v3.26.1
Held-for-Sale and Dispositions (Notes)
3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
DISPOSITIONS AND HELD-FOR-SALE BUSINESSES HELD-FOR-SALE AND DISPOSITIONS
Held-for-Sale
JK Projects In April 2025, the Company executed an agreement to contribute the Jemeiwaa Ka’I wind projects (“JK Projects”) to two trusts. After closing the transaction, the Company will retain 51% ownership in the trusts, which will be accounted for as equity method investments. The transaction is expected to close in 2026. As a result, the JK Projects were classified as held-for-sale but did not meet the criteria to be reported as discontinued operations. Since the fair value exceeded the carrying value, no impairment was recorded. On a consolidated basis, the carrying value of the JK Projects as of March 31, 2026 was $48 million, including $20 million of intangible assets and $18 million of CWIP. The JK Projects are reported in the Renewables SBU reportable segment.
Mong Duong In November 2023, the Company entered into an agreement to sell its entire 51% ownership interest in Mong Duong 2, a coal-fired plant in Vietnam, and 51% equity interest in Mong Duong Finance Holdings B.V., an SPV accounted for as an equity affiliate (collectively "Mong Duong"). The sale was subject to regulatory approval and, as of March 31, 2025, Mong Duong was classified as held-for-sale but did not meet the criteria to be reported as discontinued operations. Since the carrying value exceeded the fair value less cost to sell, the Company recognized pre-tax impairment expense of $17 million during the three months ended March 31, 2025. The agreement expired in November 2025 and the sale did not close, therefore Mong Duong was classified as held and used as of March 31, 2026. See Note 16Asset Impairment Expense for further information. Mong Duong is reported in the Energy Infrastructure SBU reportable segment.
Dispositions
Ventanas — In January 2025, the Company completed the sale of its 100% ownership interest in Empresa Electrica Ventanas SpA and Nucleo SpA (collectively “Ventanas”), owner of a coal-fired energy generation facility in Chile, for $5 million. An immaterial loss on sale was recognized during the three months ended March 31, 2025 as a result of this transaction. The sale did not meet the criteria to be reported as discontinued operations. Prior to its sale, Ventanas was reported in the Energy Infrastructure SBU reportable segment.