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Fair Value (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Fair value hierarchy for recurring measurements table | The following table presents, by level within the fair value hierarchy, the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated (in millions). For the Company’s investments in marketable debt securities, the security classes presented were determined based on the nature and risk of the security and are consistent with how the Company manages, monitors, and measures its marketable securities:
| June 30, 2025 |  | December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DEBT SECURITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |
Government debt securities | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Total debt securities | — |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
EQUITY SECURITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds | 53 |  |  | — |  |  | — |  |  | 53 |  |  | 51 |  |  | — |  |  | — |  |  | 51 |
Common stock | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 4 |  |  | — |  |  | — |  |  | 4 |
Total equity securities | 54 |  |  | — |  |  | — |  |  | 54 |  |  | 55 |  |  | — |  |  | — |  |  | 55 |
DERIVATIVES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | — |  |  | 183 |  |  | — |  |  | 183 |  |  | — |  |  | 349 |  |  | — |  |  | 349 |
Foreign currency derivatives | — |  |  | 10 |  |  | 35 |  |  | 45 |  |  | — |  |  | 9 |  |  | 52 |  |  | 61 |
Commodity derivatives | 158 |  |  | 58 |  |  | 4 |  |  | 220 |  |  | 193 |  |  | 80 |  |  | 5 |  |  | 278 |
Total derivatives — assets (1) | 158 |  |  | 251 |  |  | 39 |  |  | 448 |  |  | 193 |  |  | 438 |  |  | 57 |  |  | 688 |
TOTAL ASSETS | $ | 212 |  |  | $ | 254 |  |  | $ | 39 |  |  | $ | 505 |  |  | $ | 248 |  |  | $ | 446 |  |  | $ | 57 |  |  | $ | 751 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration (2) | $ | — |  |  | $ | — |  |  | $ | 144 |  |  | $ | 144 |  |  | $ | — |  |  | $ | — |  |  | $ | 145 |  |  | $ | 145 |
DERIVATIVES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | — |  |  | 76 |  |  | — |  |  | 76 |  |  | — |  |  | 14 |  |  | 1 |  |  | 15 |
Foreign currency derivatives | — |  |  | 25 |  |  | — |  |  | 25 |  |  | — |  |  | 18 |  |  | — |  |  | 18 |
Commodity derivatives | 197 |  |  | 31 |  |  | 26 |  |  | 254 |  |  | 185 |  |  | 44 |  |  | 26 |  |  | 255 |
Total derivatives — liabilities (1) | 197 |  |  | 132 |  |  | 26 |  |  | 355 |  |  | 185 |  |  | 76 |  |  | 27 |  |  | 288 |
TOTAL LIABILITIES | $ | 197 |  |  | $ | 132 |  |  | $ | 170 |  |  | $ | 499 |  |  | $ | 185 |  |  | $ | 76 |  |  | $ | 172 |  |  | $ | 433 |
_____________________________ (1)Includes $3 million of derivative assets reported in Current held-for-sale assets and $3 million of derivative liabilities reported in Current held-for-sale liabilities on the Condensed Consolidated Balance Sheets related to Dominican Republic Renewables as of December 31, 2024. (2)The level 3 contingent consideration is mainly related to the acquisition of Bellefield in June 2023.
Marketable Securities [Table Text Block] | The following table presents gross proceeds from the sale of available-for-sale securities for the periods indicated (in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Gross proceeds from sale of available-for-sale securities |  | $ | 1 |  |  | $ | 375 |  |  | $ | 4 |  |  | $ | 494 |
Fair Value, Net Derivative Assets (Liabilities) measured on a recurring basis, Unobservable Input Reconciliation Table | The following tables present a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2025 and 2024 (derivative balances are presented net), in millions. Transfers between Level 3 and Level 2 principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment.
| Derivative Assets and Liabilities |  |  |  |  |  |  |
Three Months Ended June 30, 2025 | Interest Rate |  |  |  | Foreign Currency |  | Commodity |  | Contingent Consideration |  | Total |  |  |
Balance at April 1, 2025 | $ | (2) |  |  |  |  | $ | 43 |  |  | $ | 2 |  |  | $ | (173) |  |  | $ | (130) |  |  |  |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  |  |  | 1 |  |  | 1 |  |  | 20 |  |  | 22 |  |  |  |
Included in other comprehensive income (loss) — derivative activity | — |  |  |  |  | 1 |  |  | (29) |  |  | — |  |  | (28) |  |  |  |
Included in regulatory (assets) liabilities | — |  |  |  |  | — |  |  | 5 |  |  | — |  |  | 5 |  |  |  |
Acquisitions | — |  |  |  |  | — |  |  | — |  |  | (11) |  |  | (11) |  |  |  |
Settlements | — |  |  |  |  | (10) |  |  | (1) |  |  | 20 |  |  | 9 |  |  |  |
Transfers of assets, net out of Level 3 | 2 |  |  |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  |  |
Balance at June 30, 2025 | $ | — |  |  |  |  | $ | 35 |  |  | $ | (22) |  |  | $ | (144) |  |  | $ | (131) |  |  |  |
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | — |  |  |  |  | $ | (6) |  |  | $ | — |  |  | $ | 20 |  |  | $ | 14 |  |  |  |
| Derivative Assets and Liabilities |  |  |  |  |  |  |
Three Months Ended June 30, 2024 | Interest Rate |  |  |  | Foreign Currency |  | Commodity |  | Contingent Consideration |  | Total |  |  |
Balance at April 1, 2024 | $ | (2) |  |  |  |  | $ | 64 |  |  | $ | (79) |  |  | $ | (158) |  |  | $ | (175) |  |  |  |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  |  |  | 4 |  |  | — |  |  | (1) |  |  | 3 |  |  |  |
Included in other comprehensive income (loss) — derivative activity | — |  |  |  |  | 2 |  |  | 4 |  |  | — |  |  | 6 |  |  |  |
Included in other comprehensive income (loss) — foreign currency translation activity | — |  |  |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  |  |
Included in regulatory (assets) liabilities | — |  |  |  |  | — |  |  | 5 |  |  | — |  |  | 5 |  |  |  |
Acquisitions | — |  |  |  |  | — |  |  | — |  |  | (5) |  |  | (5) |  |  |  |
Settlements | — |  |  |  |  | (10) |  |  | (1) |  |  | 1 |  |  | (10) |  |  |  |
Balance at June 30, 2024 | $ | (2) |  |  |  |  | $ | 60 |  |  | $ | (71) |  |  | $ | (162) |  |  | $ | (175) |  |  |  |
Total losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | — |  |  |  |  | $ | (3) |  |  | $ | — |  |  | $ | (1) |  |  | $ | (4) |  |  |  |
| Derivative Assets and Liabilities |  |  |  |  |  |  |  |
Six Months Ended June 30, 2025 | Interest Rate |  |  |  | Foreign Currency |  | Commodity |  | Contingent Consideration |  | Total |  |  |  |
Balance at January 1, 2025 | $ | (1) |  |  |  |  | $ | 52 |  |  | $ | (21) |  |  | $ | (145) |  |  | $ | (115) |  |  |  |  |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  |  |  | 2 |  |  | — |  |  | (18) |  |  | (16) |  |  |  |  |
Included in other comprehensive income (loss) — derivative activity | — |  |  |  |  | 1 |  |  | (3) |  |  | — |  |  | (2) |  |  |  |  |
Included in regulatory (assets) liabilities | — |  |  |  |  | — |  |  | 5 |  |  | — |  |  | 5 |  |  |  |  |
Acquisitions | — |  |  |  |  | — |  |  | — |  |  | (11) |  |  | (11) |  |  |  |  |
Settlements | — |  |  |  |  | (20) |  |  | (2) |  |  | 30 |  |  | 8 |  |  |  |  |
Transfers of assets (liabilities), net into Level 3 | — |  |  |  |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  |  |  |
Transfers of assets, net out of Level 3 | 1 |  |  |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  |  |  |
Balance at June 30, 2025 | $ | — |  |  |  |  | $ | 35 |  |  | $ | (22) |  |  | $ | (144) |  |  | $ | (131) |  |  |  |  |
Total losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | — |  |  |  |  | $ | (12) |  |  | $ | — |  |  | $ | (18) |  |  | $ | (30) |  |  |  |  |
| Derivative Assets and Liabilities |  |  |  |  |  |  |  |
Six Months Ended June 30, 2024 | Interest Rate |  |  |  | Foreign Currency |  | Commodity |  | Contingent Consideration |  | Total |  |  |  |
Balance at January 1, 2024 | $ | (4) |  |  |  |  | $ | 59 |  |  | $ | (110) |  |  | $ | (165) |  |  | $ | (220) |  |  |  |  |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  |  |  | 14 |  |  | 4 |  |  | 5 |  |  | 23 |  |  |  |  |
Included in other comprehensive income (loss) — derivative activity | 2 |  |  |  |  | 5 |  |  | 32 |  |  | — |  |  | 39 |  |  |  |  |
Included in regulatory (assets) liabilities | — |  |  |  |  | — |  |  | 5 |  |  | — |  |  | 5 |  |  |  |  |
Acquisitions | — |  |  |  |  | — |  |  | — |  |  | (14) |  |  | (14) |  |  |  |  |
Settlements | — |  |  |  |  | (18) |  |  | (2) |  |  | 12 |  |  | (8) |  |  |  |  |
Balance at June 30, 2024 | (2) |  |  |  |  | 60 |  |  | (71) |  |  | (162) |  |  | (175) |  |  |  |  |
Total gains for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | — |  |  |  |  | $ | — |  |  | $ | 6 |  |  | $ | 5 |  |  | $ | 11 |  |  |  |  |
Fair value schedule of Significant Unobservable Input Recurring | The following table summarizes the significant unobservable inputs used to value Level 3 derivative assets (liabilities) as of June 30, 2025 (in millions, except range amounts):
Type of Derivative |  | Fair Value |  | Unobservable Input |  |  | Amount or Range (Average)
Foreign currency: |  |  |  |  |  |  |
Argentine peso |  | $ | 35 |  |  | Argentine peso to USD currency exchange rate after one year |  |  | 1,210 to 1,520 (1,384)
Commodity: |  |  |  |  |  |  |
CAISO energy swap |  | (2) |  |  | Forward CAISO energy prices per MWh after 2031 |  |  | $13.45 to $132.30 ($68.56)
MISO energy swap |  | (25) |  |  | Forward MISO energy prices per MWh after 2031 |  |  | $22.42 to $75.68 ($43.07)
Other |  | 5 |  |  |  |  |  |
Total |  | $ | 13 |  |  |  |  |  |
Financial instruments not measured at fair value in the condensed consolidated balance sheets | The following table presents (in millions) the carrying amount, fair value, and fair value hierarchy of the Company’s financial assets and liabilities that are not measured at fair value in the Condensed Consolidated Balance Sheets as of the dates indicated, but for which fair value is disclosed:
|  | June 30, 2025
|  | Carrying Amount |  | Fair Value
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | Financing receivables (1) | $ | 893 |  |  | $ | 1,007 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,007 |
Liabilities: | Non-recourse debt | 23,865 |  |  | 24,525 |  |  | — |  |  | 22,035 |  |  | 2,490 |
| Recourse debt | 5,792 |  |  | 4,735 |  |  | — |  |  | 4,735 |  |  | — |
|  | December 31, 2024
|  | Carrying Amount |  | Fair Value
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | Financing receivables (1) | $ | 87 |  |  | $ | 171 |  |  | $ | — |  |  | $ | — |  |  | $ | 171 |
Liabilities: | Non-recourse debt | 22,743 |  |  | 23,066 |  |  | — |  |  | 20,981 |  |  | 2,085 |
| Recourse debt | 5,704 |  |  | 4,538 |  |  | — |  |  | 4,538 |  |  | — |
_____________________________ (1)These amounts primarily relate to the sale of the Redondo Beach land, payment deferrals granted to mining customers as part of our green blend agreements in Chile, fair value of the Argentine FONINVEMEM receivables, and as of June 30, 2025, the Mong Duong loan receivable. These are included in Other noncurrent assets and Loan receivable in the accompanying Condensed Consolidated Balance Sheets. See Note 5—Financing Receivables for further information.

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