XML 73 R45.htm IDEA: XBRL DOCUMENT v3.25.3

Segments (Tables)

9 Months Ended

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)

X

- 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

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration