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Segment Reporting | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company’s segment structure reflects how management currently operates and allocates resources. The Company’s businesses are segregated based on conventional power generation, renewable businesses which consist of solar and wind, and the Thermal Business, which was sold to KKR on May 1, 2022, as further described in Note 3, Acquisitions and Dispositions. The Corporate segment reflects the Company’s corporate costs and includes eliminating entries. The Company’s chief operating decision maker, its Chief Executive Officer, evaluates the performance of its segments based on operational measures including adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA, and CAFD, as well as net income (loss).
| Three months ended June 30, 2022 |  |  |  |
(In millions) | Conventional Generation |  | Renewables |  | Thermal (a) |  | Corporate (b) |  | Total |  |  |  |
Operating revenues | $ | 103 |  |  | $ | 247 |  |  | $ | 18 |  |  | $ | — |  |  | $ | 368 |  |  |  |  |
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 28 |  |  | 73 |  |  | 11 |  |  | — |  |  | 112 |  |  |  |  |
Depreciation, amortization and accretion | 33 |  |  | 93 |  |  | — |  |  | — |  |  | 126 |  |  |  |  |
General and administrative | — |  |  | — |  |  | 1 |  |  | 10 |  |  | 11 |  |  |  |  |
Transaction and integration costs | — |  |  | — |  |  | — |  |  | 3 |  |  | 3 |  |  |  |  |
Development costs | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  |  |  |
Total operating costs and expenses | 61 |  |  | 166 |  |  | 13 |  |  | 13 |  |  | 253 |  |  |  |  |
Gain on sale of business | — |  |  | — |  |  | — |  |  | 1,291 |  |  | 1,291 |  |  |  |  |
Operating income | 42 |  |  | 81 |  |  | 5 |  |  | 1,278 |  |  | 1,406 |  |  |  |  |
Equity in earnings of unconsolidated affiliates | 1 |  |  | 9 |  |  | — |  |  | — |  |  | 10 |  |  |  |  |
Other income, net | — |  |  | 4 |  |  | — |  |  | 1 |  |  | 5 |  |  |  |  |
Interest expense | (10) |  |  | (11) |  |  | (1) |  |  | (25) |  |  | (47) |  |  |  |  |
Income before income taxes | 33 |  |  | 83 |  |  | 4 |  |  | 1,254 |  |  | 1,374 |  |  |  |  |
Income tax expense | — |  |  | — |  |  | — |  |  | 225 |  |  | 225 |  |  |  |  |
Net Income | $ | 33 |  |  | $ | 83 |  |  | $ | 4 |  |  | $ | 1,029 |  |  | $ | 1,149 |  |  |  |  |
Total Assets (a) | 2,363 |  |  | 9,446 |  |  | — |  |  | 839 |  |  | 12,648 |  |  |  |  |
(a) The Thermal Business was sold on May 1, 2022. (b) Includes eliminations.
| Three months ended June 30, 2021
(In millions) | Conventional Generation |  | Renewables |  | Thermal |  | Corporate |  | Total
Operating revenues | $ | 109 |  |  | $ | 222 |  |  | $ | 49 |  |  | $ | — |  |  | $ | 380 |
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 23 |  |  | 54 |  |  | 31 |  |  | (1) |  |  | 107 |
Depreciation, amortization and accretion | 31 |  |  | 89 |  |  | 8 |  |  | — |  |  | 128 |
General and administrative | — |  |  | 1 |  |  | — |  |  | 9 |  |  | 10 |
Transaction and integration costs | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Development costs | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Operating income (loss) | 55 |  |  | 78 |  |  | 9 |  |  | (9) |  |  | 133 |
Equity in earnings of unconsolidated affiliates | 2 |  |  | 6 |  |  | — |  |  | — |  |  | 8 |
Other (expense) income, net | (1) |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |
Interest expense | (16) |  |  | (58) |  |  | (4) |  |  | (25) |  |  | (103) |
Income (loss) before income taxes | 40 |  |  | 27 |  |  | 6 |  |  | (34) |  |  | 39 |
Income tax expense | — |  |  | — |  |  | — |  |  | 7 |  |  | 7 |
Net Income (Loss) | $ | 40 |  |  | $ | 27 |  |  | $ | 6 |  |  | $ | (41) |  |  | $ | 32 |
| Six months ended June 30, 2022
(In millions) | Conventional Generation |  | Renewables |  | Thermal (a) |  | Corporate (b) |  | Total
Operating revenues | $ | 211 |  |  | $ | 294 |  |  | $ | 77 |  |  | $ | — |  |  | $ | 582 |
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 49 |  |  | 141 |  |  | 50 |  |  | — |  |  | 240 |
Depreciation, amortization and accretion | 66 |  |  | 184 |  |  | — |  |  | — |  |  | 250 |
General and administrative | — |  |  | — |  |  | 2 |  |  | 21 |  |  | 23 |
Transaction and integration costs | — |  |  | — |  |  | — |  |  | 5 |  |  | 5 |
Development costs | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Total operating costs and expenses | 115 |  |  | 325 |  |  | 54 |  |  | 26 |  |  | 520 |
Gain on sale of business | — |  |  | — |  |  | — |  |  | 1,291 |  |  | 1,291 |
Operating income (loss) | 96 |  |  | (31) |  |  | 23 |  |  | 1,265 |  |  | 1,353 |
Equity in earnings of unconsolidated affiliates | 2 |  |  | 12 |  |  | — |  |  | — |  |  | 14 |
Other income, net | — |  |  | 4 |  |  | — |  |  | 1 |  |  | 5 |
Loss on debt extinguishment | — |  |  | (2) |  |  | — |  |  | — |  |  | (2) |
Interest expense | (18) |  |  | (19) |  |  | (6) |  |  | (51) |  |  | (94) |
Income (loss) before income taxes | 80 |  |  | (36) |  |  | 17 |  |  | 1,215 |  |  | 1,276 |
Income tax expense | — |  |  | — |  |  | — |  |  | 224 |  |  | 224 |
Net Income (Loss) | $ | 80 |  |  | $ | (36) |  |  | $ | 17 |  |  | $ | 991 |  |  | $ | 1,052 |
(a) The Thermal Business was sold on May 1, 2022. (b) Includes eliminations.
| Six months ended June 30, 2021
(In millions) | Conventional Generation |  | Renewables |  | Thermal |  | Corporate |  | Total
Operating revenues | $ | 211 |  |  | $ | 308 |  |  | $ | 98 |  |  | $ | — |  |  | $ | 617 |
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below | 50 |  |  | 106 |  |  | 62 |  |  | (1) |  |  | 217 |
Depreciation, amortization and accretion | 65 |  |  | 176 |  |  | 15 |  |  | — |  |  | 256 |
General and administrative | — |  |  | 1 |  |  | 1 |  |  | 18 |  |  | 20 |
Transaction and integration costs | — |  |  | — |  |  | — |  |  | 3 |  |  | 3 |
Development costs | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Operating income (loss) | 96 |  |  | 25 |  |  | 18 |  |  | (20) |  |  | 119 |
Equity in earnings of unconsolidated affiliates | 4 |  |  | 8 |  |  | — |  |  | — |  |  | 12 |
Other income, net | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 2 |
Loss on debt extinguishment | — |  |  | (1) |  |  | — |  |  | (41) |  |  | (42) |
Interest expense | (27) |  |  | (62) |  |  | (9) |  |  | (50) |  |  | (148) |
Income (loss) before income taxes | 73 |  |  | (29) |  |  | 10 |  |  | (111) |  |  | (57) |
Income tax benefit | — |  |  | — |  |  | — |  |  | (13) |  |  | (13) |
Net Income (Loss) | $ | 73 |  |  | $ | (29) |  |  | $ | 10 |  |  | $ | (98) |  |  | $ | (44) |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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