Condensed Consolidating Financial Information (Tables)

3 Months Ended

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.