Equity Method Investments

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

Equity Method Investments

During the years ended December 31, 2023, 2022, and 2021 we recognized income of $141 million, $31 million, and $126 million respectively, from our equity method investments. We describe our accounting for the non-controlling equity investments in Note 2.

The following is a summary of the consolidated balance sheets and income statements of the entities in which we have a significant equity method investment. These amounts are presented on the underlying investees’ accounting basis. In certain instances, adjustment to these equity values may be necessary in order to reflect our basis in these investments, for reasons including but not limited to the investees reporting to us being on a cost basis rather than a fair value basis or due to our allocations under HLBV differing from our purchase price of the investment. As described in Note 2, any difference between the amount of our investment and the amount of our share of underlying equity is generally amortized over the life of the assets and liabilities to which the differences relate. Our basis in equity method investments exceeds the basis reported to us by our investees by an aggregate amount of $284 million, and $531 million, as of December 31, 2023 and 2022, respectively.

	Daggett Renewable HoldCo LLC		Other Investments (1)		Total
Balance Sheet	in millions
As of September 30, 2023
Current assets	$	142	$	1,114	$	1,256
Total assets	782		16,420		17,202
Current liabilities	131		875		1,006
Total liabilities	548		7,799		8,347
Members’ equity	234		8,621		8,855
As of December 31, 2022
Current assets	—		692		692
Total assets	—		14,702		14,702
Current liabilities	—		822		822
Total liabilities	—		6,836		6,836
Members’ equity	—		7,866		7,866
Income Statement
For the nine months ended September 30, 2023
Revenue	7		737		744
Income (loss) from continuing operations	16		(110)		(94)
Net income (loss)	16		(110)		(94)
For the year ended December 31, 2022
Revenue	—		528		528
Income (loss) from continuing operations	—		(406)		(406)
Net income (loss)	—		(406)		(406)
For the year ended December 31, 2021
Revenue	—		183		183
Income (loss) from continuing operations	—		(589)		(589)
Net income (loss)	—		(589)		(589)

(1)    Represents aggregated financial statement information for investments not separately presented.