Annual report pursuant to Section 13 and 15(d)

Equity Method Investments

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Equity Method Investments
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
During the years ended December 31, 2023, 2022, and 2021 we recognized income of $141 million, $31 million, and $126 million respectively, from our equity method investments. We describe our accounting for the non-controlling equity investments in Note 2.
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, for reasons including but not limited to the investees reporting to us being on a cost basis rather than a fair value basis or due to our allocations under HLBV differing from our purchase price of the investment. 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. Our basis in equity method investments exceeds the basis reported to us by our investees by an aggregate amount of $284 million, and $531 million, as of December 31, 2023 and 2022, respectively.
Daggett Renewable HoldCo LLC
Other Investments (1)
Total
Balance Sheet in millions
As of September 30, 2023
Current assets $ 142  $ 1,114  $ 1,256 
Total assets 782  16,420  17,202 
Current liabilities 131  875  1,006 
Total liabilities 548  7,799  8,347 
Members’ equity 234  8,621  8,855 
As of December 31, 2022
Current assets —  692  692 
Total assets —  14,702  14,702 
Current liabilities —  822  822 
Total liabilities —  6,836  6,836 
Members’ equity —  7,866  7,866 
Income Statement
For the nine months ended September 30, 2023
Revenue 7  737  744 
Income (loss) from continuing operations 16  (110) (94)
Net income (loss) 16  (110) (94)
For the year ended December 31, 2022
Revenue —  528  528 
Income (loss) from continuing operations —  (406) (406)
Net income (loss) —  (406) (406)
For the year ended December 31, 2021
Revenue —  183  183 
Income (loss) from continuing operations —  (589) (589)
Net income (loss) —  (589) (589)
(1)    Represents aggregated financial statement information for investments not separately presented.