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Variable Interest Entities | 9 Months Ended
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Sep. 30, 2024
Variable Interest Entity [Abstract] |
Variable Interest Entities | Variable Interest Entities At September 30, 2024 and December 31, 2023, we consolidated several VIEs or VIE groups for which we are the primary beneficiary (see Consolidated VIEs below) and had significant interests in several other VIEs for which we do not have the power to direct the entities’ activities and, accordingly, we were not the primary beneficiary (see Unconsolidated VIEs below). Consolidated and unconsolidated VIEs are aggregated to the extent that the entities have similar risk profiles. Consolidated VIEs The table below shows the carrying amounts and classification of the consolidated VIEs’ assets and liabilities included in the consolidated financial statements as of September 30, 2024 and December 31, 2023. The assets, except as noted in the footnotes to the table below, can only be used to settle obligations of the VIEs. The liabilities, except as noted in the footnotes to the table below, are such that creditors, or beneficiaries, do not have recourse to our general credit.
| September 30, 2024 |  | December 31, 2023
Cash and cash equivalents | $ | 61 |  |  | $ | 48 |
Restricted cash and cash equivalents | 51 |  |  | 47 |
Accounts receivable |  |  |
Customer accounts receivable, net | 41 |  |  | 19 |
Other accounts receivable, net | 10 |  |  | 10 |
Inventories, net |  |  |
Materials and supplies | 13 |  |  | 14 |
Other current assets | 1,811 |  |  | 1,249 |
Total current assets | 1,987 |  |  | 1,387 |
Property, plant, and equipment, net | 2,017 |  |  | 1,979 |
Other noncurrent assets | 149 |  |  | 166 |
Total noncurrent assets | 2,166 |  |  | 2,145 |
Total assets(a) | $ | 4,153 |  |  | $ | 3,532 |
Long-term debt due within one year | $ | 64 |  |  | $ | 63 |
Accounts payable and accrued expenses | 59 |  |  | 31 |
Total current liabilities | 123 |  |  | 94 |
Long-term debt | 653 |  |  | 704 |
Asset retirement obligations | 204 |  |  | 190 |
Other noncurrent liabilities | 2 |  |  | 2 |
Total noncurrent liabilities | 859 |  |  | 896 |
Total liabilities | $ | 982 |  |  | $ | 990 |
__________ (a)Our balances include unrestricted assets for current unamortized energy contract assets of $22 million and $22 million, disclosed within other current assets in the table above and noncurrent unamortized energy contract assets of $139 million and $155 million, disclosed within other noncurrent assets in the table above as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024 and December 31, 2023, our consolidated VIEs included the following:
Consolidated VIE or VIE groups: |  | Reason entity is a VIE: |  | Reason we are the primary beneficiary:
CRP - A collection of wind and solar project entities. We have a 51% equity ownership in CRP. See additional discussion below. |  | Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. |  | We conduct the operational activities.
Bluestem Wind Energy Holdings, LLC - A Tax Equity structure which is consolidated by CRP. |  | Similar structure to a limited partnership and the limited partners do not have kick out rights with respect to the general partner. |  | We conduct the operational activities.
Antelope Valley - A solar generating facility, which is 100% owned by us. Antelope Valley sells all of its output to PG&E through a PPA. |  | The PPA contract absorbs variability through a performance guarantee. |  | We conduct all activities.
NER - A bankruptcy remote, special purpose entity which is 100% owned by us, which purchases certain of our customer accounts receivable arising from the sale of retail electricity. NER’s assets will be available first and foremost to satisfy the claims of the creditors of NER. Refer to Note 6 —Accounts Receivable for additional information on the sale of receivables. |  | Equity capitalization is insufficient to support its operations. |  | We conduct all activities.
Unconsolidated VIEs Our variable interests in unconsolidated VIEs generally include equity investments and energy purchase and sale contracts. For the equity investments, the carrying amount of the investments is reflected in the Consolidated Balance Sheets in Investments. For the energy purchase and sale contracts (commercial agreements), the carrying amount of assets and liabilities in the Consolidated Balance Sheets that relate to our involvement with the VIEs are predominantly related to working capital accounts and generally represent the amounts owed by, or owed to, us for the deliveries associated with the current billing cycles under the commercial agreements. As of September 30, 2024 and December 31, 2023, we had significant unconsolidated variable interests in several VIEs for which we were not the primary beneficiary. These interests include certain equity method investments and certain commercial agreements. The following table presents summary information about our significant unconsolidated VIE entities:
| September 30, 2024 |  | December 31, 2023
| Commercial Agreement VIEs |  | Equity Investment VIEs |  | Total |  | Commercial Agreement VIEs |  | Equity Investment VIEs |  | Total
Total assets(a) | $ | 671 |  |  | $ | — |  |  | $ | 671 |  |  | $ | 704 |  |  | $ | — |  |  | $ | 704 |
Total liabilities(a) | 55 |  |  | — |  |  | 55 |  |  | 77 |  |  | — |  |  | 77 |
Other ownership interests in VIE(a) | 616 |  |  | — |  |  | 616 |  |  | 627 |  |  | — |  |  | 627 |
__________ (a)These items represent amounts on the unconsolidated VIE balance sheets, not in the Consolidated Balance Sheets. These items are included to provide information regarding the relative size of the unconsolidated VIEs. We do not have any exposure to loss as we do not have a carrying amount in the equity investment VIEs as o f September 30, 2024 and December 31, 2023. As of September 30, 2024 and December 31, 2023 the unconsolidated VIEs consist of:
Unconsolidated VIE groups: |  | Reason entity is a VIE: |  | Reason we are not the primary beneficiary:
Energy Purchase and Sale agreements - We have several energy purchase and sale agreements with generating facilities. |  | PPA contracts that absorb variability through fixed pricing. |  | We do not conduct the operational activities.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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