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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:September 30, 2022
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.)
910 Louisiana StreetHoustonTexas77002
(Address of principal executive offices)(Zip Code)
(713537-3000
(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 October 31, 2022, there were 230,384,205 shares of common stock outstanding, par value $0.01 per share.


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TABLE OF CONTENTS


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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," "targets" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond NRG's control, 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. Forward-looking statements are not guarantees of future results. 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, 2021 and the following:
Business uncertainties related to the integration of the operations of Direct Energy with its own;
NRG's ability to obtain and maintain retail market share;
General economic conditions, changes in the wholesale power and gas markets and fluctuations in the cost of fuel;
Volatile power and gas supply costs and demand for power and gas;
Changes in law, including judicial and regulatory 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;
The effectiveness of NRG's risk management policies and procedures and the ability of NRG's counterparties to satisfy their financial commitments;
NRG's ability to enter into contracts to sell power or gas and procure fuel on acceptable terms and prices;
NRG's inability to estimate with any degree of certainty the future impact that COVID-19, any resurgence of COVID-19 or variants thereof, or other pandemic may have on NRG's results of operations, financial position, risk exposure and liquidity;
NRG's ability to successfully integrate, realize cost savings and manage any acquired businesses;
NRG's ability to engage in successful acquisitions and divestitures, as well as other mergers and acquisitions activity;
Cyber terrorism and cybersecurity risks, data breaches or the occurrence of a catastrophic loss and the possibility that NRG may not have sufficient insurance to cover losses resulting from such hazards or the inability of NRG's insurers to provide coverage;
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;
The liquidity and competitiveness of wholesale markets for energy commodities;
Government regulation, including changes in market rules, rates, tariffs and environmental laws;
NRG's ability to develop and innovate new products, as retail and wholesale markets continue to change and evolve;
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;
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 NRG's corporate credit agreements, and in debt and other agreements of certain of NRG subsidiaries and project affiliates generally;
The ability of NRG and its counterparties to develop and build new power generation facilities;
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;

3

                                                                                                                                                    
NRG's ability to develop and maintain successful partnering relationships as needed.

In addition, unlisted factors may present significant additional obstacles to the realization of forward-looking statements. 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 except as otherwise required by applicable laws. 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:
2021 Form 10-KNRG’s Annual Report on Form 10-K for the year ended December 31, 2021
ACEAffordable Clean Energy
AESOAlberta Electric System Operator
Agua CalienteAgua Caliente Solar Project, a 290 MW photovoltaic power station located in Yuma County, Arizona in which NRG owned a 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 power pricesVolume-weighted average power prices, net of average fuel costs and reflecting the impact of settled hedges
BTUBritish Thermal Unit
BusinessNRG Business, which serves business customers
CAAClean Air Act
CAISOCalifornia Independent System Operator
CARES ActCoronavirus Aid, Relief, and Economic Security Act of 2020
CDDCooling Degree Day
CFTCU.S. Commodity Futures Trading Commission
CentricaCentrica plc
CO2
Carbon Dioxide
CompanyNRG Energy, Inc.
Convertible Senior Notes
As of September 30, 2022, consists of NRG’s $575 million unsecured 2.75% Convertible Senior Notes due 2048
CottonwoodCottonwood Generating Station, a 1,177 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
DthDekatherms
Economic gross marginSum of retail revenue, energy revenue, capacity revenue and other revenue, less cost of fuels and purchased energy 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
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.
GHGGreenhouse Gas
Green Mountain EnergyGreen Mountain Energy Company
GWGigawatts
GWhGigawatt Hour
HDDHeating Degree Day

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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
HomeNRG Home, which serves residential customers
HLWHigh-level radioactive waste
ICEIntercontinental Exchange
IESOIndependent Electricity System Operator
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
LSEsLoad Serving Entities
LTIPsCollectively, the NRG long-term incentive plan ("LTIP") and the NRG GenOn LTIP
MDthThousand Dekatherms
Midwest GenerationMidwest Generation, LLC
MISOMidcontinent Independent System Operator, Inc.
MMBtuMillion British Thermal Units
MWMegawatts
MWhSaleable megawatt hour net of internal/parasitic load megawatt-hour
NAAQSNational Ambient Air Quality Standards
NEPOOLNew England Power Pool
NERCNorth American Electric Reliability Corporation
Net ExposureCounterparty credit exposure to NRG, net of collateral
Net Revenue RateSum of retail revenues less TDSP transportation charges
NodalNodal Exchange is a derivatives exchange
NOLNet Operating Loss
NOxNitrogen Oxides
NPNSNormal Purchase Normal Sale
NRCU.S. Nuclear Regulatory Commission
NRGNRG Energy, Inc.
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
NYISONew York Independent System Operator
NYMEXNew York Mercantile Exchange
OCI/OCLOther Comprehensive Income/(Loss)
ORDCOperating Reserve Demand Curve
ORDPAOnline Reliability Deployment Price Adder
Petra NovaPetra Nova Parish Holdings, LLC
PG&EPacific Gas and Electric Company
PJMPJM Interconnection, LLC
PM2.5Particulate Matter that has a diameter of less than 2.5 micrometers
PPAPower Purchase Agreement
PUCTPublic Utility Commission of Texas
RCRAResource Conservation and Recovery Act of 1976

6

                                                                                                                                                    
Receivables Facility
NRG Receivables LLC, a bankruptcy remote, special purpose, wholly-owned indirect subsidiary of the Company's $1.0 billion accounts receivables securitization facility due 2023, which was amended on July 26, 2021 and July 26, 2022
Receivables Securitization FacilitiesCollectively, the Receivables Facility and the Repurchase Facility
Repurchase Facility
NRG's $150 million uncommitted repurchase facility related to the Receivables Facility due 2023, which was amended on July 26, 2021, February 9, 2022 and July 26, 2022
Revolving Credit FacilityThe Company's $3.7 billion revolving credit facility due 2024, was amended on May 28, 2019 and August 20, 2020
RGGIRegional Greenhouse Gas Initiative
RMR
Reliability Must-Run
RTORegional Transmission Organization, also referred to as ISOs
SECU.S. Securities and Exchange Commission
Securities ActThe Securities Act of 1933, as amended
Senior Notes
As of September 30, 2022, NRG's $4.6 billion outstanding unsecured senior notes consisting of $375 million of the 6.625% senior notes due 2027, $821 million of 5.75% senior notes due 2028, $733 million of the 5.25% senior notes due 2029, $500 million of the 3.375% senior notes due 2029, $1.0 billion of the 3.625% senior notes due 2031 and $1.1 billion of the 3.875% senior notes due 2032
Senior Secured First Lien Notes
As of September 30, 2022, NRG’s $2.5 billion outstanding Senior Secured First Lien Notes consists of $600 million of the 3.75% Senior Secured First Lien Notes due 2024, $500 million of the 2.0% Senior Secured First Lien Notes due 2025, $900 million of the 2.45% Senior Secured First Lien Notes due 2027 and $500 million of the 4.45% Senior Secured First Lien Notes due 2029
ServicesNRG Services, which primarily includes the services businesses acquired in the Direct Energy Acquisition
SNFSpent Nuclear Fuel
SO2
Sulfur Dioxide
SOFRSecured overnight financing rate
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
U.S.United States of America
U.S. DOEU.S. Department of Energy
VaRValue at Risk
VIEVariable Interest Entity
Winter Storm UriA major winter and ice storm that had widespread impacts across North America occurring in February 2021


7

                                                                                                                                                    
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 September 30,Nine months ended September 30,
(In millions, except for per share amounts)2022202120222021
Revenue
Revenue$8,510 $6,609 $23,688 $19,943 
Operating Costs and Expenses
Cost of operations (excluding depreciation and amortization shown below)7,802 3,692 18,619 13,496 
Depreciation and amortization145 199 485 569 
Impairment losses43  198 306 
Selling, general and administrative costs326 318 973 973 
Provision for credit losses52 64 103 715 
Acquisition-related transaction and integration costs8 17 26 81 
Total operating costs and expenses8,376 4,290 20,404 16,140 
Gain on sale of assets22  51 17 
Operating Income156 2,319 3,335 3,820 
Other Income/(Expense)
Equity in earnings of unconsolidated affiliates11 15  23 
Other income, net21 8 33 42 
Loss on debt extinguishment (57) (57)
Interest expense(105)(122)(313)(374)
Total other expense(73)(156)(280)(366)
Income Before Income Taxes83 2,163 3,055 3,454 
Income tax expense16 545 739 840 
Net Income$67 $1,618 $2,316 $2,614 
Income per Share
Weighted average number of common shares outstanding — basic and diluted235 245 238 245 
Income per Weighted Average Common Share —Basic and Diluted$0.29 $6.60 $9.73 $10.67 
See accompanying notes to condensed consolidated financial statements.

8

                                                                                                                                                    
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three months ended September 30,Nine months ended September 30,
(In millions)2022202120222021
Net Income$67 $1,618 $2,316 $2,614 
Other Comprehensive (Loss)/Income
Foreign currency translation adjustments(32)(11)(45)(6)
Defined benefit plans(2)1 17 20 
Other comprehensive (loss)/income(34)(10)(28)14 
Comprehensive Income$33 $1,608 $2,288 $2,628 
See accompanying notes to condensed consolidated financial statements.

9

                                                                                                                                                    
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2022December 31, 2021
(In millions, except share data)(Unaudited)(Audited)
ASSETS
Current Assets
Cash and cash equivalents$333 $250 
Funds deposited by counterparties3,134 845 
Restricted cash46 15 
Accounts receivable, net4,061 3,245 
Uplift securitization proceeds receivable from ERCOT 689 
Inventory772 498 
Derivative instruments9,938 4,613 
Cash collateral paid in support of energy risk management activities262 291 
Prepayments and other current assets417 395 
Total current assets18,963 10,841 
Property, plant and equipment, net1,598 1,688 
Other Assets
Equity investments in affiliates126 157 
Operating lease right-of-use assets, net236 271 
Goodwill1,650 1,795 
Intangible assets, net2,227 2,511 
Nuclear decommissioning trust fund789 1,008 
Derivative instruments4,914 2,527 
Deferred income taxes1,516 2,155 
Other non-current assets224 229 
Total other assets11,682 10,653 
Total Assets$32,243 $23,182 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Current portion of long-term debt and finance leases$62 $4 
Current portion of operating lease liabilities82 81 
Accounts payable2,871 2,274 
Derivative instruments6,841 3,387 
Cash collateral received in support of energy risk management activities3,134 845 
Accrued expenses and other current liabilities1,376 1,324 
Total current liabilities14,366 7,915 
Other Liabilities
Long-term debt and finance leases7,974 7,966 
Non-current operating lease liabilities197 236 
Nuclear decommissioning reserve335 321 
Nuclear decommissioning trust liability433 666 
Derivative instruments2,802 1,412 
Deferred income taxes84 73 
Other non-current liabilities922 993 
Total other liabilities12,747 11,667 
Total Liabilities27,113 19,582 
Commitments and Contingencies
Stockholders' Equity
Common stock; $0.01 par value; 500,000,000 shares authorized; 423,894,539 and 423,547,174 shares issued and 232,125,137 and 243,753,899 shares outstanding at September 30, 2022 and December 31, 2021, respectively
4 4 
Additional paid-in-capital8,450 8,531 
Retained earnings2,584 464 
Treasury stock, at cost 191,769,402 and 179,793,275 shares at September 30, 2022 and December 31, 2021, respectively
(5,754)(5,273)
Accumulated other comprehensive loss(154)(126)
Total Stockholders' Equity5,130 3,600 
Total Liabilities and Stockholders' Equity$32,243 $23,182 
See accompanying notes to condensed consolidated financial statements.

10

                                                                                                                                                    
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended September 30,
(In millions)20222021
Cash Flows from Operating Activities
Net Income$2,316 $2,614 
Adjustments to reconcile net income to cash provided by operating activities:
Distributions from and equity in earnings of unconsolidated affiliates7 8 
Depreciation and amortization485 569 
Accretion of asset retirement obligations20 21 
Provision for credit losses103 715 
Amortization of nuclear fuel42 39 
Amortization of financing costs and debt discounts17 30 
Loss on debt extinguishment 57 
Amortization of in-the-money contracts and emissions allowances122 111 
Amortization of unearned equity compensation21 16 
Net gain on sale and disposal of assets(82)(29)
Impairment losses198 306 
Changes in derivative instruments(4,480)(4,419)
Changes in deferred income taxes and liability for uncertain tax benefits688 782 
Changes in collateral deposits in support of energy risk management activities2,321 1,970 
Changes in nuclear decommissioning trust liability2 38 
Uplift securitization proceeds received from ERCOT689  
Changes in other working capital(711)(973)
Cash provided by operating activities1,758 1,855 
Cash Flows from Investing Activities
Payments for acquisitions of businesses and assets, net of cash acquired(60)(3,534)
Capital expenditures(250)(219)
Net (purchases)/sales of emission allowances(4)6 
Investments in nuclear decommissioning trust fund securities(361)(460)
Proceeds from the sale of nuclear decommissioning trust fund securities363 424 
Proceeds from sales of assets, net of cash disposed107 198 
Cash used by investing activities(205)(3,585)
Cash Flows from Financing Activities
Payments of dividends to common stockholders(252)(239)
Payments for share repurchase activity(484)(9)
Net receipts from settlement of acquired derivatives that include financing elements1,596 396 
Repayments of long-term debt and finance leases(4)(1,360)
Proceeds from issuance of long-term debt 1,100 
Payments for debt extinguishment costs (48)
Payments of debt issuance costs(1)(18)
Proceeds from issuance of common stock 1 
Cash provided/(used) by financing activities855 (177)
Effect of exchange rate changes on cash and cash equivalents(5)(2)
Net Increase/(Decrease) in Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash2,403 (1,909)
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at Beginning of Period1,110 3,930 
Cash and Cash Equivalents, Funds Deposited by Counterparties and Restricted Cash at End of Period$3,513 $2,021 
See accompanying notes to condensed consolidated financial statements.

11

                                                                                                                                                    
NRG ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(In millions)Common
Stock
Additional
Paid-In
Capital
Retained EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Stock-holders'
Equity
Balance at December 31, 2021$4 $8,531 $464 $(5,273)$(126)$3,600 
Net income
1,736 1,736 
Other comprehensive income8 8 
Share repurchases
(187)(187)
Equity-based awards activity, net(a)
2 2 
Common stock dividends and dividend equivalents declared(b)
(86)(86)
Adoption of ASU 2020-06(100)57 (43)
Balance at March 31, 2022$4 $8,433 $2,171 $(5,460)$(118)$5,030 
Net income
513 513 
Other comprehensive loss(2)(2)
Shares reissuance for ESPP
1 2 3 
Share repurchases
(168)(168)
Equity-based awards activity, net
8 8 
Common stock dividends and dividend equivalents declared(b)
(84)(84)
Balance at June 30, 2022$4 $8,442 $2,600 $(5,626)$(120)$5,300 
Net income
67 67 
Other comprehensive loss(34)(34)
Share repurchases
(128)(128)
Equity-based awards activity, net
8 8 
Common stock dividends and dividend equivalents declared(b)
(83)(83)
Balance at September 30, 2022$4 $8,450 $2,584 $(5,754)$(154)$5,130 

(In millions)Common
Stock
Additional
Paid-In
Capital
Accumulated DeficitTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Stock-holders'
Equity
Balance at December 31, 2020$4 $8,517 $(1,403)$(5,232)$(206)$1,680 
Net loss
(82)(82)
Other comprehensive income3 3 
Equity-based awards activity, net(a)
(5)(5)
Issuance of common stock
1 1 
Common stock dividends and dividend equivalents declared(b)
(80)(80)
Balance at March 31, 2021$4 $8,513 $(1,565)$(5,232)$(203)$1,517 
Net income
1,078 1,078 
Other comprehensive income21 21 
Shares reissuance for ESPP
2 2 
Equity-based awards activity, net
6 6 
Common stock dividends and dividend equivalents declared(b)
(80)(80)
Balance at June 30, 2021$4 $8,519 $(567)$(5,230)$(182)$2,544 
Net income
1,618 1,618 
Other comprehensive loss(10)(10)
Equity-based awards activity, net
6 6 
Common stock dividends and dividend equivalents declared(b)
(80)(80)
Balance at September 30, 2021$4 $8,525 $971 $(5,230)$(192)$4,078 
(a)Includes $(6) million and $(9) million of equivalent shares purchased in lieu of tax withholding on equity compensation issuances for the quarters ended March 31, 2022 and 2021, respectively
(b)Dividends per common share were $