Segments (Tables)

3 Months Ended

Mar. 31, 2023

The following tables present financial information by segment for the periods indicated (in millions):


	Three Months Ended March 31,
Total Revenue		2023		2022
Renewables SBU		$	495	$	420
Utilities SBU		971		859
Energy Infrastructure SBU		1,724		1,607
New Energy Technologies SBU		74		—
Corporate and Other		27		23
Eliminations		(52)		(57)
Total Revenue		$	3,239	$	2,852


	Three Months Ended March 31,
Reconciliation of Adjusted EBITDA (in millions)		2023		2022
Net income		$	189	$	171
Income tax expense		72		60
Interest expense		330		258
Interest income		(123)		(75)
Depreciation and amortization		273		270
EBITDA		$	741	$	684

Less: Adjustment for noncontrolling interests and redeemable stock of subsidiaries (1)		(170)		(156)
Less: Income taxes expense (benefit), interest expense (income) and depreciation and amortization from equity affiliates		39		34
Interest income recognized under service concession arrangements		18		19
Unrealized derivative and equity securities losses (gains)		(39)		42
Unrealized foreign currency losses (gains)		32		(18)
Disposition/acquisition losses (gains)		(3)		9
Impairment losses		9		1
Loss on extinguishment of debt		1		6

Adjusted EBITDA		$	628	$	621

_____________________________

(1)The allocation of earnings to tax equity investors from both consolidated entities and equity affiliates is removed from Adjusted EBITDA.


	Three Months Ended March 31,
Adjusted EBITDA		2023		2022
Renewables SBU		$	124	$	119
Utilities SBU		162		184
Energy Infrastructure SBU		363		354
New Energy Technologies SBU		(26)		(35)
Corporate and Other		(1)		4
Eliminations		6		(5)
Adjusted EBITDA		$	628	$	621

The Company uses long-lived assets as its measure of segment assets. Long-lived assets includes amounts recorded in Property, plant and equipment, net and right-of-use assets for operating leases recorded in Other noncurrent assets on the Condensed Consolidated Balance Sheets.


Long-Lived Assets	March 31, 2023		December 31, 2022
Renewables SBU	$	10,611	$	9,533
Utilities SBU	6,452		6,311
Energy Infrastructure SBU	7,561		7,532
New Energy Technologies SBU	1		2

Corporate and Other	15		17
Long-Lived Assets	24,640		23,395
Current assets	7,643		7,643
Investments in and advances to affiliates	768		952
Debt service reserves and other deposits	180		177
Goodwill	362		362
Other intangible assets	1,862		1,841
Deferred income taxes	324		319
Loan receivable	1,044		1,051
Other noncurrent assets, excluding right-of-use assets for operating leases	2,534		2,623
Total Assets	$	39,357	$	38,363