||
Operating revenues | 57,000,000 | 8,000,000 | |||||||||||||||||||||||||||||||||
Operating Income | (6,000,000) | (9,000,000) | |||||||||||||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (13,000,000) | (9,000,000) | |||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Revenue | 850,000,000 | ||||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Net Income(Loss), Including Portion Attributable to Noncontrolling Interest | 110,000,000 | ||||||||||||||||||||||||||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 14,000,000 | ||||||||||||||||||||||||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 1,000,000 | ||||||||||||||||||||||||||||||||||
Wind Farms [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | 1,999 | [1] | 1,999 | [2] | 1,999 | 1,999 | [1] | 1,999 | |||||||||||||||||||||||||||
Wind Farms [Member] | November 2015 Drop Down Assets [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | [1],[2] | 814 | |||||||||||||||||||||||||||||||||
Financial Institutions [Member] | November 2015 Drop Down Assets [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Taxable Income Allocation, Pre-Flip | 99.00% | 99.00% | |||||||||||||||||||||||||||||||||
Taxable Income Allocation, Post-Flip | 8.53% | 8.53% | |||||||||||||||||||||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 159,000,000 | $ 159,000,000 | 199,000,000 | $ 159,000,000 | 199,000,000 | ||||||||||||||||||||||||||||||
NRG [Member] | November 2015 Drop Down Assets [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 135,000,000 | 135,000,000 | |||||||||||||||||||||||||||||||||
Scenario, Previously Reported [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | [15] | 5,533,000,000 | 5,533,000,000 | ||||||||||||||||||||||||||||||||
Current assets | [16] | 762,000,000 | 762,000,000 | ||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Net | 5,300,000,000 | 5,300,000,000 | |||||||||||||||||||||||||||||||||
Non-current assets | [15],[16] | 1,773,000,000 | 1,773,000,000 | ||||||||||||||||||||||||||||||||
Assets | 7,835,000,000 | 7,835,000,000 | |||||||||||||||||||||||||||||||||
Other Liabilities | 310,000,000 | 310,000,000 | |||||||||||||||||||||||||||||||||
Liabilities | 5,843,000,000 | 5,843,000,000 | |||||||||||||||||||||||||||||||||
Net Assets | 1,992,000,000 | 1,992,000,000 | |||||||||||||||||||||||||||||||||
Operating revenues | 209,000,000 | [8] | 225,000,000 | 235,000,000 | 200,000,000 | 212,000,000 | [8] | 199,000,000 | 194,000,000 | 141,000,000 | 771,000,000 | [17] | 426,000,000 | [17] | |||||||||||||||||||||
Operating Income | 66,000,000 | [8] | 80,000,000 | 85,000,000 | 46,000,000 | 71,000,000 | [8] | 84,000,000 | 60,000,000 | 51,000,000 | 312,000,000 | [17] | 190,000,000 | [17] | |||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 13,000,000 | [8] | $ 24,000,000 | $ 38,000,000 | $ (20,000,000) | $ 4,000,000 | [8] | $ 37,000,000 | $ 35,000,000 | $ 23,000,000 | $ 121,000,000 | [17] | $ 134,000,000 | [17] | |||||||||||||||||||||
Pre-Flip Point [Member] | November 2015 Drop Down Assets [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Percentage of Cash Available for Distributions | 75.00% | 75.00% | |||||||||||||||||||||||||||||||||
Post-Flip Point [Member] | November 2015 Drop Down Assets [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Percentage of Cash Available for Distributions | 68.60% | 68.60% | |||||||||||||||||||||||||||||||||
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% | 100.00% | |||||||||||||||||||||||||||||||||
Subsequent Event [Member] | November 2015 Drop Down Assets [Member] | |||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | 207,000,000 | ||||||||||||||||||||||||||||||||||
Business Acquisition, Consideration Transferred, Working Capital | $ 2,000,000 | ||||||||||||||||||||||||||||||||||
[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 June 30, 2016. | ||||||||||||||||||||||||||||||||||
[2] | 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. | ||||||||||||||||||||||||||||||||||
[3] | Total net capacity excludes capacity for RPV Holdco and DGPV Holdco, which are consolidated by NRG, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. | ||||||||||||||||||||||||||||||||||
[4] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||||||||||
[5] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||||||||||
[6] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||||||||||
[7] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||||||||||
[8] | a) The Company's unaudited quarterly financial data was recast for the effect of the effect of the CVSR Drop Down. | ||||||||||||||||||||||||||||||||||
[9] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||||||||||
[10] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||||||||||
[11] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||||||||||
[12] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||||||||||
[13] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||||||||||
[14] | Net Assets for NRG Wind TE Holdco as of December 31, 2014, includes noncontrolling interest of $199 million attributable to the TE Investor and $135 million attributable to NRG. | ||||||||||||||||||||||||||||||||||
[15] | Retrospectively adjusted to reclassify deferred financing costs in accordance with ASU 2015-03, as further discussed in Note 2, Summary of Significant Accounting Policies. | ||||||||||||||||||||||||||||||||||
[16] | (b) Retrospectively adjusted to reclassify deferred tax assets in accordance with ASU 2015-17, as further discussed in Note 2, Summary of Significant Accounting Policies. | ||||||||||||||||||||||||||||||||||
[17] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Business Acquisitions Busines49
Business Acquisitions Business Acquisitions - Desert Sunlight/Spring Canyon/Fuel Cell (Details) | Jun. 30, 2015USD ($) | May 08, 2015 | Apr. 30, 2015 | Jun. 30, 2016MW | Mar. 31, 2016MW | Dec. 31, 2015MW | Jun. 29, 2015USD ($) | May 07, 2015 | |||
Business Acquisition [Line Items] | |||||||||||
Power Generation Capacity, Megawatts | 4,686 | [1] | 4,687 | [2] | 4,687 | [3] | |||||
Utility-Scale Solar [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Power Generation Capacity, Megawatts | 610 | [1] | 610 | [2] | 610 | [4] | |||||
Wind Farms [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Power Generation Capacity, Megawatts | 1,999 | [1] | 1,999 | [2] | 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 | 32 | 32 | ||||||||
Wind Farms [Member] | Spring Canyon III [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Power Generation Capacity, Megawatts | 28 | 28 | 28 | ||||||||
Thermal [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Power Generation Capacity, Megawatts | 20 | [1] | 124 | [2] | 124 | [4] | |||||
Desert Sunlight [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of Facilities | $ | 2 | ||||||||||
Power Generation Capacity, Megawatts | 550 | 550 | 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% | 25.00% | 25.00% | ||||||||
Supply Commitment Arrangement [Domain] | Spring Canyon [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Weighted average remaining amortization period (in years) | 24 years | ||||||||||
Supply Commitment Arrangement [Domain] | UB Fuel Cell [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Weighted average remaining amortization period (in years) | 12 years | ||||||||||
Supply Commitment Arrangement [Domain] | Southern California Edison [Member] | Desert Sunlight [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Weighted average remaining amortization period (in years) | 20 years | ||||||||||
Supply Commitment Arrangement [Domain] | Pacific Gas and Electric [Member] | Desert Sunlight [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Weighted average remaining amortization period (in years) | 25 years | ||||||||||
Supply Commitment [Member] | Spring Canyon [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Weighted average remaining amortization period (in years) | 24 years | ||||||||||
Supply Commitment [Member] | UB Fuel Cell [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Weighted average remaining amortization period (in years) | 12 years | ||||||||||
Supply Commitment [Member] | Southern California Edison [Member] | Desert Sunlight [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Weighted average remaining amortization period (in years) | 20 years | ||||||||||
Supply Commitment [Member] | Pacific Gas and Electric [Member] | Desert Sunlight [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Weighted average remaining amortization period (in years) | 25 years | ||||||||||
UB Fuel Cell [Member] | Thermal [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Power Generation Capacity, Megawatts | 1.4 | 1.4 | 1.4 | ||||||||
[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 June 30, 2016. | ||||||||||
[2] | 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. | ||||||||||
[3] | Total net capacity excludes capacity for RPV Holdco and DGPV Holdco, which are consolidated by NRG, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. | ||||||||||
[4] | Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of December 31, 2015. |
Business Acquisitions Busines50
Business Acquisitions Business Acquisitions - January 2015 Drop Down Assets (Details) $ in Millions | Jan. 02, 2015USD ($) | Dec. 31, 2015USD ($)MW | Dec. 31, 2014USD ($) | Jun. 30, 2016MW | [2] | Mar. 31, 2016MW | [3] | Feb. 19, 2016USD ($) | Nov. 02, 2015MW | ||
Business Acquisition [Line Items] | |||||||||||
Power Generation Capacity, Megawatts | MW | 4,687 | [1] | 4,686 | 4,687 | |||||||
Business Acquisition, Consideration Transferred, Working Capital | $ 1 | ||||||||||
November 2015 Drop Down Assets [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Acquisition, Consideration Transferred, Working Capital | $ 2 | ||||||||||
Business Acquisition, Pro Forma Revenue | 850 | ||||||||||
Business Acquisition, Pro Forma Net Income(Loss), Including Portion Attributable to Noncontrolling Interest | 110 | ||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 14 | ||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 1 | ||||||||||
January 2015 Drop Down Assets [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Combination, Consideration Transferred | $ 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 | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, before Tax | $ 23 | ||||||||||
Business Acquisition, Pro Forma Revenue | 854 | ||||||||||
Business Acquisition, Pro Forma Net Income(Loss), Including Portion Attributable to Noncontrolling Interest | $ 101 | ||||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 144 | ||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 44 | ||||||||||
Wind Farms [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Power Generation Capacity, Megawatts | MW | 1,999 | 1,999 | 1,999 | ||||||||
Wind Farms [Member] | November 2015 Drop Down Assets [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Power Generation Capacity, Megawatts | MW | [2],[3] | 814 | |||||||||
Wind Farms [Member] | Laredo Ridge [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Power Generation Capacity, Megawatts | MW | 80 | 80 | 80 | ||||||||
Wind Farms [Member] | Buffalo Bear [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Power Generation Capacity, Megawatts | MW | 19 | 19 | 19 | ||||||||
Wind Farms [Member] | Taloga [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Power Generation Capacity, Megawatts | MW | 130 | 130 | 130 | ||||||||
Wind Farms [Member] | Pinnacle [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Power Generation Capacity, Megawatts | MW | 55 | 55 | 55 | ||||||||
Conventional Generation [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Power Generation Capacity, Megawatts | MW | 1,945 | [4] | 1,945 | 1,945 | |||||||
Conventional Generation [Member] | Walnut Creek [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Power Generation Capacity, Megawatts | MW | 485 | 485 | 485 | ||||||||
[1] | Total net capacity excludes capacity for RPV Holdco and DGPV Holdco, which are consolidated by NRG, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. | ||||||||||
[2] | Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of June 30, 2016. | ||||||||||
[3] | 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. | ||||||||||
[4] | Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of December 31, 2015. |
Business Acquisitions Busines51
Business Acquisitions Business Acquisitions - Alta Wind (Details) $ / shares in Units, $ in Millions | Aug. 12, 2014USD ($)MW | Aug. 05, 2014USD ($) | Jul. 29, 2014USD ($)shares | Jul. 22, 2013USD ($)shares | Jun. 30, 2016USD ($)MW | Jun. 30, 2015USD ($) | [6] | Dec. 31, 2014USD ($) | Jun. 30, 2016USD ($)MW | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)MW | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2016MW | Jul. 30, 2014$ / shares | |||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | 4,686 | [1] | 4,686 | [1] | 4,687 | [2] | 4,687 | [3] | ||||||||||||||
Business Acquisition, Consideration Transferred, Working Capital | $ 1 | $ 1 | ||||||||||||||||||||
Proceeds from the issuance of common stock | $ 468 | $ 0 | $ 600 | [4] | $ 599 | 630 | [5] | $ 468 | [5] | |||||||||||||
Business Combination, Acquisition Related Costs | $ 0 | $ 1 | $ 0 | $ 1 | [6] | 3 | [7] | $ 4 | [7] | $ 0 | [7] | |||||||||||
Alta Wind Portfolio [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Number of Facilities | 7 | |||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 923 | |||||||||||||||||||||
Business Combination, Consideration Transferred | 870 | |||||||||||||||||||||
Business Acquisition, Consideration Transferred, Working Capital | 53 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 1,591 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 22 | |||||||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Cash | 0 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current and Non-Current Assets | 49 | |||||||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Other Assets | (2) | |||||||||||||||||||||
Business Acquisition, Purchase Price Allocation, Other Assets, Adjusted | 47 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,304 | |||||||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 6 | |||||||||||||||||||||
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment, Adjusted | 1,310 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,177 | |||||||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (6) | |||||||||||||||||||||
Business Acquisition, Purchase Price Allocation, Intangible Assets, Other than Goodwill, Adjusted | 1,171 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 2,552 | |||||||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Total Assets | (2) | |||||||||||||||||||||
Business Acquisition, Purchase Price Allocation, Assets Acquired, Adjusted | 2,550 | |||||||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Noncurrent Liabilities Longterm Debt | 0 | |||||||||||||||||||||
Business Acquisition, Purchase Price Allocation, Noncurrent Liabilities, Long-term Debt, Adjusted | 1,591 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current and Non-Current Liabilities | 38 | |||||||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Current and Noncurrent Liabilities | (2) | |||||||||||||||||||||
Business Acquisition, Purchase Price Allocation, Current and Non-current Liabilities, Adjusted | 36 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 1,629 | |||||||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | (2) | |||||||||||||||||||||
Business Acquisition, Purchase Price Allocation, Liabilities Assumed, Adjusted | 1,627 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 923 | |||||||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Net Assets Acquired | $ 0 | |||||||||||||||||||||
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net Adjusted | $ 923 | |||||||||||||||||||||
Business Combination, Acquisition Related Costs | $ 2 | |||||||||||||||||||||
Alta Wind Holdings [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | 947 | |||||||||||||||||||||
Public Shareholders [Member] | Common Class A [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 12,075,000 | 22,511,250 | ||||||||||||||||||||
Share Price | $ / shares | $ 54 | |||||||||||||||||||||
Proceeds from the issuance of common stock | $ 630 | |||||||||||||||||||||
5.375% Senior Notes due in 2024 [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | 5.375% | 5.375% | 5.375% | ||||||||||||||||||
5.375% Senior Notes due in 2024 [Member] | NRG Yield Operating LLC [Member] | ||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | $ 500 | |||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | |||||||||||||||||||||
[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 June 30, 2016. | |||||||||||||||||||||
[2] | Total net capacity excludes capacity for RPV Holdco and DGPV Holdco, which are consolidated by NRG, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. | |||||||||||||||||||||
[3] | 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. | |||||||||||||||||||||
[4] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||
[5] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||
[6] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||
[7] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Business Acquisitions Busines52
Business Acquisitions Business Acquisitions - June 2014 Drop Down Assets (Details) - USD ($) $ in Millions | Jun. 30, 2014 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Business Acquisition, Consideration Transferred, Working Capital | $ 1 | |
June 2014 Drop Down Assets [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred | $ 357 | |
Business Acquisitions, Consideration Transferred, Purchase Price | 349 | |
Business Acquisition, Consideration Transferred, Working Capital | 8 | |
Business Combination, Consideration Transferred, Liabilities Incurred | $ 612 |
Business Acquisitions Busines53
Business Acquisitions Business Acquisitions - Energy Systems (Details) - USD ($) $ in Millions | Dec. 31, 2013 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Business Acquisition, Consideration Transferred, Working Capital | $ 1 | |
Energy Systems Company [Member] | ||
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Gross | $ 120 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 60 | |
Customer Contracts | Energy Systems Company [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 59 |
Business Acquisitions CVSR (Det
Business Acquisitions CVSR (Details) - CVSR [Member] - USD ($) | Sep. 02, 2016 | Sep. 01, 2016 | Aug. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | |||||
Payments to Acquire Businesses, Gross | $ 79,000,000 | |||||
Indemnity Receivable | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | ||
Subsequent Event [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | |||||
Payments to Acquire Businesses, Gross | $ 79,000,000 | |||||
Indemnity Receivable | $ 68,000,000 |
Property, Plant and Equipment55
Property, Plant and Equipment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | [3] | ||||
Property, Plant and Equipment | |||||||||
Current assets | $ 350,000,000 | [1] | $ 411,000,000 | $ 416,000,000 | [1],[2] | $ 828,000,000 | |||
Property, plant and equipment, gross | 6,689,000,000 | 6,660,000,000 | [2] | 6,496,000,000 | [2] | ||||
Under construction | 26,000,000 | 9,000,000 | [2] | 9,000,000 | [2] | ||||
Less accumulated depreciation | (855,000,000) | (928,000,000) | (782,000,000) | (487,000,000) | [2] | ||||
Property, Plant and Equipment, Net | 5,834,000,000 | [1] | $ 5,761,000,000 | 5,878,000,000 | [1],[2] | 6,009,000,000 | [2] | ||
Proceeds from renewable energy grants | 0 | 422,000,000 | [3] | $ 25,000,000 | |||||
Support Equipment and Facilities [Member] | |||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment, gross | 6,492,000,000 | 6,480,000,000 | 6,317,000,000 | ||||||
Land and improvements | |||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment, gross | $ 171,000,000 | $ 171,000,000 | 170,000,000 | ||||||
Minimum [Member] | Support Equipment and Facilities [Member] | |||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment, useful life | 2 years | 2 years | 2 years | ||||||
Maximum [Member] | Support Equipment and Facilities [Member] | |||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment, useful life | 40 years | 40 years | 40 years | ||||||
GCE Holding LLC [Member] | |||||||||
Property, Plant and Equipment | |||||||||
Current assets | $ 29,000,000 | $ 34,000,000 | $ 36,000,000 | $ 33,000,000 | |||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||
[2] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||
[3] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Investments Accounted for by 56
Investments Accounted for by the Equity Method and Variable Interest Entities Investments Accounted for by the Equity Method and Variable Interest Entities - Summary Table (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 29, 2015 | Dec. 31, 2014 | ||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Pro-Rate Share of Debt Held by Unconsolidated Affiliates | $ 454 | ||||||||||
Equity Method Investments | $ 683 | $ 689 | [1] | 697 | [1],[2] | $ 308 | [2] | ||||
Business Acquisition, Consideration Transferred, Working Capital | 1 | ||||||||||
Desert Sunlight [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investments | $ 291 | ||||||||||
Payments to Acquire Equity Method Investments | $ 285 | ||||||||||
Business Acquisition, Consideration Transferred, Working Capital | $ 171 | ||||||||||
GCE Holding LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | 49.95% | |||||||
Equity Method Investments | $ 108 | $ 108 | $ 110 | [3],[4] | |||||||
Retained Earnings, Undistributed Earnings from Equity Method Investees | $ 0 | $ 10 | |||||||||
Elkhorn Ridge Wind, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 66.70% | ||||||||||
Percentage of Ownership | [5] | 50.30% | |||||||||
Equity Method Investments | [5] | $ 96 | |||||||||
San Juan Mesa Wind Project, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 75.00% | ||||||||||
Percentage of Ownership | [5] | 56.30% | |||||||||
Equity Method Investments | [5] | $ 80 | |||||||||
NRG DGPV Holdco [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Percentage of Ownership | [6] | 95.00% | |||||||||
Equity Method Investments | 78 | 74 | $ 71 | [6] | |||||||
NRG RPV Holdco [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Percentage of Ownership | [7] | 95.00% | |||||||||
Equity Method Investments | $ 67 | $ 63 | $ 58 | [7] | |||||||
Avenal [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | [4] | 50.00% | |||||||||
Equity Method Investments | [4] | $ (9) | |||||||||
Utility-Scale Solar [Member] | Desert Sunlight [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | 25.00% | ||||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||
[2] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||
[3] | GenConn is a variable interest entity. | ||||||||||
[4] | The Company's interest in GenConn and Avenal increased from 49.95% to 50% on September 30, 2015. | ||||||||||
[5] | San Juan Mesa and Elkhorn Ridge are part of the TE Wind Holdco tax equity structure, as described below. San Juan Mesa and Elkhorn Ridge are owned 75% and 66.7%, respectively, by TE Wind Holdco. The Company owns 75% of the Class B interests in TE Wind Holdco. | ||||||||||
[6] | NRG DGPV Holdco 1 LLC is a tax equity structure and is a VIE. The related allocations are described below. | ||||||||||
[7] | NRG RPV Holdco 1 LLC is a tax equity structure and is a VIE. The related allocations are described below. |
Investments Accounted for by 57
Investments Accounted for by the Equity Method and Variable Interest Entities Investments Accounted for by the Equity Method and Variable Interest Entities - Not consolidated entities (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
Apr. 30, 2010 | Jun. 30, 2016USD ($)facilityMW | Mar. 31, 2016USD ($)facilityMW | Dec. 31, 2015USD ($)MW | Sep. 30, 2015USD ($) | [2] | Jun. 30, 2015USD ($) | [2],[3] | Mar. 31, 2015USD ($) | [1],[2] | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | [2] | Jun. 30, 2014USD ($) | [2] | Mar. 31, 2014USD ($) | [2] | Jun. 30, 2016USD ($)facilityMW | Jun. 30, 2015USD ($) | [3] | Jul. 22, 2013USD ($) | Dec. 31, 2015USD ($)MW | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | [4] | Jan. 31, 2014USD ($) | Sep. 30, 2011USD ($) | Sep. 22, 2010USD ($) | |||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||
Operating revenues | $ 283,000,000 | $ 234,000,000 | [1] | $ 224,000,000 | $ 256,000,000 | $ 259,000,000 | $ 214,000,000 | $ 225,000,000 | [2] | $ 230,000,000 | $ 219,000,000 | $ 154,000,000 | $ 517,000,000 | $ 473,000,000 | $ 953,000,000 | [4] | $ 828,000,000 | [4] | $ 434,000,000 | |||||||||||||||||
Power Generation Capacity, Megawatts | MW | 4,686 | [5] | 4,687 | [6] | 4,687 | [7] | 4,686 | [5] | 4,687 | [7] | ||||||||||||||||||||||||||
Long-term Debt | $ 5,552,000,000 | $ 5,601,000,000 | $ 5,656,000,000 | 5,800,000,000 | $ 5,552,000,000 | $ 5,656,000,000 | 5,800,000,000 | |||||||||||||||||||||||||||||
Operating Income | 128,000,000 | 72,000,000 | [1] | 70,000,000 | 101,000,000 | 99,000,000 | 50,000,000 | 74,000,000 | [2] | 97,000,000 | 82,000,000 | 53,000,000 | 200,000,000 | 149,000,000 | 320,000,000 | [4] | 306,000,000 | [4] | 181,000,000 | |||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 63,000,000 | 1,000,000 | [1],[8] | 12,000,000 | $ 32,000,000 | $ 42,000,000 | [9] | $ (21,000,000) | [8] | 4,000,000 | [2] | $ 41,000,000 | $ 43,000,000 | $ 20,000,000 | 64,000,000 | $ 21,000,000 | [9] | $ 54,000,000 | 65,000,000 | [4],[10] | 108,000,000 | [4],[10] | $ 125,000,000 | [10] | ||||||||||||
Current assets | 411,000,000 | 350,000,000 | [11] | 416,000,000 | [11],[12] | 828,000,000 | 411,000,000 | 416,000,000 | [11],[12] | 828,000,000 | ||||||||||||||||||||||||||
Liabilities, Current | 414,000,000 | 410,000,000 | [11] | 489,000,000 | [11],[13] | 442,000,000 | [13] | 414,000,000 | 489,000,000 | [11],[13] | 442,000,000 | [13] | ||||||||||||||||||||||||
Liabilities, Noncurrent | $ 5,439,000,000 | $ 5,484,000,000 | [11] | $ 5,462,000,000 | [11],[13] | 5,620,000,000 | [13] | $ 5,439,000,000 | $ 5,462,000,000 | [11],[13] | 5,620,000,000 | [13] | ||||||||||||||||||||||||
Avenal [Member] | ||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | [14] | 50.00% | 50.00% | |||||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | 45 | 45 | ||||||||||||||||||||||||||||||||||
Power Purchase Agreement Period | 20 years | |||||||||||||||||||||||||||||||||||
Notes and Loans Payable | $ 35,000,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | |||||||||||||||||||||||||||||||||||
Desert Sunlight [Member] | ||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||
Operating revenues | $ 206,000,000 | |||||||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | 550 | 550 | 550 | 550 | 550 | |||||||||||||||||||||||||||||||
Long-term Debt | $ 1,100,000,000 | 1,500,000,000 | $ 1,100,000,000 | 1,500,000,000 | ||||||||||||||||||||||||||||||||
Operating Income | 124,000,000 | |||||||||||||||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 73,000,000 | |||||||||||||||||||||||||||||||||||
Current assets | 310,000,000 | 310,000,000 | ||||||||||||||||||||||||||||||||||
Non-current assets | 1,435,000,000 | 1,435,000,000 | ||||||||||||||||||||||||||||||||||
Liabilities, Current | 82,000,000 | 82,000,000 | ||||||||||||||||||||||||||||||||||
Liabilities, Noncurrent | $ 1,086,000,000 | $ 1,086,000,000 | ||||||||||||||||||||||||||||||||||
EurusEnergy [Member] | Avenal [Member] | ||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||||||||||||||||||||||||||||||
CVSR [Member] | ||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||
Renewable energy grant, gross | $ 307,000,000 | |||||||||||||||||||||||||||||||||||
Renewable energy grants, net | $ 285,000,000 | |||||||||||||||||||||||||||||||||||
Gen Conn Energy LLC [Member] | ||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | 190 | 190 | 190 | |||||||||||||||||||||||||||||||||
Power Generation Units, Number | facility | 2 | 2 | 2 | |||||||||||||||||||||||||||||||||
SyndicateofBanks [Member] | Avenal [Member] | ||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||
Long-term Debt | $ 143,000,000 | 107,000,000 | $ 143,000,000 | 107,000,000 | $ 209,000,000 | |||||||||||||||||||||||||||||||
CVSR Financing Agreement [Member] | ||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||
Long-term Debt | $ 780,000,000 | $ 780,000,000 | 793,000,000 | 815,000,000 | $ 780,000,000 | $ 793,000,000 | 815,000,000 | |||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.775% | 3.775% | ||||||||||||||||||||||||||||||||||
Other Borrowings | 793,000,000 | $ 815,000,000 | $ 793,000,000 | $ 815,000,000 | ||||||||||||||||||||||||||||||||
CVSR Financing Agreement [Member] | High Plains II [Member] | ||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,200,000,000 | |||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.375% | |||||||||||||||||||||||||||||||||||
Fixed Rate Notes [Member] | Gen Conn Energy LLC [Member] | ||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.73% | 4.73% | ||||||||||||||||||||||||||||||||||
Long-term Debt | $ 220,000,000 | $ 220,000,000 | ||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 237,000,000 | $ 237,000,000 | ||||||||||||||||||||||||||||||||||
Working Capital Facility [Member] | Gen Conn Energy LLC [Member] | ||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.875% | 1.875% | ||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000,000 | $ 35,000,000 | ||||||||||||||||||||||||||||||||||
Working Capital Facility [Member] | GenConn Facility [Member] | ||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 14,000,000 | $ 14,000,000 | ||||||||||||||||||||||||||||||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||||||
[2] | a) The Company's unaudited quarterly financial data was recast for the effect of the effect of the CVSR Drop Down. | |||||||||||||||||||||||||||||||||||
[3] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||||||
[4] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||||||
[5] | Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of June 30, 2016. | |||||||||||||||||||||||||||||||||||
[6] | 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. | |||||||||||||||||||||||||||||||||||
[7] | Total net capacity excludes capacity for RPV Holdco and DGPV Holdco, which are consolidated by NRG, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. | |||||||||||||||||||||||||||||||||||
[8] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||||||
[9] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||||||
[10] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||||||
[11] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||||||
[12] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||||||
[13] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||||||
[14] | The Company's interest in GenConn and Avenal increased from 49.95% to 50% on September 30, 2015. |
Investments Accounted for by 58
Investments Accounted for by the Equity Method and Variable Interest Entities Investments Accounted for by the Equity Method and Variable Interest Entities - VIEs that are consolidated (Details) | Feb. 19, 2016USD ($) | Nov. 03, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2016USD ($)MW | Mar. 31, 2015USD ($) | [6] | Jun. 30, 2016USD ($)MW | Jun. 30, 2015USD ($) | [7] | Dec. 31, 2015USD ($)MW | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | [8] | Nov. 02, 2015USD ($)MW | May 07, 2015 | |||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Other Assets | $ 2,365,000,000 | [1] | $ 2,336,000,000 | $ 2,395,000,000 | [1],[2] | $ 1,957,000,000 | [2] | |||||||||||||
Power Generation Capacity, Megawatts | MW | 4,687 | [3] | 4,686 | [4] | 4,687 | [5] | ||||||||||||||
Business Acquisition, Consideration Transferred, Working Capital | 1,000,000 | |||||||||||||||||||
Proceeds from Noncontrolling Interests | $ 10,000,000 | [6] | $ 0 | $ 8,000,000 | $ 123,000,000 | $ 122,000,000 | 190,000,000 | [8] | $ 0 | |||||||||||
Property, Plant and Equipment, Net | 5,834,000,000 | [1] | 5,761,000,000 | 5,878,000,000 | [1],[2] | 6,009,000,000 | [2] | |||||||||||||
Assets | 8,549,000,000 | [1] | 8,508,000,000 | 8,689,000,000 | [1],[2] | 8,794,000,000 | ||||||||||||||
Liabilities | $ 5,894,000,000 | [1] | $ 5,853,000,000 | $ 5,951,000,000 | [1],[9] | 6,062,000,000 | [9] | |||||||||||||
Net Assets | 2,732,000,000 | |||||||||||||||||||
November 2015 Drop Down Assets [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [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 Acquisition, Consideration Transferred, Working Capital | 2,000,000 | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 669,000,000 | 709,000,000 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 225,000,000 | 219,000,000 | ||||||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 282,000,000 | |||||||||||||||||||
Wind Farms [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | 1,999 | [3] | 1,999 | [4] | 1,999 | |||||||||||||||
Wind Farms [Member] | November 2015 Drop Down Assets [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | [3],[4] | 814 | ||||||||||||||||||
Wind Farms [Member] | Spring Canyon [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 90.10% | |||||||||||||||||||
Wind Farms [Member] | Spring Canyon II [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | 32 | 32 | 32 | |||||||||||||||||
Wind Farms [Member] | Spring Canyon III [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | 28 | 28 | 28 | |||||||||||||||||
Financial Institutions [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Proceeds from Noncontrolling Interests | $ 10,000,000 | $ 8,000,000 | ||||||||||||||||||
Financial Institutions [Member] | November 2015 Drop Down Assets [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Taxable Income Allocation, Pre-Flip | 99.00% | 99.00% | ||||||||||||||||||
Taxable Income Allocation, Post-Flip | 8.53% | 8.53% | ||||||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 159,000,000 | $ 159,000,000 | 199,000,000 | |||||||||||||||||
Pre-Flip Point [Member] | November 2015 Drop Down Assets [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Percentage of Cash Available for Distributions | 75.00% | 75.00% | ||||||||||||||||||
Post-Flip Point [Member] | November 2015 Drop Down Assets [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Percentage of Cash Available for Distributions | 68.60% | 68.60% | ||||||||||||||||||
Pre-determined Date Through Flip Point If Flip Has Not Occured [Member] | Financial Institutions [Member] | November 2015 Drop Down Assets [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Percentage of Cash Available for Distributions | 100.00% | 100.00% | ||||||||||||||||||
November 2015 Drop Down Assets [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Other Assets | 205,000,000 | 190,000,000 | 204,000,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 663,000,000 | |||||||||||||||||||
Property, Plant and Equipment, Net | 651,000,000 | 638,000,000 | ||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 2,000,000 | 2,000,000 | 2,000,000 | |||||||||||||||||
Assets | 858,000,000 | 830,000,000 | 869,000,000 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 220,000,000 | |||||||||||||||||||
Liabilities | 226,000,000 | 215,000,000 | 220,000,000 | |||||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 268,000,000 | |||||||||||||||||||
Noncontrolling Interest in Variable Interest Entity | 260,000,000 | 235,000,000 | ||||||||||||||||||
Net Assets | 372,000,000 | 380,000,000 | 381,000,000 | |||||||||||||||||
Alta X and XI TE Holdco [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Other Assets | 21,000,000 | 27,000,000 | 18,000,000 | |||||||||||||||||
Proceeds from Noncontrolling Interests | 119,000,000 | |||||||||||||||||||
Property, Plant and Equipment, Net | 478,000,000 | 472,000,000 | 484,000,000 | |||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 284,000,000 | 281,000,000 | 287,000,000 | |||||||||||||||||
Assets | 783,000,000 | 780,000,000 | 789,000,000 | |||||||||||||||||
Liabilities | 8,000,000 | 8,000,000 | 10,000,000 | |||||||||||||||||
Noncontrolling Interest in Variable Interest Entity | 123,000,000 | 121,000,000 | 121,000,000 | |||||||||||||||||
Net Assets | 652,000,000 | 651,000,000 | $ 658,000,000 | |||||||||||||||||
Alta X and XI TE Holdco [Member] | Financial Institutions [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Taxable Income Allocation, Pre-Flip | 99.00% | |||||||||||||||||||
Taxable Income Allocation, Post-Flip | 5.00% | |||||||||||||||||||
Proceeds from Noncontrolling Interests | $ 119,000,000 | $ 122,000,000 | $ 190,000,000 | |||||||||||||||||
Alta X and XI TE Holdco [Member] | Post-Flip Point [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Percentage of Cash Available for Distributions | 97.12% | |||||||||||||||||||
Alta X and XI TE Holdco [Member] | Pre-determined Date Through Flip Point If Flip Has Not Occured [Member] | Financial Institutions [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Percentage of Cash Available for Distributions | 100.00% | |||||||||||||||||||
Alta X and XI TE Holdco [Member] | First Year [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Percentage of Cash Available for Distributions | 100.00% | |||||||||||||||||||
Alta X and XI TE Holdco [Member] | Second Year through Flip Point [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Percentage of Cash Available for Distributions | 94.34% | |||||||||||||||||||
Spring Canyon [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Other Assets | 4,000,000 | 4,000,000 | $ 3,000,000 | |||||||||||||||||
Property, Plant and Equipment, Net | 104,000,000 | 102,000,000 | 104,000,000 | |||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | 0 | |||||||||||||||||
Assets | 108,000,000 | 106,000,000 | 107,000,000 | |||||||||||||||||
Liabilities | 7,000,000 | 6,000,000 | 5,000,000 | |||||||||||||||||
Noncontrolling Interest in Variable Interest Entity | 71,000,000 | 70,000,000 | 70,000,000 | |||||||||||||||||
Net Assets | $ 30,000,000 | $ 30,000,000 | $ 32,000,000 | |||||||||||||||||
Spring Canyon [Member] | Pre-Flip Point [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Percentage of Cash Available for Distributions | 65.19% | |||||||||||||||||||
Spring Canyon [Member] | Pre-Flip Point [Member] | Financial Institutions [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Percentage of Cash Available for Distributions | 34.81% | |||||||||||||||||||
Spring Canyon [Member] | Post-Flip Point [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Percentage of Cash Available for Distributions | 95.00% | |||||||||||||||||||
Spring Canyon [Member] | Post-Flip Point [Member] | Financial Institutions [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Percentage of Cash Available for Distributions | 5.00% | |||||||||||||||||||
Subsequent Event [Member] | November 2015 Drop Down Assets [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||
Payments to Acquire Businesses, Gross | 207,000,000 | |||||||||||||||||||
Business Acquisition, Consideration Transferred, Working Capital | $ 2,000,000 | |||||||||||||||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[2] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[3] | a) 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. | |||||||||||||||||||
[4] | Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of June 30, 2016. | |||||||||||||||||||
[5] | Total net capacity excludes capacity for RPV Holdco and DGPV Holdco, which are consolidated by NRG, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. | |||||||||||||||||||
[6] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[7] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[8] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[9] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Investments Accounted for by 59
Investments Accounted for by the Equity Method and Variable Interest Entities Investments Accounted for by the Equity Method and Variable Interest Entities - VIEs that are not consolidated (Details) | May 08, 2015generatingunitMW | Apr. 09, 2015generatingunitMW | Jun. 30, 2016USD ($)generatingunitMW | Mar. 31, 2016USD ($)generatingunitMW | Dec. 31, 2015USD ($)MW | Sep. 30, 2015USD ($) | [4] | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | [4] | Jun. 30, 2014USD ($) | [4] | Mar. 31, 2014USD ($) | [4] | Jun. 30, 2016USD ($)generatingunitMW | Jun. 30, 2015USD ($) | Jul. 22, 2013USD ($) | Dec. 31, 2015USD ($)MW | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Aug. 05, 2016USD ($) | Feb. 29, 2016USD ($) | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||
Current assets | $ 411,000,000 | $ 350,000,000 | [1] | $ 416,000,000 | [1],[2] | $ 828,000,000 | $ 411,000,000 | $ 416,000,000 | [1],[2] | $ 828,000,000 | |||||||||||||||||||||||||
Revenues | 283,000,000 | 234,000,000 | [3] | 224,000,000 | $ 256,000,000 | $ 259,000,000 | [4],[5] | $ 214,000,000 | [3],[4] | 225,000,000 | [4] | $ 230,000,000 | $ 219,000,000 | $ 154,000,000 | 517,000,000 | $ 473,000,000 | [5] | 953,000,000 | [6] | 828,000,000 | [6] | $ 434,000,000 | [6] | ||||||||||||
Equity Method Investments | $ 683,000,000 | $ 689,000,000 | [1] | $ 697,000,000 | [1],[2] | 308,000,000 | [2] | $ 683,000,000 | $ 697,000,000 | [1],[2] | 308,000,000 | [2] | |||||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | 4,686 | [7] | 4,687 | [8] | 4,687 | [9] | 4,686 | [7] | 4,687 | [9] | |||||||||||||||||||||||||
Liabilities, Current | $ 414,000,000 | $ 410,000,000 | [1] | $ 489,000,000 | [1],[10] | 442,000,000 | [10] | $ 414,000,000 | $ 489,000,000 | [1],[10] | 442,000,000 | [10] | |||||||||||||||||||||||
Liabilities, Noncurrent | 5,439,000,000 | 5,484,000,000 | [1] | 5,462,000,000 | [1],[10] | 5,620,000,000 | [10] | 5,439,000,000 | 5,462,000,000 | [1],[10] | 5,620,000,000 | [10] | |||||||||||||||||||||||
Operating Income | 128,000,000 | 72,000,000 | [3] | 70,000,000 | 101,000,000 | 99,000,000 | [4],[5] | 50,000,000 | [3],[4] | 74,000,000 | [4] | 97,000,000 | 82,000,000 | 53,000,000 | 200,000,000 | 149,000,000 | [5] | 320,000,000 | [6] | 306,000,000 | [6] | 181,000,000 | [6] | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 63,000,000 | 1,000,000 | [3],[11] | 12,000,000 | $ 32,000,000 | 42,000,000 | [4],[5],[12] | (21,000,000) | [3],[4],[11] | 4,000,000 | [4] | $ 41,000,000 | $ 43,000,000 | $ 20,000,000 | 64,000,000 | 21,000,000 | [5],[12] | $ 54,000,000 | 65,000,000 | [6],[13] | 108,000,000 | [6],[13] | 125,000,000 | [6],[13] | |||||||||||
GCE Holding LLC [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||
Current assets | 34,000,000 | 29,000,000 | 36,000,000 | 33,000,000 | 34,000,000 | 36,000,000 | 33,000,000 | ||||||||||||||||||||||||||||
Revenues | 18,000,000 | 18,000,000 | 18,000,000 | 22,000,000 | 36,000,000 | 40,000,000 | 78,000,000 | 82,000,000 | 80,000,000 | ||||||||||||||||||||||||||
Equity Method Investments | 108,000,000 | 108,000,000 | 110,000,000 | [14],[15] | 108,000,000 | 110,000,000 | [14],[15] | ||||||||||||||||||||||||||||
Non-current assets | 408,000,000 | 411,000,000 | 416,000,000 | 438,000,000 | 408,000,000 | 416,000,000 | 438,000,000 | ||||||||||||||||||||||||||||
Liabilities, Current | 14,000,000 | 13,000,000 | 16,000,000 | 20,000,000 | 14,000,000 | 16,000,000 | 20,000,000 | ||||||||||||||||||||||||||||
Liabilities, Noncurrent | 211,000,000 | 211,000,000 | 215,000,000 | $ 223,000,000 | 211,000,000 | 215,000,000 | 223,000,000 | ||||||||||||||||||||||||||||
Operating Income | 10,000,000 | 9,000,000 | 11,000,000 | 9,000,000 | 19,000,000 | (20,000,000) | 40,000,000 | (40,000,000) | 44,000,000 | ||||||||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 6,000,000 | 7,000,000 | $ 8,000,000 | $ 6,000,000 | 13,000,000 | $ 14,000,000 | 28,000,000 | $ 28,000,000 | $ 31,000,000 | ||||||||||||||||||||||||||
NRG DGPV Fund 1 [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||
Remaining Lease Term | 19 years | ||||||||||||||||||||||||||||||||||
NRG DGPV Holdco [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||
Equity Method Investments | 78,000,000 | 74,000,000 | 71,000,000 | [16] | 78,000,000 | 71,000,000 | [16] | ||||||||||||||||||||||||||||
NRG RPV Holdco [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||
Equity Method Investments | $ 67,000,000 | $ 63,000,000 | 58,000,000 | [17] | $ 67,000,000 | 58,000,000 | [17] | ||||||||||||||||||||||||||||
Tax Equity Financed Portfolio of Leases - Community Solar [Member] | NRG DGPV Fund 1 [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||
Equity Method Investments | 17,000,000 | 17,000,000 | |||||||||||||||||||||||||||||||||
Number of Solar Leases in Portfolio | generatingunit | 10 | ||||||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | 8 | ||||||||||||||||||||||||||||||||||
Remaining Lease Term | 20 years | ||||||||||||||||||||||||||||||||||
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 - Commercial PV [Member] | NRG DGPV Fund 2 [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||
Equity Method Investments | 55,000,000 | 55,000,000 | |||||||||||||||||||||||||||||||||
Due to Affiliate | 44,000,000 | 44,000,000 | |||||||||||||||||||||||||||||||||
Number of Solar Leases in Portfolio | generatingunit | 12 | ||||||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | 37 | ||||||||||||||||||||||||||||||||||
Existing Portfolio of Leases [Member] | NRG RPV Holdco [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||
Equity Method Investments | 26,000,000 | 26,000,000 | |||||||||||||||||||||||||||||||||
Number of Solar Leases in Portfolio | generatingunit | 2,200 | 2,200 | 2,200 | 2,200 | |||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | 17 | 17 | 17 | 17 | |||||||||||||||||||||||||||||||
Remaining Lease Term | 17 years | 17 years | 17 years | ||||||||||||||||||||||||||||||||
Tax Equity Financed Portfolio of Leases [Member] | NRG RPV Holdco [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||
Equity Method Investments | 36,000,000 | 36,000,000 | |||||||||||||||||||||||||||||||||
Number of Solar Leases in Portfolio | generatingunit | 5,700 | 5,500 | 5,700 | 5,500 | |||||||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | 40 | 38 | 40 | 38 | |||||||||||||||||||||||||||||||
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 | 17 years | 17 years | ||||||||||||||||||||||||||||||||
Maximum [Member] | Tax Equity Financed Portfolio of Leases [Member] | NRG DGPV Fund 1 [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||
Equity Method Investments | $ 100,000,000 | $ 100,000,000 | 100,000,000 | $ 100,000,000 | 100,000,000 | ||||||||||||||||||||||||||||||
Maximum [Member] | Tax Equity Financed Portfolio of Leases [Member] | NRG DGPV Fund 2 [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||
Equity Method Investments | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||||||||||||||||||||
Maximum [Member] | Tax Equity Financed Portfolio of Leases [Member] | NRG RPV Holdco [Member] | |||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||
Equity Method Investments | 150,000,000 | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | ||||||||||||||||||||||||||||||
Remaining Lease Term | 20 years | 20 years | 20 years | ||||||||||||||||||||||||||||||||
Capital Contributions From Partners in Equity Method Investment | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | $ 60,000,000 | $ 100,000,000 | ||||||||||||||||||||||||||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||||||||||
[2] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||||||||||
[3] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||||||||||
[4] | a) The Company's unaudited quarterly financial data was recast for the effect of the effect of the CVSR Drop Down. | ||||||||||||||||||||||||||||||||||
[5] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||||||||||
[6] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||||||||||
[7] | Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of June 30, 2016. | ||||||||||||||||||||||||||||||||||
[8] | 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. | ||||||||||||||||||||||||||||||||||
[9] | Total net capacity excludes capacity for RPV Holdco and DGPV Holdco, which are consolidated by NRG, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. | ||||||||||||||||||||||||||||||||||
[10] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||||||||||
[11] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||||||||||
[12] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||||||||||
[13] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||||||||||
[14] | GenConn is a variable interest entity. | ||||||||||||||||||||||||||||||||||
[15] | The Company's interest in GenConn and Avenal increased from 49.95% to 50% on September 30, 2015. | ||||||||||||||||||||||||||||||||||
[16] | NRG DGPV Holdco 1 LLC is a tax equity structure and is a VIE. The related allocations are described below. | ||||||||||||||||||||||||||||||||||
[17] | NRG RPV Holdco 1 LLC is a tax equity structure and is a VIE. The related allocations are described below. |
Fair Value of Financial Instr60
Fair Value of Financial Instruments Fair Value of Financial Instruments - Balance Sheet Grouping (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term Debt and Capital Lease Obligations, Including Current Maturities | $ 5,731 | |||
Reported Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financing Receivable, Net | $ 38 | $ 42 | $ 47 | 61 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | 5,552 | 5,601 | 5,656 | 5,800 |
Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financing Receivable, Net | 38 | 42 | 47 | 61 |
Long-term Debt and Capital Lease Obligations, Including Current Maturities | $ 5,552 | $ 5,543 | $ 5,538 | $ 5,886 |
Fair Value of Financial Instr61
Fair Value of Financial Instruments Fair Value of Financial Instruments - Recurring Fair Value Measurements (Details) - USD ($) | 12 Months Ended | ||||||||
Dec. 31, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2014 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | $ 0 | ||||||||
Derivative Assets | $ 1,000,000 | $ 4,000,000 | |||||||
Derivative Liability, Fair Value, Gross Liability | 100,000,000 | 159,000,000 | $ 148,000,000 | 129,000,000 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | ||||||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | |||||||
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 | |||||||
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 | |||||||
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | 0 | |||||||
Fair Value, Inputs, Level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Derivative Assets | 0 | [1] | 1,000,000 | [2] | 4,000,000 | [1] | |||
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 | 0 | 0 | |||||
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 | 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 | 100,000,000 | [1],[3] | 159,000,000 | [2] | 148,000,000 | [3] | 129,000,000 | [1] | |
Commodity contracts | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Derivative Assets | 2,000,000 | ||||||||
Derivative Liability, Fair Value, Gross Liability | 3,000,000 | ||||||||
Commodity contracts | 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 Assets | 0 | [1] | 1,000,000 | [2] | 2,000,000 | [1] | |||
Derivative Liability, Fair Value, Gross Liability | 2,000,000 | [1],[3] | 0 | [2] | 2,000,000 | [3] | 3,000,000 | [1] | |
Interest Rate Contract [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Derivative Assets | 2,000,000 | ||||||||
Derivative Liability, Fair Value, Gross Liability | 126,000,000 | ||||||||
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 Assets | [1] | 0 | 2,000,000 | ||||||
Derivative Liability, Fair Value, Gross Liability | $ 98,000,000 | [1],[3] | $ 159,000,000 | [2] | $ 146,000,000 | [3] | $ 126,000,000 | [1] | |
[1] | There were no assets or liabilities classified as Level 1 or Level 3 as of December 31, 2015, and 2014 | ||||||||
[2] | (a) There were no assets or liabilities classified as Level 1 or Level 3 as of June 30, 2016, and December 31, 2015. | ||||||||
[3] | (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 Instr62
Fair Value of Financial Instruments Fair Value of Financial Instruments - Derivative FV Measurement and Credit Risk (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Fair Value Assets, Measured on Recurring Basis, Valuation Techniques, Impact of Credit Reserve to Fair Value | $ 3 | $ 5 | $ 1 |
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $ 2,900 | $ 2,600 | $ 2,800 |
Estimated Counterparty Credit Risk Exposure to Certain Counterparties, Period | 5 years | 5 years | 5 years |
Interest Expense [Member] | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Fair Value Assets, Measured on Recurring Basis, Valuation Techniques, Impact of Credit Reserve to Fair Value | $ 1 | $ 1 | |
Gain (Loss) on Derivative Instruments [Member] | |||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | |||
Fair Value Assets, Measured on Recurring Basis, Valuation Techniques, Impact of Credit Reserve to Fair Value | $ 2 | $ 4 |
Accounting for Derivative Ins63
Accounting for Derivative Instruments and Hedging Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jul. 22, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||
Derivative [Line Items] | ||||||||||||||||
Long-term Debt | $ 5,552 | $ 5,601 | $ 5,552 | $ 5,656 | $ 5,800 | |||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | |||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||
Derivative Liabilities | (159) | (148) | (159) | (100) | (129) | |||||||||||
Derivative Assets | 1 | 1 | 4 | |||||||||||||
Derivative instruments — affiliate | 1 | 1 | 0 | [1] | 2 | [1] | ||||||||||
Fair Value of Gross Derivative Assets/(Liabilities), Net | (125) | |||||||||||||||
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | |||||||||||||||
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | (125) | |||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||||||||||||||||
Accumulated OCL beginning balance | (124) | (83) | $ (96) | $ (76) | (83) | $ (76) | $ (68) | (76) | (16) | $ (68) | ||||||
Mark-to-market of cash flow hedge accounting contracts | (16) | (41) | [2] | 23 | (20) | [2] | (57) | 3 | (7) | [3] | (60) | [3] | 52 | [3] | ||
Accumulated OCL ending balance, net of income tax benefit of $16, $6 and $1, respectively | (140) | (124) | (73) | (96) | $ (16) | (140) | (73) | (83) | (76) | (16) | ||||||
Accumulated OCL ending balance, net of income tax benefit of $16, $6 and $1, respectively | 28 | 25 | 10 | 14 | 1 | 28 | 10 | 16 | 6 | 1 | ||||||
Loss expected to be realized from OCI during the next 12 months, net of tax | 17 | (19) | 14 | |||||||||||||
Summary of Derivative Instruments Impact on Results of Operations | ||||||||||||||||
Unrealized gain/(loss) on derivatives | 7 | $ 41 | (7) | (60) | ||||||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | |||||||||||||||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 | ||||||||||||||
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 | ||||||||||||||
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 | ||||||||||||||
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | 0 | ||||||||||||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months, Tax | 4 | 4 | 4 | 3 | ||||||||||||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 | 0 | 0 | 0 | |||||||||||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | 0 | 0 | 0 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 3 | 3 | 4 | 3 | 6 | 7 | 14 | 14 | 14 | |||||||
Derivatives Designated as Cash Flow Hedges | ||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||
Derivative Liabilities | (142) | (131) | (142) | (90) | (101) | |||||||||||
Derivative Assets | 0 | 0 | 2 | |||||||||||||
Derivatives Not Designated as Cash Flow Hedges | ||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||
Derivative Liabilities | (17) | (17) | (17) | (10) | (28) | |||||||||||
Derivative Assets | 1 | 1 | 2 | |||||||||||||
Interest rate contracts current | Derivatives Designated as Cash Flow Hedges | ||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||
Derivative Liabilities | (34) | (33) | (34) | (34) | (44) | |||||||||||
Derivative Assets | 0 | 0 | 0 | |||||||||||||
Interest rate contracts current | Derivatives Not Designated as Cash Flow Hedges | ||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||
Derivative Liabilities | (3) | (3) | (3) | (3) | (5) | |||||||||||
Derivative Assets | 0 | 0 | 0 | |||||||||||||
Interest rate contracts long-term | Derivatives Designated as Cash Flow Hedges | ||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||
Derivative Liabilities | (108) | (98) | (108) | (56) | (57) | |||||||||||
Derivative Assets | 0 | 0 | 2 | |||||||||||||
Interest rate contracts long-term | Derivatives Not Designated as Cash Flow Hedges | ||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||
Derivative Liabilities | (14) | (12) | (14) | (5) | (20) | |||||||||||
Derivative Assets | 0 | 0 | 0 | |||||||||||||
Commodity contracts current | Derivatives Not Designated as Cash Flow Hedges | ||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||
Derivative Liabilities | 0 | (2) | 0 | (2) | (3) | |||||||||||
Derivative Assets | 1 | 1 | 2 | |||||||||||||
Commodity contracts | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivative Liability | (3) | |||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||
Derivative Liabilities | (3) | |||||||||||||||
Derivative Assets | 2 | |||||||||||||||
Derivative instruments — affiliate | 2 | |||||||||||||||
Fair Value of Gross Derivative Assets/(Liabilities), Net | (1) | |||||||||||||||
Derivative Liability, Fair Value, Gross Asset | 0 | |||||||||||||||
Derivative Asset, Fair Value, Gross Liability | 0 | |||||||||||||||
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | |||||||||||||||
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | (1) | |||||||||||||||
Interest Rate Contract [Member] | ||||||||||||||||
Derivative [Line Items] | ||||||||||||||||
Derivative Liability | (124) | |||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||
Derivative Liabilities | (126) | |||||||||||||||
Derivative Assets | 2 | |||||||||||||||
Derivative instruments — affiliate | 0 | |||||||||||||||
Fair Value of Gross Derivative Assets/(Liabilities), Net | (124) | |||||||||||||||
Derivative Liability, Fair Value, Gross Asset | 2 | |||||||||||||||
Derivative Asset, Fair Value, Gross Liability | (2) | |||||||||||||||
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | |||||||||||||||
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | (124) | |||||||||||||||
Successor [Member] | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||||||||||||||||
Accumulated OCL beginning balance | (44) | (27) | (23) | (9) | (27) | (9) | (9) | 0 | ||||||||
Accumulated OCL ending balance, net of income tax benefit of $16, $6 and $1, respectively | (47) | (44) | (16) | (23) | 0 | (47) | (16) | (27) | (9) | 0 | ||||||
Noncontrolling Interest [Member] | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||||||||||||||||
Accumulated OCL beginning balance | (80) | (56) | (73) | (67) | (56) | (67) | (67) | (16) | ||||||||
Accumulated OCL ending balance, net of income tax benefit of $16, $6 and $1, respectively | $ (93) | $ (80) | $ (57) | $ (73) | (16) | $ (93) | $ (57) | $ (56) | (67) | $ (16) | ||||||
Summary of Derivative Instruments Impact on Results of Operations | ||||||||||||||||
Unrealized gain/(loss) on derivatives | $ 10 | $ (51) | ||||||||||||||
[1] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||
[2] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||
[3] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Accounting for Derivative Ins64
Accounting for Derivative Instruments and Hedging Activities Accounting for Derivative Instruments and Hedging Activities - FV of Derivatives (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | $ 159 | $ 148 | $ 100 | $ 129 | ||
Derivative Assets | 1 | 4 | ||||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | 0 | 0 | ||
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 | 0 | 0 | ||
Derivative instruments — affiliate | 1 | 0 | [1] | 2 | [1] | |
Fair Value of Gross Derivative Assets/(Liabilities), Net | (125) | |||||
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | |||||
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | (125) | |||||
Natural Gas [Member] | MMbtu [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 4 | 3 | 4 | 2 | ||
Interest [Member] | Dollars | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 1,932 | 1,952 | 1,991 | 3,059 | ||
Derivatives Designated as Cash Flow Hedges | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 142 | 131 | 90 | 101 | ||
Derivative Assets | 0 | 2 | ||||
Derivatives Not Designated as Cash Flow Hedges | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 17 | 17 | 10 | 28 | ||
Derivative Assets | 1 | 2 | ||||
Commodity contracts | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 3 | |||||
Derivative Assets | 2 | |||||
Derivative Asset, Fair Value, Gross Liability | 0 | |||||
Derivative instruments — affiliate | 2 | |||||
Derivative Liability, Fair Value, Gross Asset | 0 | |||||
Derivative Liability | 3 | |||||
Fair Value of Gross Derivative Assets/(Liabilities), Net | (1) | |||||
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | |||||
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | (1) | |||||
Interest rate contracts current | Derivatives Designated as Cash Flow Hedges | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 34 | 33 | 34 | 44 | ||
Derivative Assets | 0 | 0 | ||||
Interest rate contracts current | Derivatives Not Designated as Cash Flow Hedges | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 3 | 3 | 3 | 5 | ||
Derivative Assets | 0 | 0 | ||||
Interest rate contracts long-term | Derivatives Designated as Cash Flow Hedges | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 108 | 98 | 56 | 57 | ||
Derivative Assets | 0 | 2 | ||||
Interest rate contracts long-term | Derivatives Not Designated as Cash Flow Hedges | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 14 | 12 | 5 | 20 | ||
Derivative Assets | 0 | 0 | ||||
Commodity contracts current | Derivatives Not Designated as Cash Flow Hedges | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 0 | $ 2 | $ 2 | 3 | ||
Derivative Assets | $ 1 | 2 | ||||
Interest Rate Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 126 | |||||
Derivative Assets | 2 | |||||
Derivative Asset, Fair Value, Gross Liability | 2 | |||||
Derivative instruments — affiliate | 0 | |||||
Derivative Liability, Fair Value, Gross Asset | 2 | |||||
Derivative Liability | 124 | |||||
Fair Value of Gross Derivative Assets/(Liabilities), Net | (124) | |||||
Derivative Asset Fair Value Gross Liability Net Of Derivative Liability Fair Value Gross Asset | 0 | |||||
Derivative Asset, Fair Value, Amount Offset Against Collateral Net Of Derivative Liability, Fair Value, Amount Offset Against Collateral | $ (124) | |||||
[1] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Accounting for Derivative Ins65
Accounting for Derivative Instruments and Hedging Activities Accounting for Derivative Instruments and Hedging Activities - AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | $ (19) | $ (44) | $ 19 | $ (23) | $ (63) | $ (4) | $ (21) | $ (74) | $ 38 | |
Accumulated OCL beginning balance | (140) | (124) | (73) | (96) | (140) | (73) | (83) | (76) | (16) | $ (68) |
Loss expected to be realized from OCI during the next 12 months, net of tax | 17 | (19) | 14 | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 3 | 3 | 4 | 3 | 6 | 7 | 14 | 14 | 14 | |
Noncontrolling Interest [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Accumulated OCL beginning balance | (93) | (80) | (57) | (73) | (93) | (57) | (56) | (67) | (16) | |
Successor [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Accumulated OCL beginning balance | $ (47) | $ (44) | $ (16) | $ (23) | $ (47) | $ (16) | $ (27) | $ (9) | $ 0 |
Accounting for Derivative Ins66
Accounting for Derivative Instruments and Hedging Activities Accounting for Derivative Instruments and Hedging Activities - Impact of Statement of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | |||||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jul. 22, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Unrealized gain/(loss) on derivatives | $ (7) | $ (41) | $ 7 | $ 60 | ||||||
Interest Rate Contract [Member] | Interest Expense [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Unrealized gain/(loss) on derivatives | $ (2) | $ (7) | $ (31) | $ 12 | $ (9) | $ (19) | (16) | 22 | ||
Commodity contracts | Sales [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Unrealized gain/(loss) on derivatives | $ (4) | $ (7) | $ (3) | $ 2 | $ (2) |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2016 | Mar. 31, 2016 | ||||
Finite-Lived Intangible Assets | ||||||||
Gross amount at the end of the period | $ 1,455 | $ 1,462 | $ 113 | |||||
Gross amount at the beginning of the period | 1,462 | 113 | ||||||
Less accumulated amortization | (93) | (38) | $ (132) | $ (111) | ||||
Net carrying amount | 1,362 | [1],[2] | 1,424 | [2] | $ 1,321 | $ 1,338 | [1] | |
Amortization of Intangible Assets | $ 55 | 30 | 4 | |||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||||
Finite-Lived Intangible Assets, Other Changes | $ (7) | 4 | ||||||
Contra Revenue Intangibles Amortization | 54 | 29 | 0 | |||||
Accumulated Amortization of Out of Market Contracts | 3 | |||||||
Out of Market Contracts Amortization Expense | 0 | |||||||
Estimated amortization related to the Company's finite-lived intangible assets | ||||||||
Estimated intangible assets amortization, 2016 | 70 | |||||||
Estimated intangible assets amortization, 2017 | 70 | |||||||
Estimated intangible assets amortization, 2018 | 71 | |||||||
Estimated intangible assets amortization, 2019 | 71 | |||||||
Estimated intangible assets amortization, 2020 | 71 | |||||||
Customer Contracts | ||||||||
Finite-Lived Intangible Assets | ||||||||
Gross amount at the end of the period | 15 | 15 | 15 | |||||
Gross amount at the beginning of the period | 15 | 15 | ||||||
Less accumulated amortization | (6) | (5) | ||||||
Net carrying amount | 9 | 10 | ||||||
Finite-Lived Intangible Assets, Other Changes | 0 | 0 | ||||||
Customer Relationships | ||||||||
Finite-Lived Intangible Assets | ||||||||
Gross amount at the end of the period | 66 | 66 | 66 | |||||
Gross amount at the beginning of the period | 66 | 66 | ||||||
Less accumulated amortization | (3) | (2) | ||||||
Net carrying amount | 63 | 64 | ||||||
Finite-Lived Intangible Assets, Other Changes | 0 | 0 | ||||||
Supply Commitment Arrangement [Domain] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Gross amount at the end of the period | 1,263 | 1,269 | 14 | |||||
Gross amount at the beginning of the period | 1,269 | 14 | ||||||
Less accumulated amortization | (75) | (26) | ||||||
Net carrying amount | 1,188 | 1,243 | ||||||
Finite-Lived Intangible Assets, Other Changes | (6) | 3 | ||||||
Other Intangible Assets [Member] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Gross amount at the end of the period | 6 | 6 | 6 | |||||
Gross amount at the beginning of the period | 6 | 6 | ||||||
Less accumulated amortization | (2) | (2) | ||||||
Net carrying amount | 4 | 4 | ||||||
Finite-Lived Intangible Assets, Other Changes | 0 | 0 | ||||||
Emission Allowances [Member] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Gross amount at the end of the period | 15 | 16 | 8 | |||||
Gross amount at the beginning of the period | 16 | 8 | ||||||
Less accumulated amortization | (1) | 0 | ||||||
Net carrying amount | 14 | 16 | ||||||
Finite-Lived Intangible Assets, Other Changes | (1) | 1 | ||||||
Research and Development Expense [Member] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Gross amount at the end of the period | 4 | 4 | 4 | |||||
Gross amount at the beginning of the period | 4 | 4 | ||||||
Less accumulated amortization | (1) | (1) | ||||||
Net carrying amount | 3 | 3 | ||||||
Finite-Lived Intangible Assets, Other Changes | 0 | 0 | ||||||
Leasehold Rights [Member] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Gross amount at the end of the period | 86 | 86 | $ 0 | |||||
Gross amount at the beginning of the period | 86 | 0 | ||||||
Less accumulated amortization | (5) | (2) | ||||||
Net carrying amount | 81 | 84 | ||||||
Finite-Lived Intangible Assets, Other Changes | 0 | 0 | ||||||
Out of Market Contracts [Member] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Amortization | 1 | |||||||
NRG Solar Blythe LLC [Member] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Out of Market Contracts | 5 | |||||||
Spring Canyon [Member] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Out of Market Contracts | $ 3 | |||||||
Finite-Lived Intangible Asset, Useful Life | 25 years | |||||||
Alta Wind XI [Member] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Out of Market Contracts | $ 5 | |||||||
January 2015 Drop Down Assets [Member] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Acquisition of Spring Canyon | 167 | |||||||
January 2015 Drop Down Assets [Member] | Customer Contracts | ||||||||
Finite-Lived Intangible Assets | ||||||||
Acquisition of Spring Canyon | 0 | |||||||
January 2015 Drop Down Assets [Member] | Customer Relationships | ||||||||
Finite-Lived Intangible Assets | ||||||||
Acquisition of Spring Canyon | 0 | |||||||
January 2015 Drop Down Assets [Member] | Supply Commitment Arrangement [Domain] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Acquisition of Spring Canyon | 160 | |||||||
January 2015 Drop Down Assets [Member] | Other Intangible Assets [Member] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Acquisition of Spring Canyon | 0 | |||||||
January 2015 Drop Down Assets [Member] | Emission Allowances [Member] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Acquisition of Spring Canyon | 7 | |||||||
January 2015 Drop Down Assets [Member] | Research and Development Expense [Member] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Acquisition of Spring Canyon | 0 | |||||||
January 2015 Drop Down Assets [Member] | Leasehold Rights [Member] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Acquisition of Spring Canyon | 0 | |||||||
Alta Wind Portfolio [Member] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Acquisition of Spring Canyon | 1,178 | |||||||
Alta Wind Portfolio [Member] | Customer Contracts | ||||||||
Finite-Lived Intangible Assets | ||||||||
Acquisition of Spring Canyon | 0 | |||||||
Alta Wind Portfolio [Member] | Customer Relationships | ||||||||
Finite-Lived Intangible Assets | ||||||||
Acquisition of Spring Canyon | 0 | |||||||
Alta Wind Portfolio [Member] | Supply Commitment Arrangement [Domain] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Acquisition of Spring Canyon | 1,092 | |||||||
Alta Wind Portfolio [Member] | Other Intangible Assets [Member] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Acquisition of Spring Canyon | 0 | |||||||
Alta Wind Portfolio [Member] | Emission Allowances [Member] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Acquisition of Spring Canyon | 0 | |||||||
Alta Wind Portfolio [Member] | Research and Development Expense [Member] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Acquisition of Spring Canyon | 0 | |||||||
Alta Wind Portfolio [Member] | Leasehold Rights [Member] | ||||||||
Finite-Lived Intangible Assets | ||||||||
Acquisition of Spring Canyon | $ 86 | |||||||
Weighted average remaining amortization period (in years) | 18 years | |||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||
[2] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Long-term Debt Long-term Debt -
Long-term Debt Long-term Debt - Summary Table (Details) - USD ($) $ in Thousands | May 29, 2015 | Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 01, 2016 | Dec. 31, 2014 | Jul. 11, 2013 | |||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3 month LIBOR | |||||||||||
Long-term Debt | $ 5,601,000 | $ 5,552,000 | $ 5,656,000 | $ 5,800,000 | ||||||||
Long-term Debt, Current Maturities | 264,000 | 245,000 | ||||||||||
Debt Issuance Costs, Net | 62,000 | 60,000 | 63,000 | [1] | 69,000 | [1] | ||||||
Long-term Debt, Excluding Current Maturities | 5,274,000 | 5,218,000 | 5,329,000 | 5,486,000 | ||||||||
Pro-Rate Share of Debt Held by Unconsolidated Affiliates | 454,000 | |||||||||||
Other Debt [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | 1,000 | 1,000 | 2,000 | 3,000 | ||||||||
Letters of Credit Outstanding, Amount | 0 | 0 | ||||||||||
Project [Domain] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | 4,186,000 | 4,133,000 | 4,254,000 | 4,974,000 | ||||||||
3.25% Convertible Notes due 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Expense at Effective Rate | 8,000 | |||||||||||
Long-term Debt | $ 267,000 | [2] | $ 268,000 | [3] | $ 266,000 | [2],[3],[4] | 0 | [4] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | 3.25% | |||||||||
Debt Instrument, Unamortized Discount | $ 20,000 | $ 19,000 | $ 21,000 | |||||||||
3.5% Convertible Notes due 2019 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest Expense at Effective Rate | 18,000 | |||||||||||
Long-term Debt | $ 332,000 | [5] | $ 333,000 | [6] | $ 330,000 | [5],[6],[7] | 326,000 | [7] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | 3.50% | |||||||||
Debt Instrument, Unamortized Discount | $ 13,000 | $ 12,000 | $ 15,000 | 19,000 | ||||||||
5.375% Senior Notes due in 2024 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | 5.375% | 5.375% | |||||||||
Senior Notes | $ 500,000 | $ 500,000 | $ 500,000 | 500,000 | ||||||||
NRG Yield Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 1 month LIBOR | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | [8] | 2.75% | ||||||||||
Long-term Debt | $ 316,000 | $ 318,000 | $ 306,000 | 0 | ||||||||
Alpine Financing Agreement, due 2022 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | [9] | 3-Month LIBOR | [10] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | 1.75% | ||||||||||
Long-term Debt | $ 153,000 | $ 151,000 | $ 154,000 | 163,000 | ||||||||
Alta Wind I, lease financing arrangement, due 2034 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 252,000 | $ 245,000 | $ 252,000 | 261,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.015% | 7.015% | 7.015% | |||||||||
Alta Wind II, lease financing arrangement, due 2034 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 198,000 | $ 194,000 | $ 198,000 | 205,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.696% | 5.696% | 5.696% | |||||||||
Alta Wind III, lease financing arrangement, due 2034 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 206,000 | $ 201,000 | $ 206,000 | 212,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.067% | 6.067% | 6.067% | |||||||||
Alta Wind IV, lease financing arrangement, due 2034 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 133,000 | $ 130,000 | $ 133,000 | 138,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.938% | 5.938% | 5.938% | |||||||||
Alta Wind V, lease financing arrangement, due 2035 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 213,000 | $ 208,000 | $ 213,000 | 220,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.071% | 6.071% | 6.071% | |||||||||
Alta Wind X, due 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3 month LIBOR | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||||
Long-term Debt | $ 0 | 300,000 | ||||||||||
Alta Wind XI, due 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3 month LIBOR | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||||
Long-term Debt | $ 0 | 191,000 | ||||||||||
Alta Realty Investments, due 2031 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 32,000 | $ 32,000 | $ 33,000 | 34,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% | 7.00% | |||||||||
Alta Wind Asset Management, due 2031 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3 month LIBOR | [9] | 3 month LIBOR | [10] | 3 month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.375% | 2.375% | 2.375% | |||||||||
Long-term Debt | $ 19,000 | $ 18,000 | $ 19,000 | 20,000 | ||||||||
Avra Valley Financing Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | [9] | 3-Month LIBOR | [10] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | 1.75% | ||||||||||
Long-term Debt | $ 59,000 | $ 58,000 | $ 60,000 | 63,000 | ||||||||
NRG Solar Blythe LLC Credit Agreement Due 2028 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | [9] | 3-Month LIBOR | [10] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | 1.625% | 1.625% | |||||||||
Long-term Debt | $ 21,000 | $ 21,000 | $ 21,000 | 22,000 | ||||||||
Borrego Financing Agreement, due 2024 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | [9] | 3-Month LIBOR | [10] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 2.50% | 2.50% | |||||||||
Long-term Debt | $ 72,000 | $ 71,000 | $ 72,000 | 75,000 | ||||||||
CVSR Financing Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.775% | 3.775% | ||||||||||
Long-term Debt | $ 780,000 | $ 780,000 | $ 793,000 | 815,000 | ||||||||
Borrego Financing Agreement, due 2038 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.65% | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.65% | 5.65% | ||||||||||
West Holdings Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3 month LIBOR | [9] | 3 month LIBOR | [10] | ||||||||
Long-term Debt | $ 457,000 | $ 457,000 | $ 485,000 | 506,000 | ||||||||
West Holdings Credit Agreement due 2023 Tranche A [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | 1.625% | 1.625% | |||||||||
NRG Energy Center Minneapolis LLC Senior Secured Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 107,000 | $ 100,000 | $ 108,000 | 121,000 | ||||||||
Kansas South Facility, due 2031 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 6-Month LIBOR | [9] | 6-Month LIBOR | [10] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.00% | 2.00% | |||||||||
Long-term Debt | $ 32,000 | $ 31,000 | $ 33,000 | 35,000 | ||||||||
Laredo Ridge Wind, LLC, due in 2026 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | [9] | 3-Month LIBOR | [10] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | 1.875% | 1.875% | |||||||||
Long-term Debt | $ 103,000 | $ 102,000 | $ 104,000 | 108,000 | ||||||||
Marsh Landing Term Loan Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | 410,000 | 410,000 | 418,000 | 464,000 | ||||||||
PFMG Financing Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 29,000 | $ 29,000 | $ 29,000 | 31,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | |||||||||
Roadrunner Financing Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | [9] | 3-Month LIBOR | [10] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | 1.625% | 1.625% | |||||||||
Long-term Debt | $ 39,000 | $ 38,000 | $ 40,000 | 42,000 | ||||||||
Kansas South Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 6 month LIBOR | |||||||||||
South Trent Financing Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | [9] | 3-Month LIBOR | [10] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | 1.625% | 1.625% | |||||||||
Long-term Debt | $ 61,000 | $ 59,000 | $ 62,000 | 65,000 | ||||||||
Avra Valley [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||
High Desert Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 52,000 | $ 51,000 | $ 52,000 | 55,000 | ||||||||
Tapestry Wind LLC due in 2021 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | [9] | 3-Month LIBOR | [10] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | 1.625% | 1.625% | |||||||||
Long-term Debt | $ 178,000 | $ 176,000 | $ 181,000 | 192,000 | ||||||||
Viento Funding II, Inc., due in 2023 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | [9] | 3-Month LIBOR | [10] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | 2.75% | 2.75% | |||||||||
Long-term Debt | $ 189,000 | $ 183,000 | $ 189,000 | 196,000 | $ 200,000 | |||||||
Walnut Creek Energy, LLC, due in 2023 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 1 month LIBOR | [9] | 1 month LIBOR | [10] | 1 month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | 1.625% | 1.625% | |||||||||
Long-term Debt | $ 344,000 | $ 341,000 | $ 351,000 | 391,000 | ||||||||
WCEP Holdings, LLC, due in 2023 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | [9] | 3-Month LIBOR | [10] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | 3.00% | 3.00% | |||||||||
Long-term Debt | $ 46,000 | $ 46,000 | $ 46,000 | $ 46,000 | ||||||||
West Holdings Credit Agreement due 2023 Tranche B [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | 2.25% | 2.25% | |||||||||
Marsh Landing Tranche B due 2023 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 1 month LIBOR | [9] | 1 month LIBOR | [10] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | 1.875% | 1.875% | |||||||||
Marsh Landing Tranche A due December 2017 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 1 month LIBOR | [9] | 1 month LIBOR | [10] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | 1.75% | 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% | 5.95% | 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% | 7.25% | 7.25% | |||||||||
High Desert Facility, due 2033 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | [9] | 3-Month LIBOR | [10] | 3-Month LIBOR | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | 2.50% | 2.50% | |||||||||
TA - High Desert, due 2023 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | 5.15% | 5.15% | |||||||||
Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 1 month LIBOR | [9] | 1 month LIBOR | [10] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | [11] | 2.75% | [12] | ||||||||
Letter of Credit [Member] | Other Debt [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | $ 0 | |||||||||||
Letter of Credit [Member] | NRG Yield Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | $ 60,000 | $ 67,000 | 56,000 | $ 63,000 | ||||||||
Letter of Credit [Member] | Alpine Financing Agreement, due 2022 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 37,000 | 37,000 | 37,000 | |||||||||
Letter of Credit [Member] | Alta Wind I, lease financing arrangement, due 2034 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 16,000 | 16,000 | 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 | 23,000 | 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 | 24,000 | 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 | 16,000 | 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 | 27,000 | 31,000 | |||||||||
Letter of Credit [Member] | Alta Wind X, due 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 0 | |||||||||||
Letter of Credit [Member] | Alta Wind XI, due 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 0 | |||||||||||
Letter of Credit [Member] | Alta Realty Investments, due 2031 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 0 | 0 | 0 | |||||||||
Letter of Credit [Member] | Alta Wind Asset Management, due 2031 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 0 | 0 | 0 | |||||||||
Letter of Credit [Member] | Avra Valley Financing Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 3,000 | 3,000 | 3,000 | |||||||||
Letter of Credit [Member] | NRG Solar Blythe LLC Credit Agreement Due 2028 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 6,000 | 6,000 | 6,000 | |||||||||
Letter of Credit [Member] | Borrego Financing Agreement, due 2024 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 5,000 | 5,000 | 5,000 | |||||||||
Letter of Credit [Member] | CVSR Financing Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 0 | 0 | 0 | |||||||||
Letter of Credit [Member] | West Holdings Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 82,000 | 82,000 | 82,000 | |||||||||
Letter of Credit [Member] | NRG Energy Center Minneapolis LLC Senior Secured Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 0 | 0 | 0 | |||||||||
Letter of Credit [Member] | Kansas South Facility, due 2031 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 4,000 | 4,000 | 4,000 | |||||||||
Letter of Credit [Member] | Laredo Ridge Wind, LLC, due in 2026 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 10,000 | 10,000 | 10,000 | |||||||||
Letter of Credit [Member] | Marsh Landing Term Loan Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 36,000 | 45,000 | 22,000 | |||||||||
Letter of Credit [Member] | PFMG Financing Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 0 | 0 | 0 | |||||||||
Letter of Credit [Member] | Roadrunner Financing Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 5,000 | 5,000 | 5,000 | |||||||||
Letter of Credit [Member] | South Trent Financing Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 10,000 | 10,000 | 10,000 | |||||||||
Letter of Credit [Member] | High Desert Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 8,000 | 8,000 | 8,000 | |||||||||
Letter of Credit [Member] | Tapestry Wind LLC due in 2021 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 20,000 | 20,000 | 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 | 27,000 | 27,000 | |||||||||
Letter of Credit [Member] | Walnut Creek Energy, LLC, due in 2023 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | 52,000 | 60,000 | 41,000 | |||||||||
Letter of Credit [Member] | WCEP Holdings LLC [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of Credit Outstanding, Amount | $ 0 | $ 0 | ||||||||||
January 31, 2031 [Member] | Notes Payable, Other Payables [Member] | Alta Realty Investments, due 2031 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | 33,000 | |||||||||||
May 15, 2031 [Member] | Term Loan Facility [Member] | Alta Wind Asset Management, due 2031 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Debt | $ 19,000 | |||||||||||
Minimum [Member] | Alpine Financing Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||||
Minimum [Member] | CVSR Financing Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.339% | 2.339% | 2.339% | |||||||||
Minimum [Member] | West Holdings Credit Agreement [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 1 month LIBOR | |||||||||||
Minimum [Member] | West Holdings Credit Agreement due 2023 Tranche A [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | |||||||||||
Minimum [Member] | West Holdings Credit Agreement due 2023 Tranche B [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||||
[1] | Total net debt reflects the reclassification of deferred financing costs to reduce long-term debt as further described in Note 2, Summary of Significant Accounting Policies. | |||||||||||
[2] | Net of discount of $20 million and $21 million as of March 31, 2016, and December 31, 2015, respectively | |||||||||||
[3] | Net of discount of $19 million and $21 million as of June 30, 2016, and December 31, 2015, respectively | |||||||||||
[4] | Net of discount of $21 million as of December 31, 2015. | |||||||||||
[5] | Net of discount of $13 million and $15 million as of March 31, 2016, and December 31, 2015, respectively. | |||||||||||
[6] | Net of discount of $12 million and $15 million as of June 30, 2016, and December 31, 2015, respectively. | |||||||||||
[7] | Net of discount of $15 million and $19 million as of December 31, 2015, and December 31, 2014, respectively. | |||||||||||
[8] | Applicable rate is determined by the Borrower Leverage Ratio, as defined in the credit agreement. | |||||||||||
[9] | As of March 31, 2016, L+ equals 3 month LIBOR plus x%, except for the NRG Marsh Landing term loan, Walnut Creek term loan, and NRG Yield LLC and Yield Operating LLC Revolving Credit Facility, where L+ equals 1 month LIBOR plus x% and Kansas South, where L+ equals 6 month LIBOR plus x% | |||||||||||
[10] | As of June 30, 2016, L+ equals 3 month LIBOR plus x%, except for the Marsh Landing term loan, Walnut Creek term loan, and NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, where L+ equals 1 month LIBOR plus x% and Kansas South, where L+ equals 6 month LIBOR plus x% | |||||||||||
[11] | Applicable rate is determined by the Borrower Leverage Ratio, as defined in the credit agreement. | |||||||||||
[12] | Applicable rate is determined by the Borrower Leverage Ratio, as defined in the credit agreement. |
Long-term Debt Long-term Debt69
Long-term Debt Long-term Debt - Corporate Debt (Details) | Aug. 24, 2016USD ($) | Aug. 18, 2016USD ($) | Jul. 15, 2016USD ($) | Dec. 15, 2015USD ($) | Nov. 03, 2015USD ($) | Jun. 30, 2015 | May 15, 2015 | Aug. 05, 2014USD ($) | Jul. 31, 2016USD ($) | Aug. 31, 2016USD ($) | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($) | Sep. 01, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Jun. 29, 2015USD ($)$ / shares | Mar. 31, 2014USD ($) | Feb. 11, 2014USD ($)$ / shares | ||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | $ 23,000,000 | $ 23,000,000 | ||||||||||||||||||||
Long-term Debt | 5,656,000,000 | 5,800,000,000 | $ 5,552,000,000 | $ 5,601,000,000 | ||||||||||||||||||
3.25% Convertible Notes due 2020 [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Convertible Debt | $ 287,500,000 | |||||||||||||||||||||
Interest Expense, Debt | 5,000,000 | |||||||||||||||||||||
Amortization of Debt Discount (Premium) | 2,000,000 | |||||||||||||||||||||
Amortization of Financing Costs | 1,000,000 | |||||||||||||||||||||
Interest Expense at Effective Rate | $ 8,000,000 | |||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | 3.25% | |||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 27.50 | |||||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 36.3636 | |||||||||||||||||||||
Debt Instrument, Face Amount | $ 1,000 | |||||||||||||||||||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | $ 23,000,000 | |||||||||||||||||||||
Percent of face value | 85.857% | |||||||||||||||||||||
Long-term Debt, Fair Value | $ 247,000,000 | |||||||||||||||||||||
Long-term Debt | 266,000,000 | [1],[2],[3] | 0 | [3] | $ 268,000,000 | [1] | $ 267,000,000 | [2] | ||||||||||||||
Conversion Value of Convertible Debt | $ 154,000,000 | |||||||||||||||||||||
3.5% Convertible Notes due 2019 [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.00% | |||||||||||||||||||||
Convertible Debt | $ 345,000,000 | |||||||||||||||||||||
Interest Expense, Debt | $ 12,000,000 | |||||||||||||||||||||
Amortization of Debt Discount (Premium) | 4,000,000 | |||||||||||||||||||||
Amortization of Financing Costs | 2,000,000 | |||||||||||||||||||||
Interest Expense at Effective Rate | $ 18,000,000 | |||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | 3.50% | |||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 42.9644 | |||||||||||||||||||||
Percent of face value | 92.375% | |||||||||||||||||||||
Long-term Debt, Fair Value | $ 319,000,000 | |||||||||||||||||||||
Long-term Debt | 330,000,000 | [4],[5],[6] | 326,000,000 | [6] | $ 333,000,000 | [4] | $ 332,000,000 | [5] | ||||||||||||||
Conversion Value of Convertible Debt | $ 206,000,000 | |||||||||||||||||||||
Convertible Debt [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 46.55 | |||||||||||||||||||||
Debt Instrument, Convertible, Conversion Ratio | 21.4822 | |||||||||||||||||||||
Debt Instrument, Face Amount | $ 1,000 | |||||||||||||||||||||
5.375% Senior Notes due in 2024 [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | 5.375% | 5.375% | |||||||||||||||||||
5.00% Senior Notes due in 2026 [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||||||||||||||||
NRG Yield Revolving Credit Facility [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Long-term Debt | $ 306,000,000 | 0 | $ 318,000,000 | $ 316,000,000 | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 495,000,000 | |||||||||||||||||||||
Proceeds from Issuance of Debt | $ 45,000,000 | $ 209,000,000 | ||||||||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 306,000,000 | |||||||||||||||||||||
Repayments of Debt | $ 193,000,000 | $ 366,000,000 | ||||||||||||||||||||
CVSR Financing Agreement [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Long-term Debt | 793,000,000 | $ 815,000,000 | 780,000,000 | 780,000,000 | ||||||||||||||||||
Letter of Credit [Member] | NRG Yield Revolving Credit Facility [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 56,000,000 | $ 63,000,000 | 67,000,000 | 60,000,000 | ||||||||||||||||||
Letter of Credit [Member] | CVSR Financing Agreement [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Letters of Credit Outstanding, Amount | $ 0 | $ 0 | $ 0 | |||||||||||||||||||
NRG Yield Operating LLC [Member] | 5.375% Senior Notes due in 2024 [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | $ 500,000,000 | |||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | |||||||||||||||||||||
Common Class C [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Common Stock Closing Price | $ / shares | $ 14.76 | |||||||||||||||||||||
Common Class A [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Common Stock Closing Price | $ / shares | $ 13.91 | |||||||||||||||||||||
Subsequent Event [Member] | NRG Yield Revolving Credit Facility [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 60,000,000 | |||||||||||||||||||||
Repayments of Debt | $ 28,000,000 | |||||||||||||||||||||
Subsequent Event [Member] | CVSR Financing Agreement [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.68% | |||||||||||||||||||||
Proceeds from Issuance of Debt | $ 200,000,000 | |||||||||||||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 97,500,000 | |||||||||||||||||||||
Subsequent Event [Member] | NRG Yield Operating LLC [Member] | 5.00% Senior Notes due in 2026 [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | $ 350,000,000 | |||||||||||||||||||||
[1] | Net of discount of $19 million and $21 million as of June 30, 2016, and December 31, 2015, respectively | |||||||||||||||||||||
[2] | Net of discount of $20 million and $21 million as of March 31, 2016, and December 31, 2015, respectively | |||||||||||||||||||||
[3] | Net of discount of $21 million as of December 31, 2015. | |||||||||||||||||||||
[4] | Net of discount of $12 million and $15 million as of June 30, 2016, and December 31, 2015, respectively. | |||||||||||||||||||||
[5] | Net of discount of $13 million and $15 million as of March 31, 2016, and December 31, 2015, respectively. | |||||||||||||||||||||
[6] | Net of discount of $15 million and $19 million as of December 31, 2015, and December 31, 2014, respectively. |
Long-term Debt Long-term Debt70
Long-term Debt Long-term Debt - El Segundo/Alta Wind (Details) - USD ($) $ in Millions | Jun. 30, 2015 | May 29, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [5] | Jun. 30, 2016 | Jun. 30, 2015 | [2] | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | [4] | Aug. 23, 2011 | ||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3 month LIBOR | ||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | $ 0 | $ (7) | $ 0 | $ (7) | [1] | $ (9) | [3],[4] | $ (1) | [3],[4] | $ 0 | [3] | ||||||||||
Proceeds from Noncontrolling Interests | $ 10 | [5] | $ 0 | $ 8 | $ 123 | 122 | 190 | [4] | $ 0 | ||||||||||||
West Holdings Credit Agreement [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 540 | ||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3 month LIBOR | [6] | 3 month LIBOR | [7] | |||||||||||||||||
Gains (Losses) on Extinguishment of Debt | $ (7) | ||||||||||||||||||||
West Holdings Credit Agreement Tranche A [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 480 | ||||||||||||||||||||
West Holdings Credit Agreement Tranche B [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60 | ||||||||||||||||||||
West Holdings Credit Agreement due 2023 Tranche A [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Proceeds from Issuance of Debt | $ 5 | ||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | 1.625% | 1.625% | ||||||||||||||||||
West Holdings Credit Agreement due 2023 Tranche B [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | 2.25% | 2.25% | ||||||||||||||||||
West Holdings PPA [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 90 | ||||||||||||||||||||
West Holding Collateral Agent [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 48 | ||||||||||||||||||||
West Holdings Working Capital Facility [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10 | ||||||||||||||||||||
Working Capital Facility [Member] | West Holdings Credit Agreement [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Credit Facility, Maximum Borrowing Capacity, Amendment | $ (9) | ||||||||||||||||||||
September 1, 2020 through maturity [Member] | West Holdings Credit Agreement due 2023 Tranche A [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.875% | ||||||||||||||||||||
September 1, 2020 through maturity [Member] | West Holdings Credit Agreement due 2023 Tranche B [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||||||||||||||
September 1, 2017 to August 31, 2020 [Member] | West Holdings Credit Agreement due 2023 Tranche A [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||||||||||||
September 1, 2017 to August 31, 2020 [Member] | West Holdings Credit Agreement due 2023 Tranche B [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.375% | ||||||||||||||||||||
Alta X and XI TE Holdco [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Proceeds from Noncontrolling Interests | 119 | ||||||||||||||||||||
Financial Institutions [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Proceeds from Noncontrolling Interests | $ 10 | $ 8 | |||||||||||||||||||
Financial Institutions [Member] | Alta X and XI TE Holdco [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Proceeds from Noncontrolling Interests | $ 119 | 122 | $ 190 | ||||||||||||||||||
Interest Rate Swap [Member] | Alta Wind X and Alta Wind XI, due 2020 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Extinguishment of Debt, Amount | $ 17 | ||||||||||||||||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||
[2] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||
[3] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||
[4] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||
[5] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||
[6] | 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% | ||||||||||||||||||||
[7] | As of June 30, 2016, L+ equals 3 month LIBOR plus x%, except for the Marsh Landing term loan, Walnut Creek term loan, and NRG Yield LLC and NRG 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% |
Long-term Debt Long-term Debt71
Long-term Debt Long-term Debt - Avenal/Viento/CVSR/Lease financing arrangements (Details) - USD ($) | Aug. 24, 2016 | Aug. 18, 2016 | Jul. 15, 2016 | Dec. 15, 2015 | Nov. 03, 2015 | Mar. 18, 2015 | Jul. 11, 2013 | Jul. 31, 2016 | Mar. 31, 2016 | Jun. 30, 2016 | Aug. 31, 2016 | Dec. 31, 2015 | Sep. 01, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2011 | Sep. 22, 2010 | ||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3 month LIBOR | ||||||||||||||||||||||
Long-term Debt | $ 5,601,000,000 | $ 5,552,000,000 | $ 5,656,000,000 | $ 5,800,000,000 | |||||||||||||||||||
5.00% Senior Notes due in 2026 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||||||||||||||||||
NRG Yield Revolving Credit Facility [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | 1 month LIBOR | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1] | 2.75% | |||||||||||||||||||||
Repayments of Debt | $ 193,000,000 | $ 366,000,000 | |||||||||||||||||||||
Long-term Debt | $ 316,000,000 | $ 318,000,000 | $ 306,000,000 | 0 | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 495,000,000 | ||||||||||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 306,000,000 | ||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 45,000,000 | $ 209,000,000 | |||||||||||||||||||||
Viento Funding II, Inc., due in 2023 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | [2] | 3-Month LIBOR | [3] | 3-Month LIBOR | ||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | 2.75% | 2.75% | ||||||||||||||||||||
Long-term Debt | $ 200,000,000 | $ 189,000,000 | $ 183,000,000 | $ 189,000,000 | 196,000,000 | ||||||||||||||||||
Viento Funding [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 9,000,000 | ||||||||||||||||||||||
CVSR Financing Agreement [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.775% | 3.775% | |||||||||||||||||||||
Long-term Debt | $ 780,000,000 | 780,000,000 | $ 793,000,000 | 815,000,000 | |||||||||||||||||||
Other Borrowings | 793,000,000 | $ 815,000,000 | |||||||||||||||||||||
Working Capital Facility [Member] | Viento Funding II, Inc., due in 2023 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | ||||||||||||||||||||||
Letter of Credit [Member] | NRG Yield Revolving Credit Facility [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 60,000,000 | 67,000,000 | 56,000,000 | $ 63,000,000 | |||||||||||||||||||
Letter of Credit [Member] | Viento Funding II, Inc., due in 2023 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 27,000,000 | 27,000,000 | 27,000,000 | ||||||||||||||||||||
Letter of Credit [Member] | Alta Wind I - V Lease financing arrangement [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term Debt | 122,000,000 | ||||||||||||||||||||||
Letter of Credit [Member] | CVSR Financing Agreement [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Letters of Credit Outstanding, Amount | $ 0 | $ 0 | 0 | ||||||||||||||||||||
Alta Wind I - V Lease financing arrangement [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term Debt | $ 1,002,000,000 | ||||||||||||||||||||||
High Plains II [Member] | CVSR Financing Agreement [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.375% | ||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,200,000,000 | ||||||||||||||||||||||
Avenal [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Face Amount | $ 43,000,000 | ||||||||||||||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 20,000,000 | ||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | [4] | 50.00% | |||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||||||||||||||||||||
September 22, 2010 to March 18, 2015 [Member] | Avenal [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | 6 month LIBOR | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||||||||||||||||
March 18, 2015 to March 17, 2022 [Member] | Avenal [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | 6 month LIBOR | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||||||||||||||
March 18, 2022 to March 17, 2027 [Member] | Avenal [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | 6 month LIBOR | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||||||||||||||||||||||
March 18, 2027 through Maturity [Member] | Avenal [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | 6 month LIBOR | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||||||||||||||||
July 11, 2013 to July 11, 2017 [Member] | Viento Funding [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | 6 month LIBOR | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||||||||||||||
July 11, 2017 to July 11, 2021 [Member] | Viento Funding [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||||||||||||||
July 11, 2021 through Maturity [Member] | Viento Funding [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||||||||||||||||||||
CVSR [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Renewable energy grant, gross | $ 307,000,000 | ||||||||||||||||||||||
Renewable energy grants, net | $ 285,000,000 | ||||||||||||||||||||||
Alta Wind I - V Lease financing arrangement [Member] | Revolving Credit Facility [Member] | NRG Yield Revolving Credit Facility [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Letters of Credit, Issued Amount | $ 19,000,000 | ||||||||||||||||||||||
Utility-Scale Solar [Member] | CVSR [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | 100.00% | [5] | |||||||||||||||||||
Utility-Scale Solar [Member] | Avenal [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | [6] | 50.00% | 49.95% | |||||||||||||||||
Minimum [Member] | CVSR Financing Agreement [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.339% | 2.339% | 2.339% | ||||||||||||||||||||
Subsequent Event [Member] | NRG Yield Revolving Credit Facility [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Repayments of Debt | $ 28,000,000 | ||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 60,000,000 | ||||||||||||||||||||||
Subsequent Event [Member] | CVSR Financing Agreement [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 97,500,000 | ||||||||||||||||||||||
Proceeds from Issuance of Debt | $ 200,000,000 | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.68% | ||||||||||||||||||||||
Subsequent Event [Member] | NRG Yield Operating LLC [Member] | 5.00% Senior Notes due in 2026 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | $ 350,000,000 | ||||||||||||||||||||||
[1] | Applicable rate is determined by the Borrower Leverage Ratio, as defined in the credit agreement. | ||||||||||||||||||||||
[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] | As of June 30, 2016, L+ equals 3 month LIBOR plus x%, except for the Marsh Landing term loan, Walnut Creek term loan, and NRG Yield LLC and NRG 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% | ||||||||||||||||||||||
[4] | The Company's interest in GenConn and Avenal increased from 49.95% to 50% on September 30, 2015. | ||||||||||||||||||||||
[5] | ) For thermal energy, net capacity represents MWt for steam or chilled water and excludes 134 MWt available under the right-to-use provisions contained in agreements between two of the Company's thermal facilities and certain of its customers. | ||||||||||||||||||||||
[6] | On September 30, 2015, the Company acquired NRG's remaining 0.05% for an immaterial amount. |
Long-term Debt Long-term Debt72
Long-term Debt Long-term Debt - Swaps/Maturities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | [1] | Jun. 30, 2016 | [2] | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||||
2,016 | $ 264 | ||||
Debt Instrument, Description of Variable Rate Basis | 3 month LIBOR | ||||
2,017 | $ 277 | ||||
2,018 | 286 | ||||
2,019 | 951 | ||||
2,020 | 634 | ||||
Thereafter | 3,280 | ||||
Long-term Debt, Gross | 5,692 | ||||
Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Derivative, Notional Amount | $ 1,991 | ||||
Interest Rate Swap [Member] | NRG Solar Alpine LLC [Member] | Maturity - December 31, 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 85.00% | ||||
Derivative, Fixed Interest Rate | 2.744% | ||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | ||||
Derivative, Notional Amount | $ 122 | ||||
Interest Rate Swap [Member] | NRG Solar Alpine LLC [Member] | Maturity - June 30, 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 85.00% | ||||
Derivative, Fixed Interest Rate | 2.421% | ||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | ||||
Derivative, Notional Amount | $ 9 | ||||
Interest Rate Swap [Member] | NRG Solar Avra Valley [Member] | Maturity - November 30, 2030 [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 85.00% | ||||
Derivative, Fixed Interest Rate | 2.333% | ||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | ||||
Derivative, Notional Amount | $ 51 | ||||
Interest Rate Swap [Member] | NRG Solar Blythe LLC [Member] | Maturity - June 25, 2028 [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 75.00% | ||||
Derivative, Fixed Interest Rate | 3.563% | ||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | ||||
Derivative, Notional Amount | $ 16 | ||||
Interest Rate Swap [Member] | Borrego [Member] | Maturity - December 31, 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 75.00% | ||||
Derivative, Fixed Interest Rate | 1.125% | ||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | ||||
Derivative, Notional Amount | $ 9 | ||||
Interest Rate Swap [Member] | NRG West Holdings LLC [Member] | Maturity - June 30, 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 75.00% | ||||
Derivative, Fixed Interest Rate | 2.417% | ||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | ||||
Derivative, Notional Amount | $ 358 | ||||
Interest Rate Swap [Member] | Kansas South [Member] | Maturity - June 30, 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 75.00% | ||||
Derivative, Fixed Interest Rate | 2.368% | ||||
Debt Instrument, Description of Variable Rate Basis | 6-Month LIBOR | ||||
Derivative, Notional Amount | $ 25 | ||||
Interest Rate Swap [Member] | Laredo Ridge [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 75.00% | ||||
Derivative, Fixed Interest Rate | 2.31% | ||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | ||||
Derivative, Notional Amount | $ 83 | ||||
Interest Rate Swap [Member] | Marsh Landing [Member] | Maturity - June 30, 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 75.00% | ||||
Derivative, Fixed Interest Rate | 3.244% | ||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | ||||
Derivative, Notional Amount | $ 387 | ||||
Interest Rate Swap [Member] | NRG Solar Roadrunner LLC [Member] | Maturity - December 31, 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 75.00% | ||||
Derivative, Fixed Interest Rate | 4.313% | ||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | ||||
Derivative, Notional Amount | $ 30 | ||||
Interest Rate Swap [Member] | South Trent Wind LLC [Member] | Maturity - June14, 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 75.00% | ||||
Derivative, Fixed Interest Rate | 3.265% | ||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | ||||
Derivative, Notional Amount | $ 46 | ||||
Interest Rate Swap [Member] | South Trent Wind LLC [Member] | Maturity - June 14, 2028 [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 75.00% | ||||
Derivative, Fixed Interest Rate | 4.95% | ||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | ||||
Derivative, Notional Amount | $ 21 | ||||
Interest Rate Swap [Member] | Tapestry Wind [Member] | Maturity - December 21, 2021 [Member] [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 75.00% | ||||
Derivative, Fixed Interest Rate | 2.21% | ||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | ||||
Derivative, Notional Amount | $ 163 | ||||
Interest Rate Swap [Member] | Tapestry Wind [Member] | Maturity - December 21, 2029 [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 50.00% | ||||
Derivative, Fixed Interest Rate | 3.57% | ||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | ||||
Derivative, Notional Amount | $ 60 | ||||
Alta Wind Asset Management, due 2031 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Description of Variable Rate Basis | 3 month LIBOR | 3 month LIBOR | 3 month LIBOR | ||
Alta Wind Asset Management, due 2031 [Member] | Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 100.00% | ||||
Derivative, Fixed Interest Rate | 2.47% | ||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | ||||
Derivative, Notional Amount | $ 19 | ||||
Viento Funding II, Inc., due in 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | 3-Month LIBOR | 3-Month LIBOR | ||
Viento Funding II, Inc., due in 2023 [Member] | Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 90.00% | ||||
Debt Instrument, Description of Variable Rate Basis | 6-Month LIBOR | ||||
Derivative, Notional Amount | $ 235 | ||||
Walnut Creek [Member] | Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 75.00% | ||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | ||||
Derivative, Notional Amount | $ 311 | ||||
WCEP Holdings, LLC, due in 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | 3-Month LIBOR | 3-Month LIBOR | ||
WCEP Holdings, LLC, due in 2023 [Member] | Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of Debt Hedged by Interest Rate Derivatives | 90.00% | ||||
Derivative, Fixed Interest Rate | 4.003% | ||||
Debt Instrument, Description of Variable Rate Basis | 3-Month LIBOR | ||||
Derivative, Notional Amount | $ 46 | ||||
[1] | 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% | ||||
[2] | As of June 30, 2016, L+ equals 3 month LIBOR plus x%, except for the Marsh Landing term loan, Walnut Creek term loan, and NRG Yield LLC and NRG 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% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 5 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | [3] | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Numerator: | |||||||||||||||||||||||||
Net income attributable to NRG Yield, Inc.(a) | $ 32 | $ 5 | [1] | $ 11 | $ 17 | $ 10 | $ (5) | [1] | $ 0 | $ 6 | $ 6 | $ 4 | $ 37 | $ 5 | $ 33 | $ 16 | $ 13 | ||||||||
Basic and diluted loss per share: | |||||||||||||||||||||||||
Earnings Per Share, Basic | $ 0.12 | $ 0.18 | [2] | $ 0.15 | [2] | $ (0.07) | [2] | $ 0.01 | $ 0.10 | $ 0.13 | $ 0.09 | ||||||||||||||
Common Class A [Member] | |||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||
Net income attributable to NRG Yield, Inc.(a) | 11 | $ 2 | $ 5 | $ (3) | $ 7 | $ 13 | $ 3 | $ 14 | [3] | $ 8 | [3] | ||||||||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 14 | $ 5 | |||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||
Weighted average number of common shares outstanding | 35 | 35 | 35 | 28 | 23 | ||||||||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 49 | 35 | 35 | 35 | |||||||||||||||||||||
Basic and diluted loss per share: | |||||||||||||||||||||||||
Earnings per weighted average common share — basic and diluted (a) | $ 0.05 | $ (0.07) | [4] | $ 0.29 | $ 0.38 | $ 0.07 | $ 0.40 | [3] | $ 0.30 | [3] | $ 0.29 | ||||||||||||||
Earnings Per Share, Basic | $ 0.33 | $ 0.15 | |||||||||||||||||||||||
Earnings Per Share, Diluted | $ 0.29 | $ 0.15 | $ 0.38 | $ 0.07 | |||||||||||||||||||||
Common Class C [Member] | |||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||
Net income attributable to NRG Yield, Inc.(a) | $ 21 | $ 3 | $ 5 | $ (3) | $ 7 | $ 24 | $ 3 | $ 19 | [3] | $ 8 | [3] | ||||||||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 23 | $ 5 | |||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||
Weighted average number of common shares outstanding | 63 | 35 | 49 | 28 | 23 | ||||||||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 73 | 35 | 63 | 35 | |||||||||||||||||||||
Basic and diluted loss per share: | |||||||||||||||||||||||||
Earnings per weighted average common share — basic and diluted (a) | $ 0.05 | [4] | $ (0.07) | [4] | $ 0.29 | $ 0.38 | [5] | $ 0.07 | [5] | $ 0.40 | [3] | $ 0.30 | [3] | ||||||||||||
Earnings Per Share, Basic | $ 0.33 | $ 0.15 | |||||||||||||||||||||||
Earnings Per Share, Diluted | $ 0.31 | $ 0.15 | $ 0.38 | $ 0.07 | |||||||||||||||||||||
3.5% Convertible Notes due 2019 [Member] | Common Class A [Member] | |||||||||||||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 15 | 15 | 15 | 15 | 15 | 12 | |||||||||||||||||||
3.25% Convertible Notes due 2020 [Member] | Common Class C [Member] | |||||||||||||||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10 | 0 | 10 | 0 | 5 | ||||||||||||||||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||
[2] | The Company's unaudited quarterly financial data was recast for the effect of the CVSR Drop Down. | ||||||||||||||||||||||||
[3] | Net income attributable to NRG Yield, Inc. and basic and diluted earnings per share might not recalculate due to presenting values in millions rather than whole dollars. | ||||||||||||||||||||||||
[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. | ||||||||||||||||||||||||
[5] | (a) Net income attributable to NRG Yield, Inc. and basic and diluted earnings per share might not recalculate due to presenting values in millions rather than whole dollars. |
Stockholders' Equity Stockhol74
Stockholders' Equity Stockholders' Equity (Details) | Feb. 19, 2016USD ($) | Nov. 03, 2015USD ($) | Jun. 29, 2015USD ($)shares | Jan. 02, 2015USD ($) | Jul. 29, 2014USD ($)shares | Jul. 22, 2013USD ($)$ / sharesshares | Jul. 31, 2013USD ($) | Mar. 31, 2016USD ($)$ / sharesMWshares | Dec. 31, 2015USD ($)$ / sharesMWshares | Sep. 30, 2015$ / shares | Jun. 30, 2015$ / shares | Mar. 31, 2015$ / shares | Jun. 30, 2016USD ($)$ / sharesMWshares | Jun. 30, 2015USD ($) | [1] | Jul. 22, 2013USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesMWshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($) | [2] | Nov. 02, 2015USD ($)MW | ||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Dividends Payable, Date Declared | Apr. 26, 2016 | Jul. 26, 2016 | Feb. 17, 2016 | ||||||||||||||||||||||||
Distribution Made to Limited Liability Company (LLC) Member, Distributions Paid, Per Unit | $ / shares | $ 0.215 | $ 0.210 | $ 0.20 | $ 0.39 | |||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | ||||||||||||||||||||||||||
Proceeds from the issuance of common stock | $ 468,000,000 | $ 0 | $ 600,000,000 | $ 599,000,000 | $ 630,000,000 | [2] | $ 468,000,000 | ||||||||||||||||||||
Expense Related to Distribution or Servicing and Underwriting Fees | $ 27,000,000 | ||||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0 | $ 0 | $ 0.24 | ||||||||||||||||||||||||
Preferred Stock, Shares Authorized | shares | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | $ 0 | [3] | $ 0 | [3],[4] | $ 0 | $ 0 | [3],[4] | $ 0 | [4] | ||||||||||||||||||
Payments of Capital Distribution | $ 4,000,000 | $ (6,000,000) | $ 312,000,000 | $ 59,000,000 | $ 335,000,000 | [2] | $ 648,000,000 | ||||||||||||||||||||
Dividends Payable, Date to be Paid | Jun. 15, 2016 | Sep. 15, 2016 | Mar. 15, 2016 | ||||||||||||||||||||||||
Dividends Payable, Date of Record | Jun. 1, 2016 | Sep. 1, 2016 | Mar. 1, 2016 | ||||||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | 4,687 | [5] | 4,687 | [6] | 4,686 | [7] | 4,687 | [6] | |||||||||||||||||||
Common Class A [Member] | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Common Stock, Shares Authorized | shares | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | |||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||||||
Common Class D [Member] | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Distribution Made to Limited Liability Company (LLC) Member, Distributions Paid, Per Unit | $ / shares | $ 0.225 | ||||||||||||||||||||||||||
Common Stock, Shares Authorized | shares | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||||||||||||||
Common Stock, Voting Rights | 1/100th | ||||||||||||||||||||||||||
Common Class B [Member] | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Distribution Made to Limited Liability Company (LLC) Member, Distributions Paid, Per Unit | $ / shares | $ 0.225 | ||||||||||||||||||||||||||
Common Stock, Shares Authorized | shares | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | |||||||||||||||||||||
Common Class C [Member] | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Common Stock, Shares Authorized | shares | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||||||||||||||
Proceeds from the issuance of common stock | $ 599,000,000 | ||||||||||||||||||||||||||
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions | $ 21,000,000 | ||||||||||||||||||||||||||
Public Shareholders [Member] | Common Class A [Member] | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 12,075,000 | 22,511,250 | |||||||||||||||||||||||||
Proceeds from the issuance of common stock | $ 630,000,000 | ||||||||||||||||||||||||||
NRG | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 395,000,000 | ||||||||||||||||||||||||||
NRG | Common Class B [Member] | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 42,738,750 | ||||||||||||||||||||||||||
NRG Yield, Inc. [Member] | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Preferred Stock, Shares Authorized | shares | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||||||||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued | $ 0 | $ 0 | $ 0 | [8] | |||||||||||||||||||||||
NRG Yield, Inc. [Member] | Common Class A [Member] | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Common Stock, Shares Authorized | shares | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||||||||
NRG Yield, Inc. [Member] | Common Class B [Member] | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Common Stock, Shares Authorized | shares | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||||||||||||||||
NRG Yield LLC | NRG | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 46.70% | 46.70% | 46.70% | 46.70% | 46.70% | ||||||||||||||||||||||
NRG Yield LLC | NRG Yield, Inc. [Member] | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 53.30% | 53.30% | 34.50% | 53.30% | 53.30% | 53.30% | |||||||||||||||||||||
2015 Drop Down Asssets [Member] | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | $ 109,000,000 | ||||||||||||||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, before Tax | $ 32,000,000 | 32,000,000 | |||||||||||||||||||||||||
November 2015 Drop Down Assets [Member] | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
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, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 193,000,000 | $ 198,000,000 | |||||||||||||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 282,000,000 | ||||||||||||||||||||||||||
January 2015 Drop Down Assets [Member] | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | $ 61,000,000 | ||||||||||||||||||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, before Tax | $ 23,000,000 | ||||||||||||||||||||||||||
June 2014 Drop Down Assets [Member] | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | $ 113,000,000 | ||||||||||||||||||||||||||
Wind Farms [Member] | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | 1,999 | [5] | 1,999 | 1,999 | [7] | 1,999 | |||||||||||||||||||||
Wind Farms [Member] | November 2015 Drop Down Assets [Member] | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Power Generation Capacity, Megawatts | MW | [5],[7] | 814 | |||||||||||||||||||||||||
Financial Institutions [Member] | November 2015 Drop Down Assets [Member] | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | $ 159,000,000 | $ 159,000,000 | $ 159,000,000 | $ 199,000,000 | |||||||||||||||||||||||
Over-Allotment Option [Member] | NRG Yield, Inc. [Member] | Common Class C [Member] | |||||||||||||||||||||||||||
Statement of Stockholders' Equity | |||||||||||||||||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 3,678,000 | ||||||||||||||||||||||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||
[2] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||
[3] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||
[4] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||||||||||
[5] | 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. | ||||||||||||||||||||||||||
[6] | Total net capacity excludes capacity for RPV Holdco and DGPV Holdco, which are consolidated by NRG, as further described in Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities. | ||||||||||||||||||||||||||
[7] | Net capacity represents the maximum, or rated, generating capacity of the facility multiplied by the Company's percentage ownership in the facility as of June 30, 2016. | ||||||||||||||||||||||||||
[8] | Retrospectively adjusted as discussed in Item 15 — Note 1, Nature of Business of the Company's Consolidated Financial Statements. |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) | 3 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | [2] | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | [2] | Jun. 30, 2014 | [2] | Mar. 31, 2014 | [2] | Dec. 31, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jul. 22, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||||||
Segment Reporting | ||||||||||||||||||||||||||||||
Total operating revenues | $ 283,000,000 | $ 234,000,000 | [1] | $ 224,000,000 | $ 256,000,000 | $ 259,000,000 | [2],[3] | $ 214,000,000 | [1],[2] | $ 225,000,000 | [2] | $ 230,000,000 | $ 219,000,000 | $ 154,000,000 | $ 517,000,000 | $ 473,000,000 | [3] | $ 953,000,000 | [4] | $ 828,000,000 | [4] | $ 434,000,000 | [4] | |||||||
Cost of operations | 77,000,000 | 85,000,000 | 78,000,000 | 86,000,000 | 162,000,000 | 164,000,000 | 321,000,000 | 277,000,000 | 154,000,000 | |||||||||||||||||||||
Depreciation and amortization | 75,000,000 | 74,000,000 | [1] | 78,000,000 | [3] | 75,000,000 | [1] | 149,000,000 | 153,000,000 | [3] | 297,000,000 | [4] | 233,000,000 | [4] | 92,000,000 | [4] | ||||||||||||||
General and administrative | 3,000,000 | 3,000,000 | [1] | 3,000,000 | [3] | 3,000,000 | [1] | 6,000,000 | 6,000,000 | [3] | 12,000,000 | [4] | 8,000,000 | [4] | 7,000,000 | [4] | ||||||||||||||
Acquisition-related transaction and integration costs | 0 | 1,000,000 | [3] | 0 | 1,000,000 | [3] | 3,000,000 | [4] | 4,000,000 | [4] | 0 | [4] | ||||||||||||||||||
Operating Income | 128,000,000 | 72,000,000 | [1] | 70,000,000 | 101,000,000 | 99,000,000 | [2],[3] | 50,000,000 | [1],[2] | 74,000,000 | [2] | 97,000,000 | 82,000,000 | 53,000,000 | 200,000,000 | 149,000,000 | [3] | 320,000,000 | [4] | 306,000,000 | [4] | 181,000,000 | [4] | |||||||
Equity in earnings of unconsolidated affiliates | 13,000,000 | 3,000,000 | [1],[5] | 4,000,000 | [3] | 3,000,000 | [1],[5] | 16,000,000 | 7,000,000 | [3] | 26,000,000 | [4],[6] | 17,000,000 | [4],[6] | 20,000,000 | [4],[6] | ||||||||||||||
Other Nonoperating Income (Expense) | 2,000,000 | 0 | [1] | 1,000,000 | [3] | 1,000,000 | [1] | 2,000,000 | 2,000,000 | [3] | 3,000,000 | [4] | 6,000,000 | [4] | 4,000,000 | [4] | ||||||||||||||
Gains (Losses) on Extinguishment of Debt | 0 | 7,000,000 | [3] | 0 | 7,000,000 | [3],[7] | 9,000,000 | [4],[6] | 1,000,000 | [4],[6] | 0 | [4],[6] | ||||||||||||||||||
Interest Expense | (68,000,000) | (74,000,000) | [1] | (51,000,000) | [3] | (79,000,000) | [1] | (142,000,000) | (130,000,000) | [3] | (263,000,000) | [4] | (216,000,000) | (72,000,000) | [4] | |||||||||||||||
Income Before Income Taxes | 75,000,000 | 1,000,000 | [1] | 46,000,000 | [3] | (25,000,000) | [1] | 76,000,000 | 21,000,000 | [3] | 77,000,000 | [4] | 112,000,000 | [4] | 133,000,000 | [4] | ||||||||||||||
Income tax expense | 12,000,000 | 0 | [1] | 4,000,000 | (4,000,000) | [1] | 12,000,000 | 0 | 12,000,000 | [4] | 4,000,000 | [4] | 8,000,000 | [4],[8],[9] | ||||||||||||||||
Net Income | 63,000,000 | 1,000,000 | [1],[10] | 12,000,000 | $ 32,000,000 | 42,000,000 | [2],[3],[11] | (21,000,000) | [1],[2],[10] | 4,000,000 | [2] | $ 41,000,000 | $ 43,000,000 | $ 20,000,000 | 64,000,000 | 21,000,000 | [3],[11] | $ 54,000,000 | 65,000,000 | [4],[12] | 108,000,000 | [4],[12] | 125,000,000 | [4],[12] | ||||||
Equity investments in affiliates | 683,000,000 | 689,000,000 | [13] | 697,000,000 | [13],[14] | 308,000,000 | [14] | 683,000,000 | 697,000,000 | [13],[14] | 308,000,000 | [14] | ||||||||||||||||||
Capital Expenditures | 30,000,000 | [15] | 40,000,000 | [16] | 30,000,000 | [15] | 40,000,000 | [16] | ||||||||||||||||||||||
Total Assets | 8,508,000,000 | 8,549,000,000 | [13] | 8,689,000,000 | [13],[14] | 8,794,000,000 | 8,508,000,000 | 8,689,000,000 | [13],[14] | 8,794,000,000 | ||||||||||||||||||||
Conventional Generation | ||||||||||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||||||||
Total operating revenues | 85,000,000 | 79,000,000 | 85,000,000 | 76,000,000 | 164,000,000 | 161,000,000 | 336,000,000 | 317,000,000 | 138,000,000 | |||||||||||||||||||||
Cost of operations | 16,000,000 | 23,000,000 | 15,000,000 | 21,000,000 | 39,000,000 | 36,000,000 | 59,000,000 | 55,000,000 | 23,000,000 | |||||||||||||||||||||
Depreciation and amortization | 20,000,000 | 20,000,000 | 21,000,000 | 21,000,000 | 40,000,000 | 42,000,000 | 81,000,000 | 82,000,000 | 20,000,000 | |||||||||||||||||||||
General and administrative | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Acquisition-related transaction and integration costs | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Operating Income | 49,000,000 | 36,000,000 | 49,000,000 | 34,000,000 | 85,000,000 | 83,000,000 | 196,000,000 | 180,000,000 | 95,000,000 | |||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 4,000,000 | 3,000,000 | 4,000,000 | 3,000,000 | 7,000,000 | 7,000,000 | 14,000,000 | 14,000,000 | 16,000,000 | |||||||||||||||||||||
Other Nonoperating Income (Expense) | 0 | 0 | 1,000,000 | 0 | 1,000,000 | 1,000,000 | 0 | 1,000,000 | ||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | 7,000,000 | 7,000,000 | 7,000,000 | 0 | ||||||||||||||||||||||||||
Interest Expense | (12,000,000) | (11,000,000) | (13,000,000) | (12,000,000) | (23,000,000) | (25,000,000) | (48,000,000) | (53,000,000) | (25,000,000) | |||||||||||||||||||||
Income Before Income Taxes | 41,000,000 | 28,000,000 | 33,000,000 | 26,000,000 | 69,000,000 | 59,000,000 | 156,000,000 | 141,000,000 | 87,000,000 | |||||||||||||||||||||
Income tax expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Net Income | 41,000,000 | 28,000,000 | 33,000,000 | 26,000,000 | 69,000,000 | 59,000,000 | 156,000,000 | 141,000,000 | ||||||||||||||||||||||
Equity investments in affiliates | 110,000,000 | 114,000,000 | 110,000,000 | 114,000,000 | ||||||||||||||||||||||||||
Capital Expenditures | 4,000,000 | [15] | 6,000,000 | [16] | 4,000,000 | [15] | 6,000,000 | [16] | ||||||||||||||||||||||
Total Assets | 2,037,000,000 | 2,017,000,000 | 2,102,000,000 | 2,169,000,000 | 2,037,000,000 | 2,102,000,000 | 2,169,000,000 | |||||||||||||||||||||||
Renewables | ||||||||||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||||||||
Total operating revenues | 159,000,000 | 111,000,000 | [17] | 132,000,000 | 91,000,000 | [17] | 270,000,000 | 223,000,000 | [18] | 443,000,000 | 316,000,000 | 144,000,000 | ||||||||||||||||||
Cost of operations | 34,000,000 | 33,000,000 | [17] | 32,000,000 | 31,000,000 | [17] | 67,000,000 | 63,000,000 | [18] | 136,000,000 | 83,000,000 | 21,000,000 | ||||||||||||||||||
Depreciation and amortization | 50,000,000 | 49,000,000 | [17] | 53,000,000 | 49,000,000 | [17] | 99,000,000 | 102,000,000 | [18] | 197,000,000 | 133,000,000 | 57,000,000 | ||||||||||||||||||
General and administrative | 0 | 0 | [17] | 0 | 0 | [17] | 0 | 0 | [18] | 0 | 0 | 0 | ||||||||||||||||||
Acquisition-related transaction and integration costs | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Operating Income | 75,000,000 | 29,000,000 | [17] | 47,000,000 | 11,000,000 | [17] | 104,000,000 | 58,000,000 | [18] | 110,000,000 | 100,000,000 | 66,000,000 | ||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 9,000,000 | 0 | [17] | 0 | 0 | [17] | 9,000,000 | 0 | [18] | 12,000,000 | 3,000,000 | 4,000,000 | ||||||||||||||||||
Other Nonoperating Income (Expense) | 2,000,000 | 1,000,000 | 0 | [17] | 2,000,000 | 1,000,000 | [18] | 2,000,000 | 5,000,000 | 3,000,000 | ||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | 0 | 0 | 2,000,000 | 1,000,000 | ||||||||||||||||||||||||||
Interest Expense | (36,000,000) | (42,000,000) | [17] | (23,000,000) | (52,000,000) | [17] | (78,000,000) | (75,000,000) | [18] | (147,000,000) | (126,000,000) | (40,000,000) | ||||||||||||||||||
Income Before Income Taxes | 50,000,000 | (13,000,000) | [17] | 25,000,000 | (41,000,000) | [17] | 37,000,000 | (16,000,000) | [18] | (25,000,000) | (19,000,000) | 33,000,000 | ||||||||||||||||||
Income tax expense | 0 | 0 | 0 | [17] | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Net Income | 50,000,000 | (13,000,000) | [17] | 25,000,000 | (41,000,000) | [17] | 37,000,000 | (16,000,000) | [18] | (25,000,000) | (19,000,000) | |||||||||||||||||||
Equity investments in affiliates | 587,000,000 | 194,000,000 | 587,000,000 | 194,000,000 | ||||||||||||||||||||||||||
Capital Expenditures | 6,000,000 | [15] | 27,000,000 | [16] | 6,000,000 | [15] | 27,000,000 | [16] | ||||||||||||||||||||||
Total Assets | 5,862,000,000 | 5,908,000,000 | [17] | 5,970,000,000 | 5,724,000,000 | 5,862,000,000 | 5,970,000,000 | 5,724,000,000 | ||||||||||||||||||||||
Thermal [Member] | ||||||||||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||||||||
Total operating revenues | 39,000,000 | 44,000,000 | 42,000,000 | 47,000,000 | 83,000,000 | 89,000,000 | 174,000,000 | 195,000,000 | 152,000,000 | |||||||||||||||||||||
Cost of operations | 27,000,000 | 29,000,000 | 31,000,000 | 34,000,000 | 56,000,000 | 65,000,000 | 126,000,000 | 139,000,000 | 110,000,000 | |||||||||||||||||||||
Depreciation and amortization | 5,000,000 | 5,000,000 | 4,000,000 | 5,000,000 | 10,000,000 | 9,000,000 | 19,000,000 | 18,000,000 | 15,000,000 | |||||||||||||||||||||
General and administrative | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Acquisition-related transaction and integration costs | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Operating Income | 7,000,000 | 10,000,000 | 7,000,000 | 8,000,000 | 17,000,000 | 15,000,000 | 29,000,000 | 38,000,000 | 27,000,000 | |||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other Nonoperating Income (Expense) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Interest Expense | (1,000,000) | (2,000,000) | (2,000,000) | (2,000,000) | (3,000,000) | (4,000,000) | (7,000,000) | (7,000,000) | (7,000,000) | |||||||||||||||||||||
Income Before Income Taxes | 6,000,000 | 8,000,000 | 5,000,000 | 6,000,000 | 14,000,000 | 11,000,000 | 22,000,000 | 31,000,000 | 20,000,000 | |||||||||||||||||||||
Income tax expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Net Income | 6,000,000 | 8,000,000 | 5,000,000 | 6,000,000 | 14,000,000 | 11,000,000 | 22,000,000 | 31,000,000 | ||||||||||||||||||||||
Equity investments in affiliates | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Capital Expenditures | 20,000,000 | [15] | 7,000,000 | [16] | 20,000,000 | [15] | 7,000,000 | [16] | ||||||||||||||||||||||
Total Assets | 423,000,000 | 430,000,000 | 428,000,000 | 436,000,000 | 423,000,000 | 428,000,000 | 436,000,000 | |||||||||||||||||||||||
Corporate | ||||||||||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||||||||
Total operating revenues | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Cost of operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
General and administrative | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 6,000,000 | 6,000,000 | 12,000,000 | 8,000,000 | 7,000,000 | |||||||||||||||||||||
Acquisition-related transaction and integration costs | 1,000,000 | 1,000,000 | 3,000,000 | 4,000,000 | ||||||||||||||||||||||||||
Operating Income | (3,000,000) | (3,000,000) | (4,000,000) | (3,000,000) | (6,000,000) | (7,000,000) | (15,000,000) | (12,000,000) | (7,000,000) | |||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Other Nonoperating Income (Expense) | 0 | 0 | 0 | 0 | 0 | 0 | 1,000,000 | 0 | ||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Interest Expense | (19,000,000) | (19,000,000) | (13,000,000) | (13,000,000) | (38,000,000) | (26,000,000) | (61,000,000) | (30,000,000) | 0 | |||||||||||||||||||||
Income Before Income Taxes | (22,000,000) | (22,000,000) | (17,000,000) | (16,000,000) | (44,000,000) | (33,000,000) | (76,000,000) | (41,000,000) | (7,000,000) | |||||||||||||||||||||
Income tax expense | 12,000,000 | 4,000,000 | (4,000,000) | 12,000,000 | 12,000,000 | 4,000,000 | 8,000,000 | |||||||||||||||||||||||
Net Income | (34,000,000) | (22,000,000) | $ (21,000,000) | $ (12,000,000) | (56,000,000) | $ (33,000,000) | (88,000,000) | (45,000,000) | $ (15,000,000) | |||||||||||||||||||||
Equity investments in affiliates | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||
Capital Expenditures | 0 | [15] | 0 | [16] | 0 | [15] | 0 | [16] | ||||||||||||||||||||||
Total Assets | $ 186,000,000 | $ 194,000,000 | $ 189,000,000 | $ 465,000,000 | $ 186,000,000 | $ 189,000,000 | $ 465,000,000 | |||||||||||||||||||||||
Affiliated Entity [Member] | ||||||||||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||||||||
General and administrative | $ 3,000,000 | |||||||||||||||||||||||||||||
Southern California Edison [Member] | Conventional Generation | ||||||||||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||||||||
Customer's Percentage of Total Revenue | 23.00% | 24.00% | 13.00% | |||||||||||||||||||||||||||
Southern California Edison [Member] | Renewables | ||||||||||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||||||||
Customer's Percentage of Total Revenue | 17.00% | 7.00% | 3.00% | |||||||||||||||||||||||||||
PG&E [Member] | Conventional Generation | ||||||||||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||||||||
Customer's Percentage of Total Revenue | 13.00% | 15.00% | 19.00% | |||||||||||||||||||||||||||
PG&E [Member] | Renewables | ||||||||||||||||||||||||||||||
Segment Reporting | ||||||||||||||||||||||||||||||
Customer's Percentage of Total Revenue | 12.00% | 13.00% | 17.00% | |||||||||||||||||||||||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||
[2] | a) The Company's unaudited quarterly financial data was recast for the effect of the effect of the CVSR Drop Down. | |||||||||||||||||||||||||||||
[3] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||
[4] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||
[5] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||
[6] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||
[7] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||
[8] | (a) Represents 34.5% ownership for the period July 22, 2013 through December 31, 2013 | |||||||||||||||||||||||||||||
[9] | Retrospectively adjusted as discussed in Item 15 — Note 1, Nature of Business of the Company's Consolidated Financial Statements. | |||||||||||||||||||||||||||||
[10] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||
[11] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||
[12] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||
[13] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||
[14] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||
[15] | Includes accruals. | |||||||||||||||||||||||||||||
[16] | Includes accruals. Capital expenditures for Renewables include a sales tax refund received by Alpine in the first quarter of 2014. | |||||||||||||||||||||||||||||
[17] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||
[18] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Income Taxes (Provision) (Detai
Income Taxes (Provision) (Details) - USD ($) | Jun. 29, 2015 | Jul. 29, 2014 | Jul. 22, 2013 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||
Current | |||||||||||||||||||
U.S. Federal | $ 0 | $ 0 | $ 0 | ||||||||||||||||
Total — current | 0 | 0 | 0 | ||||||||||||||||
Deferred | |||||||||||||||||||
U.S. Federal | 10,000,000 | 2,000,000 | 14,000,000 | ||||||||||||||||
State | 2,000,000 | 2,000,000 | (6,000,000) | ||||||||||||||||
Total — deferred | 12,000,000 | 4,000,000 | 8,000,000 | ||||||||||||||||
Income tax expense | $ 12,000,000 | $ 0 | [1] | $ 4,000,000 | $ (4,000,000) | [1] | $ 12,000,000 | $ 0 | $ 12,000,000 | [2] | $ 4,000,000 | [2] | $ 8,000,000 | [2],[3],[4] | |||||
Effective tax rate (as a percent) | 16.00% | 0.00% | 8.70% | 16.00% | 15.78947% | 0.00% | 15.60% | 3.60% | 5.80% | [3] | |||||||||
U.S. federal statutory rate (as a percent) | 35.00% | 35.00% | 35.00% | ||||||||||||||||
Reconciliation of the U.S. federal statutory rate to the Company's effective rate from continuing operations | |||||||||||||||||||
Income Before Income Taxes | $ 75,000,000 | $ 1,000,000 | [1] | $ 46,000,000 | [5] | $ (25,000,000) | [1] | $ 76,000,000 | $ 21,000,000 | [5] | $ 77,000,000 | [2] | $ 112,000,000 | [2] | $ 133,000,000 | [2] | |||
Tax at 35% | 27,000,000 | 39,000,000 | 47,000,000 | ||||||||||||||||
State taxes, net of federal benefit | (2,000,000) | (1,000,000) | 6,000,000 | ||||||||||||||||
Investment tax credits | (1,000,000) | 0 | 0 | ||||||||||||||||
Impact of non-taxable partnership earnings | (15,000,000) | (31,000,000) | (33,000,000) | ||||||||||||||||
Production tax credits | (4,000,000) | (6,000,000) | 0 | ||||||||||||||||
Change in state effective tax rate | $ 0 | $ 1,000,000 | $ 0 | ||||||||||||||||
Other Information Pertaining to Income Taxes | 3 | 0 | 0 | ||||||||||||||||
Income Taxes Receivable | $ 6,000,000 | ||||||||||||||||||
Unrecognized Tax Benefits | $ 0 | ||||||||||||||||||
NRG | NRG Yield LLC | |||||||||||||||||||
Reconciliation of the U.S. federal statutory rate to the Company's effective rate from continuing operations | |||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 46.70% | 46.70% | 46.70% | 46.70% | 46.70% | ||||||||||||||
NRG Yield, Inc. [Member] | NRG Yield LLC | |||||||||||||||||||
Reconciliation of the U.S. federal statutory rate to the Company's effective rate from continuing operations | |||||||||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 53.30% | 53.30% | 34.50% | 53.30% | 53.30% | 53.30% | |||||||||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||
[2] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | ||||||||||||||||||
[3] | (a) Represents 34.5% ownership for the period July 22, 2013 through December 31, 2013 | ||||||||||||||||||
[4] | Retrospectively adjusted as discussed in Item 15 — Note 1, Nature of Business of the Company's Consolidated Financial Statements. | ||||||||||||||||||
[5] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Income Taxes (Deferred) (Detail
Income Taxes (Deferred) (Details 2) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets, Gross [Abstract] | ||
Investment in projects | $ 0 | $ 47 |
Production tax credits carryforwards | 10 | 6 |
Investment tax credits | 1 | 0 |
U.S. Federal net operating loss carryforwards | 181 | 74 |
State net operating loss carryforwards | 5 | 7 |
Total deferred tax assets | 197 | 134 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Investment in projects | 27 | 0 |
Deferred Tax Liabilities, Gross | 27 | 0 |
Deferred Tax Assets, Net | $ 170 | $ 134 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
Jul. 31, 2016 | Apr. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | [2] | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||
Related Party Transaction | ||||||||||||||||||||
General and administrative | $ 3,000,000 | $ 3,000,000 | [1] | $ 3,000,000 | $ 3,000,000 | [1] | $ 6,000,000 | $ 6,000,000 | [2] | $ 12,000,000 | [3] | $ 8,000,000 | [3] | $ 7,000,000 | [3] | |||||
Due to Affiliate, Noncurrent | 20,000,000 | 20,000,000 | [4] | 20,000,000 | 0 | [4] | ||||||||||||||
Repayments of Related Party Debt | $ 3,000,000 | |||||||||||||||||||
Accounts payable — affiliate | 33,000,000 | 25,000,000 | [4] | 33,000,000 | 86,000,000 | [4],[5] | 48,000,000 | [5] | ||||||||||||
NRG Repowering Holdings LLC [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
Due to Affiliate | 7,000,000 | |||||||||||||||||||
GenOn Energy Services LLC [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
Due to Affiliate | 6,000,000 | 6,000,000 | 6,000,000 | 6,000,000 | 4,000,000 | |||||||||||||||
Affiliated Entity [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
General and administrative | $ 3,000,000 | |||||||||||||||||||
NRG Repowering Holdings LLC [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
Due to Affiliate | 7,000,000 | |||||||||||||||||||
Payments | 18,000,000 | |||||||||||||||||||
Receipt of payments | $ 11,000,000 | |||||||||||||||||||
coal, gas purchases | 5,000,000 | |||||||||||||||||||
Cost of Natural Gas Purchases | 1,000,000 | 2,000,000 | 1,000,000 | 3,000,000 | 5,000,000 | 10,000,000 | ||||||||||||||
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 | 3,000,000 | 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 | 5,000,000 | 5,000,000 | 8,000,000 | 6,000,000 | ||||||||||||||
NRG Yield [Member] | NRG [Member] | Scenario, Plan [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
Management Services Fee, Annual | 7,000,000 | 7,000,000 | 7,000,000 | |||||||||||||||||
El Segundo [Member] | NRG El Segundo Operations, Inc. [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 5,000,000 | |||||||||||||||||||
El Segundo [Member] | NRG Power Marketing LLC [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 1,000,000 | 12,000,000 | |||||||||||||||||
Related Party Costs, Capitalized Amount | 9,000,000 | |||||||||||||||||||
El Segundo [Member] | NRG El Segundo Operations, Inc. [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
Due to Affiliate | $ 1,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,000,000 | 1,000,000 | 2,000,000 | 2,000,000 | 4,000,000 | |||||||||||||||
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 | $ 2,000,000 | 3,000,000 | $ 5,000,000 | 7,000,000 | ||||||||||||||
CVSR [Member] | Utility-Scale Solar [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | 100.00% | 100.00% | [6] | |||||||||||||||
NRG Yield, Inc. [Member] | NRG [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
Due to Affiliate | $ 4,000,000 | $ 3,000,000 | $ 4,000,000 | $ 0 | ||||||||||||||||
GCE Holding LLC [Member] | NRG [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 4,000,000 | 6,000,000 | 5,000,000 | |||||||||||||||||
Marsh Landing [Member] | GenOn Energy Services LLC [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 36,000,000 | |||||||||||||||||||
Related Party Costs, Capitalized Amount | 2,000,000 | 29,000,000 | ||||||||||||||||||
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 | 5,000,000 | 9,000,000 | 13,000,000 | |||||||||||||||
November 2015 Drop Down Assets [Member] | NRG [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
Related Party Transaction, Other Revenues from Transactions with Related Party | 7,000,000 | 12,000,000 | 16,000,000 | 12,000,000 | 7,000,000 | |||||||||||||||
November 2015 Drop Down Assets [Member] | NRG [Member] | Operations and Maintenance services [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,000,000 | 1,000,000 | 3,000,000 | 2,000,000 | 5,000,000 | 3,000,000 | ||||||||||||||
November 2015 Drop Down Assets [Member] | NRG [Member] | Support services [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,000,000 | 1,000,000 | 1,000,000 | 2,000,000 | 3,000,000 | 1,000,000 | ||||||||||||||
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 | 4,000,000 | 5,000,000 | 8,000,000 | 2,000,000 | ||||||||||||||
NRG Energy Center Dover [Member] | NRG [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
Revenue from Related Parties | 2,000,000 | |||||||||||||||||||
Elbow Creek [Member] | NRG [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
Revenue from Related Parties | 3,000,000 | 4,000,000 | ||||||||||||||||||
Thermal [Member] | NRG [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
Due to Affiliate | 27,000,000 | 28,000,000 | 27,000,000 | 29,000,000 | 22,000,000 | |||||||||||||||
Due to Affiliate, Noncurrent | 20,000,000 | 20,000,000 | 20,000,000 | |||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 7,000,000 | $ 7,000,000 | 15,000,000 | $ 15,000,000 | $ 29,000,000 | $ 27,000,000 | $ 24,000,000 | |||||||||||||
Accounts payable — affiliate | $ 7,000,000 | $ 8,000,000 | $ 7,000,000 | |||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||
Related Party Transaction | ||||||||||||||||||||
Repayments of Related Party Debt | $ 4,000,000 | |||||||||||||||||||
[1] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[2] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[3] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[4] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[5] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||
[6] | ) 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. |
Commitments and Contingencies79
Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long-term Purchase Commitment [Line Items] | |||
Operating Leases, Rent Expense | $ 10 | $ 9 | $ 3 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 14 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 10 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 10 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 10 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 10 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 165 | ||
Operating Leases, Future Minimum Payments Due | 219 | ||
Utilities Operating Expense, Purchased Power under Long-term Contracts | 40 | 55 | 40 |
Purchase Obligation, Due in Next Twelve Months | 12 | ||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 6 | ||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 3 | ||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 3 | ||
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 3 | ||
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 21 | ||
Purchase Obligation | 48 | ||
NRG [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Utilities Operating Expense, Purchased Power under Long-term Contracts | $ 13 | $ 12 | $ 7 |
Unaudited Quarterly Financial80
Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | [10] | Jun. 30, 2016 | Jun. 30, 2015 | Jul. 22, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||||
Net Income/(Loss) per Weighted Average Common Share - Basic (in dollars per share) | $ 0.12 | $ 0.18 | [1] | $ 0.15 | [1] | $ (0.07) | [1] | $ 0.01 | $ 0.10 | $ 0.13 | $ 0.09 | |||||||||||||||||||||
Weighted average number of common shares outstanding - basic (in shares) | 35 | 31 | 23 | 23 | ||||||||||||||||||||||||||||
Net income attributable to NRG Yield, Inc.(a) | $ 32 | $ 5 | [2] | $ 11 | $ 17 | $ 10 | $ (5) | [2] | $ 0 | $ 6 | $ 6 | $ 4 | $ 37 | $ 5 | $ 33 | $ 16 | $ 13 | |||||||||||||||
Net Income | 63 | 1 | [2],[3] | 12 | 32 | [4] | 42 | [4],[5],[6] | (21) | [2],[3],[4] | 4 | [4] | 41 | [4] | 43 | [4] | 20 | [4] | 64 | 21 | [5],[6] | $ 54 | 65 | [7],[8] | 108 | [7],[8] | 125 | [7],[8] | ||||
Operating Income | 128 | 72 | [2] | 70 | 101 | [4] | 99 | [4],[5] | 50 | [2],[4] | 74 | [4] | 97 | [4] | 82 | [4] | 53 | [4] | 200 | 149 | [5] | 320 | [7] | 306 | [7] | 181 | [7] | |||||
Operating revenues | $ 283 | 234 | [2] | 224 | 256 | [4] | 259 | [4],[5] | 214 | [2],[4] | 225 | [4] | 230 | [4] | 219 | [4] | 154 | [4] | $ 517 | $ 473 | [5] | 953 | [7] | 828 | [7] | 434 | [7] | |||||
Scenario, Previously Reported [Member] | ||||||||||||||||||||||||||||||||
Net Income | 13 | [4] | 24 | [4] | 38 | [4] | (20) | [4] | 4 | [4] | 37 | [4] | 35 | [4] | 23 | [4] | 121 | [9] | 134 | [9] | ||||||||||||
Operating Income | 66 | [4] | 80 | [4] | 85 | [4] | 46 | [4] | 71 | [4] | 84 | [4] | 60 | [4] | 51 | [4] | 312 | [9] | 190 | [9] | ||||||||||||
Operating revenues | 209 | [4] | 225 | [4] | 235 | [4] | 200 | [4] | 212 | [4] | 199 | [4] | 194 | [4] | 141 | [4] | 771 | [9] | $ 426 | [9] | ||||||||||||
Net Income (Loss) [Member] | ||||||||||||||||||||||||||||||||
Quarterly Financial Information, Quarterly Charges and Credits, Amount Reconciling to Previously Reported Results | [4] | (1) | 8 | 4 | (1) | 0 | 4 | 8 | (3) | |||||||||||||||||||||||
Operating Income (Loss) [Member] | ||||||||||||||||||||||||||||||||
Quarterly Financial Information, Quarterly Charges and Credits, Amount Reconciling to Previously Reported Results | [4] | 4 | 21 | 14 | 4 | 3 | 13 | 22 | 2 | |||||||||||||||||||||||
Operating Revenues [Member] | ||||||||||||||||||||||||||||||||
Quarterly Financial Information, Quarterly Charges and Credits, Amount Reconciling to Previously Reported Results | [4] | $ 15 | $ 31 | $ 24 | $ 14 | $ 13 | $ 31 | $ 25 | $ 13 | |||||||||||||||||||||||
Common Class A [Member] | ||||||||||||||||||||||||||||||||
Net Income/(Loss) per Weighted Average Common Share - Basic (in dollars per share) | $ 0.33 | $ 0.15 | ||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding - basic (in shares) | 35 | 35 | 35 | [1] | 35 | [1] | 35 | [1] | 35 | 35 | ||||||||||||||||||||||
Net income attributable to NRG Yield, Inc.(a) | $ 11 | 2 | $ 5 | $ (3) | $ 7 | $ 13 | $ 3 | 14 | [10] | 8 | [10] | |||||||||||||||||||||
Common Class C [Member] | ||||||||||||||||||||||||||||||||
Net Income/(Loss) per Weighted Average Common Share - Basic (in dollars per share) | $ 0.33 | $ 0.15 | ||||||||||||||||||||||||||||||
Weighted average number of common shares outstanding - basic (in shares) | 63 | 63 | 63 | [1] | 35 | [1] | 35 | [1] | 63 | 35 | ||||||||||||||||||||||
Net income attributable to NRG Yield, Inc.(a) | $ 21 | $ 3 | $ 5 | $ (3) | $ 7 | $ 24 | $ 3 | $ 19 | [10] | $ 8 | [10] | |||||||||||||||||||||
[1] | The Company's unaudited quarterly financial data was recast for the effect of the CVSR Drop Down. | |||||||||||||||||||||||||||||||
[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) The Company's unaudited quarterly financial data was recast for the effect of the effect of the CVSR Drop Down. | |||||||||||||||||||||||||||||||
[5] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||
[6] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||
[7] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||
[8] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||
[9] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||||||
[10] | Net income attributable to NRG Yield, Inc. and basic and diluted earnings per share might not recalculate due to presenting values in millions rather than whole dollars. |
Yield, Inc. (Parent) Footnote81
Yield, Inc. (Parent) Footnotes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jul. 22, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 63 | $ 1 | [1],[2] | $ 12 | $ 32 | [3] | $ 42 | [3],[4],[5] | $ (21) | [1],[2],[3] | $ 4 | [3] | $ 41 | [3] | $ 43 | [3] | $ 20 | [3] | $ 64 | $ 21 | [4],[5] | $ 54 | $ 65 | [6],[7] | $ 108 | [6],[7] | $ 125 | [6],[7] |
[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) The Company's unaudited quarterly financial data was recast for the effect of the effect of the CVSR Drop Down. | |||||||||||||||||||||||||||
[4] | (a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||
[5] | a) Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||
[6] | Retrospectively adjusted as discussed in Note 1, Nature of Business. | |||||||||||||||||||||||||||
[7] | Retrospectively adjusted as discussed in Note 1, Nature of Business. |
Uncategorized Items - nyld-2016
Label | Element | Value |
Non-cash [Member] | ||
Proceeds from Contributions from Affiliates | us-gaap_ProceedsFromContributionsFromAffiliates | $ 99,000,000 |
Noncontrolling Interest [Member] | Non-cash [Member] | ||
Proceeds from Contributions from Affiliates | us-gaap_ProceedsFromContributionsFromAffiliates | $ 99,000,000 |