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Condensed Consolidating Financial Information
3 Months Ended
Mar. 31, 2013
Condensed Consolidating Financial Information Disclosure [Abstract]  
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information
As of March 31, 2013, the Company had outstanding $5.7 billion of Senior Notes due from 2018 - 2023, as shown in Note 7, Debt and Capital Leases. These Senior Notes are guaranteed by certain of NRG's current and future 100% owned domestic subsidiaries, or guarantor subsidiaries. These guarantees are both joint and several. The non-guarantor subsidiaries include all of NRG's foreign subsidiaries and certain domestic subsidiaries, including GenOn and its subsidiaries.
Unless otherwise noted below, each of the following guarantor subsidiaries fully and unconditionally guaranteed the Senior Notes as of March 31, 2013:
Allied Home Warranty GP LLC
NEO Corporation
NRG Power Marketing LLC
Allied Warranty LLC
NEO Freehold-Gen LLC
NRG Reliability Solutions LLC
Arthur Kill Power LLC
NEO Power Services Inc.
NRG Renter's Protection LLC
Astoria Gas Turbine Power LLC
New Genco GP, LLC
NRG Retail LLC
Cabrillo Power I LLC
Norwalk Power LLC
NRG Rockford Acquisition LLC
Cabrillo Power II LLC
NRG Affiliate Services Inc.
NRG Saguaro Operations Inc.
Carbon Management Solutions LLC
NRG Artesian Energy LLC
NRG Security LLC
Clean Edge Energy LLC
NRG Arthur Kill Operations Inc.
NRG Services Corporation
Conemaugh Power LLC
NRG Astoria Gas Turbine Operations Inc.
NRG SimplySmart Solutions LLC
Connecticut Jet Power LLC
NRG Bayou Cove LLC
NRG South Central Affiliate Services Inc.
Cottonwood Development LLC
NRG Cabrillo Power Operations Inc.
NRG South Central Generating LLC
Cottonwood Energy Company LP
NRG California Peaker Operations LLC
NRG South Central Operations Inc.
Cottonwood Generating Partners I LLC
NRG Cedar Bayou Development Company, LLC
NRG South Texas LP
Cottonwood Generating Partners II LLC
NRG Connecticut Affiliate Services Inc.
NRG Texas C&I Supply LLC
Cottonwood Generating Partners III LLC
NRG Construction LLC
NRG Texas Holding Inc.
Cottonwood Technology Partners LP
NRG Development Company Inc.
NRG Texas LLC
Devon Power LLC
NRG Devon Operations Inc.
NRG Texas Power LLC
Dunkirk Power LLC
NRG Dispatch Services LLC
NRG Unemployment Protection LLC
Eastern Sierra Energy Company LLC
NRG Dunkirk Operations Inc.
NRG Warranty Services LLC
El Segundo Power, LLC
NRG El Segundo Operations Inc.
NRG West Coast LLC
El Segundo Power II LLC
NRG Energy Labor Services LLC
NRG Western Affiliate Services Inc.
Elbow Creek Wind Project LLC
NRG Energy Services Group LLC
O'Brien Cogeneration, Inc. II
Energy Alternatives Wholesale LLC
NRG Energy Services LLC
ONSITE Energy, Inc.
Energy Plus Holdings LLC
NRG Generation Holdings, Inc.
Oswego Harbor Power LLC
Energy Plus Natural Gas LLC
NRG Home & Business Solutions LLC
RE Retail Receivables, LLC
Energy Protection Insurance Company
NRG Home Solutions LLC
Reliant Energy Northeast LLC
Everything Energy LLC
NRG Home Solutions Product LLC
Reliant Energy Power Supply, LLC
GCP Funding Company, LLC
NRG Homer City Services LLC
Reliant Energy Retail Holdings, LLC
Green Mountain Energy Company
NRG Huntley Operations Inc.
Reliant Energy Retail Services, LLC
Green Mountain Energy Company
NRG Identity Protect LLC
RERH Holdings, LLC
   (NY Com) LLC
NRG Ilion Limited Partnership
Saguaro Power LLC
Green Mountain Energy Company
NRG Ilion LP LLC
Somerset Operations Inc.
   (NY Res) LLC
NRG International LLC
Somerset Power LLC
Huntley Power LLC
NRG Maintenance Services LLC
Texas Genco Financing Corp.
Independence Energy Alliance LLC
NRG Mextrans Inc.
Texas Genco GP, LLC
Independence Energy Group LLC
NRG MidAtlantic Affiliate Services Inc.
Texas Genco Holdings, Inc.
Independence Energy Natural Gas LLC
NRG Middletown Operations Inc.
Texas Genco LP, LLC
Indian River Operations Inc.
NRG Montville Operations Inc.
Texas Genco Operating Services, LLC
Indian River Power LLC
NRG New Jersey Energy Sales LLC
Texas Genco Services, LP
Keystone Power LLC
NRG New Roads Holdings LLC
US Retailers LLC
Langford Wind Power, LLC
NRG North Central Operations Inc.
Vienna Operations Inc.
Lone Star A/C & Appliance Repair LLC
NRG Northeast Affiliate Services Inc.
Vienna Power LLC
Louisiana Generating LLC
NRG Norwalk Harbor Operations Inc.
WCP (Generation) Holdings LLC
Meriden Gas Turbines LLC
NRG Operating Services, Inc.
West Coast Power LLC
Middletown Power LLC
NRG Oswego Harbor Power Operations Inc.
 
Montville Power LLC
NRG PacGen Inc.
 
 
 
 
NRG conducts much of its business through and derives much of its income from its subsidiaries. Therefore, the Company's ability to make required payments with respect to its indebtedness and other obligations depends on the financial results and condition of its subsidiaries and NRG's ability to receive funds from its subsidiaries. Except for NRG Bayou Cove, LLC, which is subject to certain restrictions under the Company's Peaker financing agreements, there are no restrictions on the ability of any of the guarantor subsidiaries to transfer funds to NRG. In addition, there may be restrictions for certain non-guarantor subsidiaries.
The following condensed consolidating financial information presents the financial information of NRG Energy, Inc., the guarantor subsidiaries and the non-guarantor subsidiaries in accordance with Rule 3-10 under the Securities and Exchange Commission's Regulation S-X. The financial information may not necessarily be indicative of results of operations or financial position had the guarantor subsidiaries or non-guarantor subsidiaries operated as independent entities.
In this presentation, NRG Energy, Inc. consists of parent company operations. Guarantor subsidiaries and non-guarantor subsidiaries of NRG are reported on an equity basis. For companies acquired, the fair values of the assets and liabilities acquired have been presented on a push-down accounting basis.
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
For the Three Months Ended March 31, 2013
(Unaudited)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
NRG Energy, Inc.
(Note Issuer)
 
Eliminations(a)
 
Consolidated Balance
 
(In millions)
Operating Revenues
 
 
 
 
 
 
 
 
 
Total operating revenues
$
1,590

 
$
525

 
$

 
$
(34
)
 
$
2,081

Operating Costs and Expenses
 
 
 
 
 
 
 
 
 
Cost of operations
1,258

 
527

 
7

 
(27
)
 
1,765

Depreciation and amortization
204

 
91

 
3

 

 
298

Selling, general and administrative
115

 
54

 
67

 
(7
)
 
229

Acquisition-related transaction and integration costs

 
19

 
13

 

 
32

Development activity expenses

 
4

 
12

 

 
16

Total operating costs and expenses
1,577

 
695

 
102

 
(34
)
 
2,340

Operating Income/(Loss)
13

 
(170
)
 
(102
)
 

 
(259
)
Other Income/(Expense)
 
 
 
 
 
 
 
 
 
Equity in earnings/(losses) of consolidated subsidiaries
1

 
(4
)
 
(157
)
 
160

 

Equity in earnings of unconsolidated affiliates
1

 
2

 

 

 
3

Other income, net
1

 
2

 
1

 

 
4

Loss on debt extinguishment

 

 
(28
)
 

 
(28
)
Interest expense
(5
)
 
(64
)
 
(127
)
 

 
(196
)
Total other expense
(2
)
 
(64
)
 
(311
)
 
160

 
(217
)
Income/(Loss) Before Income Taxes
11

 
(234
)
 
(413
)
 
160

 
(476
)
Income tax expense/(benefit)
21

 
(85
)
 
(85
)
 

 
(149
)
Net Loss
(10
)
 
(149
)
 
(328
)
 
160

 
(327
)
Less: Net income attributable to noncontrolling interest

 
1

 

 

 
1

Net Loss attributable to
NRG Energy, Inc.
$
(10
)
 
$
(150
)
 
$
(328
)
 
$
160

 
$
(328
)
(a)
All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS
For the Three Months Ended March 31, 2013
(Unaudited)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
NRG Energy, Inc.
(Note Issuer)
 
Eliminations(a)
 
Consolidated Balance
 
(In millions)
Net Loss
$
(10
)
 
$
(149
)
 
$
(328
)
 
$
160

 
$
(327
)
Other comprehensive (loss)/income, net of tax
 
 
 
 
 
 
 
 
 
Unrealized (loss)/gain on derivatives, net
(9
)
 
5

 
7

 
4

 
7

Foreign currency translation adjustments, net

 

 

 

 

Available-for-sale securities, net of income tax benefit

 

 
2

 

 
2

Defined benefit plan, net of income tax benefit

 

 
5

 

 
5

Other comprehensive (loss)/income
(9
)
 
5

 
14

 
4

 
14

Comprehensive loss
(19
)
 
(144
)
 
(314
)
 
164

 
(313
)
Less: Comprehensive income attributable to noncontrolling interest

 
1

 

 

 
1

Comprehensive loss attributable to NRG Energy, Inc.
(19
)
 
(145
)
 
(314
)
 
164

 
(314
)
Dividends for preferred shares

 

 
2

 

 
2

Comprehensive loss available for common stockholders
$
(19
)
 
$
(145
)
 
$
(316
)
 
$
164

 
$
(316
)
(a)
All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
March 31, 2013
(Unaudited)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
NRG Energy, Inc.
(Note Issuer)
 
Eliminations(a)
 
Consolidated Balance
ASSETS
(In millions)
Current Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
68

 
$
1,140

 
$
499

 
$

 
$
1,707

Funds deposited by counterparties

 
105

 

 

 
105

Restricted cash
12

 
200

 
9

 

 
221

Accounts receivable, net
740

 
242

 

 

 
982

Inventory
446

 
460

 
(2
)
 

 
904

Derivative instruments
2,344

 
514

 

 
(53
)
 
2,805

Deferred income taxes

 
88

 
40

 

 
128

Cash collateral paid in support of energy risk management activities
301

 
154

 

 

 
455

Accounts receivable - affiliate
2,880

 
(105
)
 
(2,737
)
 
(33
)
 
5

Prepayments and other current assets
115

 
573

 
39

 
(8
)
 
719

Total current assets
6,906

 
3,371

 
(2,152
)
 
(94
)
 
8,031

Net property, plant and equipment
9,773

 
10,516

 
135

 
(20
)
 
20,404

Other Assets
 
 
 
 
 
 
 
 
 
Investment in subsidiaries
247

 
(114
)
 
17,565

 
(17,698
)
 

Equity investments in affiliates
32

 
635

 
10

 

 
677

Notes receivable, less current portion
3

 
73

 
220

 
(210
)
 
86

Goodwill
1,941

 
13

 

 

 
1,954

Intangible assets, net
1,005

 
190

 
33

 
(52
)
 
1,176

Nuclear decommissioning trust fund
501

 

 

 

 
501

Deferred income tax
(948
)
 
1,909

 
474

 

 
1,435

Derivative instruments
168

 
398

 

 
(4
)
 
562

Other non-current assets
75

 
263

 
207

 

 
545

Total other assets
3,024

 
3,367

 
18,509

 
(17,964
)
 
6,936

Total Assets
$
19,703

 
$
17,254

 
$
16,492

 
$
(18,078
)
 
$
35,371

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
 
 
 
Current portion of long-term debt and capital leases
$
1

 
$
580

 
$
16

 
$
(41
)
 
$
556

Accounts payable
509

 
511

 
34

 

 
1,054

Accounts payable - affiliate
(283
)
 
1,897

 
(1,614
)
 

 

Derivative instruments
2,261

 
285

 

 
(53
)
 
2,493

Deferred income taxes
130

 

 
(130
)
 

 

Cash collateral received in support of energy risk management activities

 
105

 

 

 
105

Accrued expenses and other current liabilities
245

 
510

 
199

 

 
954

Total current liabilities
2,863

 
3,888

 
(1,495
)
 
(94
)
 
5,162

Other Liabilities
 
 
 
 
 
 
 
 
 
Long-term debt and capital leases
312

 
8,511

 
7,301

 
(210
)
 
15,914

Nuclear decommissioning reserve
359

 

 

 

 
359

Nuclear decommissioning trust liability
293

 

 

 

 
293

Deferred income taxes

 
53

 

 

 
53

Derivative instruments
303

 
178

 

 
(4
)
 
477

Out-of-market contracts
174

 
1,051

 

 
(31
)
 
1,194

Other non-current liabilities
510

 
716

 
248

 

 
1,474

Total non-current liabilities
1,951

 
10,509

 
7,549

 
(245
)
 
19,764

Total liabilities
4,814

 
14,397

 
6,054

 
(339
)
 
24,926

3.625% convertible perpetual preferred stock

 

 
249

 

 
249

Stockholders’ Equity
14,889

 
2,857

 
10,189

 
(17,739
)
 
10,196

Total Liabilities and Stockholders’ Equity
$
19,703

 
$
17,254

 
$
16,492

 
$
(18,078
)
 
$
35,371

(a)
All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2013
(Unaudited)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
NRG Energy, Inc.
(Note Issuer)
 
Eliminations(a)
 
Consolidated Balance
 
(In millions)
Cash Flows from Operating Activities
 
 
 
 
 
 
 
 
 
Net loss
$
(10
)
 
$
(149
)
 
$
(328
)
 
$
160

 
$
(327
)
Adjustments to reconcile net loss to net cash provided/(used) by operating activities:
 
 
 
 
 
 
 
 
 
Distributions and equity in earnings of unconsolidated affiliates and consolidated subsidiaries
(2
)
 
5

 
157

 
(160
)
 

Depreciation and amortization
204

 
91

 
3

 

 
298

Provision for bad debts
9

 

 

 

 
9

Amortization of nuclear fuel
6

 

 

 

 
6

Amortization of financing costs and debt discount/premiums

 
(20
)
 
7

 

 
(13
)
Loss on debt extinguishment

 

 
2

 

 
2

Amortization of intangibles and out-of-market contracts
30

 
1

 

 

 
31

Amortization of unearned equity compensation

 

 
18

 

 
18

Changes in deferred income taxes and liability for uncertain tax benefits
21

 
(85
)
 
(148
)
 

 
(212
)
Changes in nuclear decommissioning trust liability
10

 

 

 

 
10

Changes in derivative instruments
225

 
105

 
(13
)
 

 
317

Changes in collateral deposits supporting energy risk management activities
(220
)
 
(6
)
 

 

 
(226
)
Cash (used)/provided by changes in other working capital
(73
)
 
(183
)
 
219

 

 
(37
)
Net Cash Provided/(Used) by Operating Activities
200

 
(241
)
 
(83
)
 

 
(124
)
Cash Flows from Investing Activities
 
 
 
 
 
 
 

 
 

Intercompany loans to subsidiaries
(106
)
 
1

 

 
105

 

Acquisition of businesses, net of cash acquired

 
(18
)
 


 

 
(18
)
Capital expenditures
(66
)
 
(731
)
 
(16
)
 

 
(813
)
Increase in restricted cash, net

 
(12
)
 
(1
)
 

 
(13
)
Decrease/(increase) in restricted cash - U.S. DOE projects

 
13

 
(1
)
 

 
12

Increase in notes receivable

 
(1
)
 
(8
)
 

 
(9
)
Investments in nuclear decommissioning trust fund securities
(95
)
 

 

 

 
(95
)
Proceeds from sales of nuclear decommissioning trust fund securities
85

 

 

 

 
85

Proceeds from renewable energy grants

 
16

 

 

 
16

Other
(1
)
 

 

 

 
(1
)
Net Cash Used by Investing Activities
(183
)
 
(732
)
 
(26
)
 
105

 
(836
)
Cash Flows from Financing Activities
 
 
 

 
 

 
 
 
 
Proceeds from intercompany loans


 

 
105

 
(105
)
 

Payment of dividends to common and preferred stockholders

 

 
(31
)
 

 
(31
)
Payment for treasury stock

 

 
(20
)
 

 
(20
)
Net (payments for)/receipt of settlement of acquired derivatives that include financing elements
(27
)
 
125

 

 

 
98

Contributions from noncontrolling interest in subsidiaries

 
20

 

 

 
20

Proceeds from issuance of long-term debt

 
728

 
8

 

 
736

Proceeds from issuance of common stock

 

 
1

 

 
1

Payment of debt issuance and hedging costs

 
(3
)
 
(2
)
 

 
(5
)
Payments for short and long-term debt

 
(15
)
 
(204
)
 

 
(219
)
Net Cash (Used)/Provided by Financing Activities
(27
)
 
855

 
(143
)
 
(105
)
 
580

Net Decrease in Cash and Cash Equivalents
(10
)
 
(118
)
 
(252
)
 

 
(380
)
Cash and Cash Equivalents at Beginning of Period
78

 
1,258

 
751

 

 
2,087

Cash and Cash Equivalents at End of Period
$
68

 
$
1,140

 
$
499

 
$

 
$
1,707

(a)
All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
For the Three Months Ended March 31, 2012
(Unaudited)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
NRG Energy, Inc.
(Note Issuer)
 
Eliminations(a)
 
Consolidated Balance
 
(In millions)
Operating Revenues
 
 
 
 
 
 
 
 
 
Total operating revenues
$
1,778

 
$
101

 
$

 
$
(17
)
 
$
1,862

Operating Costs and Expenses
 
 
 
 
 
 
 
 
 
Cost of operations
1,532

 
60

 
6

 
(15
)
 
1,583

Depreciation and amortization
214

 
13

 
3

 

 
230

Selling, general and administrative
122

 
10

 
76

 
(2
)
 
206

Development activity expenses

 

 
13

 

 
13

Total operating costs and expenses
1,868

 
83

 
98

 
(17
)
 
2,032

Operating (Loss)/Income
(90
)
 
18

 
(98
)
 

 
(170
)
Other Income/(Expense)
 
 
 
 
 
 
 
 
 
Equity in earnings/(losses) of consolidated subsidiaries
6

 
(2
)
 
(20
)
 
16

 

Equity in (losses)/earnings of unconsolidated affiliates
(2
)
 
10

 

 

 
8

Other income, net
(1
)
 
1

 
1

 

 
1

Interest expense
(5
)
 
(14
)
 
(146
)
 

 
(165
)
Total other (expense)/income
(2
)
 
(5
)
 
(165
)
 
16

 
(156
)
(Loss)/Income Before Income Taxes
(92
)
 
13

 
(263
)
 
16

 
(326
)
Income tax benefit
(28
)
 
(36
)
 
(56
)
 

 
(120
)
Net (Loss)/Income
(64
)
 
49

 
(207
)
 
16

 
(206
)
Less: Net income attributable to noncontrolling interest

 
1

 

 

 
1

Net (Loss)/Income attributable to NRG Energy, Inc.
$
(64
)
 
$
48

 
$
(207
)
 
$
16

 
$
(207
)
(a)
All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME
For the Three Months Ended March 31, 2012
(Unaudited)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
NRG Energy, Inc.
(Note Issuer)
 
Eliminations(a)
 
Consolidated Balance
 
(In millions)
Net Loss/(Income)
$
(64
)
 
$
49

 
$
(207
)
 
$
16

 
$
(206
)
Other comprehensive (loss)/income, net of tax

 

 

 

 
 
Unrealized (loss)/gain on derivatives, net
(13
)
 
7

 
(3
)
 

 
(9
)
Foreign currency translation adjustments, net

 
6

 

 

 
6

Other comprehensive (loss)/income
(13
)
 
13

 
(3
)
 

 
(3
)
Comprehensive (loss)/income
(77
)
 
62

 
(210
)
 
16

 
(209
)
Less: Comprehensive income attributable to noncontrolling interest

 
1

 

 

 
1

Comprehensive (loss)/income attributable to NRG Energy, Inc.
(77
)
 
61

 
(210
)
 
16

 
(210
)
Dividends for preferred shares

 

 
2

 

 
2

Comprehensive (loss)/income available for common stockholders
$
(77
)
 
$
61

 
$
(212
)
 
$
16

 
$
(212
)
(a)
All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2012
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
NRG Energy, Inc.
(Note Issuer)
 
Eliminations(a)
 
Consolidated Balance
ASSETS
(In millions)
Current Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
78

 
$
1,258

 
$
751

 
$

 
$
2,087

Funds deposited by counterparties
131

 
140

 

 

 
271

Restricted cash
11

 
196

 
10

 

 
217

Accounts receivable-trade, net
807

 
254

 

 

 
1,061

Inventory
472

 
459

 

 

 
931

Derivative instruments
2,058

 
604

 

 
(18
)
 
2,644

Deferred income taxes
(153
)
 
10

 
199

 

 
56

Cash collateral paid in support of energy risk management activities
81

 
148

 

 

 
229

Accounts receivable - affiliate
2,887

 
(231
)
 
(2,581
)
 
10

 
85

Prepayments and other current assets
79

 
233

 
63

 

 
375

Total current assets
6,451

 
3,071

 
(1,558
)
 
(8
)
 
7,956

Net Property, Plant and Equipment
9,905

 
10,262

 
121

 
(20
)
 
20,268

Other Assets
 
 
 
 
 
 
 
 
 
Investment in subsidiaries
244

 
(102
)
 
17,655

 
(17,797
)
 

Equity investments in affiliates
33

 
633

 
10

 

 
676

Capital leases and notes receivable, less current portion
3

 
74

 
531

 
(529
)
 
79

Goodwill
1,944

 
12

 

 

 
1,956

Intangible assets, net
1,042

 
177

 
33

 
(52
)
 
1,200

Nuclear decommissioning trust fund
473

 

 

 

 
473

Deferred income taxes
(915
)
 
1,829

 
353

 

 
1,267

Derivative instruments
149

 
515

 

 
(2
)
 
662

Other non-current assets
85

 
302

 
210

 

 
597

Total other assets
3,058

 
3,440

 
18,792

 
(18,380
)
 
6,910

Total Assets
$
19,414

 
$
16,773

 
$
17,355

 
$
(18,408
)
 
$
35,134

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
 
 
 
Current portion of long-term debt and capital leases
$
1

 
$
137

 
$
15

 
$
(6
)
 
$
147

Accounts payable
541

 
583

 
46

 

 
1,170

Accounts payable - affiliate
(55
)
 
1,421

 
(1,366
)
 
 
 

Derivative instruments
1,726

 
271

 
2

 
(18
)
 
1,981

Cash collateral received in support of energy risk management activities
131

 
140

 

 

 
271

Accrued expenses and other current liabilities
354

 
511

 
243

 

 
1,108

Total current liabilities
2,698

 
3,063

 
(1,060
)
 
(24
)
 
4,677

Other Liabilities
 
 
 
 
 
 
 
 
 
Long-term debt and capital leases
310

 
8,456

 
7,496

 
(529
)
 
15,733

Nuclear decommissioning reserve
354

 

 

 

 
354

Nuclear decommissioning trust liability
273

 

 

 

 
273

Deferred income taxes

 
55

 

 

 
55

Derivative instruments
312

 
190

 

 
(2
)
 
500

Out-of-market contracts
180

 
1,067

 

 
(31
)
 
1,216

Other non-current liabilities
618

 
802

 
135

 

 
1,555

Total non-current liabilities
2,047

 
10,570

 
7,631

 
(562
)
 
19,686

Total liabilities
4,745

 
13,633

 
6,571

 
(586
)
 
24,363

3.625% Preferred Stock

 

 
249

 

 
249

Stockholders’ Equity
14,669

 
3,140

 
10,535

 
(17,822
)
 
10,522

Total Liabilities and Stockholders’ Equity
$
19,414

 
$
16,773

 
$
17,355

 
$
(18,408
)
 
$
35,134

(a)
All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2012
(Unaudited)
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
NRG Energy, Inc.
(Note Issuer)
 
Eliminations(a)
 
Consolidated Balance
 
(In millions)
Cash Flows from Operating Activities
 
 
 
 
 
 
 
 
 
Net (loss)/income
$
(64
)
 
$
49

 
$
(207
)
 
$
16

 
$
(206
)
Adjustments to reconcile net (loss)/income to net cash provided/(used) by operating activities:
 
 
 
 
 
 
 
 
 
Distributions and equity in losses/(earnings) of unconsolidated affiliates and consolidated subsidiaries
9

 
(5
)
 
(17
)
 
13

 

Depreciation and amortization
214

 
13

 
3

 

 
230

Provision for bad debts
7

 

 

 

 
7

Amortization of nuclear fuel
6

 

 

 

 
6

Amortization of financing costs and debt discount/premiums

 
2

 
6

 

 
8

Amortization of intangibles and out-of market commodity contracts
42

 

 

 

 
42

Changes in deferred income taxes and liability for uncertain tax benefits
(29
)
 
(44
)
 
(56
)
 

 
(129
)
Changes in nuclear decommissioning trust liability
8

 

 

 

 
8

Changes in derivative instruments
186

 

 
1

 

 
187

Changes in collateral deposits supporting energy risk management activities
(187
)
 

 

 

 
(187
)
Cash provided/(used) by changes in other working capital
104

 
33

 
(147
)
 
(32
)
 
(42
)
Net Cash Provided/(used) by Operating Activities
296

 
48

 
(417
)
 
(3
)
 
(76
)
Cash Flows from Investing Activities
 
 
 
 
 
 
 
 
 
Intercompany loans to subsidiaries
(201
)
 

 
108

 
93

 

Capital expenditures
(69
)
 
(554
)
 
(16
)
 

 
(639
)
Increase in restricted cash, net
(1
)
 
(19
)
 

 

 
(20
)
Decrease in restricted cash - U.S. DOE projects

 
71

 
24

 

 
95

Increase in notes receivable

 
(7
)
 

 

 
(7
)
Investments in nuclear decommissioning trust fund securities
(126
)
 

 

 

 
(126
)
Proceeds from sales of nuclear decommissioning trust fund securities
119

 

 

 

 
119

Proceeds from renewable energy grants

 
28

 

 

 
28

Other
2

 
4

 
1

 

 
7

Net Cash (Used)/Provided by Investing Activities
(276
)
 
(477
)
 
117

 
93

 
(543
)
Cash Flows from Financing Activities
 
 
 
 
 
 
 
 
 
Proceeds from intercompany loans

 
(108
)
 
201

 
(93
)
 

Payment of dividends to preferred stockholders

 

 
(2
)
 

 
(2
)
Payment of intercompany dividends

 
(3
)
 

 
3

 

Net payment for settlement of acquired derivatives that include financing elements
(20
)
 

 

 

 
(20
)
Proceeds from issuance of long-term debt
9

 
406

 

 

 
415

Sale proceeds and other contributions from noncontrolling interest in subsidiaries

 
178

 

 

 
178

Payment of debt issuance and hedging costs

 
(10
)
 

 

 
(10
)
Payments for short and long-term debt

 
(30
)
 
(4
)
 

 
(34
)
Net Cash (Used)/Provided by Financing Activities
(11
)
 
433

 
195

 
(90
)
 
527

Effect of exchange rate changes on cash and cash equivalents

 
1

 

 

 
1

Net Increase/(Decrease) in Cash and Cash Equivalents
9

 
5

 
(105
)
 

 
(91
)
Cash and Cash Equivalents at Beginning of Period
44

 
85

 
976

 

 
1,105

Cash and Cash Equivalents at End of Period
$
53

 
$
90

 
$
871

 
$

 
$
1,014

(a)
All significant intercompany transactions have been eliminated in consolidation.