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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2024
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 001-36002
Clearway Energy, Inc.
(Exact name of registrant as specified in its charter)
Delaware46-1777204
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer
Identification No.)
300 Carnegie Center, Suite 300 PrincetonNew Jersey08540
(Address of principal executive offices)(Zip Code)
(609608-1525
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.01CWEN.ANew York Stock Exchange
Class C Common Stock, par value $0.01CWENNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes       No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes       No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes       No
As of April 30, 2024, there were 34,613,853 shares of Class A common stock outstanding, par value $0.01 per share, 42,738,750 shares of Class B common stock outstanding, par value $0.01 per share, 82,454,344 shares of Class C common stock outstanding, par value $0.01 per share, and 42,336,750 shares of Class D common stock outstanding, par value $0.01 per share.





TABLE OF CONTENTS
Index
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
GLOSSARY OF TERMS
PART I — FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS AND NOTES
ITEM 2 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ITEM 3 — QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 4 — CONTROLS AND PROCEDURES
PART II — OTHER INFORMATION
ITEM 1 — LEGAL PROCEEDINGS
ITEM 1A — RISK FACTORS
ITEM 2 — UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
ITEM 3 — DEFAULTS UPON SENIOR SECURITIES
ITEM 4 — MINE SAFETY DISCLOSURES
ITEM 5 — OTHER INFORMATION
ITEM 6 — EXHIBITS
SIGNATURES

2




CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This Quarterly Report on Form 10-Q of Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The words “believes,” “projects,” “anticipates,” “plans,” “expects,” “intends,” “estimates” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors, risks and uncertainties include the factors described under Item 1A — Risk Factors in Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as the following:
The Company’s ability to maintain and grow its quarterly dividend;
Potential risks related to the Company's relationships with CEG and its owners;
The Company’s ability to successfully identify, evaluate and consummate acquisitions from, and dispositions to, third parties;
The Company’s ability to acquire assets from CEG;
The Company’s ability to borrow additional funds and access capital markets, as well as the Company’s substantial indebtedness and the possibility that the Company may incur additional indebtedness going forward;
Changes in law, including judicial decisions;
Hazards customary to the power production industry and power generation operations such as fuel and electricity price volatility, unusual weather conditions (including wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to fuel supply costs or availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission or gas pipeline system constraints and the possibility that the Company may not have adequate insurance to cover losses as a result of such hazards;
The Company’s ability to operate its businesses efficiently, manage maintenance capital expenditures and costs effectively, and generate earnings and cash flows from its asset-based businesses in relation to its debt and other obligations;
The willingness and ability of counterparties to the Company’s offtake agreements to fulfill their obligations under such agreements;
The Company’s ability to enter into contracts to sell power and procure fuel on acceptable terms and prices;
Government regulation, including compliance with regulatory requirements and changes in market rules, rates, tariffs and environmental laws;
Operating and financial restrictions placed on the Company that are contained in the facility-level debt facilities and other agreements of certain subsidiaries and facility-level subsidiaries generally, in the Clearway Energy Operating LLC amended and restated revolving credit facility and in the indentures governing the Senior Notes; and
Cyber terrorism and inadequate cybersecurity, or the occurrence of a catastrophic loss and the possibility that the Company may not have adequate insurance to cover losses resulting from such hazards or the inability of the Company’s insurers to provide coverage.
Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause the Company’s actual results to differ materially from those contemplated in any forward-looking statements included in this Quarterly Report on Form 10-Q should not be construed as exhaustive.
3




GLOSSARY OF TERMS
When the following terms and abbreviations appear in the text of this report, they have the meanings indicated below:
2028 Senior Notes$850 million aggregate principal amount of 4.75% unsecured senior notes due 2028, issued by Clearway Energy Operating LLC
2031 Senior Notes$925 million aggregate principal amount of 3.75% unsecured senior notes due 2031, issued by Clearway Energy Operating LLC
2032 Senior Notes$350 million aggregate principal amount of 3.75% unsecured senior notes due 2032, issued by Clearway Energy Operating LLC
Adjusted EBITDAA non-GAAP measure, represents earnings before interest (including loss on debt extinguishment), tax, depreciation and amortization adjusted for mark-to-market gains or losses, asset write offs and impairments; and factors which the Company does not consider indicative of future operating performance
ASCThe FASB Accounting Standards Codification, which the FASB established as the source of authoritative GAAP
ATM ProgramAt-The-Market Equity Offering Program
BESS
Battery energy storage system
BlackRock BlackRock, Inc.
CAFD
A non-GAAP measure, Cash Available for Distribution is defined as of March 31, 2024 as Adjusted EBITDA plus cash distributions/return of investment from unconsolidated affiliates, cash receipts from notes receivable, cash distributions from noncontrolling interests, adjustments to reflect sales-type lease cash payments and payments for lease expenses, less cash distributions to noncontrolling interests, maintenance capital expenditures, pro-rata Adjusted EBITDA from unconsolidated affiliates, cash interest paid, income taxes paid, principal amortization of indebtedness, changes in prepaid and accrued capacity payments and adjusted for development expenses
CEGClearway Energy Group LLC (formerly Zephyr Renewables LLC)
CEG Master Services AgreementAmended and Restated Master Services Agreement, dated as of April 30, 2024, among the Company, Clearway Energy LLC, Clearway Energy Operating LLC and CEG
Clearway Energy LLCThe holding company through which the facilities are owned by Clearway Energy Group LLC, the holder of Class B and Class D units, and Clearway Energy, Inc., the holder of the Class A and Class C units
Clearway Energy Group LLCThe holder of all shares of the Company’s Class B and Class D common stock and Clearway Energy LLC’s Class B and Class D units and, from time to time, possibly shares of the Company’s Class A and/or Class C common stock
Clearway Energy Operating LLCThe holder of facilities that are owned by Clearway Energy LLC
Clearway RenewClearway Renew LLC, a subsidiary of CEG, and its wholly-owned subsidiaries
CompanyClearway Energy, Inc., together with its consolidated subsidiaries
CVSR California Valley Solar Ranch
CVSR Holdco CVSR Holdco LLC, the indirect owner of CVSR
Distributed SolarSolar power facilities, typically less than 20 MW in size (on an alternating current, or AC, basis), that primarily sell power produced to customers for usage on site, or are interconnected to sell power into the local distribution grid
Drop Down AssetsAssets under common control acquired by the Company from CEG
ERCOTElectric Reliability Council of Texas, the ISO and the regional reliability coordinator of the various electricity systems within Texas
Exchange ActThe Securities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
GAAPAccounting principles generally accepted in the U.S.
GenConnGenConn Energy LLC
GIMGlobal Infrastructure Management, LLC, the manager of GIP
GIP
Global Infrastructure Partners
HLBVHypothetical Liquidation at Book Value
4




IRAInflation Reduction Act of 2022
IRSInternal Revenue Service
ISOIndependent System Operator, also referred to as an RTO
ITCInvestment Tax Credit
Mesquite StarMesquite Star Special LLC
MMBtuMillion British Thermal Units
Mt. StormNedPower Mount Storm LLC
MWMegawatt
MWhSaleable megawatt hours, net of internal/parasitic load megawatt-hours
Net ExposureCounterparty credit exposure to Clearway Energy, Inc. net of collateral
NOLsNet Operating Losses
OCIOther comprehensive income
O&MOperations and Maintenance
PG&EPacific Gas and Electric Company
PJMPJM Interconnection, LLC
PPAPower Purchase Agreement
PTCProduction Tax Credit
RAResource adequacy
RENOMClearway Renewable Operation & Maintenance LLC, a wholly-owned subsidiary of CEG
Rosie Central BESSRosie BESS Devco LLC
RTORegional Transmission Organization
SCESouthern California Edison
SEC U.S. Securities and Exchange Commission
Senior NotesCollectively, the 2028 Senior Notes, the 2031 Senior Notes and the 2032 Senior Notes
SOFRSecured Overnight Financing Rate
SPPSolar Power Partners
SREC Solar Renewable Energy Credit
TotalEnergiesTotalEnergies SE
U.S.United States of America
Utah Solar PortfolioSeven utility-scale solar farms located in Utah, representing 530 MW of capacity
Utility Scale SolarSolar power facilities, typically 20 MW or greater in size (on an alternating current, or AC, basis), that are interconnected into the transmission or distribution grid to sell power at a wholesale level
VIEVariable Interest Entity
    

5




PART I — FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS
CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended March 31,
(In millions, except per share amounts)20242023
Operating Revenues
Total operating revenues$263 $288 
Operating Costs and Expenses
Cost of operations, exclusive of depreciation, amortization and accretion shown separately below126 108 
Depreciation, amortization and accretion154 128 
General and administrative11 10 
Transaction and integration costs1  
Total operating costs and expenses292 246 
Operating (Loss) Income(29)42 
Other Income (Expense)
Equity in earnings (losses) of unconsolidated affiliates12 (3)
Other income, net16 8 
Loss on debt extinguishment(1) 
Interest expense(57)(99)
Total other expense, net(30)(94)
 Loss Before Income Taxes(59)(52)
Income tax benefit(13)(12)
Net Loss(46)(40)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests(44)(40)
Net Loss Attributable to Clearway Energy, Inc.
$(2)$ 
Loss Per Share Attributable to Clearway Energy, Inc. Class A and Class C Common Stockholders
Weighted average number of Class A common shares outstanding - basic and diluted
35 35 
Weighted average number of Class C common shares outstanding - basic and diluted
82 82 
Loss Per Weighted Average Class A and Class C Common Share - Basic and Diluted
$(0.02)$ 
Dividends Per Class A Common Share $0.4033 $0.3745 
Dividends Per Class C Common Share $0.4033 $0.3745 
See accompanying notes to consolidated financial statements.
6



CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
Three months ended March 31,
(In millions)20242023
Net Loss$(46)$(40)
Other Comprehensive Loss
Unrealized loss on derivatives and changes in accumulated OCI, net of income tax benefit, of $, and $1
(1)(3)
Other comprehensive loss(1)(3)
Comprehensive Loss(47)(43)
Less: Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interests(43)(42)
Comprehensive Loss Attributable to Clearway Energy, Inc.$(4)$(1)
See accompanying notes to consolidated financial statements.
7




CLEARWAY ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except shares)March 31, 2024December 31, 2023
ASSETS(Unaudited)
Current Assets  
Cash and cash equivalents$478 $535 
Restricted cash 485 516 
Accounts receivable — trade184 171 
Inventory58 55 
Derivative instruments54 41 
Note receivable — affiliate
178 174 
Prepayments and other current assets60 68 
Total current assets1,497 1,560 
Property, plant and equipment, net 9,746 9,526 
Other Assets
Equity investments in affiliates349 360 
Intangible assets for power purchase agreements, net2,259 2,303 
Other intangible assets, net 72 71 
Derivative instruments111 82 
Right-of-use assets, net615 597 
Other non-current assets213 202 
Total other assets3,619 3,615 
Total Assets$14,862 $14,701 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Current portion of long-term debt$565 $558 
Accounts payable — trade123 130 
Accounts payable — affiliates28 31 
Derivative instruments52 51 
Accrued interest expense42 57 
Accrued expenses and other current liabilities64 79 
Total current liabilities874 906 
Other Liabilities
Long-term debt7,579 7,479 
Deferred income taxes111 127 
Derivative instruments309 281 
Long-term lease liabilities642 627 
Other non-current liabilities300 286 
Total other liabilities8,941 8,800 
Total Liabilities9,815 9,706 
Redeemable noncontrolling interest in subsidiaries2 1 
Commitments and Contingencies
Stockholders’ Equity 
Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued
  
Class A, Class B, Class C and Class D common stock, $0.01 par value; 3,000,000,000 shares authorized (Class A 500,000,000, Class B 500,000,000, Class C 1,000,000,000, Class D 1,000,000,000); 202,080,794 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,391,441, Class D 42,336,750) at March 31, 2024 and 202,080,794 shares issued and outstanding (Class A 34,613,853, Class B 42,738,750, Class C 82,391,441, Class D 42,336,750) at December 31, 2023
1 1 
Additional paid-in capital1,741 1,732 
Retained earnings311 361 
Accumulated other comprehensive income5 7 
Noncontrolling interest2,987 2,893 
Total Stockholders’ Equity5,045 4,994 
Total Liabilities and Stockholders’ Equity$14,862 $14,701 
See accompanying notes to consolidated financial statements.
8




CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended March 31,
(In millions)20242023
Cash Flows from Operating Activities
Net Loss$(46)$(40)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in (earnings) losses of unconsolidated affiliates (12)3 
Distributions from unconsolidated affiliates9 6 
Depreciation, amortization and accretion154 128 
Amortization of financing costs and debt discounts4 3 
Amortization of intangibles46 47 
Loss on debt extinguishment 1  
Reduction in carrying amount of right-of-use assets4 4 
Changes in deferred income taxes(10)(11)
Changes in derivative instruments and amortization of accumulated OCI2 3 
Cash used in changes in other working capital:
Changes in prepaid and accrued liabilities for tolling agreements (10)(39)
Changes in other working capital(61)(29)
Net Cash Provided by Operating Activities81 75 
Cash Flows from Investing Activities
Acquisition of Drop Down Assets, net of cash acquired(111)(7)
Capital expenditures(98)(88)
Return of investment from unconsolidated affiliates4 9 
Other2  
Net Cash Used in Investing Activities(203)(86)
Cash Flows from Financing Activities
Contributions from noncontrolling interests, net of distributions207 273 
Payments of dividends and distributions(81)(76)
Proceeds from the issuance of long-term debt 74 42 
Payments of debt issuance costs (7)
Payments for long-term debt(166)(204)
Net Cash Provided by Financing Activities34 28 
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash(88)17 
Cash, Cash Equivalents and Restricted Cash at Beginning of Period1,051 996 
Cash, Cash Equivalents and Restricted Cash at End of Period$963 $1,013 
See accompanying notes to consolidated financial statements.
9




CLEARWAY ENERGY, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
For the Three Months Ended March 31, 2024
(Unaudited)
(In millions)Preferred StockCommon StockAdditional
Paid-In
Capital
Retained EarningsAccumulated
Other
Comprehensive Income
Noncontrolling
Interest
Total
Stockholders’
Equity
Balances at December 31, 2023$ $1 $1,732 $361 $7 $2,893 $4,994 
Net loss— — — (2)— (45)(47)
Unrealized (loss) gain on derivatives and changes in accumulated OCI, net of tax— — — — (2)1 (1)
Distributions to CEG, net of contributions, cash— — — — — (1)(1)
Contributions from noncontrolling interests, net of distributions, cash— — — — — 215 215 
Transfers of assets under common control— — 2 — — (42)(40)
Non-cash adjustments for change in tax basis— — 6 — — — 6 
Stock-based compensation— — 1 — — — 1 
Common stock dividends and distributions to CEG unit holders— — — (47)— (34)(81)
Other— — — (1)—  (1)
Balances at March 31, 2024$ $1 $1,741 $311 $5 $2,987 $5,045 
(In millions)Preferred StockCommon StockAdditional
Paid-In
Capital
 Retained EarningsAccumulated
Other
Comprehensive Income
Noncontrolling
Interest
Total
Stockholders’
Equity
Balances at December 31, 2022$ $1 $1,761 $463 $9 $1,792 $4,026 
Net loss— — —  — (43)(43)
Unrealized loss on derivatives and changes in accumulated OCI, net of tax— — — — (1)(2)(3)
Contributions from CEG, net of distributions, cash— — — — — 30 30 
Contributions from noncontrolling interests, net of distributions, cash— — — — — 215 215 
Transfers of assets under common control— — (52)— — 46 (6)
Non-cash adjustments for change in tax basis— — 9 — — — 9 
Stock based compensation— — 1 — — — 1 
Common stock dividends and distributions to CEG unit holders— —  (44)— (32)(76)
Balances at March 31, 2023$ $1 $1,719 $419 $8 $2,006 $4,153 
See accompanying notes to consolidated financial statements.
10




CLEARWAY ENERGY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 — Nature of Business
Clearway Energy, Inc., together with its consolidated subsidiaries, or the Company, is a publicly-traded energy infrastructure investor with a focus on investments in clean energy and owner of modern, sustainable and long-term contracted assets across North America. The Company is sponsored by GIP and TotalEnergies through the portfolio company, Clearway Energy Group LLC, or CEG, which is equally owned by GIP and TotalEnergies. GIP is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. TotalEnergies is a global multi-energy company. CEG is a leading developer of renewable energy infrastructure in the U.S.
The Company is one of the largest renewable energy owners in the U.S. with approximately 6,200 net MW of installed wind, solar and battery energy storage system, or BESS, facilities. The Company’s approximately 8,700 net MW of assets also includes approximately 2,500 net MW of environmentally-sound, highly efficient natural gas-fired generation facilities. Through this environmentally-sound, diversified and primarily contracted portfolio, the Company endeavors to provide its investors with stable and growing dividend income. The majority of the Company’s revenues are derived from long-term contractual arrangements for the output or capacity from these assets.
The Company consolidates the results of Clearway Energy LLC through its controlling interest, with CEG’s interest shown as noncontrolling interest in the consolidated financial statements. The holders of the Company’s outstanding shares of Class A and Class C common stock are entitled to dividends as declared. CEG receives its distributions from Clearway Energy LLC through its ownership of Clearway Energy LLC Class B and Class D units. From time to time, CEG may also hold shares of the Company’s Class A and/or Class C common stock.
As of March 31, 2024, the Company owned 57.90% of the economic interests of Clearway Energy LLC, with CEG owning 42.10% of the economic interests of Clearway Energy LLC.
11




The following table represents a summarized structure of the Company as of March 31, 2024:
Clearway org picture as of 6.30.23 - 07.05.2023v3.jpg
Basis of Presentation
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the SEC’s regulations for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The following notes should be read in conjunction with the accounting policies and other disclosures as set forth in the notes to the consolidated financial statements included in the Company’s 2023 Form 10-K. Interim results are not necessarily indicative of results for a full year.
In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all material adjustments consisting of normal and recurring accruals necessary to present fairly the Company’s consolidated financial position as of March 31, 2024, and results of operations, comprehensive loss and cash flows for the three months ended March 31, 2024 and 2023.
Note 2 — Summary of Significant Accounting Policies
Use of Estimates
The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions. These estimates and assumptions impact the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. They also impact the reported amounts of net earnings during the reporting periods. Actual results could be different from these estimates.
12




Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include highly liquid investments with an original maturity of three months or less at the time of purchase. Cash and cash equivalents held at subsidiary facilities was $141 million and $125 million as of March 31, 2024 and December 31, 2023, respectively.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
 March 31, 2024December 31, 2023
 (In millions)
Cash and cash equivalents$478 $535 
Restricted cash485 516 
Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows$963 $1,051 
Restricted cash consists primarily of funds held to satisfy the requirements of certain debt agreements and funds held within the Company’s facilities that are restricted in their use. As of March 31, 2024, these restricted funds were comprised of $173 million designated to fund operating expenses, $187 million designated for current debt service payments and $87 million restricted for reserves including debt service, performance obligations and other reserves as well as capital expenditures. The remaining $38 million is held in distributions reserve accounts.
Supplemental Cash Flow Information
The following table provides a disaggregation of the amounts classified as Acquisition of Drop Down Assets, net of cash acquired, shown in the consolidated statements of cash flows:
Three months ended March 31,
20242023
(In millions)
Cash paid to acquire Drop Down Assets$(112)$(21)
Cash acquired from the acquisition of Drop Down Assets1 14 
Acquisition of Drop Down Assets, net of cash acquired$(111)$(7)
Accumulated Depreciation and Accumulated Amortization
The following table presents the accumulated depreciation included in property, plant and equipment, net, and accumulated amortization included in intangible assets, net:
March 31, 2024December 31, 2023
(In millions)
Property, Plant and Equipment Accumulated Depreciation $3,633 $3,485 
Intangible Assets Accumulated Amortization1,055 1,009 
Dividends to Class A and Class C Common Stockholders
The following table lists the dividends paid on the Company's Class A and Class C common stock during the three months ended March 31, 2024:
First Quarter 2024
Dividends per Class A share$0.4033 
Dividends per Class C share0.4033 
Dividends on the Class A and Class C common stock are subject to available capital, market conditions, and compliance with associated laws, regulations and other contractual obligations. The Company expects that, based on current circumstances, comparable cash dividends will continue to be paid in the foreseeable future.
On May 9, 2024, the Company declared quarterly dividends on its Class A and Class C common stock of $0.4102 per share payable on June 17, 2024 to stockholders of record as of June 3, 2024.
13




Noncontrolling Interests
Clearway Energy LLC Distributions to CEG
The following table lists distributions paid to CEG during the three months ended March 31, 2024 on Clearway Energy LLC’s Class B and D units:
First Quarter 2024
Distributions per Class B Unit $0.4033 
Distributions per Class D Unit0.4033 
On May 9, 2024, Clearway Energy LLC declared a distribution on its Class B and Class D units of $0.4102 per unit payable on June 17, 2024 to unit holders of record as of June 3, 2024.
Revenue Recognition
Disaggregated Revenues
The following tables represent the Company’s disaggregation of revenue from contracts with customers along with the reportable segment for each category:

Three months ended March 31, 2024
(In millions)Conventional GenerationRenewables Total
Energy revenue (a)
$22 $221 $243 
Capacity revenue (a)
63 9 72 
Other revenues2 14 16 
Contract amortization(5)(41)(46)
Mark-to-market for economic hedges13 (35)(22)
Total operating revenues95 168 263 
Less: Mark-to-market for economic hedges(13)35 22 
Less: Lease revenue(29)(177)(206)
Less: Contract amortization5 41 46 
Total revenue from contracts with customers
$58 $67 $125 
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesTotal
Energy revenue$1 $169 $170 
Capacity revenue28 8 36 
Total
$29 $177 $206 
14




Three months ended March 31, 2023
(In millions)Conventional GenerationRenewables Total
Energy revenue (a)
$1 $198 $199 
Capacity revenue (a)
100 5 105 
Other revenues 12 12 
Contract amortization(6)(41)(47)
Mark-to-market for economic hedges 19 19 
Total operating revenues95 193 288 
Less: Mark-to-market for economic hedges (19)(19)
Less: Lease revenue(101)(156)(257)
Less: Contract amortization6 41 47 
Total revenue from contracts with customers
$ $59 $59 
(a) The following amounts of energy and capacity revenue relate to leases and are accounted for under ASC 842:
(In millions)Conventional GenerationRenewablesTotal
Energy revenue$1 $152 $153 
Capacity revenue100 4 104 
Total
$101 $156 $257 
Contract Balances
The following table reflects the contract assets and liabilities included on the Company’s consolidated balance sheets:
March 31, 2024December 31, 2023
(In millions)
Accounts receivable, net - Contracts with customers$62 $66 
Accounts receivable, net - Leases122 105 
Total accounts receivable, net$184 $171 
15




Note 3 — Acquisitions
Cedar Creek Drop Down — On April 16, 2024, the Company, through its indirect subsidiary, Cedar Creek Wind Holdco LLC, acquired Cedar Creek Holdco LLC, a 160 MW wind facility that is located in Bingham County, Idaho, from Clearway Renew for cash consideration of $117 million. Cedar Creek Wind Holdco LLC consolidates as primary beneficiary, Cedar Creek TE Holdco LLC, a tax equity fund that owns the Cedar Creek wind facility. Also on April 16, 2024, a tax equity investor contributed $108 million to acquire the Class A membership interests in Cedar Creek TE Holdco LLC. Cedar Creek has a 25-year PPA with an investment-grade utility that commenced in March 2024. The acquisition was funded with existing sources of liquidity.
Texas Solar Nova 2 Drop Down — On March 15, 2024, the Company, through its indirect subsidiary, TSN1 TE Holdco LLC, acquired Texas Solar Nova 2, LLC, a 200 MW solar facility that is located in Kent County, Texas, from Clearway Renew for cash consideration of $112 million, $17 million of which was funded by the Company with the remaining $95 million funded through a contribution from the cash equity investor in Lighthouse Renewable Holdco 2 LLC, which is a partnership. Lighthouse Renewable Holdco 2 LLC indirectly consolidates as primary beneficiary, TSN1 TE Holdco LLC, a tax equity fund that owns the Texas Solar Nova 1 and Texas Solar Nova 2 solar facilities, as further described in Note 4, Investments Accounted for by the Equity Method and Variable Interest Entities. Texas Solar Nova 2 has an 18-year PPA with an investment-grade counterparty that commenced in March 2024. The Texas Solar Nova 2 operations are reflected in the Company’s Renewables segment and the Company’s portion of the purchase price was funded with existing sources of liquidity. The acquisition was determined to be an asset acquisition and the Company consolidates Texas Solar Nova 2 on a prospective basis in its financial statements. The assets and liabilities transferred to the Company relate to interests under common control and were recorded at historical cost in accordance with ASC 805-50, Business Combinations - Related Issues. The difference between the cash paid of $112 million and the historical cost of the Company’s net assets acquired of $72 million was recorded as an adjustment to CEG’s noncontrolling interest balance. In addition, the Company reflected $9 million of the Company’s purchase price, which was contributed back to the Company by CEG to pay down the acquired long-term debt, in the line item distributions to CEG, net of contributions in the consolidated statements of stockholders’ equity.
The following is a summary of assets and liabilities transferred in connection with the acquisition as of March 15, 2024:
(In millions)Texas Solar Nova 2
Cash$1 
Property, plant and equipment280 
Right-of-use assets, net21 
Derivative assets6 
Other current and non-current assets4 
Total assets acquired312 
Long-term debt (a)
194 
Long-term lease liabilities19 
Other current and non-current liabilities27 
Total liabilities assumed240 
Net assets acquired$72 
(a) Includes an $80 million term loan and a $115 million tax equity bridge loan, offset by $1 million in unamortized debt issuance costs. See Note 7, Long-term Debt, for further discussion of the long-term debt assumed in the acquisition.
Note 4 — Investments Accounted for by the Equity Method and Variable Interest Entities
Entities that are not Consolidated
The Company has interests in entities that are considered VIEs under ASC 810, but for which it is not considered the primary beneficiary. The Company accounts for its interests in these entities and entities in which it has a significant investment under the equity method of accounting, as further described under Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company’s 2023 Form 10-K.
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The following table reflects the Company’s equity investments in unconsolidated affiliates as of March 31, 2024:
NameEconomic Interest
Investment Balance (a)
(In millions)
Avenal50%$6 
Desert Sunlight25%219 
Elkhorn Ridge67%13 
GenConn (b)
50%76 
Rosie Central BESS (b)
50%28 
San Juan Mesa75%7 
$349 
(a) The Company’s maximum exposure to loss is limited to its investment balances.
(b) GenConn and Rosie Central BESS are VIEs.
Entities that are Consolidated
As further described under Item 15 — Note 5, Investments Accounted for by the Equity Method and Variable Interest Entities, to the consolidated financial statements included in the Company’s 2023 Form 10-K, the Company has a controlling financial interest in certain entities which have been identified as VIEs under ASC 810, Consolidations, or ASC 810. These arrangements are primarily related to tax equity arrangements entered into with third parties in order to monetize certain tax credits associated with wind, solar and BESS facilities. The Company also has a controlling financial interest in certain partnership arrangements with third-party investors, which also have been identified as VIEs. Under the Company’s arrangements that have been identified as VIEs, the third-party investors are allocated earnings, tax attributes and distributable cash in accordance with the respective limited liability company agreements. Many of these arrangements also provide a mechanism to facilitate achievement of the investor’s specified return by providing incremental cash distributions to the investor at a specified date if the specified return has not yet been achieved.
The following is a summary of significant activity during the three months ended March 31, 2024 related to the Company’s consolidated VIEs:
Lighthouse Renewable Holdco 2 LLC
As described in Note 3, Acquisitions, on March 15, 2024, TSN1 TE Holdco LLC, an indirect subsidiary of the Company, acquired Texas Solar Nova 2, LLC. The Company, through Lighthouse Renewable Holdco 2 LLC, a partnership, consolidates TSN1 TE Holdco LLC, a tax equity fund that owns the Texas Solar Nova 1 and Texas Solar Nova 2 solar facilities. The Company recorded the noncontrolling interest of the cash equity investor in Lighthouse Renewable Holdco 2 LLC at historical carrying amount, with the offset to additional-paid in capital. The Class A membership interests in TSN1 TE Holdco LLC are held by a tax equity investor and are reflected as noncontrolling interest on the Company’s consolidated balance sheet.
Daggett Renewable Holdco LLC
Effective January 1, 2024, the Company and the cash equity investor in Daggett Renewable HoldCo LLC and Daggett 2 TargetCo LLC, the indirect owner of the Daggett 2 solar and BESS facility, agreed to transfer Daggett 2 TargetCo LLC to Daggett Renewable Holdco LLC. As the transfer was among entities under common control, the transaction was recognized at historical cost and no gain or loss was recognized.
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Summarized financial information for the Company’s consolidated VIEs consisted of the following as of March 31, 2024:
(In millions)Buckthorn Holdings, LLC
DGPV Funds (a)
Langford TE Partnership LLC
Daggett Renewable Holdco LLC (b)
Lighthouse Renewable Holdco LLC (c)
Lighthouse Renewable Holdco 2 LLC (d)
Other current and non-current assets$3 $51 $24 $226 $73 $165 
Property, plant and equipment183 376 113 1,389 408 1,343 
Intangible assets 1    1 
Total assets186 428 137 1,615 481 1,509 
Current and non-current liabilities12 49 70 646 140 565 
Total liabilities12 49 70 646 140 565 
Noncontrolling interest13 5 66 959 253 712 
Net assets less noncontrolling interest$161 $374 $1 $10 $88 $232 
(a) DGPV Funds is comprised of Clearway & EFS Distributed Solar LLC, Golden Puma Fund LLC, Renew Solar CS4 Fund LLC and Chestnut Fund LLC, which are all tax equity funds.
(b) Daggett Renewable Holdco LLC consolidates Daggett TE Holdco LLC and Daggett 2 TE Holdco LLC, which are consolidated VIEs.
(c) Lighthouse Renewable Holdco LLC consolidates Black Rock TE Holdco LLC and Mililani TE Holdco LLC, which are consolidated VIEs.
(d) Lighthouse Renewable Holdco 2 LLC consolidates Mesquite Sky TE Holdco LLC, Mesquite Star Tax Equity Holdco LLC and TSN1 TE Holdco LLC, which are consolidated VIEs.
(In millions)Oahu Solar LLCRattlesnake TE Holdco LLC Rosie TargetCo LLC
VP-Arica TargetCo LLC (a)
Wildorado TE Holdco LLC
Other (b)
Other current and non-current assets$37 $14 $303 $101 $29 $27 
Property, plant and equipment155 173 528 1,019 184 234 
Intangible assets   2  15 
Total assets192 187 831 1,122 213 276 
Current and non-current liabilities22 17 397 893 17 91 
Total liabilities22 17 397 893 17 91 
Noncontrolling interest22 81 180 68 97 91 
Net assets less noncontrolling interest$148 $89 $254 $161 $99 $94 
(a) VP-Arica TargetCo LLC consolidates VP-Arica TE Holdco LLC, a consolidated VIE that owns the Victory Pass and Arica solar and BESS facilities.
(b) Other is comprised of Elbow Creek TE Holdco LLC, Pinnacle Repowering TE Holdco LLC and the Spring Canyon facilities.
Note 5 — Fair Value of Financial Instruments
Fair Value Accounting under ASC 820
ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows:
Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access as of the measurement date.
Level 2—inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.
Level 3—unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date.
In accordance with ASC 820, the Company determines the level in the fair value hierarchy within which each fair value measurement in its entirety falls, based on the lowest level input that is significant to the fair value measurement.
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For cash and cash equivalents, restricted cash, accounts receivable — trade, note receivable — affiliate, accounts payable — trade, accounts payable — affiliates and accrued expenses and other current liabilities, the carrying amounts approximate fair value because of the short-term maturity of those instruments and are classified as Level 1 within the fair value hierarchy.
The carrying amount and estimated fair value of the Company’s recorded financial instrument not carried at fair market value or that does not approximate fair value is as follows:
As of March 31, 2024As of December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
(In millions)
Long-term debt, including current portion (a)
$8,204 $7,631 $8,102 $7,611 
(a) Excludes net debt issuance costs, which are recorded as a reduction to long-term debt on the Company’s consolidated balance sheets.
The fair value of the Company’s publicly-traded long-term debt is based on quoted market prices and is classified as Level 2 within the fair value hierarchy. The fair value of debt securities, non-publicly traded long-term debt and certain notes receivable of the Company are based on expected future cash flows discounted at market interest rates, or current interest rates for similar instruments with equivalent credit quality and are classified as Level 3 within the fair value hierarchy. The following table presents the level within the fair value hierarchy for long-term debt, including current portion:
As of March 31, 2024As of December 31, 2023
Level 2Level 3Level 2Level 3
 (In millions)
Long-term debt, including current portion
$1,889 $5,742 $1,939 $5,672 
Recurring Fair Value Measurements
The Company records its derivative assets and liabilities at fair market value on its consolidated balance sheets. The following table presents assets and liabilities measured and recorded at fair value on the Company’s consolidated balance sheets on a recurring basis and their level within the fair value hierarchy:
As of March 31, 2024As of December 31, 2023
Fair Value (a)
Fair Value (a)
(In millions)
Level 2 (b)
Level 3
Level 2 (b)
Level 3
Derivative assets:
Energy-related commodity contracts (c)
$ $8 $2 $ 
Interest rate contracts157  121  
Other financial instruments (d)
 14  13 
Total assets$157 $22 $123 $13 
Derivative liabilities:
Energy-related commodity contracts (e)
$ $361 $ $330 
Interest rate contracts  2  
Total liabilities$ $361 $2 $330 
(a) There were no derivative assets or liabilities classified as Level 1 as of March 31, 2024 and December 31, 2023.
(b) The Company’s interest rate swaps are measured at fair value using an income approach, which uses readily observable inputs, such as forward interest rates (e.g., SOFR) and contractual terms to estimate fair value.
(c) Includes long-term backbone transportation service contracts classified as Level 2 and short-term heat rate call option contracts classified as Level 3.
(d) Includes SREC contract.
(e) As of March 31, 2024 and December 31, 2023, amounts include $361 million and $325 million related to long-term power commodity contracts and zero and $5 million related to short-term heat rate call option contracts, respectively.

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The following table reconciles the beginning and ending balances for instruments that are recognized at fair value in the consolidated financial statements using significant unobservable inputs:
Three months ended March 31,
20242023
(In millions)Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
Beginning balance$(317)$(336)
Settlements(1)4 
Total (losses) gains for the period included in earnings(21)16 
Ending balance $(339)$(316)
Change in unrealized losses included in earnings for derivatives and other financial instruments held as of March 31, 2024
$(21)
Derivative and Financial Instruments Fair Value Measurements
The Company's contracts are non-exchange-traded and valued using prices provided by external sources. The Company uses quoted observable forward prices to value its energy-related commodity contracts, which includes long-term power commodity contracts and heat rate call option contracts. To the extent that observable forward prices are not available, the quoted prices reflect the average of the forward prices from the prior year, adjusted for inflation. As of March 31, 2024, contracts valued with prices provided by models and other valuation techniques make up 6% of derivative assets and 100% of derivative liabilities and other financial instruments.
The Company’s significant positions classified as Level 3 include physical and financial energy-related commodity contracts executed in illiquid markets. The significant unobservable inputs used in developing fair value include illiquid power tenors and location pricing, which is derived by extrapolating pricing as a basis to liquid locations. The tenor pricing and basis spread are based on observable market data when available or derived from historic prices and forward market prices from similar observable markets when not available.
The following table quantifies the significant unobservable inputs used in developing the fair value of the Company’s Level 3 positions:
March 31, 2024
Fair ValueInput/Range
AssetsLiabilitiesValuation TechniqueSignificant Unobservable InputLowHighWeighted Average
(In millions)
Long-term Power Commodity Contracts$ $361 Discounted Cash FlowForward Market Price (per MWh)$19.73 $86.87 $43.47 
Heat Rate Call Option Commodity Contracts8  Option ModelForward Market Price (per MWh)$(28.22)$1,321.77 $53.33 
Option ModelForward Market Price (per MMBtu)$1.15 $14.51 $5.52 
Other Financial Instruments14  Discounted Cash FlowForecast annual generation levels of certain DG solar facilities60,801 MWh121,602 MWh115,622 MWh
The following table provides the impact on the fair value measurements to increases/(decreases) in significant unobservable inputs as of March 31, 2024:
TypeSignificant Unobservable InputPositionChange In InputImpact on Fair Value Measurement
Energy-Related Commodity ContractsForward Market Price PowerSellIncrease/(Decrease)Lower/(Higher)
Energy-Related Commodity ContractsForward Market Price GasSellIncrease/(Decrease)Higher/(Lower)
Other Financial InstrumentsForecast Generation LevelsSellIncrease/(Decrease)Higher/(Lower)
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The fair value of each contract is discounted using a risk-free interest rate. In addition, a credit reserve is applied to reflect credit risk, which is, for interest rate swaps, calculated based on credit default swaps using the bilateral method. For commodities, to the extent that the Net Exposure under a specific master agreement is an asset, the Company uses the counterparty’s default swap rate. If the Net Exposure under a specific master agreement is a liability, the Company uses a proxy of its own default swap rate. For interest rate swaps and commodities, the credit reserve is added to the discounted fair value to reflect the exit price that a market participant would be willing to receive to assume the liabilities or that a market participant would be willing to pay for the assets. As of March 31, 2024, the non-performance reserve was a $12 million gain recorded primarily to total operating revenues in the consolidated statements of operations. It is possible that future market prices could vary from those used in recording assets and liabilities and such variations could be material.
Concentration of Credit Risk
In addition to the credit risk discussion as disclosed under Item 15 — Note 2, Summary of Significant Accounting Policies, to the consolidated financial statements included in the Company’s 2023 Form 10-K, the following item is a discussion of the concentration of credit risk for the Company’s financial instruments. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties pursuant to the terms of their contractual obligations. The Company monitors and manages credit risk through credit policies that include: (i) an established credit approval process; (ii) monitoring of counterparties’ credit limits on an as needed basis; (iii) as applicable, the use of credit mitigation measures such as margin, collateral, prepayment arrangements, or volumetric limits; (iv) the use of payment netting agreements; and (v) the use of master netting agreements that allow for the netting of positive and negative exposures of various contracts associated with a single counterparty. Risks surrounding counterparty performance and credit could ultimately impact the amount and timing of expected cash flows. The Company seeks to mitigate counterparty risk by having a diversified portfolio of counterparties.
Counterparty credit exposure includes credit risk exposure under certain long-term agreements, including solar and other PPAs. As external sources or observable market quotes are not available to estimate such exposure, the Company estimates the exposure related to these contracts based on various techniques including, but not limited to, internal models based on a fundamental analysis of the market and extrapolation of observable market data with similar characteristics. A significant portion of these energy-related commodity contracts are with utilities with strong credit quality and public utility commission or other regulatory support. However, such regulated utility counterparties can be impacted by changes in government regulations or adverse financial conditions, which the Company is unable to predict. Certain subsidiaries of the Company sell the output of their facilities to PG&E, a significant counterparty of the Company, under long-term PPAs, and PG&E’s credit rating is below investment-grade.
Note 6 — Derivative Instruments and Hedging Activities
This footnote should be read in conjunction with the complete description under Item 15 — Note 7, Accounting for Derivative Instruments and Hedging Activities, to the consolidated financial statements included in the Company’s 2023 Form 10-K.
Interest Rate Swaps
The Company enters into interest rate swap agreements in order to hedge the variability of expected future cash interest payments. As of March 31, 2024, the Company had interest rate derivative instruments on non-recourse debt extending through 2040, a portion of which were designated as cash flow hedges. Under the interest rate swap agreements, the Company pays a fixed rate and the counterparties to the agreements pay a variable interest rate.
Energy-Related Commodity Contracts
As of March 31, 2024, the Company had energy-related derivative instruments extending through 2033. At March 31, 2024, these contracts were not designated as cash flow or fair value hedges.
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Volumetric Underlying Derivative Transactions
The following table summarizes the net notional volume buy/(sell) of the Company’s open derivative transactions broken out by commodity:
Total Volume
March 31, 2024December 31, 2023
CommodityUnits(In millions)
PowerMWh(21)(23)
Natural Gas MMBtu16 17 
InterestDollars$1,610 $2,467 
Fair Value of Derivative Instruments
The following table summarizes the fair value within the derivative instrument valuation on the consolidated balance sheets:
 Fair Value
 Derivative AssetsDerivative Liabilities
March 31, 2024December 31, 2023March 31, 2024December 31, 2023
(In millions)
Derivatives Designated as Cash Flow Hedges:    
Interest rate contracts current$8 $7 $ $ 
Interest rate contracts long-term17 12  2 
Total Derivatives Designated as Cash Flow Hedges$25 $19 $ $2 
Derivatives Not Designated as Cash Flow Hedges: 
Interest rate contracts current$38 $33 $ $ 
Interest rate contracts long-term94 69   
Energy-related commodity contracts current8 1 52 51 
Energy-related commodity contracts long-term 1 309 279 
Total Derivatives Not Designated as Cash Flow Hedges$140 $104 $361 $330 
Total Derivatives$165 $123 $361 $332 
The Company has elected to present derivative assets and liabilities on the balance sheet on a trade-by-trade basis and does not offset amounts at the counterparty level. As of March 31, 2024 and December 31, 2023, the amount of outstanding collateral paid or received was immaterial. The following tables summarize the offsetting of derivatives by counterparty:
Gross Amounts Not Offset in the Statement of Financial Position
As of March 31, 2024Gross Amounts of Recognized Assets/LiabilitiesDerivative InstrumentsNet Amount
Energy-related commodity contracts(In millions)
Derivative assets$8 $ $8 
Derivative liabilities(361) (361)
Total energy-related commodity contracts$(353)$ $(353)
Interest rate contracts
Derivative assets$157 $ $157 
Total interest rate contracts$157 $ $157 
Total derivative instruments $(196)$ $(196)
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Gross Amounts Not Offset in the Statement of Financial Position
As of December 31, 2023Gross Amounts of Recognized Assets/LiabilitiesDerivative InstrumentsNet Amount
Energy-related commodity contracts(In millions)
Derivative assets$2 $ $2 
Derivative liabilities(330) (330)
Total energy-related commodity contracts$(328)$ $(328)
Interest rate contracts
Derivative assets$121 $(2)$119 
Derivative liabilities(