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Discontinued Operations and Dispositions | 3 Months Ended
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Mar. 31, 2019
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations and Dispositions | Discontinued Operations and Dispositions Discontinued Operations Sale of South Central Portfolio On February 4, 2019, the Company completed the sale of the South Central Portfolio to Cleco for cash consideration of $1 billion excluding working capital and other adjustments. The Company concluded that the divested business met the criteria for discontinued operations as of December 31, 2018, as the disposition represented a strategic shift in the business in which NRG operates and the criteria for held-for-sale were met. As such, all current and prior period results for the operations of the South Central Portfolio, except for the Cottonwood facility as discussed below, have been reclassified as discontinued operations. In connection with the transaction, NRG also entered into a transition services agreement to provide certain corporate services to the divested business. The South Central Portfolio includes the 1,153 MW Cottonwood natural gas generating facility. Upon the closing of the sale of the South Central Portfolio, NRG entered into an agreement with Cleco to leaseback the Cottonwood facility through May 2025. Due to its continuing involvement with the Cottonwood facility, NRG did not use discontinued operations treatment in accounting for historical and ongoing activity with Cottonwood. Summarized results of the South Central Portfolio discontinued operations were as follows:
| Three months ended
(In millions) | March 31, 2019 |  | March 31, 2018
Operating revenues | $ | 31 |  |  | $ | 102 |
Operating costs and expenses | (23 | ) |  | (86 | )
Gain from discontinued operations, net of tax | 8 |  |  | 16 |
Gain on disposal of discontinued operations, net of tax | 27 |  |  | — |
Gain from discontinued operations, including disposal, net of tax | $ | 35 |  |  | $ | 16 |
The following table summarizes the major classes of assets and liabilities classified as discontinued operations of the South Central Portfolio:
(In millions) |  | December 31, 2018
Cash and cash equivalents |  | $ | 89 |
Accounts receivable, net - trade |  | 49 |
Inventory |  | 35 |
Other current assets |  | 5 |
Current assets - discontinued operations |  | 178 |
Property, plant and equipment, net |  | 408 |
Other non-current assets |  | 1 |
Non-current assets - discontinued operations |  | 409 |
Accounts payable |  | 19 |
Other current liabilities |  | 5 |
Current liabilities - discontinued operations |  | 24 |
Out-of-market contracts, net |  | 50 |
Other non-current liabilities |  | 11 |
Non-current liabilities - discontinued operations |  | $ | 61 |
Sale of Ownership in NRG Yield, Inc. and the Renewables Platform On August 31, 2018, the Company completed the sale of its ownership interests in NRG Yield, Inc. and the Renewables Platform to GIP for total cash consideration of $1.348 billion. The Company concluded that the divested businesses met the criteria for discontinued operations, as the dispositions represent a strategic shift in the markets in which NRG operates. As such, all prior period results for NRG Yield, Inc. and the Renewables Platform have been reclassified as discontinued operations. In connection with the transaction, NRG entered into a transition services agreement to provide certain corporate services to the divested businesses. Carlsbad On February 6, 2018, NRG entered into an agreement with NRG Yield and GIP to sell 100% of its membership interests in Carlsbad Energy Holdings LLC, which owns the Carlsbad project, for $385 million of cash consideration, excluding working capital adjustments. The primary condition to close the Carlsbad transaction was the completion of the sale of NRG Yield and the Renewables Platform. At the time of the sale of NRG Yield and the Renewables Platform in August 2018, the Company concluded that the Carlsbad project met the criteria for discontinued operations and accordingly, all current and prior period results for Carlsbad have been reclassified as discontinued operations. The Company continued to consolidate Carlsbad for financial reporting purposes until the transaction closed on February 27, 2019. Carlsbad continues to have a ground lease and easement agreement with NRG with an initial term ending in 2039 and two ten year extensions. As a result of the transaction, additional commitments related to the project totaled approximately $23 million as of December 31, 2018 and March 31, 2019. Summarized results of NRG Yield, Inc. and the Renewables Platform and Carlsbad discontinued operations were as follows:
| Three months ended
(In millions) | March 31, 2019 |  | March 31, 2018
Operating revenues | $ | 19 |  |  | $ | 260 |
Operating costs and expenses | (9 | ) |  | (230 | )
Other expenses | (5 | ) |  | (58 | )
Gain/(loss) from operations of discontinued components, before tax | 5 |  |  | (28 | )
Income tax benefit | — |  |  | (7 | )
Gain/(loss) from discontinued operations, net of tax | 5 |  |  | (21 | )
Gain on disposal of discontinued operations, net of tax | 348 |  |  | — |
Gain/(loss) from discontinued operations, including disposal, net of tax | $ | 353 |  |  | $ | (21 | )
The following table summarizes the major classes of assets and liabilities classified as discontinued operations of Carlsbad:
(In millions) |  | December 31, 2018
Restricted cash |  | $ | 4 |
Accounts receivable, net - trade |  | 10 |
Other current assets |  | 5 |
Current assets - discontinued operations |  | 19 |
Property, plant and equipment, net |  | 590 |
Intangible assets, net |  | 9 |
Other non-current assets |  | 4 |
Non-current assets - discontinued operations |  | 603 |
Current portion of long-term debt and capital leases |  | 20 |
Accounts payable |  | 27 |
Other current liabilities |  | 1 |
Current liabilities - discontinued operations |  | 48 |
Long-term debt and capital leases |  | 572 |
Other non-current liabilities |  | 2 |
Non-current liabilities - discontinued operations |  | $ | 574 |
Sale of Assets to NRG Yield, Inc. Prior to Discontinued Operations On March 30, 2018, the Company sold to NRG Yield, Inc. 100% of NRG's interests in Buckthorn Renewables, LLC, which owns a 154 MW construction-stage utility-scale solar generation project, located in Texas. NRG Yield, Inc. paid cash consideration of approximately $42 million, excluding working capital adjustments, and assumed non-recourse debt of approximately $183 million. GenOn On June 14, 2017, the GenOn Entities filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court. As a result of the bankruptcy filings, NRG concluded that it no longer controlled GenOn as it was subject to the control of the Bankruptcy Court; and, accordingly, NRG deconsolidated GenOn for financial reporting purposes as of June 14, 2017. By eliminating a large portion of its operations in the PJM market with the deconsolidation of GenOn, NRG concluded that GenOn met the criteria for discontinued operations, as this represented a strategic shift in the business in which NRG operates. As such, all prior period results for GenOn have been reclassified as discontinued operations. GenOn's plan of reorganization was confirmed on December 14, 2018. Income from discontinued operations for the three months ended March 31, 2018 was immaterial. Dispositions The Company completed other asset sales for $10 million and $11 million of cash proceeds during the three months ended March 31, 2019 and 2018, respectively.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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