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Investments Accounted for by the Equity Method and Variable Interest Entities (Tables) | 12 Months Ended
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Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract] |
Summary NRG's equity method investments | The following table summarizes NRG's equity method investments as of December 31, 2020:
(In millions, except percentages) |  |  |
Name | Economic Interest |  | Investment Balance(a)
Agua Caliente | 35.0 | % |  | $ | 185 |
Gladstone | 37.5 | % |  | 131 |
Ivanpah Master Holdings, LLC | 54.5 | % |  | 17 |
Watson Cogeneration Company | 49.0 | % |  | 14 |
Midway-Sunset Cogeneration Company | 50.0 | % |  | 12 |
Petra Nova Parish Holdings, LLC(b) | 50.0 | % |  | (13) |
Total equity investments in affiliates |  |  | $ | 346 |
(a)As of December 31, 2020, the carry value of NRG's equity method investment was $343 million lower than the underlying net assets of the investees. The basis difference is being amortized into net income over the remaining estimated useful lives of the underlying net assets. The basis difference is primarily due to impairments booked on Petra Nova, but not booked at the project level, as well as differences related to the deconsolidations of Ivanpah and Agua Caliente in 2018 and the treatment of certain deferred tax assets. (b)Refer to Note 11, Asset Impairments, for discussion of NRG's investment in Petra Nova Parish Holdings, LLC
Undistributed earnings by equity investment |
| As of December 31,
(In millions) | 2020 |  | 2019
Undistributed earnings from equity investments | $ | 30 |  |  | $ | 42 |
Summary of Financial Information for Consolidated VIEs | The summarized financial information for the Company's consolidated VIEs consisted of the following:
(In millions) | December 31, 2020 |  | December 31, 2019
Accounts receivable | $ | 647 |  |  | $ | 3 |
Other current assets | 2 |  |  | — |
Net property, plant and equipment | — |  |  | 71 |
Other long-term assets | — |  |  | 27 |
Total assets | 649 |  |  | 101 |
Current liabilities | 78 |  |  | 4 |
Long-term debt | — |  |  | 24 |
Other long-term liabilities | — |  |  | 8 |
Total liabilities | 78 |  |  | 36 |
Redeemable noncontrolling interests | — |  |  | 20 |
Net assets less noncontrolling interests | $ | 571 |  |  | $ | 45 |

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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