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Condensed Consolidating Financial Information | 3 Months Ended
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Mar. 31, 2018
Condensed Consolidating Financial Information Disclosure [Abstract] |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information As of March 31, 2018, the Company had outstanding $4.8 billion of Senior Notes due from 2022 to 2028, as shown in Note 7, 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, and NRG Yield, Inc. and its subsidiaries. Unless otherwise noted below, each of the following guarantor subsidiaries fully and unconditionally guaranteed the Senior Notes as of March 31, 2018:
Ace Energy, Inc. | New Genco GP, LLC | NRG Northeast Affiliate Services Inc.
Allied Home Warranty GP LLC | Norwalk Power LLC | NRG Norwalk Harbor Operations Inc.
Allied Warranty LLC | NRG Advisory Services LLC | NRG Operating Services, Inc.
Arthur Kill Power LLC | NRG Affiliate Services Inc. | NRG Oswego Harbor Power Operations Inc.
Astoria Gas Turbine Power LLC | NRG Arthur Kill Operations Inc. | NRG PacGen Inc.
Bayou Cove Peaking Power, LLC | NRG Astoria Gas Turbine Operations Inc. | NRG Portable Power LLC
BidURenergy, Inc. | NRG Bayou Cove LLC | NRG Power Marketing LLC
Cabrillo Power I LLC | NRG Business Services LLC | NRG Reliability Solutions LLC
Cabrillo Power II LLC | NRG Cabrillo Power Operations Inc. | NRG Renter's Protection LLC
Carbon Management Solutions LLC | NRG California Peaker Operations LLC | NRG Retail LLC
Cirro Group, Inc. | NRG Cedar Bayou Development Company, LLC | NRG Retail Northeast LLC
Cirro Energy Services, Inc. | NRG Connected Home LLC | NRG Rockford Acquisition LLC
Conemaugh Power LLC | NRG Connecticut Affiliate Services Inc. | NRG Saguaro Operations Inc.
Connecticut Jet Power LLC | NRG Construction LLC | NRG Security LLC
Cottonwood Development LLC | NRG Curtailment Solutions, Inc | NRG Services Corporation
Cottonwood Energy Company LP | NRG Development Company Inc. | NRG SimplySmart Solutions LLC
Cottonwood Generating Partners I LLC | NRG Devon Operations Inc. | NRG South Central Affiliate Services Inc.
Cottonwood Generating Partners II LLC | NRG Dispatch Services LLC | NRG South Central Generating LLC
Cottonwood Generating Partners III LLC | NRG Distributed Energy Resources Holdings LLC | NRG South Central Operations Inc.
Cottonwood Technology Partners LP | NRG Distributed Generation PR LLC | NRG South Texas LP
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
Louisiana Generating LLC | NRG MidAtlantic Affiliate Services Inc. | US Retailers LLC
Meriden Gas Turbines LLC | NRG Middletown Operations Inc. | Vienna Operations Inc.
Middletown Power LLC | NRG Montville Operations Inc. | Vienna Power LLC
Montville Power LLC | NRG New Roads Holdings LLC | WCP (Generation) Holdings LLC
NEO Corporation | NRG North Central Operations Inc. | West Coast Power LLC
NRG conducts much of its business through and derives much of its income from its subsidiaries. Therefore, the Company's ability to make required payments with respect to its indebtedness and other obligations depends on the financial results and condition of its subsidiaries and NRG's ability to receive funds from its subsidiaries. There are no restrictions on the ability of any of the guarantor subsidiaries to transfer funds to NRG. However, there may be restrictions for certain non-guarantor subsidiaries. The following condensed consolidating financial information presents the financial information of NRG Energy, Inc., the guarantor subsidiaries and the non-guarantor subsidiaries in accordance with Rule 3-10 under the SEC Regulation S-X. The financial information may not necessarily be indicative of results of operations or financial position had the guarantor subsidiaries or non-guarantor subsidiaries operated as independent entities. In this presentation, NRG Energy, Inc. consists of parent company operations. Guarantor subsidiaries and non-guarantor subsidiaries of NRG are reported on an equity basis. For companies acquired, the fair values of the assets and liabilities acquired have been presented on a push-down accounting basis. NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the three months ended March 31, 2018 (Unaudited)
| Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | NRG Energy, Inc. (Note Issuer) |  | Eliminations(a) |  | Consolidated
| (In millions)
Operating Revenues |  |  |  |  |  |  |  |  |
Total operating revenues | $ | 1,483 |  |  | $ | 885 |  |  | $ | — |  |  | $ | 53 |  |  | $ | 2,421 |
Operating Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of operations | 1,082 |  |  | 409 |  |  | 14 |  |  | 53 |  |  | 1,558 |
Depreciation and amortization | 73 |  |  | 154 |  |  | 8 |  |  | — |  |  | 235 |
Selling, general and administrative | 98 |  |  | 32 |  |  | 61 |  |  | — |  |  | 191 |
Reorganization costs | 2 |  |  | — |  |  | 18 |  |  | — |  |  | 20 |
Development costs | — |  |  | 9 |  |  | 4 |  |  | — |  |  | 13 |
Total operating costs and expenses | 1,255 |  |  | 604 |  |  | 105 |  |  | 53 |  |  | 2,017 |
Gain/(loss) on sale of assets | 3 |  |  | (1 | ) |  | — |  |  | — |  |  | 2 |
Operating Income/(Loss) | 231 |  |  | 280 |  |  | (105 | ) |  | — |  |  | 406 |
Other Income/(Expense) |  |  |  |  |  |  |  |  |
Equity in earnings of consolidated subsidiaries | 210 |  |  | — |  |  | 330 |  |  | (540 | ) |  | — |
Equity in losses of unconsolidated affiliates | — |  |  | (1 | ) |  | (1 | ) |  | — |  |  | (2 | )
Other income/(expense), net | 21 |  |  | (11 | ) |  | 3 |  |  | (16 | ) |  | (3 | )
Loss on debt extinguishment, net | — |  |  | — |  |  | (2 | ) |  | — |  |  | (2 | )
Interest expense | (3 | ) |  | (72 | ) |  | (92 | ) |  |  |  |  | (167 | )
Total other income/(expense) | 228 |  |  | (84 | ) |  | 238 |  |  | (556 | ) |  | (174 | )
Income Before Income Taxes | 459 |  |  | 196 |  |  | 133 |  |  | (556 | ) |  | 232 |
Income tax expense/(benefit) | 113 |  |  | 48 |  |  | (162 | ) |  | — |  |  | (1 | )
Net Income | 346 |  |  | 148 |  |  | 295 |  |  | (556 | ) |  | 233 |
Less: Net (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interests | — |  |  | (46 | ) |  | 16 |  |  | (16 | ) |  | (46 | )
Net Income Attributable to NRG Energy, Inc. | $ | 346 |  |  | $ | 194 |  |  | $ | 279 |  |  | $ | (540 | ) |  | $ | 279 |
(a) | All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the three months ended March 31, 2018 (Unaudited)
| Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | NRG Energy, Inc. (Note Issuer) |  | Eliminations(a) |  | Consolidated
| (In millions)
Net Income | $ | 346 |  |  | $ | 148 |  |  | $ | 295 |  |  | $ | (556 | ) |  | $ | 233 |
Other Comprehensive (Loss)/Income, net of tax |  |  |  |  |  |  |  |  |
Unrealized gain on derivatives, net | — |  |  | 16 |  |  | 15 |  |  | (17 | ) |  | 14 |
Foreign currency translation adjustments, net | (2 | ) |  | (2 | ) |  | (3 | ) |  | 5 |  |  | (2 | )
Defined benefit plans, net | — |  |  | — |  |  | (1 | ) |  | — |  |  | (1 | )
Other comprehensive (loss)/income | (2 | ) |  | 14 |  |  | 11 |  |  | (12 | ) |  | 11 |
Comprehensive Income | 344 |  |  | 162 |  |  | 306 |  |  | (568 | ) |  | 244 |
Less: Comprehensive (loss)/income attributable to noncontrolling interest and redeemable noncontrolling interest | — |  |  | (46 | ) |  | 24 |  |  | (16 | ) |  | (38 | )
Comprehensive Income Attributable to NRG Energy, Inc. | $ | 344 |  |  | $ | 208 |  |  | $ | 282 |  |  | $ | (552 | ) |  | $ | 282 |
(a) | All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS March 31, 2018 (Unaudited)
| Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | NRG Energy, Inc. (Note Issuer) |  | Eliminations(a) |  | Consolidated
ASSETS | (In millions)
Current Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 43 |  |  | $ | 371 |  |  | $ | 350 |  |  | $ | — |  |  | $ | 764 |
Funds deposited by counterparties | 241 |  |  | — |  |  | — |  |  | — |  |  | 241 |
Restricted cash | 8 |  |  | 399 |  |  | — |  |  | — |  |  | 407 |
Accounts receivable, net | 610 |  |  | 290 |  |  | 3 |  |  | — |  |  | 903 |
Inventory | 323 |  |  | 205 |  |  | — |  |  | — |  |  | 528 |
Derivative instruments | 932 |  |  | 207 |  |  | 12 |  |  | (136 | ) |  | 1,015 |
Cash collateral paid in support of energy risk management activities | 211 |  |  | — |  |  | — |  |  | — |  |  | 211 |
Accounts receivable - affiliate | 509 |  |  | 141 |  |  | 491 |  |  | (1,068 | ) |  | 73 |
Current assets - held for sale | — |  |  | 89 |  |  | — |  |  | — |  |  | 89 |
Prepayments and other current assets | 154 |  |  | 134 |  |  | 38 |  |  | — |  |  | 326 |
Total current assets | 3,031 |  |  | 1,836 |  |  | 894 |  |  | (1,204 | ) |  | 4,557 |
Property, plant and equipment, net | 2,500 |  |  | 11,196 |  |  | 240 |  |  | (25 | ) |  | 13,911 |
Other Assets |  |  |  |  |  |  |  |  |
Investment in subsidiaries | 511 |  |  | 1 |  |  | 7,374 |  |  | (7,886 | ) |  | — |
Equity investments in affiliates | — |  |  | 1,010 |  |  | 1 |  |  | — |  |  | 1,011 |
Goodwill | 360 |  |  | 179 |  |  | — |  |  | — |  |  | 539 |
Intangible assets, net | 439 |  |  | 1,290 |  |  | — |  |  | (3 | ) |  | 1,726 |
Nuclear decommissioning trust fund | 680 |  |  | — |  |  | — |  |  | — |  |  | 680 |
Derivative instruments | 245 |  |  | 118 |  |  | 38 |  |  | (47 | ) |  | 354 |
Deferred income tax | 264 |  |  | (34 | ) |  | (94 | ) |  | — |  |  | 136 |
Non-current assets held-for-sale | — |  |  | 157 |  |  | — |  |  | — |  |  | 157 |
Other non-current assets | 73 |  |  | 489 |  |  | 119 |  |  | — |  |  | 681 |
Total other assets | 2,572 |  |  | 3,210 |  |  | 7,438 |  |  | (7,936 | ) |  | 5,284 |
Total Assets | $ | 8,103 |  |  | $ | 16,242 |  |  | $ | 8,572 |  |  | $ | (9,165 | ) |  | $ | 23,752 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |
Current portion of long-term debt and capital leases | $ | — |  |  | $ | 935 |  |  | $ | 21 |  |  | $ | — |  |  | $ | 956 |
Accounts payable | 510 |  |  | 241 |  |  | 36 |  |  | — |  |  | 787 |
Accounts payable — affiliate | 1,662 |  |  | (121 | ) |  | (441 | ) |  | (1,068 | ) |  | 32 |
Derivative instruments | 857 |  |  | 69 |  |  | — |  |  | (136 | ) |  | 790 |
Cash collateral received in support of energy risk management activities | 240 |  |  | — |  |  | — |  |  | — |  |  | 240 |
Current liabilities held-for-sale | — |  |  | 80 |  |  | — |  |  | — |  |  | 80 |
Accrued expenses and other current liabilities | 236 |  |  | 146 |  |  | 280 |  |  | — |  |  | 662 |
Accrued expenses and other current liabilities-affiliate | — |  |  | — |  |  | 161 |  |  | — |  |  | 161 |
Total current liabilities | 3,505 |  |  | 1,350 |  |  | 57 |  |  | (1,204 | ) |  | 3,708 |
Other Liabilities |  |  |  |  |  |  |  |  |
Long-term debt and capital leases | 244 |  |  | 8,387 |  |  | 6,775 |  |  | — |  |  | 15,406 |
Nuclear decommissioning reserve | 272 |  |  | — |  |  | — |  |  | — |  |  | 272 |
Nuclear decommissioning trust liability | 400 |  |  | — |  |  | — |  |  | — |  |  | 400 |
Deferred income taxes | 112 |  |  | 64 |  |  | (156 | ) |  | — |  |  | 20 |
Derivative instruments | 224 |  |  | 87 |  |  | — |  |  | (47 | ) |  | 264 |
Out-of-market contracts, net | 62 |  |  | 139 |  |  | — |  |  | — |  |  | 201 |
Non-current liabilities held-for-sale | — |  |  | 7 |  |  | — |  |  | — |  |  | 7 |
Other non-current liabilities | 419 |  |  | 324 |  |  | 393 |  |  | — |  |  | 1,136 |
Total non-current liabilities | 1,733 |  |  | 9,008 |  |  | 7,012 |  |  | (47 | ) |  | 17,706 |
Total liabilities | 5,238 |  |  | 10,358 |  |  | 7,069 |  |  | (1,251 | ) |  | 21,414 |
Redeemable noncontrolling interest in subsidiaries | — |  |  | 80 |  |  | — |  |  | — |  |  | 80 |
Stockholders’ Equity | 2,865 |  |  | 5,804 |  |  | 1,503 |  |  | (7,914 | ) |  | 2,258 |
Total Liabilities and Stockholders’ Equity | $ | 8,103 |  |  | $ | 16,242 |  |  | $ | 8,572 |  |  | $ | (9,165 | ) |  | $ | 23,752 |
(a) | All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the three months ended March 31, 2018 (Unaudited)
| Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | NRG Energy, Inc. (Note Issuer) |  | Eliminations(a) |  | Consolidated
| (In millions)
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net income | $ | 346 |  |  | $ | 148 |  |  | $ | 295 |  |  | $ | (556 | ) |  | $ | 233 |
Adjustments to reconcile net income to net cash provided/(used) by operating activities: |  |  |  |  |  |  |  |  |
Distributions from unconsolidated affiliates | — |  |  | 13 |  |  | — |  |  | (3 | ) |  | 10 |
Equity in losses of unconsolidated affiliates | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 2 |
Depreciation and amortization | 73 |  |  | 154 |  |  | 8 |  |  | — |  |  | 235 |
Provision for bad debts | 17 |  |  | (2 | ) |  | — |  |  | — |  |  | 15 |
Amortization of nuclear fuel | 13 |  |  | — |  |  | — |  |  | — |  |  | 13 |
Amortization of financing costs and debt discount/premiums | — |  |  | 10 |  |  | 4 |  |  | — |  |  | 14 |
Adjustment for debt extinguishment | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Amortization of intangibles and out-of-market contracts | 3 |  |  | 19 |  |  | — |  |  | — |  |  | 22 |
Amortization of unearned equity compensation | — |  |  | — |  |  | 13 |  |  | — |  |  | 13 |
Changes in deferred income taxes and liability for uncertain tax benefits | 114 |  |  | 27 |  |  | (144 | ) |  | — |  |  | (3 | )
Changes in nuclear decommissioning trust liability | 34 |  |  | — |  |  | — |  |  | — |  |  | 34 |
Changes in derivative instruments | 5 |  |  | (220 | ) |  | (14 | ) |  | (18 | ) |  | (247 | )
Changes in collateral deposits in support of energy risk management activities | 162 |  |  | 1 |  |  | — |  |  | — |  |  | 163 |
Gain on sale of emission allowances | (8 | ) |  | — |  |  | — |  |  | — |  |  | (8 | )
(Gain)/loss on sale of assets | (3 | ) |  | 1 |  |  | — |  |  | — |  |  | (2 | )
Changes in other working capital | (442 | ) |  | 22 |  |  | (296 | ) |  | 577 |  |  | (139 | )
Net Cash Provided/(Used) by Operating Activities | 314 |  |  | 174 |  |  | (131 | ) |  | — |  |  | 357 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |  |
Dividends from NRG Yield, Inc. | — |  |  | — |  |  | 25 |  |  | (25 | ) |  | — |
Acquisition of Drop Down Assets, net of cash acquired | — |  |  | (42 | ) |  | — |  |  | 42 |  |  | — |
Acquisition of business, net of cash acquired | (2 | ) |  | (60 | ) |  | — |  |  | — |  |  | (62 | )
Capital expenditures | (61 | ) |  | (276 | ) |  | (21 | ) |  | — |  |  | (358 | )
Decrease in notes receivable | — |  |  | 3 |  |  | — |  |  | — |  |  | 3 |
Purchases of emission allowances | (17 | ) |  | — |  |  | — |  |  | — |  |  | (17 | )
Proceeds from sale of emission allowances | 23 |  |  | — |  |  | — |  |  | — |  |  | 23 |
Investments in nuclear decommissioning trust fund securities | (216 | ) |  | — |  |  | — |  |  | — |  |  | (216 | )
Proceeds from the sale of nuclear decommissioning trust fund securities | 182 |  |  | — |  |  | — |  |  | — |  |  | 182 |
Proceeds from sale of assets, net of cash disposed of | 10 |  |  | 1 |  |  | — |  |  | — |  |  | 11 |
Change in investments in unconsolidated affiliates | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Net Cash (Used)/Provided by Investing Activities | (81 | ) |  | (372 | ) |  | 4 |  |  | 17 |  |  | (432 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Dividends from NRG Yield, Inc. | — |  |  | (25 | ) |  | — |  |  | 25 |  |  | — |
Payment from/(for) intercompany loans | 18 |  |  | 80 |  |  | (98 | ) |  | — |  |  | — |
Acquisition of Drop Down Assets, net of cash acquired | — |  |  | — |  |  | 42 |  |  | (42 | ) |  | — |
Payment of dividends to common and preferred stockholders | — |  |  | — |  |  | (10 | ) |  | — |  |  | (10 | )
Payment for treasury stock | — |  |  | — |  |  | (93 | ) |  | — |  |  | (93 | )
Proceeds from issuance of long-term debt | — |  |  | 179 |  |  | — |  |  | — |  |  | 179 |
Payments for short and long-term debt | — |  |  | (222 | ) |  | (6 | ) |  | — |  |  | (228 | )
Contributions from, net of distributions to noncontrolling interests in subsidiaries | — |  |  | 110 |  |  | — |  |  | — |  |  | 110 |
Payment of debt issuance costs | — |  |  | (6 | ) |  | (1 | ) |  | — |  |  | (7 | )
Net Cash Provided/(Used) by Financing Activities | 18 |  |  | 116 |  |  | (166 | ) |  | (17 | ) |  | (49 | )
Net Increase/(Decrease) in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash | 251 |  |  | (82 | ) |  | (293 | ) |  | — |  |  | (124 | )
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period | 41 |  |  | 852 |  |  | 643 |  |  | — |  |  | 1,536 |
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period | $ | 292 |  |  | $ | 770 |  |  | $ | 350 |  |  | $ | — |  |  | $ | 1,412 |
(a) | All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the three months ended March 31, 2017 (Unaudited)
| Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | NRG Energy, Inc. (Note Issuer) |  | Eliminations(a) |  | Consolidated
| (In millions)
Operating Revenues |  |  |  |  |  |  |  |  |
Total operating revenues | $ | 1,599 |  |  | $ | 867 |  |  | $ | — |  |  | $ | (84 | ) |  | $ | 2,382 |
Operating Costs and Expenses |  |  |  |  |  |  |  |  |
Cost of operations | 1,260 |  |  | 664 |  |  | 18 |  |  | (80 | ) |  | 1,862 |
Depreciation and amortization | 99 |  |  | 150 |  |  | 8 |  |  | — |  |  | 257 |
Selling, general and administrative | 96 |  |  | 46 |  |  | 118 |  |  | — |  |  | 260 |
Development costs | — |  |  | 12 |  |  | 5 |  |  | — |  |  | 17 |
Total operating costs and expenses | 1,455 |  |  | 872 |  |  | 149 |  |  | (80 | ) |  | 2,396 |
Other income - affiliate | — |  |  | — |  |  | 48 |  |  | — |  |  | 48 |
Gain on sale of assets | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |
Operating Income/(Loss) | 146 |  |  | (5 | ) |  | (101 | ) |  | (4 | ) |  | 36 |
Other (Expense)/Income |  |  |  |  |  |  |  |  |  |
Equity in (losses)/earnings of consolidated subsidiaries | (42 | ) |  | 1 |  |  | 68 |  |  | (27 | ) |  | — |
Equity in (losses)/earnings of unconsolidated affiliates | (1 | ) |  | 7 |  |  | (1 | ) |  | — |  |  | 5 |
Other (expense)/income, net | (2 | ) |  | 5 |  |  | 7 |  |  | 3 |  |  | 13 |
Loss on debt extinguishment, net | — |  |  | (2 | ) |  | — |  |  | — |  |  | (2 | )
Interest expense | (4 | ) |  | (104 | ) |  | (117 | ) |  | — |  |  | (225 | )
Total other expense | (49 | ) |  | (93 | ) |  | (43 | ) |  | (24 | ) |  | (209 | )
Income/(Loss) from Continuing Operations Before Income Taxes | 97 |  |  | (98 | ) |  | (144 | ) |  | (28 | ) |  | (173 | )
Income tax expense/(benefit) | 19 |  |  | (46 | ) |  | 25 |  |  | (2 | ) |  | (4 | )
Income/(Loss) from Continuing Operations | 78 |  |  | (52 | ) |  | (169 | ) |  | (26 | ) |  | (169 | )
(Loss)/income from discontinued operations, net of income tax | — |  |  | (37 | ) |  | 3 |  |  | — |  |  | (34 | )
Net Income/(Loss) | 78 |  |  | (89 | ) |  | (166 | ) |  | (26 | ) |  | (203 | )
Less: Net loss attributable to noncontrolling interest and redeemable noncontrolling interest | — |  |  | (38 | ) |  | (3 | ) |  | 1 |  |  | (40 | )
Net Income/(Loss) Attributable to NRG Energy, Inc. | $ | 78 |  |  | $ | (51 | ) |  | $ | (163 | ) |  | $ | (27 | ) |  | $ | (163 | )
(a) | All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) For the three months ended March 31, 2017 (Unaudited)
| Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | NRG Energy, Inc. (Note Issuer) |  | Eliminations(a) |  | Consolidated
| (In millions)
Net Income/(Loss) | $ | 78 |  |  | $ | (89 | ) |  | $ | (166 | ) |  | $ | (26 | ) |  | $ | (203 | )
Other Comprehensive Income, net of tax |  |  |  |  |  |  |  |  |
Unrealized gain on derivatives, net | — |  |  | 5 |  |  | 4 |  |  | (5 | ) |  | 4 |
Foreign currency translation adjustments, net | 5 |  |  | 4 |  |  | 7 |  |  | (9 | ) |  | 7 |
Defined benefit plans, net | — |  |  | 1 |  |  | (1 | ) |  | — |  |  | — |
Other comprehensive income | 5 |  |  | 10 |  |  | 10 |  |  | (14 | ) |  | 11 |
Comprehensive Income/(Loss) | 83 |  |  | (79 | ) |  | (156 | ) |  | (40 | ) |  | (192 | )
Less: Comprehensive loss attributable to noncontrolling interest and redeemable noncontrolling interest | — |  |  | (37 | ) |  | (3 | ) |  | 1 |  |  | (39 | )
Comprehensive Income/(Loss) Attributable to NRG Energy, Inc. | $ | 83 |  |  | $ | (42 | ) |  | $ | (153 | ) |  | $ | (41 | ) |  | $ | (153 | )
(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. (Note Issuer) |  | Eliminations (a) |  | Consolidated
ASSETS | (In millions)
Current Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 348 |  |  | $ | 643 |  |  | $ | — |  |  | $ | 991 |
Funds deposited by counterparties | 37 |  |  | — |  |  | — |  |  | — |  |  | 37 |
Restricted cash | 4 |  |  | 504 |  |  | — |  |  | — |  |  | 508 |
Accounts receivable, net | 768 |  |  | 307 |  |  | 4 |  |  | — |  |  | 1,079 |
Inventory | 338 |  |  | 194 |  |  | — |  |  | — |  |  | 532 |
Derivative instruments | 625 |  |  | 81 |  |  | 9 |  |  | (89 | ) |  | 626 |
Cash collateral paid in support of energy risk management activities | 170 |  |  | 1 |  |  | — |  |  | — |  |  | 171 |
Accounts receivable - affiliate | 709 |  |  | 213 |  |  | (129 | ) |  | (698 | ) |  | 95 |
Current assets held-for-sale | 8 |  |  | 107 |  |  | — |  |  | — |  |  | 115 |
Prepayments and other current assets | 116 |  |  | 118 |  |  | 27 |  |  | — |  |  | 261 |
Total current assets | 2,775 |  |  | 1,873 |  |  | 554 |  |  | (787 | ) |  | 4,415 |
Property, plant and equipment, net | 2,502 |  |  | 11,194 |  |  | 238 |  |  | (26 | ) |  | 13,908 |
Other Assets |  |  |  |  |  |  |  |  |
Investment in subsidiaries | 305 |  |  | — |  |  | 7,581 |  |  | (7,886 | ) |  | — |
Equity investments in affiliates | — |  |  | 1,036 |  |  | 2 |  |  | — |  |  | 1,038 |
Goodwill | 360 |  |  | 179 |  |  | — |  |  | — |  |  | 539 |
Intangible assets, net | 454 |  |  | 1,295 |  |  | — |  |  | (3 | ) |  | 1,746 |
Nuclear decommissioning trust fund | 692 |  |  | — |  |  | — |  |  | — |  |  | 692 |
Derivative instruments | 121 |  |  | 40 |  |  | 31 |  |  | (20 | ) |  | 172 |
Deferred income taxes | 377 |  |  | (7 | ) |  | (236 | ) |  | — |  |  | 134 |
Non-current assets held for sale | — |  |  | 43 |  |  | — |  |  | — |  |  | 43 |
Other non-current assets | 50 |  |  | 461 |  |  | 158 |  |  | (38 | ) |  | 631 |
Total other assets | 2,359 |  |  | 3,047 |  |  | 7,536 |  |  | (7,947 | ) |  | 4,995 |
Total Assets | $ | 7,636 |  |  | $ | 16,114 |  |  | $ | 8,328 |  |  | $ | (8,760 | ) |  | $ | 23,318 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |
Current portion of long-term debt and capital leases | $ | — |  |  | $ | 667 |  |  | $ | 59 |  |  | $ | (38 | ) |  | $ | 688 |
Accounts payable | 545 |  |  | 281 |  |  | 55 |  |  | — |  |  | 881 |
Accounts payable — affiliate | 751 |  |  | (201 | ) |  | 181 |  |  | (698 | ) |  | 33 |
Derivative instruments | 535 |  |  | 108 |  |  | — |  |  | (88 | ) |  | 555 |
Cash collateral received in support of energy risk management activities | 37 |  |  | — |  |  | — |  |  | — |  |  | 37 |
Current liabilities held-for-sale | — |  |  | 72 |  |  | — |  |  | — |  |  | 72 |
Accrued expenses and other current liabilities | 290 |  |  | 175 |  |  | 425 |  |  | — |  |  | 890 |
Accrued expenses and other current liabilities - affiliate | — |  |  | — |  |  | 161 |  |  | — |  |  | 161 |
Total current liabilities | 2,158 |  |  | 1,102 |  |  | 881 |  |  | (824 | ) |  | 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 |
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 | 410 |  |  | 321 |  |  | 391 |  |  | — |  |  | 1,122 |
Total non-current liabilities | 1,626 |  |  | 9,374 |  |  | 6,975 |  |  | (20 | ) |  | 17,955 |
Total Liabilities | 3,784 |  |  | 10,476 |  |  | 7,856 |  |  | (844 | ) |  | 21,272 |
Redeemable noncontrolling interest in subsidiaries | — |  |  | 78 |  |  | — |  |  | — |  |  | 78 |
Stockholders’ Equity | 3,852 |  |  | 5,560 |  |  | 472 |  |  | (7,916 | ) |  | 1,968 |
Total Liabilities and Stockholders’ Equity | $ | 7,636 |  |  | $ | 16,114 |  |  | $ | 8,328 |  |  | $ | (8,760 | ) |  | $ | 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 three months ended March 31, 2017 (Unaudited)
| Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | NRG Energy, Inc. (Note Issuer) |  | Eliminations(a) |  | Consolidated
| (In millions)
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net income/(loss) | $ | 78 |  |  | $ | (89 | ) |  | $ | (166 | ) |  | $ | (26 | ) |  | $ | (203 | )
(Loss)/income from discontinued operations | — |  |  | (37 | ) |  | 3 |  |  | — |  |  | (34 | )
Net income/(loss) from continuing operations | 78 |  |  | (52 | ) |  | (169 | ) |  | (26 | ) |  | (169 | )
Adjustments to reconcile net income/(loss) to net cash (used)/provided by operating activities: |  |  |  |  |  |  |  |  |
Distributions from unconsolidated affiliates | — |  |  | 18 |  |  | — |  |  | (5 | ) |  | 13 |
Equity in losses/(earnings) of unconsolidated affiliates | 1 |  |  | (7 | ) |  | 1 |  |  | — |  |  | (5 | )
Depreciation and amortization | 99 |  |  | 150 |  |  | 8 |  |  | — |  |  | 257 |
Provision for bad debts | 8 |  |  | 1 |  |  | — |  |  | — |  |  | 9 |
Amortization of nuclear fuel | 12 |  |  | — |  |  | — |  |  | — |  |  | 12 |
Amortization of financing costs and debt discount/premiums | — |  |  | 11 |  |  | 4 |  |  | — |  |  | 15 |
Amortization of intangibles and out-of-market contracts | 6 |  |  | 24 |  |  | — |  |  | — |  |  | 30 |
Amortization of unearned equity compensation | — |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
Changes in deferred income taxes and liability for uncertain tax benefits | 19 |  |  | (46 | ) |  | 28 |  |  | — |  |  | 1 |
Changes in nuclear decommissioning trust liability | 36 |  |  | — |  |  | — |  |  | — |  |  | 36 |
Changes in derivative instruments | (4 | ) |  | 43 |  |  | (1 | ) |  | — |  |  | 38 |
Changes in collateral deposits in support of energy risk management activities | (136 | ) |  | 9 |  |  | — |  |  | — |  |  | (127 | )
Gain on sale of assets | (2 | ) |  | — |  |  | — |  |  | — |  |  | (2 | )
Changes in other working capital | (118 | ) |  | 458 |  |  | (601 | ) |  | 63 |  |  | (198 | )
Net cash (used)/provided by continuing operations | (1 | ) |  | 609 |  |  | (722 | ) |  | 32 |  |  | (82 | )
Cash provided by discontinued operations | — |  |  | 15 |  |  | — |  |  | — |  |  | 15 |
Net Cash (Used)/Provided by Operating Activities | (1 | ) |  | 624 |  |  | (722 | ) |  | 32 |  |  | (67 | )
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Dividends from NRG Yield, Inc. | — |  |  | — |  |  | 22 |  |  | (22 | ) |  | — |
Intercompany dividends | — |  |  | — |  |  | 129 |  |  | (129 | ) |  | — |
Acquisition of Drop Down Assets, net of cash acquired | — |  |  | (131 | ) |  | — |  |  | 131 |  |  | — |
Acquisition of businesses, net of cash acquired | — |  |  | (3 | ) |  | — |  |  | — |  |  | (3 | )
Capital expenditures | (64 | ) |  | (168 | ) |  | (4 | ) |  | — |  |  | (236 | )
Decrease in notes receivable | — |  |  | 4 |  |  | — |  |  | — |  |  | 4 |
Purchases of emission allowances | (9 | ) |  | — |  |  | — |  |  | — |  |  | (9 | )
Proceeds from sale of emission allowances | 11 |  |  | — |  |  | — |  |  | — |  |  | 11 |
Investments in nuclear decommissioning trust fund securities | (153 | ) |  | — |  |  | — |  |  | — |  |  | (153 | )
Proceeds from the sale of nuclear decommissioning trust fund securities | 117 |  |  | — |  |  | — |  |  | — |  |  | 117 |
Proceeds from sale of assets, net of cash disposed of | 11 |  |  | 3 |  |  | — |  |  | — |  |  | 14 |
Change in investments in unconsolidated affiliates | — |  |  | (12 | ) |  | — |  |  | — |  |  | (12 | )
Other | 18 |  |  | — |  |  | — |  |  | — |  |  | 18 |
Net cash (used)/provided by continuing operations | (69 | ) |  | (307 | ) |  | 147 |  |  | (20 | ) |  | (249 | )
Cash used by discontinued operations | — |  |  | (32 | ) |  | — |  |  | — |  |  | (32 | )
Net Cash (Used)/Provided by Investing Activities | (69 | ) |  | (339 | ) |  | 147 |  |  | (20 | ) |  | (281 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Dividends from NRG Yield, Inc. | — |  |  | (22 | ) |  | — |  |  | 22 |  |  | — |
Payments (for)/from intercompany loans | 65 |  |  | (428 | ) |  | 395 |  |  | (32 | ) |  | — |
Acquisition of Drop Down Assets, net of cash acquired | — |  |  | — |  |  | 131 |  |  | (131 | ) |  | — |
Intercompany dividends | — |  |  | (129 | ) |  | — |  |  | 129 |  |  | — |
Payment of dividends to common and preferred stockholders | — |  |  | — |  |  | (9 | ) |  | — |  |  | (9 | )
Net receipts from settlement of acquired derivatives that include financing elements | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Proceeds from issuance of long-term debt | — |  |  | 167 |  |  | 26 |  |  | — |  |  | 193 |
Payments for short and long-term debt | — |  |  | (146 | ) |  | (31 | ) |  | — |  |  | (177 | )
Distributions to, net of contributions from, noncontrolling interests in subsidiaries | — |  |  | (5 | ) |  | — |  |  | — |  |  | (5 | )
Payment of debt issuance costs | — |  |  | (10 | ) |  | (4 | ) |  | — |  |  | (14 | )
Other - contingent consideration | — |  |  | (10 | ) |  | — |  |  | — |  |  | (10 | )
Net cash provided/(used) by continuing operations | 65 |  |  | (582 | ) |  | 508 |  |  | (12 | ) |  | (21 | )
Cash used by discontinued operations | — |  |  | (132 | ) |  | — |  |  | — |  |  | (132 | )
Net Cash Provided/(Used) by Financing Activities | 65 |  |  | (714 | ) |  | 508 |  |  | (12 | ) |  | (153 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | (7 | ) |  | — |  |  | — |  |  | (7 | )
Change in cash from discontinued operations | — |  |  | (149 | ) |  | — |  |  | — |  |  | (149 | )
Net Decrease in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash | (5 | ) |  | (287 | ) |  | (67 | ) |  | — |  |  | (359 | )
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period | 13 |  |  | 1,050 |  |  | 323 |  |  | — |  |  | 1,386 |
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period | $ | 8 |  |  | $ | 763 |  |  | $ | 256 |  |  | $ | — |  |  | $ | 1,027 |
(a) | All significant intercompany transactions have been eliminated in consolidation.

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