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Revenue Recognition (Tables) | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue from Contracts with Customer | 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, 2024 and 2023:
| Three months ended September 30, 2024
(In millions) | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate/Eliminations |  | Total
Retail revenue: |  |  |  |  |  |  |  |  |  |  |
Home(a) | $ | 2,235 |  |  | $ | 616 |  |  | $ | 349 |  |  | $ | 499 |  |  | $ | (4) |  |  | $ | 3,695 |
Business | 996 |  |  | 1,852 |  |  | 411 |  |  | — |  |  | — |  |  | 3,259 |
Total retail revenue(b) | 3,231 |  |  | 2,468 |  |  | 760 |  |  | 499 |  |  | (4) |  |  | 6,954 |
Energy revenue(b) | 12 |  |  | 67 |  |  | 52 |  |  | — |  |  | (3) |  |  | 128 |
Capacity revenue(b) | — |  |  | 40 |  |  | 8 |  |  | — |  |  | (1) |  |  | 47 |
Mark-to-market for economic hedging activities(c) | — |  |  | 1 |  |  | 6 |  |  | — |  |  | 1 |  |  | 8 |
Contract amortization | — |  |  | (7) |  |  | (1) |  |  | — |  |  | — |  |  | (8) |
Other revenue(b) | 58 |  |  | 31 |  |  | 8 |  |  | — |  |  | (3) |  |  | 94 |
Total revenue | 3,301 |  |  | 2,600 |  |  | 833 |  |  | 499 |  |  | (10) |  |  | 7,223 |
Less: Revenues accounted for under topics other than ASC 606 and ASC 815 | — |  |  | 14 |  |  | 13 |  |  | — |  |  | — |  |  | 27 |
Less: Realized and unrealized ASC 815 revenue | 19 |  |  | 33 |  |  | 18 |  |  | — |  |  | (1) |  |  | 69 |
Total revenue from contracts with customers | $ | 3,282 |  |  | $ | 2,553 |  |  | $ | 802 |  |  | $ | 499 |  |  | $ | (9) |  |  | $ | 7,127 |
(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 |  | Vivint Smart Home |  | Corporate/Eliminations |  | Total
Retail revenue | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |
Energy revenue | — |  |  | 9 |  |  | 12 |  |  | — |  |  | (3) |  |  | 18 |
Capacity revenue | — |  |  | 17 |  |  | — |  |  | — |  |  | — |  |  | 17 |
Other revenue | 19 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 20 |
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
| Three months ended September 30, 2023
(In millions) | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate/Eliminations |  | Total
Retail revenue: |  |  |  |  |  |  |  |  |  |  |
Home(a) | $ | 2,397 |  |  | $ | 544 |  |  | $ | 390 |  |  | $ | 478 |  |  | $ | (1) |  |  | $ | 3,808 |
Business | 1,092 |  |  | 2,089 |  |  | 532 |  |  | — |  |  | — |  |  | 3,713 |
Total retail revenue(b) | 3,489 |  |  | 2,633 |  |  | 922 |  |  | 478 |  |  | (1) |  |  | 7,521 |
Energy revenue(b) | 51 |  |  | 152 |  |  | 59 |  |  | — |  |  | (1) |  |  | 261 |
Capacity revenue(b) | — |  |  | 64 |  |  | (4) |  |  | — |  |  | (1) |  |  | 59 |
Mark-to-market for economic hedging activities(c) | — |  |  | (60) |  |  | (10) |  |  | — |  |  | — |  |  | (70) |
Contract amortization | — |  |  | (6) |  |  | 1 |  |  | — |  |  | — |  |  | (5) |
Other revenue(b) | 146 |  |  | 26 |  |  | 10 |  |  | — |  |  | (2) |  |  | 180 |
Total revenue | 3,686 |  |  | 2,809 |  |  | 978 |  |  | 478 |  |  | (5) |  |  | 7,946 |
Less: Revenues accounted for under topics other than ASC 606 and ASC 815 | — |  |  | 8 |  |  | 10 |  |  | — |  |  | — |  |  | 18 |
Less: Realized and unrealized ASC 815 revenue | 16 |  |  | 58 |  |  | (7) |  |  | — |  |  | — |  |  | 67 |
Total revenue from contracts with customers | $ | 3,670 |  |  | $ | 2,743 |  |  | $ | 975 |  |  | $ | 478 |  |  | $ | (5) |  |  | $ | 7,861 |
(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 |  | Vivint Smart Home |  | Corporate/Eliminations |  | Total
Retail revenue | $ | — |  |  | $ | 14 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14 |
Energy revenue | — |  |  | 77 |  |  | — |  |  | — |  |  | — |  |  | 77 |
Capacity revenue | — |  |  | 27 |  |  | — |  |  | — |  |  | — |  |  | 27 |
Other revenue | 16 |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 19 |
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
| Nine months ended September 30, 2024
(In millions) | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate/Eliminations |  | Total
Retail revenue: |  |  |  |  |  |  |  |  |  |  |
Home(a) | $ | 5,361 |  |  | $ | 1,855 |  |  | $ | 1,362 |  |  | $ | 1,434 |  |  | $ | (12) |  |  | $ | 10,000 |
Business | 2,740 |  |  | 6,402 |  |  | 1,385 |  |  | — |  |  | — |  |  | 10,527 |
Total retail revenue(b) | 8,101 |  |  | 8,257 |  |  | 2,747 |  |  | 1,434 |  |  | (12) |  |  | 20,527 |
Energy revenue(b) | 35 |  |  | 194 |  |  | 170 |  |  | — |  |  | (9) |  |  | 390 |
Capacity revenue(b) | — |  |  | 120 |  |  | 16 |  |  | — |  |  | (3) |  |  | 133 |
Mark-to-market for economic hedging activities(c) | — |  |  | 15 |  |  | 14 |  |  | — |  |  | 3 |  |  | 32 |
Contract amortization | — |  |  | (23) |  |  | (2) |  |  | — |  |  | — |  |  | (25) |
Other revenue(b) | 161 |  |  | 84 |  |  | 17 |  |  | — |  |  | (8) |  |  | 254 |
Total revenue | 8,297 |  |  | 8,647 |  |  | 2,962 |  |  | 1,434 |  |  | (29) |  |  | 21,311 |
Less: Revenues accounted for under topics other than ASC 606 and ASC 815 | — |  |  | 36 |  |  | 38 |  |  | — |  |  | — |  |  | 74 |
Less: Realized and unrealized ASC 815 revenue | 29 |  |  | 165 |  |  | 60 |  |  | — |  |  | (4) |  |  | 250 |
Total revenue from contracts with customers | $ | 8,268 |  |  | $ | 8,446 |  |  | $ | 2,864 |  |  | $ | 1,434 |  |  | $ | (25) |  |  | $ | 20,987 |
(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 |  | Vivint Smart Home |  | Corporate/Eliminations |  | Total
Retail revenue | $ | — |  |  | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |
Energy revenue | — |  |  | 67 |  |  | 50 |  |  | — |  |  | (8) |  |  | 109 |
Capacity revenue | — |  |  | 58 |  |  | — |  |  | — |  |  | — |  |  | 58 |
Other revenue | 29 |  |  | — |  |  | (4) |  |  | — |  |  | 1 |  |  | 26 |
(c) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
| Nine months ended September 30, 2023
(In millions) | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home(a) |  | Corporate/Eliminations |  | Total
Retail revenue: |  |  |  |  |  |  |  |  |  |  |
Home(b) | $ | 5,196 |  |  | $ | 1,641 |  |  | $ | 1,421 |  |  | $ | 1,070 |  |  | $ | (1) |  |  | $ | 9,327 |
Business | 2,646 |  |  | 7,366 |  |  | 1,572 |  |  | — |  |  | — |  |  | 11,584 |
Total retail revenue(c) | 7,842 |  |  | 9,007 |  |  | 2,993 |  |  | 1,070 |  |  | (1) |  |  | 20,911 |
Energy revenue(c) | 71 |  |  | 254 |  |  | 147 |  |  | — |  |  | — |  |  | 472 |
Capacity revenue(c) | — |  |  | 154 |  |  | (3) |  |  | — |  |  | (1) |  |  | 150 |
Mark-to-market for economic hedging activities(d) | — |  |  | 27 |  |  | 80 |  |  | — |  |  | (11) |  |  | 96 |
Contract amortization | — |  |  | (24) |  |  | — |  |  | — |  |  | — |  |  | (24) |
Other revenue(c) | 322 |  |  | 70 |  |  | 27 |  |  | — |  |  | (8) |  |  | 411 |
Total revenue | 8,235 |  |  | 9,488 |  |  | 3,244 |  |  | 1,070 |  |  | (21) |  |  | 22,016 |
Less: Revenues accounted for under topics other than ASC 606 and ASC 815 | — |  |  | 13 |  |  | 26 |  |  | — |  |  | — |  |  | 39 |
Less: Realized and unrealized ASC 815 revenue | 28 |  |  | 270 |  |  | 97 |  |  | — |  |  | (10) |  |  | 385 |
Total revenue from contracts with customers | $ | 8,207 |  |  | $ | 9,205 |  |  | $ | 3,121 |  |  | $ | 1,070 |  |  | $ | (11) |  |  | $ | 21,592 |
(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) | Texas |  | East |  | West/Services/Other |  | Vivint Smart Home |  | Corporate/Eliminations |  | Total
Retail revenue | $ | — |  |  | $ | 57 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 57 |
Energy revenue | — |  |  | 137 |  |  | 10 |  |  | — |  |  | 1 |  |  | 148 |
Capacity revenue | — |  |  | 50 |  |  | — |  |  | — |  |  | — |  |  | 50 |
Other revenue | 28 |  |  | (1) |  |  | 7 |  |  | — |  |  | — |  |  | 34 |
(d) Revenue relates entirely to unrealized gains and losses on derivative instruments accounted for under ASC 815
Contract Asset and Liabilities | The following table reflects the contract assets and liabilities included in the Company’s balance sheet as of September 30, 2024 and December 31, 2023:
(In millions) | September 30, 2024 |  | December 31, 2023
Capitalized contract costs (included in Prepayments and other current assets and Other non-current assets) | $ | 1,173 |  |  | $ | 706 |
Accounts receivable, net - Contracts with customers | 3,181 |  |  | 3,395 |
Accounts receivable, net - Accounted for under topics other than ASC 606 | 74 |  |  | 136 |
Accounts receivable, net - Affiliate | 3 |  |  | 11 |
Total accounts receivable, net | $ | 3,258 |  |  | $ | 3,542 |
Unbilled revenues (included within Accounts receivable, net - Contracts with customers) | $ | 1,318 |  |  | $ | 1,493 |
Deferred revenues(a) | 1,680 |  |  | 1,634 |
(a)Deferred revenues from contracts with customers were approximately $1.6 billion as of both September 30, 2024 and December 31, 2023

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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