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Segments
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segments
18. Segments
Talen’s operating segments are based on the market areas in which our generation facilities operate and reflect the manner in which our chief operating decision maker review results and allocate resources. Adjusted EBITDA is the key profit metric used to measure financial performance of each segment. Total assets or other asset metrics are not considered a key metric or reviewed by the chief operating decision makers.
“PJM” is engaged in electricity generation, marketing activities, commodity risk and fuel management within the PJM RTO or ISO markets and is comprised of Susquehanna and Talen’s natural gas and coal generation facilities.
“Other” represents a non-reportable segment that includes the operating and marketing activities of Talen Montana’s proportionate share of Colstrip in the WECC market, the operating activities of Nautilus, and other non-material operating and development activities. The “Other” segment also included the operating activities of our Texas power generation facilities in the ERCOT market prior to their disposal in May 2024. We have determined it appropriate to aggregate results of Talen’s remaining non-reportable segments and other operating activities.
“Corporate and Eliminations” represents a non-reportable segment that includes: (i) general and administrative expenses incurred by our corporate function; (ii) interest expense and other corporate activities not allocated to our operating segments; and (iii) intercompany eliminations. This grouping is presented to reconcile the reportable segments to our consolidated results.
Financial data for the segments and reconciliation to consolidated results are:
PJMOtherCorporate and EliminationsTotal
Three Months Ended September 30, 2024 (Successor)
Operating revenues$575 $96 $(21)$650 
Interest expense— — 66 66 
Capital expenditures54 3 1 58 
Adjusted EBITDA217 28 245 
Three Months Ended September 30, 2023 (Successor)
Operating revenues$343 $243 $(70)$516 
Interest expense— — 68 68 
Capital expenditures50 16 3 69 
Adjusted EBITDA168 83 251 

PJMOtherCorporate and EliminationsTotal
Nine Months Ended September 30, 2024 (Successor)
Operating revenues$1,446 $304 $(102)$1,648 
Interest expense— — 187 187 
Capital expenditures123 23 1 147 
Adjusted EBITDA592 71 663 
May 18 through September 30, 2023 (Successor)
Operating revenues$698 $213 $(94)$817 
Interest expense— — 101 101 
Capital expenditures73 26 4 103 
Adjusted EBITDA240 104 344 
January 1 through May 17, 2023 (Predecessor)
Operating revenues$1,054 $193 $(37)$1,210 
Interest expense— — 163 163 
Capital expenditures132 53 2 187 
Adjusted EBITDA688 37 725 
SuccessorPredecessor
Three Months Ended September 30, 2024Three Months Ended September 30, 2023Nine Months Ended September 30, 2024May 18 through September 30, 2023January 1 through May 17, 2023
Adjusted EBITDA:
PJM$217 $168 $592 $240 $688 
Other28 83 71 104 37 
Total Segment Adjusted EBITDA$245 $251 $663 $344 $725 
Reconciling Items:
Interest expense and other finance charges(66)(68)(187)(101)(163)
Income tax benefit (expense)(11)16 (192)(3)(212)
Depreciation, amortization and accretion(75)(66)(225)(94)(200)
Nuclear fuel amortization(30)(47)(93)(72)(33)
Reorganization gain (loss), net— — — — 799 
Unrealized (gain) loss on commodity derivative contracts102 (84)58 (43)(63)
Nuclear decommissioning trust funds gain (loss), net67 (24)169 15 57 
Stock-based compensation expense(8)(9)(24)(11)— 
Long-term incentive compensation expense(3)— (19)— — 
Gain (loss) on asset sales, net— — 885 — 50 
Non-cash impairments— (2)— (2)(381)
Operational and other restructuring activities(40)(4)(61)(30)(17)
Development expenses(1)(5)(1)(7)(10)
Non-cash inventory net realizable value, obsolescence, and other charges(2)2 (5)(1)(56)
Noncontrolling interest3 14 21 22 14 
Other items2 (23)13 (21)(15)
Corporate and Eliminations(15)(27)(57)(41)(30)
Net Income (Loss)$168 $(76)$945 $(45)$465