SEC Filings

10-K
NRG ENERGY, INC. filed this Form 10-K on 02/29/2016
Entire Document
 
                

Note 25 — Cash Flow Information
Detail of supplemental disclosures of cash flow and non-cash investing and financing information was:
 
Year Ended December 31,
 
2015
 
2014
 
2013
 
(In millions)
Interest paid, net of amount capitalized
$
1,172

 
$
1,067

 
$
836

Income taxes (refunded)/paid (a)
16

 
(6
)
 
(60
)
Consent fee paid, preferred stock

 
5

 

Non-cash investing and financing activities:
 
 
 
 
 
(Decrease)/additions to fixed assets for accrued capital expenditures
(24
)
 
87

 
405

Decrease to fixed assets for accrued grants and related tax impact

 
(711
)
 
(681
)
Issuance of shares for EME acquisition

 
(401
)
 

(a) In 2015, the net income taxes paid reflect $17 million in income taxes paid and $1 million in income tax refunds. In 2014, the net income taxes refunded are net of $15 million income taxes paid and $21 million income tax refunds. In 2013, the net income taxes refunded are net of $28 million income taxes paid and $87 million income tax refunds.
Note 26 — Guarantees
NRG and its subsidiaries enter into various contracts that include indemnification and guarantee provisions as a routine part of the Company's business activities. Examples of these contracts include asset purchases and sale agreements, commodity sale and purchase agreements, retail contracts, joint venture agreements, EPC agreements, operation and maintenance agreements, service agreements, settlement agreements, and other types of contractual agreements with vendors and other third parties, as well as affiliates. These contracts generally indemnify the counterparty for tax, environmental liability, litigation and other matters, as well as breaches of representations, warranties and covenants set forth in these agreements. The Company is obligated with respect to customer deposits associated with the Company's retail businesses. NRG has also assumed guarantees for some non-qualified benefits of existing retirees resulting from the acquisition of GenOn. In some cases, NRG's maximum potential liability cannot be estimated, since the underlying agreements contain no limits on potential liability.
In accordance with ASC 460, Guarantees, or ASC 460, NRG has estimated that the current fair value for issuing these guarantees was $3.6 million as of December 31, 2015, and the liability in this amount is included in the Company's non-current liabilities.
The following table summarizes the maximum potential exposures that can be estimated for NRG's guarantees, indemnities, and other contingent liabilities by maturity:
 
By Remaining Maturity at December 31,
 
2015
 
 
Guarantees
Under
1 Year
 
1-3 Years
 
3-5 Years
 
Over
5 Years
 
Total
 
2014 Total
 
(In millions)
Letters of credit and surety bonds
$
1,805


$
92


$


$
2


$
1,899


$
1,914

Asset sales guarantee obligations




257




257


292

Other guarantees


1




721


722


1,174

Total guarantees
$
1,805


$
93


$
257


$
723


$
2,878


$
3,380

Letters of credit and surety bonds — As of December 31, 2015, NRG and its consolidated subsidiaries were contingently obligated for a total of $1.9 billion under letters of credit and surety bonds. Most of these letters of credit and surety bonds are issued in support of the Company's obligations to perform under commodity agreements and obligations associated with future closure and maintenance of ash sites, as well as for financing or other arrangements. A majority of these letters of credit and surety bonds expire within one year of issuance, and it is typical for the Company to renew them on similar terms.

207