Segment Reporting |
Segment Reporting The Company’s segment structure reflects how management currently operates and allocates resources. The Company's businesses are segregated based on conventional power generation, renewable businesses which consist of solar and wind, and the thermal and chilled water business. The Corporate segment reflects the Company's corporate costs and includes eliminating entries. The Company's chief operating decision maker, its Chief Executive Officer, evaluates the performance of its segments based on operational measures including adjusted earnings before interest, taxes, depreciation and amortization, or Adjusted EBITDA, and CAFD, as well as economic gross margin and net income (loss). The Company generated more than 10% of its revenues from the following customers for the years ended December 31, 2019, 2018 and 2017: | | | | | | | | | | | | | | 2019 | | 2018 | | 2017 | Customer | Conventional (%) | | Renewables (%) | | Conventional (%) | | Renewables (%) | | Conventional (%) | | Renewables (%) | SCE | 21% | | 19% | | 20% | | 20% | | 21% | | 20% | PG&E | 12% | | 10% | | 12% | | 11% | | 12% | | 11% |
| | | | | | | | | | | | | | | | | | | | |
| Year ended December 31, 2019 | (In millions) | Conventional Generation |
| Renewables |
| Thermal |
| Corporate |
| Total | Operating revenues | $ | 346 |
|
| $ | 485 |
|
| $ | 201 |
|
| $ | — |
|
| $ | 1,032 |
| Cost of operations | 61 |
| | 147 |
| | 134 |
|
| — |
|
| 342 |
| Depreciation and amortization | 102 |
|
| 267 |
|
| 27 |
|
| — |
|
| 396 |
| Impairment losses | — |
| | 14 |
| | 19 |
| | — |
| | 33 |
| General and administrative | — |
|
| 1 |
|
| 3 |
|
| 25 |
|
| 29 |
| Acquisition-related transaction and integration costs | — |
| | — |
| | — |
| | 3 |
| | 3 |
| Development costs | — |
| | — |
| | 5 |
| | — |
| | 5 |
| Operating income (loss) | 183 |
| | 56 |
| | 13 |
| | (28 | ) | | 224 |
| Equity in earnings of unconsolidated affiliates | 9 |
|
| 74 |
|
| — |
|
| — |
|
| 83 |
| Other income, net | 2 |
| | 6 |
| | — |
| | 1 |
| | 9 |
| Loss on debt extinguishment |
|
| | (1 | ) | | — |
| | (15 | ) | | (16 | ) | Interest expense, net | (59 | ) |
| (239 | ) |
| (18 | ) |
| (88 | ) |
| (404 | ) | Income (loss) before income taxes | 135 |
|
| (104 | ) |
| (5 | ) |
| (130 | ) |
| (104 | ) | Income tax benefit | — |
|
| — |
|
| — |
|
| (8 | ) |
| (8 | ) | Net Income (Loss) | 135 |
|
| (104 | ) |
| (5 | ) |
| (122 | ) |
| (96 | ) | Net Income (Loss) Attributable to Clearway Energy, Inc. | $ | 135 |
| | $ | (33 | ) | | $ | (5 | ) | | $ | (108 | ) | | $ | (11 | ) | Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity investment in affiliates | $ | 94 |
|
| $ | 1,089 |
|
| $ | — |
|
| $ | — |
|
| $ | 1,183 |
| Capital expenditures (a) | 4 |
|
| 185 |
|
| 34 |
|
| — |
|
| 223 |
| Total Assets | $ | 2,753 |
|
| $ | 6,186 |
|
| $ | 633 |
|
| $ | 128 |
|
| $ | 9,700 |
|
(a) Includes accruals.
| | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2018 | (In millions) | Conventional Generation | | Renewables | | Thermal | | Corporate | | Total | Operating revenues | $ | 337 |
| | $ | 523 |
| | $ | 193 |
| | $ | — |
| | $ | 1,053 |
| Cost of operations | 62 |
| | 143 |
| | 127 |
| | — |
| | 332 |
| Depreciation and amortization | 101 |
| | 207 |
| | 23 |
| | — |
| | 331 |
| General and administrative | — |
| | — |
| | 1 |
| | 19 |
| | 20 |
| Acquisition-related transaction and integration costs | — |
| | — |
| | — |
| | 20 |
| | 20 |
| Development costs | — |
| | — |
| | 2 |
| | 1 |
| | 3 |
| Operating income (loss) | 174 |
| | 173 |
| | 40 |
| | (40 | ) | | 347 |
| Equity in earnings of unconsolidated affiliates | 11 |
| | 63 |
| | — |
| | — |
| | 74 |
| Other income, net | 1 |
| | 4 |
| | 1 |
| | 2 |
| | 8 |
| Loss on debt extinguishment | — |
| | — |
| | — |
| | (7 | ) | | (7 | ) | Interest expense, net | (51 | ) | | (154 | ) | | (12 | ) | | (89 | ) | | (306 | ) | Income (loss) before income taxes | 135 |
| | 86 |
| | 29 |
| | (134 | ) | | 116 |
| Income tax expense | — |
| | — |
| | — |
| | 62 |
| | 62 |
| Net Income (Loss) | 135 |
| | 86 |
| | 29 |
| | (196 | ) | | 54 |
| Net Income (Loss) Attributable to Clearway Energy, Inc. | $ | 135 |
| | $ | 186 |
| | $ | 29 |
| | $ | (302 | ) | | 48 |
| Balance Sheet | | | | | | | | | | Equity investments in affiliates | $ | 98 |
| | $ | 1,074 |
| | $ | — |
| | $ | — |
| | $ | 1,172 |
| Capital expenditures (a) | 14 |
| | 26 |
| | 28 |
| | — |
| | 68 |
| Total Assets | $ | 1,788 |
| | $ | 5,836 |
| | $ | 516 |
| | $ | 360 |
| | $ | 8,500 |
|
(a) Includes accruals. | | | | | | | | | | | | | | | | | | | | | | Year ended December 31, 2017 | (In millions) | Conventional Generation | | Renewables | | Thermal | | Corporate | | Total | Operating revenues | $ | 336 |
| | $ | 501 |
| | $ | 172 |
| | $ | — |
| | $ | 1,009 |
| Cost of operations | 77 |
| | 133 |
| | 116 |
| | — |
| | 326 |
| Depreciation and amortization | 103 |
| | 210 |
| | 21 |
| | — |
| | 334 |
| Impairment losses | — |
| | 44 |
| | — |
| | — |
| | 44 |
| General and administrative | — |
| | — |
| | — |
| | 19 |
| | 19 |
| Acquisition-related transaction and integration costs | — |
| | — |
| | — |
| | 3 |
| | 3 |
| Operating income (loss) | 156 |
| | 114 |
| | 35 |
| | (22 | ) | | 283 |
| Equity in earnings of unconsolidated affiliates | 12 |
| | 59 |
| | — |
| | — |
| | 71 |
| Other income, net | 1 |
| | 2 |
| | — |
| | 1 |
| | 4 |
| Loss on debt extinguishment | — |
| | (3 | ) | | — |
| | — |
| | (3 | ) | Interest expense, net | (49 | ) | | (164 | ) | | (10 | ) | | (84 | ) | | (307 | ) | Income (loss) before income taxes | 120 |
| | 8 |
| | 25 |
| | (105 | ) | | 48 |
| Income tax expense | — |
| | — |
| | — |
| | 72 |
| | 72 |
| Net Income (Loss) | 120 |
| | 8 |
| | 25 |
| | (177 | ) | | (24 | ) | Net Income (Loss) Attributable to Clearway Energy, Inc. | $ | 120 |
| | $ | 76 |
| | $ | 25 |
| | $ | (237 | ) | | (16 | ) |
|