Annual report [Section 13 and 15(d), not S-K Item 405]

Assets Held For Sale

v3.25.0.1
Assets Held For Sale
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Assets Held For Sale ASSETS HELD FOR SALE
During the year ended December 31, 2024, we entered into fifteen membership interest purchase agreements in which we sold energy assets designated as held for sale during 2024. We will continue to build the energy assets and recognize project revenues under their respective engineering, procurement, and construction (“EPC”) contracts. These assets had a carrying value of $69,806 at the time of the sale and during the year ended December 31, 2024, we recognized revenue of $87,465 and gross profit of $15,545 in the consolidated statements of income under the EPC contracts.
During the year ended December 31, 2024, we identified five assets that previously met the criteria to be classified as held for sale, but we no longer have the intent to sell the assets. As of December 31, 2023, the carrying value of these assets was $33,851 with liabilities associated with assets classified as held for sale of $5,546. As a result of the change in circumstances, the balances for these assets were reclassified to held and used and the reclassification did not have a material impact to current period results.
As of December 31, 2024, we determined that there were three energy asset projects under construction that were considered to be assets held for sale, since these assets were being marketed for sale and all the criteria to be classified as held for sale under ASC 360, Property, Plant and Equipment—Impairment or Disposal of Long-Lived Assets, had been met. Assets held for sale are measured at the lower of their carrying value or the fair value less cost to sell. The carrying value of these assets was $8,372, with liabilities directly associated with assets classified as held for sale of $771 as of December 31, 2024.
During the year ended December 31, 2023, we determined that there were five energy asset projects under construction that were considered to be assets held for sale, since these assets were being marketed for sale and all the criteria to be classified as held for sale had been met. The carrying value of these assets was $38,404, with liabilities directly associated with assets classified as held for sale of $8,351 as of December 31, 2023.
Assets held for sale are measured at the lower of their carrying value or the fair value less cost to sell.
The table below reflects the assets and liabilities associated with assets held for sale by segment:
December 31, 2024 December 31, 2023
  North America Regions U.S. Federal Total North America Regions U.S. Federal Total
Other assets $ 7,778  $ 401  $ 8,179  $ 18,895  $ 18,253  $ 37,148 
Right-of-use assets, net 193  —  193  1,256  —  1,256 
Assets classified as held for sale $ 7,971  $ 401  $ 8,372  $ 20,151  $ 18,253  $ 38,404 
Accounts payable 482  —  482  5,418  601  6,019 
Current portions of operating lease liabilities 11  —  11  14  —  14 
Deferred revenue 60  —  60  —  1,088  1,088 
Long-term operating lease liabilities, net of current portion 218  —  218  1,230  —  1,230 
Liabilities directly associated with assets classified as held for sale $ 771  $ —  $ 771  $ 6,662  $ 1,689  $ 8,351