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Condensed Consolidating Financial Information (Notes)
 12 Months Ended
Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information
As of December 31, 2015, the Company had outstanding $6.2 billion of Senior Notes due 2018 - 2024, as shown in Note 12, 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, and NRG Yield , Inc. and its subsidiaries
Unless otherwise noted below, each of the following guarantor subsidiaries fully and unconditionally guaranteed the Senior Notes as of December 31, 2015:
Ace Energy, Inc.
NEO Freehold-Gen LLC
NRG Operating Services, Inc.
Allied Warranty LLC
NEO Power Services Inc.
NRG Oswego Harbor Power Operations Inc.
Arthur Kill Power LLC
New Genco GP, LLC
NRG PacGen Inc.
Astoria Gas Turbine Power LLC
Norwalk Power LLC
NRG Portable Power LLC
Bayou Cove Peaking Power LLC
NRG Affiliate Services Inc.
NRG Power Marketing LLC
BidURenergy, Inc.
NRG Artesian Energy LLC
NRG Reliability Solutions LLC
Cabrillo Power I LLC
NRG Arthur Kill Operations Inc.
NRG Renter's Protection LLC
Cabrillo Power II LLC
NRG Astoria Gas Turbine Operations Inc.
NRG Retail LLC
Carbon Management Solutions LLC
NRG Bayou Cove LLC
NRG Retail Northeast LLC
Cirro Group, Inc.
NRG Business Solutions LLC
NRG Rockford Acquisition LLC
Cirro Energy Services, Inc.
NRG Cabrillo Power Operations Inc.
NRG Saguaro Operations Inc.
Clean Edge Energy LLC
NRG California Peaker Operations LLC
NRG Security LLC
Conemaugh Power LLC
NRG Cedar Bayou Development Company, LLC
NRG Services Corporation
Connecticut Jet Power LLC
NRG Connected Home LLC
NRG SimplySmart Solutions LLC
Cottonwood Development LLC
NRG Connecticut Affiliate Services Inc.
NRG South Central Affiliate Services Inc.
Cottonwood Energy Company LP
NRG Construction LLC
NRG South Central Generating LLC
Cottonwood Generating Partners I LLC
NRG Curtailment Solutions LLC
NRG South Central Operations Inc.
Cottonwood Generating Partners II LLC
NRG Development Company Inc.
NRG South Texas LP
Cottonwood Generating Partners III LLC
NRG Devon Operations Inc.
NRG Texas C&I Supply LLC
Cottonwood Technology Partners LP
NRG Dispatch Services LLC
NRG Texas Gregory LLC
Devon Power LLC
NRG Distributed Generation PR LLC
NRG Texas Holding Inc.
Dunkirk Power LLC
NRG Dunkirk Operations Inc.
NRG Texas LLC
Eastern Sierra Energy Company LLC
NRG El Segundo Operations Inc.
NRG Texas Power LLC
El Segundo Power, LLC
NRG Energy Efficiency-L LLC
NRG Warranty Services LLC
El Segundo Power II LLC
NRG Energy Efficiency-P LLC
NRG West Coast LLC
Energy Alternatives Wholesale, LLC
NRG Energy Labor Services LLC
NRG Western Affiliate Services Inc.
Energy Choice Solutions, LLC
NRG ECOKAP Holdings, LLC
O'Brien Cogeneration, Inc. II
NRG Curtailment Solutions, Inc.
NRG Energy Services Group LLC
ONSITE Energy, Inc.
Energy Plus Holdings LLC
NRG Energy Services International Inc.
Oswego Harbor Power LLC
Energy Plus Natural Gas LLC
NRG Energy Services LLC
RE Retail Receivables, LLC
Energy Protection Insurance Company
NRG Generation Holdings, Inc.
Reliant Energy Northeast LLC
Everything Energy LLC
NRG Home & Business Solutions LLC
Reliant Energy Power Supply, LLC
Forward Home Security, LLC
NRG Home Solutions LLC
Reliant Energy Retail Holdings, LLC
GCP Funding Company, LLC
NRG Home Solutions Product LLC
Reliant Energy Retail Services, LLC
Green Mountain Energy Company
NRG Homer City Services LLC
RERH Holdings LLC
Gregory Partners, LLC
NRG Huntley Operations Inc.
Saguaro Power LLC
Gregory Power Partners LLC
NRG HQ DG LLC
Somerset Operations Inc.
Huntley Power LLC
NRG Identity Protect LLC
Somerset Power LLC
Independence Energy Alliance LLC
NRG Ilion Limited Partnership
Texas Genco Financing Corp.
Independence Energy Group LLC
NRG Ilion LP LLC
Texas Genco GP, LLC
Independence Energy Natural Gas LLC
NRG International LLC
Texas Genco Holdings, Inc.
Indian River Operations Inc.
NRG Maintenance Services LLC
Texas Genco LP, LLC
Indian River Power LLC
NRG Mextrans Inc.
Texas Genco Operating Services, LLC
Keystone Power LLC
NRG MidAtlantic Affiliate Services Inc.
Texas Genco Services, LP
Langford Wind Power LLC
NRG Middletown Operations Inc.
US Retailers LLC
NRG Home Services LLC
NRG Montville Operations Inc.
Vienna Operations Inc.
Louisiana Generating LLC
NRG New Roads Holdings LLC
Vienna Power LLC
Meriden Gas Turbines LLC
NRG North Central Operations Inc.
WCP (Generation) Holdings LLC
Middletown Power LLC
NRG Northeast Affiliate Services Inc.
West Coast Power LLC
Montville Power LLC
NRG Norwalk Harbor Operations Inc.
 
NEO Corporation
NRG GreenCo, LLC
 
NRG Business Services LLC
NRG GreenCo Holdings, LLC
 

The non-guarantor subsidiaries include all of NRG's foreign subsidiaries and certain domestic subsidiaries, including GenOn and its subsidiaries. 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.
In addition, the condensed parent company financial statements are provided in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of NRG Energy, Inc.’s subsidiaries exceed 25 percent of the consolidated net assets of NRG Energy, Inc. These statements should be read in conjunction with the consolidated statements and notes thereto of NRG Energy, Inc. For a discussion of NRG Energy, Inc.'s long-term debt, see Note 12, Debt and Capital Leases to the consolidated financial statements. For a discussion of NRG Energy, Inc.'s contingencies, see Note 22, Commitments and Contingencies to the consolidated financial statements. For a discussion of NRG Energy, Inc.'s guarantees, see Note 26, Guarantees to the consolidated financial statements.
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2015
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
NRG Energy, Inc.
(Note Issuer)
 
Eliminations (a)
 
Consolidated
Balance
 
(In millions)
Operating Revenues
 
 
 
 
 
 
 
 
 
Total operating revenues
$
10,024

 
$
4,768

 
$
—

 
$
(118
)
 
$
14,674

Operating Costs and Expenses
 
 
 
 
 
 
 
 
 
Cost of operations
7,712

 
3,147

 
14

 
(118
)
 
10,755

Depreciation and amortization
787

 
759

 
20

 
—

 
1,566

Impairment losses
4,655

 
375

 
—

 
—

 
5,030

Selling, general and administrative
467

 
403

 
350

 
—

 
1,220

Acquisition-related transaction and integration costs
1

 
(5
)
 
14

 
—

 
10

Development activity expenses
—

 
61

 
93

 
—

 
154

Total operating costs and expenses
13,622

 
4,740

 
491

 
(118
)
 
18,735

Gain on postretirement benefits curtailment
—

 
21

 
—

 
—

 
21

Operating (Loss)/Income
(3,598
)
 
49

 
(491
)
 
—

 
(4,040
)
Other Income/(Expense)
 
 
 
 
 
 
 
 
 
Equity in losses of consolidated subsidiaries
(86
)
 
(29
)
 
(2,799
)
 
2,914

 
—

Equity in earnings of unconsolidated affiliates
8

 
37

 
—

 
(9
)
 
36

Impairment charge on investment
—

 
(25
)
 
(31
)
 
—

 
(56
)
Other income, net
4

 
29

 
—

 
—

 
33

Loss on sale of equity-method investment
—

 
—

 
(14
)
 
—

 
(14
)
Net gain on debt extinguishment
—

 
56

 
19

 
—

 
75

Interest expense
(18
)
 
(564
)
 
(546
)
 
—

 
(1,128
)
Total other expense
(92
)
 
(496
)
 
(3,371
)
 
2,905

 
(1,054
)
Loss Before Income Taxes
(3,690
)
 
(447
)
 
(3,862
)
 
2,905

 
(5,094
)
Income tax (benefit)/expense
(1,104
)
 
(96
)
 
2,489

 
53

 
1,342

Net Loss 
(2,586
)
 
(351
)
 
(6,351
)
 
2,852

 
(6,436
)
Less: Net (loss)/income attributable to noncontrolling interests and redeemable noncontrolling interests
—

 
(23
)
 
31

 
(62
)
 
(54
)
Net Loss Attributable to NRG Energy, Inc.
$
(2,586
)
 
$
(328
)
 
$
(6,382
)
 
$
2,914

 
$
(6,382
)
(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, 2015
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
NRG Energy, Inc.
(Note Issuer)
 
Eliminations(a)
 
Consolidated Balance
 
(In millions)
Net Loss
$
(2,586
)
 
$
(351
)
 
$
(6,351
)
 
$
2,852

 
$
(6,436
)
Other Comprehensive (Loss)/Income, net of tax
 
 
 
 
 
 
 
 
 
Unrealized (loss)/gain on derivatives, net
(9
)
 
(13
)
 
48

 
(41
)
 
(15
)
Foreign currency translation adjustments, net
—

 
(7
)
 
(4
)
 
—

 
(11
)
Available-for-sale securities, net
—

 
(1
)
 
18

 
—

 
17

Defined benefit plan, net
(22
)
 
(15
)
 
47

 
—

 
10

Other comprehensive (loss)/income
(31
)
 
(36
)
 
109

 
(41
)
 
1

Comprehensive Loss
(2,617
)
 
(387
)
 
(6,242
)
 
2,811

 
(6,435
)
Less: Comprehensive (loss)/income attributable to noncontrolling interests and redeemable noncontrolling interests
—

 
(42
)
 
31

 
(62
)
 
(73
)
Comprehensive Loss Attributable to NRG Energy, Inc.
(2,617
)
 
(345
)
 
(6,273
)
 
2,873

 
(6,362
)
Dividends for preferred shares
—

 
—

 
20

 
—

 
20

Comprehensive Loss Available for Common Stockholders
$
(2,617
)
 
$
(345
)
 
$
(6,293
)
 
$
2,873

 
$
(6,382
)
(a)
All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2015
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
NRG Energy, Inc.
 
Eliminations (a)
 
Consolidated Balance
 
(In millions)
ASSETS
 
 
 
 
 
 
 
 
 
Current Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
825

 
$
693

 
$
—

 
$
1,518

Funds deposited by counterparties
55

 
51

 
—

 
—

 
106

Restricted cash
5

 
409

 
—

 
—

 
414

Accounts receivable - trade, net
851

 
304

 
2

 
—

 
1,157

Accounts receivable - Affiliate
395

 
260

 
571

 
(1,222
)
 
4

Inventory
570

 
682

 
—

 
—

 
1,252

Derivative instruments
1,202

 
871

 
—

 
(158
)
 
1,915

Cash collateral paid in support of energy risk management activities
474

 
94

 
—

 
—

 
568

Renewable energy grant receivable
—

 
13

 
—

 
—

 
13

Current assets held-for-sale
—

 
6

 
—

 
—

 
6

Prepayments and other current assets
93

 
274

 
71

 
—

 
438

     Total current assets
3,645

 
3,789

 
1,337

 
(1,380
)
 
7,391

Net Property, Plant and Equipment
4,767

 
13,773

 
219

 
(27
)
 
18,732

Other Assets
 
 
 
 
 
 
 
 
 
Investment in subsidiaries
842

 
2,244

 
11,039

 
(14,125
)
 
—

Equity investments in affiliates
(14
)
 
1,160

 
1

 
(102
)
 
1,045

Notes receivable, less current portion
—

 
46

 
7

 
—

 
53

Goodwill
697

 
302

 
—

 
—

 
999

Intangible assets, net
763

 
1,551

 
2

 
(6
)
 
2,310

Nuclear decommissioning trust fund
561

 
—

 
—

 
—

 
561

Deferred income taxes
(6
)
 
815

 
(642
)
 
—

 
167

Derivative instruments
153

 
184

 
—

 
(32
)
 
305

Non-current assets held for sale
—

 
105

 
—

 
—

 
105

Other non-current assets
80

 
749

 
385

 
—

 
1,214

    Total other assets
3,076

 
7,156

 
10,792

 
(14,265
)
 
6,759

Total Assets
$
11,488

 
$
24,718

 
$
12,348

 
$
(15,672
)
 
$
32,882

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
 
 
 
Current portion of long-term debt and capital leases
$
2

 
$
460

 
$
19

 
$
—

 
$
481

Accounts payable
553

 
277

 
39

 
—

 
869

Accounts payable - affiliate
151

 
2,000

 
(929
)
 
(1,222
)
 
—

Derivative instruments
1,130

 
749

 
—

 
(158
)
 
1,721

Cash collateral received in support of energy risk management activities
55

 
51

 
—

 
—

 
106

Accrued interest expense
5

 
91

 
147

 
(1
)
 
242

Other accrued expenses
122

 
151

 
295

 
—

 
568

Current liabilities held-for-sale
—

 
2

 
—

 
—

 
2

Other current liabilities
192

 
187

 
7

 
—

 
386

     Total current liabilities
2,210

 
3,968

 
(422
)
 
(1,381
)
 
4,375

Other Liabilities
 
 
 
 
 
 
 
 
 
Long-term debt and capital leases
302

 
10,496

 
8,185

 
—

 
18,983

Nuclear decommissioning reserve
326

 
—

 
—

 
—

 
326

Nuclear decommissioning trust liability
283

 
—

 
—

 
—

 
283

Postretirement and other benefit obligations
236

 
200

 
152

 
—

 
588

Deferred income taxes
179

 
(1,088
)
 
928

 
—

 
19

Derivative instruments
301

 
224

 
—

 
(32
)
 
493

Out-of-market contracts
95

 
1,051

 
—

 
—

 
1,146

Non-current liabilities held-for-sale
—

 
4

 
—

 
—

 
4

Other non-current liabilities
318

 
535

 
47

 
—

 
900

     Total non-current liabilities
2,040

 
11,422

 
9,312

 
(32
)
 
22,742

Total Liabilities
4,250

 
15,390

 
8,890

 
(1,413
)
 
27,117

2.822% Preferred Stock
—

 
—

 
302

 
—

 
302

Redeemable noncontrolling interest in subsidiaries
—

 
29

 
—

 
—

 
29

Stockholders' Equity
7,238

 
9,299

 
3,156

 
(14,259
)
 
5,434

Total Liabilities and Stockholders' Equity
$
11,488

 
$
24,718

 
$
12,348

 
$
(15,672
)
 
$
32,882

(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, 2015
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
NRG Energy, Inc. (Note Issuer)
 
Eliminations (a)
 
Consolidated
Balance
 
(In millions)
Cash Flows from Operating Activities
 
 
 
 
 
 
 
 
 
Net Loss
(2,586
)
 
(351
)
 
(6,351
)
 
2,852

 
(6,436
)
Adjustments to reconcile net loss to net cash provided by operating activities:
 
 
 
 
 
 
 
 


Distributions from unconsolidated affiliates
3

 
91

 
—

 
(21
)
 
73

Equity in losses of unconsolidated affiliates
(8
)
 
(37
)
 
—

 
9

 
(36
)
Depreciation and amortization
787

 
759

 
20

 
—

 
1,566

Provision for bad debts
58

 
3

 
3

 
—

 
64

Amortization of nuclear fuel
45

 
—

 
—

 
—

 
45

Amortization of financing costs and debt discount/premiums
—

 
(37
)
 
26

 
—

 
(11
)
Adjustment to gain on debt extinguishment
—

 
(56
)
 
(19
)
 
—

 
(75
)
Amortization of intangibles and out-of-market contracts
52

 
29

 
—

 
—

 
81

Amortization of unearned equity compensation
—

 
—

 
41

 
—

 
41

Gain on post retirement benefits curtailment and sales of assets
—

 
(21
)
 
14

 
—

 
(7
)
Impairment losses
4,655

 
400

 
31

 
—

 
5,086

Changes in derivative instruments
264

 
(31
)
 
—

 
—

 
233

Changes in collateral deposits supporting energy risk management activities
(360
)
 
(21
)
 
—

 
—

 
(381
)
Changes in deferred income taxes and liability for uncertain tax benefits
(1,092
)
 
(237
)
 
2,655

 
—

 
1,326

Changes in nuclear decommissioning trust liability
(2
)
 
—

 
—

 
—

 
(2
)
Cash used by changes in other working capital
(8,744
)
 
(950
)
 
12,276

 
(2,840
)
 
(258
)
Net Cash (Used)/Provided by Operating Activities
(6,928
)

(459
)
 
8,696

 
—

 
1,309

Cash Flows from Investing Activities
 
 
 
 
 
 
 
 
 
Proceeds from intercompany loans to subsidiaries
7,183

 
1,258

 
—

 
(8,441
)
 
—

Acquisition of 2015 Drop Down Assets, net of cash acquired
—

 
(698
)
 
—

 
698

 
—

Acquisition of businesses, net of cash acquired
—

 
(31
)
 
—

 
—

 
(31
)
Capital expenditures
(316
)
 
(908
)
 
(59
)
 
—

 
(1,283
)
(Increase)/decrease in restricted cash, net
(1
)
 
9

 
—

 
—

 
8

Decrease in restricted cash - U.S. DOE projects
—

 
34

 
1

 
—

 
35

Decrease in notes receivable
—

 
18

 
—

 
—

 
18

Proceeds from renewable energy grants
—

 
82

 
—

 
—

 
82

Purchases of emission allowances, net of proceeds
41

 
—

 
—

 
—

 
41

Investments in nuclear decommissioning trust securities
(629
)
 
—

 
—

 
—

 
(629
)
Proceeds from sales of nuclear decommissioning trust fund securities
631

 
—

 
—

 
—

 
631

Proceeds from sale of assets, net
—

 
1

 
26

 
—

 
27

Investments in unconsolidated affiliates
1

 
(357
)
 
(39
)
 
—

 
(395
)
Other
—

 
11

 
—

 
—

 
11

Net Cash Provided/(Used) by Investing Activities
6,910

 
(581
)
 
(71
)
 
(7,743
)
 
(1,485
)
Cash Flows from Financing Activities
 
 
 
 
 
 
 
 
 
Payments from intercompany loans
—

 
—

 
(8,441
)
 
8,441

 
—

Acquisition of 2015 Drop Down Assets, net of cash acquired
—

 
—

 
698

 
(698
)
 
—

Payment of dividends to preferred and common stockholders
—

 
—

 
(201
)
 
—

 
(201
)
Net receipts from settlement of acquired derivatives that include financing elements
—

 
196

 
—

 
—

 
196

Payment for treasury stock
—

 
—

 
(437
)
 
—

 
(437
)
Sale proceeds and other contributions from noncontrolling interests in subsidiaries
—

 
647

 
—

 
—

 
647

Proceeds from issuance of common stock
—

 
—

 
1

 
—

 
1

Proceeds from issuance of long-term debt
—

 
953

 
51

 
—

 
1,004

Payment of debt issuance and hedging costs
—

 
(21
)
 
—

 
—

 
(21
)
Payments for short and long-term debt
—

 
(1,353
)
 
(246
)
 
—

 
(1,599
)
Other
—

 
(22
)
 
—

 
—

 
(22
)
Net Cash (Used)/Provided by Financing Activities
—

 
400

 
(8,575
)
 
7,743

 
(432
)
Effect of exchange rate changes on cash and cash equivalents
—

 
10

 
—

 
—

 
10

Net (Decrease)/Increase in Cash and Cash Equivalents
(18
)
 
(630
)
 
50

 
—

 
(598
)
Cash and Cash Equivalents at Beginning of Period
18

 
1,455

 
643

 
—

 
2,116

Cash and Cash Equivalents at End of Period
$
—

 
$
825

 
$
693

 
$
—

 
$
1,518

(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, 2014
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
NRG Energy, Inc.
(Note Issuer)
 
Eliminations (a)
 
Consolidated
Balance
 
(In millions)
Operating Revenues
 
 
 
 
 
 
 
 
 
Total operating revenues
$
9,974

 
$
6,287

 
$
—

 
$
(393
)
 
$
15,868

Operating Costs and Expenses
 
 
 
 
 
 
 
 
 
Cost of operations
7,909

 
4,206

 
4

 
(325
)
 
11,794

Depreciation and amortization
801

 
706

 
16

 
—

 
1,523

Impairment losses
—

 
119

 
—

 
(22
)
 
97

Selling, general and administrative
333

 
390

 
304

 
—

 
1,027

Acquisition-related transactions and integration costs
3

 
15

 
66

 
—

 
84

Development activity expense
—

 
35

 
56

 
—

 
91

Total operating costs and expenses
9,046

 
5,471

 
446

 
(347
)
 
14,616

Gain on sale of assets
—

 
19

 
—

 
—

 
19

Operating Income/(Loss)
928

 
835

 
(446
)
 
(46
)
 
1,271

Other Income/(Expense)
 
 
 
 
 
 
 
 
 
Equity in earnings of consolidated subsidiaries
317

 
219

 
775

 
(1,311
)
 
—

Equity in earnings of unconsolidated affiliates
13

 
33

 
—

 
(8
)
 
38

Impairment losses on investments
—

 
—

 
—

 
—

 
—

Other income, net
7

 
14

 
3

 
(2
)
 
22

Gain on sale of equity-method investment
—

 
18

 
—

 
—

 
18

Loss on debt extinguishment
—

 
(9
)
 
(86
)
 
—

 
(95
)
Interest expense
(19
)
 
(525
)
 
(575
)
 
—

 
(1,119
)
Total other income/(expense)
318

 
(250
)
 
117

 
(1,321
)
 
(1,136
)
Income/(Loss) Before Income Taxes
1,246

 
585

 
(329
)
 
(1,367
)
 
135

Income tax expense/(benefit)
322

 
159

 
(478
)
 
—

 
3

Net Income
$
924

 
$
426

 
$
149

 
$
(1,367
)
 
$
132

Less: Net income attributable to noncontrolling interests and redeemable noncontrolling interests
—

 
57

 
15

 
(74
)
 
(2
)
Net Income Attributable to NRG Energy, Inc.
$
924

 
$
369

 
$
134

 
$
(1,293
)
 
$
134

(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, 2014
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
NRG Energy, Inc.
(Note Issuer)
 
Eliminations(a)
 
Consolidated Balance
 
(In millions)
Net Income
$
924

 
$
426

 
$
149

 
$
(1,367
)
 
$
132

Other Comprehensive (Loss)/Income, net of tax
 
 
 
 
 
 
 
 
 
Unrealized loss on derivatives, net
(49
)
 
(89
)
 
(215
)
 
308

 
(45
)
Foreign currency translation adjustments, net
—

 
(12
)
 
4

 
—

 
(8
)
Available-for-sale securities, net
—

 
1

 
(8
)
 
—

 
(7
)
Defined benefit plan, net
5

 
(104
)
 
(30
)
 
—

 
(129
)
Other comprehensive loss
(44
)
 
(204
)
 
(249
)
 
308

 
(189
)
Comprehensive Income/(Loss)
880

 
222

 
(100
)
 
(1,059
)
 
(57
)
Less: Comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests
—

 
67

 
15

 
(74
)
 
8

Comprehensive Income/(Loss) Attributable to NRG Energy, Inc.
880

 
155

 
(115
)
 
(985
)
 
(65
)
Dividends for preferred shares
—

 
—

 
56

 
—

 
56

Comprehensive Income/(Loss) Available for Common Stockholders
$
880

 
$
155

 
$
(171
)
 
$
(985
)
 
$
(121
)
(a)
All significant intercompany transactions have been eliminated in consolidation.
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2014
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
NRG Energy, Inc.
 
Eliminations (a)
 
Consolidated
Balance
 
(In millions)
ASSETS
 
 
 
 
 
 
 
 
 
Current Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
18

 
$
1,455

 
$
643

 
$
—

 
$
2,116

Funds deposited by counterparties
9

 
63

 
—

 
—

 
72

Restricted cash
5

 
451

 
1

 
—

 
457

Accounts receivable - trade, net
924

 
392

 
6

 
—

 
1,322

Inventory
537

 
710

 
—

 
—

 
1,247

Derivative instruments
1,657

 
1,209

 
—

 
(441
)
 
2,425

Cash collateral paid in support of energy risk management activities
114

 
73

 
—

 
—

 
187

Accounts receivable - affiliate
7,449

 
1,988

 
(5,991
)
 
(3,437
)
 
9

Renewable energy grant receivable
—

 
134

 
1

 
—

 
135

Prepayments and other current assets
94

 
269

 
75

 
—

 
438

Total current assets
10,807

 
6,744

 
(5,265
)
 
(3,878
)
 
8,408

Net Property, Plant and Equipment
8,344

 
13,877

 
171

 
(25
)
 
22,367

Other Assets
 
 
 
 
 
 
 
 
 
Investment in subsidiaries
140

 
2,293

 
23,410

 
(25,843
)
 
—

Equity investments in affiliates
(18
)
 
891

 
—

 
(102
)
 
771

Notes receivable, less current portion
1

 
60

 
109

 
(98
)
 
72

Goodwill
1,921

 
653

 
—

 
—

 
2,574

Intangible assets, net
765

 
1,806

 
2

 
(6
)
 
2,567

Nuclear decommissioning trust fund
585

 
—

 
—

 
—

 
585

Derivative instruments
242

 
288

 
1

 
(51
)
 
480

Deferred income taxes
(247
)
 
722

 
1,105

 
—

 
1,580

Non-current assets held for sale
—

 
17

 
—

 
—

 
17

Other non-current assets
108

 
520

 
417

 
—

 
1,045

Total other assets
3,497

 
7,250

 
25,044

 
(26,100
)
 
9,691

Total Assets
$
22,648

 
$
27,871

 
$
19,950

 
$
(30,003
)
 
$
40,466

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

 
$
444

 
$
127

 
$
(98
)
 
$
474

Accounts payable
598

 
416

 
46

 
—

 
1,060

Accounts payable - affiliate
1,588

 
2,447

 
(598
)
 
(3,437
)
 
—

Derivative instruments
1,532

 
963

 
—

 
(441
)
 
2,054

Cash collateral received in support of energy risk management activities
9

 
63

 
—

 
—

 
72

Accrued expenses and other current liabilities
283

 
498

 
418

 
—

 
1,199

Total current liabilities
4,011

 
4,831

 
(7
)
 
(3,976
)
 
4,859

Other Liabilities
 
 
 
 
 
 
 
 
 
Long-term debt and capital leases
302

 
11,123

 
8,276

 
—

 
19,701

Nuclear decommissioning reserve
310

 
—

 
—

 
—

 
310

Nuclear decommissioning trust liability
333

 
—

 
—

 
—

 
333

Postretirement and other benefit obligations
277

 
234

 
216

 
—

 
727

Deferred income taxes
1,043

 
(1,012
)
 
(10
)
 
—

 
21

Derivative instruments
248

 
241

 
—

 
(51
)
 
438

Out-of-market commodity contracts
111

 
1,133

 
—

 
—

 
1,244

Other non-current liabilities
188

 
561

 
98

 
—

 
847

Total non-current liabilities
2,812

 
12,280

 
8,580

 
(51
)
 
23,621

Total Liabilities
6,823

 
17,111

 
8,573

 
(4,027
)
 
28,480

2.822% Preferred Stock
—

 
—

 
291

 
—

 
291

Redeemable noncontrolling interest in subsidiaries
—

 
19

 
—

 
—

 
19

Stockholders' Equity
15,825

 
10,741

 
11,086

 
(25,976
)
 
11,676

Total Liabilities and Stockholders' Equity
$
22,648

 
$
27,871

 
$
19,950

 
$
(30,003
)
 
$
40,466

(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, 2014
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
NRG Energy, Inc.
 
Eliminations (a)
 
Consolidated
Balance
 
(In millions)
Cash Flows from Operating Activities
 
 
 
 
 
 
 
 
 
Net Income
924

 
426

 
149

 
(1,367
)
 
132

Adjustments to reconcile net loss to net cash provided by operating activities:
 
 
 
 
 
 
 
 
 
Distributions from unconsolidated affiliates
—

 
87

 
—

 
—

 
87

Equity in losses of unconsolidated affiliates
(13
)
 
(33
)
 
—

 
8

 
(38
)
Depreciation and amortization
801

 
706

 
16

 
—

 
1,523

Provision for bad debts
64

 
—

 
—

 
—

 
64

Amortization of nuclear fuel
46

 
—

 
—

 
—

 
46

Amortization of financing costs and debt discount/premiums
—

 
(40
)
 
28

 
—

 
(12
)
Adjustment to loss on debt extinguishment
—

 
8

 
17

 
—

 
25

Amortization of intangibles and out-of-market contracts
65

 
(1
)
 
—

 
—

 
64

Amortization of unearned equity compensation
—

 
—

 
42

 
—

 
42

Gain on sale of assets, net
—

 
(4
)
 
—

 
—

 
(4
)
Impairment losses
—

 
119

 
—

 
(22
)
 
97

Changes in derivative instruments
(149
)
 
88

 
—

 
—

 
(61
)
Changes in deferred income taxes and liability for uncertain tax benefits
242

 
(115
)
 
(281
)
 
—

 
(154
)
Changes in nuclear decommissioning trust liability
19

 
—

 
—

 
—

 
19

Cash used by changes in other working capital
787

 
(973
)
 
(4,723
)
 
4,589

 
(320
)
Net Cash Provided/(Used) by Operating Activities
2,786

 
268

 
(4,752
)
 
3,208

 
1,510

Cash Flows from Investing Activities
 
 
 
 
 
 
 
 
 
Intercompany loans to subsidiaries
(2,523
)
 
(685
)
 
3,208

 
—

 
—

Acquisition of businesses, net of cash acquired
—

 
(25
)
 
(2,911
)
 
—

 
(2,936
)
Capital expenditures
(252
)
 
(619
)
 
(38
)
 
—

 
(909
)
Decrease in restricted cash, net
—

 
57

 
—

 
—

 
57

(Increase) in restricted cash - U.S. DOE projects
—

 
(209
)
 
3

 
—

 
(206
)
Decrease in notes receivable
—

 
25

 
—

 
—

 
25

Proceeds from renewable energy grants
—

 
916

 
—

 
—

 
916

Purchases of emission allowances, net of proceeds
(16
)
 
—

 
—

 
—

 
(16
)
Investments in nuclear decommissioning trust fund securities
(619
)
 
—

 
—

 
—

 
(619
)
Proceeds from sales of nuclear decommissioning trust fund securities
600

 
—

 
—

 
—

 
600

Proceeds from sale of assets, net
—

 
—

 
203

 
—

 
203

Investments in unconsolidated affiliates
—

 
(25
)
 
(78
)
 
—

 
(103
)
Other
—

 
85

 
—

 
—

 
85

Net Cash (Used)/Provided by Investing Activities
(2,810
)
 
(480
)
 
387

 
—

 
(2,903
)
Cash Flows from Financing Activities
 
 
 
 
 
 
 
 
 
Proceeds from intercompany loans
—

 
—

 
3,208

 
(3,208
)
 
—

Payment of dividends to preferred stockholders
—

 
—

 
(196
)
 
—

 
(196
)
Net receipts from acquired derivatives that include financing elements
—

 
9

 
—

 
—

 
9

Payment for treasury stock
—

 
—

 
(39
)
 
—

 
(39
)
Sales proceeds from sale of noncontrolling interest in subsidiaries
—

 
819

 
—

 
—

 
819

Proceeds from issuance of common stock
—

 
—

 
21

 
—

 
21

Proceeds from issuance of long-term debt
—

 
1,182

 
3,381

 
—

 
4,563

Payment of debt issuance and hedging costs
—

 
(39
)
 
(28
)
 
—

 
(67
)
Payments of short and long-term debt
—

 
(1,160
)
 
(2,667
)
 
—

 
(3,827
)
Other
(14
)
 
(4
)
 
—

 
—

 
(18
)
Net Cash (Used)/Provided by Financing Activities
(14
)
 
807

 
3,680

 
(3,208
)
 
1,265

Effect of exchange rate changes on cash and cash equivalents
—

 
(10
)
 
—

 
—

 
(10
)
Net (Decrease)/Increase in Cash and Cash Equivalents
(38
)
 
585

 
(685
)
 
—

 
(138
)
Cash and Cash Equivalents at Beginning of Period
56

 
870

 
1,328

 
—

 
2,254

Cash and Cash Equivalents at End of Period
$
18

 
$
1,455

 
$
643

 
$
—

 
$
2,116

(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, 2013
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
NRG Energy, Inc.
 
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

 
2,113

 
—

 
(133
)
 
8,130

Depreciation and amortization
837

 
407

 
12

 
—

 
1,256

Impairment losses
459

 
—

 
—

 
—

 
459

Selling, general and administrative
446

 
221

 
234

 
(6
)
 
895

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 (Expense)/Income
 
 
 
 
 
 
 
 
 
Equity in (losses)/earnings of consolidated subsidiaries
(67
)
 
(14
)
 
221

 
(140
)
 
—

Equity in (losses)/earnings of unconsolidated affiliates
(11
)
 
22

 
—

 
(4
)
 
7

Impairment losses on investment
—

 
(99
)
 
—

 
—

 
(99
)
Other income/(loss), net
6

 
11

 
(2
)
 
(2
)
 
13

Loss on debt extinguishment
—

 
(12
)
 
(38
)
 
—

 
(50
)
Interest expense
(24
)
 
(318
)
 
(506
)
 
—

 
(848
)
Total other 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/(Loss)
121

 
45

 
(372
)
 
(146
)
 
(352
)
Less: Net income attributable to noncontrolling interest
—

 
27

 
13

 
(6
)
 
34

Net Income/(Loss) 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 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/(Loss)
$
121

 
$
45

 
$
(372
)
 
$
(146
)
 
$
(352
)
Other Comprehensive Income/(Loss), net of tax
 
 
 
 
 
 
 
 
 
Unrealized (loss)/income 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 income
4

 
93

 
149

 
(91
)
 
155

Comprehensive Income/(Loss)
125

 
138

 
(223
)
 
(237
)
 
(197
)
Less: Comprehensive income attributable to noncontrolling interest
—

 
27

 
13

 
(6
)
 
34

Comprehensive Income/(Loss) Attributable to NRG Energy, Inc.
125

 
111

 
(236
)
 
(231
)
 
(231
)
Dividends for preferred shares
—

 
—

 
9

 
—

 
9

Comprehensive Income/(Loss) 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 CASH FLOWS
For the Year Ended December 31, 2013
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
NRG Energy, Inc.
 
Eliminations(a)
 
Consolidated
Balance
 
(In millions)
Cash Flows from Operating Activities
 
 
 
 
 
 
 
 
 
Net Income/(Loss)
121

 
45

 
(372
)
 
(146
)
 
(352
)
Adjustments to reconcile net loss to net cash provided by operating activities:
 
 
 
 
 
 
 
 
 
Distributions from unconsolidated affiliates
51

 
26

 
—

 
—

 
77

Equity in losses of unconsolidated affiliates
11

 
(22
)
 
—

 
4

 
(7
)
Depreciation and amortization
837

 
407

 
12

 
—

 
1,256

Provision for bad debts
67

 
—

 
—

 
—

 
67

Amortization of nuclear fuel
36

 
—

 
—

 
—

 
36

Amortization of financing costs and debt discount/premiums
—

 
(9
)
 
(24
)
 
—

 
(33
)
Adjustment for debt extinguishment
—

 
(27
)
 
12

 
—

 
(15
)
Amortization of intangibles and out-of-market contracts
100

 
(51
)
 
—

 
—

 
49

Amortization of unearned equity compensation
—

 
—

 
38

 
—

 
38

Gain on sale of assets, net
—

 
(3
)
 
—

 
—

 
(3
)
Impairment losses
459

 
99

 
—

 
—

 
558

Changes in derivative instruments
197

 
(33
)
 
—

 
—

 
164

Changes in deferred income taxes and liability for uncertain tax benefits
(58
)
 
292

 
(301
)
 
—

 
(67
)
Changes in nuclear decommissioning trust liability
15

 
—

 
—

 
—

 
15

Cash used by changes in other working capital
482

 
(941
)
 
(1,911
)
 
1,857

 
(513
)
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)/decrease in restricted cash
(1
)
 
(22
)
 
1

 
—

 
(22
)
(Increase)/decrease in restricted cash - U.S. DOE projects
—

 
(31
)
 
5

 
—

 
(26
)
Decrease/(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 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 from intercompany loans
—

 
—

 
1,715

 
(1,715
)
 
—

Payment for dividends to preferred stockholders
—

 
—

 
(154
)
 
—

 
(154
)
Net (payments for)/receipts from acquired derivatives that include financing elements
(79
)
 
346

 
—

 
—

 
267

Payment for treasury stock
—

 
—

 
(25
)
 
—

 
(25
)
Sales proceeds from sale of noncontrolling interest in subsidiary
—

 
531

 
—

 
—

 
531

Proceeds from issuance of common stock
—

 
—

 
16

 
—

 
16

Proceeds from issuance of long-term debt
—

 
1,292

 
485

 
—

 
1,777

Payment of debt issuance and hedging costs
—

 
(21
)
 
(29
)
 
—

 
(50
)
Payments of 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.