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Revenue Recognition | 9 Months Ended
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Sep. 30, 2019
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue Recognition Performance Obligations As of September 30, 2019, estimated future fixed fee performance obligations are $136 million for the remaining three months of fiscal year 2019, and $532 million, $586 million, $297 million and $29 million for the entirety of fiscal years 2020, 2021, 2022 and 2023, respectively. These performance obligations are for cleared auction MWs in the PJM, ISO-NE, NYISO and MISO capacity auctions and are subject to penalties for non performance. Disaggregated Revenues The following tables represent the Company’s disaggregation of revenue from contracts with customers for the three and nine months ended September 30, 2019 and 2018 along with the reportable segment for each category:
| Three months ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Generation |  |  |  |  |  |  |  |  |  |
(In millions) | Retail |  | Texas |  | East/West/Other |  |  |  | Subtotal |  | Corporate/Eliminations |  | Total
Energy revenue(a)(c) | $ | — |  |  | $ | 773 |  |  | $ | 237 |  |  |  |  | $ | 1,010 |  |  | $ | (568) |  |  | $ | 442 |
Capacity revenue(c) | — |  |  | — |  |  | 151 |  |  |  |  | 151 |  |  | 1 |  |  | 152 |
Retail revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Mass customers | 2,080 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 2,080 |
Business Solutions customers | 465 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 465 |
Total retail revenue | 2,545 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 2,545 |
Mark-to-market for economic hedging activities(a)(b) | (1) |  |  | (240) |  |  | (16) |  |  |  |  | (256) |  |  | 47 |  |  | (210) |
Other revenues(c) | — |  |  | 32 |  |  | 37 |  |  |  |  | 69 |  |  | (2) |  |  | 67 |
Total operating revenue | 2,544 |  |  | 565 |  |  | 409 |  |  |  |  | 974 |  |  | (522) |  |  | 2,996 |
Less: Lease revenue | 3 |  |  | — |  |  | 2 |  |  |  |  | 2 |  |  | — |  |  | 5 |
Less: Realized and unrealized ASC 815 revenue(a) | (1) |  |  | 944 |  |  | 66 |  |  |  |  | 1,010 |  |  | (522) |  |  | 487 |
Total revenue from contracts with customers | $ | 2,542 |  |  | $ | (379) |  |  | $ | 341 |  |  |  |  | $ | (38) |  |  | $ | — |  |  | $ | 2,504 |
(a) Generation includes higher revenues due to the Company's large internal transfer of power based on average annualized market prices, which are offset by higher |  |  |  |  |  |  |  |  |  |  |  |  |
cost of operations within Retail |  |  |  |  |  |  |  |  |  |  |  |  |
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 |  |  |  |  |  |  |  |  |  |  |  |  |
(c) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: |  |  |  |  |  |  |  |  |  |  |  |  |
| Retail |  | Texas |  | East/West/Other |  |  |  | Subtotal |  | Corporate/Eliminations |  | Total
Energy revenue | $ | — |  |  | $ | 1,175 |  |  | $ | 62 |  |  |  |  | $ | 1,237 |  |  | $ | (569) |  |  | $ | 668 |
Capacity revenue | — |  |  | — |  |  | 33 |  |  |  |  | 33 |  |  | — |  |  | 33 |
Other revenue | — |  |  | 9 |  |  | (13) |  |  |  |  | (4) |  |  | — |  |  | (4) |
| Three months ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Generation |  |  |  |  |  |  |  |  |  |
(In millions) | Retail |  | Texas |  | East/West/Other |  |  |  | Subtotal |  | Corporate/Eliminations |  | Total
Energy revenue(a)(c) | $ | — |  |  | $ | 585 |  |  | $ | 339 |  |  |  |  | $ | 924 |  |  | $ | (479) |  |  | $ | 445 |
Capacity revenue(c) | — |  |  | 1 |  |  | 190 |  |  |  |  | 191 |  |  | 1 |  |  | 192 |
Retail revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Mass customers | 1,768 |  |  | — |  |  | — |  |  |  |  | — |  |  | (2) |  |  | 1,766 |
Business Solutions customers | 434 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 434 |
Total retail revenue | 2,202 |  |  | — |  |  | — |  |  |  |  | — |  |  | (2) |  |  | 2,200 |
Mark-to-market for economic hedging activities(a)(b) | 1 |  |  | 259 |  |  | 36 |  |  |  |  | 295 |  |  | (241) |  |  | 55 |
Other revenues(c) | — |  |  | 8 |  |  | 60 |  |  |  |  | 68 |  |  | — |  |  | 68 |
Total operating revenue | 2,203 |  |  | 853 |  |  | 625 |  |  |  |  | 1,478 |  |  | (721) |  |  | 2,960 |
Less: Lease revenue | 3 |  |  | — |  |  | 3 |  |  |  |  | 3 |  |  | — |  |  | 6 |
Less: Realized and unrealized ASC 815 revenue(a) | 1 |  |  | 1,159 |  |  | 79 |  |  |  |  | 1,238 |  |  | (716) |  |  | 523 |
Total revenue from contracts with customers | $ | 2,199 |  |  | $ | (306) |  |  | $ | 543 |  |  |  |  | $ | 237 |  |  | $ | (5) |  |  | $ | 2,431 |
(a) Generation includes higher revenues due to the Company's large internal transfer of power based on average annualized market prices, which are offset by higher |  |  |  |  |  |  |  |  |  |  |  |  |
cost of operations within Retail |  |  |  |  |  |  |  |  |  |  |  |  |
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 |  |  |  |  |  |  |  |  |  |  |  |  |
(c) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: |  |  |  |  |  |  |  |  |  |  |  |  |
| Retail |  | Texas |  | East/West/Other |  |  |  | Subtotal |  | Corporate/Eliminations |  | Total
Energy revenue | $ | — |  |  | $ | 901 |  |  | $ | (8) |  |  |  |  | $ | 893 |  |  | $ | (475) |  |  | $ | 418 |
Capacity revenue | — |  |  | — |  |  | 45 |  |  |  |  | 45 |  |  | — |  |  | 45 |
Other revenue | — |  |  | (1) |  |  | 6 |  |  |  |  | 5 |  |  | — |  |  | 5 |
| Nine months ended September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Generation |  |  |  |  |  |  |  |  |  |
(In millions) | Retail |  | Texas |  | East/West/Other |  |  |  | Subtotal |  | Corporate/Eliminations |  | Total
Energy revenue(a)(c) | $ | — |  |  | $ | 1,628 |  |  | $ | 578 |  |  |  |  | $ | 2,206 |  |  | $ | (1,209) |  |  | $ | 997 |
Capacity revenue(c) | — |  |  | — |  |  | 460 |  |  |  |  | 460 |  |  | 1 |  |  | 461 |
Retail revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Mass customers | 4,802 |  |  | — |  |  | — |  |  |  |  | — |  |  | (2) |  |  | 4,800 |
Business Solutions customers | 1,096 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 1,096 |
Total retail revenue | 5,898 |  |  | — |  |  | — |  |  |  |  | — |  |  | (2) |  |  | 5,896 |
Mark-to-market for economic hedging activities(a)(b) | 1 |  |  | 233 |  |  | 40 |  |  |  |  | 273 |  |  | (223) |  |  | 51 |
Other revenues(c) | — |  |  | 77 |  |  | 148 |  |  |  |  | 225 |  |  | (4) |  |  | 221 |
Total operating revenue | 5,899 |  |  | 1,938 |  |  | 1,226 |  |  |  |  | 3,164 |  |  | (1,437) |  |  | 7,626 |
Less: Lease revenue | 9 |  |  | — |  |  | 6 |  |  |  |  | 6 |  |  | — |  |  | 15 |
Less: Realized and unrealized ASC 815 revenue(a) | 1 |  |  | 2,674 |  |  | 303 |  |  |  |  | 2,977 |  |  | (1,433) |  |  | 1,545 |
Total revenue from contracts with customers | $ | 5,889 |  |  | $ | (736) |  |  | $ | 917 |  |  |  |  | $ | 181 |  |  | $ | (4) |  |  | $ | 6,066 |
(a) Generation includes higher revenues due to the Company's large internal transfer of power based on average annualized market prices, which are offset by higher |  |  |  |  |  |  |  |  |  |  |  |  |
cost of operations within Retail |  |  |  |  |  |  |  |  |  |  |  |  |
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 |  |  |  |  |  |  |  |  |  |  |  |  |
(c) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: |  |  |  |  |  |  |  |  |  |  |  |  |
| Retail |  | Texas |  | East/West/Other |  |  |  | Subtotal |  | Corporate/Eliminations |  | Total
Energy revenue | $ | — |  |  | $ | 2,417 |  |  | $ | 192 |  |  |  |  | $ | 2,609 |  |  | $ | (1,211) |  |  | $ | 1,398 |
Capacity revenue | — |  |  | — |  |  | 80 |  |  |  |  | 80 |  |  | 1 |  |  | 81 |
Other revenue | — |  |  | 24 |  |  | (9) |  |  |  |  | 15 |  |  | — |  |  | 15 |
| Nine months ended September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Generation |  |  |  |  |  |  |  |  |  |
(In millions) | Retail |  | Texas |  | East/West/Other |  |  |  | Subtotal |  | Corporate/Eliminations |  | Total
Energy revenue(a)(c) | $ | — |  |  | $ | 1,251 |  |  | $ | 937 |  |  |  |  | $ | 2,188 |  |  | $ | (890) |  |  | $ | 1,298 |
Capacity revenue(c) | — |  |  | 1 |  |  | 498 |  |  |  |  | 499 |  |  | 1 |  |  | 500 |
Retail revenue |  |  |  |  |  |  |  |  |  |  |  |  |
Mass customers | 4,321 |  |  | — |  |  | — |  |  |  |  | — |  |  | (4) |  |  | 4,317 |
Business Solutions customers | 1,181 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 1,181 |
Total retail revenue | 5,502 |  |  | — |  |  | — |  |  |  |  | — |  |  | (4) |  |  | 5,498 |
Mark-to-market for economic hedging activities(a)(b) | (5) |  |  | (14) |  |  | 9 |  |  |  |  | (5) |  |  | (21) |  |  | (31) |
Other revenues(c) | — |  |  | 72 |  |  | 162 |  |  |  |  | 234 |  |  | (13) |  |  | 221 |
Total operating revenue | 5,497 |  |  | 1,310 |  |  | 1,606 |  |  |  |  | 2,916 |  |  | (927) |  |  | 7,486 |
Less: Lease revenue | 10 |  |  | — |  |  | 7 |  |  |  |  | 7 |  |  | — |  |  | 17 |
Less: Realized and unrealized ASC 815 revenue(a) | (5) |  |  | 1,872 |  |  | 211 |  |  |  |  | 2,083 |  |  | (901) |  |  | 1,177 |
Total revenue from contracts with customers | $ | 5,492 |  |  | $ | (562) |  |  | $ | 1,388 |  |  |  |  | $ | 826 |  |  | $ | (26) |  |  | $ | 6,292 |
(a) Generation includes higher revenues due to the Company's large internal transfer of power based on average annualized market prices, which are offset by higher |  |  |  |  |  |  |  |  |  |  |  |  |
cost of operations within Retail |  |  |  |  |  |  |  |  |  |  |  |  |
(b) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815 |  |  |  |  |  |  |  |  |  |  |  |  |
(c) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above: |  |  |  |  |  |  |  |  |  |  |  |  |
| Retail |  | Texas |  | East/West/Other |  |  |  | Subtotal |  | Corporate/Eliminations |  | Total
Energy revenue | $ | — |  |  | $ | 1,883 |  |  | $ | 78 |  |  |  |  | $ | 1,961 |  |  | $ | (880) |  |  | $ | 1,081 |
Capacity revenue | — |  |  | — |  |  | 110 |  |  |  |  | 110 |  |  | — |  |  | 110 |
Other revenue | — |  |  | 3 |  |  | 14 |  |  |  |  | 17 |  |  | — |  |  | 17 |
Contract Balances The following table reflects the contract assets and liabilities included in the Company’s balance sheet as of September 30, 2019 and December 31, 2018:
(In millions) | September 30, 2019 |  | December 31, 2018
Deferred customer acquisition costs | $ | 130 |  |  | $ | 111 |
Accounts receivable, net - Contracts with customers | 1,311 |  |  | 999 |
Accounts receivable, net - Derivative instruments | 63 |  |  | 20 |
Accounts receivable, net - Affiliate | 4 |  |  | 5 |
Total accounts receivable, net | $ | 1,378 |  |  | $ | 1,024 |
Unbilled revenues (included within Accounts receivable, net - Contracts with customers) | $ | 486 |  |  | $ | 392 |
Deferred revenues(a) | 78 |  |  | 67 |
(a) Deferred revenues from contracts with customers for the nine months ended September 30, 2019 and the year ended December 31, 2018 were approximately $25 million and $19 million, respectively The revenue recognized from contracts with customers during the nine months ended September 30, 2019 and 2018 relating to the deferred revenue balance at the beginning of each period was $13 million and $16 million, respectively. The revenue recognized from contracts with customers during the three months ended September 30, 2019 and 2018 relating to the deferred revenue balance at the beginning of each period was $21 million and $19 million, respectively. The change in deferred revenue balances during the three and nine months ended September 30, 2019 and 2018 was primarily due to the timing difference of when consideration was received and when the performance obligation was transferred.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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