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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended:March 31, 2020
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number: 001-15891
NRG Energy, Inc.
(Exact name of registrant as specified in its charter)

Delaware41-1724239
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification No.)

804 Carnegie Center, PrincetonNew Jersey08540
(Address of principal executive offices)(Zip Code)
(609524-4500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Exchange on Which Registered
Common Stock, par value $0.01NRGNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes       No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes       No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes       No
As of May 7, 2020, there were 244,087,060 shares of common stock outstanding, par value $0.01 per share.


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TABLE OF CONTENTS
Index


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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This Quarterly Report on Form 10-Q of NRG Energy, Inc., or NRG or the Company, includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words "believes," "projects," "anticipates," "plans," "expects," "intends," "estimates" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause NRG's actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors, risks and uncertainties include the factors described under Risk Factors, in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2019 and the following:
NRG's inability to estimate with any degree of certainty the future impact that COVID-19, any resurgence of COVID-19, or other pandemic may have on NRG's results of operations, financial position, risk exposure and liquidity;
NRG's ability to obtain and maintain retail market share;
General economic conditions, changes in the wholesale power markets and fluctuations in the cost of fuel;
Volatile power supply costs and demand for power;
Changes in law, including judicial decisions;
Hazards customary to the power production industry and power generation operations, such as fuel and electricity price volatility, unusual weather conditions, catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to fuel supply costs or availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission or gas pipeline system constraints and the possibility that NRG may not have adequate insurance to cover losses as a result of such hazards;
NRG's ability to engage in successful sales and divestitures as well as mergers and acquisitions activity;
The effectiveness of NRG's risk management policies and procedures and the ability of NRG's counterparties to satisfy their financial commitments;
Counterparties' collateral demands and other factors affecting NRG's liquidity position and financial condition;
NRG's ability to operate its businesses efficiently and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations;
NRG's ability to enter into contracts to sell power and procure fuel on acceptable terms and prices;
The liquidity and competitiveness of wholesale markets for energy commodities;
Government regulation, including changes in market rules, rates, tariffs and environmental laws;
Price mitigation strategies and other market structures employed by ISOs or RTOs that result in a failure to adequately and fairly compensate NRG's generation units;
NRG's ability to mitigate forced outage risk for units subject to capacity performance requirements in PJM, performance incentives in ISO-NE, and scarcity pricing in ERCOT;
NRG's ability to borrow funds and access capital markets, as well as NRG's substantial indebtedness and the possibility that NRG may incur additional indebtedness in the future;
Operating and financial restrictions placed on NRG and its subsidiaries that are contained in the indentures governing NRG's Senior Notes, Senior Secured Notes and Senior Credit Facility, and in debt and other agreements of certain of NRG subsidiaries and project affiliates generally;
Cyber terrorism and inadequate cybersecurity, or the occurrence of a catastrophic loss and the possibility that NRG may not have adequate insurance to cover losses resulting from such hazards or the inability of NRG's insurers to provide coverage;
NRG's ability to develop and build new power generation facilities;
NRG's ability to develop and innovate new products, as retail and wholesale markets continue to change and evolve;
NRG's ability to implement its strategy of finding ways to meet the challenges of climate change, clean air and protecting natural resources, while taking advantage of business opportunities;
NRG's ability to increase cash from operations through operational and market initiatives, corporate efficiencies, asset strategy, and a range of other programs throughout NRG to reduce costs or generate revenues;
NRG's ability to successfully evaluate investments and achieve intended financial results in new business and growth initiatives;
NRG's ability to achieve the expected benefits of its Transformation Plan;
NRG's ability to successfully integrate, realize cost savings and manage any acquired businesses; and

3

                
NRG's ability to develop and maintain successful partnering relationships as needed.
Forward-looking statements speak only as of the date they were made and NRG undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing factors that could cause NRG's actual results to differ materially from those contemplated in any forward-looking statements included in this Quarterly Report on Form 10-Q should not be construed as exhaustive.

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GLOSSARY OF TERMS
When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:
2019 Form 10-KNRG’s Annual Report on Form 10-K for the year ended December 31, 2019
2023 Term Loan FacilityThe Company's term loan facility due 2023, a component of the Senior Credit Facility, which was repaid during the second quarter of 2019
ACEAffordable Clean Energy
Agua CalienteAgua Caliente Solar Project, a 290 MW photovoltaic power station located in Yuma County, Arizona in which NRG owns 35% interest
AROAsset Retirement Obligation
ASCThe FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP
ASUAccounting Standards Updates - updates to the ASC
Average realized pricesVolume-weighted average power prices, net of average fuel costs and reflecting the impact of settled hedges
Bankruptcy CodeChapter 11 of Title 11 the U.S. Bankruptcy Code
Bankruptcy CourtUnited States Bankruptcy Court for the Southern District of Texas, Houston Division
BRABase Residual Auction
BTUBritish Thermal Unit
Business SolutionsNRG's business solutions group, which includes demand response, commodity sales, energy efficiency and energy management services
CAAClean Air Act
CAISOCalifornia Independent System Operator
CARES ActCoronavirus Aid, Relief, and Economic Security Act
CarlsbadCarlsbad Energy Center, a 528 MW natural gas-fired project located in Carlsbad, CA
CCRCoal Combustion Residuals
CDDCooling Degree Day
CDWRCalifornia Department of Water Resources
CFTCU.S. Commodity Futures Trading Commission
Chapter 11 CasesVoluntary cases commenced by the GenOn Entities under the Bankruptcy Code in the Bankruptcy Court
C&ICommercial industrial and governmental/institutional
CESClean Energy Standard
ClecoCleco Corporate Holdings LLC
CO2
Carbon Dioxide
ComEdCommonwealth Edison
CompanyNRG Energy, Inc.
Convertible Senior NotesAs of March 31, 2020, consists of NRG’s $575 million unsecured 2.75% Convertible Senior Notes due 2048
CottonwoodCottonwood Generating Station, a 1,153 MW natural gas-fueled plant
COVID-19Coronavirus Disease 2019
CPPClean Power Plan
CPUCCalifornia Public Utilities Commission
CWAClean Water Act
D.C. CircuitU.S. Court of Appeals for the District of Columbia Circuit
Distributed SolarSolar power projects that primarily sell power to customers for usage on site, or are interconnected to sell power into a local distribution grid
Economic gross marginSum of energy revenue, capacity revenue, retail revenue and other revenue, less cost of fuels and other cost of sales
EGUElectric Generating Unit
EPAU.S. Environmental Protection Agency
ERCOTElectric Reliability Council of Texas, the Independent System Operator and the regional reliability coordinator of the various electricity systems within Texas

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ESCOEnergy Service Companies
ESPPNRG Energy, Inc. Amended and Restated Employee Stock Purchase Plan
Exchange ActThe Securities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FERCFederal Energy Regulatory Commission
FGDFlue gas desulfurization
FTRsFinancial Transmission Rights
GAAPGenerally accepted accounting principles in the U.S.
GenOnGenOn Energy, Inc.
GenOn EntitiesGenOn and certain of its wholly owned subsidiaries, including GenOn Americas Generation, that filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court on June 14, 2017
GHGGreenhouse Gas
GIPGlobal Infrastructure Partners
Green Mountain EnergyGreen Mountain Energy Company
GWhGigawatt Hour
HAPHazardous Air Pollutant
HDDHeating Degree Day
Heat RateA measure of thermal efficiency computed by dividing the total BTU content of the fuel burned by the resulting kWhs generated. Heat rates can be expressed as either gross or net heat rates, depending upon whether the electricity output measured is gross or net generation. Heat rates are generally expressed as BTU per net kWh
HLWHigh-level radioactive waste
ICEIntercontinental Exchange
ISOIndependent System Operator, also referred to as RTOs
ISO-NEISO New England Inc.
IvanpahIvanpah Solar Electric Generation Station, a 393 MW solar thermal power plant located in California's Mojave Desert in which NRG owns 54.5% interest
kWhKilowatt-hour
LaGenLouisiana Generating, LLC
LIBORLondon Inter-Bank Offered Rate
LTIPsCollectively, the NRG LTIP and the NRG GenOn LTIP
Mass MarketResidential and small commercial customers
MDthThousand Dekatherms
Midwest GenerationMidwest Generation, LLC
MISOMidcontinent Independent System Operator, Inc.
MMBtuMillion British Thermal Units
MWMegawatts
MWeMegawatt equivalent
MWhSaleable megawatt hour net of internal/parasitic load megawatt-hour
NAAQSNational Ambient Air Quality Standards
NEPOOLNew England Power Pool
NERCNorth American Electric Reliability Corporation
NJBPUNew Jersey Board of Public Utilities
Net ExposureCounterparty credit exposure to NRG, net of collateral
NodalNodal Exchange is a derivatives exchange
NOLNet Operating Loss
NOxNitrogen Oxides
NPDESNational Pollutant Discharge Elimination System
NPNSNormal Purchase Normal Sale
NRCU.S. Nuclear Regulatory Commission

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NRGNRG Energy, Inc.
NRG Yield, Inc.NRG Yield, Inc., which changed its name to Clearway Energy, Inc. following the sale by NRG of NRG Yield and the Renewables Platform to GIP
Nuclear Decommissioning Trust FundNRG's nuclear decommissioning trust fund assets, which are for the Company's portion of the decommissioning of the STP, Units 1 & 2
Nuclear Waste Policy ActU.S. Nuclear Waste Policy Act of 1982
NY DECNew York Department of Environmental Conservation
NYISONew York Independent System Operator
NYMEXNew York Mercantile Exchange
NYSPSCNew York State Public Service Commission
OCI/OCLOther Comprehensive Income/(Loss)
ORDCOperating Reserve Demand Curve
PeakingUnits expected to satisfy demand requirements during the periods of greatest or peak load on a system
Petra NovaPetra Nova Parish Holdings, LLC which is 50% owned by NRG and which owns and operates a 240 MWe carbon capture system and a 78 MW cogeneration facility, and owns an equity interest in an oilfield
PG&EPG&E Corporation (NYSE: PCG) and its primary operating subsidiary, Pacific Gas and Electric Company
PipelineProjects that range from identified lead to shortlisted with an offtake, and represents a lower level of execution certainty
PJMPJM Interconnection, LLC
PM2.5Particulate Matter that has a diameter of less than 2.5 micrometers
PPAPower Purchase Agreement
PUCTPublic Utility Commission of Texas
RCEResidential Customer Equivalent is a unit of measure used by the energy industry to denote the typical annual commodity consumption by a single-family residential customer. 1 RCE represents 1,000 therms of natural gas or 10,000 kWh of electricity
RCRAResource Conservation and Recovery Act of 1976
Reliant EnergyReliant Energy Retail Services, LLC
REMANRG REMA LLC, which leases a 100% interest in the Shawville generating facility and 16.7% and 16.5% interest in the Keystone and Conemaugh generating facilities, respectively
Renewables Consists of the following projects in which NRG has an ownership interest: Agua Caliente, Ivanpah, and solar generating stations located at various NFL Stadiums
Renewables PlatformThe renewable operating and development platform sold by NRG to GIP with NRG's interest in NRG Yield, Inc.
Revolving Credit FacilityThe Company's $2.6 billion revolving credit facility, a component of the Senior Credit Facility, due 2024 was amended on May 28, 2019
RGGIRegional Greenhouse Gas Initiative
RTORegional Transmission Organization
SECU.S. Securities and Exchange Commission
Securities ActThe Securities Act of 1933, as amended
Senior Credit FacilityNRG's senior secured credit facility, comprised of the Revolving Credit Facility and the 2023 Term Loan Facility. The 2023 Term Loan Facility was repaid in the second quarter of 2019
Senior Notes
As of March 31, 2020, NRG's $3.8 billion outstanding unsecured senior notes consisting of $1.0 billion of the 7.25% senior notes due 2026, $1.23 billion of the 6.625% senior notes due 2027, $821 million of 5.75% senior notes due 2028 and $733 million of the 5.250% senior notes due 2029
Senior Secured NotesAs of March 31, 2020, NRG’s $1.1 billion outstanding Senior Secured First Lien Notes consists of $600 million of the 3.75% Senior Secured First Lien Notes due 2024 and $500 million of the 4.45% Senior Secured First Lien Notes due 2029
SNFSpent Nuclear Fuel
SO2
Sulfur Dioxide

7

                
South Central PortfolioNRG's South Central Portfolio, which owned and operated a portfolio of generation assets consisting of Bayou Cove, Big Cajun-I, Big Cajun-II, Cottonwood and Sterlington, was sold on February 4, 2019. NRG is leasing back the Cottonwood facility through May 2025
STPSouth Texas Project — nuclear generating facility located near Bay City, Texas in which NRG owns a 44% interest
STPNOCSouth Texas Project Nuclear Operating Company
TDSPTransmission/distribution service provider
Transformation PlanNRG's three-year plan announced in 2017, which includes targets related to operations and excellence, portfolio optimization, and capital structure and allocation enhancement
TWCCTexas Westmoreland Coal Co.
UPMC Thermal ProjectUniversity of Pittsburgh Medical Center thermal generating project that provides power, steam, chilled water and backup power located in Pittsburgh, PA.
U.S.United States of America
U.S. DOEU.S. Department of Energy
Utility Scale SolarSolar power projects, typically 20 MW or greater in size (on an alternating current basis), that are interconnected into the transmission or distribution grid to sell power at a wholesale level
VaRValue at Risk
VIEVariable Interest Entity
ZECsZero Emissions Credits


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PART I — FINANCIAL INFORMATION

ITEM 1 — CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Three months ended March 31,
(In millions, except for per share amounts)20202019
Operating Revenues
Total operating revenues$2,019  $2,165  
Operating Costs and Expenses
Cost of operations1,457  1,651  
Depreciation and amortization109  85  
Selling, general and administrative209  194  
Reorganization costs3  13  
Development costs3  2  
Total operating costs and expenses1,781  1,945  
Gain on sale of assets6  1  
Operating Income244  221  
Other (Expense)/Income
Equity in losses of unconsolidated affiliates(11) (21) 
Impairment losses on investments(18)   
Other income, net27  12  
Interest expense(98) (114) 
Total other expense(100) (123) 
Income from Continuing Operations Before Income Taxes144  98  
Income tax expense23  4  
Income from Continuing Operations121  94  
Income from discontinued operations, net of income tax  388  
Net Income$121  $482  
Earnings per Share
Weighted average number of common shares outstanding — basic248  278  
Income from continuing operations per weighted average common share — basic $0.49  $0.34  
Income from discontinued operations per weighted average common share — basic$  $1.39  
Earnings per Weighted Average Common Share — Basic $0.49  $1.73  
Weighted average number of common shares outstanding — diluted249  280  
Income from continuing operations per weighted average common share — diluted$0.49  $0.34  
Income from discontinued operations per weighted average common share — diluted$  $1.38  
Earnings per Weighted Average Common Share — Diluted$0.49  $1.72  
See accompanying notes to condensed consolidated financial statements.

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NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

Three months ended March 31,
(In millions)20202019
Net Income$121  $482  
Other Comprehensive Loss
Foreign currency translation adjustments(15) 1  
Defined benefit plans  (3) 
Other comprehensive loss(15) (2) 
Comprehensive Income$106  $480  
See accompanying notes to condensed consolidated financial statements.

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NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2020December 31, 2019
(In millions, except share data)(Unaudited)(Audited)
ASSETS
Current Assets
Cash and cash equivalents$759  $345  
Funds deposited by counterparties51  32  
Restricted cash8  8  
Accounts receivable, net915  1,025  
Inventory372  383  
Derivative instruments884  860  
Cash collateral paid in support of energy risk management activities200  190  
Prepayments and other current assets290  245  
Total current assets3,479  3,088  
Property, plant and equipment, net2,573  2,593  
Other Assets
Equity investments in affiliates350  388  
Operating lease right-of-use assets, net446  464  
Goodwill579  579  
Intangible assets, net769  789  
Nuclear decommissioning trust fund702  794  
Derivative instruments434  310  
Deferred income taxes3,265  3,286  
Other non-current assets225  240  
Total other assets6,770  6,850  
Total Assets$12,822  $12,531  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Current portion of long-term debt$640  $88  
Current portion of operating lease liabilities71  73  
Accounts payable708  722  
Derivative instruments832  781  
Cash collateral received in support of energy risk management activities51  32  
Accrued expenses and other current liabilities550  663  
Total current liabilities2,852  2,359  
Other Liabilities
Long-term debt5,807  5,803  
Non-current operating lease liabilities473  483  
Nuclear decommissioning reserve303  298  
Nuclear decommissioning trust liability390  487  
Derivative instruments370  322  
Deferred income taxes15  17  
Other non-current liabilities1,076  1,084  
Total other liabilities8,434  8,494  
Total Liabilities11,286  10,853  
Redeemable noncontrolling interest in subsidiaries  20  
Commitments and Contingencies
Stockholders' Equity
Common stock; $0.01 par value; 500,000,000 shares authorized; 422,979,893 and 421,890,790 shares issued and 245,623,854 and 248,996,189 shares outstanding at March 31, 2020 and December 31, 2019, respectively
4  4  
Additional paid-in-capital8,498  8,501  
Accumulated deficit(1,570) (1,616) 
Treasury stock, at cost - 177,356,039 and 172,894,601 shares at March 31, 2020 and December 31, 2019, respectively
(5,189) (5,039) 
Accumulated other comprehensive loss(207) (192) 
Total Stockholders' Equity1,536  1,658  
Total Liabilities and Stockholders' Equity$12,822  $12,531  
See accompanying notes to condensed consolidated financial statements.

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NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended March 31,
(In millions)20202019
Cash Flows from Operating Activities
Net Income$121  $482  
Income from discontinued operations, net of income tax  388  
Income from continuing operations121  94  
Adjustments to reconcile net income to cash provided by operating activities:
Distributions from and equity in losses of unconsolidated affiliates16  21  
Depreciation and amortization109  85  
Accretion of asset retirement obligations11  7  
Provision for credit losses24  26  
Amortization of nuclear fuel13  13  
Amortization of financing costs and debt discount/premiums6  7  
Loss on debt extinguishment, net1    
Amortization of emissions allowances and energy credits7  6  
Amortization of unearned equity compensation5  4  
(Gain)/loss on sale of assets and disposal of assets(14) 3  
Impairment losses18    
Changes in derivative instruments(46) (15) 
Changes in deferred income taxes and liability for uncertain tax benefits19  (2) 
Changes in collateral deposits in support of energy risk management activities9  (123) 
Changes in nuclear decommissioning trust liability8  9  
Changes in other working capital(99) (234) 
Cash provided/(used) by continuing operations208  (99) 
Cash provided by discontinued operations  8  
Net Cash Provided/(Used) by Operating Activities208  (91) 
Cash Flows from Investing Activities
Payments for acquisitions of businesses  (16) 
Capital expenditures(66) (49) 
Net purchases of emission allowances(8)   
Investments in nuclear decommissioning trust fund securities(121) (122) 
Proceeds from the sale of nuclear decommissioning trust fund securities112  113  
Proceeds from sale of assets, net of cash disposed and sale of discontinued operations, net of fees15  1,313  
Net distributions from investments in unconsolidated affiliates  4  
Contributions to discontinued operations  (44) 
Other  (1) 
Cash (used)/provided by continuing operations(68) 1,198  
Cash used by discontinued operations  (2) 
Net Cash (Used)/Provided by Investing Activities(68) 1,196  
Cash Flows from Financing Activities
Payments of dividends to common stockholders(74) (8) 
Payments for share repurchase activity(179) (783) 
Purchase of and distributions to noncontrolling interests from subsidiaries(2) (1) 
Proceeds from issuance of common stock  2  
Proceeds from issuance of long-term debt59    
Repayments of long-term debt(60) (37) 
Net proceeds from Revolving Credit Facility552    
Other(3)   
Cash provided/(used) by continuing operations293  (827) 
Cash provided by discontinued operations  43  
Net Cash Provided/(Used) by Financing Activities293  (784) 
Change in Cash from discontinued operations  49  
Net Increase in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash433  272  
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period385  613  
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period$818  $885  
See accompanying notes to condensed consolidated financial statements.

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NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)

(In millions)Common
Stock
Additional
Paid-In
Capital
Accumulated DeficitTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Stock-holders'
Equity
Balance at December 31, 2019$4  $8,501  $(1,616) $(5,039) $(192) $1,658  
Net income
121  121  
Other comprehensive loss
(15) (15) 
Repurchase of partners' equity interest in VIE
18  18  
Share repurchases
(150) (150) 
Equity-based awards activity, net
(21) (21) 
Common stock dividends and dividend equivalents declared(a)
(75) (75) 
Balance at March 31, 2020$4  $8,498  $(1,570) $(5,189) $(207) $1,536  

(In millions)Common
Stock
Additional
Paid-In
Capital
Accumulated DeficitTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Stock-holders'
Equity
Balance at December 31, 2018$4  $8,510  $(6,022) $(3,632) $(94) $(1,234) 
Net income
482  482  
Other comprehensive loss(2) (2) 
Share repurchases
(10) (739) (749) 
Equity-based awards activity, net
(32) (32) 
Issuance of common stock
5  5  
Common stock dividends and dividend equivalents declared(a)
(8) (8) 
Balance at March 31, 2019$4  $8,473  $(5,548) $(4,371) $(96) $(1,538) 
(a) Dividends per common share was $0.30 for the quarter ended March 31, 2020 and $0.03 for the quarter ended March 31, 2019

See accompanying notes to condensed consolidated financial statements.


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NRG ENERGY, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 — Nature of Business and Basis of Presentation
General
NRG Energy, Inc., or NRG or the Company, is an integrated power company built on dynamic retail brands with diverse generation assets. NRG brings the power of energy to consumers by producing and selling electricity and related products and services in major competitive power markets in the U.S. and Canada in a manner that delivers value to all of NRG's stakeholders. NRG is a customer-driven business focused on perfecting the integrated model by balancing retail load with generation supply within its deregulated markets. The Company sells energy, services, and innovative, sustainable products and services directly to retail customers under the brand names NRG, Reliant, Green Mountain Energy, Stream, and XOOM Energy, as well as other brand names owned by NRG, supported by approximately 23,000 MW of generation as of March 31, 2020.
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with the SEC's regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the condensed consolidated financial statements in the Company's 2019 Form 10-K. Interim results are not necessarily indicative of results for a full year.
In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company's consolidated financial position as of March 31, 2020, and the results of operations, comprehensive income, cash flows and statements of stockholders' equity for the three months ended March 31, 2020 and 2019.
Segments
As part of perfecting the integrated model, in which the majority of the Company’s generation serves its retail customers, the Company began managing its operations based on the combined results of the retail and wholesale generation businesses with a geographical focus in 2020. As a result, the Company changed its business segments from Retail and G