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Revenue Recognition
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Performance Obligations
As of June 30, 2024, estimated future fixed fee performance obligations are $762 million for the remaining six months of fiscal year 2024, and $1.3 billion, $940 million, $588 million, $308 million and $38 million for the fiscal years 2025, 2026, 2027, 2028 and 2029, respectively. These performance obligations include Vivint Smart Home products and services, as well as cleared auction MWs in the PJM, ISO-NE, NYISO and MISO capacity auctions. The cleared auction MWs 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 six months ended June 30, 2024 and 2023:
Three months ended June 30, 2024
(In millions)
TexasEastWest/Services/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue:
Home(a)
$1,766 $537 $414 $467 $(8)$3,176 
Business926 1,824 418 — — 3,168 
Total retail revenue(b)
2,692 2,361 832 467 (8)6,344 
Energy revenue(b)
16 46 51 — (3)110 
Capacity revenue(b)
— 39 6 — (1)44 
Mark-to-market for economic hedging activities(c)
— 65 17 — 2 84 
Contract amortization— (6)(1)— — (7)
Other revenue(b)
55 27 5 — (3)84 
Total revenue2,763 2,532 910 467 (13)6,659 
Less: Revenues accounted for under topics other than ASC 606 and ASC 815— 12 19 — — 31 
Less: Realized and unrealized ASC 815 revenue
8 108 32 — — 148 
Total revenue from contracts with customers$2,755 $2,412 $859 $467 $(13)$6,480 
(a) Home includes Services
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/Services/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue$— $9 $— $— $— $9 
Energy revenue— 15 16 — (2)29 
Capacity revenue— 19 — — — 19 
Other revenue8 — (1)— — 7 
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Three months ended June 30, 2023
(In millions)
TexasEastWest/Services/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue:
Home(a)
$1,563 $446 $406 $444 $— $2,859 
Business832 1,912 424 — — 3,168 
Total retail revenue(b)
2,395 2,358 830 444 — 6,027 
Energy revenue(b)
16 28 40 — (1)83 
Capacity revenue(b)
— 49 — — — 49 
Mark-to-market for economic hedging activities(c)
— 52 23 — — 75 
Contract amortization— (7)(1)— — (8)
Other revenue(b)
104 23 — — (5)122 
Total revenue2,515 2,503 892 444 (6)6,348 
Less: Revenues accounted for under topics other than ASC 606 and ASC 815— 6 7 — — 13 
Less: Realized and unrealized ASC 815 revenue
14 99 7 — (1)119 
Total revenue from contracts with customers$2,501 $2,398 $878 $444 $(5)$6,216 
(a) Home includes Services
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/Services/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue$— $16 $— $— $— $16 
Energy revenue— 13 (7)— (1)5 
Capacity revenue— 17 — — — 17 
Other revenue14 1 (9)— — 6 
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Six months ended June 30, 2024
(In millions)TexasEastWest/Services/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue:
Home(a)
$3,126 $1,239 $1,013 $935 $(8)$6,305 
Business1,744 4,550 974 — — 7,268 
Total retail revenue(b)
4,870 5,789 1,987 935 (8)13,573 
Energy revenue(b)
23 127 118 — (6)262 
Capacity revenue(b)
— 80 8 — (2)86 
Mark-to-market for economic hedging activities(c)
— 14 8 — 2 24 
Contract amortization— (16)(1)— — (17)
Other revenue(b)
103 53 9 — (5)160 
Total revenue4,996 6,047 2,129 935 (19)14,088 
Less: Revenues accounted for under topics other than ASC 606 and ASC 815— 22 25 — — 47 
Less: Realized and unrealized ASC 815 revenue
10 132 42 — (3)181 
Total revenue from contracts with customers$4,986 $5,893 $2,062 $935 $(16)$13,860 
(a) Home includes Services
(b) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/Services/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue$— $19 $— $— $— $19 
Energy revenue— 58 38 — (5)91 
Capacity revenue— 41 — — — 41 
Other revenue10 — (4)— — 6 
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Six months ended June 30, 2023
(In millions)TexasEastWest/Services/Other
Vivint Smart Home(a)
Corporate/EliminationsTotal
Retail revenue:
Home(b)
$2,799 $1,097 $1,031 $592 $— $5,519 
Business1,554 5,277 1,040 — — 7,871 
Total retail revenue(c)
4,353 6,374 2,071 592 — 13,390 
Energy revenue(c)
20 102 88 — 1 211 
Capacity revenue(c)
— 90 1 — — 91 
Mark-to-market for economic hedging activities(d)
— 87 90 — (11)166 
Contract amortization— (18)(1)— — (19)
Other revenue(c)
176 44 17 — (6)231 
Total revenue4,549 6,679 2,266 592 (16)14,070 
Less: Revenues accounted for under topics other than ASC 606 and ASC 815— 5 16 — — 21 
Less: Realized and unrealized ASC 815 revenue
12 212 104 — (10)318 
Total revenue from contracts with customers$4,537 $6,462 $2,146 $592 $(6)$13,731 
(a) Includes results of operations following the acquisition date of March 10, 2023
(b) Home includes Services
(c) The following table represents the realized revenues related to derivative instruments that are accounted for under ASC 815 and included in the amounts above:
(In millions)
TexasEastWest/Services/OtherVivint Smart HomeCorporate/EliminationsTotal
Retail revenue$— $43 $— $— $— $43 
Energy revenue— 60 10 — 1 71 
Capacity revenue— 23 — — — 23 
Other revenue12 (1)4 — — 15 
(d) 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 June 30, 2024 and December 31, 2023:
(In millions)
June 30, 2024December 31, 2023
Capitalized contract costs (included in Prepayments and other current assets and Other non-current assets)
$1,005 $706 
Accounts receivable, net - Contracts with customers3,346 3,395 
Accounts receivable, net - Accounted for under topics other than ASC 60644 136 
Accounts receivable, net - Affiliate12 11 
Total accounts receivable, net $3,402 $3,542 
Unbilled revenues (included within Accounts receivable, net - Contracts with customers)$1,512 $1,493 
Deferred revenues(a)
1,685 1,634 
(a)Deferred revenues from contracts with customers were approximately $1.6 billion as of both June 30, 2024 and December 31, 2023
The revenue recognized from contracts with customers during the three months ended June 30, 2024 and 2023 relating to the deferred revenue balance at the beginning of each period was $266 million and $310 million, respectively, which decreased primarily due to the timing difference of when consideration was received and when the performance obligation was transferred. The revenue recognized from contracts with customers during the six months ended June 30, 2024 and 2023 relating to the deferred revenue balance at the beginning of each period was $395 million and $168 million, respectively, which increased primarily due to the acquisition of Vivint Smart Home.