Quarterly report pursuant to Section 13 or 15(d)

Equity Method Investments (Tables)

v3.23.3
Equity Method Investments (Tables)
 9 Months Ended
Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
As of September 30, 2023, we held the following equity method investments:
Investment Date Investee Carrying Value
    (in millions)
Various Jupiter Equity Holdings LLC $ 535 
Various
Lighthouse Partnerships (1)
682 
Various Other investees 1,347 
Total equity method investments $ 2,564 
(1)     Represents the total of five 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 June 30, 2023
Current assets $ 61  $ 760  $ 821 
Total assets 3,020  12,802  15,822 
Current liabilities 130  818  948 
Total liabilities 685  6,841  7,526 
Members' equity 2,335  5,961  8,296 
As of December 31, 2022
Current assets 106  586  692 
Total assets 3,114  11,588  14,702 
Current liabilities 139  684  823 
Total liabilities 751  6,085  6,836 
Members' equity 2,363  5,503  7,866 
Income Statement
For the six months ended June 30, 2023
Revenue 59  412  471 
Income (loss) from continuing operations (27) (64) (91)
Net income (loss) (27) (64) (91)
For the six months ended June 30, 2022
Revenue (135) 239  104 
Income (loss) from continuing operations (231) (110) (341)
Net income (loss) (231) (110) (341)
(1)     Represents aggregated financial statement information for investments not separately presented.