Quarterly report pursuant to Section 13 or 15(d)

Equity Method Investments (Tables)

v3.23.1
Equity Method Investments (Tables)
 3 Months Ended
Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
As of March 31, 2023, we held the following equity method investments:
Investment Date Investee Carrying Value
    (in millions)
Various Jupiter Equity Holdings LLC $ 536 
Various
Lighthouse Partnerships (1)
536 
Various Other investees 1,178 
Total equity method investments $ 2,250 
(1)     Represents the total of four equity investments in a portfolio of renewable assets.
The following is a summary of the consolidated balance sheets and income statements of the entities in which we have a significant equity method investment. These amounts are presented on the underlying investees’ accounting basis. In certain instances, adjustment to these equity values may be necessary in order to reflect our basis in these investments. As described in Note 2, any difference between the amount of our investment and the amount of our share of underlying equity is generally amortized over the life of the assets and liabilities to which the differences relate. Certain of our equity method investments have the unrealized mark-to-market losses on energy hedges at the project level that do not qualify for hedge accounting. These unrealized mark-to-market losses, which resulted from rising energy prices, are recorded in the revenue line of the projects’ statements of operations. As these swaps are settled, the projects will sell power at the higher market price, offsetting the loss recognized on the energy hedges.
Jupiter Equity Holdings LLC
Other Investments (1)
Total
(in millions)
Balance Sheet
As of December 31, 2022
Current assets $ 112  $ 585  $ 697 
Total assets 3,120  11,539  14,659 
Current liabilities 145  662  807 
Total liabilities 757  6,012  6,769 
Members' equity 2,363  5,527  7,890 
As of December 31, 2021
Current assets 304  610  914 
Total assets 3,416  8,652  12,068 
Current liabilities 170  746  916 
Total liabilities 668  4,496  5,164 
Members' equity 2,748  4,156  6,904 
Income Statement
For the year ended December 31, 2022
Revenue (75) 603  528 
Income (loss) from continuing operations (270) (94) (364)
Net income (loss) (270) (94) (364)
For the year ended December 31, 2021
Revenue (253) 394  141 
Income (loss) from continuing operations (450) (127) (577)
Net income (loss) (450) (127) (577)
(1)     Represents aggregated financial statement information for investments not separately presented.