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Condensed Consolidating Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2018
Condensed Consolidating Financial Information Disclosure [Abstract] |
Condensed Consolidating Statements of Operations | 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 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.
Condensed Consolidating Statements of Comprehensive Income/(Loss) | 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 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.
Condensed Consolidating Balance Sheets | 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 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.
Condensed Consolidating Statements of Cash Flows | 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 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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