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v3.25.3

Segments (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Revenue By Segment Table | The following tables present financial information by segment for the periods indicated (in millions):
| Three Months Ended September 30, 2025
| Renewables SBU |  | Utilities SBU |  | Energy Infrastructure SBU |  | New Energy Technologies SBU |  | Total
Revenue | $ | 817 |  |  | $ | 1,105 |  |  | $ | 1,483 |  |  | $ | — |  |  | $ | 3,405 |
Corporate and other |  |  |  |  |  |  |  |  | 32 |
Eliminations |  |  |  |  |  |  |  |  | (86) |
Total Revenue |  |  |  |  |  |  |  |  | $ | 3,351 |
Less: |  |  |  |  |  |  |  |  |
Total cost of sales excluding depreciation, amortization, and accretion of AROs (1) | 458 |  |  | 775 |  |  | 1,110 |  |  | 3 |  |  |
Other segment items (2) | 63 |  |  | 90 |  |  | 72 |  |  | — |  |  |
Segment Adjusted EBITDA | $ | 296 |  |  | $ | 240 |  |  | $ | 301 |  |  | $ | (3) |  |  | $ | 834 |
Reconciliation to income from continuing operations before taxes: |  |  |  |  |  |  |  |  |
Corporate and other |  |  |  |  |  |  |  |  | (10) |
Eliminations |  |  |  |  |  |  |  |  | 6 |
Interest expense |  |  |  |  |  |  |  |  | (348) |
Interest income |  |  |  |  |  |  |  |  | 76 |
Depreciation, amortization, and accretion of AROs |  |  |  |  |  |  |  |  | (365) |
Adjusted for: |  |  |  |  |  |  |  |  |
Noncontrolling interests and redeemable stock of subsidiaries |  |  |  |  |  |  |  |  | 238 |
Income tax expense, interest expense, and depreciation, amortization, and accretion of AROs from equity affiliates |  |  |  |  |  |  |  |  | (39) |
Interest income recognized under service concession arrangements |  |  |  |  |  |  |  |  | (15) |
Unrealized derivatives, equity securities, and financial assets and liabilities gains |  |  |  |  |  |  |  |  | 20 |
Unrealized foreign currency losses |  |  |  |  |  |  |  |  | (2) |
Disposition/acquisition losses |  |  |  |  |  |  |  |  | (5) |
Impairment losses |  |  |  |  |  |  |  |  | (61) |
Loss on extinguishment of debt and troubled debt restructuring |  |  |  |  |  |  |  |  | (1) |
Income from continuing operations before taxes |  |  |  |  |  |  |  |  | $ | 328 |
_____________________________ (1)Segment-level total cost of sales excluding depreciation, amortization, and accretion of AROs is considered regularly provided to the Chief Operating Decision Maker. Total cost of sales excluding depreciation, amortization, and accretion of AROs includes items such as fuel cost, electricity purchases, transmission charges, supplies, salaries and wages, consulting costs, IT costs, market fees, insurance, and lease expense. (2)Other segment items for each reportable segment includes: Renewables SBU — earnings from equity affiliates, business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, and adjustment for noncontrolling interest expense. Utilities SBU — miscellaneous gains and losses in Other income and Other expense, earnings from equity affiliates, and adjustment for noncontrolling interest expense. Energy Infrastructure SBU — service concession interest income, earnings from equity affiliates, business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, and adjustment for noncontrolling interest expense. New Energy Technologies SBU — earnings from equity affiliates, and miscellaneous gains and losses in Other income and Other expense.
| Three Months Ended September 30, 2024
| Renewables SBU |  | Utilities SBU |  | Energy Infrastructure SBU |  | New Energy Technologies SBU |  | Total
Revenue | $ | 754 |  |  | $ | 961 |  |  | $ | 1,614 |  |  | $ | 1 |  |  | $ | 3,330 |
Corporate and other |  |  |  |  |  |  |  |  | 33 |
Eliminations |  |  |  |  |  |  |  |  | (74) |
Total Revenue |  |  |  |  |  |  |  |  | $ | 3,289 |
Less: |  |  |  |  |  |  |  |  |
Total cost of sales excluding depreciation, amortization, and accretion of AROs (1) | 462 |  |  | 678 |  |  | 1,183 |  |  | 1 |  |  |
Other segment items (2) | 78 |  |  | 60 |  |  | 141 |  |  | 7 |  |  |
Segment Adjusted EBITDA | $ | 214 |  |  | $ | 223 |  |  | $ | 290 |  |  | $ | (7) |  |  | $ | 720 |
Reconciliation to income from continuing operations before taxes: |  |  |  |  |  |  |  |  |
Corporate and other |  |  |  |  |  |  |  |  | (23) |
Eliminations |  |  |  |  |  |  |  |  | 1 |
Interest expense |  |  |  |  |  |  |  |  | (379) |
Interest income |  |  |  |  |  |  |  |  | 119 |
Depreciation, amortization, and accretion of AROs |  |  |  |  |  |  |  |  | (312) |
Adjusted for: |  |  |  |  |  |  |  |  |
Noncontrolling interests and redeemable stock of subsidiaries |  |  |  |  |  |  |  |  | 233 |
Income tax expense, interest expense, and depreciation, amortization, and accretion of AROs from equity affiliates |  |  |  |  |  |  |  |  | (31) |
Interest income recognized under service concession arrangements |  |  |  |  |  |  |  |  | (16) |
Unrealized derivatives, equity securities, and financial assets and liabilities gains |  |  |  |  |  |  |  |  | 47 |
Unrealized foreign currency losses |  |  |  |  |  |  |  |  | (7) |
Disposition/acquisition gains |  |  |  |  |  |  |  |  | 11 |
Impairment losses |  |  |  |  |  |  |  |  | (37) |
Loss on extinguishment of debt and troubled debt restructuring |  |  |  |  |  |  |  |  | (1) |
Income from continuing operations before taxes |  |  |  |  |  |  |  |  | $ | 325 |
_____________________________ (1)Segment-level total cost of sales excluding depreciation, amortization, and accretion of AROs is considered regularly provided to the Chief Operating Decision Maker. Total cost of sales excluding depreciation, amortization, and accretion of AROs includes items such as fuel cost, electricity purchases, transmission charges, supplies, salaries and wages, consulting costs, IT costs, market fees, insurance, and lease expense. (2)Other segment items for each reportable segment includes: Renewables SBU — business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense. Utilities SBU — miscellaneous gains and losses in Other income and Other expense, earnings from equity affiliates, and adjustment for noncontrolling interest expense. Energy Infrastructure SBU — service concession interest income, business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense. New Energy Technologies SBU — earnings from equity affiliates, and miscellaneous gains and losses in Other income and Other expense.
| Nine Months Ended September 30, 2025
| Renewables SBU |  | Utilities SBU |  | Energy Infrastructure SBU |  | New Energy Technologies SBU |  | Total
Revenue | $ | 2,127 |  |  | $ | 3,068 |  |  | $ | 4,109 |  |  | $ | — |  |  | $ | 9,304 |
Corporate and other |  |  |  |  |  |  |  |  | 111 |
Eliminations |  |  |  |  |  |  |  |  | (283) |
Total Revenue |  |  |  |  |  |  |  |  | $ | 9,132 |
Less: |  |  |  |  |  |  |  |  |
Total cost of sales excluding depreciation, amortization, and accretion of AROs (1) | 1,346 |  |  | 2,192 |  |  | 3,208 |  |  | 6 |  |  |
Other segment items (2) | 84 |  |  | 217 |  |  | 92 |  |  | 39 |  |  |
Segment Adjusted EBITDA | $ | 697 |  |  | $ | 659 |  |  | $ | 809 |  |  | $ | (45) |  |  | $ | 2,120 |
Reconciliation to income from continuing operations before taxes: |  |  |  |  |  |  |  |  |
Corporate and other |  |  |  |  |  |  |  |  | (23) |
Eliminations |  |  |  |  |  |  |  |  | 5 |
Interest expense |  |  |  |  |  |  |  |  | (1,042) |
Interest income |  |  |  |  |  |  |  |  | 215 |
Depreciation, amortization, and accretion of AROs |  |  |  |  |  |  |  |  | (1,056) |
Adjusted for: |  |  |  |  |  |  |  |  |
Noncontrolling interests and redeemable stock of subsidiaries |  |  |  |  |  |  |  |  | 625 |
Income tax expense, interest expense, and depreciation, amortization, and accretion of AROs from equity affiliates |  |  |  |  |  |  |  |  | (120) |
Interest income recognized under service concession arrangements |  |  |  |  |  |  |  |  | (44) |
Unrealized derivatives, equity securities, and financial assets and liabilities losses |  |  |  |  |  |  |  |  | (112) |
Unrealized foreign currency gains |  |  |  |  |  |  |  |  | 1 |
Disposition/acquisition losses |  |  |  |  |  |  |  |  | (172) |
Impairment losses |  |  |  |  |  |  |  |  | (7) |
Loss on extinguishment of debt and troubled debt restructuring |  |  |  |  |  |  |  |  | (13) |
Restructuring costs |  |  |  |  |  |  |  |  | (88) |
Income from continuing operations before taxes |  |  |  |  |  |  |  |  | $ | 289 |
_____________________________ (1)Segment-level total cost of sales excluding depreciation, amortization, and accretion of AROs is considered regularly provided to the Chief Operating Decision Maker. Total cost of sales excluding depreciation, amortization, and accretion of AROs includes items such as fuel cost, electricity purchases, transmission charges, supplies, salaries and wages, consulting costs, IT costs, market fees, insurance, and lease expense. (2)Other segment items for each reportable segment includes: Renewables SBU — earnings from equity affiliates, business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, and adjustment for noncontrolling interest expense. Utilities SBU — miscellaneous gains and losses in Other income and Other expense, earnings from equity affiliates, and adjustment for noncontrolling interest expense. Energy Infrastructure SBU — service concession interest income, earnings from equity affiliates, business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, and adjustment for noncontrolling interest expense. New Energy Technologies SBU — miscellaneous gains and losses in Other income and Other expense, earnings from equity affiliates, and business development costs.
| Nine Months Ended September 30, 2024
| Renewables SBU |  | Utilities SBU |  | Energy Infrastructure SBU |  | New Energy Technologies SBU |  | Total
Revenue | $ | 2,016 |  |  | $ | 2,730 |  |  | $ | 4,685 |  |  | $ | 1 |  |  | $ | 9,432 |
Corporate and other |  |  |  |  |  |  |  |  | 106 |
Eliminations |  |  |  |  |  |  |  |  | (222) |
Total Revenue |  |  |  |  |  |  |  |  | $ | 9,316 |
Less: |  |  |  |  |  |  |  |  |
Total cost of sales excluding depreciation, amortization, and accretion of AROs (1) | 1,326 |  |  | 1,947 |  |  | 3,433 |  |  | 5 |  |  |
Other segment items (2) | 211 |  |  | 164 |  |  | 303 |  |  | 34 |  |  |
Segment Adjusted EBITDA | $ | 479 |  |  | $ | 619 |  |  | $ | 949 |  |  | $ | (38) |  |  | $ | 2,009 |
Reconciliation to income from continuing operations before taxes: |  |  |  |  |  |  |  |  |
Corporate and other |  |  |  |  |  |  |  |  | (3) |
Eliminations |  |  |  |  |  |  |  |  | (10) |
Interest expense |  |  |  |  |  |  |  |  | (1,125) |
Interest income |  |  |  |  |  |  |  |  | 312 |
Depreciation, amortization, and accretion of AROs |  |  |  |  |  |  |  |  | (945) |
Adjusted for: |  |  |  |  |  |  |  |  |
Noncontrolling interests and redeemable stock of subsidiaries |  |  |  |  |  |  |  |  | 579 |
Income tax expense, interest expense, and depreciation, amortization, and accretion of AROs from equity affiliates |  |  |  |  |  |  |  |  | (93) |
Interest income recognized under service concession arrangements |  |  |  |  |  |  |  |  | (49) |
Unrealized derivatives, equity securities, and financial assets and liabilities gains |  |  |  |  |  |  |  |  | 185 |
Unrealized foreign currency losses |  |  |  |  |  |  |  |  | (10) |
Disposition/acquisition losses |  |  |  |  |  |  |  |  | (8) |
Impairment losses |  |  |  |  |  |  |  |  | (86) |
Loss on extinguishment of debt and troubled debt restructuring |  |  |  |  |  |  |  |  | (51) |
Income from continuing operations before taxes |  |  |  |  |  |  |  |  | $ | 705 |
_____________________________ (1)Segment-level total cost of sales excluding depreciation, amortization, and accretion of AROs is considered regularly provided to the Chief Operating Decision Maker. Total cost of sales excluding depreciation, amortization, and accretion of AROs includes items such as fuel cost, electricity purchases, transmission charges, supplies, salaries and wages, consulting costs, IT costs, market fees, insurance, and lease expense. (2)Other segment items for each reportable segment includes: Renewables SBU — business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense. Utilities SBU — miscellaneous gains and losses in Other income and Other expense, earnings from equity affiliates, and adjustment for noncontrolling interest expense. Energy Infrastructure SBU — service concession interest income, business development costs, miscellaneous gains and losses in Other income and Other expense, realized foreign currency gains and losses, earnings from equity affiliates, and adjustment for noncontrolling interest expense. New Energy Technologies SBU — earnings from equity affiliates, and miscellaneous gains and losses in Other income and Other expense. The Company uses long-lived assets as its measure of segment assets. Long-lived assets include 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 | September 30, 2025 |  | December 31, 2024
Renewables SBU | $ | 22,744 |  |  | $ | 19,151 |
Utilities SBU | 9,093 |  |  | 8,535 |
Energy Infrastructure SBU | 5,029 |  |  | 5,805 |
New Energy Technologies SBU | 27 |  |  | 22 |
Corporate and Other | 23 |  |  | 25 |
Long-Lived Assets | 36,916 |  |  | 33,538 |
Current assets | 6,820 |  |  | 6,831 |
Investments in and advances to affiliates | 1,030 |  |  | 1,124 |
Debt service reserves and other deposits | 102 |  |  | 78 |
Goodwill | 345 |  |  | 345 |
Other intangible assets | 2,016 |  |  | 1,947 |
Deferred income taxes | 404 |  |  | 365 |
Loan receivable | 781 |  |  | — |
Other noncurrent assets, excluding right-of-use assets for operating leases | 2,369 |  |  | 2,545 |
Noncurrent held-for-sale assets | — |  |  | 633 |
Total Assets | $ | 50,783 |  |  | $ | 47,406 |
Depreciation, Amortization, and Accretion of AROs | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Renewables SBU | $ | 146 |  |  | $ | 103 |  |  | $ | 413 |  |  | $ | 340 |
Utilities SBU | 133 |  |  | 119 |  |  | 388 |  |  | 342 |
Energy Infrastructure SBU | 84 |  |  | 88 |  |  | 248 |  |  | 256 |
New Energy Technologies SBU | — |  |  | — |  |  | 1 |  |  | 1 |
Corporate and Other | 2 |  |  | 2 |  |  | 6 |  |  | 6 |
Total | $ | 365 |  |  | $ | 312 |  |  | $ | 1,056 |  |  | $ | 945 |
Capital Expenditures | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Renewables SBU | $ | 1,416 |  |  | $ | 1,375 |  |  | $ | 3,472 |  |  | $ | 4,088 |
Utilities SBU | 369 |  |  | 367 |  |  | 861 |  |  | 1,229 |
Energy Infrastructure SBU | 24 |  |  | 86 |  |  | 77 |  |  | 342 |
New Energy Technologies SBU | 2 |  |  | 3 |  |  | 5 |  |  | 7 |
Corporate and Other | 4 |  |  | 10 |  |  | 7 |  |  | 28 |
Total | $ | 1,815 |  |  | $ | 1,841 |  |  | $ | 4,422 |  |  | $ | 5,694 |
Interest Income | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Renewables SBU | $ | 26 |  |  | $ | 30 |  |  | $ | 67 |  |  | $ | 90 |
Utilities SBU | 2 |  |  | 2 |  |  | 8 |  |  | 9 |
Energy Infrastructure SBU | 39 |  |  | 80 |  |  | 121 |  |  | 193 |
New Energy Technologies SBU | 2 |  |  | 2 |  |  | 6 |  |  | 5 |
Corporate and Other | 7 |  |  | 5 |  |  | 13 |  |  | 15 |
Total | $ | 76 |  |  | $ | 119 |  |  | $ | 215 |  |  | $ | 312 |
Interest Expense | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Renewables SBU | $ | 123 |  |  | $ | 99 |  |  | $ | 373 |  |  | $ | 309 |
Utilities SBU | 72 |  |  | 75 |  |  | 226 |  |  | 223 |
Energy Infrastructure SBU | 71 |  |  | 120 |  |  | 221 |  |  | 381 |
New Energy Technologies SBU | — |  |  | — |  |  | — |  |  | — |
Corporate and Other | 82 |  |  | 85 |  |  | 222 |  |  | 212 |
Total | $ | 348 |  |  | $ | 379 |  |  | $ | 1,042 |  |  | $ | 1,125 |
Net Equity in Earnings (Losses) of Affiliates | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Renewables SBU | $ | 4 |  |  | $ | 7 |  |  | $ | (11) |  |  | $ | 29 |
Utilities SBU | 2 |  |  | 1 |  |  | 6 |  |  | 4 |
Energy Infrastructure SBU | 1 |  |  | — |  |  | 8 |  |  | 5 |
New Energy Technologies SBU | (3) |  |  | (6) |  |  | (47) |  |  | (34) |
Corporate and Other | (3) |  |  | (11) |  |  | (11) |  |  | (25) |
Total | $ | 1 |  |  | $ | (9) |  |  | $ | (55) |  |  | $ | (21) |

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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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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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