XML 106 R46.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision From Continuing Operations

The income tax provision consisted of the following amounts:

			Year Ended December 31,
			2024						2023						2022
			(In millions)
Current
U.S. Federal			$	1					$	(13)					$	—
State			4						(2)						28
Total — current			5						(15)						28
Deferred
U.S. Federal			$	22					$	13					$	150
State			3						—						44
Total — deferred			25						13						194
Total income tax expense (benefit)			$	30					$	(2)					$	222

Schedule of Reconciliation of the U.S. Federal Statutory Rate to the Company's Effective Rate

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the year ended December 31, 2024 in accordance with the guidance in ASU No. 2023-09:

			Year Ended December 31,
			2024
			(In millions, except percentages)
Loss Before Income Taxes			$	(33)
Tax at 21%			(7)						21.0		%
State taxes, net of federal benefit (a)			6						(18.2)		%
Tax credits			(4)						12.1		%
Nontaxable/nondeductible items:
HLBV impact			32						(96.9)		%
Employee share-based payments			2						(6.0)		%
Other			1						(2.9)		%
Income tax expense			$	30					(90.9)		%
Effective income tax rate			(90.9)		%

(a) State taxes in California made up the majority of the tax effect in this category.

The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the years ended December 31, 2023 and 2022 in accordance with the guidance prior to the adoption of ASU 2023-09:

			Year Ended December 31,
			2023						2022
			(In millions, except percentages)
(Loss) Income Before Income Taxes			$	(16)					$	1,282
Tax at 21%			(3)						269
State taxes, net of federal benefit			(2)						58
Impact of non-taxable partnership earnings (losses)			21						(101)
Valuation allowance			3						—
Investment tax credits			(1)						—
Production tax credits (a)			(16)						(2)
Rate change			1						(2)
State taxes assessed at subsidiaries			(3)						2
Other			(2)						(2)
Income tax (benefit) expense			$	(2)					$	222
Effective income tax rate			12.5		%				17.3		%

(a) On December 6, 2023, the Company executed an agreement with a third party to sell the PTCs generated by the Alta X and Alta XI wind facilities, which resulted in a $14 million income tax benefit (reduction to income tax expense) during the year ended December 31, 2023.

Schedule of Company's Deferred Tax Assets and Liabilities

The temporary differences, which gave rise to the Company’s deferred tax balances consisted of the following:

			As of December 31,
			2024						2023
			(In millions)
Deferred tax liabilities:
Investment in projects			$	191					$	241
Total deferred tax liabilities			191						241
Deferred tax assets:
Interest expense disallowance carryforward - Investment in Projects			$	18					$	17
Production tax credits			16						15
Investment tax credits			7						6
U.S. Federal net operating loss carryforwards			58						73
State net operating loss carryforwards			7						7
Total deferred tax assets			106						118
Valuation allowance			(4)						(4)
Total deferred tax assets, net of valuation allowance			102						114
Net deferred non-current tax liability			$	(89)					$	(127)

X

- References

No definition available.

+ Details

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

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

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

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

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

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

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