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Acquisitions, Discontinued Operations and Dispositions (Tables)
 12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Collective Collateral Facilities
The Company also increased its collective collateral facilities by $3.4 billion as of the Acquisition Closing Date to meet the additional liquidity requirements related to the acquisition, as detailed in the following table:
(In millions)
Available on Acquisition Closing Date
Revolving Credit Facility commitment increase$802 
Revolving Credit Facility new tranche273
Facility agreement in connection with the sale of pre-capitalized trust securities874
Available as of December 31, 2020
Credit default swap facility150
Revolving accounts receivable financing facility750
Repurchase facility75
Bilateral letter of credit facilities475
Total Increases to Liquidity and Collateral Facilities$3,399 
Schedule of Purchase Price Allocation The purchase price is allocated as follows:
(In millions)
Current Assets
Cash and cash equivalents$152 
Funds deposited by counterparties21 
Restricted cash9 
Accounts receivable, net1,802 
Inventory106 
Derivative instruments1,014 
Cash collateral paid in support of energy risk management activities233 
Prepayments and other current assets173 
Total current assets3,510 
Property, plant and equipment, net151 
Other Assets
Goodwill(a)
1,250 
Intangible assets, net:
    Customer relationships(b)
1,277 
    Customer and supply contracts(b)
610 
    Trade names(b)
310 
    Renewable energy credits124 
Total intangible assets, net2,321 
Derivative instruments531 
Other non-current assets31 
Total other assets4,133 
Total Assets $7,794 
(In millions)
Current Liabilities
Accounts payable$1,116 
Derivative instruments1,266 
Cash collateral received in support of energy risk management activities21 
Accrued expenses and other current liabilities670 
Total current liabilities3,073 
Other Liabilities
Derivative instruments562 
Deferred income taxes 320 
Other non-current liabilities115 
Total other liabilities997 
Total Liabilities$4,070 
Direct Energy Purchase Price$3,724 
(a)Goodwill arising from the acquisition is attributed to the value of the platform acquired and the synergies expected from combining the operations of Direct Energy with NRG's existing businesses. Goodwill was allocated to the Texas, East, and West/Services/Other segments of $427 million, $648 million , and $175 million, respectively. Goodwill expected to be deductible for tax purposes is $322 million
(b)The weighted average amortization period for total amortizable intangible assets is 12 years
The following measurement period adjustments were recognized during the quarter ended December 31, 2021:
(In millions)
Assets
Prepayments and other current assets$(10)
Goodwill(7)
    Total decrease in assets$(17)
Liabilities
Accounts payable$(4)
Accrued expenses and other current liabilities(20)
Deferred income taxes(18)
   Total decrease in liabilities$(42)
Net measurement period adjustments$25 
The purchase price was allocated as follows:
(In millions)
Account receivable$98 
Accounts payable(73)
Other net current and non-current working capital5 
Marketing partnership154 
Customer relationships85 
Trade name28 
Other intangible assets26 
Goodwill (a)
6 
 Stream Purchase Price $329 
(a)Goodwill arising from the acquisition is attributed to the value of the platform acquired and the synergies expected from combining the operations of Stream Energy with NRG's existing businesses. Goodwill of $5 million and $1 million was assigned to the Texas and East segments, respectively, and is not deductible for tax purposes
Fair Values of Derivative Assets and Liabilities as of Acquisition Closing Date
The fair values of derivatives assets and liabilities as of the Acquisition Closing Date were as follows:
Fair Value
(In millions)TotalLevel 1Level 2Level 3
Derivatives assets
$1,545 $155 $1,272 $118 
Derivatives liabilities1,828 207 1,489 132 
The following tables present assets and liabilities measured and recorded at fair value on the Company's consolidated balance sheets on a recurring basis and their level within the fair value hierarchy:
 As of December 31, 2021
 Fair Value
(In millions)TotalLevel 1Level 2Level 3
Investments in securities (classified within other current and non-current assets)
$32 $15 $17 $— 
Nuclear trust fund investments: 
Cash and cash equivalents33 33 — — 
U.S. government and federal agency obligations112 111 1 — 
Federal agency mortgage-backed securities100 — 100 — 
Commercial mortgage-backed securities44 — 44 — 
Corporate debt securities122 — 122 — 
Equity securities494 494 — — 
Foreign government fixed income securities4 — 4 — 
Other trust fund investments (classified within other non-current assets):
U.S. government and federal agency obligations1 1 — — 
Derivative assets: 
Foreign exchange contracts1 — 1 — 
Commodity contracts7,139 981 5,701 457 
Measured using net asset value practical expedient:
Equity securities-nuclear trust fund investments99 
Equity securities (classified within other non-current assets)7 
Total assets
$8,188 $1,635 $5,990 $457 
Derivative liabilities: 
Foreign exchange contracts$1 $— $1 $— 
Commodity contracts
$4,798 $626 $4,008 $164 
Total liabilities$4,799 $626 $4,009 $164 
 As of December 31, 2020
 Fair Value
(In millions)TotalLevel 1Level 2Level 3
Investments in securities (classified within other current or non-current assets)$25 $10 $15 $— 
Nuclear trust fund investments:
Cash and cash equivalents23 23 — — 
U.S. government and federal agency obligations70 69 1 — 
Federal agency mortgage-backed securities89 — 89 — 
Commercial mortgage-backed securities36 — 36 — 
Corporate debt securities144 — 144 — 
Equity securities434 434 — — 
Foreign government fixed income securities7 1 6 — 
Other trust fund investments (classified within other non-current assets):
U.S. government and federal agency obligations1 1 — — 
Derivative assets:
Commodity contracts821 59 623 139 
Measured using net asset value practical expedient:
Equity securities-nuclear trust fund investments87 
Equity securities (classified within other non-current assets)8 
Total assets$1,745 $597 $914 $139 
Derivative liabilities:
Commodity contracts$884 $86 $643 $155 
Total liabilities$884 $86 $643 $155 
Business Acquisition, Pro Forma Information
The following table provides unaudited pro forma combined financial information of NRG and Direct Energy, after giving effect to the Direct Energy acquisition and related financing transactions as if they had occurred on January 1, 2019. The pro forma financial information has been prepared for illustrative and informational purposes only, and is not intended to project future operating results or indicative of what our financial performance would have been had the transactions occurred on the date assumed. No effect has been given to operating synergies.
For the Year Ended December 31,
(In millions)202120202019
Total operating revenues$26,987 $21,326 $23,673 
Income from continuing operations2,225 471 3,623 
Summary of Results of Discontinued Operations
Summarized results of South Central discontinued operations for the year ended December 31, 2019 were as follows:
(In millions)
Operating revenues$31 
Operating costs and expenses(23)
Gain from operations of discontinued components8 
Gain on disposal of discontinued operations, net of tax20 
Gain from discontinued operations, including disposal, net of tax$28 
Summarized results of NRG Yield, Inc. and Renewables Platform and Carlsbad discontinued operations for the year ended December 31, 2019 were as follows:
(In millions)
Operating revenues$19 
Operating costs and expenses(9)
Other expenses(5)
Gain/(loss) from discontinued operations, net of tax5 
Gain/(loss) on disposal of discontinued operations, net of tax265 
Income/(expense) from California property tax indemnification22 
Income/(expense) from other commitments, indemnification and fees4 
Income/(loss) on disposal of discontinued operations, net of tax291 
Income/(loss) from discontinued operations, net of tax$296