XML 24 R7.htm IDEA: XBRL DOCUMENT v3.19.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income (loss) $ 28 $ (321) $ 111
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization(1) [1] 848 921 910
(Gain) loss on extinguishment of debt (32) 38 25
Deferred income taxes 47 14 43
Impairment losses 10 41 13
(Gain) on sale of assets, net 0 (27) (157)
Mark-to-market activity, net [2] 205 169 (1)
(Income) from unconsolidated subsidiaries (24) (22) (24)
Return on investments from unconsolidated subsidiaries 35 28 21
Stock-based compensation expense 57 42 31
Other 29 (5) 8
Change in operating assets and liabilities, net of effects of acquisitions:      
Accounts receivable (101) (108) (128)
Accounts payable 164 70 34
Margin deposits and other prepaid expense (134) 115 416
Other assets and liabilities, net (82) (15) 19
Derivative instruments, net 51 9 (286)
Net cash provided by operating activities 1,101 949 1,035
Cash flows from investing activities:      
Purchases of property, plant and equipment (415) (305) (489)
Proceeds from sale of power plants and other(2) [3] 11 162 179
Return of investment from unconsolidated subsidiaries 18 0 0
Other (6) 43 27
Net cash used in investing activities (392) (211) (1,959)
Cash flows from financing activities:      
Borrowings under CCFC Term Loan and First Lien Term Loans 0 1,395 1,101
Repayments of CCFC Term Loans and First Lien Term Loans (41) (2,150) (1,231)
Borrowings under First Lien Notes 0 560 625
Repurchases of Senior Unsecured and First Lien Notes (355) (453) (120)
Proceeds from Lines of Credit 355 25 0
Repayments of Lines of Credit (325) (25) 0
Borrowings from project financing, notes payable and other 220 0 458
Repayments of project financing, notes payable and other (470) (174) (364)
Distribution to noncontrolling interest holder (9) (12) (9)
Financing costs (18) (60) (63)
Stock repurchases (79) 0 0
Proceeds from exercises of stock options 0 0 1
Shares repurchased for tax withholding on stock-based awards (7) (7) (6)
Dividends [4] (20) 0 0
Other 3 0 4
Net cash (used in) provided by financing activities (746) (901) 396
Net decrease in cash, cash equivalents and restricted cash (37) (163) (528)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 443 [5] 606 [5] 1,134
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [5] 406 443 606
Cash paid during the period for:      
Interest, net of amounts capitalized 587 575 584
Income taxes 23 12 12
Supplemental disclosure of non-cash investing and financing activities:      
Purchase of King City Cogen Plant Lease [6] 0 15 0
Change in capital expenditures included in accounts payable 19 20 (37)
Reduction of debt due to sale of Mankato Power Plant(2) [3] 0 0 243
Long-term Debt 10,156 11,213  
Mankato [Member]      
Cash flows from investing activities:      
Proceeds from sale of power plants and other(2) [3]     407
Supplemental disclosure of non-cash investing and financing activities:      
Proceeds from Divestiture of Businesses, Net of Cash Divested     164
Granite Ridge Energy Center [Member]      
Cash flows from investing activities:      
Purchase of Granite Ridge Energy Center 0 0 (526)
Calpine Solutions [Member]      
Supplemental disclosure of non-cash investing and financing activities:      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net     800
Working Capital Adjustment to Sale Price     350
Recovered collateral subsequent to closing     250
Calpine Solutions and Champion Energy [Member]      
Cash flows from investing activities:      
Purchase of Granite Ridge Energy Center [7] $ 0 (111) $ (1,150)
King City Cogen Promissory Note [Member]      
Supplemental disclosure of non-cash investing and financing activities:      
Long-term Debt   $ 57  
[1] Includes amortization included in Commodity revenue and Commodity expense associated with intangible assets and amortization recorded in interest expense associated with debt issuance costs and discounts
[2] In addition to changes in market value on derivatives not designated as hedges, changes in mark-to-market gain (loss) also includes hedge ineffectiveness and adjustments to reflect changes in credit default risk exposure.
[3] On October 26, 2016, we completed the sale of Mankato Power Plant for $407 million, including working capital and other adjustments. We received net proceeds of $164 million after the non-cash reduction of Steamboat project debt of $243 million as the funds were provided directly to the lender in conjunction with the sale of the power plant.
[4] Subsequent to the consummation of the Merger on March 8, 2018, we paid certain Merger-related costs incurred by CPN Management, our direct parent.
[5] Our cash and cash equivalents, restricted cash, current and restricted cash, net of current portion are stated as separate line items on our Consolidated Balance Sheets
[6] On April 3, 2017, we completed the purchase of the King City Cogeneration Plant lease in exchange for a three-year promissory note with a discounted value of $57 million. We recorded a net increase to property, plant and equipment, net on our Consolidated Balance Sheet of $15 million due to the increased value of the promissory note as compared to the carrying value of the lease.
[7] On December 1, 2016, we completed the purchase of Calpine Solutions, formerly Noble Solutions, along with a swap contract for approximately $800 million plus approximately $350 million of net working capital at closing. We recovered approximately $250 million in cash subsequent to closing and prior to year end December 31, 2016.