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v3.23.1

Segments (Tables) | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
Revenue By Segment Table | 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 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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