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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income tax provision from continuing operations

The income tax provision consisted of the following amounts:

			Year Ended December 31,
(In millions, except effective income tax rate)			2024						2023						2022
Current
U.S. Federal			$	55					$	26					$	3
State			82						84						65
Foreign			5						(12)						3
Total — current			142						98						71
Deferred
U.S. Federal			333						50						258
State			(134)						(61)						59
Foreign			(18)						(98)						54
Total — deferred			181						(109)						371
Total income tax expense/(benefit)			$	323					$	(11)					$	442
Effective income tax rate			22.3		%				5.2		%				26.6		%

Domestic and foreign components of income/(loss) before income tax (benefit)/expense

The following represented the domestic and foreign components of income/(loss) before income taxes:

			Year Ended December 31,
(In millions)			2024						2023						2022
U.S.			$	1,485					$	261					$	1,436
Foreign			(37)						(474)						227
Total			$	1,448					$	(213)					$	1,663

Reconciliation of the U.S. federal statutory rate to NRG's effective rate

Reconciliations of the U.S. federal statutory tax rate to NRG's effective tax rate were as follows:

			Year Ended December 31,
(In millions, except effective income tax rate)			2024						2023						2022
Income/(Loss) before income taxes			$	1,448					$	(213)					$	1,663
Tax at federal statutory tax rate			304						(45)						349
State taxes			92						(22)						69
Foreign rate differential			1						(10)						7
Changes in state valuation allowances			(110)						42						(3)
Nondeductible loss on Convertible Senior Notes repurchases			56						—						—
Permanent differences			23						31						17
Stock compensation			(19)						—						—
Recognition of uncertain tax benefits			1						12						8
Deferred impact of state tax rate changes			(24)						3						14
Foreign tax refunds			—						(17)						—
Return to provision adjustments			(1)						(5)						—
Carbon capture tax credits			—						—						(19)
Income tax expense/(benefit)			$	323					$	(11)					$	442
Effective income tax rate			22.3		%				5.2		%				26.6		%

Company's deferred tax assets and liabilities

The temporary differences, which gave rise to the Company's deferred tax assets and liabilities consisted of the following:

			As of December 31,
(In millions)			2024						2023
Deferred tax assets:
U.S. Federal net operating loss carryforwards			$	1,477					$	1,762
State net operating loss carryforwards			341						367
Foreign net operating loss carryforwards			106						110
Deferred revenues			335						347
Difference between book and tax basis of property			322						353
Federal and state tax credit carryforwards			269						317
Deferred compensation, accrued vacation and other reserves			174						141
Interest disallowance carryforward per §163(j) of the Tax Act			77						132
Pension and other postretirement benefits			46						48
Allowance for credit losses			37						35
Equity compensation			30						24
Federal benefit on state uncertain tax positions			13						13
Inventory obsolescence			13						11
U.S. capital loss			1						1
Other			46						33
Total deferred tax assets			3,287						3,694
Deferred tax liabilities:
Intangibles amortization (excluding goodwill)			486						726
Derivatives			193						156
Capitalized contract costs			249						131
Equity method investments			88						93
Goodwill			56						40
Debt discount amortization			—						26
Emissions allowances			16						18
Total deferred tax liabilities			1,088						1,190
Total deferred tax assets less deferred tax liabilities			2,199						2,504
Valuation allowance			(144)						(275)
Total net deferred tax assets, net of valuation allowance			$	2,055					$	2,229

Summary of NRG's net deferred tax position

The following table summarizes NRG's net deferred tax position as presented in the consolidated balance sheets:

			As of December 31,
(In millions)			2024						2023
Deferred tax asset			$	2,067					$	2,251
Deferred tax liability			(12)						(22)
Net deferred tax asset			$	2,055					$	2,229

Reconciliation of total amounts of uncertain tax benefits

The following table summarizes uncertain tax benefits activity:

			As of December 31,
(In millions)			2024						2023
Balance as of January 1			$	73					$	22
Increase due to current year positions			12						28
Increase due to acquired balance from Vivint Smart Home			—						23
Settlements, payments and statute closure			(28)						—
Uncertain tax benefits as of December 31			$	57					$	73

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