XML 29 R17.htm IDEA: XBRL DOCUMENT
v3.26.1

Summary of Significant Accounting and Reporting Policies | 3 Months Ended
--- | ---
Mar. 31, 2026
Accounting Policies [Abstract] |
Summary of Significant Accounting and Reporting Policies | Summary of Significant Accounting and Reporting Policies Cash and Cash Equivalents – Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. XPLR primarily holds such investments in money market funds. Certain cash and cash equivalents are held at the project level for, among other things, debt service and other operational needs. At March 31, 2026 and December 31, 2025, approximately $332 million and $334 million, respectively, relates to cash and cash equivalents held at the project level. Restricted Cash – A t March 31, 2026 and December 31, 2025, XPLR had approximately $58 million and $62 million, respectively, of restricted cash included in current other assets on XPLR's condensed consolidated balance sheets. Restricted cash at March 31, 2026 and December 31, 2025 is primarily related to an operating cash reserve. Restricted cash reported as current assets is recorded as such based on the anticipated use of these funds. Property, Plant and Equipment – Property, plant and equipment consists of the following:
| March 31, 2026 |  | December 31, 2025
| (millions)
Property, plant and equipment, gross | $ | 18,936 |  |  | $ | 18,878 |
Accumulated depreciation | (3,645) |  |  | (3,512) |
Property, plant and equipment – net | $ | 15,291 |  |  | $ | 15,366 |
Income Taxes – Clean energy tax credits generated during the taxable year can be transferred to an unrelated purchaser for cash and are accounted for under Accounting Standards Codification 740 – Income Taxes. Proceeds resulting from the sales of clean energy tax credits for the three months ended March 31, 2026 and 2025 of approximately $8 million and $4 million, respectively, are reported in cash received for income taxes – net within the supplemental disclosures of cash flow information on XPLR's condensed consolidated statements of cash flows. Noncontrolling Interests – At March 31, 2026, noncontrolling interests on XPLR's condensed consolidated balance sheets primarily reflect the Class B noncontrolling membership interests (the Class B noncontrolling membership interests in Genesis Holdings, XPLR Renewables III and XPLR Renewables IV owned by third parties), the differential membership interests, NEE Equity's approximately 51.2% noncontrolling ownership interest in XPLR OpCo, NEER's 50% noncontrolling ownership interest in Silver State, NEER's 33% noncontrolling ownership interest in Sunlight Renewables Holdings, NEER's 51% noncontrolling ownership interest in Emerald Breeze and a third-party's 50% noncontrolling ownership interest in Star Moon Holdings. The impact of the net income or loss attributable to the differential membership interests and the Class B noncontrolling membership interests are allocated to NEE Equity's noncontrolling ownership interest and the net income or loss attributable to XPLR based on the respective ownership percentage of XPLR OpCo. Details of the activity in noncontrolling interests are below:
|  | Class B Noncontrolling Membership Interests |  | Differential Membership Interests |  | NEE's Indirect Noncontrolling Ownership Interests(a) |  | Other Noncontrolling Ownership Interests(b) |  | Total Noncontrolling Interests
Three Months Ended March 31, 2026 |  | (millions)
Balances, December 31, 2025 |  | $ | 3,384 |  |  | $ | 2,835 |  |  | $ | 502 |  |  | $ | 988 |  |  | $ | 7,709 |
Net income (loss) attributable to noncontrolling interests |  | 53 |  |  | (157) |  |  | 2 |  |  | 21 |  |  | (81) |
Related party contributions |  | — |  |  | — |  |  | 9 |  |  | — |  |  | 9 |
Distributions, primarily to related parties |  | — |  |  | — |  |  | (11) |  |  | (14) |  |  | (25) |
Differential membership investment contributions, net of distributions |  | — |  |  | 60 |  |  | — |  |  | — |  |  | 60 |
Buyout of differential membership interest investors |  | — |  |  | (99) |  |  | (21) |  |  | — |  |  | (120) |
Payments to Class B noncontrolling interest investors |  | (20) |  |  | — |  |  | — |  |  | — |  |  | (20) |
Other – net |  | — |  |  | 1 |  |  | (2) |  |  | (1) |  |  | (2) |
Balances, March 31, 2026 |  | $ | 3,417 |  |  | $ | 2,640 |  |  | $ | 479 |  |  | $ | 994 |  |  | $ | 7,530 |
———————————— (a)Primarily reflects NEE Equity's noncontrolling interest in XPLR OpCo and NEER's noncontrolling interests in Silver State, Sunlight Renewables Holdings and Emerald Breeze. (b)Reflects a third-party's noncontrolling ownership interest in Star Moon Holdings.
|  | Class B Noncontrolling Membership Interests |  | Differential Membership Interests |  | NEE's Indirect Noncontrolling Ownership Interests(a) |  | Other Noncontrolling Ownership Interests(b) |  | Total Noncontrolling Interests
Three Months Ended March 31, 2025 |  | (millions)
Balances, December 31, 2024 |  | $ | 4,376 |  |  | $ | 3,457 |  |  | $ | 549 |  |  | $ | 1,269 |  |  | $ | 9,651 |
Net income (loss) attributable to noncontrolling interests |  | 74 |  |  | (193) |  |  | (132) |  |  | 21 |  |  | (230) |
Related party contributions |  | — |  |  | — |  |  | 5 |  |  | — |  |  | 5 |
Distributions, primarily to related parties |  | — |  |  | — |  |  | (6) |  |  | (15) |  |  | (21) |
Differential membership investment contributions, net of distributions |  | — |  |  | 73 |  |  | — |  |  | — |  |  | 73 |
Buyout of differential membership interest investors |  | — |  |  | (20) |  |  | — |  |  | — |  |  | (20) |
Payments to Class B noncontrolling interest investors |  | (21) |  |  | — |  |  | — |  |  | — |  |  | (21) |
Balances, March 31, 2025 |  | $ | 4,429 |  |  | $ | 3,317 |  |  | $ | 416 |  |  | $ | 1,275 |  |  | $ | 9,437 |
———————————— (a)Primarily reflects NEE Equity's noncontrolling interest in XPLR OpCo and NEER's noncontrolling interests in Silver State, Sunlight Renewables Holdings and Emerald Breeze. (b)Reflects a third-party's noncontrolling ownership interest in Star Moon Holdings. Segment Information – XPLR’s single reportable segment, through its ownership interest in XPLR OpCo, has a partial ownership interest in clean energy infrastructure assets and, in 2025, had an investment in natural gas pipeline assets (see Note 1). XPLR’s reportable segment derives revenues primarily from various non-affiliated parties under long-term PPAs. See Note 2 for information regarding XPLR's operating revenues. XPLR's significant segment expenses include operations and maintenance, depreciation and amortization, interest expense and income tax benefit which are reflected in XPLR's condensed consolidated statements of income (loss). XPLR's other segment items include goodwill impairment charge, taxes other than income taxes and other – net, equity in earnings of equity method investees, other – net and loss from discontinued operations, which are reflected in XPLR's condensed consolidated statements of income (loss). XPLR's additional segment information is as follows:
| Three Months Ended March 31,
| 2026 |  | 2025
| (millions)
Capital expenditures and other investments | $ | 25 |  |  | $ | 89 |
| March 31, 2026 |  | December 31, 2025
| (millions)
Property, plant and equipment – net | $ | 15,291 |  |  | $ | 15,366 |
Total assets | $ | 19,513 |  |  | $ | 19,595 |
Investments in equity method investees | $ | 615 |  |  | $ | 625 |
Sale and Co-Investment Agreement – In February 2026, XPLR OpCo entered into a sale and co-investment agreement (Agreement) with a subsidiary of NEER and in March 2026, XPLR OpCo delivered investment option exercise notices (Notices) to the NEER subsidiary electing to exercise the co-investment options under the Agreement. The Notices state that XPLR OpCo will invest for an ultimate 49% equity interest in each of four joint ventures which will each develop, construct and operate a separate battery storage project. The NEER subsidiary will ultimately own 51% of each joint venture, will be the managing member of each joint venture and will provide development and construction services to each joint venture and receive an associated fee in accordance with the Agreement. XPLR OpCo’s total commitment is estimated to be approximately $315 million. See Note 11. Under the Agreement, XPLR has agreed to sell certain of its existing interconnection assets and rights at the four operating sites to the four joint ventures. XPLR has also agreed to sell interconnection assets and rights at a fifth location directly to a subsidiary of NEER. Total cash consideration for these sales is approximately $44 million. Under the Agreement, XPLR intends to identify up to 500 MW of additional interconnection assets and rights to potentially sell to a subsidiary of NEER, but will not have the option to co-invest in battery storage projects at these locations. XPLR expects to use some or all of the proceeds from any such sales to fund a portion of its co-investments in the four joint ventures. The Agreement contains customary representations, warranties and covenants by the parties, including certain indemnification terms and mutual remedies.

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all significant accounting policies of the reporting entity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/235/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483426/235-10-50-1 + Details
Name: | us-gaap_SignificantAccountingPoliciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration