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Accounting for Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Net notional volume buy/(sell) of NRG's open derivative transactions broken out by commodity

The following table summarizes the net notional volume buy/(sell) of NRG's open derivative transactions broken out by category, excluding those derivatives that qualified for the NPNS exception, as of March 31, 2018 and December 31, 2017. Option contracts are reflected using delta volume. Delta volume equals the notional volume of an option adjusted for the probability that the option will be in-the-money at its expiration date.

		Total Volume
		March 31, 2018				December 31, 2017
Category	Units	(In millions)
Emissions	Short Ton	2				1
Coal	Short Ton	17				21
Natural Gas	MMBtu	(208		)		(17		)
Power	MWh	16				14
Capacity	MW/Day	(1		)		(1		)
Interest	Dollars	$	3,938			$	3,876
Equity	Shares	1				1

Fair value within the derivative instrument valuation on the balance sheets

The following table summarizes the fair value within the derivative instrument valuation on the balance sheets:

	Fair Value
	Derivative Assets								Derivative Liabilities
	March 31, 2018				December 31, 2017				March 31, 2018				December 31, 2017
	(In millions)
Derivatives Designated as Cash Flow or Fair Value Hedges:
Interest rate contracts current	$	2			$	1			$	2			$	5
Interest rate contracts long-term	20				11				7				11
Total Derivatives Designated as Cash Flow or Fair Value Hedges	22				12				9				16
Derivatives Not Designated as Cash Flow or Fair Value Hedges:
Interest rate contracts current	13				9				7				15
Interest rate contracts long-term	57				32				14				28
Commodity contracts current	1,000				616				781				535
Commodity contracts long-term	277				129				243				158
Total Derivatives Not Designated as Cash Flow or Fair Value Hedges	1,347				786				1,045				736
Total Derivatives	$	1,369			$	798			$	1,054			$	752

Offsetting of derivatives by counterparty assets

The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid:

		Gross Amounts Not Offset in the Statement of Financial Position
		Gross Amounts of Recognized Assets / Liabilities				Derivative Instruments				Cash Collateral (Held) / Posted				Net Amount
As of March 31, 2018		(In millions)
Commodity contracts:
Derivative assets		$	1,277			$	(835	)		$	(201	)		$	241
Derivative liabilities		(1,024		)		835				120				(69		)
Total commodity contracts		253				—				(81		)		172
Interest rate contracts:
Derivative assets		92				(4		)		—				88
Derivative liabilities		(30		)		4				—				(26		)
Total interest rate contracts		62				—				—				62
Total derivative instruments		$	315			$	—			$	(81	)		$	234

		Gross Amounts Not Offset in the Statement of Financial Position
		Gross Amounts of Recognized Assets / Liabilities				Derivative Instruments				Cash Collateral (Held) / Posted				Net Amount
As of December 31, 2017		(In millions)
Commodity contracts:
Derivative assets		$	745			$	(578	)		$	(11	)		$	156
Derivative liabilities		(693		)		578				73				(42		)
Total commodity contracts		52				—				62				114
Interest rate contracts:
Derivative assets		53				(3		)		—				50
Derivative liabilities		(59		)		3				—				(56		)
Total interest rate contracts		(6		)		—				—				(6		)
Total derivative instruments		$	46			$	—			$	62			$	108

Offsetting of derivatives by counterparty, liabilities

The following table summarizes the offsetting of derivatives by counterparty master agreement level and collateral received or paid:

		Gross Amounts Not Offset in the Statement of Financial Position
		Gross Amounts of Recognized Assets / Liabilities				Derivative Instruments				Cash Collateral (Held) / Posted				Net Amount
As of March 31, 2018		(In millions)
Commodity contracts:
Derivative assets		$	1,277			$	(835	)		$	(201	)		$	241
Derivative liabilities		(1,024		)		835				120				(69		)
Total commodity contracts		253				—				(81		)		172
Interest rate contracts:
Derivative assets		92				(4		)		—				88
Derivative liabilities		(30		)		4				—				(26		)
Total interest rate contracts		62				—				—				62
Total derivative instruments		$	315			$	—			$	(81	)		$	234

		Gross Amounts Not Offset in the Statement of Financial Position
		Gross Amounts of Recognized Assets / Liabilities				Derivative Instruments				Cash Collateral (Held) / Posted				Net Amount
As of December 31, 2017		(In millions)
Commodity contracts:
Derivative assets		$	745			$	(578	)		$	(11	)		$	156
Derivative liabilities		(693		)		578				73				(42		)
Total commodity contracts		52				—				62				114
Interest rate contracts:
Derivative assets		53				(3		)		—				50
Derivative liabilities		(59		)		3				—				(56		)
Total interest rate contracts		(6		)		—				—				(6		)
Total derivative instruments		$	46			$	—			$	62			$	108

Effects of ASC 815 on the Company's accumulated OCI balance attributable to cash flow hedge derivatives, net of tax

The following table summarizes the effects of ASC 815 on the Company's accumulated OCI balance attributable to cash flow hedge derivatives, net of tax:

	Interest Rate Contracts
	Three months ended March 31,
	2018				2017
	(In millions)
Accumulated OCI beginning balance	$	(54	)		$	(66	)
Reclassified from accumulated OCI to income:
Due to realization of previously deferred amounts	4				3
Mark-to-market of cash flow hedge accounting contracts	19				2
Accumulated OCI ending balance, net of $6, and $14 tax	$	(31	)		$	(61	)
Losses expected to be realized from OCI during the next 12 months, net of $2 tax	$	(9	)

Pre-tax effects of economic hedges that have not been designated as cash flow hedges, ineffectiveness on cash flow hedges and trading activity on the Company's statement of operations

The following table summarizes the pre-tax effects of economic hedges that have not been designated as cash flow hedges and trading activity on the Company's statement of operations. The effect of energy commodity contracts is included within operating revenues and cost of operations and the effect of interest rate contracts is included in interest expense.

	Three months ended March 31,
	2018				2017
Unrealized mark-to-market results	(In millions)
Reversal of previously recognized unrealized losses on settled positions related to economic hedges	$	2			$	3
Net unrealized gains/(losses) on open positions related to economic hedges	194				(22		)
Total unrealized mark-to-market gains/(losses) for economic hedging activities	196				(19		)
Reversal of previously recognized unrealized gains on settled positions related to trading activity	(3		)		(15		)
Net unrealized gains on open positions related to trading activity	11				1
Total unrealized mark-to-market gains/(losses) for trading activity	8				(14		)
Total unrealized gains/(losses)	$	204			$	(33	)

	Three months ended March 31,
	2018				2017
	(In millions)
Unrealized (losses)/gains included in operating revenues	$	(98	)		$	104
Unrealized gains/(losses) included in cost of operations	302				(137		)
Total impact to statement of operations — energy commodities	$	204			$	(33	)
Total impact to statement of operations — interest rate contracts	$	48			$	5

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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