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Acquisitions and Dispositions (Tables) | 6 Months Ended
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Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Total Consideration | The total consideration of $2.623 billion includes:
|  | (In millions)
Vivint Smart Home, Inc. common shares outstanding as of March 10, 2023 of 216,901,639 at $12.00 per share |  | $ | 2,603 |
Other Vivint Smart Home, Inc. equity instruments (Cash out RSUs and PSUs, Stock Appreciation Rights, Private Placement Warrants) |  | 6 |
Total Cash Consideration |  | $ | 2,609 |
Fair value of acquired Vivint Smart Home, Inc. equity awards attributable to pre-combination service |  | 14 |
Total Consideration |  | $ | 2,623 |
Schedule of Purchase Price Allocation | The purchase price is provisionally allocated as follows:
| (In millions)
Current Assets |
Cash and cash equivalents | $ | 120 |
Accounts receivable, net | 60 |
Inventory | 113 |
Prepayments and other current assets | 37 |
Total current assets | 330 |
Property, plant and equipment, net | 49 |
Other Assets |
Operating lease right-of-use assets, net | 35 |
Goodwill(a) | 3,492 |
Intangible assets, net(b): |
Customer relationships | 1,740 |
Technology | 860 |
Trade name | 160 |
Sales channel contract | 10 |
Intangible assets, net | 2,770 |
Deferred income taxes | 381 |
Other non-current assets | 14 |
Total other assets | 6,692 |
Total Assets | $ | 7,071 |
Current Liabilities |
Current portion of long-term debt and finance leases | $ | 14 |
Current portion of operating lease liabilities | 13 |
Accounts payable | 109 |
Derivatives instruments | 80 |
Deferred revenue current | 517 |
Accrued expenses and other current liabilities | 207 |
Total current liabilities | 940 |
Other Liabilities |
Long-term debt and finance leases | 2,572 |
Non-current operating lease liabilities | 28 |
Derivatives instruments | 32 |
Deferred income taxes | 18 |
Deferred revenue non-current | 835 |
Other non-current liabilities | 23 |
Total other liabilities | 3,508 |
Total Liabilities | $ | 4,448 |
Vivint Smart Home Purchase Price | $ | 2,623 |
(a)Goodwill arising from the acquisition is attributed to the value of the platform acquired, cross-selling opportunities, subscriber growth and the synergies expected from combining the operations of Vivint Smart Home with NRG's existing businesses. None of the goodwill recorded is expected to be deductible for tax purposes (b)The weighted average amortization period for total amortizable intangible assets is approximately ten years The following measurement period adjustments were recognized during the quarter ended June 30, 2023:
(In millions) | (Decrease)/Increase
Goodwill | $ | (200) |
Intangible assets, net | 270 |
Deferred income taxes | (70) |
Net change in assets | $ | — |
Schedule of Pro Forma Financial Information | The pro forma financial information has been prepared for illustrative and informational purposes only, and is not intended to project future operating results or be indicative of what the Company's financial performance would have been had the transactions occurred on the date acquired. No effect has been given to prospective operating synergies.
| Three months ended June 30, |  | Six months ended June 30,
(In millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Total operating revenues | $ | 6,348 |  |  | $ | 7,690 |  |  | $ | 14,356 |  |  | $ | 15,978 |
Net income/(loss) | 342 |  |  | 466 |  |  | (955) |  |  | 2,018 |
Schedule of Classified Held for Sale | As of June 30, 2023, the following is classified as held for sale in the Condensed Consolidated Balance Sheets, primarily related to the planned sale of STP, which is in the Texas segment:
| (In millions)
Inventory | $ | 63 |
Prepayments and other current assets | 12 |
Current assets - held-for-sale | $ | 75 |
Property, plant and equipment, net | $ | 227 |
Intangible assets, net | 12 |
Nuclear decommissioning trust fund | 922 |
Non-current assets - held-for-sale | $ | 1,161 |
Total assets held-for-sale | $ | 1,236 |
Current liabilities - held-for-sale | $ | 36 |
Nuclear decommissioning reserve | $ | 336 |
Nuclear decommissioning trust liability | 551 |
Other non-current liabilities | 60 |
Non-current liabilities - held-for-sale | $ | 947 |
Total liabilities held-for-sale | $ | 983 |
The Company recorded income before income taxes from its 44% equity interest in STP as follows:
| Three months ended June 30, |  | Six months ended June 30,
(In millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Income before income taxes(a) | $ | 23 |  |  | $ | 121 |  |  | $ | 7 |  |  | $ | 156 |
(a)Excludes the impact of the Company's hedges at the portfolio level

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