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v3.22.2

Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2022
Accounting Policies [Abstract] |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
| June 30, 2022 |  | December 31, 2021
| (In millions)
Cash and cash equivalents | $ | 955 |  |  | $ | 179 |
Restricted cash | 333 |  |  | 475 |
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ | 1,288 |  |  | $ | 654 |
Schedule of Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
| June 30, 2022 |  | December 31, 2021
| (In millions)
Cash and cash equivalents | $ | 955 |  |  | $ | 179 |
Restricted cash | 333 |  |  | 475 |
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ | 1,288 |  |  | $ | 654 |
Schedule of Accumulated Amortization and Depreciation | The following table presents the accumulated depreciation included in property, plant and equipment, net, and accumulated amortization included in intangible assets, net as of June 30, 2022 and December 31, 2021:
| June 30, 2022 |  | December 31, 2021
| (In millions)
Property, Plant and Equipment Accumulated Depreciation | $ | 2,745 |  |  | $ | 2,501 |
Intangible Assets Accumulated Amortization | 687 |  |  | 605 |
Dividends Declared | The following table lists the dividends paid on the Company's Class A and Class C common stock during the six months ended June 30, 2022:
|  |  |  |  | Second Quarter 2022 |  | First Quarter 2022
Dividends per Class A share |  |  |  |  | $ | 0.3536 |  |  | $ | 0.3468 |
Dividends per Class C share |  |  |  |  | 0.3536 |  |  | 0.3468 |
Distributions Made to Limited Liability Company (LLC) Member, by Distribution | The following table lists distributions paid to CEG during the six months ended June 30, 2022 on Clearway Energy LLC’s Class B and D units:
|  |  |  |  | Second Quarter 2022 |  | First Quarter 2022
Distributions per Class B Unit |  |  |  |  | $ | 0.3536 |  |  | $ | 0.3468 |
Distributions per Class D Unit |  |  |  |  | 0.3536 |  |  | 0.3468 |
Redeemable Noncontrolling Interest | The following table reflects the changes in the Company’s redeemable noncontrolling interest balance for the six months ended June 30, 2022:
|  | (In millions)
Balance as of December 31, 2021 |  | $ | — |
Cash distributions to redeemable noncontrolling interests |  | (2) |
Comprehensive income attributable to redeemable noncontrolling interests |  | 6 |
Balance as of June 30, 2022 |  | $ | 4 |
Disaggregation of Revenue | The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category for the three and six months ended June 30, 2022 and 2021, respectively:
| Three months ended June 30, 2022
(In millions) | Conventional Generation |  | Renewables |  | Thermal |  |  |  |  |  | Total
Energy revenue (a) | $ | 3 |  |  | $ | 306 |  |  | $ | 11 |  |  |  |  |  |  | $ | 320 |
Capacity revenue (a) | 106 |  |  | 1 |  |  | 4 |  |  |  |  |  |  | 111 |
Contract amortization | (6) |  |  | (35) |  |  | — |  |  |  |  |  |  | (41) |
Other revenue | — |  |  | 27 |  |  | 3 |  |  |  |  |  |  | 30 |
Mark-to-market for economic hedges | — |  |  | (52) |  |  | — |  |  |  |  |  |  | (52) |
Total operating revenues | 103 |  |  | 247 |  |  | 18 |  |  |  |  |  |  | 368 |
Less: Mark-to-market for economic hedges | — |  |  | 52 |  |  | — |  |  |  |  |  |  | 52 |
Less: Lease revenue | (109) |  |  | (268) |  |  | — |  |  |  |  |  |  | (377) |
Less: Contract amortization | 6 |  |  | 35 |  |  | — |  |  |  |  |  |  | 41 |
Total revenue from contracts with customers | $ | — |  |  | $ | 66 |  |  | $ | 18 |  |  |  |  |  |  | $ | 84 |
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
(In millions) | Conventional Generation |  | Renewables |  | Thermal |  | Total
Energy revenue | $ | 3 |  |  | $ | 268 |  |  | $ | — |  |  | $ | 271 |
Capacity revenue | 106 |  |  | — |  |  | — |  |  | 106 |
Total | $ | 109 |  |  | $ | 268 |  |  | $ | — |  |  | $ | 377 |
| Three months ended June 30, 2021
(In millions) | Conventional Generation |  | Renewables |  | Thermal |  |  |  |  |  | Total
Energy revenue (a) | $ | 2 |  |  | $ | 261 |  |  | $ | 29 |  |  |  |  |  |  | $ | 292 |
Capacity revenue (a) | 113 |  |  | — |  |  | 15 |  |  |  |  |  |  | 128 |
Contract amortization | (6) |  |  | (30) |  |  | (1) |  |  |  |  |  |  | (37) |
Other revenue | — |  |  | 22 |  |  | 6 |  |  |  |  |  |  | 28 |
Mark-to-market for economic hedges | — |  |  | (31) |  |  | — |  |  |  |  |  |  | (31) |
Total operating revenues | 109 |  |  | 222 |  |  | 49 |  |  |  |  |  |  | 380 |
Less: Mark-to-market for economic hedges | — |  |  | 31 |  |  | — |  |  |  |  |  |  | 31 |
Less: Lease revenue | (115) |  |  | (228) |  |  | — |  |  |  |  |  |  | (343) |
Less: Contract amortization | 6 |  |  | 30 |  |  | 1 |  |  |  |  |  |  | 37 |
Total revenue from contracts with customers | $ | — |  |  | $ | 55 |  |  | $ | 50 |  |  |  |  |  |  | $ | 105 |
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
(In millions) | Conventional Generation |  | Renewables |  | Thermal |  | Total
Energy revenue | $ | 2 |  |  | $ | 228 |  |  | $ | — |  |  | $ | 230 |
Capacity revenue | 113 |  |  | — |  |  | — |  |  | 113 |
Total | $ | 115 |  |  | $ | 228 |  |  | $ | — |  |  | $ | 343 |
| Six months ended June 30, 2022
(In millions) | Conventional Generation |  | Renewables |  | Thermal |  |  |  |  |  | Total
Energy revenue (a) | $ | 3 |  |  | $ | 501 |  |  | $ | 48 |  |  |  |  |  |  | $ | 552 |
Capacity revenue (a) | 220 |  |  | 1 |  |  | 18 |  |  |  |  |  |  | 239 |
Contract amortization | (12) |  |  | (71) |  |  | — |  |  |  |  |  |  | (83) |
Other revenue | — |  |  | 41 |  |  | 11 |  |  |  |  |  |  | 52 |
Mark-to-market for economic hedges | — |  |  | (178) |  |  | — |  |  |  |  |  |  | (178) |
Total operating revenues | 211 |  |  | 294 |  |  | 77 |  |  |  |  |  |  | 582 |
Less: Mark-to-market for economic hedges | — |  |  | 178 |  |  | — |  |  |  |  |  |  | 178 |
Less: Lease revenue | (223) |  |  | (430) |  |  | (1) |  |  |  |  |  |  | (654) |
Less: Contract amortization | 12 |  |  | 71 |  |  | — |  |  |  |  |  |  | 83 |
Total revenue from contracts with customers | $ | — |  |  | $ | 113 |  |  | $ | 76 |  |  |  |  |  |  | $ | 189 |
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
(In millions) | Conventional Generation |  | Renewables |  | Thermal |  | Total
Energy revenue | $ | 3 |  |  | $ | 430 |  |  | $ | 1 |  |  | $ | 434 |
Capacity revenue | 220 |  |  | — |  |  | — |  |  | 220 |
Total | $ | 223 |  |  | $ | 430 |  |  | $ | 1 |  |  | $ | 654 |
| Six months ended June 30, 2021
(In millions) | Conventional Generation |  | Renewables |  | Thermal |  |  |  | Total
Energy revenue (a) | $ | 3 |  |  | $ | 387 |  |  | $ | 58 |  |  |  |  | $ | 448 |
Capacity revenue (a) | 220 |  |  | — |  |  | 28 |  |  |  |  | 248 |
Contract amortization | (12) |  |  | (55) |  |  | (2) |  |  |  |  | (69) |
Other revenue | — |  |  | 31 |  |  | 14 |  |  |  |  | 45 |
Mark-to-market for economic hedges | — |  |  | (55) |  |  | — |  |  |  |  | (55) |
Total operating revenues | 211 |  |  | 308 |  |  | 98 |  |  |  |  | 617 |
Less: Mark-to-market for economic hedges | — |  |  | 55 |  |  | — |  |  |  |  | 55 |
Less: Lease revenue | (223) |  |  | (373) |  |  | (1) |  |  |  |  | (597) |
Less: Contract amortization | 12 |  |  | 55 |  |  | 2 |  |  |  |  | 69 |
Total revenue from contracts with customers | $ | — |  |  | $ | 45 |  |  | $ | 99 |  |  |  |  | $ | 144 |
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
(In millions) | Conventional Generation |  | Renewables |  | Thermal |  | Total
Energy revenue | $ | 3 |  |  | $ | 373 |  |  | $ | 1 |  |  | $ | 377 |
Capacity revenue | 220 |  |  | — |  |  | — |  |  | 220 |
Total | $ | 223 |  |  | $ | 373 |  |  | $ | 1 |  |  | $ | 597 |
Contract with Customer, Asset and Liability | The following table reflects the contract assets and liabilities included on the Company’s consolidated balance sheets as of June 30, 2022 and December 31, 2021:
| June 30, 2022 |  | December 31, 2021
| (In millions)
Accounts receivable, net - Contracts with customers | $ | 60 |  |  | $ | 44 |
Accounts receivable, net - Leases | 162 |  |  | 100 |
Total accounts receivable, net | $ | 222 |  |  | $ | 144 |

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