2021 Q4 Form 10-Q Financial Statement

#000163499721000078 Filed on October 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $1.933B $1.598B $1.470B
YoY Change 15.82% 8.71% -1.14%
Cost Of Revenue $634.0M $319.0M $259.0M
YoY Change 66.84% 23.17% -7.17%
Gross Profit $1.299B $1.279B $1.211B
YoY Change 0.78% 5.62% 0.25%
Gross Profit Margin 67.2% 80.04% 82.38%
Selling, General & Admin $4.000M $5.000M $1.000M
YoY Change 100.0% 400.0%
% of Gross Profit 0.31% 0.39% 0.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $258.0M $259.0M $255.0M
YoY Change 7.95% 1.57% 7.59%
% of Gross Profit 19.86% 20.25% 21.06%
Operating Expenses $1.079B $1.141B $1.046B
YoY Change 1.12% 9.08% 7.95%
Operating Profit $220.0M $138.0M $165.0M
YoY Change -0.9% -16.36% -30.96%
Interest Expense -$77.00M $70.00M $86.00M
YoY Change 18.46% -18.6% 19.44%
% of Operating Profit -35.0% 50.72% 52.12%
Other Income/Expense, Net $12.00M $13.00M $16.00M
YoY Change 300.0% -18.75% 166.67%
Pretax Income $155.0M $80.00M $96.00M
YoY Change -3.13% -16.67% -44.19%
Income Tax $21.00M -$24.00M $15.00M
% Of Pretax Income 13.55% -30.0% 15.63%
Net Earnings $164.0M $111.0M $87.00M
YoY Change -1.2% 27.59% -42.0%
Net Earnings / Revenue 8.48% 6.95% 5.92%
Basic Earnings Per Share $0.29 $0.28
Diluted Earnings Per Share $422.5K $0.29 $0.28
COMMON SHARES
Basic Shares Outstanding 387.2M shares 387.3M shares 309.5M shares
Diluted Shares Outstanding 387.7M shares 309.6M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.474B $1.410B $101.0M
YoY Change 0.75% 1296.04% -1.94%
Cash & Equivalents $1.474B $1.410B $101.0M
Short-Term Investments
Other Short-Term Assets $1.000M $780.0M $537.0M
YoY Change -94.12% 45.25% -2.01%
Inventory $343.0M $325.0M $257.0M
Prepaid Expenses $58.00M
Receivables $1.269B $1.105B $1.021B
Other Receivables $11.00M $7.000M $7.000M
Total Short-Term Assets $3.777B $3.627B $1.923B
YoY Change 0.0% 88.61% 2.29%
LONG-TERM ASSETS
Property, Plant & Equipment $28.87B $28.16B $26.43B
YoY Change 7.91% 6.53% 6.8%
Goodwill $3.119B $3.119B $3.119B
YoY Change 0.0% 0.0% -0.26%
Intangibles $293.0M $296.0M $307.0M
YoY Change -3.93% -3.58% -2.85%
Long-Term Investments $560.0M $571.0M $668.0M
YoY Change -16.17% -14.52% 29.46%
Other Assets $374.0M $347.0M $386.0M
YoY Change -90.25% -10.1% 58.2%
Total Long-Term Assets $35.73B $35.25B $33.72B
YoY Change 4.94% 4.55% 6.47%
TOTAL ASSETS
Total Short-Term Assets $3.777B $3.627B $1.923B
Total Long-Term Assets $35.73B $35.25B $33.72B
Total Assets $39.50B $38.88B $35.64B
YoY Change 4.44% 9.09% 6.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.00M $50.00M $43.00M
YoY Change 22.0% 16.28% -25.86%
Accrued Expenses $81.00M $93.00M $98.00M
YoY Change 3.85% -5.1% 5.38%
Deferred Revenue $16.00M $6.000M $6.000M
YoY Change 77.78% 0.0% 0.0%
Short-Term Debt $161.0M $98.00M $1.002B
YoY Change -47.56% -90.22% 61.35%
Long-Term Debt Due $372.0M $336.0M $813.0M
YoY Change 18.85% -58.67% 250.43%
Total Short-Term Liabilities $3.329B $3.112B $4.184B
YoY Change 8.47% -25.62% 46.91%
LONG-TERM LIABILITIES
Long-Term Debt $7.922B $7.486B $7.081B
YoY Change 5.94% 5.72% 5.4%
Other Long-Term Liabilities $5.270B $5.401B $450.0M
YoY Change -0.81% 1100.22% -16.51%
Total Long-Term Liabilities $16.21B $15.94B $15.60B
YoY Change -14.34% 2.17% 2.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.329B $3.112B $4.184B
Total Long-Term Liabilities $16.21B $15.94B $15.60B
Total Liabilities $19.54B $19.05B $19.79B
YoY Change -11.16% -3.7% 9.75%
SHAREHOLDERS EQUITY
Retained Earnings $1.714B $1.723B $1.684B
YoY Change 2.88% 2.32% 5.32%
Common Stock $17.68B $17.68B $13.67B
YoY Change 29.37% 29.35% 0.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 112.5K shares 116.9K shares 485.6K shares
Shareholders Equity $19.08B $19.10B $15.22B
YoY Change
Total Liabilities & Shareholders Equity $39.50B $38.88B $35.64B
YoY Change 4.44% 9.09% 6.24%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $164.0M $111.0M $87.00M
YoY Change -1.2% 27.59% -42.0%
Depreciation, Depletion And Amortization $258.0M $259.0M $255.0M
YoY Change 7.95% 1.57% 7.59%
Cash From Operating Activities $567.0M $143.0M $208.0M
YoY Change 189.29% -31.25% -51.29%
INVESTING ACTIVITIES
Capital Expenditures -$1.079B -$633.0M -$615.0M
YoY Change 31.43% 2.93% -13.14%
Acquisitions
YoY Change
Other Investing Activities $104.0M $169.0M $11.00M
YoY Change -228.4% 1436.36% 175.0%
Cash From Investing Activities -$975.0M -$464.0M -$604.0M
YoY Change 8.09% -23.18% -14.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 471.0M 2.000M 451.0M
YoY Change -77.21% -99.56% 111.74%
NET CHANGE
Cash From Operating Activities 567.0M 143.0M 208.0M
Cash From Investing Activities -975.0M -464.0M -604.0M
Cash From Financing Activities 471.0M 2.000M 451.0M
Net Change In Cash 63.00M -319.0M 55.00M
YoY Change -95.37% -680.0% -185.94%
FREE CASH FLOW
Cash From Operating Activities $567.0M $143.0M $208.0M
Capital Expenditures -$1.079B -$633.0M -$615.0M
Free Cash Flow $1.646B $776.0M $823.0M
YoY Change 61.85% -5.71% -27.49%

Facts In Submission

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Background and Nature of Operations<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Avangrid, Inc. (AVANGRID, we or the Company), is an energy services holding company engaged in the regulated energy transmission and distribution business through its principal subsidiary, Avangrid Networks, Inc. (Networks), and in the renewable energy generation business through its principal subsidiary, Avangrid Renewables Holding, Inc. (ARHI). ARHI in turn holds subsidiaries including Avangrid Renewables, LLC (Renewables). Iberdrola, S.A. (Iberdrola), a corporation organized under the laws of the Kingdom of Spain, owns 81.5% of the outstanding common stock of AVANGRID. The remaining outstanding shares are owned by various shareholders with approximately 14.8% of AVANGRID's outstanding shares publicly traded on the New York Stock Exchange (NYSE).</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Proposed Merger with PNMR</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 20, 2020, AVANGRID, PNM Resources, Inc., a New Mexico corporation (PNMR) and NM Green Holdings, Inc., a New Mexico corporation and wholly-owned subsidiary of AVANGRID (Merger Sub), entered into an Agreement and Plan of Merger (Merger Agreement), pursuant to which Merger Sub is expected to merge with and into PNMR, with PNMR surviving the Merger as a direct wholly-owned subsidiary of AVANGRID (Merger). Pursuant to the Merger Agreement, each issued and outstanding share of the common stock of PNMR (PNMR common stock) (other than (i) the issued shares of PNMR common stock that are owned by AVANGRID, Merger Sub, PNMR or any wholly-owned subsidiary of AVANGRID or PNMR, which will be automatically cancelled at the time the Merger is consummated and (ii) shares of PNMR common stock held by a holder who has not voted in favor of, or consented in writing to, the Merger who is entitled to, and who has demanded, payment for fair value of such shares) will be converted, at the time the Merger is consummated, into the right to receive $50.30 in cash (Merger Consideration). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Consummation of the Merger (Closing) is subject to the satisfaction or waiver of certain customary closing conditions, including, without limitation, the approval of the Merger Agreement by the holders of at least a majority of the outstanding shares of PNMR common stock entitled to vote thereon, the absence of any material adverse effect on PNMR, the receipt of certain required regulatory approvals (including approvals from the Public Utility Commission of Texas (PUCT), the New Mexico Public Regulation Commission (NMPRC), the Federal Energy Regulatory Commission (FERC), the Federal Communications Commission (FCC), the Committee on Foreign Investment in the United States (CFIUS), the Nuclear Regulatory Commission (NRC) and approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976), the Four Corners Divestiture Agreements (as defined below) being in full force and effect and all applicable regulatory filings associated therewith being made, as well as holders of no more than 15% of the outstanding shares of PNMR common stock validly exercising their dissenters’ rights. On February 12, 2021, the shareholders of PNMR approved the proposed Merger. As of October 29, 2021, the Merger has obtained all regulatory approvals except from NMPRC. The final approval is expected to be received, and the Merger is expected to close, in the fourth quarter of 2021.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Merger Agreement contains representations, warranties and covenants of PNMR, AVANGRID and Merger Sub, which are customary for transactions of this type. In addition, among other things, the Merger Agreement contains a covenant requiring PNMR to, prior to the Closing, enter into agreements (Four Corners Divestiture Agreements) providing for, and to make filings required to, exit from all ownership interests in the Four Corners Power Plant, all with the objective of having the closing date for such exit be no later than December 31, 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Merger Agreement provides for certain customary termination rights including the right of either party to terminate the Merger Agreement if the Merger is not completed on or before January 20, 2022 (subject to a three-month extension by either party if all of the conditions to the closing, other than the conditions related to obtaining regulatory approvals, have been satisfied or waived). The Merger Agreement further provides that, upon termination of the Merger Agreement under certain specified circumstances (including if AVANGRID terminates the Merger Agreement due to a change in recommendation of the board of directors of PNMR or if PNMR terminates the Merger Agreement to accept a superior proposal (as defined in the Merger Agreement)), PNMR will be required to pay AVANGRID a termination fee of $130 million. In addition, the Merger Agreement provides that (i) if the Merger Agreement is terminated by either party due to a failure of a regulatory closing condition and such failure is the result of AVANGRID’s breach of its regulatory covenants, or (ii) AVANGRID fails to effect the Closing when all closing conditions have been satisfied and it is otherwise obligated to do so under the Merger Agreement, then, in either such case, upon termination of the Merger Agreement, AVANGRID will be required to pay PNMR a termination fee of $184 million as the sole and exclusive remedy. Upon the termination of the Merger Agreement under certain specified circumstances involving a breach of the Merger Agreement, either PNMR or AVANGRID will be required to reimburse the other party’s reasonable and documented out-of-pocket fees and expenses up to $10 million (which amount will be credited toward, and offset against, the payment of any applicable termination fee).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the Merger, Iberdrola has provided AVANGRID a commitment letter (Iberdrola Funding Commitment Letter), pursuant to which Iberdrola has unilaterally agreed to provide to AVANGRID, or arrange the provision to AVANGRID of, funds to the extent necessary for AVANGRID to consummate the Merger, including the payment of the aggregate Merger Consideration.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 15, 2021, AVANGRID entered into a side letter agreement with Iberdrola, which sets forth certain terms and conditions relating to the Iberdrola Funding Commitment Letter (the Side Letter Agreement). The Side Letter Agreement provides that any drawing in the form of indebtedness made by the Corporation pursuant to the Funding Commitment Letter shall bear interest at an interest rate equal to 3-month LIBOR plus 0.75% per annum calculated on the basis 360-day year for the actual number of days elapsed and, commencing on the date of the Funding Commitment Letter, we shall pay Iberdrola a facility fee equal to 0.12% per annum on the undrawn portion of the funding commitment set forth in the Funding Commitment Letter. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 18, 2021, we issued 77,821,012 shares of common stock in two private placements. Iberdrola purchased 63,424,125 shares and Hyde Member LLC, a Delaware limited liability company and a wholly owned subsidiary of Qatar Investment Authority, purchased 14,396,887 shares of our common stock, par value $0.01 per share, at the purchase price of $51.40 per share, which was the closing price of the shares of our common stock on the NYSE as of May 11, 2021. Proceeds of the private placements were $4,000 million. $3,000 million of the proceeds were used to repay the Iberdrola Loan. After the effect of the private placements, Iberdrola retained its 81.5% ownership interest in AVANGRID.</span></div>
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Basis of Presentation<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements should be read in conjunction with the Form 10-K for the fiscal year ended December 31, 2020.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited financial statements are prepared on a consolidated basis and include the accounts of AVANGRID and its consolidated subsidiaries, Networks and ARHI. All intercompany transactions and accounts have been eliminated in consolidation. The year-end balance sheet data was derived from audited financial statements. The unaudited condensed consolidated financial statements for the interim periods have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the interim condensed consolidated financial statements do not include all the information and note disclosures required by U.S. GAAP for complete financial statements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Preparation of the accompanying unaudited financial statements requires management to make estimates and assumptions that affect the amounts reported during the periods covered by the related financial statements and accompanying disclosures. We continue to utilize information reasonably available to us; however, the business and economic uncertainty resulting from the global pandemic of the novel coronavirus (COVID-19) has made such estimates and assumptions more difficult to assess and calculate. Impacted estimates include, but are not limited to, evaluations of certain long-lived assets and goodwill for impairment, expected credit losses and potential regulatory deferral or recovery of certain costs. While there have been no material impacts from COVID-19 on financial results, actual results could differ from those estimates, which could result in material impacts to our consolidated financial statements in future reporting periods.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary to present fairly our condensed consolidated financial statements for the interim periods described herein. All such adjustments are of a normal and recurring nature, except as otherwise disclosed. The results for the three and nine months ended September 30, 2021, are not necessarily indicative of the results for the entire fiscal year ending December 31, 2021.</span></div>
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CY2021Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Purchases
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPurchases
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CY2020Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Purchases
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPurchases
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us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Purchases
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPurchases
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us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Purchases
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPurchases
0 USD
CY2021Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
4000000 USD
CY2020Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
1000000 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
8000000 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
9000000 USD
CY2021Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Out Of Level3
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersOutOfLevel3
1000000 USD
CY2020Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Out Of Level3
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersOutOfLevel3
1000000 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Out Of Level3
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersOutOfLevel3
1000000 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Out Of Level3
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersOutOfLevel3
2000000 USD
CY2021Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
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CY2020Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
17000000 USD
CY2021Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
-62000000 USD
CY2020Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
17000000 USD
CY2021Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
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CY2020Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
2000000 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
7000000 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
6000000 USD
agr Derivative Delivery Period
DerivativeDeliveryPeriod
P2Y
CY2021Q3 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
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CY2020Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
12166000000 USD
CY2021Q3 us-gaap Interest Expense
InterestExpense
70000000 USD
CY2020Q3 us-gaap Interest Expense
InterestExpense
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CY2020Q3 us-gaap Utilities Operating Expense Purchased Power
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259000000 USD
us-gaap Interest Expense
InterestExpense
218000000 USD
us-gaap Utilities Operating Expense Purchased Power
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1085000000 USD
us-gaap Interest Expense
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251000000 USD
us-gaap Utilities Operating Expense Purchased Power
UtilitiesOperatingExpensePurchasedPower
999000000 USD
CY2021Q3 us-gaap Revenues
Revenues
1598000000 USD
CY2021Q3 us-gaap Utilities Operating Expense Purchased Power
UtilitiesOperatingExpensePurchasedPower
319000000 USD
CY2020Q3 us-gaap Revenues
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1470000000 USD
CY2020Q3 us-gaap Utilities Operating Expense Purchased Power
UtilitiesOperatingExpensePurchasedPower
259000000 USD
CY2021Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
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CY2021Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
-1000000 USD
CY2020Q3 us-gaap Revenues
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1470000000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-220000000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
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5000000 USD
us-gaap Revenues
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4651000000 USD
CY2021Q3 us-gaap Interest Expense
InterestExpense
70000000 USD
CY2020Q3 us-gaap Interest Expense
InterestExpense
86000000 USD
us-gaap Interest Expense
InterestExpense
218000000 USD
us-gaap Interest Expense
InterestExpense
251000000 USD
CY2021Q3 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
14000000 USD
CY2021Q3 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
55000000 USD
CY2020Q4 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
18000000 USD
CY2021Q3 us-gaap Collateral Already Posted Aggregate Fair Value
CollateralAlreadyPostedAggregateFairValue
52000000 USD
CY2011Q3 agr Refund Period Term
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CY2019Q4 us-gaap Loss Contingency New Claims Filed Number
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CY2019Q4 us-gaap Public Utilities Approved Return On Equity Percentage
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CY2020Q2 agr Public Utilities Requested Existing Base Return On Equity Percentage
PublicUtilitiesRequestedExistingBaseReturnOnEquityPercentage
0.0988
CY2020Q2 agr Public Utilities Requested Existing Base Return On Equity Percentage
PublicUtilitiesRequestedExistingBaseReturnOnEquityPercentage
0.1002
CY2020Q2 agr Public Utilities Requested Existing Base Return On Equity Percentage
PublicUtilitiesRequestedExistingBaseReturnOnEquityPercentage
0.1002
CY2021Q3 agr Estimated Reduction In Earnings Per Year Provided Effective Of Supplemental Notice Of Proposed Rulemaking
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3000000 USD
CY2001 us-gaap Loss Contingency Number Of Plaintiffs
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CY2020Q4 agr Show Cause Order Period
ShowCauseOrderPeriod
P30D
CY2020Q4 agr Show Cause Order Number Of Alleged Violations With Civil Action For Injunctive Relief
ShowCauseOrderNumberOfAllegedViolationsWithCivilActionForInjunctiveRelief
11000 violation
CY2021Q3 agr Show Cause Order Settlement Payment
ShowCauseOrderSettlementPayment
3000000 USD
CY2021Q3 agr Standby Letters Of Credit Surety Bonds Guarantees And Indemnifications Outstanding
StandbyLettersOfCreditSuretyBondsGuaranteesAndIndemnificationsOutstanding
474000000 USD
CY2021Q1 agr Future Payments Committed
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90000000 USD
agr Number Of Inactive Hazardous Waste Disposal Sites
NumberOfInactiveHazardousWasteDisposalSites
26 site
agr Number Of Inactive Hazardous Waste Disposal Sites
NumberOfInactiveHazardousWasteDisposalSites
26 site
agr Number Of Inactive Hazardous Waste Disposal Sites
NumberOfInactiveHazardousWasteDisposalSites
26 site
agr Number Of Inactive Hazardous Waste Disposal Sites Not Expected To Incur Additional Liabilities
NumberOfInactiveHazardousWasteDisposalSitesNotExpectedToIncurAdditionalLiabilities
15 site
CY2020Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
413782 shares
agr Number Of Inactive Hazardous Waste Disposal Sites With Liability Recorded
NumberOfInactiveHazardousWasteDisposalSitesWithLiabilityRecorded
11 site
agr Number Of Additional Inactive Hazardous Waste Disposal Sites With Liability Recorded
NumberOfAdditionalInactiveHazardousWasteDisposalSitesWithLiabilityRecorded
12 site
agr Number Of Sites Where Gas Was Manufactured In The Past
NumberOfSitesWhereGasWasManufacturedInThePast
53 site
agr Number Of Manufacturing Sites Consent Orders To Investigate And Remediate
NumberOfManufacturingSitesConsentOrdersToInvestigateAndRemediate
41 site
agr Number Of Sites Where Gas Was Manufactured In The Past
NumberOfSitesWhereGasWasManufacturedInThePast
53 site
agr Number Of Sites Where Gas Was Manufactured In The Past
NumberOfSitesWhereGasWasManufacturedInThePast
53 site
CY2021Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
310000000 USD
CY2020Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
300000000 USD
us-gaap Accrual For Environmental Loss Contingencies Period Increase Decrease
AccrualForEnvironmentalLossContingenciesPeriodIncreaseDecrease
35000000 USD
CY2020Q2 us-gaap Loss Contingency Damages Sought Value
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5000000 USD
CY2021Q3 us-gaap Pension And Other Postretirement Benefit Contributions
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us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
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CY2021Q3 us-gaap Defined Benefit Plan Expected Future Benefit Payments Remainder Of Fiscal Year
DefinedBenefitPlanExpectedFutureBenefitPaymentsRemainderOfFiscalYear
48000000 USD
CY2021Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
116928 shares
CY2020Q3 agr Release Of Common Stock Shares Held In Trust During Period
ReleaseOfCommonStockSharesHeldInTrustDuringPeriod
0 shares
CY2021Q3 agr Release Of Common Stock Shares Held In Trust During Period
ReleaseOfCommonStockSharesHeldInTrustDuringPeriod
0 shares
agr Release Of Common Stock Shares Held In Trust During Period
ReleaseOfCommonStockSharesHeldInTrustDuringPeriod
292594 shares
agr Release Of Common Stock Shares Held In Trust During Period
ReleaseOfCommonStockSharesHeldInTrustDuringPeriod
213 shares
CY2021Q1 us-gaap Stock Repurchased During Period Shares
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53311 shares
CY2021Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
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CY2021Q3 us-gaap Treasury Stock Common Value
TreasuryStockCommonValue
16000000 USD
CY2021Q3 us-gaap Oci Equity Method Investment Tax
OciEquityMethodInvestmentTax
1000000 USD
CY2021Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax
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CY2020Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax
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CY2021Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax
2000000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax
0 USD
CY2021Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Oci Equity Method Investment Tax
OciEquityMethodInvestmentTax
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax
6000000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax
-1000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-172000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
111000000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
87000000 USD
us-gaap Net Income Loss
NetIncomeLoss
543000000 USD
us-gaap Net Income Loss
NetIncomeLoss
415000000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
387321484 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
309491082 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
348264388 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
309496234 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
387676085 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
309550126 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
348714535 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
309554838 shares
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.28
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.56
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.34
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.28
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.56
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.34
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
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CY2021Q3 us-gaap Revenues
Revenues
1598000000 USD
CY2021Q3 us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
259000000 USD
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
138000000 USD
CY2021Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2021Q3 us-gaap Interest Expense
InterestExpense
70000000 USD
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021Q3 agr Adjusted Net Income
AdjustedNetIncome
133000000 USD
us-gaap Revenues
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5041000000 USD
us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
756000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
4000000 USD
us-gaap Interest Expense
InterestExpense
218000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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agr Adjusted Net Income
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1897000000 USD
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2021Q3 us-gaap Equity Method Investments
EquityMethodInvestments
571000000 USD
CY2021Q3 us-gaap Assets
Assets
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CY2020Q3 us-gaap Revenues
Revenues
1470000000 USD
CY2020Q3 us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
255000000 USD
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
165000000 USD
CY2020Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2020Q3 us-gaap Interest Expense
InterestExpense
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CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2020Q3 agr Adjusted Net Income
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100000000 USD
us-gaap Revenues
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us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
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us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Interest Expense
InterestExpense
251000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21000000 USD
agr Adjusted Net Income
AdjustedNetIncome
434000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1960000000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2020Q4 us-gaap Equity Method Investments
EquityMethodInvestments
668000000 USD
CY2020Q4 us-gaap Assets
Assets
37823000000 USD
CY2021Q3 agr Adjusted Net Income
AdjustedNetIncome
133000000 USD
CY2020Q3 agr Adjusted Net Income
AdjustedNetIncome
100000000 USD
agr Adjusted Net Income
AdjustedNetIncome
609000000 USD
agr Adjusted Net Income
AdjustedNetIncome
434000000 USD
CY2021Q3 agr Change In Fair Value Of Derivative Instruments Due To Mark To Market Adjustment Renewables
ChangeInFairValueOfDerivativeInstrumentsDueToMarkToMarketAdjustmentRenewables
9000000 USD
CY2020Q3 agr Change In Fair Value Of Derivative Instruments Due To Mark To Market Adjustment Renewables
ChangeInFairValueOfDerivativeInstrumentsDueToMarkToMarketAdjustmentRenewables
7000000 USD
agr Change In Fair Value Of Derivative Instruments Due To Mark To Market Adjustment Renewables
ChangeInFairValueOfDerivativeInstrumentsDueToMarkToMarketAdjustmentRenewables
50000000 USD
agr Change In Fair Value Of Derivative Instruments Due To Mark To Market Adjustment Renewables
ChangeInFairValueOfDerivativeInstrumentsDueToMarkToMarketAdjustmentRenewables
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CY2021Q3 us-gaap Restructuring Charges
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CY2020Q3 us-gaap Restructuring Charges
RestructuringCharges
1000000 USD
us-gaap Restructuring Charges
RestructuringCharges
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us-gaap Restructuring Charges
RestructuringCharges
5000000 USD
CY2021Q3 agr Accelerated Depreciated From Repowering
AcceleratedDepreciatedFromRepowering
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CY2020Q3 agr Accelerated Depreciated From Repowering
AcceleratedDepreciatedFromRepowering
3000000 USD
agr Accelerated Depreciated From Repowering
AcceleratedDepreciatedFromRepowering
0 USD
agr Accelerated Depreciated From Repowering
AcceleratedDepreciatedFromRepowering
9000000 USD
CY2021Q3 agr Costs Incurred Impact Of Covid19
CostsIncurredImpactOfCovid19
19000000 USD
CY2020Q3 agr Costs Incurred Impact Of Covid19
CostsIncurredImpactOfCovid19
8000000 USD
agr Costs Incurred Impact Of Covid19
CostsIncurredImpactOfCovid19
33000000 USD
agr Costs Incurred Impact Of Covid19
CostsIncurredImpactOfCovid19
21000000 USD
CY2021Q3 agr Pre Merger Costs
PreMergerCosts
3000000 USD
CY2020Q3 agr Pre Merger Costs
PreMergerCosts
0 USD
agr Pre Merger Costs
PreMergerCosts
6000000 USD
agr Pre Merger Costs
PreMergerCosts
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CY2021Q3 us-gaap Income Tax Credits And Adjustments
IncomeTaxCreditsAndAdjustments
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CY2020Q3 us-gaap Income Tax Credits And Adjustments
IncomeTaxCreditsAndAdjustments
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us-gaap Income Tax Credits And Adjustments
IncomeTaxCreditsAndAdjustments
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us-gaap Income Tax Credits And Adjustments
IncomeTaxCreditsAndAdjustments
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CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
111000000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
87000000 USD
us-gaap Net Income Loss
NetIncomeLoss
543000000 USD
us-gaap Net Income Loss
NetIncomeLoss
415000000 USD
CY2021Q3 us-gaap Deposits
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CY2020Q4 us-gaap Deposits
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CY2021Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
1279000000 USD
CY2020Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
1295000000 USD
CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
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CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
108000000 USD
CY2021Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2020Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2021Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
150000000 USD
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
85000000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
108000000 USD
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2021Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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CY2020Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
19000000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
106000000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
60000000 USD
CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
17000000 USD
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
10000000 USD
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
40000000 USD
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
35000000 USD
CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
174000000 USD
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2021Q3 agr Prepaid Other Taxes
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CY2020Q4 agr Prepaid Other Taxes
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CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9799000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
329000000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
319000000 USD
CY2021Q3 agr Accrued Liability For Property Plant And Equipment Additions
AccruedLiabilityForPropertyPlantAndEquipmentAdditions
367000000 USD
CY2020Q3 agr Accrued Liability For Property Plant And Equipment Additions
AccruedLiabilityForPropertyPlantAndEquipmentAdditions
370000000 USD
CY2021Q3 us-gaap Commercial Paper
CommercialPaper
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CY2020Q4 us-gaap Commercial Paper
CommercialPaper
309000000 USD
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.300
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.156
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.051
CY2021Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
5000000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
14000000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1000000 USD
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
12000000 USD
CY2021Q1 agr Variable Interest Entities Wind Farms To Be Part Of Variable Interest Entity
VariableInterestEntitiesWindFarmsToBePartOfVariableInterestEntity
4 wind_farm
CY2021Q1 agr Proposed Wind Farm And Electricity Transmission Project Capacity
ProposedWindFarmAndElectricityTransmissionProjectCapacity
688 MW

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