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Debt and Capital Leases (Tables)
 12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Long-term Debt and Capital Leases
Long-term debt and capital leases consisted of the following:

(In millions, except rates)
December 31, 2018
 
December 31, 2017
 
December 31, 2018 interest rate %(a)
 
 
 
Recourse debt:
 
 
 
 
 
Senior Notes, due 2022
$
—

 
$
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
1,230

 
1,250

 
6.625
Senior Notes, due 2028
821

 
870

 
5.750
Convertible Senior Notes, due 2048
575

 
—

 
2.750
Term loan facility, due 2023
1,698

 
1,872

 
L+1.75
Tax-exempt bonds
466

 
465

 
4.125 - 6.00
Subtotal recourse debt
6,523

 
7,182

 

Non-recourse debt:
 
 
 
 
 
Ivanpah, due 2033 and 2038(b)
—

 
1,073

 
2.285 - 4.256
Agua Caliente, due 2037(c)
—

 
818

 
2.395 - 3.633
Agua Caliente Borrower 1, due 2038
86

 
89

 
5.430
Midwest Generation, due 2019
48

 
152

 
4.390
Other (d)
34

 
180

 
various
Subtotal all non-recourse debt
168

 
2,312

 
 
Subtotal long-term debt (including current maturities)
6,691

 
9,494

 
 
Capital leases
1

 
5

 
various
Subtotal long-term debt and capital leases (including current maturities)
6,692

 
9,499

 
 
Less current maturities
(72
)
 
(204
)
 
 
Less debt issuance costs
(70
)
 
(103
)
 
 
Discounts
(101
)
 
(12
)
 
 
Total long-term debt and capital leases
$
6,449

 
$
9,180

 
 
(a) As of December 31, 2018, L+ equals 1-month LIBOR plus 1.75%
(b) The Company deconsolidated Ivanpah during the second quarter of 2018
(c) The Company deconsolidated Agua Caliente solar facility during the third quarter of 2018
(d) Guam was reclassified to held for sale during the fourth quarter of 2018

Debt includes the following discounts:
 
 
As of December 31,
 
 
2018
 
2017
 
 
(In millions)
Term loan facility, due 2023
 
$
(4
)
 
$
(7
)
Midwest Generation, due 2019
 
(1
)
 
(5
)
Convertible Senior Notes, due 2048
 
(96
)
 
—

Total discounts
 
$
(101
)
 
$
(12
)
Annual Payments Based On the Maturities of NRG's Debt
As of December 31, 2018, annual payments based on the maturities of NRG's debt and capital leases are expected to be as follows:
 
(In millions)
2019
$
74

2020
26

2021
27

2022
25

2023
1,635

Thereafter
4,905

Total
$
6,692
Debt Instrument Redemption
At any time prior to January 15, 2021, NRG may redeem up to 35% of the aggregate principal amount of the 2028 Senior Notes, at a redemption price equal to 105.750% of the principal amount of the notes redeemed, plus accrued and unpaid interest, with an amount equal to the net cash proceeds of certain equity offerings. At any time prior to January 15, 2023 NRG may redeem all or a part of the 2028 Senior Notes, at a redemption price equal to 100% of the principal amount, accrued and unpaid interest to the redemption date, plus a premium. The premium is the greater of: (i) 1% of the principal amount of the notes; or (ii) the excess of the principal amount of the note over the following: the present value of 102.875% of the note, plus interest payments due on the note from the date of redemption through January 15, 2023 computed using a discount rate equal to the Treasury Rate as of such redemption date plus 0.50%. In addition, on or after January 15, 2023, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period
Redemption
Percentage
January 15, 2023 to January 14, 2024
102.875
%
January 15, 2024 to January 14, 2025
101.917
%
January 15, 2025 to January 14, 2026
100.958
%
January 15, 2026 and thereafter
100.000
%
n addition, on or after May 15, 2021, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period
Redemption
Percentage
May 15, 2021 to May 14, 2022
103.625
%
May 15, 2022 to May 14, 2023
102.417
%
May 15, 2023 to May 14, 2024
101.208
%
May 15, 2024 and thereafter
100.000
%
During the year ended December 31, 2018 the Company completed senior note repurchases, as detailed in the table below. In addition, during the year ended December 31, 2018, a $38 million loss on debt extinguishment was recorded for these repurchases, which included the write-off of previously deferred financing costs of $7 million.

Principal Repurchased
 
Cash Paid (a)                         
 
Average Early Redemption Percentage
In millions, except percentages

 

 

5.750% senior notes due 2028
$
29

 
$
30

 
99.24
%
6.250% senior notes due 2022
14

 
15

 
103.25
%
Total at June 30, 2018
$
43

 
$
45

 

6.250% senior notes due 2022
493

 
512

 
103.13
%
5.750% senior notes due 2028
20

 
20

 
99.13
%
6.625% senior notes due 2027
20

 
21

 
103.06
%
Total at September 30, 2018
$
576

 
$
598

 
 
6.250% senior notes due 2022
485

 
508

 
103.13
%
Total at December 31, 2018
$
1,061

 
$
1,106

 
 
During the year ended December 31, 2017, the Company redeemed $1.5 billion in aggregate principal of its Senior Notes for $1.5 billion. In connection with the redemptions, a $49 million loss on debt extinguishment was recorded, which included the write-off of previously deferred financing costs of $7 million.
 
Principal Repurchased
 
Cash Paid (a)             
 
Average Early Redemption Percentage
Amount in millions, except percentages
 
 
 
 
 
7.625% senior notes due 2018 
$
398

 
$
411

 
101.42
%
7.875% senior notes due 2021
206

 
218

 
102.63
%
6.625% senior notes due 2023
869

 
915

 
103.57
%
Total
$
1,473

 
$
1,544

 
 

(a) Includes accrued interest of $29 million

n addition, on or after July 15, 2021, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period
Redemption
Percentage
July 15, 2021 to July14, 2022
103.313
%
July 15, 2022 to July 14, 2023
102.208
%
July 15, 2023 to July 14, 2024
101.104
%
July 15, 2024 and thereafter
100.000
%
n addition, on or after May 1, 2019, NRG may redeem some or all of the notes at redemption prices expressed as percentages of principal amount as set forth in the following table, plus accrued and unpaid interest on the notes redeemed to the first applicable redemption date:
Redemption Period
Redemption
Percentage
May 1, 2019 to April 30, 2020
103.125
%
May 1, 2020 to April 30, 2021
102.083
%
May 1, 2021 to April 30, 2022
101.042
%
May 1, 2022 and thereafter
100.000
%
Schedule of Tax Exempt Bonds
Tax Exempt Bonds
 
 
As of December 31,
 
 
 
 
2018
 
2017
 
Interest Rate %
Amount in millions, except rates
 
 
 
 
 
 
Indian River Power, tax exempt bonds, due 2040
 
$
57

 
$
57

 
6.000
Indian River Power LLC, tax exempt bonds, due 2045
 
190

 
190

 
5.375
Dunkirk Power LLC, tax exempt bonds, due 2042
 
59

 
59

 
5.875
City of Texas City, tax exempt bonds, due 2045
 
33

 
32

 
4.125
Fort Bend County, tax exempt bonds, due 2038
 
54

 
54

 
4.750
Fort Bend County, tax exempt bonds, due 2042
 
73

 
73

 
4.750
Total
 
$
466

 
$
465