Quarterly report pursuant to Section 13 or 15(d)

Equity Method Investments (Tables)

v3.23.2
Equity Method Investments (Tables)
 6 Months Ended
Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
As of June 30, 2023, we held the following equity method investments:
Investment Date Investee Carrying Value
    (in millions)
Various Jupiter Equity Holdings LLC $ 554 
Various
Lighthouse Partnerships (1)
565 
Various Other investees 1,180 
Total equity method investments $ 2,299 
(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 March 31, 2023
Current assets $ 92  $ 715  $ 807 
Total assets 3,077  12,470  15,547 
Current liabilities 113  777  890 
Total liabilities 720  6,644  7,364 
Members' equity 2,357  5,826  8,183 
As of December 31, 2022
Current assets 106  598  704 
Total assets 3,114  11,593  14,707 
Current liabilities 139  685  824 
Total liabilities 751  6,058  6,809 
Members' equity 2,363  5,535  7,898 
Income Statement
For the quarter ended March 31, 2023
Revenue 26  156  182 
Income (loss) from continuing operations (25) (59) (84)
Net income (loss) (25) (59) (84)
For the quarter ended March 31, 2022
Revenue (90) 85  (5)
Income (loss) from continuing operations (143) (93) (236)
Net income (loss) (143) (93) (236)
(1)     Represents aggregated financial statement information for investments not separately presented.