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Acquisitions and Dispositions (Tables)
 6 Months Ended
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 service14 
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, net60 
Inventory113 
Prepayments and other current assets37 
Total current assets330 
Property, plant and equipment, net49 
Other Assets
Operating lease right-of-use assets, net35 
Goodwill(a)
3,492 
Intangible assets, net(b):
   Customer relationships1,740 
   Technology860 
   Trade name160 
   Sales channel contract10 
Intangible assets, net2,770 
 Deferred income taxes381 
Other non-current assets14 
Total other assets6,692 
Total Assets $7,071 
Current Liabilities
Current portion of long-term debt and finance leases$14 
Current portion of operating lease liabilities13 
Accounts payable109 
Derivatives instruments80 
Deferred revenue current517 
Accrued expenses and other current liabilities207 
Total current liabilities940 
Other Liabilities
Long-term debt and finance leases2,572 
Non-current operating lease liabilities28 
Derivatives instruments32 
Deferred income taxes 18 
Deferred revenue non-current835 
Other non-current liabilities23 
Total other liabilities3,508 
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, net270 
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)2023202220232022
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 assets12 
Current assets - held-for-sale$75 
Property, plant and equipment, net$227 
Intangible assets, net12 
       Nuclear decommissioning trust fund922 
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 liability551 
   Other non-current liabilities60 
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)2023202220232022
Income before income taxes(a)
$23 $121 $7 $156 
(a)Excludes the impact of the Company's hedges at the portfolio level