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Revenue (Notes)
 3 Months Ended
Mar. 31, 2024
Revenue from Contracts with Customers [Abstract]  
Revenue from Contract with Customer [Text Block] REVENUE
The following table presents our revenue from contracts with customers and other revenue for the periods indicated (in millions):
Three Months Ended March 31, 2024
Renewables SBUUtilities SBUEnergy Infrastructure SBUNew Energy Technologies SBUCorporate, Other and EliminationsTotal
Non-Regulated Revenue
Revenue from contracts with customers
$570 $19 $1,407 $— $(21)$1,975 
Other non-regulated revenue (1)
49 1 207 — — 257 
Total non-regulated revenue
619 20 1,614 — (21)2,232 
Regulated Revenue
Revenue from contracts with customers
— 847 — — — 847 
Other regulated revenue
— 6 — — — 6 
Total regulated revenue
— 853 — — — 853 
Total revenue
$619 $873 $1,614 $— $(21)$3,085 
Three Months Ended March 31, 2023
Renewables SBUUtilities SBUEnergy Infrastructure SBUNew Energy Technologies SBUCorporate, Other and EliminationsTotal
Non-Regulated Revenue
Revenue from contracts with customers$477 $17 $1,572 $74 $(25)$2,115 
Other non-regulated revenue (1)
18 2 152 — — 172 
Total non-regulated revenue495 19 1,724 74 (25)2,287 
Regulated Revenue
Revenue from contracts with customers— 944 — — — 944 
Other regulated revenue— 8 — — — 8 
Total regulated revenue— 952 — — — 952 
Total revenue$495 $971 $1,724 $74 $(25)$3,239 
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(1)         Other non-regulated revenue primarily includes lease and derivative revenue not accounted for under ASC 606.
Contract Balances — The timing of revenue recognition, billings, and cash collections results in accounts receivable and contract liabilities. The contract liabilities from contracts with customers were $335 million and $328 million as of March 31, 2024 and December 31, 2023, respectively.
During the three months ended March 31, 2024 and 2023, we recognized revenue of $46 million and $7 million, respectively, that was included in the corresponding contract liability balance at the beginning of the periods.
In June 2023, the Company closed on an agreement to terminate the PPA for the Warrior Run coal-fired power plant for total consideration of $357 million, to be paid by the offtaker through the end of the previous contract term in January 2030. Under the termination agreement, the plant will continue providing capacity through May 2024. The termination represents a contract modification under which the discounted termination payments, as well as a pre-existing contract liability, will be recognized as revenue on a straight-line basis over the remaining performance obligation period for approximately $32 million per month. On February 1, 2024, the Company executed a receivable sale agreement to transfer all of its rights, title, and interest in the remaining future cash flows under this agreement. At the time of execution, the transaction was considered a sale of future revenue under U.S. GAAP, and as such, the net proceeds of $273 million were recorded as debt. As of March 31, 2024, $267 million remains outstanding and is recorded in the current portion of Non-recourse debt on the Condensed Consolidated Balance Sheets. As of March 31, 2024, the corresponding receivables met the held-for-sale criteria and the receivable balance of $214 million, net of valuation allowance of $6 million, was classified as Current held-for-sale assets on the Condensed Consolidated Balance Sheets. See Note 18—Held-For-Sale and Dispositions for further information.
A significant financing arrangement exists for our Mong Duong plant in Vietnam. The plant was constructed under a build, operate, and transfer contract and will be transferred to the Vietnamese government after the completion of a 25-year PPA. The performance obligation to construct the facility was substantially completed in 2015. Contract consideration related to the construction, but not yet collected through the 25-year PPA, was reflected on the Condensed Consolidated Balance Sheet. As of March 31, 2024 and December 31, 2023, Mong Duong met the held-for-sale criteria and the loan receivable balance of $1 billion and $1.1 billion, net of CECL reserves of $25 million and $26 million, respectively, was classified as held-for-sale assets. Of the loan receivable balance, $111 million and $108 million, respectively, was classified as Current held-for-sale assets, and $934 million
and $962 million, respectively, was classified as Noncurrent held-for-sale assets on the Condensed Consolidated Balance Sheets.
Remaining Performance Obligations — The transaction price allocated to remaining performance obligations represents future consideration for unsatisfied (or partially unsatisfied) performance obligations at the end of the reporting period. As of March 31, 2024, the aggregate amount of transaction price allocated to remaining performance obligations was $7 million, primarily consisting of fixed consideration for the sale of renewable energy credits in long-term contracts in the U.S. We expect to recognize revenue of approximately $1 million per year between 2024 and 2028 and the remainder thereafter