Condensed Consolidating Financial Information (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
Schedule of Guarantor Subsidiaries |
Unless otherwise noted below, each of the following guarantor subsidiaries fully and unconditionally guaranteed the Senior Notes as of December 31, 2013: | | | | Ace Energy, Inc. | Middletown Power LLC | NRG Oswego Harbor Power Operations Inc. | Allied Warranty LLC | Montville Power LLC | NRG PacGen Inc. | Allied Home Warranty GP LLC | NEO Corporation | NRG Power Marketing LLC | Arthur Kill Power LLC | NEO Freehold-Gen LLC | NRG Reliability Solutions LLC | Astoria Gas Turbine Power LLC | NEO Power Services Inc. | NRG Renter's Protection LLC | BidURenergy, Inc. | New Genco GP, LLC | NRG Retail LLC | Cabrillo Power I LLC | Norwalk Power LLC | NRG Retail Northeast LLC | Cabrillo Power II LLC | NRG Affiliate Services Inc. | NRG Rockford Acquisition LLC | Carbon Management Solutions LLC | NRG Artesian Energy LLC | NRG Saguaro Operations Inc. | Clean Edge Energy LLC | NRG Arthur Kill Operations Inc. | NRG Security LLC | Conemaugh Power LLC | NRG Astoria Gas Turbine Operations Inc. | NRG Services Corporation | Connecticut Jet Power LLC | NRG Bayou Cove LLC | NRG SimplySmart Solutions LLC | Cottonwood Development LLC | NRG Cabrillo Power Operations Inc. | NRG South Central Affiliate Services Inc. | Cottonwood Energy Company LP | NRG California Peaker Operations LLC | NRG South Central Generating LLC | Cottonwood Generating Partners I LLC | NRG Cedar Bayou Development Company, LLC | NRG South Central Operations Inc. | Cottonwood Generating Partners II LLC | NRG Connecticut Affiliate Services Inc. | NRG South Texas LP | Cottonwood Generating Partners III LLC | NRG Construction LLC | NRG Texas C&I Supply LLC | Cottonwood Technology Partners LP | NRG Curtailment Solutions LLC | NRG Texas Gregory LLC | Devon Power LLC | NRG Development Company Inc. | NRG Texas Holding Inc. | Dunkirk Power LLC | NRG Devon Operations Inc. | NRG Texas LLC | Eastern Sierra Energy Company LLC | NRG Dispatch Services LLC | NRG Texas Power LLC | El Segundo Power, LLC | NRG Dunkirk Operations Inc. | NRG Unemployment Protection LLC | El Segundo Power II LLC | NRG El Segundo Operations Inc. | NRG Warranty Services LLC | Elbow Creek Wind Project LLC | NRG Energy Labor Services LLC | NRG West Coast LLC | Energy Alternatives Wholesale, LLC | NRG Energy Services Group LLC | NRG Western Affiliate Services Inc. | Energy Curtailment Specialists, Inc. | NRG Energy Services International Inc. | O'Brien Cogeneration, Inc. II | Energy Plus Holdings LLC | NRG Energy Services LLC | ONSITE Energy, Inc. | Energy Plus Natural Gas LLC | NRG Generation Holdings, Inc. | Oswego Harbor Power LLC | Energy Protection Insurance Company | NRG Home & Business Solutions LLC | RE Retail Receivables, LLC | Everything Energy LLC | NRG Home Solutions LLC | Reliant Energy Northeast LLC | GCP Funding Company, LLC | NRG Home Solutions Product LLC | Reliant Energy Power Supply, LLC | Green Mountain Energy Company | NRG Homer City Services LLC | Reliant Energy Retail Holdings, LLC | Green Mountain Energy Company | NRG Huntley Operations Inc. | Reliant Energy Retail Services, LLC | (NY Com) LLC | NRG Identity Protect LLC | RERH Holdings LLC | Green Mountain Energy Company | NRG Ilion Limited Partnership | Saguaro Power LLC | (NY Res) LLC | NRG Ilion LP LLC | Somerset Operations Inc. | Gregory Partners, LLC | NRG International LLC | Somerset Power LLC | Gregory Power Partners LLC | NRG Maintenance Services LLC | Texas Genco Financing Corp. | Huntley Power LLC | NRG Mextrans Inc. | Texas Genco GP, LLC | Independence Energy Alliance LLC | NRG MidAtlantic Affiliate Services Inc. | Texas Genco Holdings, Inc. | Independence Energy Group LLC | NRG Middletown Operations Inc. | Texas Genco LP, LLC | Independence Energy Natural Gas LLC | NRG Montville Operations Inc. | Texas Genco Operating Services, LLC | Indian River Operations Inc. | NRG New Jersey Energy Sales LLC | Texas Genco Services, LP | Indian River Power LLC | NRG New Roads Holdings LLC | US Retailers LLC | Keystone Power LLC | NRG North Central Operations Inc. | Vienna Operations Inc. | Langford Wind Power, LLC | NRG Northeast Affiliate Services Inc. | Vienna Power LLC | Lone Star A/C & Appliance Repairs, LLC | NRG Norwalk Harbor Operations Inc. | WCP (Generation) Holdings LLC | Louisiana Generating LLC | NRG Operating Services, Inc. | West Coast Power LLC | Meriden Gas Turbines LLC | | |
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Condensed Consolidating Statement of Operations |
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Year Ended December 31, 2013 | | | | | | | | | | | | | | | | | | | | | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | NRG Energy, Inc. (Note Issuer) | | Eliminations (a) | | Consolidated Balance | | (In millions) | Operating Revenues | | | | | | | | | | Total operating revenues | $ | 8,223 |
| | $ | 3,211 |
| | $ | — |
| | $ | (139 | ) | | $ | 11,295 |
| Operating Costs and Expenses | | | | | | | | | | Cost of operations | 6,150 |
| | 2,104 |
| | — |
| | (133 | ) | | 8,121 |
| Depreciation and amortization | 837 |
| | 407 |
| | 12 |
| |
|
| | 1,256 |
| Impairment losses | 459 |
| | — |
| | — |
| | — |
| | 459 |
| Selling, general and administrative | 446 |
| | 230 |
| | 234 |
| | (6 | ) | | 904 |
| Acquisition-related transaction and integration costs | — |
| | 70 |
| | 58 |
| | — |
| | 128 |
| Development activity expenses | — |
| | 34 |
| | 50 |
| | — |
| | 84 |
| Total operating costs and expenses | 7,892 |
| | 2,845 |
| | 354 |
| | (139 | ) | | 10,952 |
| Operating Income/(Loss) | 331 |
| | 366 |
| | (354 | ) | | — |
| | 343 |
| Other Income/(Expense) | | | | | | | | | | Equity in earnings/(losses) of consolidated subsidiaries | (67 | ) | | (14 | ) | | 221 |
| | (140 | ) | | — |
| Equity in earnings/(losses) of unconsolidated affiliates | (11 | ) | | 22 |
| | — |
| | (4 | ) | | 7 |
| Impairment charge on investment | — |
| | (99 | ) | |
|
| | — |
| | (99 | ) | Other income, net | 6 |
| | 11 |
| | (2 | ) | | (2 | ) | | 13 |
| Loss on debt extinguishment |
|
| | (12 | ) | | (38 | ) | | — |
| | (50 | ) | Interest expense | (24 | ) | | (318 | ) | | (506 | ) | | — |
| | (848 | ) | Total other income/(expense) | (96 | ) | | (410 | ) | | (325 | ) | | (146 | ) | | (977 | ) | Income/(Loss) Before Income Taxes | 235 |
| | (44 | ) | | (679 | ) | | (146 | ) | | (634 | ) | Income tax expense/(benefit) | 114 |
| | (89 | ) | | (307 | ) | | — |
| | (282 | ) | Net Income | 121 |
| | 45 |
| | (372 | ) | | (146 | ) | | (352 | ) | Less: Net income attributable to noncontrolling interest | — |
| | 27 |
| | 13 |
| | (6 | ) | | 34 |
| Net Income attributable to NRG Energy, Inc | $ | 121 |
| | $ | 18 |
| | $ | (385 | ) | | $ | (140 | ) | | $ | (386 | ) |
| | (a) | All significant intercompany transactions have been eliminated in consolidation. |
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS For the Year Ended December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | NRG Energy, Inc. (Note Issuer) | | Eliminations (a) | | Consolidated Balance | | (In millions) | Operating Revenues | | | | | | | | | | Total operating revenues | $ | 7,998 |
| | $ | 509 |
| | $ | — |
| | $ | (85 | ) | | $ | 8,422 |
| Operating Costs and Expenses | | | | | | | | | | Cost of operations | 5,916 |
| | 300 |
| | — |
| | (76 | ) | | 6,140 |
| Depreciation and amortization | 860 |
| | 79 |
| | 11 |
| | — |
| | 950 |
| Selling, general and administrative | 466 |
| | 45 |
| | 307 |
| | (11 | ) | | 807 |
| Acquisition-related transactions and integration costs | — |
| | 53 |
| | 54 |
| | — |
| | 107 |
| Development activity expense | — |
| | 32 |
| | 36 |
| | — |
| | 68 |
| Total operating costs and expenses | 7,242 |
| | 509 |
| | 408 |
| | (87 | ) | | 8,072 |
| Operating Income/(Loss) | 756 |
| | — |
| | (408 | ) | | 2 |
| | 350 |
| Other (Expense)/Income | | | | | | | | | | Equity in earnings/(losses) of consolidated subsidiaries | 30 |
| | (15 | ) | | 620 |
| | (635 | ) | | — |
| Equity in earnings/(losses) of unconsolidated affiliates | 8 |
| | 31 |
| | (2 | ) | | — |
| | 37 |
| Bargain purchase gain related to GenOn acquisition | — |
| | — |
| | 296 |
| | — |
| | 296 |
| Impairment charge on investment | (2 | ) | | — |
| | — |
| | — |
| | (2 | ) | Other income, net | 6 |
| | 6 |
| | 9 |
| | (2 | ) | | 19 |
| Loss on debt extinguishment | — |
| | — |
| | (51 | ) | | — |
| | (51 | ) | Interest expense | (26 | ) | | (90 | ) | | (545 | ) | | — |
| | (661 | ) | Total other income/(expense) | 16 |
| | (68 | ) | | 327 |
| | (637 | ) | | (362 | ) | Income/(Loss) Before Income Taxes | 772 |
| | (68 | ) | | (81 | ) | | (635 | ) | | (12 | ) | Income tax expense/(benefit) | 237 |
| | (188 | ) | | (376 | ) | | — |
| | (327 | ) | Net Income | $ | 535 |
| | $ | 120 |
| | $ | 295 |
| | $ | (635 | ) | | $ | 315 |
| Less: Net income attributable to noncontrolling interest | — |
| | 20 |
| | — |
| | — |
| | 20 |
| Net Income attributable to NRG Energy, Inc | $ | 535 |
| | $ | 100 |
| | $ | 295 |
| | $ | (635 | ) | | $ | 295 |
|
| | (a) | All significant intercompany transactions have been eliminated in consolidation. |
| | | | | | | | | | | | | | | | | | | | | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | NRG Energy, Inc. | | Eliminations (a) | | Consolidated Balance | | (In millions) | Operating Revenues | | | | | | | | | | Total operating revenues | $ | 8,730 |
| | $ | 381 |
| | $ | — |
| | $ | (32 | ) | | $ | 9,079 |
| Operating Costs and Expenses | | | | | | | | | | Cost of operations | 6,489 |
| | 277 |
| | — |
| | (21 | ) | | 6,745 |
| Depreciation and amortization | 843 |
| | 40 |
| | 13 |
| | — |
| | 896 |
| Impairment losses | 160 |
| | — |
| | — |
| | — |
| | 160 |
| Selling, general and administrative | 334 |
| | 4 |
| | 252 |
| | (4 | ) | | 586 |
| Development activity expenses | — |
| | 11 |
| | 46 |
| | — |
| | 57 |
| Total operating costs and expenses | 7,826 |
| | 332 |
| | 311 |
| | (25 | ) | | 8,444 |
| Operating Income/(Loss) | 904 |
| | 49 |
| | (311 | ) | | (7 | ) | | 635 |
| Other Income | | | | | | | | | | Equity in earnings/(losses) of consolidated subsidiaries | 24 |
| | (7 | ) | | 593 |
| | (610 | ) | | — |
| Equity in earnings of unconsolidated affiliates | 10 |
| | 25 |
| | — |
| | — |
| | 35 |
| Impairment charge on investment | (495 | ) | | — |
| | — |
| | — |
| | (495 | ) | Other income, net | 2 |
| | 13 |
| | 4 |
| | — |
| | 19 |
| Loss on debt extinguishment | — |
| | — |
| | (175 | ) | | — |
| | (175 | ) | Interest expense | (59 | ) | | (56 | ) | | (550 | ) | | — |
| | (665 | ) | Total other expense | (518 | ) | | (25 | ) | | (128 | ) | | (610 | ) | | (1,281 | ) | Income/(Loss) Before Income Taxes | 386 |
| | 24 |
| | (439 | ) | | (617 | ) | | (646 | ) | Income tax (benefit)/expense | (214 | ) | | 7 |
| | (636 | ) | | — |
| | (843 | ) | Net Income attributable to NRG Energy, Inc | $ | 600 |
| | $ | 17 |
| | $ | 197 |
| | $ | (617 | ) | | $ | 197 |
|
| | (a) | All significant intercompany transactions have been eliminated in consolidation. |
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Condensed Consolidating Statements of Comprehensive Income |
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Year Ended December 31, 2013 | | | | | | | | | | | | | | | | | | | | | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | NRG Energy, Inc. (Note Issuer) | | Eliminations(a) | | Consolidated Balance | | (In millions) | Net Income | $ | 121 |
| | $ | 45 |
| | $ | (372 | ) | | $ | (146 | ) | | $ | (352 | ) | Other comprehensive (loss)/income, net of tax |
| |
| |
| |
| | | Unrealized loss on derivatives, net | (71 | ) | | 50 |
| | 120 |
| | (91 | ) | | 8 |
| Foreign currency translation adjustments, net | — |
| | (20 | ) | | (4 | ) | | — |
| | (24 | ) | Available-for-sale securities, net | — |
| | — |
| | 3 |
| | — |
| | 3 |
| Defined benefit plan, net | 75 |
| | 63 |
| | 30 |
| | — |
| | 168 |
| Other comprehensive loss | 4 |
| | 93 |
| | 149 |
| | (91 | ) | | 155 |
| Comprehensive income | 125 |
| | 138 |
| | (223 | ) | | (237 | ) | | (197 | ) | Less: Comprehensive income attributable to noncontrolling interest | — |
| | 27 |
| | 13 |
| | (6 | ) | | 34 |
| Comprehensive income attributable to NRG Energy, Inc. | 125 |
| | 111 |
| | (236 | ) | | (231 | ) | | (231 | ) | Dividends for preferred shares | — |
| | — |
| | 9 |
| | — |
| | 9 |
| Comprehensive income available for common stockholders | $ | 125 |
| | $ | 111 |
| | $ | (245 | ) | | $ | (231 | ) | | $ | (240 | ) |
| | (a) | All significant intercompany transactions have been eliminated in consolidation. |
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Year Ended December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | NRG Energy, Inc. (Note Issuer) | | Eliminations(a) | | Consolidated Balance | | (In millions) | Net Income | $ | 535 |
| | $ | 120 |
| | $ | 295 |
| | $ | (635 | ) | | $ | 315 |
| Other comprehensive income/(loss), net of tax |
| |
| |
| |
| | | Unrealized loss on derivatives, net | (160 | ) | | (30 | ) | | (214 | ) | | 241 |
| | (163 | ) | Foreign currency translation adjustments, net | — |
| | (2 | ) | | 1 |
| | — |
| | (1 | ) | Reclassification adjustment for translation loss realized upon sale of Schkopau, net | — |
| | (11 | ) | | — |
| | — |
| | (11 | ) | Available-for-sale securities, net | — |
| | — |
| | 3 |
| | — |
| | 3 |
| Defined benefit plan, net | (38 | ) | | — |
| | (14 | ) | | — |
| | (52 | ) | Other comprehensive loss | (198 | ) | | (43 | ) | | (224 | ) | | 241 |
| | (224 | ) | Comprehensive income | 337 |
| | 77 |
| | 71 |
| | (394 | ) | | 91 |
| Less: Comprehensive income attributable to noncontrolling interest | — |
| | 20 |
| | — |
| | — |
| | 20 |
| Comprehensive income attributable to NRG Energy, Inc. | 337 |
| | 57 |
| | 71 |
| | (394 | ) | | 71 |
| Dividends for preferred shares | — |
| | — |
| | 9 |
| | — |
| | 9 |
| Comprehensive income available for common stockholders | $ | 337 |
| | $ | 57 |
| | $ | 62 |
| | $ | (394 | ) | | $ | 62 |
|
| | (a) | All significant intercompany transactions have been eliminated in consolidation. |
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) For the Year Ended December 31, 2011 | | | | | | | | | | | | | | | | | | | | | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | NRG Energy, Inc. (Note Issuer) | | Eliminations(a) | | Consolidated Balance | | (In millions) | Net Income | $ | 600 |
| | $ | 17 |
| | $ | 197 |
| | $ | (617 | ) | | $ | 197 |
| Other comprehensive income/(loss), net of tax |
| |
| |
| |
| | | Unrealized loss on derivatives, net | (303 | ) | | (27 | ) | | (345 | ) | | 366 |
| | (309 | ) | Foreign currency translation adjustments, net | — |
| | (2 | ) | | — |
| | — |
| | (2 | ) | Available-for-sale securities, net | — |
| | — |
| | (1 | ) | | — |
| | (1 | ) | Defined benefit plan, net | (34 | ) | | — |
| | (12 | ) | | — |
| | (46 | ) | Other comprehensive loss | (337 | ) | | (29 | ) | | (358 | ) | | 366 |
| | (358 | ) | Comprehensive income/(loss) attributable to NRG Energy, Inc. | 263 |
| | (12 | ) | | (161 | ) | | (251 | ) | | (161 | ) | Dividends for preferred shares | — |
| | — |
| | 9 |
| | — |
| | 9 |
| Comprehensive income/(loss) available for common stockholders | $ | 263 |
| | $ | (12 | ) | | $ | (170 | ) | | $ | (251 | ) | | $ | (170 | ) |
| | (a) | All significant intercompany transactions have been eliminated in consolidation. |
|
Condensed Consolidating Balance Sheets |
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2013 | | | | | | | | | | | | | | | | | | | | | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | NRG Energy, Inc. | | Eliminations (a) | | Consolidated Balance | | (In millions) | ASSETS | | | | | | | | | | Current Assets | | | | | | | | | | Cash and cash equivalents | $ | 56 |
| | $ | 870 |
| | $ | 1,328 |
| | $ | — |
| | $ | 2,254 |
| Funds deposited by counterparties | 7 |
| | 56 |
| | — |
| | — |
| | 63 |
| Restricted cash | 12 |
| | 252 |
| | 4 |
| | — |
| | 268 |
| Accounts receivable - trade, net | 965 |
| | 249 |
| | — |
| | — |
| | 1,214 |
| Inventory | 436 |
| | 462 |
| | — |
| | — |
| | 898 |
| Derivative instruments | 866 |
| | 470 |
| | — |
| | (8 | ) | | 1,328 |
| Deferred income taxes | — |
| | 41 |
| | 217 |
| | — |
| | 258 |
| Cash collateral paid in support of energy risk management activities | 214 |
| | 62 |
| | — |
| | — |
| | 276 |
| Renewable energy grant receivable | — |
| | 539 |
| | — |
| | — |
| | 539 |
| Prepayments and other current assets | 4,778 |
| | 379 |
| | (3,802 | ) | | (857 | ) | | 498 |
| Total current assets | 7,334 |
| | 3,380 |
| | (2,253 | ) | | (865 | ) | | 7,596 |
| Net Property, Plant and Equipment | 9,116 |
| | 10,604 |
| | 153 |
| | (22 | ) | | 19,851 |
| Other Assets | | | | | | | | | | Investment in subsidiaries | 32 |
| | 422 |
| | 18,266 |
| | (18,720 | ) | | — |
| Equity investments in affiliates | (30 | ) | | 583 |
| |
|
| | (100 | ) | | 453 |
| Notes receivable, less current portion | — |
| | 62 |
| | 105 |
| | (94 | ) | | 73 |
| Goodwill | 1,973 |
| | 12 |
| | — |
| | — |
| | 1,985 |
| Intangible assets, net | 925 |
| | 232 |
| | 4 |
| | (21 | ) | | 1,140 |
| Nuclear decommissioning trust fund | 551 |
| |
|
| | — |
| | — |
| | 551 |
| Deferred income taxes | — |
| | 681 |
| | 521 |
| | — |
| | 1,202 |
| Derivative instruments | 110 |
| | 202 |
| | — |
| | (1 | ) | | 311 |
| Other non-current assets | 76 |
| | 281 |
| | 383 |
| | — |
| | 740 |
| Total other assets | 3,637 |
| | 2,475 |
| | 19,279 |
| | (18,936 | ) | | 6,455 |
| Total Assets | $ | 20,087 |
| | $ | 16,459 |
| | $ | 17,179 |
| | $ | (19,823 | ) | | $ | 33,902 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | | | Current Liabilities | | | | | | | | | | Current portion of long-term debt and capital leases | $ | 1 |
| | $ | 1,029 |
| | $ | 20 |
| | $ | — |
| | $ | 1,050 |
| Accounts payable | 652 |
| | 352 |
| | 34 |
| | — |
| | 1,038 |
| Accounts payable - affiliate | 1,350 |
| | 760 |
| | (1,253 | ) | | (857 | ) | | — |
| Derivative instruments | 859 |
| | 204 |
| | — |
| | (8 | ) | | 1,055 |
| Deferred income taxes | — |
| | — |
| | — |
| | — |
| | — |
| Cash collateral received in support of energy risk management activities | 6 |
| | 57 |
| | — |
| | — |
| | 63 |
| Accrued expenses and other current liabilities | 297 |
| | 410 |
| | 291 |
| | — |
| | 998 |
| Total current liabilities | 3,165 |
| | 2,812 |
| | (908 | ) | | (865 | ) | | 4,204 |
| Other Liabilities | | | | | | | | | | Long-term debt and capital leases | 317 |
| | 7,837 |
| | 7,707 |
| | (94 | ) | | 15,767 |
| Nuclear decommissioning reserve | 294 |
| | — |
| | — |
| | — |
| | 294 |
| Nuclear decommissioning trust liability | 324 |
| | — |
| | — |
| | — |
| | 324 |
| Postretirement and other benefit obligations | 218 |
| | 194 |
| | 94 |
| | — |
| | 506 |
| Deferred income taxes | 1,024 |
| | (1,002 | ) | | — |
| | — |
| | 22 |
| Derivative instruments | 147 |
| | 49 |
| | — |
| | (1 | ) | | 195 |
| Out-of-market contracts | 127 |
| | 1,050 |
| | — |
| | — |
| | 1,177 |
| Other non-current liabilities | 194 |
| | 421 |
| | 80 |
| | — |
| | 695 |
| Total non-current liabilities | 2,645 |
| | 8,549 |
| | 7,881 |
| | (95 | ) | | 18,980 |
| Total liabilities | 5,810 |
| | 11,361 |
| | 6,973 |
| | (960 | ) | | 23,184 |
| 3.625% Preferred Stock |
|
| |
|
| | 249 |
| |
|
| | 249 |
| Stockholders' Equity | 14,277 |
| | 5,098 |
| | 9,957 |
| | (18,863 | ) | | 10,469 |
| Total Liabilities and Stockholders' Equity | $ | 20,087 |
| | $ | 16,459 |
| | $ | 17,179 |
| | $ | (19,823 | ) | | $ | 33,902 |
|
| | (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. | | Eliminations (a) | | Consolidated Balance | | (In millions) | ASSETS | | | | | | | | | | 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 |
| | 431 |
| | — |
| | — |
| | 903 |
| 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 |
| Renewable energy grant receivable | — |
| | 58 |
| | — |
| | — |
| | 58 |
| Prepayments and other current assets | 2,966 |
| | (12 | ) | | (2,518 | ) | | 10 |
| | 446 |
| Total current assets | 6,451 |
| | 3,087 |
| | (1,558 | ) | | (8 | ) | | 7,972 |
| Net Property, Plant and Equipment | 9,905 |
| | 10,147 |
| | 121 |
| | (20 | ) | | 20,153 |
| Other Assets | | | | | | | | | | Investment in subsidiaries | 244 |
| | (102 | ) | | 17,565 |
| | (17,707 | ) | | — |
| Equity investments in affiliates | 33 |
| | 633 |
| | 10 |
| | — |
| | 676 |
| Notes receivable, less current portion | 3 |
| | 74 |
| | 531 |
| | (529 | ) | | 79 |
| Goodwill | 1,944 |
| | 12 |
| | — |
| | — |
| | 1,956 |
| Intangible assets, net | 1,042 |
| | 187 |
| | 33 |
| | (52 | ) | | 1,210 |
| Nuclear decommissioning trust fund | 473 |
| | — |
| | — |
| | — |
| | 473 |
| Deferred income taxes | (915 | ) | | 1,886 |
| | 232 |
| | — |
| | 1,203 |
| Derivative instruments | 149 |
| | 515 |
| | — |
| | (2 | ) | | 662 |
| Other non-current assets | 85 |
| | 304 |
| | 210 |
| | — |
| | 599 |
| Total other assets | 3,058 |
| | 3,509 |
| | 18,581 |
| | (18,290 | ) | | 6,858 |
| Total Assets | $ | 19,414 |
| | $ | 16,743 |
| | $ | 17,144 |
| | $ | (18,318 | ) | | $ | 34,983 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | | | Current Liabilities | | | | | | | | | | Current portion of long-term debt and capital leases | $ | 1 |
| | $ | 137 |
| | $ | 15 |
| | $ | (6 | ) | | $ | 147 |
| Accounts payable | 541 |
| | 585 |
| | 46 |
| | — |
| | 1,172 |
| 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 |
| | 502 |
| | 243 |
| | — |
| | 1,099 |
| Total current liabilities | 2,698 |
| | 3,056 |
| | (1,060 | ) | | (24 | ) | | 4,670 |
| Other Liabilities | | | | | | | | | | Long-term debt and capital leases | 310 |
| | 8,459 |
| | 7,496 |
| | (529 | ) | | 15,736 |
| Nuclear decommissioning reserve | 354 |
| | — |
| | — |
| | — |
| | 354 |
| Nuclear decommissioning trust liability | 273 |
| | — |
| | — |
| | — |
| | 273 |
| Postretirement and other benefit obligations | 431 |
| | 326 |
| | 46 |
| | — |
| | 803 |
| Deferred income taxes | — |
| | — |
| | 55 |
| | — |
| | 55 |
| Derivative instruments | 312 |
| | 190 |
| | — |
| | (2 | ) | | 500 |
| Out-of-market commodity contracts | 180 |
| | 1,129 |
| | — |
| | (31 | ) | | 1,278 |
| Other non-current liabilities | 187 |
| | 520 |
| | 89 |
| | — |
| | 796 |
| Total non-current liabilities | 2,047 |
| | 10,624 |
| | 7,686 |
| | (562 | ) | | 19,795 |
| Total liabilities | 4,745 |
| | 13,680 |
| | 6,626 |
| | (586 | ) | | 24,465 |
| 3.625% Preferred Stock | — |
| | — |
| | 249 |
| | — |
| | 249 |
| Stockholders' Equity | 14,669 |
| | 3,063 |
| | 10,269 |
| | (17,732 | ) | | 10,269 |
| Total Liabilities and Stockholders' Equity | $ | 19,414 |
| | $ | 16,743 |
| | $ | 17,144 |
| | $ | (18,318 | ) | | $ | 34,983 |
|
| | (a) | All significant intercompany transactions have been eliminated in consolidation. |
|
Condensed Consolidating Statements of Cash Flows |
| | | | | | | | | | | | | | | | | | | | | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | NRG Energy, Inc. | | Eliminations (a) | | Consolidated Balance | | (In millions) | Net Cash Provided/(Used) by Operating Activities | 2,318 |
| | (217 | ) | | (2,546 | ) | | 1,715 |
| | 1,270 |
| Cash Flows from Investing Activities | | | | | | | | | | Intercompany loans to subsidiaries | (1,722 | ) | | 7 |
| | 1,715 |
| | — |
| | — |
| Acquisition of business, net of cash acquired |
|
| | (179 | ) | | (315 | ) | | — |
| | (494 | ) | Capital expenditures | (528 | ) | | (1,413 | ) | | (46 | ) | | — |
| | (1,987 | ) | Increase in restricted cash, net | (1 | ) | | (22 | ) | | 1 |
| | — |
| | (22 | ) | Decrease in restricted cash - U.S. DOE projects |
|
| | (31 | ) | | 5 |
| | — |
| | (26 | ) | Increase in notes receivable | 2 |
| | (7 | ) | | (6 | ) | | — |
| | (11 | ) | Proceeds from renewable energy grants |
|
| | 55 |
| | — |
| | — |
| | 55 |
| Purchases of emission allowances, net of proceeds | 5 |
| | — |
| | — |
| | — |
| | 5 |
| Investments in nuclear decommissioning trust fund securities | (514 | ) | | — |
| | — |
| | — |
| | (514 | ) | Proceeds from sales of nuclear decommissioning trust fund securities | 488 |
| | — |
| | — |
| | — |
| | 488 |
| Proceeds/(purchases) from sale of assets, net | 13 |
| | — |
| | — |
| | — |
| | 13 |
| Other | (4 | ) | | (11 | ) | | (20 | ) | | — |
| | (35 | ) | Net Cash Used by Investing Activities | (2,261 | ) | | (1,601 | ) | | 1,334 |
| | — |
| | (2,528 | ) | Cash Flows from Financing Activities | | | | | | | | | | Proceeds/(payments) from intercompany loans | — |
| | — |
| | 1,715 |
| | (1,715 | ) | | — |
| Payment of dividends to preferred stockholders |
|
| |
|
| | (154 | ) | | — |
| | (154 | ) | Payments of intercompany dividends | — |
| | — |
| | — |
| | — |
| | — |
| Payment for treasury stock | — |
| | — |
| | (25 | ) | | — |
| | (25 | ) | Payments for settlement of acquired derivatives that include financing elements | (79 | ) | | 346 |
| | — |
| | — |
| | 267 |
| Proceeds from issuance of long-term debt | — |
| | 1,292 |
| | 485 |
| | — |
| | 1,777 |
| Sale proceeds and other contributions from noncontrolling interests in subsidiaries | — |
| | 531 |
| | — |
| | — |
| | 531 |
| Proceeds from issuance of common stock | — |
| | — |
| | 16 |
| | — |
| | 16 |
| Payment of debt issuance and hedging costs | — |
| | (21 | ) | | (29 | ) | | — |
| | (50 | ) | Payments for short and long-term debt | — |
| | (716 | ) | | (219 | ) | | — |
| | (935 | ) | Net Cash (Used)/Provided by Financing Activities | (79 | ) | | 1,432 |
| | 1,789 |
| | (1,715 | ) | | 1,427 |
| Effect of exchange rate changes on cash and cash equivalents | — |
| | (2 | ) | | — |
| | — |
| | (2 | ) | Net Increase/(decrease) in Cash and Cash Equivalents | (22 | ) | | (388 | ) | | 577 |
| | — |
| | 167 |
| Cash and Cash Equivalents at Beginning of Period | 78 |
| | 1,258 |
| | 751 |
| | — |
| | 2,087 |
| Cash and Cash Equivalents at End of Period | $ | 56 |
| | $ | 870 |
| | $ | 1,328 |
| | $ | — |
| | $ | 2,254 |
|
| | (a) | All significant intercompany transactions have been eliminated in consolidation. |
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2012 | | | | | | | | | | | | | | | | | | | | | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | NRG Energy, Inc. | | Eliminations (a) | | Consolidated Balance | | (In millions) | Cash Flows from Operating Activities | | | | | | | | | | Net Cash Provided/Used by Operating Activities | 2,163 |
| | 66 |
| | (902 | ) | | (178 | ) | | 1,149 |
| Cash Flows from Investing Activities | | | | | | | | | | Intercompany loans to subsidiaries | (1,792 | ) | | 792 |
| | — |
| | 1,000 |
| | — |
| Acquisition of businesses, net of cash acquired | — |
| | (17 | ) | | (64 | ) | | — |
| | (81 | ) | Cash acquired in GenOn acquisition | — |
| | 983 |
| | — |
| | — |
| | 983 |
| Capital expenditures | (241 | ) | | (3,091 | ) | | (64 | ) | | — |
| | (3,396 | ) | Increase in restricted cash, net | (3 | ) | | (63 | ) | | — |
| | — |
| | (66 | ) | Decrease in restricted cash - U.S. DOE projects | — |
| | 121 |
| | 43 |
| | — |
| | 164 |
| Increase in notes receivable | (1 | ) | | (21 | ) | | (2 | ) | | — |
| | (24 | ) | Purchases of emission allowances, net of proceeds | (1 | ) | | — |
| | — |
| | — |
| | (1 | ) | Investments in nuclear decommissioning trust fund securities | (436 | ) | | — |
| | — |
| | — |
| | (436 | ) | Proceeds from sales of nuclear decommissioning trust fund securities | 399 |
| | — |
| | — |
| | — |
| | 399 |
| Proceeds from renewable energy grants | 3 |
| | 59 |
| | — |
| | — |
| | 62 |
| Proceeds from sale of assets, net | 133 |
| | — |
| | 4 |
| | — |
| | 137 |
| Equity investment in unconsolidated affiliate | (1 | ) | | (12 | ) | | (12 | ) | | — |
| | (25 | ) | Other | 24 |
| | — |
| | (2 | ) | | — |
| | 22 |
| Net Cash Used by Investing Activities | (1,916 | ) | | (1,249 | ) | | (97 | ) | | 1,000 |
| | (2,262 | ) | Cash Flows from Financing Activities | | | | | | | | | | Proceeds from intercompany loans | — |
| | — |
| | 1,000 |
| | (1,000 | ) | | — |
| Payment of dividends to preferred stockholders | — |
| | — |
| | (50 | ) | | — |
| | (50 | ) | Payment of intercompany dividends | (172 | ) | | (6 | ) | | — |
| | 178 |
| | — |
| Net (payments of)/receipts from acquired derivatives that include financing elements | (83 | ) | | 15 |
| | — |
| | — |
| | (68 | ) | Proceeds from issuance of long-term debt | 42 |
| | 2,105 |
| | 1,018 |
| | — |
| | 3,165 |
| Cash proceeds from sale of noncontrolling interest in subsidiary | — |
| | 347 |
| | — |
| | — |
| | 347 |
| Payment of debt issuance and hedging costs | — |
| | (19 | ) | | (16 | ) | | — |
| | (35 | ) | Payments of short and long-term debt | — |
| | (82 | ) | | (1,178 | ) | | — |
| | (1,260 | ) | Net Cash (Used)/Provided by Financing Activities | (213 | ) | | 2,360 |
| | 774 |
| | (822 | ) | | 2,099 |
| Effect of exchange rate changes on cash and cash equivalents | — |
| | (4 | ) | | — |
| | — |
| | (4 | ) | Net Increase/(Decrease) in Cash and Cash Equivalents | 34 |
| | 1,173 |
| | (225 | ) | | — |
| | 982 |
| Cash and Cash Equivalents at Beginning of Period | 44 |
| | 85 |
| | 976 |
| | — |
| | 1,105 |
| Cash and Cash Equivalents at End of Period | $ | 78 |
| | $ | 1,258 |
| | $ | 751 |
| | $ | — |
| | $ | 2,087 |
|
| | (a) | All significant intercompany transactions have been eliminated in consolidation. |
NRG ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2011 | | | | | | | | | | | | | | | | | | | | | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | NRG Energy, Inc. | | Elimin-ations (a) | | Consolidated Balance | | (In millions) | Cash Flows from Operating Activities | | | | | | | | | | Net Cash Provided by Operating Activities | 621 |
| | 294 |
| | 1,620 |
| | (1,369 | ) | | 1,166 |
| Cash Flows from Investing Activities | | | | | | | | | | Intercompany loans to subsidiaries | 796 |
| | — |
| | 287 |
| | (1,083 | ) | | — |
| Investment in subsidiaries | — |
| | (1,300 | ) | | — |
| | 1,300 |
| | — |
| Capital expenditures | (383 | ) | | (1,882 | ) | | (45 | ) | | — |
| | (2,310 | ) | Acquisition of business, net of cash acquired | — |
| | (115 | ) | | (262 | ) | | — |
| | (377 | ) | Increase in restricted cash | (5 | ) | | (29 | ) | | (1 | ) | | — |
| | (35 | ) | Increase in restricted cash to support equity requirements for U.S. DOE funded projects | — |
| | (162 | ) | | (53 | ) | | — |
| | (215 | ) | Decrease in notes receivable | — |
| | 12 |
| | — |
| | — |
| | 12 |
| Purchases of emission allowances, net of proceeds | (19 | ) | | — |
| | — |
| | — |
| | (19 | ) | Investments in nuclear decommissioning trust fund securities | (406 | ) | | — |
| | — |
| | — |
| | (406 | ) | Proceeds from sales of nuclear decommissioning trust fund securities | 385 |
| | — |
| | — |
| | — |
| | 385 |
| Proceeds from sale of assets, net | 13 |
| | (6 | ) | | — |
| | — |
| | 7 |
| Equity investment in unconsolidated affiliates, net | (2 | ) | | (64 | ) | | — |
| | — |
| | (66 | ) | Other | (2 | ) | | (8 | ) | | (13 | ) | | — |
| | (23 | ) | Net Cash Provided/(Used) by Investing Activities | 377 |
| | (3,554 | ) | | (87 | ) | | 217 |
| | (3,047 | ) | Cash Flows from Financing Activities | | | | | | | | | | (Payments of)/proceeds from intercompany loans | (1,112 | ) | | 825 |
| | (796 | ) | | 1,083 |
| | — |
| Payment of intercompany dividends | (65 | ) | | (4 | ) | | — |
| | 69 |
| | — |
| Payment for dividends to preferred stockholders | — |
| | — |
| | (9 | ) | | — |
| | (9 | ) | Payments for acquired derivatives including financing elements | (83 | ) | | — |
| | — |
| | — |
| | (83 | ) | Payment for treasury stock | — |
| | — |
| | (430 | ) | | — |
| | (430 | ) | Installment proceeds from sale of noncontrolling interest of subsidiary | — |
| | 29 |
| | — |
| | — |
| | 29 |
| Proceeds from issuance of common stock | — |
| | — |
| | 2 |
| | — |
| | 2 |
| Proceeds from issuance of long-term debt | 138 |
| | 1,290 |
| | 4,796 |
| | — |
| | 6,224 |
| Proceeds from issuance of term loan for funded letter of credit facility | — |
| | 1,300 |
| | — |
| | — |
| | 1,300 |
| Increase in restricted cash supporting funded letter of credit facility | — |
| | — |
| | (1,300 | ) | | — |
| | (1,300 | ) | Payment of debt issuance and hedging costs | — |
| | (92 | ) | | (115 | ) | | — |
| | (207 | ) | Payments of short and long-term debt | — |
| | (116 | ) | | (5,377 | ) | | — |
| | (5,493 | ) | Net Cash (Used)/Provided by Financing Activities | (1,122 | ) | | 3,232 |
| | (3,229 | ) | | 1,152 |
| | 33 |
| Effect of exchange rate changes on cash and cash equivalents | — |
| | 2 |
| | — |
| | — |
| | 2 |
| Net Decrease in Cash and Cash Equivalents | (124 | ) | | (26 | ) | | (1,696 | ) | | — |
| | (1,846 | ) | Cash and Cash Equivalents at Beginning of Period | 168 |
| | 111 |
| | 2,672 |
| | — |
| | 2,951 |
| Cash and Cash Equivalents at End of Period | $ | 44 |
| | $ | 85 |
| | $ | 976 |
| | $ | — |
| | $ | 1,105 |
|
| | (a) | All significant intercompany transactions have been eliminated in consolidation. |
|