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Condensed Consolidating Financial Information | 12 Months Ended
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Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information As of December 31, 2017, the Company had outstanding $4.8 billion of Senior Notes due 2022 - 2028, as shown in Note 12, Debt and Capital Leases. These Senior Notes are guaranteed by certain of NRG's current and future 100% owned domestic subsidiaries, or guarantor subsidiaries. These guarantees are both joint and several. The non-guarantor subsidiaries include all of NRG's foreign subsidiaries and certain domestic subsidiaries, including GenOn and its subsidiaries and NRG Yield, Inc. and its subsidiaries. Unless otherwise noted below, each of the following guarantor subsidiaries fully and unconditionally guaranteed the Senior Notes as of December 31, 2017:
Ace Energy, Inc. | New Genco GP, LLC | NRG Norwalk Harbor Operations Inc.
Allied Home Warranty GP LLC | Norwalk Power LLC | NRG Operating Services, Inc.
Allied Warranty LLC | NRG Advisory Services LLC | NRG Oswego Harbor Power Operations Inc.
Arthur Kill Power LLC | NRG Affiliate Services Inc. | NRG PacGen Inc.
Astoria Gas Turbine Power LLC | NRG Arthur Kill Operations Inc. | NRG Portable Power LLC
Bayou Cove Peaking Power, LLC | NRG Astoria Gas Turbine Operations Inc. | NRG Power Marketing LLC
BidURenergy, Inc. | NRG Bayou Cove LLC | NRG Reliability Solutions LLC
Cabrillo Power I LLC | NRG Business Services LLC | NRG Renter's Protection LLC
Cabrillo Power II LLC | NRG Cabrillo Power Operations Inc. | NRG Retail LLC
Carbon Management Solutions LLC | NRG California Peaker Operations LLC | NRG Retail Northeast LLC
Cirro Group, Inc. | NRG Cedar Bayou Development Company, LLC | NRG Rockford Acquisition LLC
Cirro Energy Services, Inc. | NRG Connected Home LLC | NRG Saguaro Operations Inc.
Conemaugh Power LLC | NRG Connecticut Affiliate Services Inc. | NRG Security LLC
Connecticut Jet Power LLC | NRG Construction LLC | NRG Services Corporation
Cottonwood Development LLC | NRG Curtailment Solutions, Inc | NRG SimplySmart Solutions LLC
Cottonwood Energy Company LP | NRG Development Company Inc. | NRG South Central Affiliate Services Inc.
Cottonwood Generating Partners I LLC | NRG Devon Operations Inc. | NRG South Central Generating LLC
Cottonwood Generating Partners II LLC | NRG Dispatch Services LLC | NRG South Central Operations Inc.
Cottonwood Generating Partners III LLC | NRG Distributed Energy Resources Holdings LLC | NRG South Texas LP
Cottonwood Technology Partners LP | NRG Distributed Generation PR LLC | NRG SPV #1 LLC
Devon Power LLC | NRG Dunkirk Operations Inc. | NRG Texas C&I Supply LLC
Dunkirk Power LLC | NRG El Segundo Operations Inc. | NRG Texas Gregory LLC
Eastern Sierra Energy Company LLC | NRG Energy Efficiency-L LLC | NRG Texas Holding Inc.
El Segundo Power, LLC | NRG Energy Labor Services LLC | NRG Texas LLC
El Segundo Power II LLC | NRG ECOKAP Holdings LLC | NRG Texas Power LLC
Energy Alternatives Wholesale, LLC | NRG Energy Services Group LLC | NRG Warranty Services LLC
Energy Choice Solutions LLC | NRG Energy Services International Inc. | NRG West Coast LLC
Energy Plus Holdings LLC | NRG Energy Services LLC | NRG Western Affiliate Services Inc.
Energy Plus Natural Gas LLC | NRG Generation Holdings, Inc. | O'Brien Cogeneration, Inc. II
Energy Protection Insurance Company | NRG Greenco LLC | ONSITE Energy, Inc.
Everything Energy LLC | NRG Home & Business Solutions LLC | Oswego Harbor Power LLC
Forward Home Security, LLC | NRG Home Services LLC | Reliant Energy Northeast LLC
GCP Funding Company, LLC | NRG Home Solutions LLC | Reliant Energy Power Supply, LLC
Green Mountain Energy Company | NRG Home Solutions Product LLC | Reliant Energy Retail Holdings, LLC
Gregory Partners, LLC | NRG Homer City Services LLC | Reliant Energy Retail Services, LLC
Gregory Power Partners LLC | NRG Huntley Operations Inc. | RERH Holdings, LLC
Huntley Power LLC | NRG HQ DG LLC | Saguaro Power LLC
Independence Energy Alliance LLC | NRG Identity Protect LLC | Somerset Operations Inc.
Independence Energy Group LLC | NRG Ilion Limited Partnership | Somerset Power LLC
Independence Energy Natural Gas LLC | NRG Ilion LP LLC | Texas Genco GP, LLC
Indian River Operations Inc. | NRG International LLC | Texas Genco Holdings, Inc.
Indian River Power LLC | NRG Maintenance Services LLC | Texas Genco LP, LLC
Keystone Power LLC | NRG Mextrans Inc. | Texas Genco Services, LP
Langford Wind Power, LLC | NRG MidAtlantic Affiliate Services Inc. | US Retailers LLC
Louisiana Generating LLC | NRG Middletown Operations Inc. | Vienna Operations Inc.
Meriden Gas Turbines LLC | NRG Montville Operations Inc. | Vienna Power LLC
Middletown Power LLC | NRG New Roads Holdings LLC | WCP (Generation) Holdings LLC
Montville Power LLC | NRG North Central Operations Inc. | West Coast Power LLC
NEO Corporation | NRG Northeast Affiliate Services Inc. |
The non-guarantor subsidiaries include all of NRG's foreign subsidiaries and certain domestic subsidiaries. NRG conducts much of its business through and derives much of its income from its subsidiaries. Therefore, the Company's ability to make required payments with respect to its indebtedness and other obligations depends on the financial results and condition of its subsidiaries and NRG's ability to receive funds from its subsidiaries. Except for NRG Bayou Cove, LLC, which is subject to certain restrictions under the Company's Peaker financing agreements, there are no restrictions on the ability of any of the guarantor subsidiaries to transfer funds to NRG. In addition, there may be restrictions for certain non-guarantor subsidiaries. The following condensed consolidating financial information presents the financial information of NRG Energy, Inc., the guarantor subsidiaries and the non-guarantor subsidiaries in accordance with Rule 3-10 under the SEC's Regulation S-X. The financial information may not necessarily be indicative of results of operations or financial position had the guarantor subsidiaries or non-guarantor subsidiaries operated as independent entities. In this presentation, NRG Energy, Inc. consists of parent company operations. Guarantor subsidiaries and non-guarantor subsidiaries of NRG are reported on an equity basis. For companies acquired, the fair values of the assets and liabilities acquired have been presented on a push-down accounting basis. In addition, the condensed parent company financial statements are provided in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of NRG Energy, Inc.’s subsidiaries exceed 25 percent of the consolidated net assets of NRG Energy, Inc. These statements should be read in conjunction with the consolidated statements and notes thereto of NRG Energy, Inc. For a discussion of NRG Energy, Inc.'s long-term debt, see Note 12, Debt and Capital Leases to the consolidated financial statements. For a discussion of NRG Energy, Inc.'s contingencies, see Note 22, Commitments and Contingencies to the consolidated financial statements. For a discussion of NRG Energy, Inc.'s guarantees, see Note 26, Guarantees to the consolidated financial statements. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Year Ended December 31, 2017
| Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | NRG Energy, Inc. (Note Issuer) |  | Eliminations (a) |  | Consolidated Balance
| (In millions)
Operating Revenues |  |  |  |  |  |  |  |  |
Total operating revenues | $ | 7,182 |  | — |  | $ | 3,699 |  | — |  | $ | — |  |  | $ | (252 | ) |  | $ | 10,629 |
Operating Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of operations | 5,373 |  |  | 2,353 |  |  | 59 |  |  | (249 | ) |  | 7,536 |
Depreciation and amortization | 405 |  |  | 619 |  |  | 32 |  |  | — |  |  | 1,056 |
Impairment losses | 1,463 |  |  | 246 |  |  | — |  |  | — |  |  | 1,709 |
Selling, general and administrative | 371 |  |  | 146 |  |  | 393 |  |  | (3 | ) |  | 907 |
Reorganization costs | 6 |  |  | — |  |  | 38 |  |  | — |  |  | 44 |
Development costs | — |  |  | 49 |  |  | 18 |  |  | — |  |  | 67 |
Total operating costs and expenses | 7,618 |  |  | 3,413 |  |  | 540 |  |  | (252 | ) |  | 11,319 |
Other income - affiliate | — |  |  | — |  |  | 87 |  |  | — |  |  | 87 |
Gain on sale of assets | 4 |  |  | 12 |  |  | — |  |  | — |  |  | 16 |
Operating (Loss)/Income | (432 | ) |  | 298 |  |  | (453 | ) |  | — |  |  | (587 | )
Other (Expense)/Income |  |  |  |  |  |  |  |  |
Equity in (losses)/earnings of consolidated subsidiaries | (1,162 | ) |  | (113 | ) |  | 26 |  |  | 1,249 |  |  | — |
Equity in earnings/(losses) of unconsolidated affiliates | — |  |  | 95 |  |  | (4 | ) |  | (60 | ) |  | 31 |
Impairment losses on investments | — |  |  | (75 | ) |  | (4 | ) |  | — |  |  | (79 | )
Other income, net | 9 |  |  | 17 |  |  | 12 |  |  | — |  |  | 38 |
Net loss on debt extinguishment | — |  |  | (4 | ) |  | (49 | ) |  | — |  |  | (53 | )
Interest expense | (14 | ) |  | (424 | ) |  | (452 | ) |  | — |  |  | (890 | )
Total other expense | (1,167 | ) |  | (504 | ) |  | (471 | ) |  | 1,189 |  |  | (953 | )
Loss from Continuing Operations Before Income Taxes | (1,599 | ) |  | (206 | ) |  | (924 | ) |  | 1,189 |  |  | (1,540 | )
Income tax (benefit)/expense | (598 | ) |  | (10 | ) |  | 616 |  |  | — |  |  | 8 |
Loss from Continuing Operations | (1,001 | ) |  | (196 | ) |  | (1,540 | ) |  | 1,189 |  |  | (1,548 | )
Loss from Discontinued Operations, net of income tax | — |  |  | (160 | ) |  | (629 | ) |  | — |  |  | (789 | )
Net Loss | (1,001 | ) |  | (356 | ) |  | (2,169 | ) |  | 1,189 |  |  | (2,337 | )
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests | — |  |  | (108 | ) |  | (16 | ) |  | (60 | ) |  | (184 | )
Net Loss Attributable to NRG Energy, Inc. | $ | (1,001 | ) |  | $ | (248 | ) |  | $ | (2,153 | ) |  | $ | 1,249 |  |  | $ | (2,153 | )
(a) | All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME For the Year Ended December 31, 2017
| Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | NRG Energy, Inc. (Note Issuer) |  | Eliminations(a) |  | Consolidated Balance
| (In millions)
Net Loss | $ | (1,001 | ) |  | $ | (356 | ) |  | $ | (2,169 | ) |  | $ | 1,189 |  |  | $ | (2,337 | )
Other Comprehensive (Loss)/Income, net of tax |  |  |  |  |  |  |  |  |
Unrealized gain on derivatives, net | 1 |  |  | 13 |  |  | 25 |  |  | (26 | ) |  | 13 |
Foreign currency translation adjustments, net | 6 |  |  | 7 |  |  | — |  |  | (1 | ) |  | 12 |
Available-for-sale securities, net | — |  |  | — |  |  | (8 | ) |  | — |  |  | (8 | )
Defined benefit plan, net | (24 | ) |  | 29 |  |  | 41 |  |  | — |  |  | 46 |
Other comprehensive (loss)/income | (17 | ) |  | 49 |  |  | 58 |  |  | (27 | ) |  | 63 |
Comprehensive Loss | (1,018 | ) |  | (307 | ) |  | (2,111 | ) |  | 1,162 |  |  | (2,274 | )
Less: Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests | — |  | — |  | (103 | ) | — |  | (16 | ) | — |  | (60 | ) |  | (179 | )
Comprehensive Loss Attributable to NRG Energy, Inc. | $ | (1,018 | ) |  | $ | (204 | ) |  | $ | (2,095 | ) |  | $ | 1,222 |  |  | $ | (2,095 | )
(a) | All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2017
| Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | NRG Energy, Inc. |  | Eliminations (a) |  | Consolidated Balance
| (In millions)
ASSETS |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 348 |  |  | $ | 643 |  |  | $ | — |  |  | $ | 991 |
Funds deposited by counterparties | 37 |  |  | — |  |  | — |  |  | — |  |  | 37 |
Restricted cash | 4 |  |  | 504 |  |  | — |  |  | — |  |  | 508 |
Accounts receivable - trade | 769 |  |  | 306 |  |  | 4 |  |  | — |  |  | 1,079 |
Inventory | 339 |  |  | 193 |  |  | — |  |  | — |  |  | 532 |
Derivative instruments | 625 |  |  | 80 |  |  | 9 |  |  | (88 | ) |  | 626 |
Cash collateral posted in support of energy risk management activities | 170 |  |  | 1 |  |  | — |  |  | — |  |  | 171 |
Accounts receivable - affiliate | 712 |  |  | 210 |  |  | (129 | ) |  | (698 | ) |  | 95 |
Current assets held-for-sale | 8 |  |  | 107 |  |  | — |  |  | — |  |  | 115 |
Prepayments and other current assets | 116 |  |  | 118 |  |  | 27 |  |  | — |  |  | 261 |
Total current assets | 2,780 |  |  | 1,867 |  |  | 554 |  |  | (786 | ) |  | 4,415 |
Net Property, Plant and Equipment | 2,527 |  |  | 11,169 |  | — |  | 238 |  | — |  | (26 | ) |  | 13,908 |
Other Assets |  |  |  |  |  |  |  |  |
Investment in subsidiaries | (106 | ) |  | 28 |  | — |  | 7,581 |  |  | (7,503 | ) |  | — |
Equity investments in affiliates | — |  |  | 1,036 |  |  | 2 |  |  | — |  |  | 1,038 |
Notes receivable, less current portion | — |  |  | 2 |  |  | 36 |  |  | (36 | ) |  | 2 |
Goodwill | 360 |  |  | 179 |  |  | — |  |  | — |  |  | 539 |
Intangible assets, net | 458 |  |  | 1,291 |  |  | — |  |  | (3 | ) |  | 1,746 |
Nuclear decommissioning trust fund | 692 |  |  | — |  |  | — |  |  | — |  |  | 692 |
Deferred income taxes | 377 |  |  | (7 | ) |  | (236 | ) |  | — |  |  | 134 |
Derivative instruments | 121 |  |  | 40 |  |  | 31 |  |  | (20 | ) |  | 172 |
Non-current assets held-for-sale | — |  |  | 43 |  |  | — |  |  | — |  |  | 43 |
Other non-current assets | 51 |  |  | 458 |  |  | 120 |  |  | — |  |  | 629 |
Total other assets | 1,953 |  |  | 3,070 |  |  | 7,534 |  |  | (7,562 | ) |  | 4,995 |
Total Assets | $ | 7,260 |  |  | $ | 16,106 |  |  | $ | 8,326 |  |  | $ | (8,374 | ) |  | $ | 23,318 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |
Current portion of long-term debt and capital leases | $ | — |  |  | $ | 667 |  |  | $ | 57 |  |  | $ | (36 | ) |  | $ | 688 |
Accounts payable | 546 |  |  | 280 |  |  | 55 |  |  | — |  |  | 881 |
Accounts payable - affiliate | 752 |  |  | (202 | ) |  | 181 |  |  | (698 | ) |  | 33 |
Derivative instruments | 535 |  |  | 108 |  |  | — |  |  | (88 | ) |  | 555 |
Cash collateral received in support of energy risk management activities | 37 |  |  | — |  |  | — |  |  | — |  |  | 37 |
Accrued interest expense | 3 |  |  | 56 |  |  | 97 |  |  | — |  |  | 156 |
Current liabilities - held-for-sale | — |  |  | 72 |  |  | — |  |  | — |  |  | 72 |
Other accrued expenses and other current liabilities | 288 |  |  | 118 |  |  | 328 |  |  | — |  |  | 734 |
Other accrued expenses and other current liabilities - affiliate | — |  |  | — |  |  | 161 |  |  | — |  |  | 161 |
Total current liabilities | 2,161 |  |  | 1,099 |  |  | 879 |  |  | (822 | ) |  | 3,317 |
Other Liabilities |  |  |  |  |  |  |  |  |
Long-term debt and capital leases | 244 |  |  | 8,733 |  |  | 6,739 |  |  | — |  |  | 15,716 |
Nuclear decommissioning reserve | 269 |  |  | — |  |  | — |  |  | — |  |  | 269 |
Nuclear decommissioning trust liability | 415 |  |  | — |  |  | — |  |  | — |  |  | 415 |
Postretirement and other benefit obligations | 118 |  |  | 1 |  |  | 339 |  |  | — |  |  | 458 |
Deferred income taxes | 112 |  |  | 64 |  |  | (155 | ) |  | — |  |  | 21 |
Derivative instruments | 110 |  |  | 107 |  |  | — |  |  | (20 | ) |  | 197 |
Out-of-market contracts, net | 66 |  |  | 141 |  |  | — |  |  | — |  |  | 207 |
Non-current liabilities held-for-sale | — |  |  | 8 |  |  | — |  |  | — |  |  | 8 |
Other non-current liabilities | 295 |  |  | 317 |  |  | 52 |  |  | — |  |  | 664 |
Total non-current liabilities | 1,629 |  |  | 9,371 |  |  | 6,975 |  |  | (20 | ) |  | 17,955 |
Total Liabilities | 3,790 |  |  | 10,470 |  |  | 7,854 |  |  | (842 | ) |  | 21,272 |
Redeemable noncontrolling interest in subsidiaries | — |  |  | 78 |  |  | — |  |  | — |  |  | 78 |
Stockholders' Equity | 3,470 |  |  | 5,558 |  |  | 472 |  |  | (7,532 | ) |  | 1,968 |
Total Liabilities and Stockholders' Equity | $ | 7,260 |  |  | $ | 16,106 |  |  | $ | 8,326 |  |  | $ | (8,374 | ) |  | $ | 23,318 |
(a) | All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2017
| Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | NRG Energy, Inc. (Note Issuer) |  | Eliminations(a) |  | Consolidated Balance
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net loss | $ | (1,001 | ) |  | $ | (356 | ) |  | $ | (2,169 | ) |  | $ | 1,189 |  |  | $ | (2,337 | )
Loss from discontinued operations | — |  |  | (160 | ) |  | (629 | ) |  | — |  |  | (789 | )
Net loss from continuing operations | (1,001 | ) |  | (196 | ) |  | (1,540 | ) |  | 1,189 |  |  | (1,548 | )
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in earnings and distributions from unconsolidated affiliates | — |  |  | 5 |  |  | 4 |  |  | 46 |  |  | 55 |
Depreciation and amortization | 405 |  |  | 619 |  |  | 32 |  |  | — |  |  | 1,056 |
Provision for bad debts | 54 |  |  | 2 |  |  | 12 |  |  | — |  |  | 68 |
Amortization of nuclear fuel | 51 |  |  | — |  |  | — |  |  | — |  |  | 51 |
Amortization of financing costs and debt discount/premiums | — |  |  | 42 |  |  | 18 |  |  | — |  |  | 60 |
Adjustment for debt extinguishment | — |  |  | 4 |  |  | 49 |  |  | — |  |  | 53 |
Amortization of intangibles and out-of-market contracts | 27 |  |  | 81 |  |  | — |  |  | — |  |  | 108 |
Amortization of unearned equity compensation | — |  |  | — |  |  | 35 |  |  | — |  |  | 35 |
Net gain on sale of assets and equity method investments | (18 | ) |  | (16 | ) |  | — |  |  | — |  |  | (34 | )
Impairment losses | 1,463 |  |  | 321 |  |  | 4 |  |  | — |  |  | 1,788 |
Changes in derivative instruments | (100 | ) |  | (69 | ) |  | 24 |  |  | (26 | ) |  | (171 | )
Changes in deferred income taxes and liability for uncertain tax benefits | (300 | ) |  | 69 |  |  | 322 |  |  | — |  |  | 91 |
Changes in collateral deposits in support of energy risk management activities | (98 | ) |  | 18 |  |  | — |  |  | — |  |  | (80 | )
Proceeds from sale of emission allowances | 25 |  |  | — |  |  | — |  |  | — |  |  | 25 |
Changes in nuclear decommissioning trust liability | 11 |  |  | — |  |  | — |  |  | — |  |  | 11 |
Cash (used)/provided by changes in other working capital | (363 | ) |  | (164 | ) |  | 1,593 |  |  | (1,209 | ) |  | (143 | )
Cash provided by continuing operations | 156 |  |  | 716 |  |  | 553 |  |  | — |  |  | 1,425 |
Cash used by discontinued operations | — |  |  | (38 | ) |  | — |  |  | — |  |  | (38 | )
Net Cash Provided by Operating Activities | 156 |  |  | 678 |  |  | 553 |  |  | — |  |  | 1,387 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |  |  |
Dividends from NRG Yield, Inc. | — |  |  | — |  |  | 94 |  |  | (94 | ) |  | — |
Acquisition of Drop Down Assets, net of cash acquired | — |  |  | (249 | ) |  | — |  |  | 249 |  |  | — |
Intercompany dividends | — |  |  | — |  |  | 129 |  |  | (129 | ) |  | — |
Acquisition of businesses, net of cash acquired | (14 | ) |  | (27 | ) |  | — |  |  | — |  |  | (41 | )
Capital expenditures | (183 | ) |  | (906 | ) |  | (22 | ) |  | — |  |  | (1,111 | )
Net cash proceeds from notes receivable | — |  |  | 17 |  |  | — |  |  | — |  |  | 17 |
Proceeds from renewable energy grants | 8 |  |  | — |  |  | — |  |  | — |  |  | 8 |
Proceeds from sale of emission allowances | 66 |  |  | — |  |  | — |  |  | — |  |  | 66 |
Investments in nuclear decommissioning trust fund securities | (512 | ) |  | — |  |  | — |  |  | — |  |  | (512 | )
Proceeds from sales of nuclear decommissioning trust fund securities | 501 |  |  | — |  |  | — |  |  | — |  |  | 501 |
Proceeds from sale of assets, net | 33 |  |  | 54 |  |  | — |  |  | — |  |  | 87 |
Investments in unconsolidated affiliates | — |  |  | (40 | ) |  | — |  |  | — |  |  | (40 | )
Other | 18 |  |  | (6 | ) |  | — |  |  | — |  |  | 12 |
Cash (used)/provided by continuing operations | (83 | ) |  | (1,157 | ) |  | 201 |  |  | 26 |  |  | (1,013 | )
Cash used by discontinued operations | — |  |  | (53 | ) |  | — |  |  | — |  |  | (53 | )
Net Cash (Used)/Provided by Investing Activities | (83 | ) |  | (1,210 | ) |  | 201 |  |  | 26 |  |  | (1,066 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Dividends from NRG Yield, Inc. | — |  |  | (94 | ) |  | — |  |  | 94 |  |  | — |
Payments from/(for) intercompany loans | (45 | ) |  | 13 |  |  | 32 |  |  | — |  |  | — |
Acquisition of Drop Down Assets, net of cash acquired | — |  |  | — |  |  | 249 |  |  | (249 | ) |  | — |
Intercompany dividends | — |  |  | (129 | ) |  | — |  |  | 129 |  |  | — |
Payment of dividends to common and preferred stockholders | — |  |  | — |  |  | (38 | ) |  | — |  |  | (38 | )
Net receipts from settlement of acquired derivatives that include financing elements | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Payments for debt extinguishment costs | — |  |  | — |  |  | (42 | ) |  | — |  |  | (42 | )
Distributions from, net of contributions to, noncontrolling interest in subsidiaries | — |  |  | 95 |  |  | — |  |  | — |  |  | 95 |
Payments from issuance of common stock | — |  |  | — |  |  | (2 | ) |  | — |  |  | (2 | )
Proceeds from issuance of long-term debt | — |  |  | 1,186 |  |  | 1,084 |  |  | — |  |  | 2,270 |
Payment of debt issuance and hedging costs | — |  |  | (47 | ) |  | (16 | ) |  | — |  |  | (63 | )
Payments for short and long-term debt | — |  |  | (647 | ) |  | (1,701 | ) |  | — |  |  | (2,348 | )
Receivable from affiliate | — |  |  | (125 | ) |  | — |  |  | — |  |  | (125 | )
Other | — |  |  | (10 | ) |  | — |  |  | — |  |  | (10 | )
Cash provided/(used) by continuing operations | (45 | ) |  | 244 |  |  | (434 | ) |  | (26 | ) |  | (261 | )
Cash used by discontinued operations | — |  |  | (224 | ) |  | — |  |  | — |  |  | (224 | )
Net Cash Provided/(Used) by Financing Activities | (45 | ) |  | 20 |  |  | (434 | ) |  | (26 | ) |  | (485 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | (1 | ) |  | — |  |  | — |  |  | (1 | )
Change in cash from discontinued operations | — |  |  | (315 | ) |  | — |  |  | — |  |  | (315 | )
Net Increase/(Decrease) in Cash and Cash Equivalents, Restricted Cash, and Funds Deposited by Counterparties | 28 |  |  | (198 | ) |  | 320 |  |  | — |  |  | 150 |
Cash and Cash Equivalents, Restricted Cash, and Funds Deposited by Counterparties at Beginning of Period | 13 |  |  | 1,050 |  |  | 323 |  |  | — |  |  | 1,386 |
Cash and Cash Equivalents, Restricted Cash, and Funds Deposited by Counterparties at End of Period | $ | 41 |  |  | $ | 852 |  |  | $ | 643 |  |  | $ | — |  |  | $ | 1,536 |
(a) | All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Year Ended December 31, 2016
| Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | NRG Energy, Inc. (Note Issuer) |  | Eliminations (a) |  | Consolidated Balance
| (In millions)
Operating Revenues |  |  |  |  |  |  |  |  |
Total operating revenues | $ | 7,509 |  | — |  | $ | 3,222 |  | — |  | $ | — |  |  | $ | (219 | ) |  | $ | 10,512 |
Operating Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of operations | 5,402 |  |  | 2,080 |  |  | 42 |  |  | (223 | ) |  | 7,301 |
Depreciation and amortization | 565 |  |  | 581 |  |  | 26 |  |  | — |  |  | 1,172 |
Impairment losses | 378 |  |  | 324 |  |  | — |  |  | — |  |  | 702 |
Selling, general and administrative | 415 |  |  | 192 |  |  | 488 |  |  | — |  |  | 1,095 |
Development costs | — |  |  | 59 |  |  | 30 |  |  | — |  |  | 89 |
Total operating costs and expenses | 6,760 |  |  | 3,236 |  |  | 586 |  |  | (223 | ) |  | 10,359 |
Other income - affiliate | — |  |  | — |  |  | 193 |  |  | — |  |  | 193 |
Loss on sale of assets | (1 | ) |  | — |  |  | (79 | ) |  | — |  |  | (80 | )
Operating Income/(Loss) | 748 |  |  | (14 | ) |  | (472 | ) |  | 4 |  |  | 266 |
Other (Expense)/Income |  |  |  |  |  |  |  |  |
Equity in (losses)/earnings of consolidated subsidiaries | (176 | ) |  | (5 | ) |  | 313 |  |  | (132 | ) |  | — |
Equity in earnings/(losses) of unconsolidated affiliates | 5 |  |  | 36 |  |  | (4 | ) |  | (10 | ) |  | 27 |
Impairment losses on investments | — |  |  | (252 | ) |  | (16 | ) |  | — |  |  | (268 | )
Other income, net | 4 |  |  | 23 |  |  | 9 |  |  | (2 | ) |  | 34 |
Net loss on debt extinguishment | — |  |  | (4 | ) |  | (138 | ) |  | — |  |  | (142 | )
Interest expense | (15 | ) |  | (396 | ) |  | (484 | ) |  | — |  |  | (895 | )
Total other expense | (182 | ) |  | (598 | ) |  | (320 | ) |  | (144 | ) |  | (1,244 | )
Income/(Loss) from Continuing Operations Before Income Taxes | 566 |  |  | (612 | ) |  | (792 | ) |  | (140 | ) |  | (978 | )
Income tax (benefit)/expense | (1 | ) |  | 7 |  |  | (63 | ) |  | 62 |  |  | 5 |
Income/(Loss) from Continuing Operations | 567 |  |  | (619 | ) |  | (729 | ) |  | (202 | ) |  | (983 | )
Income from Discontinued Operations, net of income tax | — |  |  | 81 |  |  | 11 |  |  | — |  |  | 92 |
Net Income/(Loss) | 567 |  |  | (538 | ) |  | (718 | ) |  | (202 | ) |  | (891 | )
Less: Net (loss)/income attributable to noncontrolling interests and redeemable noncontrolling interests | — |  |  | (103 | ) |  | 56 |  |  | (70 | ) |  | (117 | )
Net Income/(Loss) Attributable to NRG Energy, Inc. | $ | 567 |  |  | $ | (435 | ) |  | $ | (774 | ) |  | $ | (132 | ) |  | $ | (774 | )
(a) | All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME For the Year Ended December 31, 2016
| Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | NRG Energy, Inc. (Note Issuer) |  | Eliminations(a) |  | Consolidated Balance
| (In millions)
Net Income/(Loss) | $ | 567 |  |  | $ | (538 | ) |  | $ | (718 | ) |  | $ | (202 | ) |  | $ | (891 | )
Other Comprehensive Income, net of tax |  |  |  |  |  |  |  |  |
Unrealized gain on derivatives, net | — |  |  | 32 |  |  | 89 |  |  | (86 | ) |  | 35 |
Foreign currency translation adjustments, net | (1 | ) |  | (1 | ) |  | (1 | ) |  | 2 |  |  | (1 | )
Available-for-sale securities, net | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Defined benefit plan, net | 34 |  |  | (13 | ) |  | (51 | ) |  | 33 |  |  | 3 |
Other comprehensive income | 33 |  |  | 18 |  |  | 38 |  |  | (51 | ) |  | 38 |
Comprehensive Income/(Loss) | 600 |  |  | (520 | ) |  | (680 | ) |  | (253 | ) |  | (853 | )
Less: Comprehensive (loss)/income attributable to noncontrolling interests and redeemable noncontrolling interests | — |  |  | (103 | ) | — |  | 56 |  |  | (70 | ) |  | (117 | )
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | 600 |  |  | (417 | ) | — |  | (736 | ) |  | (183 | ) |  | (736 | )
Dividends for preferred shares | — |  |  | — |  |  | 5 |  | — |  | — |  |  | 5 |
Gain on redemption of preferred shares | — |  |  | — |  |  | (78 | ) |  | — |  |  | (78 | )
Comprehensive Income/(Loss) Available for Common Stockholders | $ | 600 |  |  | $ | (417 | ) |  | $ | (663 | ) |  | $ | (183 | ) |  | $ | (663 | )
(a) | All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2016
| Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | NRG Energy, Inc. |  | Eliminations (a) |  | Consolidated Balance
ASSETS |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 615 |  |  | $ | 323 |  |  | $ | — |  |  | $ | 938 |
Funds deposited by counterparties | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |
Restricted cash | 11 |  |  | 435 |  |  | — |  |  | — |  |  | 446 |
Accounts receivable - trade | 734 |  |  | 321 |  |  | 3 |  |  | — |  |  | 1,058 |
Inventory | 482 |  |  | 239 |  |  | — |  |  | — |  |  | 721 |
Derivative instruments | 962 |  |  | 196 |  |  | 1 |  |  | (92 | ) |  | 1,067 |
Cash collateral posted in support of energy risk management activities | 116 |  |  | 34 |  |  | — |  |  | — |  |  | 150 |
Accounts receivable - affiliate | 307 |  |  | (254 | ) |  | 200 |  |  | (139 | ) |  | 114 |
Current assets held-for-sale | — |  |  | 9 |  |  | — |  |  | — |  |  | 9 |
Prepayments and other current assets | 76 |  |  | 152 |  |  | 62 |  |  | — |  |  | 290 |
Current assets - discontinued operations | — |  |  | 1,919 |  |  | — |  |  | — |  |  | 1,919 |
Total current assets | 2,690 |  |  | 3,666 |  |  | 589 |  |  | (231 | ) |  | 6,714 |
Net Property, Plant and Equipment | 4,219 |  |  | 10,926 |  |  | 251 |  |  | (27 | ) |  | 15,369 |
Other Assets |  |  |  |  |  |  |  |  |
Investment in subsidiaries | 1,090 |  |  | 145 |  |  | 10,128 |  |  | (11,363 | ) |  | — |
Equity investments in affiliates | (13 | ) |  | 1,103 |  |  | 30 |  |  | — |  |  | 1,120 |
Notes receivable, less current portion | — |  |  | 16 |  |  | (76 | ) |  | 76 |  |  | 16 |
Goodwill | 359 |  |  | 303 |  |  | — |  |  | — |  |  | 662 |
Intangible assets, net | 592 |  |  | 1,384 |  |  | — |  |  | (3 | ) |  | 1,973 |
Nuclear decommissioning trust fund | 610 |  |  | — |  |  | — |  |  | — |  |  | 610 |
Derivative instruments | 144 |  |  | 44 |  |  | 36 |  |  | (43 | ) |  | 181 |
Deferred income taxes | 3 |  |  | — |  |  | 222 |  |  | — |  |  | 225 |
Non-current assets held for sale | — |  |  | 10 |  |  | — |  |  | — |  |  | 10 |
Other non-current assets | 67 |  |  | 446 |  |  | 328 |  |  | — |  |  | 841 |
Non-current assets - discontinued operations | — |  |  | 2,961 |  |  | — |  |  | — |  |  | 2,961 |
Total other assets | 2,852 |  |  | 6,412 |  |  | 10,668 |  |  | (11,333 | ) |  | 8,599 |
Total Assets | $ | 9,761 |  |  | $ | 21,004 |  |  | $ | 11,508 |  |  | $ | (11,591 | ) |  | $ | 30,682 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |
Current portion of long-term debt and capital leases | $ | — |  |  | $ | 498 |  |  | $ | (58 | ) |  | $ | 76 |  |  | $ | 516 |
Accounts payable | 501 |  |  | 247 |  |  | 34 |  |  | — |  |  | 782 |
Accounts payable - affiliate | 753 |  |  | (443 | ) |  | (200 | ) |  | (79 | ) |  | 31 |
Derivative instruments | 947 |  |  | 237 |  |  | — |  |  | (92 | ) |  | 1,092 |
Cash collateral received in support of energy risk management activities | 81 |  |  | — |  |  | — |  |  | — |  |  | 81 |
Accrued interest expense | 3 |  |  | 54 |  |  | 123 |  |  | — |  |  | 180 |
Other accrued expenses and other current liabilities | 313 |  |  | 155 |  |  | 342 |  |  | — |  |  | 810 |
Current liabilities - discontinued operations | — |  |  | 1,210 |  |  | — |  |  | — |  |  | 1,210 |
Total current liabilities | 2,598 |  |  | 1,958 |  |  | 241 |  |  | (95 | ) |  | 4,702 |
Other Liabilities |  |  |  |  |  |  |  |  |
Long-term debt and capital leases | 244 |  |  | 8,252 |  |  | 7,461 |  |  | — |  |  | 15,957 |
Nuclear decommissioning reserve | 287 |  |  | — |  |  | — |  |  | — |  |  | 287 |
Nuclear decommissioning trust liability | 339 |  |  | — |  |  | — |  |  | — |  |  | 339 |
Postretirement and other benefit obligations | 113 |  |  | 122 |  |  | 275 |  |  | — |  |  | 510 |
Deferred income taxes | 186 |  |  | 125 |  |  | (291 | ) |  | — |  |  | 20 |
Derivative instruments | 157 |  |  | 170 |  |  | — |  |  | (43 | ) |  | 284 |
Out-of-market contracts, net | 80 |  |  | 150 |  |  | — |  |  | — |  |  | 230 |
Non-current liabilities held-for-sale | — |  |  | 11 |  |  | — |  |  | — |  |  | 11 |
Other non-current liabilities | 283 |  |  | 309 |  |  | 74 |  |  | — |  |  | 666 |
Other non-current liabilities - discontinued operations | — |  |  | 3,184 |  |  | — |  |  | — |  |  | 3,184 |
Total non-current liabilities | 1,689 |  |  | 12,323 |  |  | 7,519 |  |  | (43 | ) |  | 21,488 |
Total Liabilities | 4,287 |  |  | 14,281 |  |  | 7,760 |  |  | (138 | ) |  | 26,190 |
Redeemable noncontrolling interest in subsidiaries | — |  |  | 46 |  |  | — |  |  | — |  |  | 46 |
Stockholders' Equity | 5,474 |  |  | 6,677 |  | — |  | 3,748 |  | — |  | (11,453 | ) |  | 4,446 |
Total Liabilities and Stockholders' Equity | $ | 9,761 |  |  | $ | 21,004 |  |  | $ | 11,508 |  |  | $ | (11,591 | ) |  | $ | 30,682 |
(a) | All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2016
| Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | NRG Energy, Inc. (Note Issuer) |  | Eliminations(a) |  | Consolidated Balance
| (In millions)
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net income/(loss) | $ | 567 |  |  | $ | (538 | ) |  | $ | (718 | ) |  | $ | (202 | ) |  | $ | (891 | )
Income from discontinued operations | — |  |  | 81 |  |  | 11 |  |  | — |  |  | 92 |
Net income/(loss) from continuing operations | 567 |  |  | (619 | ) |  | (729 | ) |  | (202 | ) |  | (983 | )
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in earnings and distribution of unconsolidated affiliates | (5 | ) |  | 52 |  |  | 5 |  |  | 2 |  |  | 54 |
Depreciation and amortization | 565 |  |  | 581 |  |  | 26 |  |  | — |  |  | 1,172 |
Provision for bad debts | 41 |  |  | 7 |  |  | — |  |  | — |  |  | 48 |
Amortization of nuclear fuel | 49 |  |  | — |  |  | — |  |  | — |  |  | 49 |
Amortization of financing costs and debt discount/premiums | — |  |  | 34 |  |  | 21 |  |  | — |  |  | 55 |
Adjustment for debt extinguishment | — |  |  | 4 |  |  | 138 |  |  | — |  |  | 142 |
Amortization of intangibles and out-of-market contracts | 39 |  |  | 128 |  |  | — |  |  | — |  |  | 167 |
Amortization of unearned equity compensation | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |
Net loss on sale of assets and equity method investments, net | — |  |  | — |  |  | 70 |  |  | — |  |  | 70 |
Impairment losses | 378 |  |  | 578 |  |  | 16 |  |  | — |  |  | 972 |
Changes in derivative instruments | (77 | ) |  | 145 |  |  | (36 | ) |  | — |  |  | 32 |
Changes in deferred income taxes and liability for uncertain tax benefits | (1 | ) |  | 18 |  |  | (60 | ) |  | — |  |  | (43 | )
Changes in collateral deposits in support of energy risk management activities | 437 |  |  | (39 | ) |  | — |  |  | — |  |  | 398 |
Proceeds from sale of emission allowances | 34 |  |  | — |  |  | — |  |  | — |  |  | 34 |
Changes in nuclear decommissioning trust liability | 41 |  |  | — |  |  | — |  |  | — |  |  | 41 |
Cash (used)/provided by changes in other working capital | (1,815 | ) |  | 417 |  |  | 1,187 |  |  | 200 |  |  | (11 | )
Cash provided by continuing operations | 253 |  |  | 1,306 |  |  | 648 |  |  | — |  |  | 2,207 |
Cash used by discontinued operations | — |  |  | (119 | ) |  | — |  |  | — |  |  | (119 | )
Net Cash Provided by Operating Activities | 253 |  |  | 1,187 |  |  | 648 |  |  | — |  |  | 2,088 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |  |
Dividends from NRG Yield, Inc. | — |  |  | — |  |  | 81 |  |  | (81 | ) |  | — |
Intercompany dividends | — |  |  | — |  |  | 12 |  |  | (12 | ) |  | — |
Acquisition of Drop Down Assets, net of cash acquired | — |  |  | (77 | ) |  | — |  |  | 77 |  |  | — |
Acquisition of businesses, net of cash acquired | — |  |  | (209 | ) |  | — |  |  | — |  |  | (209 | )
Capital expenditures | (180 | ) |  | (748 | ) |  | (48 | ) |  | — |  |  | (976 | )
Net cash proceeds from notes receivable | — |  |  | 17 |  |  | — |  |  | — |  |  | 17 |
Proceeds from renewable energy grants | — |  |  | 36 |  |  | — |  |  | — |  |  | 36 |
Purchases of emission allowances, net of proceeds | (1 | ) |  | — |  |  | — |  |  | — |  |  | (1 | )
Investments in nuclear decommissioning trust fund securities | (551 | ) |  | — |  |  | — |  |  | — |  |  | (551 | )
Proceeds from sales of nuclear decommissioning trust fund securities | 510 |  |  | — |  |  | — |  |  | — |  |  | 510 |
Proceeds from sale of assets, net | — |  |  | 56 |  |  | 17 |  |  | — |  |  | 73 |
Investments in unconsolidated affiliates | 3 |  |  | (26 | ) |  | — |  |  | — |  |  | (23 | )
Other | 27 |  |  | — |  |  | 8 |  |  | — |  |  | 35 |
Cash (used)/provided by continuing operations | (192 | ) |  | (951 | ) |  | 70 |  |  | (16 | ) |  | (1,089 | )
Cash provided by discontinued operations | — |  |  | 297 |  |  | — |  |  | — |  |  | 297 |
Net Cash (Used)/Provided by Investing Activities | (192 | ) |  | (654 | ) |  | 70 |  |  | (16 | ) |  | (792 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |
Dividends from NRG Yield, Inc. | — |  |  | (81 | ) |  | — |  |  | 81 |  |  | — |
Intercompany dividends | (52 | ) |  | 40 |  |  | — |  |  | 12 |  |  | — |
Payments (for)/from intercompany loans | (52 | ) |  | (49 | ) |  | 101 |  |  | — |  |  | — |
Acquisition of Drop Down Assets, net of cash acquired | — |  |  | — |  |  | 77 |  |  | (77 | ) |  | — |
Payment of dividends to common and preferred stockholders | — |  |  | — |  |  | (76 | ) |  | — |  |  | (76 | )
Net receipts from settlement of acquired derivatives that include financing elements | — |  |  | 6 |  |  | — |  |  | — |  |  | 6 |
Payment for preferred shares | — |  |  | — |  |  | (226 | ) |  | — |  |  | (226 | )
Payments for debt extinguishment costs | — |  |  | — |  |  | (121 | ) |  | — |  |  | (121 | )
Distributions from, net of contributions to, noncontrolling interest in subsidiaries | — |  |  | (156 | ) |  | — |  |  | — |  |  | (156 | )
Proceeds from issuance of common stock | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Proceeds from issuance of long-term debt | — |  |  | 1,387 |  |  | 4,140 |  |  | — |  |  | 5,527 |
Payment of debt issuance and hedging costs | — |  |  | (29 | ) |  | (60 | ) |  | — |  |  | (89 | )
Payments for short and long-term debt | (1 | ) |  | (983 | ) |  | (4,924 | ) |  | — |  |  | (5,908 | )
Other | (3 | ) |  | (10 | ) |  | — |  |  | — |  |  | (13 | )
Cash (used)/provided by continuing operations | (108 | ) |  | 125 |  |  | (1,088 | ) |  | 16 |  |  | (1,055 | )
Cash provided by discontinued operations | — |  |  | 140 |  |  | — |  |  | — |  |  | 140 |
Net Cash (Used)/Provided by Financing Activities | (108 | ) |  | 265 |  |  | (1,088 | ) |  | 16 |  |  | (915 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Change in cash from discontinued operations | — |  |  | 318 |  |  | — |  |  | — |  |  | 318 |
Net (Decrease)/Increase in Cash and Cash Equivalents, Restricted Cash, and Funds Deposited by Counterparties | (47 | ) |  | 481 |  |  | (370 | ) |  | — |  |  | 64 |
Cash and Cash Equivalents, Restricted Cash, and Funds Deposited by Counterparties at Beginning of Period | 60 |  |  | 569 |  |  | 693 |  |  | — |  |  | 1,322 |
Cash and Cash Equivalents, Restricted Cash, and Funds Deposited by Counterparties at End of Period | $ | 13 |  |  | $ | 1,050 |  |  | $ | 323 |  |  | $ | — |  |  | $ | 1,386 |
(a) All significant intercompany transactions have been eliminated in consolidation. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Year Ended December 31, 2015
| Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | NRG Energy, Inc. |  | Eliminations (a) |  | Consolidated Balance
| (In millions)
Operating Revenues |  |  |  |  |  |  |  |  |
Total operating revenues | $ | 9,881 |  | — |  | $ | 2,541 |  | — |  | $ | — |  |  | $ | (94 | ) |  | $ | 12,328 |
Operating Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of operations | 7,610 |  |  | 1,470 |  |  | 14 |  |  | (94 | ) |  | 9,000 |
Depreciation and amortization | 751 |  |  | 580 |  |  | 20 |  |  | — |  |  | 1,351 |
Impairment losses | 4,494 |  |  | 366 |  |  | — |  |  | — |  |  | 4,860 |
Selling, general and administrative | 468 |  |  | 204 |  |  | 556 |  |  | — |  |  | 1,228 |
Development costs | — |  |  | 61 |  |  | 93 |  |  | — |  |  | 154 |
Total operating costs and expenses | 13,323 |  |  | 2,681 |  |  | 683 |  |  | (94 | ) |  | 16,593 |
Other income - affiliate | — |  |  | — |  |  | 193 |  |  | — |  |  | 193 |
Gain on postretirement benefits curtailment | — |  |  | 21 |  |  | — |  |  | — |  |  | 21 |
Operating Loss | (3,442 | ) |  | (119 | ) |  | (490 | ) |  | — |  |  | (4,051 | )
Other (Expense)/Income |  |  |  |  |  |  |  |  |
Equity in losses of consolidated subsidiaries | (109 | ) |  | (1 | ) |  | (2,800 | ) |  | 2,910 |  |  | — |
Equity in earnings of unconsolidated affiliates | 8 |  |  | 37 |  |  | — |  |  | (9 | ) |  | 36 |
Impairment losses on investments | — |  |  | (25 | ) |  | (31 | ) |  | — |  |  | (56 | )
Other income, net | 4 |  |  | 21 |  |  | 1 |  |  | — |  |  | 26 |
Loss on sale of equity-method investment | — |  |  | — |  |  | (14 | ) |  | — |  |  | (14 | )
Net (loss)/gain on debt extinguishment | — |  |  | (9 | ) |  | 19 |  |  | — |  |  | 10 |
Interest expense | (14 | ) |  | (366 | ) |  | (557 | ) |  | — |  |  | (937 | )
Total other expense | (111 | ) |  | (343 | ) |  | (3,382 | ) |  | 2,901 |  |  | (935 | )
Loss from Continuing Operations Before Income Taxes | (3,553 | ) |  | (462 | ) |  | (3,872 | ) |  | 2,901 |  |  | (4,986 | )
Income tax (benefit)/expense | (1,104 | ) |  | (93 | ) |  | 2,489 |  |  | 53 |  |  | 1,345 |
Loss from Continuing Operations | (2,449 | ) |  | (369 | ) |  | (6,361 | ) |  | 2,848 |  |  | (6,331 | )
Loss/(income) from Discontinued Operations, net of income tax | — |  |  | (115 | ) |  | 10 |  |  | — |  |  | (105 | )
Net Loss | (2,449 | ) |  | (484 | ) |  | (6,351 | ) |  | 2,848 |  |  | (6,436 | )
Less: Net (loss)/income attributable to noncontrolling interests and redeemable noncontrolling interests | — |  |  | (23 | ) |  | 31 |  |  | (62 | ) |  | (54 | )
Net Loss Attributable to NRG Energy, Inc. | $ | (2,449 | ) |  | $ | (461 | ) |  | $ | (6,382 | ) |  | $ | 2,910 |  |  | $ | (6,382 | )
(a) | All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME For the Year Ended December 31, 2015
| Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | NRG Energy, Inc. (Note Issuer) |  | Eliminations(a) |  | Consolidated Balance
| (In millions)
Net Loss | $ | (2,449 | ) |  | $ | (484 | ) |  | $ | (6,351 | ) |  | $ | 2,848 |  |  | $ | (6,436 | )
Other Comprehensive (Loss)/Income, net of tax |  |  |  |  |  |  |  |  |
Unrealized (loss)/gain on derivatives, net | (8 | ) |  | (16 | ) |  | 48 |  |  | (39 | ) |  | (15 | )
Foreign currency translation adjustments, net | — |  |  | (7 | ) |  | (4 | ) |  | — |  |  | (11 | )
Available-for-sale securities, net | — |  |  | (1 | ) |  | 18 |  |  | — |  |  | 17 |
Defined benefit plan, net | (22 | ) |  | (15 | ) |  | (42 | ) |  | 89 |  |  | 10 |
Other comprehensive (loss)/income | (30 | ) |  | (39 | ) |  | 20 |  |  | 50 |  |  | 1 |
Comprehensive Loss | (2,479 | ) |  | (523 | ) |  | (6,331 | ) |  | 2,898 |  |  | (6,435 | )
Less: Comprehensive (loss)/income attributable to noncontrolling interest | — |  |  | (42 | ) |  | 31 |  |  | (62 | ) |  | (73 | )
Comprehensive Loss Attributable to NRG Energy, Inc. | (2,479 | ) |  | (481 | ) |  | (6,362 | ) |  | 2,960 |  |  | (6,362 | )
Dividends for preferred shares | — |  |  | — |  |  | 20 |  |  | — |  |  | 20 |
Comprehensive Loss Available for Common Stockholders | $ | (2,479 | ) |  | $ | (481 | ) |  | $ | (6,382 | ) |  | $ | 2,960 |  |  | $ | (6,382 | )
(a) | All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2015
| Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | NRG Energy, Inc. (Note Issuer) |  | Eliminations(a) |  | Consolidated Balance
| (In millions)
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net loss | $ | (2,449 | ) |  | $ | (484 | ) |  | $ | (6,351 | ) |  | $ | 2,848 |  |  | $ | (6,436 | )
(Loss)/income from discontinued operations | — |  |  | (115 | ) |  | 10 |  |  | — |  |  | (105 | )
Net loss from continuing operations | (2,449 | ) |  | (369 | ) |  | (6,361 | ) |  | 2,848 |  |  | (6,331 | )
Adjustments to reconcile net loss to net cash (used)/provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in earnings and distribution of unconsolidated affiliates | (5 | ) |  | 54 |  |  | — |  |  | (12 | ) |  | 37 |
Depreciation and amortization | 751 |  |  | 580 |  |  | 20 |  |  | — |  |  | 1,351 |
Provision for bad debts | 58 |  |  | 3 |  |  | 3 |  |  | — |  |  | 64 |
Amortization of nuclear fuel | 45 |  |  | — |  |  | — |  |  | — |  |  | 45 |
Amortization of financing costs and debt discount/premiums | — |  |  | 21 |  |  | 26 |  |  | — |  |  | 47 |
Adjustment for debt extinguishment | — |  |  | 9 |  |  | (19 | ) |  | — |  |  | (10 | )
Amortization of intangibles and out-of-market contracts | 52 |  |  | 99 |  |  | — |  |  | — |  |  | 151 |
Amortization of unearned equity compensation | — |  |  | (2 | ) |  | 41 |  |  | — |  |  | 39 |
Net loss on sale of assets and equity method investments | — |  |  | — |  |  | 14 |  |  | — |  |  | 14 |
Gain on post retirement benefits curtailment | — |  |  | (21 | ) |  | — |  |  | — |  |  | (21 | )
Impairment losses | 4,494 |  |  | 391 |  |  | 31 |  |  | — |  |  | 4,916 |
Changes in derivative instruments | 264 |  |  | (29 | ) |  | — |  |  | — |  |  | 235 |
Changes in deferred income taxes and liability for uncertain tax benefits | (1,092 | ) |  | (237 | ) |  | 2,655 |  |  | — |  |  | 1,326 |
Changes in collateral deposits in support of energy risk management activities | (323 | ) |  | (11 | ) |  | — |  |  | — |  |  | (334 | )
Proceeds from sale of emission allowances | (24 | ) |  | — |  |  | — |  |  | — |  |  | (24 | )
Changes in nuclear decommissioning trust liability | (2 | ) |  | — |  |  | — |  |  | — |  |  | (2 | )
Cash (used)/provided by changes in other working capital | (8,656 | ) |  | (907 | ) |  | 12,183 |  |  | (2,836 | ) |  | (216 | )
Cash (used)/provided by continuing operations | (6,887 | ) |  | (419 | ) |  | 8,593 |  |  | — |  |  | 1,287 |
Cash provided by discontinued operations | — |  |  | 62 |  |  | — |  |  | — |  |  | 62 |
Net Cash (Used)/Provided by Operating Activities | (6,887 | ) |  | (357 | ) |  | 8,593 |  |  | — |  |  | 1,349 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |  |
Dividends from NRG Yield, Inc. | — |  |  | — |  |  | 70 |  |  | (70 | ) |  | — |
Intercompany dividends | — |  |  | — |  |  | 33 |  |  | (33 | ) |  | — |
Acquisition of Drop Down Assets, net of cash acquired | — |  |  | (698 | ) |  | — |  |  | 698 |  |  | — |
Acquisition of business, net of cash acquired | — |  |  | (31 | ) |  | — |  |  | — |  |  | (31 | )
Capital expenditures | (316 | ) |  | (654 | ) |  | (59 | ) |  | — |  |  | (1,029 | )
Net cash proceeds from notes receivable | — |  |  | 18 |  |  | — |  |  | — |  |  | 18 |
Proceeds from renewable energy grants | — |  |  | 82 |  |  | — |  |  | — |  |  | 82 |
Proceeds from emission allowances, net of purchases | 41 |  |  | — |  |  | — |  |  | — |  |  | 41 |
Investments in nuclear decommissioning trust fund securities | (629 | ) |  | — |  |  | — |  |  | — |  |  | (629 | )
Proceeds from sales of nuclear decommissioning trust fund securities | 631 |  |  | — |  |  | — |  |  | — |  |  | 631 |
Proceeds from sale of assets, net | — |  |  | 1 |  |  | 26 |  |  | — |  |  | 27 |
Investments in unconsolidated affiliates | 1 |  |  | (357 | ) |  | (39 | ) |  | — |  |  | (395 | )
Other | — |  |  | 16 |  |  | — |  |  | — |  |  | 16 |
Cash (used)/provided by continuing operations | (272 | ) |  | (1,623 | ) |  | 31 |  |  | 595 |  |  | (1,269 | )
Cash used by discontinued operations | — |  |  | (259 | ) |  | — |  |  | — |  |  | (259 | )
Net Cash (Used)/Provided by Investing Activities | (272 | ) |  | (1,882 | ) |  | 31 |  |  | 595 |  |  | (1,528 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |
Dividends from NRG Yield, Inc. | — |  |  | (70 | ) |  | — |  |  | 70 |  |  | — |
Intercompany dividends | — |  |  | (33 | ) |  | — |  |  | 33 |  |  | — |
Payments from/(for) intercompany loans | 7,183 |  |  | 1,258 |  |  | (8,441 | ) |  | — |  |  | — |
Acquisition of Drop Down Assets, net of cash acquired | — |  |  | — |  |  | 698 |  |  | (698 | ) |  | — |
Payment of dividends to common and preferred stockholders | — |  |  | — |  |  | (201 | ) |  | — |  |  | (201 | )
Net receipts from settlement of acquired derivatives that include financing elements | — |  |  | 14 |  |  | — |  |  | — |  |  | 14 |
Payment for treasury stock | — |  |  | — |  |  | (437 | ) |  | — |  |  | (437 | )
Distributions from, net of contributions to, noncontrolling interest in subsidiaries | — |  |  | 47 |  |  | — |  |  | — |  |  | 47 |
Proceeds from sale of noncontrolling interests in subsidiaries | — |  |  | 600 |  |  | — |  |  | — |  |  | 600 |
Proceeds from issuance of common stock | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Proceeds from issuance of long-term debt | — |  |  | 953 |  |  | 51 |  |  | — |  |  | 1,004 |
Payment of debt issuance and hedging costs | — |  |  | (21 | ) |  | — |  |  | — |  |  | (21 | )
Payments for short and long-term debt | — |  |  | (1,116 | ) |  | (246 | ) |  | — |  |  | (1,362 | )
Other | — |  |  | (22 | ) |  | — |  |  | — |  |  | (22 | )
Cash provided/(used) by continuing operations | 7,183 |  |  | 1,610 |  |  | (8,575 | ) |  | (595 | ) |  | (377 | )
Cash used by discontinued operations | — |  |  | (55 | ) |  | — |  |  | — |  |  | (55 | )
Net Cash Provided/(Used) by Financing Activities | 7,183 |  |  | 1,555 |  |  | (8,575 | ) |  | (595 | ) |  | (432 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | 10 |  |  | — |  |  | — |  |  | 10 |
Change in cash from discontinued operations | — |  |  | (252 | ) |  | — |  |  | — |  |  | (252 | )
Net Increase/(Decrease) in Cash and Cash Equivalents, Restricted Cash, and Funds Deposited by Counterparties | 24 |  |  | (422 | ) |  | 49 |  |  | — |  |  | (349 | )
Cash and Cash Equivalents, Restricted Cash, and Funds Deposited by Counterparties at Beginning of Period | 36 |  |  | 991 |  |  | 644 |  |  | — |  |  | 1,671 |
Cash and Cash Equivalents, Restricted Cash, and Funds Deposited by Counterparties at End of Period | $ | 60 |  |  | $ | 569 |  |  | $ | 693 |  |  | $ | — |  |  | $ | 1,322 |
(a) All significant intercompany transactions have been eliminated in consolidation.

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