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Debt and Capital Leases | 3 Months Ended
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Mar. 31, 2018
Debt Disclosure [Abstract] |
Debt and Capital Leases | Debt and Capital Leases This footnote should be read in conjunction with the complete description under Note 12, Debt and Capital Leases, to the Company's 2017 Form 10-K. Long-term debt and capital leases consisted of the following:
(In millions, except rates) | March 31, 2018 |  | December 31, 2017 |  | March 31, 2018 interest rate % (a)
Recourse debt: |  |  |  |  |
Senior notes, due 2022 | 992 |  |  | 992 |  |  | 6.250
Senior notes, due 2024 | 733 |  |  | 733 |  |  | 6.250
Senior notes, due 2026 | 1,000 |  |  | 1,000 |  |  | 7.250
Senior notes, due 2027 | 1,250 |  |  | 1,250 |  |  | 6.625
Senior notes, due 2028 | 870 |  |  | 870 |  |  | 5.750
Term loan facility, due 2023 | 1,867 |  |  | 1,872 |  |  | L+1.75
Tax-exempt bonds | 465 |  |  | 465 |  |  | 4.125 - 6.00
Subtotal recourse debt | 7,177 |  |  | 7,182 |  |  |
Non-recourse debt: |  |  |  |  |
NRG Yield, Inc. Convertible Senior Notes, due 2019 | 345 |  |  | 345 |  |  | 3.500
NRG Yield, Inc. Convertible Senior Notes, due 2020 | 288 |  |  | 288 |  |  | 3.250
NRG Yield Operating LLC Senior Notes, due 2024 | 500 |  |  | 500 |  |  | 5.375
NRG Yield Operating LLC Senior Notes, due 2026 | 350 |  |  | 350 |  |  | 5.000
NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility, due 2023(b) | 75 |  |  | 55 |  |  | L+2.500
El Segundo Energy Center, due 2023 | 369 |  |  | 400 |  |  | L+1.75 - L+2.375
Marsh Landing, due 2023 | 309 |  |  | 318 |  |  | L+2.125
Alta Wind I - V lease financing arrangements, due 2034 and 2035 | 926 |  |  | 926 |  |  | 5.696 - 7.015
Walnut Creek, term loans due 2023 | 259 |  |  | 267 |  |  | L+1.625
Utah Portfolio, due 2022 | 278 |  |  | 278 |  |  | various
Tapestry, due 2021 | 158 |  |  | 162 |  |  | L+1.625
CVSR, due 2037 | 731 |  |  | 746 |  |  | 2.339 - 3.775
CVSR HoldCo, due 2037 | 188 |  |  | 194 |  |  | 4.680
Alpine, due 2022 | 135 |  |  | 135 |  |  | L+1.750
Energy Center Minneapolis, due 2025 | 83 |  |  | 83 |  |  | 5.95
Energy Center Minneapolis, due 2031 | 125 |  |  | 125 |  |  | 3.55
Viento, due 2023 | 163 |  |  | 163 |  |  | L+3.00
Buckthorn Solar, due 2018 and 2025 | 183 |  |  | 169 |  |  | L+1.750
NRG Yield - other | 573 |  |  | 579 |  |  | various
Subtotal NRG Yield debt (non-recourse to NRG) (c) | 6,038 |  |  | 6,083 |  |  |
Ivanpah, due 2033 and 2038 | 1,068 |  |  | 1,073 |  |  | 2.285 - 4.256
Carlsbad Energy Project (c) | 475 |  |  | 427 |  |  | L+1.625 - 4.120
Agua Caliente, due 2037 | 815 |  |  | 818 |  |  | 2.395 - 3.633
Agua Caliente Borrower 1, due 2038 | 86 |  |  | 89 |  |  | 5.430
Cedro Hill, due 2025 (c) | 149 |  |  | 151 |  |  | L+1.75
Midwest Generation, due 2019 | 132 |  |  | 152 |  |  | 4.390
NRG Other Renewables (c) | 466 |  |  | 478 |  |  | various
NRG Other | 178 |  |  | 180 |  |  | various
Subtotal other NRG non-recourse debt | 3,369 |  |  | 3,368 |  |  |
Subtotal all non-recourse debt | 9,407 |  |  | 9,451 |  |  |
Subtotal long-term debt (including current maturities) | 16,584 |  |  | 16,633 |  |  |
Capital leases | 4 |  |  | 5 |  |  | various
Subtotal long-term debt and capital leases (including current maturities) | 16,588 |  |  | 16,638 |  |  |
Less current maturities(d) | (956 | ) |  | (688 | ) |  |
Less debt issuance costs | (201 | ) |  | (204 | ) |  |
Discounts | (25 | ) |  | (30 | ) |  |
Total long-term debt and capital leases | $ | 15,406 |  |  | $ | 15,716 |  |  |
(a) As of March 31, 2018, L+ equals 3 month LIBOR plus x%, except for the Buckthorn Solar and Utah Solar Portfolio where L+ equals 1 month LIBOR plus x%. (b) Applicable rate is determined by the Borrower Leverage Ratio, as defined in the credit agreement. (c) Debt associated with the asset sales announced in February 2018 (d) The NRG Yield, Inc. Convertible Senior Notes, due 2019, become due in February 2019 and are recorded in current maturities as of March 31, 2018. Recourse Debt 2023 Term Loan Facility On March 21, 2018, NRG repriced the 2023 Term Loan Facility, reducing the interest rate margin by 50 basis points to LIBOR plus 1.75% and reducing the LIBOR floor to 0.00%. Non-recourse Debt NRG Yield LLC and NRG Yield Operating LLC Revolving Credit Facility NRG Yield LLC and its direct wholly owned subsidiary, NRG Yield Operating LLC, are parties to a senior secured revolving credit facility, which can be used for cash and for the issuance of letters of credit. At March 31, 2018, there was $67 million of letters of credit issued under the revolving credit facility and outstanding borrowings of $75 million on the revolver. On April 30, 2018, NRG Yield LLC and NRG Yield Operating LLC refinanced the revolving credit facility, which extended the maturity of the facility to April 28, 2023, and decreased the overall cost of borrowing from L+ 2.50% to L+1.75%. Project Financings Agua Caliente Project Financing On February 17, 2017, Agua Caliente Borrower 1 LLC and Agua Caliente Borrower 2 LLC, or Agua Caliente Holdco, the indirect owners of 51% of the Agua Caliente solar facility, issued $130 million of senior secured notes under the Agua Caliente Holdco Financing Agreement, or 2038 Agua Caliente Holdco Notes, that bear interest at 5.43% and mature on December 31, 2038. As described in Note 3, Discontinued Operations and Dispositions, on March 27, 2017, NRG Yield, Inc. acquired Agua Caliente Borrower 2 LLC from NRG. The debt is joint and several with respect to Agua Caliente Borrower 1 LLC and Agua Caliente Borrower 2 LLC and is secured by the equity interests of each borrower in the Agua Caliente solar facility. Carlsbad Project Financing On May 26, 2017, Carlsbad Energy Holdings, LLC entered into a note payable agreement with financial institutions for the issuance of up to $407 million of senior secured notes that bear interest at a rate of 4.12%, and mature on October 31, 2038, and a credit agreement for a $194 million construction loan, that will convert to a term loan upon completion of the project as well as a letter of credit facility with an aggregate principal amount not to exceed $83 million, and a working capital loan facility with an aggregate principal amount not to exceed $4 million. As of March 31, 2018, $475 million was outstanding under both the note and the construction loan.

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