v3.26.3
Acquisitions and Divestitures (Tables)
 9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Summary of Purchase Price The aggregate purchase price was $3.5 billion, comprised of the following:
Cash consideration$2,617 
Shares of TEC common stock issued ($0.001 par value)
2,399,998 
Closing price per share of TEC common stock on June 15, 2026$386.21 
Equity consideration$927 
Total consideration$3,544 
The following table presents revenues and earnings included in the Consolidated Statements of Operations for the entities acquired in the Cornerstone Acquisition since the acquisition date (June 15, 2026) through September 30, 2026:
Three Months Ended September 30, 2026Nine Months Ended September 30, 2026
Operating Revenues$828 $835 
Net Income (Loss) Attributable to Stockholders
291 273 
Schedule of Consideration Paid and Allocation of Purchase Price to the Fair Value The following table summarizes the provisional purchase price allocation for the identifiable assets acquired and liabilities assumed:
June 15, 2026
Cash and cash equivalents
$47 
Accounts receivable38 
Inventory31 
Other current assets12 
Property, plant and equipment4,214 
Total assets acquired$4,342 
Accounts payable and other accrued liabilities$43 
Derivative liabilities, current93 
Asset retirement obligations5 
Acquired contract liabilities151 
Deferred income taxes457 
Derivative liabilities, noncurrent49 
Total liabilities assumed$798 
Fair value of net assets acquired$3,544 
Schedule of Revenues and Earnings The aggregate purchase price was $3.5 billion, comprised of the following:
Cash consideration$2,617 
Shares of TEC common stock issued ($0.001 par value)
2,399,998 
Closing price per share of TEC common stock on June 15, 2026$386.21 
Equity consideration$927 
Total consideration$3,544 
The following table presents revenues and earnings included in the Consolidated Statements of Operations for the entities acquired in the Cornerstone Acquisition since the acquisition date (June 15, 2026) through September 30, 2026:
Three Months Ended September 30, 2026Nine Months Ended September 30, 2026
Operating Revenues$828 $835 
Net Income (Loss) Attributable to Stockholders
291 273 
Schedule of Unaudited Pro Forma Financial Information The following unaudited pro forma financial information for the three and nine months ended September 30, 2026 and 2025 assumes the Cornerstone Acquisition occurred on January 1, 2025. The unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of the results of operations that would have occurred had the Cornerstone Acquisition been completed on January 1, 2025, nor is the unaudited pro forma financial information indicative of future results of operations.
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Operating Revenues$1,327 $1,068 $3,597 $2,356 
Net Income (Loss) Attributable to Stockholders
140 210 135 (36)
Schedule of Acquired Contract Liabilities, Future Amortization Expense
20282029203020312032
Thereafter (a)
Total
Estimated amortization of acquired contract liabilities
$18 $29 $29 $24 $21 $30 $151 
__________________
(a)Contractual maturities through 2034.