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v3.23.3

Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Combinations [Abstract] |
Asset Acquisition | The following table summarizes the final amounts recognized by NEP for the estimated fair value of assets acquired and liabilities assumed in the 2023 acquisition:
| (millions)
Total consideration transferred | $ | 598 |
Identifiable assets acquired and liabilities assumed |
Cash | $ | 15 |
Accounts receivable, inventory and prepaid expenses | 17 |
Current derivative assets | 4 |
Property, plant and equipment – net | 764 |
Intangible assets – PPAs – net | 141 |
Goodwill | 21 |
Noncurrent derivative assets | 8 |
Noncurrent other assets | 5 |
Accounts payable, accrued expenses and current other liabilities | (5) |
Long-term debt | (153) |
Asset retirement obligation | (12) |
Intangible liabilities – PPAs – net | (37) |
Noncurrent other liabilities | (5) |
Noncontrolling interest | (165) |
Total net identifiable assets, at fair value | $ | 598 |
Supplemental Unaudited Pro forma Results of Operations | NEP’s pro forma results of operations in the combined entity had the 2023 acquisition been completed on January 1, 2022 are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |  |  |  |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |  |  |
| (millions)
Unaudited pro forma results of operations: |  |  |  |  |  |  |  |  |  |  |  |  |
Pro forma revenues | $ | 367 |  |  | $ | 324 |  |  | $ | 1,059 |  |  | $ | 1,010 |  |  |  |  |  |  |
Pro forma operating income | $ | 73 |  |  | $ | 59 |  |  | $ | 159 |  |  | $ | 249 |  |  |  |  |  |  |
Pro forma net income | $ | 132 |  |  | $ | 243 |  |  | $ | 77 |  |  | $ | 1,144 |  |  |  |  |  |  |
Pro forma net income attributable to NEP | $ | 53 |  |  | $ | 82 |  |  | $ | 98 |  |  | $ | 455 |  |  |  |  |  |  |
The unaudited pro forma consolidated results of operations include adjustments to: •reflect the historical results of the business acquired beginning on January 1, 2022 assuming consistent operating performance over all periods; •reflect the estimated depreciation and amortization expense based on the estimated fair value of property, plant and equipment – net, intangible assets – PPAs – net and intangible liabilities – PPAs – net; •reflect assumed interest expense related to funding the acquisition; and •reflect related income tax effects.

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- Definition Tabular disclosure of asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 15 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480123/805-50-15-3 + Details
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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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