Print Page  |  Close Window

SEC Filing Details

10-K
NRG ENERGY, INC. filed this Form 10-K on 03/01/2018
Entire Document
 

Liquidity and Capital Resources
Liquidity Position
As of December 31, 2017 and 2016, NRG's liquidity, excluding collateral funds deposited by counterparties, was approximately $3.2 billion and $2.4 billion, respectively, comprised of the following:
 
As of December 31,
 
2017
 
2016
 
(In millions)
Cash and cash equivalents:
 
 


NRG excluding NRG Yield
$
843

 
$
621

NRG Yield and subsidiaries
148

 
317

Restricted cash - operating
71

 
56

Restricted cash - reserves (a)
437

 
390

Total
1,499

 
1,384

Total credit facility availability
1,711

 
989

Total liquidity, excluding collateral funds deposited by counterparties
$
3,210

 
$
2,373

(a)
Includes reserves primarily for debt service, performance obligations, and capital expenditures.
For the year ended December 31, 2017, total liquidity, excluding collateral funds deposited by counterparties, increased by $837 million. Changes in cash and cash equivalent balances are further discussed hereinafter under the heading Cash Flow Discussion. Cash and cash equivalents at December 31, 2017, were predominantly held in money market funds invested in treasury securities, treasury repurchase agreements or government agency debt.
Management believes that the Company's liquidity position and cash flows from operations will be adequate to finance operating and maintenance capital expenditures, to fund dividends to NRG's common stockholders, and to fund other liquidity commitments. Management continues to regularly monitor the Company's ability to finance the needs of its operating, financing and investing activity within the dictates of prudent balance sheet management.
On July 12, 2017, NRG announced its Transformation Plan, which is described further in Item 1 — Business.
Credit Ratings
On October 6, 2017, Moody's upgraded the NRG rating outlook to positive from stable and affirmed NRG's Ba3 Corporate Family Rating.
The following table summarizes the Company's current credit ratings:
 
S&P
 
Moody's
NRG Energy, Inc. 
BB- Stable
 
Ba3 Positive
6.25% Senior Notes, due 2022
BB-
 
B1
6.25% Senior Notes, due 2024
BB-
 
B1
7.25% Senior Notes, due 2026
BB-
 
B1
6.625% Senior Notes, due 2027
BB-
 
B1
5.75% Senior Notes, due 2028
BB-
 
B1
Term Loan Facility, due 2023
BB+
 
Baa3
NRG Yield, Inc.
BB
 
Ba2
5.375% NRG Yield Operating LLC Senior Notes, due 2024
BB
 
Ba2
5.00% NRG Yield Operating LLC Senior Notes, due 2026
BB
 
Ba2



91