Quarterly report pursuant to Section 13 or 15(d)

Equity Method Investments (Tables)

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Equity Method Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
As of March 31, 2024, we held the following equity method investments:
Investee Carrying Value
  (in millions)
Jupiter Equity Holdings LLC $ 598 
Lighthouse Renewable HoldCo 2 LLC (1)
381 
Other equity method investments 2,284 
Total equity method investments $ 3,263 
(1)     Included in the Lighthouse Renwables Portfolio discussed below.
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
Daggett 2 Targetco LLC
Other Investments (1)
Total
(in millions)
Balance Sheet
As of December 31, 2023
Current assets $ 56  $ 44  $ 1,019  $ 1,119 
Total assets 2,955  480  15,692  19,127 
Current liabilities 202  14  790  1,006 
Total liabilities 499  203  8,166  8,868 
Members' equity 2,456  277  7,526  10,259 
As of December 31, 2022
Current assets 106  —  586  692 
Total assets 3,114  —  11,588  14,702 
Current liabilities 139  —  680  819 
Total liabilities 751  —  6,083  6,834 
Members' equity 2,363  —  5,505  7,868 
Income Statement
For the year ended December 31, 2023
Revenue 296  3  990  1,289 
Income (loss) from continuing operations 99  (4) (139) (44)
Net income (loss) 99  (4) (139) (44)
For the year ended December 31, 2022
Revenue (74) —  599  525 
Income (loss) from continuing operations (270) —  (136) (406)
Net income (loss) (270) —  (136) (406)
(1)     Represents aggregated financial statement information for investments not separately presented.