v3.20.1

Variable Interest Entities and Unconsolidated Investments | 3 Months Ended
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Mar. 31, 2020
Variable Interest Entities and Unconsolidated Investments [Abstract] |
Variable interest entities and unconsolidated investments | Variable Interest Entities and Unconsolidated Investments We consolidate all of our VIEs where we have determined that we are the primary beneficiary. There were no changes to our determination of whether we are the primary beneficiary of our VIEs for the three months ended March 31, 2020. See Note 7 in our 2019 Form 10-K for further information regarding our VIEs. Consolidated VIEs Our consolidated VIEs include natural gas-fired power plants with an aggregate capacity of 6,824 MW and 6,669 MW at March 31, 2020 and December 31, 2019, respectively. For these VIEs, we may provide other operational and administrative support through various affiliate contractual arrangements among the VIEs, Calpine Corporation and its other wholly owned subsidiaries whereby we support the VIE through the reimbursement of costs and/or the purchase and sale of energy. Other than amounts contractually required, we provided no additional material support to our VIEs in the form of cash and other contributions during each of the three months ended March 31, 2020 and 2019. The table below details summarized financial information (excluding intercompany balances which are eliminated in consolidation) for our consolidated VIEs as of March 31, 2020 and December 31 , 2019 (in millions):
| March 31, 2020 |  | December 31, 2019
Assets: |  |  |
Current assets | $ | 309 |  |  | $ | 371 |
Property, plant and equipment, net | 3,431 |  |  | 3,454 |
Restricted cash, net of current portion | 14 |  |  | 15 |
Other assets | 47 |  |  | 53 |
Total assets | $ | 3,801 |  |  | $ | 3,893 |
Liabilities: |  |  |
Current liabilities | $ | 244 |  |  | $ | 303 |
Debt, net of current portion | 1,588 |  |  | 1,635 |
Long-term derivative liabilities | 19 |  |  | 8 |
Other long-term liabilities | 36 |  |  | 53 |
Total liabilities | $ | 1,887 |  |  | $ | 1,999 |
Noncontrolling Interest — At December 31, 2019, we owned a 75% interest in Russell City Energy Company, LLC, one of our VIEs, which was also 25% owned by a third party. On January 28, 2020, we completed the acquisition of the 25% noncontrolling interest of Russell City Energy Company, LLC for approximately $49 million, resulting in a $67 million increase to additional paid-in capital. Prior to the acquisition, we accounted for the third party ownership interest as a noncontrolling interest. Unconsolidated VIEs and Investments in Unconsolidated Subsidiaries We have a 50% partnership interest in Greenfield LP which is also a VIE; however, we do not have the power to direct the most significant activities of this entity and therefore do not consolidate it. Greenfield LP is a limited partnership between certain subsidiaries of ours and of Mitsui & Co., Ltd., which operates the Greenfield Energy Centre, a 1,038 MW natural gas-fired, combined-cycle power plant located in Ontario, Canada. Calpine Receivables is a VIE and a bankruptcy remote entity created for the special purpose of purchasing trade accounts receivable from Calpine Solutions under the Accounts Receivable Sales Program. We have determined that we do not have the power to direct the activities of the VIE that most significantly affect the VIE’s economic performance nor the obligation to absorb losses or receive benefits from the VIE. Accordingly, we have determined that we are not the primary beneficiary of Calpine Receivables because we do not have the power to affect its financial performance as the unaffiliated financial institutions that purchase the receivables from Calpine Receivables control the selection criteria of the receivables sold and appoint the servicer of the receivables which controls management of default. Thus, we do not consolidate Calpine Receivables in our Consolidated Condensed Financial Statements and use the equity method of accounting to record our net interest in Calpine Receivables. We account for these entities under the equity method of accounting and include our net equity interest in investments in unconsolidated subsidiaries on our Consolidated Condensed Balance Sheets. At March 31, 2020 and December 31, 2019, our equity method investments included on our Consolidated Condensed Balance Sheets were comprised of the following (in millions):
| Ownership Interest as of March 31, 2020 |  | March 31, 2020 |  | December 31, 2019
Greenfield LP(1) | 50% |  | $ | 60 |  |  | $ | 66 |
Calpine Receivables | 100% |  | 3 |  |  | 4 |
Total investments in unconsolidated subsidiaries |  |  | $ | 63 |  |  | $ | 70 |
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(1) | Includes our share of AOCI related to interest rate hedging instruments associated with our unconsolidated subsidiary Greenfield LP’s debt.
Our risk of loss related to our investment in Greenfield LP is limited to our investment balance. Our risk of loss related to our investment in Calpine Receivables is $52 million which consists of our notes receivable from Calpine Receivables at March 31, 2020 and our initial investment associated with Calpine Receivables. See Note 10 for further information associated with our related party activity with Calpine Receivables. Holders of the debt of our unconsolidated investments do not have recourse to Calpine Corporation and its other subsidiaries; therefore, the debt of our unconsolidated investments is not reflected on our Consolidated Condensed Balance Sheets. At March 31, 2020 and December 31, 2019, Greenfield LP’s debt was approximately $272 million and $299 million, respectively, and based on our pro rata share of our investment in Greenfield LP, our share of such debt would be approximately $136 million and $150 million at March 31, 2020 and December 31, 2019, respectively. Our equity interest in the net income from our investments in unconsolidated subsidiaries for the three months ended March 31, 2020 and 2019, is recorded in (income) from unconsolidated subsidiaries. The following table sets forth details of our (income) from unconsolidated subsidiaries for the periods indicated (in millions):
|  | Three Months Ended March 31,
|  | 2020 |  | 2019
Greenfield LP |  | $ | (1 | ) |  | $ | (2 | )
Whitby(1) |  | — |  |  | (4 | )
Calpine Receivables |  | 1 |  |  | — |
Total |  | $ | — |  |  | $ | (6 | )
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(1) | On November 20, 2019, we sold our 50% interest in Whitby to a third party.
Distributions from Greenfield LP were nil during each of the three months ended March 31, 2020 and 2019. Distributions from Whitby were $11 million during the three months ended March 31, 2019. We did not have material distributions from our investment in Calpine Receivables for the three months ended March 31, 2020 and 2019.

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- Definition Variable Interest Entities and Unconsolidated Investments Abstract + References No definition available. + Details
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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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