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Revenue Recognition | 9 Months Ended
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Sep. 30, 2021
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue Recognition Performance Obligations As of September 30, 2021, estimated future fixed fee performance obligations are $158 million for the remaining three months of fiscal year 2021, and $345 million, $89 million, $37 million and $20 million for the fiscal years 2022, 2023, 2024 and 2025, respectively. Certain performance obligations relate to the fossil generating assets that are planned for sale to Generation Bridge, as further described in Note 4, Acquisitions and Dispositions. 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, 2021 and 2020:
| Three months ended September 30, 2021
(In millions) | Texas |  | East |  | West/Services/Other |  | Corporate/Eliminations |  | Total
Retail revenue: |  |  |  |  |  |  |  |  |
Home(a) | $ | 1,776 |  |  | $ | 470 |  |  | $ | 400 |  |  | $ | — |  |  | $ | 2,646 |
Business | 727 |  |  | 2,228 |  |  | 350 |  |  | — |  |  | 3,305 |
Total retail revenue | 2,503 |  |  | 2,698 |  |  | 750 |  |  | — |  |  | 5,951 |
Energy revenue(b) | 18 |  |  | 201 |  |  | 113 |  |  | 4 |  |  | 336 |
Capacity revenue(b) | — |  |  | 172 |  |  | 17 |  |  | — |  |  | 189 |
Mark-to-market for economic hedging activities(c) | (1) |  |  | (3) |  |  | (6) |  |  | 13 |  |  | 3 |
Contract amortization | — |  |  | (7) |  |  | 4 |  |  | — |  |  | (3) |
Other revenue(b) | 115 |  |  | 16 |  |  | 6 |  |  | (4) |  |  | 133 |
Total operating revenue | 2,635 |  |  | 3,077 |  |  | 884 |  |  | 13 |  |  | 6,609 |
Less: Lease revenue | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Less: Realized and unrealized ASC 815 revenue | 38 |  |  | 76 |  |  | (8) |  |  | 14 |  |  | 120 |
Less: Contract amortization | — |  |  | (7) |  |  | 4 |  |  | — |  |  | (3) |
Total revenue from contracts with customers | $ | 2,597 |  |  | $ | 3,008 |  |  | $ | 886 |  |  | $ | (1) |  |  | $ | 6,490 |
(a) Home includes Services
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions) | Texas |  | East |  | West/Services/Other |  | Corporate/Eliminations |  | Total
Energy revenue | $ | — |  |  | $ | 38 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 41 |
Capacity revenue | — |  |  | 42 |  |  | — |  |  | — |  |  | 42 |
Other revenue | 39 |  |  | (1) |  |  | (4) |  |  | — |  |  | 34 |
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
| Three months ended September 30, 2020
(In millions) | Texas |  | East |  | West/Services/Other |  | Corporate/Eliminations |  | Total
Retail revenue: |  |  |  |  |  |  |  |  |
Home(a) | $ | 1,633 |  |  | $ | 327 |  |  | $ | 27 |  |  | $ | — |  |  | $ | 1,987 |
Business | 288 |  |  | 27 |  |  | — |  |  | — |  |  | 315 |
Total retail revenue | 1,921 |  |  | 354 |  |  | 27 |  |  | — |  |  | 2,302 |
Energy revenue(b) | 11 |  |  | 93 |  |  | 117 |  |  | 1 |  |  | 222 |
Capacity revenue(b) | — |  |  | 158 |  |  | 16 |  |  | — |  |  | 174 |
Mark-to-market for economic hedging activities(c) | 1 |  |  | 43 |  |  | (10) |  |  | 5 |  |  | 39 |
Other revenue(b) | 59 |  |  | 18 |  |  | (1) |  |  | (4) |  |  | 72 |
Total operating revenue | 1,992 |  |  | 666 |  |  | 149 |  |  | 2 |  |  | 2,809 |
Less: Lease revenue | — |  |  | — |  |  | 5 |  |  | — |  |  | 5 |
Less: Realized and unrealized ASC 815 revenue | 10 |  |  | 115 |  |  | (10) |  |  | 5 |  |  | 120 |
Total revenue from contracts with customers | $ | 1,982 |  |  | $ | 551 |  |  | $ | 154 |  |  | $ | (3) |  |  | $ | 2,684 |
(a) Home includes Services
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions) | Texas |  | East |  | West/Services/Other |  | Corporate/Eliminations |  | Total
Energy revenue | $ | — |  |  | $ | 23 |  |  | $ | 13 |  |  | $ | (1) |  |  | $ | 35 |
Capacity revenue | — |  |  | 49 |  |  | — |  |  | — |  |  | 49 |
Other revenue | 9 |  |  | — |  |  | (13) |  |  | 1 |  |  | (3) |
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
| Nine months ended September 30, 2021
(In millions) | Texas |  | East |  | West/Services/Other |  | Corporate/Eliminations |  | Total
Retail revenue: |  |  |  |  |  |  |  |  |
Home(a) | $ | 4,484 |  |  | $ | 1,469 |  |  | $ | 1,439 |  |  | $ | (1) |  |  | $ | 7,391 |
Business | 2,091 |  |  | 6,560 |  |  | 887 |  |  | — |  |  | 9,538 |
Total retail revenue | 6,575 |  |  | 8,029 |  |  | 2,326 |  |  | (1) |  |  | 16,929 |
Energy revenue(c) | 317 |  |  | 428 |  |  | 238 |  |  | 6 |  |  | 989 |
Capacity revenue(c) | — |  |  | 568 |  |  | 47 |  |  | — |  |  | 615 |
Mark-to-market for economic hedging activities(d) | (5) |  |  | (53) |  |  | (60) |  |  | 19 |  |  | (99) |
Contract amortization | — |  |  | (15) |  |  | (4) |  |  | — |  |  | (19) |
Other revenue(b)(c) | 1,475 |  |  | 45 |  |  | 17 |  |  | (9) |  |  | 1,528 |
Total operating revenue | 8,362 |  |  | 9,002 |  |  | 2,564 |  |  | 15 |  |  | 19,943 |
Less: Lease revenue | — |  |  | 1 |  |  | 5 |  |  | — |  |  | 6 |
Less: Realized and unrealized ASC 815 revenue | 129 |  |  | 193 |  |  | (73) |  |  | 20 |  |  | 269 |
Less: Contract amortization | — |  |  | (15) |  |  | (4) |  |  | — |  |  | (19) |
Total revenue from contracts with customers | $ | 8,233 |  |  | $ | 8,823 |  |  | $ | 2,636 |  |  | $ | (5) |  |  | $ | 19,687 |
(a) Home includes Services
(b) Other Revenue in Texas includes ancillary revenues of $1.2 billion driven by high pricing during Winter Storm Uri
(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:
(In millions) | Texas |  | East |  | West/Services/Other |  | Corporate/Eliminations |  | Total
Energy revenue | $ | — |  |  | $ | 122 |  |  | $ | (4) |  |  | $ | 2 |  |  | $ | 120 |
Capacity revenue | — |  |  | 119 |  |  | — |  |  | — |  |  | 119 |
Other revenue | 134 |  |  | 5 |  |  | (9) |  |  | (1) |  |  | 129 |
(d) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
| Nine months ended September 30, 2020
(In millions) | Texas |  | East |  | West/Services/Other |  | Corporate/Eliminations |  | Total
Retail revenue: |  |  |  |  |  |  |  |  |
Home(a) | $ | 3,938 |  |  | $ | 926 |  |  | $ | 66 |  |  | $ | (1) |  |  | $ | 4,929 |
Business | 796 |  |  | 70 |  |  | — |  |  | — |  |  | 866 |
Total retail revenue | 4,734 |  |  | 996 |  |  | 66 |  |  | (1) |  |  | 5,795 |
Energy revenue(b) | 21 |  |  | 157 |  |  | 252 |  |  | (1) |  |  | 429 |
Capacity revenue(b) | — |  |  | 471 |  |  | 47 |  |  | — |  |  | 518 |
Mark-to-market for economic hedging activities(c) | 1 |  |  | 63 |  |  | 6 |  |  | 8 |  |  | 78 |
Other revenue(b) | 172 |  |  | 45 |  |  | 36 |  |  | (7) |  |  | 246 |
Total operating revenue | 4,928 |  |  | 1,732 |  |  | 407 |  |  | (1) |  |  | 7,066 |
Less: Lease revenue | — |  |  | 1 |  |  | 14 |  |  | — |  |  | 15 |
Less: Realized and unrealized ASC 815 revenue | 24 |  |  | 239 |  |  | 50 |  |  | 5 |  |  | 318 |
Total revenue from contracts with customers | $ | 4,904 |  |  | $ | 1,492 |  |  | $ | 343 |  |  | $ | (6) |  |  | $ | 6,733 |
(a) Home includes Services
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions) | Texas |  | East |  | West/Services/Other |  | Corporate/Eliminations |  | Total
Energy revenue | $ | — |  |  | $ | 60 |  |  | $ | 42 |  |  | $ | (3) |  |  | $ | 99 |
Capacity revenue | — |  |  | 114 |  |  | — |  |  | — |  |  | 114 |
Other revenue | 23 |  |  | 2 |  |  | 2 |  |  | — |  |  | 27 |
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Contract Balances The following table reflects the contract assets and liabilities included in the Company’s balance sheet as of September 30, 2021 and December 31, 2020:
(In millions) | September 30, 2021 |  | December 31, 2020
Deferred customer acquisition costs | $ | 124 |  |  | $ | 113 |
Accounts receivable, net - Contracts with customers | 2,955 |  |  | 866 |
Accounts receivable, net - Derivative instruments | 136 |  |  | 33 |
Accounts receivable, net - Affiliate | 5 |  |  | 5 |
Total accounts receivable, net | $ | 3,096 |  |  | $ | 904 |
Unbilled revenues (included within Accounts receivable, net - Contracts with customers) | $ | 1,268 |  |  | $ | 393 |
Deferred revenues(a) | 312 |  |  | 60 |
(a) Deferred revenues from contracts with customers for the nine months ended September 30, 2021 and the year ended December 31, 2020 were approximately $303 million and $31 million, respectively The revenue recognized from contracts with customers during the nine months ended September 30, 2021 and 2020 relating to the deferred revenue balance at the beginning of each period was $23 million and $13 million, respectively. The revenue recognized from contracts with customers during the three months ended September 30, 2021 and 2020 relating to the deferred revenue balance at the beginning of each period was $162 million and $31 million, respectively. The change in deferred revenue balances during the three and nine months ended September 30, 2021 and 2020 was primarily due to bill credits owed to certain C&I customers, a portion of which is long-term, as a result of power pricing during Winter Storm Uri and 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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