Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 18, 2014 | Jun. 28, 2013 |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'AES | ' | ' |
Entity Registrant Name | 'AES CORP | ' | ' |
Entity Central Index Key | '0000874761 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 723,927,523 | ' |
Entity current reporting status | 'Yes | ' | ' |
Entity voluntary filers | 'No | ' | ' |
Entity Well Known Seasoned Issuer | 'Yes | ' | ' |
Entity Public Float | ' | ' | $7.36 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $1,642 | $1,900 |
Restricted cash | 597 | 734 |
Short-term investments | 668 | 693 |
Accounts receivable, net of allowance for doubtful accounts of $134 and $195, respectively | 2,363 | 2,539 |
Inventory | 684 | 719 |
Deferred income taxes | 166 | 199 |
Prepaid expenses | 179 | 222 |
Other current assets | 976 | 1,072 |
Current assets of discontinued operations and held-for-sale assets | 464 | 387 |
Total current assets | 7,739 | 8,465 |
Property, Plant and Equipment: | ' | ' |
Land | 922 | 1,005 |
Electric generation, distribution assets and other | 30,596 | 30,278 |
Accumulated depreciation | -9,604 | -9,145 |
Construction in progress | 3,198 | 2,497 |
Property, plant and equipment, net | 25,112 | 24,635 |
Other Assets: | ' | ' |
Investments in and advances to affiliates | 1,010 | 1,196 |
Debt service reserves and other deposits | 541 | 510 |
Goodwill | 1,622 | 1,999 |
Other intangible assets, net of accumulated amortization of $153 and $222, respectively | 297 | 324 |
Deferred income taxes | 666 | 940 |
Other noncurrent assets | 2,170 | 2,188 |
Noncurrent assets of discontinued operations and held-for-sale assets | 1,254 | 1,573 |
Total other assets | 7,560 | 8,730 |
TOTAL ASSETS | 40,411 | 41,830 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 2,259 | 2,545 |
Accrued interest | 263 | 287 |
Accrued and other liabilities | 2,114 | 2,347 |
Non-recourse debt, including $267 and $275, respectively, related to variable interest entities | 2,062 | 2,494 |
Recourse debt | 118 | 11 |
Current liabilities of discontinued operations and held-for-sale businesses | 837 | 635 |
Total current liabilities | 7,653 | 8,319 |
NONCURRENT LIABILITIES | ' | ' |
Non-recourse debt, including $979 and $858, respectively, related to variable interest entities | 13,318 | 12,265 |
Recourse debt | 5,551 | 5,951 |
Deferred income taxes | 1,119 | 1,179 |
Pension and other post-retirement liabilities | 1,310 | 2,418 |
Other noncurrent liabilities | 3,299 | 3,523 |
Noncurrent liabilities of discontinued operations and held-for-sale businesses | 432 | 583 |
Total noncurrent liabilities | 25,029 | 25,919 |
Contingencies and Commitments (see Notes 13 and 14) | ' | ' |
Cumulative preferred stock of subsidiaries | 78 | 78 |
THE AES CORPORATION STOCKHOLDERS’ EQUITY | ' | ' |
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 813,316,510 issued and 722,508,342 outstanding at December 31, 2013 and 810,679,839 issued and 744,263,855 outstanding at December 31, 2012) | 8 | 8 |
Additional paid-in capital | 8,443 | 8,525 |
Accumulated deficit | -150 | -264 |
Accumulated other comprehensive loss | -2,882 | -2,920 |
Treasury stock, at cost (90,808,168 shares at December 31, 2013 and 66,415,984 shares at December 31, 2012) | -1,089 | -780 |
Total AES Corporation stockholders’ equity | 4,330 | 4,569 |
NONCONTROLLING INTERESTS | 3,321 | 2,945 |
Total equity | 7,651 | 7,514 |
TOTAL LIABILITIES AND EQUITY | $40,411 | $41,830 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $134 | $195 |
Other intangible assets, accumulated amortization | 153 | 222 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 1,200,000,000 | 1,200,000,000 |
Common stock, shares issued (in shares) | 813,316,510 | 810,679,839 |
Common stock, shares outstanding (in shares) | 722,508,342 | 744,263,855 |
Treasury stock, shares (in shares) | 90,808,168 | 66,415,984 |
Variable Interest Entity [Line Items] | ' | ' |
Non-recourse debt - current balance at variable interest entities | 2,062 | 2,494 |
Non-recourse debt - noncurrent, balance at variable interest entities | 13,318 | 12,265 |
Consolidated Variable Interest Entities [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Non-recourse debt - current balance at variable interest entities | 267 | 275 |
Non-recourse debt - noncurrent, balance at variable interest entities | $979 | $858 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue: | ' | ' | ' |
Regulated | $8,056 | $8,977 | $8,699 |
Non-Regulated | 7,835 | 8,187 | 7,399 |
Total revenue | 15,891 | 17,164 | 16,098 |
Cost of Sales: | ' | ' | ' |
Regulated | -6,837 | -7,594 | -6,325 |
Non-Regulated | -5,807 | -5,987 | -5,733 |
Total cost of sales | -12,644 | -13,581 | -12,058 |
Operating margin | 3,247 | 3,583 | 4,040 |
General and administrative expenses | -220 | -274 | -346 |
Interest expense | -1,482 | -1,544 | -1,530 |
Interest income | 275 | 348 | 398 |
Loss on extinguishment of debt | -229 | -8 | -62 |
Other expense | -76 | -82 | -86 |
Other income | 125 | 98 | 142 |
Gain on sale of investments | 26 | 219 | 8 |
Goodwill impairment expense | -372 | -1,817 | -17 |
Asset impairment expense | -95 | -73 | -173 |
Foreign currency transaction losses | -22 | -170 | -32 |
Other non-operating expense | -129 | -50 | -82 |
Total | 1,048 | 230 | 2,260 |
Income tax expense | -343 | -685 | -656 |
Net equity in earnings (losses) of affiliates | 25 | 35 | -2 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 730 | -420 | 1,602 |
Income (loss) from operations of discontinued businesses, net of income tax (benefit) expense of $24, $26, and $(48), respectively | -27 | 47 | -158 |
Net gain (loss) from disposal and impairments of discontinued businesses, net of income tax (benefit) expense of $(15), $68, and $300, respectively | -152 | 16 | 86 |
NET INCOME (LOSS) | 551 | -357 | 1,530 |
Noncontrolling interests: | ' | ' | ' |
Less: Income from continuing operations attributable to noncontrolling interests | -446 | -540 | -1,096 |
Less: (Income) loss from discontinued operations attributable to noncontrolling interests | 9 | -15 | -376 |
Total net income attributable to noncontrolling interests | -437 | -555 | -1,472 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | 114 | -912 | 58 |
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS: | ' | ' | ' |
Income (loss) from continuing operations, net of tax | 284 | -960 | 506 |
Income (loss) from discontinued operations, net of tax | ($170) | $48 | ($448) |
BASIC EARNINGS PER SHARE: | ' | ' | ' |
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | $0.38 | ($1.27) | $0.65 |
Income (loss) from discontinued operations attributable to The AES Corporation common stockholders, net of tax | ($0.23) | $0.06 | ($0.58) |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $0.15 | ($1.21) | $0.07 |
DILUTED EARNINGS PER SHARE: | ' | ' | ' |
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | $0.38 | ($1.27) | $0.65 |
Income (loss) from discontinued operations attributable to The AES Corporation common stockholders, net of tax | ($0.23) | $0.06 | ($0.58) |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $0.15 | ($1.21) | $0.07 |
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | $0.17 | $0.08 | $0 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Income from operations of discontinued businesses, income tax expense (benefit) | $24 | $26 | ($48) |
Gain (loss) from disposal and impairment of discontinued businesses, income tax expense (benefit) | ($15) | $68 | $300 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
NET INCOME (LOSS) | $551 | ($357) | $1,530 |
Available-for-sale securities activity: | ' | ' | ' |
Change in fair value of available-for-sale securities, net of income tax (expense) benefit of $0, $0 and $0, respectively | -1 | 1 | 1 |
Reclassification to earnings, net of income tax (expense) benefit of $0, $0 and $0, respectively | 1 | -1 | -2 |
Total change in fair value of available-for-sale securities | 0 | 0 | -1 |
Foreign currency translation activity: | ' | ' | ' |
Foreign currency translation adjustments, net of income tax (expense) benefit of $10, $0, and $18, respectively | -375 | -247 | -484 |
Reclassification to earnings, net of income tax (expense) benefit of $0, $0 and $0, respectively | 41 | 37 | 188 |
Total foreign currency translation adjustments | -334 | -210 | -296 |
Derivative activity: | ' | ' | ' |
Change in derivative fair value, net of income tax (expense) benefit of $(31), $35 and $108, respectively | 108 | -134 | -379 |
Reclassification to earnings, net of income tax (expense) of $(41), $(56) and $(22), respectively | 139 | 177 | 137 |
Total change in fair value of derivatives | 247 | 43 | -242 |
Pension activity: | ' | ' | ' |
Change in pension adjustments due to prior service cost, net of income tax (expense) benefit of $0, $0, and $0 | 0 | -1 | 0 |
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax (expense) benefit of $(198), $300, and $117 | 379 | -587 | -223 |
Reclassification to earnings due to amortization of net actuarial loss, net of income tax (expense) of $(26), $(15), and $(6), respectively | 52 | 24 | 13 |
Total pension adjustments | 431 | -564 | -210 |
OTHER COMPREHENSIVE INCOME (LOSS) | 344 | -731 | -749 |
COMPREHENSIVE INCOME (LOSS) | 895 | -1,088 | 781 |
Less: Comprehensive (income) loss attributable to noncontrolling interests | -743 | 14 | -1,098 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $152 | ($1,074) | ($317) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Change in fair value of available-for-sale securities, income tax | $0 | $0 | $0 |
Available-for-sale securities, reclassification to earnings, income tax | 0 | 0 | 0 |
Foreign currency translation adjustments, income tax | 10 | 0 | 18 |
Foreign currency, reclassification to earnings, income tax | 0 | 0 | 0 |
Change in derivative fair value, income tax | -31 | 35 | 108 |
Derivative reclassification to earnings, income tax | -41 | -56 | -22 |
Pension, prior service cost for the period, income tax | 0 | 0 | 0 |
Pension, net actuarial gain (loss) for the period, income tax | -198 | 300 | 117 |
Pension, amortization of net actuarial loss, income tax | ($26) | ($15) | ($6) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Noncontrolling Interest |
In Millions, except Share data, unless otherwise specified | |||||||
Beginning Balance at Dec. 31, 2010 | ' | $8 | ($216) | $8,444 | $620 | ($2,383) | $3,940 |
Beginning Balance (Shares) at Dec. 31, 2010 | ' | 804,900,000 | 17,300,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 1,530 | ' | ' | ' | 58 | ' | 1,472 |
Total change in fair value of available-for-sale securities, net of income tax | -1 | ' | ' | ' | ' | -1 | ' |
Total Foreign currency translation adjustment, net of income tax | -296 | ' | ' | ' | ' | -143 | -153 |
Total change in derivative fair value, including a reclassification to earnings, net of income tax | -242 | ' | ' | ' | ' | -190 | -52 |
Total pension adjustments, net of income tax | -210 | ' | ' | ' | ' | -41 | -169 |
OTHER COMPREHENSIVE INCOME (LOSS) | -749 | ' | ' | ' | ' | -375 | -374 |
Capital contributions from noncontrolling interests | ' | ' | ' | ' | ' | ' | 8 |
Distributions to noncontrolling interests | ' | ' | ' | ' | ' | ' | -1,254 |
Disposition of businesses | ' | ' | ' | ' | ' | ' | -27 |
Acquisition of treasury stock | ' | ' | -279 | ' | ' | ' | ' |
Acquisition of treasury stock (shares) | ' | ' | 25,500,000 | ' | ' | ' | ' |
Issuance and exercise of stock-based compensation benefit plans, net of income tax | ' | ' | 6 | 44 | ' | ' | ' |
Issuance of common stock under benefit plans and exercise of stock options, net of income tax (shares) | ' | 2,700,000 | -400,000 | ' | ' | ' | ' |
Sale of subsidiary shares to noncontrolling interests | ' | ' | ' | 19 | ' | ' | 16 |
Acquisition of subsidiary shares from noncontrolling interests | ' | ' | ' | ' | ' | ' | 2 |
Ending Balance at Dec. 31, 2011 | ' | 8 | -489 | 8,507 | 678 | -2,758 | 3,783 |
Ending Balance (Shares) at Dec. 31, 2011 | ' | 807,600,000 | 42,400,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -357 | ' | ' | ' | -912 | ' | 555 |
Total change in fair value of available-for-sale securities, net of income tax | 0 | ' | ' | ' | ' | ' | ' |
Total Foreign currency translation adjustment, net of income tax | -210 | ' | ' | ' | ' | -90 | -120 |
Total change in derivative fair value, including a reclassification to earnings, net of income tax | 43 | ' | ' | ' | ' | 53 | -10 |
Total pension adjustments, net of income tax | -564 | ' | ' | ' | ' | -125 | -439 |
OTHER COMPREHENSIVE INCOME (LOSS) | -731 | ' | ' | ' | ' | -162 | -569 |
Capital contributions from noncontrolling interests | ' | ' | ' | ' | ' | ' | 30 |
Distributions to noncontrolling interests | ' | ' | ' | ' | ' | ' | -802 |
Disposition of businesses | ' | ' | ' | ' | ' | ' | -44 |
Acquisition of treasury stock | ' | ' | -301 | ' | ' | ' | ' |
Acquisition of treasury stock (shares) | ' | ' | 24,800,000 | ' | ' | ' | ' |
Issuance and exercise of stock-based compensation benefit plans, net of income tax | ' | ' | 10 | 37 | ' | ' | ' |
Issuance of common stock under benefit plans and exercise of stock options, net of income tax (shares) | ' | 3,100,000 | -800,000 | ' | ' | ' | ' |
Dividends declared on common stock | ' | ' | ' | -30 | -30 | ' | ' |
Sale of subsidiary shares to noncontrolling interests | 7 | ' | ' | 7 | ' | ' | 5 |
Acquisition of subsidiary shares from noncontrolling interests | 4 | ' | ' | 4 | ' | ' | -13 |
Ending Balance at Dec. 31, 2012 | 7,514 | 8 | -780 | 8,525 | -264 | -2,920 | 2,945 |
Ending Balance (Shares) at Dec. 31, 2012 | ' | 810,700,000 | 66,400,000 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 551 | ' | ' | ' | 114 | ' | 437 |
Total change in fair value of available-for-sale securities, net of income tax | 0 | ' | ' | ' | ' | ' | ' |
Total Foreign currency translation adjustment, net of income tax | -334 | ' | ' | ' | ' | -227 | -107 |
Total change in derivative fair value, including a reclassification to earnings, net of income tax | 247 | ' | ' | ' | ' | 174 | 73 |
Total pension adjustments, net of income tax | 431 | ' | ' | ' | ' | 91 | 340 |
OTHER COMPREHENSIVE INCOME (LOSS) | 344 | ' | ' | ' | ' | 38 | 306 |
Capital contributions from noncontrolling interests | ' | ' | ' | ' | ' | ' | 109 |
Distributions to noncontrolling interests | ' | ' | ' | ' | ' | ' | -553 |
Disposition of businesses | ' | ' | ' | ' | ' | ' | -13 |
Acquisition of treasury stock | ' | ' | -322 | ' | ' | ' | ' |
Acquisition of treasury stock (shares) | 25,297,042 | ' | 25,300,000 | ' | ' | ' | ' |
Issuance and exercise of stock-based compensation benefit plans, net of income tax | ' | ' | 13 | 33 | ' | ' | ' |
Issuance of common stock under benefit plans and exercise of stock options, net of income tax (shares) | ' | 2,600,000 | -900,000 | ' | ' | ' | ' |
Dividends declared on common stock | ' | ' | ' | -125 | ' | ' | ' |
Sale of subsidiary shares to noncontrolling interests | 16 | ' | ' | 16 | ' | ' | 91 |
Acquisition of subsidiary shares from noncontrolling interests | -6 | ' | ' | -6 | ' | ' | -1 |
Ending Balance at Dec. 31, 2013 | $7,651 | $8 | ($1,089) | $8,443 | ($150) | ($2,882) | $3,321 |
Ending Balance (Shares) at Dec. 31, 2013 | ' | 813,300,000 | 90,800,000 | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parenthetical) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 04, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared on common stock (per share amount) | $0.05 | $0.09 | $0 | $0.08 | $0 | $0.04 | $0.04 | $0 | $0 | $0.17 | $0.08 | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ' | ' | ' |
Net income (loss) | $551 | ($357) | $1,530 |
Adjustments to net income (loss): | ' | ' | ' |
Depreciation and amortization | 1,294 | 1,394 | 1,262 |
Loss (gain) on sale of assets and investments | 14 | -174 | 20 |
Impairment expenses | 661 | 1,940 | 366 |
Deferred income taxes | -158 | 162 | -199 |
Provisions for contingencies | 44 | 47 | 30 |
Loss on the extinguishment of debt | 229 | 8 | 62 |
Loss (gain) on disposals and impairments - discontinued operations | 163 | -84 | -388 |
Other | -7 | 33 | 149 |
Changes in operating assets and liabilities | ' | ' | ' |
(Increase) decrease in accounts receivable | 146 | -241 | -236 |
(Increase) decrease in inventory | 16 | 24 | -141 |
(Increase) decrease in prepaid expenses and other current assets | 358 | 120 | -7 |
(Increase) decrease in other assets | -103 | -589 | -403 |
Increase (decrease) in accounts payable and other current liabilities | -725 | 330 | 322 |
Increase (decrease) in income tax payables, net and other tax payables | 95 | -47 | 166 |
Increase (decrease) in other liabilities | 137 | 335 | 351 |
Net cash provided by operating activities | 2,715 | 2,901 | 2,884 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ' | ' | ' |
Capital expenditures | -1,988 | -2,108 | -2,430 |
Acquisitions - net of cash acquired | -7 | -20 | -3,562 |
Proceeds from the sale of businesses, net of cash sold | 170 | 639 | 927 |
Proceeds from the sale of assets | 62 | 46 | 117 |
Sale of short-term investments | 4,361 | 6,437 | 6,075 |
Purchase of short-term investments | -4,443 | -5,907 | -5,860 |
Decrease (increase) in restricted cash, debt service reserves and other assets | 44 | -15 | -223 |
Affiliate advances and equity investments | -7 | -89 | -155 |
Proceeds from performance bond | 0 | 0 | 199 |
Proceeds from government grants for asset construction | 2 | 122 | 8 |
Other investing | 32 | 0 | -2 |
Net cash used in investing activities | -1,774 | -895 | -4,906 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ' | ' | ' |
(Repayments) borrowings under the revolving credit facilities, net | -22 | -321 | 437 |
Issuance of recourse debt | 750 | 0 | 2,050 |
Issuance of non-recourse debt | 4,277 | 1,391 | 3,218 |
Repayments of recourse debt | -1,210 | -235 | -476 |
Repayments of non-recourse debt | -3,390 | -1,325 | -2,217 |
Payments for financing fees | -176 | -40 | -202 |
Distributions to noncontrolling interests | -557 | -895 | -1,088 |
Contributions from noncontrolling interests | 210 | 43 | 6 |
Dividends paid on AES common stock | -119 | -30 | 0 |
Payments for financed capital expenditures | -591 | -162 | -31 |
Purchase of treasury stock | -322 | -301 | -279 |
Other financing | 14 | 8 | -6 |
Net cash (used in) provided by financing activities | -1,136 | -1,867 | 1,412 |
Effect of exchange rate changes on cash | -59 | 5 | -122 |
(Increase) decrease in cash of discontinued and held-for-sale businesses | -4 | 132 | -4 |
Total increase (decrease) in cash and cash equivalents | -258 | 276 | -736 |
Cash and cash equivalents, beginning | 1,900 | 1,624 | 2,360 |
Cash and cash equivalents, ending | 1,642 | 1,900 | 1,624 |
SUPPLEMENTAL DISCLOSURES: | ' | ' | ' |
Cash payments for interest, net of amounts capitalized | 1,398 | 1,509 | 1,442 |
Cash payments for income taxes, net of refunds | 570 | 647 | 971 |
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ' | ' | ' |
Assets acquired in noncash asset exchange or capital lease | $34 | $12 | $20 |
General_and_Summary_of_Signifi
General and Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |
GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
The AES Corporation is a holding company (the “Parent Company”) that through its subsidiaries and affiliates, (collectively, “AES” or “the Company”) operates a geographically diversified portfolio of electricity generation and distribution businesses. Generally, given this holding company structure, the liabilities of the individual operating entities are not recourse to the parent and are isolated to the operating entities. Most of our operating entities are structured as limited liability entities, which limit the liability of shareholders. The structure is generally the same regardless of whether a subsidiary is consolidated under a voting or interest model. | ||
CORRECTION OF AN ERROR—Certain amounts related to the payment of costs for the construction of our Muong Dong facility in Vietnam were misclassified as an investing activity on the Consolidated Statement of Cash Flows in 2012. The error was related to costs that were paid under extended payment terms as allowed by the construction contract, but should have been reflected as financing activities in accordance with the accounting guidance for cash flows. As a result, cash flows from investing activities were overstated by $128 million and cash flows from financing activities were understated by $128 million. Cash flows from investing activities were previously reported as $1 billion and have now been restated to $895 million for the year ended December 31, 2012. Cash flows from financing activities were previously reported as $1.7 billion and have now been restated to $1.9 billion for the year ended December 31, 2012. There was no impact on amounts presented on the Consolidated Balance Sheet as of December 31, 2012 or the Consolidated Statement of Operations for the year ended December 31, 2012. | ||
PRINCIPLES OF CONSOLIDATION—The Consolidated Financial Statements of the Company include the accounts of The AES Corporation and its subsidiaries, which are the entities that it controls. Furthermore, variable interest entities (“VIEs”) in which the Company has a variable interest have been consolidated where the Company is the primary beneficiary and thus controls the VIE. Intercompany transactions and balances are eliminated in consolidation. Investments in which the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. | ||
DP&L, our utility in Ohio, has undivided interests in seven generation facilities and numerous transmission facilities. These undivided interests in jointly-owned facilities are accounted for on a pro rata basis in our consolidated financial statements. Certain expenses, primarily fuel costs for the generating units, are allocated to the joint owners based on their energy usage. The remaining expenses, investments in fuel inventory, plant materials and operating supplies and capital additions are allocated to the joint owners in accordance with their respective ownership interests. | ||
USE OF ESTIMATES—The preparation of these consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires the Company to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Items subject to such estimates and assumptions include: the carrying amount and estimated useful lives of long-lived assets; impairment of goodwill, long-lived assets and equity method investments; valuation allowances for receivables and deferred tax assets; the recoverability of regulatory assets; the estimation of regulatory liabilities; the fair value of financial instruments; the fair value of assets and liabilities acquired in a business combination; the measurement of noncontrolling interest using the hypothetical liquidation at book value (“HLBV”) method for certain wind generation partnerships; pension liabilities; environmental liabilities; and potential litigation claims and settlements. | ||
DISCONTINUED OPERATIONS AND RECLASSIFICATIONS—A discontinued operation is a component of the Company that either has been disposed of or is classified as held for sale and the Company does not expect to have significant cash flows from or significant continuing involvement with the component as of one year after its disposal or sale. A component comprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company. Prior period amounts have been retrospectively revised to reflect the businesses determined to be discontinued operations. Cash flows at discontinued and held for sale businesses are included within the relevant categories within operating, investing and financing activities. The aggregate amount of cash flows is offset by the net increase or decrease in cash of discontinued and held for sale businesses, which is presented as a separate line item in the Consolidated Statements of Cash Flows. When an operation is classified as held for sale, the Company recognizes impairment, if any, at the consolidated financial statement level which also includes noncontrolling interests. However, any gain or loss on the completion of a disposal transaction is recognized only for the Company's ownership interest. When reclassifications are made in the current period, the amounts reported in the prior period financial statements are reclassified to conform to the current year presentation. The reclassifications relate primarily to general and administrative costs at certain of the Company's strategic business units ("SBUs") that were previously classified as "general and administrative expenses" that were reclassified to" cost of sales". | ||
FAIR VALUE—Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly, hypothetical transaction between market participants at the measurement date, or exit price. The Company applies the fair value measurement accounting guidance to financial assets and liabilities in determining the fair value of investments in marketable debt and equity securities, included in the consolidated balance sheet line items “Short-term investments” and “Other assets (noncurrent)”; derivative assets, included in “Other current assets” and “Other assets (noncurrent)”; and, derivative liabilities, included in “Accrued and other liabilities (current)” and “Other long-term liabilities.” The Company applies the fair value measurement guidance to nonfinancial assets and liabilities upon the acquisition of a business or in conjunction with the measurement of a potential impairment loss on an asset group or goodwill under the accounting guidance for the impairment of long-lived assets or goodwill. | ||
The Company makes assumptions about what market participants would assume in valuing an asset or liability based on the best information available. These factors include nonperformance risk (the risk that the obligation will not be fulfilled) and credit risk of the subsidiary (for liabilities) and of the counterparty (for assets). The Company is prohibited from including transaction costs and any adjustments for blockage factors in determining fair value. The principal or most advantageous market is considered from the perspective of the subsidiary owning the asset or with the liability. | ||
Fair value is based on observable market prices where available. Where they are not available, specific valuation models and techniques are applied depending on what is being fair valued. These models and techniques maximize the use of observable inputs and minimize the use of unobservable inputs. The process involves varying levels of management judgment, the degree of which is dependent on price transparency and complexity. An asset's or liability’s level within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement, where Level 1 is the highest and Level 3 is the lowest. The three levels are defined as follows: | ||
• | Level 1—unadjusted quoted prices in active markets accessible by the Company for identical assets or liabilities. Active markets are those in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
• | Level 2—pricing inputs other than quoted market prices included in Level 1 which are based on observable market data, that are directly or indirectly observable for substantially the full term of the asset or liability. These include quoted market prices for similar assets or liabilities, quoted market prices for identical or similar assets in markets that are not active, adjusted quoted market prices, inputs from observable data such as interest rate and yield curves, volatilities or default rates observable at commonly quoted intervals or inputs derived from observable market data by correlation or other means. | |
• | Level 3—pricing inputs that are unobservable from objective sources. Unobservable inputs are only used to the extent observable inputs are not available. These inputs maintain the concept of an exit price from the perspective of a market participant and reflect assumptions of other market participants. The Company considers all market participant assumptions that are available without unreasonable cost and effort. These are given the lowest priority and are generally used in internally developed methodologies to generate management’s best estimate of the fair value when no observable market data is available. | |
Any transfers between all levels within the fair value hierarchy levels are recognized at the end of the reporting period. | ||
CASH AND CASH EQUIVALENTS—The Company considers unrestricted cash on hand, deposits in banks, certificates of deposit and short-term marketable securities that mature within three months or less from the date of purchase to be cash and cash equivalents. The carrying amounts of such balances approximate fair value. | ||
RESTRICTED CASH AND DEBT SERVICE RESERVES—These include cash balances which are restricted as to withdrawal or usage by the subsidiary that owns the cash. The nature of restrictions includes restrictions imposed by financing agreements such as security deposits kept as collateral, debt service reserves, maintenance reserves and others, as well as restrictions imposed by long-term PPAs. | ||
INVESTMENTS IN MARKETABLE SECURITIES—The Company’s marketable investments are primarily unsecured debentures, certificates of deposit, government debt securities and money market funds. Short-term investments in marketable debt and equity securities consist of securities with original maturities in excess of three months with remaining maturities of less than one year. | ||
Marketable debt securities that the Company has both the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Other marketable securities that the Company does not intend to hold to maturity are classified as available-for-sale or trading and are carried at fair value. Available-for-sale investments are fair valued at the end of each reporting period where the unrealized gains or losses are reflected in accumulated other comprehensive loss (“AOCL”), a separate component of equity. However, in measuring the other-than-temporary impairment of debt securities, the Company identifies two components: 1) the amount representing the credit loss, which is recognized as “other non-operating expense” in the Consolidated Statements of Operations; and 2) the amount related to other factors, which is recognized in AOCL unless there is a plan to sell the security, in which case it would be recognized in earnings. The amount recognized in AOCL for held-to-maturity debt securities is then amortized in earnings over the remaining life of such securities. | ||
Investments classified as trading are fair valued at the end of each reporting period through the Consolidated Statements of Operations. Interest and dividends on investments are reported in "interest income" and "other income", respectively. Gains and losses on sales of investments are determined using the specific identification method. | ||
ACCOUNTS AND NOTES RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS—Accounts and notes receivable are carried at amortized cost. The Company periodically assesses the collectability of accounts receivable, considering factors such as specific evaluation of collectability, historical collection experience, the age of accounts receivable and other currently available evidence of the collectability, and records an allowance for doubtful accounts for the estimated uncollectible amount as appropriate. Certain of our businesses charge interest on accounts receivable either under contractual terms or where charging interest is a customary business practice. In such cases, interest income is recognized on an accrual basis. So long as the collection of interest is not reasonably assured, interest income is recognized as cash is received. Individual accounts and notes receivable are written off when they are no longer deemed collectible. | ||
INVENTORY—Inventory primarily consists of coal, fuel oil and other raw materials used to generate power, and spare parts and supplies used to maintain power generation and distribution facilities. Inventory is carried at lower of cost or market. Cost is the sum of the purchase price and incidental expenditures and charges incurred to bring the inventory to its existing condition or location. Cost is determined under the first-in, first-out (“FIFO”), average cost or specific identification method. Generally, cost is reduced to market value if the market value of inventory has declined and it is probable that the utility of inventory, in its disposal in the ordinary course of business, will not be recovered through revenue earned from the generation of power. | ||
LONG-LIVED ASSETS—Long-lived assets include property, plant and equipment, assets under capital leases and intangible assets subject to amortization (i.e., finite-lived intangible assets). | ||
Property, plant and equipment | ||
Property, plant and equipment are stated at cost, net of accumulated depreciation. The cost of renewals and improvements that extend the useful life of property, plant and equipment are capitalized. | ||
Construction progress payments, engineering costs, insurance costs, salaries, interest and other costs directly relating to construction in progress are capitalized during the construction period, provided the completion of the project is deemed probable, or expensed at the time the Company determines that development of a particular project is no longer probable. The continued capitalization of such costs is subject to ongoing risks related to successful completion, including those related to government approvals, site identification, financing, construction permitting and contract compliance. Construction in progress balances are transferred to electric generation and distribution assets when an asset group is ready for its intended use. Government subsidies, liquidated damages recovered for construction delays and income tax credits are recorded as a reduction to property, plant and equipment and reflected in cash flows from investing activities. | ||
Depreciation, after consideration of salvage value and asset retirement obligations, is computed primarily using the straight-line method over the estimated useful lives of the assets, which are determined on a composite or component basis. Maintenance and repairs are charged to expense as incurred. Capital spare parts, including rotable spare parts, are included in electric generation and distribution assets. If the spare part is considered a component, it is depreciated over its useful life after the part is placed in service. If the spare part is deemed part of a composite asset, the part is depreciated over the composite useful life even when being held as a spare part. | ||
The Company’s Brazilian subsidiaries, which include both generation and distribution companies, operate under concession contracts. Certain estimates are utilized to determine depreciation expense for the Brazilian subsidiaries, including the useful lives of the property, plant and equipment and the amounts to be recovered at the end of the concession contract. The amounts to be recovered under these concession contracts are based on estimates that are inherently uncertain and actual amounts recovered may differ from those estimates. | ||
Intangible Assets Subject to Amortization | ||
Finite-lived intangible assets are amortized over their useful lives which range from 1 – 50 years. The Company accounts for purchased emission allowances as intangible assets and records an expense when utilized or sold. Granted emission allowances are valued at zero. | ||
Impairment of Long-lived Assets | ||
When circumstances indicate that the carrying amount of long-lived assets (asset group) held-for-use may not be recoverable, the Company evaluates the assets for potential impairment using internal projections of undiscounted cash flows expected to result from the use and eventual disposal of the assets. Events or changes in circumstances that may necessitate a recoverability evaluation may include but are not limited to: adverse changes in the regulatory environment, unfavorable changes in power prices or fuel costs, increased competition due to additional capacity in the grid, technological advancements, declining trends in demand, or an expectation that it is more likely than not that the asset will be disposed of before the end of its previously estimated useful life. If the carrying amount of the assets exceeds the undiscounted cash flows and exceeds any fair value of the assets, an impairment expense is recognized for the excess up to the carrying amount of the long-lived assets (but up to any fair value for any individual long-lived asset that is determinable without undue cost and effort). For regulated assets, an impairment expense could be reduced by the establishment of a regulatory asset, if recovery through approved rates was probable. For non-regulated assets, impairment is recognized as an expense. When long-lived assets meet the criteria to be classified as held-for-sale and the carrying amount of the disposal group exceeds its fair value less costs to sell, an impairment expense is recognized for the excess up to the carrying amount of the long-lived assets; if the fair value of the disposal group subsequently exceeds the carrying amount while the disposal group is still held-for-sale, any impairment expense previously recognized will be reversed up to the lower of the prior expense or the subsequent excess. | ||
DEFERRED FINANCING COSTS—Costs incurred in connection with the issuance of long-term debt are deferred and amortized over the related financing period using the effective interest method or the straight-line method when it does not differ materially from the effective interest method. Make-whole payments in connection with early debt retirements are classified as cash flows used in financing activities. | ||
EQUITY METHOD INVESTMENTS—Investments in entities over which the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting and reported in “Investments in and advances to affiliates” on the Consolidated Balance Sheets. The Company periodically assesses if there is an indication that the fair value of an equity method investment is less than its carrying amount. When an indicator exists, any excess of the carrying amount over its estimated fair value is recognized as impairment when the loss in value is deemed other-than-temporary and included in “Other non-operating expense” in the Consolidated Statements of Operations. | ||
The Company discontinues the application of the equity method when an investment is reduced to zero and the Company is not otherwise committed to provide further financial support to the investee. The Company resumes the application of the equity method if the investee subsequently reports net income to the extent that the Company’s share of such net income equals the share of net losses not recognized during the period in which the equity method of accounting was suspended. | ||
GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS—The Company evaluates goodwill and indefinite-lived intangible assets for impairment on an annual basis and whenever events or changes in circumstances necessitate an evaluation for impairment. The Company’s annual impairment testing date is October 1. | ||
Goodwill | ||
The Company evaluates goodwill impairment at the reporting unit level, which is an operating segment, as defined in the segment reporting accounting guidance, or a component (i.e., one level below an operating segment). In determining its reporting units, the Company starts with its management reporting structure. Operating segments are identified and then analyzed to identify components which make up these operating segments. Two or more components are combined into a single reporting unit if they are economically similar. Assets and liabilities are allocated to a reporting unit if the assets will be employed by or a liability relates to the operations of the reporting unit or would be considered by a market participant in determining its fair value. Goodwill resulting from an acquisition is assigned to the reporting units that are expected to benefit from the synergies of the acquisition. Generally, each AES business with a goodwill balance constitutes a reporting unit as they are not reported to segment management together with other businesses and are not similar to other businesses in a segment. | ||
Goodwill is evaluated for impairment either under the qualitative assessment option or the two-step test approach depending on facts and circumstances of a reporting unit, including: the excess of fair value over carrying amount in the last valuation or changes in business environment. If the Company qualitatively determines it is “more likely than not” that the fair value of a reporting unit is greater than its carrying amount, the two-step impairment test is unnecessary. Otherwise, goodwill is evaluated for impairment using the two step test, where the carrying amount of a reporting unit is compared to its fair value in Step 1; if the fair value exceeds the carrying amount, Step 2 is unnecessary. If the carrying amount exceeds the reporting unit’s fair value, this could indicate potential impairment and Step 2 of the goodwill evaluation process is required to determine if goodwill is impaired and to measure the amount of impairment loss to recognize, if any. When Step 2 is necessary, the fair value of individual assets and liabilities is determined using valuations (which in some cases may be based in part on third party valuation reports), or other observable sources of fair value, as appropriate. If the carrying amount of goodwill exceeds its implied fair value, the excess is recognized as an impairment loss. | ||
Most of the Company’s reporting units are not publicly traded. Therefore, the Company estimates the fair value of its reporting units using internal budgets and forecasts, adjusted for any market participants’ assumptions and discounted at the rate of return required by a market participant. The Company considers both market and income-based approaches to determine a range of fair value, but typically concludes that the value derived using an income-based approach is more representative of fair value due to the lack of direct market comparables. The Company does use market data to corroborate and determine the reasonableness of the fair value derived from the income-based discounted cash flow analysis. | ||
Indefinite-lived Intangible Assets | ||
The Company’s indefinite-lived intangible assets primarily include land use rights, easements, concessions and trade name. These are tested for impairment on an annual basis or whenever events or changes in circumstances necessitate an evaluation for impairment. If the carrying amount of an intangible asset exceeds its fair value, the excess is recognized as impairment expense. When deemed appropriate, the Company uses the qualitative assessment option under the accounting guidance on goodwill and intangible assets to determine whether the existence of events or circumstances indicate that it is more likely than not that an intangible asset is impaired. If, after assessing the totality of events and circumstances, the Company determines that it is not more likely than not that an intangible asset is impaired, no further action is taken. The accounting guidance provides the option to bypass the qualitative assessment for any intangible asset in any period and proceed directly to performing the quantitative impairment test. | ||
ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES—Accounts payable consists of amounts due to trade creditors related to the Company’s core business operations. These payables include amounts owed to vendors and suppliers for items such as energy purchased for resale, fuel, maintenance, inventory and other raw materials. Other accrued liabilities include items such as income taxes, regulatory liabilities, legal contingencies and employee-related costs including payroll, benefits and related taxes. | ||
REGULATORY ASSETS AND LIABILITIES—The Company records assets and liabilities that result from the regulated ratemaking process that are not recognized under GAAP for non-regulated entities. Regulatory assets generally represent incurred costs that have been deferred due to the probability of future recovery in customer rates. Regulatory liabilities generally represent obligations to make refunds to customers. Management continually assesses whether the regulatory assets are probable of future recovery by considering factors such as applicable regulatory changes, recent rate orders applicable to other regulated entities and the status of any pending or potential deregulation legislation. If future recovery of costs previously deferred ceases to be probable, the related regulatory assets are written off and recognized in income from continuing operations. | ||
PENSION AND OTHER POSTRETIREMENT PLANS—The Company recognizes in its Consolidated Balance Sheets an asset or liability reflecting the funded status of pension and other postretirement plans with current year changes in the funded status recognized in AOCL, except for those plans at certain of the Company’s regulated utilities that can recover portions of their pension and postretirement obligations through future rates. All plan assets are recorded at fair value. AES follows the measurement date provisions of the accounting guidance, which require a year-end measurement date of plan assets and obligations for all defined benefit plans. | ||
INCOME TAXES—Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities, and their respective income tax bases. The Company establishes a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company’s tax positions are evaluated under a more-likely-than-not recognition threshold and measurement analysis before they are recognized for financial statement reporting. | ||
Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid within one year. The Company’s policy for interest and penalties related to income tax exposures is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statements of Operations. | ||
ASSET RETIREMENT OBLIGATIONS—The Company records the fair value of the liability for a legal obligation to retire an asset in the period in which the obligation is incurred. When a new liability is recognized, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the obligation, the Company eliminates the liability and, based on the actual cost to retire, may incur a gain or loss. | ||
NONCONTROLLING INTERESTS—Noncontrolling interests are classified as a separate component of equity in the Consolidated Balance Sheets and Consolidated Statements of Changes in Equity. Additionally, net income and comprehensive income attributable to noncontrolling interests are reflected separately from consolidated net income and comprehensive income in the Consolidated Statements of Operations and Consolidated Statements of Changes in Equity. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and noncontrolling interests. Losses continue to be attributed to the noncontrolling interests, even when the noncontrolling interests’ basis has been reduced to zero. | ||
Although, in general, the noncontrolling ownership interest in earnings is calculated based on ownership percentage, certain of the Company’s businesses are subject to certain profit sharing arrangements. These agreements exist for Wind Generation partnerships to designate different allocations of value among investors, where the allocations change in form or percentage over the life of the partnership. For these businesses, the Company uses the HLBV method when it is a reasonable approximation of the profit sharing arrangement. HLBV uses a balance sheet approach, which measures the Company’s equity in income or loss by calculating the change in the amount of net worth the partners are legally able to claim based on a hypothetical liquidation of the entity at the beginning of a reporting period compared to the end of that period. | ||
GUARANTOR ACCOUNTING—At the inception of a guarantee, the Company records the fair value of a guarantee as a liability, with the offset dependent on the circumstances under which the guarantee was issued. The Company does not recognize guarantees given to third parties for its subsidiaries’ future performance. | ||
FOREIGN CURRENCY TRANSLATION—A business’ functional currency is the currency of the primary economic environment in which the business operates and is generally the currency in which the business generates and expends cash. Subsidiaries and affiliates whose functional currency is a currency other than the U.S. Dollar translate their assets and liabilities into U.S. Dollars at the current exchange rates in effect at the end of the fiscal period. The revenue and expense accounts of such subsidiaries and affiliates are translated into U.S. Dollars at the average exchange rates that prevailed during the period. Translation adjustments are included in AOCL. Gains and losses on intercompany foreign currency transactions that are long-term in nature and which the Company does not intend to settle in the foreseeable future, are also recognized in AOCL. Gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in determining net income. Accumulated foreign currency translation adjustments are reclassified to net income only when realized upon sale or upon complete or substantially complete liquidation of the investment in a foreign entity. The accumulated adjustments are included in carrying amounts in impairment assessments where the Company has committed to a plan that will cause the accumulated adjustments to be reclassified to earnings | ||
REVENUE RECOGNITION—Revenue from Utilities is classified as regulated in the Consolidated Statements of Operations. Revenue from the sale of energy is recognized in the period during which the sale occurs. The calculation of revenue earned but not yet billed is based on the number of days not billed in the month, the estimated amount of energy delivered during those days and the estimated average price per customer class for that month. Differences between actual and estimated unbilled revenue are usually immaterial. The Company has businesses where it sells and purchases power to and from Independent System Operators (“ISOs”) and Regional Transmission Organizations (“RTOs”). In those instances, the Company accounts for these transactions on a net hourly basis because the transactions are settled on a net hourly basis. Revenue from Generation businesses is classified as non-regulated and is recognized based upon output delivered and capacity provided, at rates as specified under contract terms or prevailing market rates. Certain of the Company PPAs meet the definition of an operating lease or contain similar arrangements. Typically, minimum lease payments from such PPAs are recognized as revenue on a straight line basis over the lease term whereas contingent rentals are recognized when earned. Revenue is recorded net of any taxes assessed on and collected from customers, which are remitted to the governmental authorities. | ||
SHARE-BASED COMPENSATION—The Company grants share-based compensation in the form of stock options and restricted stock units. The expense is based on the grant-date fair value of the equity or liability instrument issued and is recognized on a straight-line basis over the requisite service period, net of estimated forfeitures. Currently, the Company uses a Black-Scholes option pricing model to estimate the fair value of stock options granted to its employees. | ||
GENERAL AND ADMINISTRATIVE EXPENSES—General and administrative expenses include corporate and other expenses related to corporate staff functions and initiatives, primarily executive management, finance, legal, human resources and information systems, which are not directly allocable to our business segments. Additionally, all costs associated with business development efforts are classified as general and administrative expenses. | ||
DERIVATIVES AND HEDGING ACTIVITIES—Under the accounting standards for derivatives and hedging, the Company recognizes all contracts that meet the definition of a derivative, except those designated as normal purchase or normal sale at inception, as either assets or liabilities in the Consolidated Balance Sheets and measures those instruments at fair value. See the Company’s fair value policy and Note 4—Fair Value for additional discussion regarding the determination of the fair value. The PPAs and fuel supply agreements entered into by the Company are evaluated to determine if they meet the definition of a derivative or contain embedded derivatives, either of which require separate valuation and accounting. To be a derivative under the accounting standards for derivatives and hedging, an agreement would need to have a notional and an underlying, require little or no initial net investment and could be net settled. Generally, these agreements do not meet the definition of a derivative, often due to the inability to be net settled. On a quarterly basis, we evaluate the markets for the commodities to be delivered under these agreements to determine if facts and circumstances have changed such that the agreements could then be net settled and meet the definition of a derivative. | ||
Derivatives primarily consist of interest rate swaps, cross-currency swaps, foreign currency instruments, and commodity derivatives. The Company enters into various derivative transactions in order to hedge its exposure to certain market risks, primarily interest rate, foreign currency and commodity price risks. Regarding interest rate risk, the Company and our subsidiaries generally utilize variable rate debt financing for construction projects and operations so interest rate swap, lock, cap, and floor agreements are entered into to manage interest rate risk by effectively fixing or limiting the interest rate exposure on the underlying financing and are typically designated as cash flow hedges. Regarding foreign currency risk, we are exposed to it as a result of our investments in foreign subsidiaries and affiliates that may be impacted by significant fluctuations in foreign currency exchange rates so foreign currency options and forwards are utilized, where deemed appropriate, to manage the risk related to these fluctuations. Cross-currency swaps are utilized in certain instances to manage the risk related to fluctuations in both interest rates and certain foreign currencies. In addition, certain of our subsidiaries have entered into contracts which contain embedded derivatives as a portion of the contracts is denominated in a currency other than the functional or local currency of that subsidiary or the currency of the item. Regarding commodity price risk, we are exposed to the impact of market fluctuations in the price of electricity, fuel and environmental credits. Although we primarily consist of businesses with long-term contracts or retail sales concessions (which provide our distribution businesses with a franchise to serve a specific geographic region), a portion of our current and expected future revenues are derived from businesses without significant long-term purchase or sales contracts. We use an overall hedging strategy, not just derivatives, to hedge our financial performance against the effects of fluctuations in commodity prices. | ||
The accounting standards for derivatives and hedging enable companies to designate qualifying derivatives as hedging instruments based on the exposure being hedged. The Company only has cash flow hedges at this time. Changes in the fair value of a derivative that is highly effective, designated and qualifies as a cash flow hedge are deferred in AOCL and are recognized into earnings as the hedged transactions affect earnings. Any ineffectiveness is recognized in earnings immediately. For all designated and qualifying hedges, the Company maintains formal documentation of the hedge and effectiveness testing in accordance with the accounting standards for derivatives and hedging. If AES determines that the derivative is no longer highly effective as a hedge, hedge accounting will be discontinued prospectively. For cash flow hedges of forecasted transactions, AES estimates the future cash flows of the forecasted transactions and evaluates the probability of the occurrence and timing of such transactions. Changes in conditions or the occurrence of unforeseen events could require discontinuance of hedge accounting or could affect the timing of the reclassification of gains or losses on cash flow hedges from AOCL into earnings. | ||
While derivative transactions are not entered into for trading purposes, some contracts are not eligible for hedge accounting. Changes in the fair value of derivatives not designated and qualifying as cash flow hedges are immediately recognized in earnings. Regardless of when gains or losses on derivatives (including all those where the fair value measurement is classified as Level 3) are recognized in earnings, they are generally classified as follows: interest expense for interest rate and cross-currency derivatives, foreign currency transaction gains or losses for foreign currency derivatives, and non-regulated revenue or non-regulated cost of sales for commodity and other derivatives. However, gains and losses on interest rate and cross-currency derivatives are classified as foreign currency transaction gains and losses if they offset the remeasurement of the foreign currency-denominated debt being hedged by the cross-currency swaps and the amount reclassified from AOCL to cost of sales to offset depreciation where the variable-rate interest capitalized as part of the asset was hedged during its construction. Cash flows arising from derivatives are included in the Consolidated Statements of Cash Flows as an operating activity given the nature of the underlying risk being economically hedged and the lack of significant financing elements, except that cash flows on designated and qualifying hedges of variable-rate interest during construction are classified as an investing activity. | ||
The Company has elected not to offset net derivative positions in the financial statements. Accordingly, the Company does not offset such derivative positions against the fair value of amounts (or amounts that approximate fair value) recognized for the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) under master netting arrangements. | ||
ACCOUNTING PRONOUNCEMENTS ISSUED BUT NOT YET EFFECTIVE—The following accounting standards have been issued, but are not yet effective for, and have not been adopted by AES. | ||
ASU No. 2013-11, Income Taxes (Topic 740), "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force)." | ||
In July 2013, the FASB issued ASU No. 2013-11, which requires the netting of unrecognized tax benefits (“UTBs”) against a deferred tax asset for a loss or other carryforward that would apply in settlement of uncertain tax positions. Under the new standard, UTBs will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. ASU No. 2013-11 is effective for annual reporting periods beginning after December 15, 2013 and interim periods therein. The new standard requires prospective adoption, but allows optional retrospective adoption. Based on balances as of December 31, 2013, the estimated impact to the Company’s Consolidated Balance Sheet is a reduction of $71 million to “Other noncurrent liabilities” and an offsetting increase to “Deferred income taxes” under “Noncurrent Liabilities”. There will be no impact on the results of operations and cash flows. | ||
ASU No. 2013-7, Presentation of Financial Statements (Topic 205), "Liquidation Basis of Accounting" | ||
In April 2013, the FASB issued ASU No. 2013-7, which requires an entity to prepare financial statements on a liquidation basis when liquidation is imminent, unless the liquidation is the same as the plan specified in an entity's governing documents created at its inception. Under the liquidation basis of accounting, an entity will measure and present assets at the estimated amount of cash proceeds or other consideration that it expects to collect in settling or disposing of those assets in carrying out its plan for liquidation. This includes assets the entity previously had not recognized under U.S. GAAP, but expects to either sell in liquidation or use in settling liabilities (for example, trademarks). An entity will recognize and measure its liabilities in accordance with U.S. GAAP that otherwise applies to those liabilities. An entity should not anticipate it will be legally released from being the primary obligor under those liabilities, either judicially or by creditors. An entity will also accrue and separately present the costs it expects to incur and the income it expects to earn during the course of the liquidation, including any costs associated with the disposal or settlement of its assets and liabilities. ASU No. 2013-7 also requires additional disclosures. ASU No. 2013-7 is effective for annual reporting periods beginning after December 15, 2013. Early adoption is permitted. The adoption of ASU No, 2013-7 is not expected to have a significant impact on the Company's consolidated financial position, results of operations and cash flows. | ||
ASU No. 2013-5, Foreign Currency Matters (Topic 830), “Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” | ||
In March 2013, the FASB issued ASU No. 2013-5, which requires an entity to release any related cumulative translation adjustment into net income when it ceases to have a controlling financial interest in a subsidiary or group of assets that is a business (other than a sale of in-substance real estate) within a foreign entity. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. For an equity method investment that is a foreign entity, the partial sale guidance still applies. As such, a pro rata portion of the cumulative translation adjustment should be released into net income upon a partial sale of such an equity method investment. In those instances, the cumulative adjustment is released into net income only if the partial sale represents a complete or substantially complete liquidation of the foreign entity that contains the equity method investment. The amendments are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. Any impact of adopting ASU No. 2013-5 on the Company’s financial position and results of operations will depend on the nature and extent of future sales or dispositions of any entities that had created a cumulative translation adjustment. | ||
ASU No. 2014-5, Service Concession Arrangements (Topic 853) (a consensus of the FASB Emerging Issues Task Force) | ||
In January 2014, the FASB issued ASU No. 2014-5 stating the certain service concession arrangements with public-sector grantors are not within the scope of lease accounting. Operating entities entering into these arrangements should not recognize the related infrastructure as its property, plant and equipment and should apply other accounting guidance. The guidance is effective for interim periods beginning after December 15, 2014. Early adoption is permitted. The guidance should be applied on a modified prospective basis to these arrangements in existence as of the beginning of the fiscal year of adoption. The cumulative effect of adoption would be a recognized as an adjustment to the opening balance of retained earnings in the year of adoption. The Company is evaluating whether and to what extent the guidance would be applicable and have a significant impact on its consolidated financial position, results of operations and cash flows. |
Inventory
Inventory | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
INVENTORY | ' | ||||||||
INVENTORY | |||||||||
Inventory is valued primarily using the average cost method. The following table summarizes the Company’s inventory balances as of December 31, 2013 and 2012 : | |||||||||
2013 | 2012 | ||||||||
(in millions) | |||||||||
Coal, fuel oil and other raw materials | $ | 334 | $ | 372 | |||||
Spare parts and supplies | 350 | 347 | |||||||
Total | $ | 684 | $ | 719 | |||||
Property_Plant_and_Equipment
Property Plant and Equipment | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||||
PROPERTY, PLANT & EQUIPMENT | ' | ||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||||||||||||
The following table summarizes the components of the electric generation and distribution assets and other property, plant and equipment with their estimated useful lives. The amounts are stated net of impairment losses recognized as further discussed in Note 21—Asset Impairment Expense. | |||||||||||||||||||
Estimated | December 31, | ||||||||||||||||||
Useful Life | 2013 | 2012 | |||||||||||||||||
(in years) | (in millions) | ||||||||||||||||||
Electric generation and distribution facilities | 6 - 68 | $ | 27,619 | $ | 26,385 | ||||||||||||||
Other buildings | 5 - 50 | 1,726 | 2,616 | ||||||||||||||||
Furniture, fixtures and equipment | 3 - 30 | 312 | 386 | ||||||||||||||||
Other | 1 - 46 | 939 | 891 | ||||||||||||||||
Total electric generation and distribution assets and other | 30,596 | 30,278 | |||||||||||||||||
Accumulated depreciation | (9,604 | ) | (9,145 | ) | |||||||||||||||
Net electric generation and distribution assets and other(1)(2) | $ | 20,992 | $ | 21,133 | |||||||||||||||
-1 | Net electric generation and distribution assets and other related to the Company's held-for-sale businesses of $1.2 billion and $1.3 billion as of December 31, 2013 and 2012, respectively, were excluded from the table above and were included in the noncurrent assets of discontinued and held-for-sale businesses in the consolidated balance sheets. | ||||||||||||||||||
-2 | Net electric generation and distribution assets, and other include unamortized internal use software costs of $133 million and $141 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||
The following table summarizes depreciation expense (including the amortization of assets recorded under capital leases), amortization of internal use software and interest capitalized during development and construction on qualifying assets for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(in millions) | |||||||||||||||||||
Depreciation expense (including amortization of assets recorded under capital leases) | $ | 1,193 | $ | 1,173 | $ | 1,078 | |||||||||||||
Amortization of internal use software | 36 | 45 | 42 | ||||||||||||||||
Interest capitalized during development and construction | 84 | 88 | 155 | ||||||||||||||||
Property, plant and equipment, net of accumulated depreciation, of $15 billion and $16 billion was mortgaged, pledged or subject to liens as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||
The following table summarizes regulated and non-regulated generation and distribution property, plant and equipment and accumulated depreciation as of December 31, 2013 and 2012: | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(in millions) | |||||||||||||||||||
Regulated assets | $ | 13,031 | $ | 13,395 | |||||||||||||||
Regulated accumulated depreciation | (4,732 | ) | (4,711 | ) | |||||||||||||||
Regulated generation, distribution assets and other, net | 8,299 | 8,684 | |||||||||||||||||
Non-regulated assets | 17,565 | 16,883 | |||||||||||||||||
Non-regulated accumulated depreciation | (4,872 | ) | (4,434 | ) | |||||||||||||||
Non-regulated generation, distribution assets and other, net | 12,693 | 12,449 | |||||||||||||||||
Net electric generation and distribution assets and other | $ | 20,992 | $ | 21,133 | |||||||||||||||
The following table summarizes the amounts recognized, which were related to asset retirement obligations, for the years ended December 31, 2013 and 2012: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(in millions) | |||||||||||||||||||
Balance at January 1 | $ | 120 | $ | 110 | |||||||||||||||
Additional liabilities incurred | 1 | 3 | |||||||||||||||||
Liabilities settled | (4 | ) | (3 | ) | |||||||||||||||
Accretion expense | 9 | 6 | |||||||||||||||||
Change in estimated cash flows | 16 | 3 | |||||||||||||||||
Translation adjustments | — | 1 | |||||||||||||||||
Balance at December 31 | $ | 142 | $ | 120 | |||||||||||||||
The Company’s asset retirement obligations covered by the relevant guidance primarily include active ash landfills, water treatment basins and the removal or dismantlement of certain plants and equipment. There were no legally restricted assets for purposes of settling asset retirement obligations for the years ended December 31, 2013 and 2012. | |||||||||||||||||||
Ownership of Coal-Fired Facilities | |||||||||||||||||||
DP&L has undivided ownership interests in seven coal-fired generation facilities jointly owned with other utilities. As of December 31, 2013, DP&L had $24 million of construction work in process at such facilities. DP&L’s share of the operating costs of such facilities is included in Cost of Sales in the Consolidated Statement of Operations and its share of investment in the facilities is included in Property, Plant and Equipment in the Consolidated Balance Sheet. DP&L’s undivided ownership interest in such facilities at December 31, 2013 is as follows: | |||||||||||||||||||
DP&L Share | DP&L Investment | ||||||||||||||||||
Ownership | Production Capacity (MW) | Gross Plant In Service | Accumulated Depreciation | Construction Work In Process | |||||||||||||||
($ in millions) | |||||||||||||||||||
Production units: | |||||||||||||||||||
Beckjord Unit 6 | 50 | % | 207 | $ | 2 | $ | 1 | $ | — | ||||||||||
Conesville Unit 4 | 17 | % | 129 | 24 | — | — | |||||||||||||
East Bend Station | 31 | % | 186 | 12 | 5 | — | |||||||||||||
Killen Station | 67 | % | 402 | 306 | 9 | 4 | |||||||||||||
Miami Fort Units 7 and 8 | 36 | % | 368 | 212 | 13 | 1 | |||||||||||||
Stuart Station | 35 | % | 808 | 205 | 12 | 16 | |||||||||||||
Zimmer Station | 28 | % | 365 | 177 | 25 | 3 | |||||||||||||
Transmission | various | — | 41 | 4 | — | ||||||||||||||
Total | 2,465 | $ | 979 | $ | 69 | $ | 24 | ||||||||||||
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
FAIR VALUE | ' | ||||||||||||||||||||||||||||||||
FAIR VALUE | |||||||||||||||||||||||||||||||||
The fair value of current financial assets and liabilities, debt service reserves and other deposits approximate their reported carrying amounts. The estimated fair values of the Company’s assets and liabilities have been determined using available market information. By virtue of these amounts being estimates and based on hypothetical transactions to sell assets or transfer liabilities, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. | |||||||||||||||||||||||||||||||||
Valuation Techniques | |||||||||||||||||||||||||||||||||
The fair value measurement accounting guidance describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach, (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on current market expectations of the return on those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. The Company measures its investments and derivatives at fair value on a recurring basis. Additionally, in connection with annual or event-driven impairment evaluations, certain nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis. These include long-lived tangible assets (i.e., property, plant and equipment), goodwill and intangible assets (e.g., sales concessions, land use rights and emissions allowances, etc.). In general, the Company determines the fair value of investments and derivatives using the market approach and the income approach, respectively. In the nonrecurring measurements of nonfinancial assets and liabilities, all three approaches are considered; however, the value estimated under the income approach is often the most representative of fair value. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the determination of the fair value of the assets and liabilities and their placement within the fair value hierarchy levels. | |||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||
The Company’s investments measured at fair value generally consist of marketable debt and equity securities. Equity securities are measured at fair value using quoted market prices. Debt securities primarily consist of unsecured debentures, certificates of deposit and government debt securities held by our Brazilian subsidiaries. Returns and pricing on these instruments are generally indexed to the CDI (Brazilian equivalent to London Inter-Bank Offered Rate, or LIBOR, a benchmark interest rate widely used by banks in the interbank lending market) or Selic (overnight borrowing rate) rates in Brazil. Fair value is determined from comparisons to market data obtained for similar assets and are considered Level 2 in the fair value hierarchy. For more detail regarding the fair value of investments see Note 5 — Investments in Marketable Securities. | |||||||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||||||
Any Level 1 derivative instruments are exchange-traded commodity futures for which the pricing is observable in active markets, and as such, these are not expected to transfer to other levels. There have been no transfers between Level 1 and Level 2. | |||||||||||||||||||||||||||||||||
For all derivatives, with the exception of any classified as Level 1, the income approach is used, which consists of forecasting future cash flows based on contractual notional amounts and applicable and available market data as of the valuation date. Among the most common market data inputs used in the income approach include volatilities, spot and forward benchmark interest rates (such as LIBOR and Euro Inter Bank Offered Rate (“EURIBOR”)), foreign exchange rates and commodity prices. Forward rates with the same tenor as the derivative instrument being valued are generally obtained from published sources, with these forward rates being assessed quarterly at a portfolio-level for reasonableness versus comparable published information provided from another source. When significant inputs are not observable, the Company uses relevant techniques to best estimate the inputs, such as regression analysis or prices for similarly traded instruments available in the market. | |||||||||||||||||||||||||||||||||
For derivatives for which there is a standard industry valuation model, the Company uses a third-party treasury and risk management software product that uses a standard model and observable inputs to estimate the fair value. For these derivatives, the Company performs analytical procedures and makes comparisons to other third-party information in order to assess the reasonableness of the fair value. For derivatives for which there is not a standard industry valuation model (such as PPAs and fuel supply agreements that are derivatives or include embedded derivatives), the Company has created internal valuation models to estimate the fair value, using observable data to the extent available. At each quarter-end, the models for the commodity and foreign currency-based derivatives are generally prepared and reviewed by employees who globally manage the respective commodity and foreign currency risks and are analytically reviewed independent of those employees. | |||||||||||||||||||||||||||||||||
Those cash flows are then discounted using the relevant spot benchmark interest rate (such as LIBOR or EURIBOR). The Company then makes a credit valuation adjustment (“CVA”) by further discounting the cash flows for nonperformance or credit risk based on the observable or estimated debt spread of the Company’s subsidiary or its counterparty and the tenor of the respective derivative instrument. The CVA for asset positions is based on the counterparty’s credit ratings and debt spreads. The CVA for liability positions is based on the Parent Company’s or the subsidiary’s current debt spread. In the absence of readily obtainable credit information, the Parent Company’s or the subsidiary’s estimated credit rating (based on applying a standard industry model to historical financial information and then considering other relevant information) and spreads of comparably rated entities or the respective country’s debt spreads are used as a proxy. All derivative instruments are analyzed individually and are subject to unique risk exposures. | |||||||||||||||||||||||||||||||||
The Company’s methodology to fair value its derivatives is to start with any observable inputs; however, in certain instances the published forward rates or prices may not extend through the remaining term of the contract and management must make assumptions to extrapolate the curve, which necessitates the use of unobservable inputs, such as proxy commodity prices or historical settlements to forecast forward prices. In addition, in certain instances, there may not be market or market-corroborated data readily available, requiring the use of unobservable inputs. Similarly, in certain instances, the spread that reflects the credit or nonperformance risk is unobservable. The fair value hierarchy of an asset or a liability is based on the level of significance of the input assumptions. An input assumption is considered significant if it affects the fair value by at least 10%. Assets and liabilities are classified as Level 3 when the use of unobservable inputs is significant. When the use of unobservable inputs is insignificant, assets and liabilities are classified as Level 2. Transfers between Level 3 and Level 2 are determined as of the end of the reporting period and result from changes in significance of unobservable inputs used to calculate the CVA. | |||||||||||||||||||||||||||||||||
Changes in the above significant unobservable inputs that lead to a significant and unusual impact to current period earnings are disclosed to the Financial Audit Committee. For interest rate derivatives, increases (decreases) in the estimates of the Company's own credit spreads would decrease (increase) the value of the derivatives in a liability position. For foreign currency derivatives, increases (decreases) in the estimate of the above exchange rate would increase (decrease) the value of the derivative. For commodity and other derivatives in the above table, increases (decreases) in the estimated inflation would increase (decrease) the value of those embedded derivatives, while increases (decreases) in the estimated market price for power would increase (decrease) the value of that embedded derivative. | |||||||||||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||||||||||
Recourse and non-recourse debt are carried at amortized cost. The fair value of recourse debt is estimated based on quoted market prices. The fair value of non-recourse debt is estimated differently based upon the type of loan. In general, the carrying amount of variable rate debt is a close approximation of its fair value. For fixed rate loans, the fair value is estimated using quoted market prices or discounted cash flow analyses. In the discounted cash flow analysis, the discount rate is based on the credit rating of the individual debt instruments, if available, or the credit rating of the subsidiary. If the subsidiary’s credit rating is not available, a synthetic credit rating is determined using certain key metrics, including cash flow ratios and interest coverage, as well as other industry specific factors. For subsidiaries located outside the U.S., in the event that the country rating is lower than the credit rating previously determined, the country rating is used for purposes of the discounted cash flow analysis. The fair value of recourse and non-recourse debt excludes accrued interest at the valuation date. The fair value was determined using available market information as of December 31, 2013. The Company is not aware of any factors that would significantly affect the fair value amounts subsequent to December 31, 2013. | |||||||||||||||||||||||||||||||||
Nonfinancial Assets and Liabilities | |||||||||||||||||||||||||||||||||
For nonrecurring measurements derived using the income approach, fair value is determined using valuation models based on the principles of discounted cash flows (“DCF”). The income approach is most often used in the impairment evaluation of long-lived tangible assets, goodwill and intangible assets. The Company uses its internally developed DCF valuation models as the primary means to determine nonrecurring fair value measurements though other valuation approaches prescribed under the fair value measurement accounting guidance are also considered. Depending on the complexity of a valuation, an independent valuation firm may be engaged to assist management in the valuation process. A few examples of input assumptions to such valuations include macroeconomic factors such as growth rates, industry demand, inflation, exchange rates and power and commodity prices. Whenever possible, the Company attempts to obtain market observable data to develop input assumptions. Where the use of market observable data is limited or not available for certain input assumptions, the Company develops its own estimates using a variety of techniques such as regression analysis and extrapolations. | |||||||||||||||||||||||||||||||||
For nonrecurring measurements derived using the market approach, recent market transactions involving the sale of identical or similar assets are considered. The use of this approach is limited because it is often difficult to identify sale transactions of identical or similar assets. This approach is used in impairment evaluations of certain intangible assets. Otherwise, it is used to corroborate the fair value determined under the income approach. | |||||||||||||||||||||||||||||||||
For nonrecurring measurements derived using the cost approach, fair value is typically based upon a replacement cost approach. Under this approach, the depreciated replacement cost of assets is derived by first estimating the current replacement cost of assets and then applying the remaining useful life percentages to such costs. Further adjustments for economic and functional obsolescence are made to the depreciated replacement cost. This approach involves a considerable amount of judgment, which is why its use is limited to the measurement of long-lived tangible assets. Like the market approach, this approach is also used to corroborate the fair value determined under the income approach. | |||||||||||||||||||||||||||||||||
Fair Value Considerations | |||||||||||||||||||||||||||||||||
In determining fair value, the Company considers the source of observable market data inputs, liquidity of the instrument, the credit risk of the counterparty and the risk of the Company’s or its counterparty’s nonperformance. The conditions and criteria used to assess these factors are: | |||||||||||||||||||||||||||||||||
Sources of market assumptions | |||||||||||||||||||||||||||||||||
The Company derives most of its market assumptions from market efficient data sources (e.g., Bloomberg and Reuters). To determine fair value, where market data is not readily available, management uses comparable market sources and empirical evidence to develop its own estimates of market assumptions. | |||||||||||||||||||||||||||||||||
Market liquidity | |||||||||||||||||||||||||||||||||
The Company evaluates market liquidity based on whether the financial or physical instrument, or the underlying asset, is traded in an active or inactive market. An active market exists if the prices are fully transparent to market participants, can be measured by market bid and ask quotes, the market has a relatively large proportion of trading volume as compared to the Company’s current trading volume and the market has a significant number of market participants that will allow the market to rapidly absorb the quantity of assets traded without significantly affecting the market price. Another factor the Company considers when determining whether a market is active or inactive is the presence of government or regulatory controls over pricing that could make it difficult to establish a market based price when entering into a transaction. | |||||||||||||||||||||||||||||||||
Nonperformance risk | |||||||||||||||||||||||||||||||||
Nonperformance risk refers to the risk that an obligation will not be fulfilled and affects the value at which a liability is transferred or an asset is sold. Nonperformance risk includes, but may not be limited to, the Company or its counterparty’s credit and settlement risk. Nonperformance risk adjustments are dependent on credit spreads, letters of credit, collateral, other arrangements available and the nature of master netting arrangements. The Company and its subsidiaries are parties to various interest rate swaps and options; foreign currency options and forwards; and derivatives and embedded derivatives, which subject the Company to nonperformance risk. The financial and physical instruments held at the subsidiary level are generally non-recourse to the Parent Company. | |||||||||||||||||||||||||||||||||
Nonperformance risk on the investments held by the Company is incorporated in the fair value derived from quoted market data to mark the investments to fair value. | |||||||||||||||||||||||||||||||||
Recurring Measurements | |||||||||||||||||||||||||||||||||
The following table sets forth, by level within the fair value hierarchy, the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
AVAILABLE-FOR-SALE:(1) | |||||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||
Unsecured debentures | $ | — | $ | 435 | $ | — | $ | 435 | $ | — | $ | 448 | $ | — | $ | 448 | |||||||||||||||||
Certificates of deposit | — | 151 | — | 151 | — | 143 | — | 143 | |||||||||||||||||||||||||
Government debt securities | — | 25 | — | 25 | — | 34 | — | 34 | |||||||||||||||||||||||||
Subtotal | — | 611 | — | 611 | — | 625 | — | 625 | |||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Mutual funds | — | 44 | — | 44 | — | 56 | — | 56 | |||||||||||||||||||||||||
Subtotal | — | 44 | — | 44 | — | 56 | — | 56 | |||||||||||||||||||||||||
Total available-for-sale | — | 655 | — | 655 | — | 681 | — | 681 | |||||||||||||||||||||||||
TRADING: | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Mutual funds | 13 | — | — | 13 | 12 | — | — | 12 | |||||||||||||||||||||||||
Total trading | 13 | — | — | 13 | 12 | — | — | 12 | |||||||||||||||||||||||||
DERIVATIVES: | |||||||||||||||||||||||||||||||||
Interest rate derivatives | — | 98 | — | 98 | — | 2 | — | 2 | |||||||||||||||||||||||||
Cross currency derivatives | — | 5 | — | 5 | — | 6 | — | 6 | |||||||||||||||||||||||||
Foreign currency derivatives | — | 15 | 98 | 113 | — | 2 | 79 | 81 | |||||||||||||||||||||||||
Commodity derivatives | — | 18 | 6 | 24 | — | 8 | 3 | 11 | |||||||||||||||||||||||||
Total derivatives | — | 136 | 104 | 240 | — | 18 | 82 | 100 | |||||||||||||||||||||||||
TOTAL ASSETS | $ | 13 | $ | 791 | $ | 104 | $ | 908 | $ | 12 | $ | 699 | $ | 82 | $ | 793 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
DERIVATIVES: | |||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | — | $ | 221 | $ | 101 | $ | 322 | $ | — | $ | 153 | $ | 412 | $ | 565 | |||||||||||||||||
Cross currency derivatives | — | 11 | — | 11 | — | 6 | — | 6 | |||||||||||||||||||||||||
Foreign currency derivatives | — | 16 | 5 | 21 | — | 7 | 7 | 14 | |||||||||||||||||||||||||
Commodity derivatives | — | 15 | 2 | 17 | — | 13 | 4 | 17 | |||||||||||||||||||||||||
Total derivatives | — | 263 | 108 | 371 | — | 179 | 423 | 602 | |||||||||||||||||||||||||
TOTAL LIABILITIES | $ | — | $ | 263 | $ | 108 | $ | 371 | $ | — | $ | 179 | $ | 423 | $ | 602 | |||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||||||
(1) | Amortized cost approximated fair value at December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||
The following tables present a reconciliation of net derivative assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2013 and 2012 (presented net by type of derivative where any foreign currency impacts are presented as part of gains (losses) in earnings or other comprehensive income as appropriate). Transfers between Level 3 and Level 2 are determined as of the end of the reporting period and principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment. | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Interest | Foreign | Commodity | Total | ||||||||||||||||||||||||||||||
Rate | Currency | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Balance at January 1 | $ | (412 | ) | $ | 72 | $ | (1 | ) | $ | (341 | ) | ||||||||||||||||||||||
Total gains (losses) (realized and unrealized): | |||||||||||||||||||||||||||||||||
Included in earnings | 13 | 53 | 4 | 70 | |||||||||||||||||||||||||||||
Included in other comprehensive income - derivative activity | 93 | — | — | 93 | |||||||||||||||||||||||||||||
Included in other comprehensive income - foreign currency translation activity | (4 | ) | (23 | ) | — | (27 | ) | ||||||||||||||||||||||||||
Included in regulatory (assets) liabilities | — | — | 2 | 2 | |||||||||||||||||||||||||||||
Settlements | 100 | (5 | ) | (1 | ) | 94 | |||||||||||||||||||||||||||
Transfers of (assets) liabilities out of Level 3 | 109 | (4 | ) | 105 | |||||||||||||||||||||||||||||
Balance at December 31 | $ | (101 | ) | $ | 93 | $ | 4 | $ | (4 | ) | |||||||||||||||||||||||
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | 10 | $ | 53 | $ | 1 | $ | 64 | |||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Interest | Cross | Foreign | Commodity | Total | |||||||||||||||||||||||||||||
Rate | Currency | Currency | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Balance at January 1 | $ | (128 | ) | $ | (18 | ) | $ | 50 | $ | 2 | $ | (94 | ) | ||||||||||||||||||||
Total gains (losses) (realized and unrealized): | |||||||||||||||||||||||||||||||||
Included in earnings | (2 | ) | — | 32 | (5 | ) | 25 | ||||||||||||||||||||||||||
Included in other comprehensive income - derivative activity | (28 | ) | 3 | — | — | (25 | ) | ||||||||||||||||||||||||||
Included in other comprehensive income - foreign currency translation activity | (1 | ) | — | (7 | ) | — | (8 | ) | |||||||||||||||||||||||||
Included in regulatory (assets) liabilities | — | — | — | 9 | 9 | ||||||||||||||||||||||||||||
Settlements | 26 | 15 | (3 | ) | (7 | ) | 31 | ||||||||||||||||||||||||||
Transfers of assets (liabilities) into Level 3 | (285 | ) | — | — | — | (285 | ) | ||||||||||||||||||||||||||
Transfers of (assets) liabilities out of Level 3 | 6 | — | — | — | 6 | ||||||||||||||||||||||||||||
Balance at December 31 | $ | (412 | ) | $ | — | $ | 72 | $ | (1 | ) | $ | (341 | ) | ||||||||||||||||||||
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | (1 | ) | $ | — | $ | 28 | $ | (3 | ) | $ | 24 | |||||||||||||||||||||
The following table summarizes the significant unobservable inputs used for the Level 3 derivative assets (liabilities) as of December 31, 2013: | |||||||||||||||||||||||||||||||||
Type of Derivative | Fair Value | Unobservable Input | Amount or Range | ||||||||||||||||||||||||||||||
(Weighted Average) | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Interest rate | $ | (101 | ) | Subsidiaries’ credit spreads | 4.44%-5.87% (4.69%) | ||||||||||||||||||||||||||||
Foreign currency: | |||||||||||||||||||||||||||||||||
Embedded derivative — Argentine Peso | 98 | Argentine Peso to U.S. Dollar currency exchange rate after 1 year | 9.94 - 21.11 (16.35) | ||||||||||||||||||||||||||||||
Embedded derivative — Euro | (4 | ) | Subsidiaries’ credit spreads | 4.44 | % | ||||||||||||||||||||||||||||
Other | (1 | ) | |||||||||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||||||||||
Other | 4 | ||||||||||||||||||||||||||||||||
Total | $ | (4 | ) | ||||||||||||||||||||||||||||||
Nonrecurring Measurements | |||||||||||||||||||||||||||||||||
When evaluating impairment of goodwill, long-lived assets, discontinued operations and held-for-sale businesses, and equity method investments, the Company measures fair value using the applicable fair value measurement guidance. Impairment expense is measured by comparing the fair value at the evaluation date to their then-latest available carrying amount. The following table summarizes major categories of assets and liabilities measured at fair value on a nonrecurring basis during the period and their level within the fair value hierarchy: | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Carrying | Fair Value | Gross | |||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Loss | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Long-lived assets held and used:(1) | |||||||||||||||||||||||||||||||||
Itabo (San Lorenzo) | 23 | — | — | 7 | 16 | ||||||||||||||||||||||||||||
Beaver Valley | 61 | — | — | 15 | 46 | ||||||||||||||||||||||||||||
DP&L (Conesville) | 26 | — | — | — | 26 | ||||||||||||||||||||||||||||
Long-lived assets held for sale:(1) | |||||||||||||||||||||||||||||||||
U.S. wind turbines | 25 | — | 25 | — | — | ||||||||||||||||||||||||||||
Discontinued operations and held-for-sale businesses:(2) | |||||||||||||||||||||||||||||||||
Cameroon | 414 | — | 356 | — | 63 | ||||||||||||||||||||||||||||
Saurashtra | 19 | — | 7 | — | 12 | ||||||||||||||||||||||||||||
Ukraine utilities | 164 | — | 124 | — | 44 | ||||||||||||||||||||||||||||
Poland wind projects | 79 | — | 14 | — | 65 | ||||||||||||||||||||||||||||
U.S. wind projects | 77 | — | 30 | — | 47 | ||||||||||||||||||||||||||||
Equity method investments (3) | 240 | — | — | 111 | 129 | ||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||
DP&L | 623 | — | — | 316 | 307 | ||||||||||||||||||||||||||||
Ebute | 58 | — | — | — | 58 | ||||||||||||||||||||||||||||
MountainView | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Carrying | Fair Value | Gross | |||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Loss | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Long-lived assets held and used:(1) | |||||||||||||||||||||||||||||||||
Kelanitissa | $ | 29 | $ | — | $ | — | $ | 10 | $ | 19 | |||||||||||||||||||||||
U.S. wind projects | 21 | — | — | — | 21 | ||||||||||||||||||||||||||||
Long-lived assets held for sale:(1) | |||||||||||||||||||||||||||||||||
U.S. wind turbines | 45 | — | — | 25 | 20 | ||||||||||||||||||||||||||||
St. Patrick | 33 | — | 22 | — | 11 | ||||||||||||||||||||||||||||
Discontinued operations and held-for-sale businesses:(2) | |||||||||||||||||||||||||||||||||
Tisza II | 105 | — | 14 | — | 91 | ||||||||||||||||||||||||||||
Equity method investments (3) | 205 | — | 155 | — | 50 | ||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||
DP&L | 2,440 | — | — | 623 | 1,817 | ||||||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||||||
(1) | See Note 21 — Asset Impairment Expense for further information. | ||||||||||||||||||||||||||||||||
(2) | See Note 23 — Discontinued Operations and Held-For-Sale Businesses for further information. Also, the gross loss equals the carrying amount of the disposal group less its fair value less costs to sell. | ||||||||||||||||||||||||||||||||
(3) | See Note 9 — Other Non-Operating Expense for further information. | ||||||||||||||||||||||||||||||||
The following table summarizes the significant unobservable inputs used in the Level 3 measurement of long-lived assets during the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||||||||||||||
(in millions) | ($ in millions) | ||||||||||||||||||||||||||||||||
Long-lived assets held and used: | |||||||||||||||||||||||||||||||||
Beaver Valley | $ | 15 | Discounted cash flow | Annual revenue growth | 3% to 45% (19%) | ||||||||||||||||||||||||||||
Annual pretax operating margin | -42% to 41% (25%) | ||||||||||||||||||||||||||||||||
Weighted-average cost of capital | 7 | % | |||||||||||||||||||||||||||||||
DPL (Conesville) | — | Discounted cash flow | Annual revenue growth | -31% to 18% (0%) | |||||||||||||||||||||||||||||
Annual pretax operating margin | -9% to 18% (10%) | ||||||||||||||||||||||||||||||||
Weighted-average cost of capital | 8 | % | |||||||||||||||||||||||||||||||
Itabo (San Lorenzo) | 7 | Market approach | Broker quote | 7 | |||||||||||||||||||||||||||||
Equity method investment: | |||||||||||||||||||||||||||||||||
Elsta | 111 | Discounted cash flow | Annual revenue growth | -66% to 24% (0%) | |||||||||||||||||||||||||||||
Annual pretax operating margin | 15% to 68% (40%) | ||||||||||||||||||||||||||||||||
Cost of equity | 7.8% to 9.8% (8.4%) | ||||||||||||||||||||||||||||||||
Total | $ | 133 | |||||||||||||||||||||||||||||||
Financial Instruments not Measured at Fair Value in the Condensed Consolidated Balance Sheets | |||||||||||||||||||||||||||||||||
The following table sets forth the carrying amount, fair value and fair value hierarchy of the Company’s financial assets and liabilities that are not measured at fair value in the condensed consolidated balance sheets as of December 31, 2013 and 2012, but for which fair value is disclosed. | |||||||||||||||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Accounts receivable — noncurrent(1) | $ | 260 | $ | 194 | $ | — | $ | — | $ | 194 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Non-recourse debt | 15,380 | 15,620 | — | 13,397 | 2,223 | ||||||||||||||||||||||||||||
Recourse debt | 5,669 | 6,164 | — | 6,164 | — | ||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Accounts receivable — noncurrent(1) | $ | 304 | $ | 188 | $ | — | $ | — | $ | 188 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Non-recourse debt | 14,759 | 15,481 | — | 13,266 | 2,215 | ||||||||||||||||||||||||||||
Recourse debt | 5,962 | 6,628 | — | 6,628 | — | ||||||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||||||
(1) | These accounts receivable principally relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and are included in “Noncurrent assets — Other” in the accompanying consolidated balance sheets. The fair value of these accounts receivable excludes value-added tax of $46 million and $55 million at December 31, 2013 and 2012, respectively. |
Investments_In_Marketable_Secu
Investments In Marketable Securities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||
INVESTMENTS IN MARKETABLE SECURITIES | ' | ||||||||||||
INVESTMENTS IN MARKETABLE SECURITIES | |||||||||||||
The Company’s investments in marketable debt and equity securities as of December 31, 2013 and 2012 by security class and by level within the fair value hierarchy have been disclosed in Note 4 — Fair Value. The security classes are determined based on the nature and risk of a security and are consistent with how the Company manages, monitors and measures its marketable securities. As of December 31, 2013, all available-for-sale debt securities had stated maturities within one year. Gains and losses on the sale of investments are determined using the specific-identification method. Pretax gains and losses related to available-for-sale and trading securities are generally immaterial for disclosure purposes. For the years ended December 31, 2013, 2012, and 2011, there were no realized losses on the sale of available-for-sale securities and no other-than-temporary impairment of marketable securities recognized in earnings or other comprehensive income. The following table summarizes the gross proceeds from sale of available-for-sale securities for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Gross proceeds from sales of available-for-sale securities | $ | 4,406 | $ | 6,489 | $ | 6,119 | |||||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ' | ||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | |||||||||||||||||||||||||||
Volume of Activity | |||||||||||||||||||||||||||
The following tables set forth, by type of derivative, the Company’s outstanding notional under its derivatives and the weighted-average remaining term as of December 31, 2013 regardless of whether the derivative instruments are in qualifying cash flow hedging relationships: | |||||||||||||||||||||||||||
Current | Maximum | ||||||||||||||||||||||||||
Interest Rate and Cross Currency | Derivative | Derivative Notional Translated to USD | Derivative | Derivative Notional Translated to USD | Weighted-Average Remaining Term | % of Debt Currently Hedged by Index(2) | |||||||||||||||||||||
Notional | Notional | ||||||||||||||||||||||||||
(in millions) | (in years) | ||||||||||||||||||||||||||
Interest Rate Derivatives:(1) | |||||||||||||||||||||||||||
LIBOR (U.S. Dollar) | 3,493 | $ | 3,493 | 4,675 | $ | 4,675 | 9 | 73 | % | ||||||||||||||||||
EURIBOR (Euro) | 574 | 789 | 575 | 791 | 12 | 83 | % | ||||||||||||||||||||
LIBOR (British Pound) | 67 | 111 | 67 | 111 | 8 | 83 | % | ||||||||||||||||||||
Cross Currency Swaps: | |||||||||||||||||||||||||||
Chilean Unidad de Fomento | 6 | 248 | 6 | 248 | 8 | 85 | % | ||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||
(1) | The Company’s interest rate derivative instruments primarily include accreting and amortizing notionals. The maximum derivative notional represents the largest notional at any point between December 31, 2013 and the maturity of the derivative instrument, which includes forward-starting derivative instruments. The interest rate and cross currency derivatives range in maturity through 2030 and 2028, respectively. | ||||||||||||||||||||||||||
(2) | The percentage of variable-rate debt currently hedged is based on the related index and excludes forecasted issuances of debt and variable-rate debt tied to other indices where the Company has no interest rate derivatives. | ||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||
Foreign Currency Derivatives | Notional(1) | Notional Translated to USD | Weighted-Average Remaining Term(2) | ||||||||||||||||||||||||
(in millions) | (in years) | ||||||||||||||||||||||||||
Foreign Currency Options and Forwards: | |||||||||||||||||||||||||||
Chilean Unidad de Fomento | 6 | $ | 248 | 1 | |||||||||||||||||||||||
Chilean Peso | 60,521 | 115 | <1 | ||||||||||||||||||||||||
Brazilian Real | 182 | 78 | <1 | ||||||||||||||||||||||||
Euro | 53 | 73 | <1 | ||||||||||||||||||||||||
Colombian Peso | 133,860 | 69 | <1 | ||||||||||||||||||||||||
Argentine Peso | 43 | 7 | <1 | ||||||||||||||||||||||||
British Pound | 35 | 57 | <1 | ||||||||||||||||||||||||
Embedded Foreign Currency Derivatives: | |||||||||||||||||||||||||||
Argentine Peso | 905 | 139 | 10 | ||||||||||||||||||||||||
Kazakhstani Tenge | 816 | 5 | 4 | ||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||
(1) | Represents contractual notionals. The notionals for options have not been probability adjusted, which generally would decrease them. | ||||||||||||||||||||||||||
(2) | Represents the remaining tenor of our foreign currency derivatives weighted by the corresponding notional. These options and forwards and these embedded derivatives range in maturity through 2017 and 2025, respectively. | ||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||
Weighted-Average | |||||||||||||||||||||||||||
Commodity Derivatives | Notional | Remaining Term(1) | |||||||||||||||||||||||||
(in millions) | (in years) | ||||||||||||||||||||||||||
Power (MWh) | 5 | 3 | |||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||
(1) | Represents the remaining tenor of our commodity derivatives weighted by the corresponding volume. These derivatives range in maturity through 2016. | ||||||||||||||||||||||||||
Accounting and Reporting | |||||||||||||||||||||||||||
Assets and Liabilities | |||||||||||||||||||||||||||
The following tables set forth the Company’s derivative instruments as of December 31, 2013 and 2012, first by whether or not they are designated hedging instruments, then by whether they are current or noncurrent to the extent they are subject to master netting agreements or similar agreements (where the rights to set-off relate to settlement of amounts receivable and payable under those derivatives) and by balances no longer accounted for as derivatives. | |||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||
Designated | Not Designated | Total | Designated | Not Designated | Total | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Interest rate derivatives | $ | 96 | $ | 2 | $ | 98 | $ | — | $ | 2 | $ | 2 | |||||||||||||||
Cross currency derivatives | 5 | — | 5 | 6 | — | 6 | |||||||||||||||||||||
Foreign currency derivatives | 4 | 109 | 113 | — | 81 | 81 | |||||||||||||||||||||
Commodity derivatives | 8 | 16 | 24 | 2 | 9 | 11 | |||||||||||||||||||||
Total assets | $ | 113 | $ | 127 | $ | 240 | $ | 8 | $ | 92 | $ | 100 | |||||||||||||||
Liabilities | |||||||||||||||||||||||||||
Interest rate derivatives | $ | 318 | $ | 4 | $ | 322 | $ | 544 | $ | 21 | $ | 565 | |||||||||||||||
Cross currency derivatives | 11 | — | 11 | 6 | — | 6 | |||||||||||||||||||||
Foreign currency derivatives | 15 | 6 | 21 | 7 | 7 | 14 | |||||||||||||||||||||
Commodity derivatives | 7 | 10 | 17 | 8 | 9 | 17 | |||||||||||||||||||||
Total liabilities | $ | 351 | $ | 20 | $ | 371 | $ | 565 | $ | 37 | $ | 602 | |||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Current | $ | 32 | $ | 157 | $ | 14 | $ | 178 | |||||||||||||||||||
Noncurrent | 208 | 214 | 86 | 424 | |||||||||||||||||||||||
Total | $ | 240 | $ | 371 | $ | 100 | $ | 602 | |||||||||||||||||||
Derivatives subject to master netting agreement or similar agreement: | |||||||||||||||||||||||||||
Gross amounts recognized in the balance sheet | $ | 91 | $ | 314 | $ | 25 | $ | 522 | |||||||||||||||||||
Gross amounts of derivative instruments not offset | (9 | ) | (9 | ) | (9 | ) | (9 | ) | |||||||||||||||||||
Gross amounts of cash collateral received/pledged not offset | (3 | ) | (6 | ) | — | (5 | ) | ||||||||||||||||||||
Net amount | $ | 79 | $ | 299 | $ | 16 | $ | 508 | |||||||||||||||||||
Other balances that had been, but are no longer, accounted for as derivatives that are to be amortized to earnings over the remaining term of the associated PPA | $ | 169 | $ | 190 | $ | 186 | $ | 191 | |||||||||||||||||||
Effective Portion of Cash Flow Hedges | |||||||||||||||||||||||||||
The following tables set forth the pretax gains (losses) recognized in accumulated other comprehensive loss (“AOCL”) and earnings related to the effective portion of derivative instruments in qualifying cash flow hedging relationships (including amounts that were reclassified from AOCL as interest expense related to interest rate derivative instruments that previously, but no longer, qualify for cash flow hedge accounting), as defined in the accounting standards for derivatives and hedging, for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||||
Gains (Losses) Recognized in AOCL | Gains (Losses) Reclassified from AOCL into Earnings | ||||||||||||||||||||||||||
Years Ended December 31, | Classification in Condensed Consolidated Statements of Operations | Years Ended December 31, | |||||||||||||||||||||||||
Type of Derivative | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||
Interest rate derivatives | $ | 155 | $ | (175 | ) | $ | (475 | ) | Interest expense | $ | (127 | ) | $ | (135 | ) | $ | (125 | ) | |||||||||
Non-regulated cost of sales | (5 | ) | (6 | ) | (3 | ) | |||||||||||||||||||||
Net equity in earnings of affiliates | (6 | ) | (7 | ) | (4 | ) | |||||||||||||||||||||
Asset impairment expense | — | (6 | ) | — | |||||||||||||||||||||||
Gain on sale of investments | (21 | ) | (96 | ) | — | ||||||||||||||||||||||
Cross currency derivatives | (18 | ) | 4 | (36 | ) | Interest expense | (10 | ) | (12 | ) | (10 | ) | |||||||||||||||
Foreign currency transaction gains (losses) | (18 | ) | 26 | (16 | ) | ||||||||||||||||||||||
Foreign currency derivatives | — | 10 | 24 | Foreign currency transaction gains (losses) | 12 | 5 | 1 | ||||||||||||||||||||
Commodity derivatives | 2 | (8 | ) | — | Non-regulated revenue | (3 | ) | (2 | ) | — | |||||||||||||||||
Non-regulated cost of sales | (2 | ) | — | (2 | ) | ||||||||||||||||||||||
Total | $ | 139 | $ | (169 | ) | $ | (487 | ) | $ | (180 | ) | $ | (233 | ) | $ | (159 | ) | ||||||||||
The pretax accumulated other comprehensive income (loss) expected to be recognized as an increase (decrease) to income from continuing operations before income taxes over the next twelve months as of December 31, 2013 is $(119) million for interest rate hedges, $(4) million for cross currency swaps, $4 million for foreign currency hedges, and $(3) million for commodity and other hedges. | |||||||||||||||||||||||||||
For the year ended December 31, 2012, pre-tax losses of $10 million, net of noncontrolling interests were reclassified into earnings as a result of the discontinuance of a cash flow hedge because it was probable that the forecasted transaction would not occur by the end of the originally specified time period (as documented at the inception of the hedging relationship) or within an additional two-month time period thereafter. There was no such item for the years ended December 31, 2013 and 2011. | |||||||||||||||||||||||||||
Ineffective Portion of Cash Flow Hedges | |||||||||||||||||||||||||||
The following table sets forth the pretax gains (losses) recognized in earnings related to the ineffective portion of derivative instruments in qualifying cash flow hedging relationships, as defined in the accounting standards for derivatives and hedging, for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||||
Gains (Losses) Recognized in Earnings | |||||||||||||||||||||||||||
Classification in | Years Ended December 31, | ||||||||||||||||||||||||||
Condensed Consolidated | |||||||||||||||||||||||||||
Type of Derivative | Statements of Operations | 2013 | 2012 | 2011 | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | 42 | $ | (2 | ) | $ | (6 | ) | ||||||||||||||||||
Net equity in earnings of affiliates | 1 | (1 | ) | (2 | ) | ||||||||||||||||||||||
Cross currency derivatives | Interest expense | — | (1 | ) | (4 | ) | |||||||||||||||||||||
Total | $ | 43 | $ | (4 | ) | $ | (12 | ) | |||||||||||||||||||
Not Designated for Hedge Accounting | |||||||||||||||||||||||||||
The following table sets forth the gains (losses) recognized in earnings related to derivative instruments not designated as hedging instruments under the accounting standards for derivatives and hedging and the amortization of balances that had been, but are no longer, accounted for as derivatives, for the year ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||
Gains (Losses) Recognized in Earnings | |||||||||||||||||||||||||||
Classification in Condensed Consolidated | Years Ended December 31, | ||||||||||||||||||||||||||
Type of Derivative | Statements of Operations | 2013 | 2012 | 2011 | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | (1 | ) | $ | (5 | ) | $ | (4 | ) | |||||||||||||||||
Net equity in earnings of affiliates | (6 | ) | — | — | |||||||||||||||||||||||
Foreign currency derivatives | Foreign currency transaction gains (losses) | 64 | (141 | ) | 60 | ||||||||||||||||||||||
Net equity in earnings of affiliates | (24 | ) | — | — | |||||||||||||||||||||||
Commodity and other derivatives | Non-regulated revenue | 11 | 24 | 13 | |||||||||||||||||||||||
Regulated revenue | — | (10 | ) | 1 | |||||||||||||||||||||||
Non-regulated cost of sales | 1 | 2 | (9 | ) | |||||||||||||||||||||||
Regulated cost of sales | 2 | (15 | ) | (5 | ) | ||||||||||||||||||||||
Income (loss) from operations of discontinued businesses | (18 | ) | (4 | ) | (76 | ) | |||||||||||||||||||||
Total | $ | 29 | $ | (149 | ) | $ | (20 | ) | |||||||||||||||||||
Credit Risk-Related Contingent Features | |||||||||||||||||||||||||||
DP&L, a utility within our United States strategic business unit, has certain over-the-counter commodity derivative contracts under master netting agreements that contain provisions that require DP&L to maintain an investment-grade issuer credit rating from credit rating agencies. Since DP&L's rating has fallen below investment grade, certain of the counterparties to the derivative contracts have requested immediate and ongoing full overnight collateralization of the mark-to-market loss (fair value excluding credit valuation adjustments), which was $11 million and $13 million as of December 31, 2013 and 2012, respectively, for all derivatives with credit risk-related contingent features. As of December 31, 2013 and 2012, DP&L had posted $6 million and $5 million, respectively, of cash collateral directly with third parties and in a broker margin account and DP&L held $3 million and $0 million, respectively, of cash collateral from counterparties to its derivative instruments that were in an asset position. After consideration of the netting of counterparty assets, DP&L could have been required to, but did not, provide additional collateral of $0 million and $2 million as of December 31, 2013 and 2012, respectively. |
Financing_Receivables
Financing Receivables | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
FINANCING RECEIVABLES | ' | ||||||||
FINANCING RECEIVABLES | |||||||||
Financing receivables are defined as receivables that have contractual maturities of greater than one year. The Company has financing receivables pursuant to amended agreements or government resolutions that are due from certain Latin American governmental bodies, primarily in Argentina. The following table sets forth the breakdown of financing receivables by country as of December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
(in millions) | |||||||||
Argentina(1) | $ | 164 | $ | 196 | |||||
Dominican Republic | 2 | 35 | |||||||
Brazil | 18 | 8 | |||||||
Total long-term financing receivables | $ | 184 | $ | 239 | |||||
_____________________________ | |||||||||
(1) | Excludes noncurrent receivables of $122 million and $120 million, respectively, as of December 31, 2013 and 2012, which have not been converted into financing receivables and do not have contractual maturities of greater than one year. Also, excludes the foreign currency-related embedded derivative assets associated with the financing receivables which had a fair value of $97 million and $69 million, respectively, as of December 31, 2013 and 2012. | ||||||||
Argentina—As a result of energy market reforms in 2004 and consistent with contractual arrangements, AES Argentina entered into three agreements with the Argentine government called (as translated into English) the Fund for the Investment Needed to Increase the Supply of Electricity in the Wholesale Market (“FONINVEMEM Agreements”) to contribute a portion of their accounts receivable into a fund for financing the construction of combined cycle and gas-fired plants. These receivables accrue interest and are collected in monthly installments over 10 years once the related plant begins operations. In addition, AES Argentina receives an ownership interest in these newly built plants once the receivables have been fully repaid. Collection of the principal and interest on these receivables is subject to various business risks and uncertainties including, but not limited to, the completion and operation of power plants which generate cash for payments of these receivables, regulatory changes that could impact the timing and amount of collections, and economic conditions in Argentina. The Company monitors these risks including the credit ratings of the Argentine government on a quarterly basis to assess the collectability of these receivables. The Company accrues interest on these receivables once the recognition criteria have been met. The Company’s collection estimates are based on assumptions that it believes to be reasonable but are inherently uncertain. Actual future cash flows could differ from these estimates. | |||||||||
The receivables under the first two FONINVEMEM Agreements are being actively collected since the related plants commenced operations in 2010. In assessing the collectability of the receivables under these agreements, the Company also considers how the collections have historically been made timely in accordance with the agreements. The receivables related to the third FONINVEMEM Agreement are not currently due as commercial operation of the two related gas-fired plants has not been achieved. In assessing the collectability of the receivables under this agreement, the Company also considers the extent to which significant milestones necessary to complete the plants have been achieved or are still probable. | |||||||||
On March 26, 2013, the Argentine government passed Resolution No. 95/2013 ("Resolution 95") to develop a new energy regulatory framework that would apply to all generation companies with certain exceptions. The new regulatory framework remunerates fixed and variable costs plus a margin that will depend on both the technology and fuel used to generate the electricity. On May 31, 2013, Resolution 95 became effective retroactively to February 1, 2013. During June 2013, CAMMESA, the administrator of the wholesale electricity market in Argentina, started the implementation by billing the transactions according to the Resolution 95 procedures. In addition, Resolution 95 determines the portion of future outstanding receivables that shall be contributed into the new trusts to be set up by the Argentine government. |
Investments_In_and_Advances_To
Investments In and Advances To Affiliates | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||||||||||
INVESTMENTS IN AND ADVANCES TO AFFILIATES | ' | |||||||||||||||||||||||
INVESTMENTS IN AND ADVANCES TO AFFILIATES | ||||||||||||||||||||||||
The following table summarizes the relevant effective equity ownership interest and carrying values for the Company’s investments accounted for under the equity method as of December 31, 2013 and 2012. | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Affiliate | Country | Carrying Value (in millions) | Ownership Interest % | |||||||||||||||||||||
Silver Ridge Power (1) | Various | $ | 291 | $ | 307 | 50 | % | 50 | % | |||||||||||||||
Barry(2) | United Kingdom | — | — | 100 | % | 100 | % | |||||||||||||||||
CET(2)(3) | Brazil | — | 13 | N/A | 72 | % | ||||||||||||||||||
Chigen affiliates (4) | China | — | 2 | N/A | 35 | % | ||||||||||||||||||
Elsta(2)(5) | Netherlands | 120 | 219 | 50 | % | 50 | % | |||||||||||||||||
Entek | Turkey | 165 | 234 | 50 | % | 50 | % | |||||||||||||||||
Guacolda | Chile | 245 | 196 | 35 | % | 35 | % | |||||||||||||||||
OPGC | India | 186 | 199 | 49 | % | 49 | % | |||||||||||||||||
Trinidad Generation Unlimited(2)(6) | Trinidad | — | 24 | N/A | 10 | % | ||||||||||||||||||
Other affiliates | Various | 3 | 2 | |||||||||||||||||||||
Total investments in and advances to affiliates | $ | 1,010 | $ | 1,196 | ||||||||||||||||||||
-1 | Represent our investments in AES Solar Energy Ltd in Europe, AES Solar Power LLC in the United States and AES Solar Power, PR, LLC in Puerto Rico. The collective solar energy affiliates were consolidated into a single entity, Silver Ridge Power, during 2013. | |||||||||||||||||||||||
-2 | Represent VIEs in which the Company holds a variable interest, but is not the primary beneficiary. | |||||||||||||||||||||||
(3) | The Company acquired all of the noncontrolling interests of CET during the fourth quarter of 2013, which resulted in the consolidation of this entity. | |||||||||||||||||||||||
(4) | Represent our investment in Chengdu AES Kaihua Gas Turbine Company Ltd. The Company disposed of this investment during the first quarter of 2013. | |||||||||||||||||||||||
(5) | The Company recognized a $129 million impairment of its investment in Elsta during 2013. For additional information see Note 9 — Other Non-Operating Expense. | |||||||||||||||||||||||
(6) | The Company sold its interest in Trinidad Generation Unlimited during the third quarter of 2013. | |||||||||||||||||||||||
The following investments, accounted for under the equity method of accounting, had changes in ownership interest during the year or other circumstances leading to the equity method of accounting: | ||||||||||||||||||||||||
AES Barry Ltd.—The Company holds a 100% ownership interest in AES Barry Ltd. (“Barry”), a dormant entity in the United Kingdom that disposed of its generation and other operating assets. Due to a debt agreement, no material financial or operating decisions can be made without the banks’ consent, and the Company does not control Barry. As of December 31, 2013 and 2012, other long-term liabilities included $55 million related to this debt agreement. | ||||||||||||||||||||||||
Trinidad Generation Unlimited (“TGU”)—Although the Company’s ownership in TGU was 10%, the Company accounted for the investment as an equity method investment due to the Company’s ability to exercise significant influence through the supermajority vote requirement for any significant future project development activities. The Company sold its interest in TGU during the third quarter of 2013. | ||||||||||||||||||||||||
Summarized Financial Information | ||||||||||||||||||||||||
The following tables summarize financial information of the Company’s 50%-or-less owned affiliates and majority-owned unconsolidated subsidiaries that are accounted for using the equity method. | ||||||||||||||||||||||||
50%-or-less Owned Affiliates | Majority-Owned Unconsolidated Subsidiaries | |||||||||||||||||||||||
Years ended December 31, | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Revenue | $ | 1,099 | $ | 1,868 | $ | 1,668 | $ | 2 | $ | 106 | $ | 24 | ||||||||||||
Operating margin | 295 | 355 | 258 | — | 26 | 24 | ||||||||||||||||||
Net income (loss) | 53 | 146 | (5 | ) | — | (5 | ) | (5 | ) | |||||||||||||||
December 31, | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Current assets | $ | 842 | $ | 1,097 | $ | 1 | $ | 2 | ||||||||||||||||
Noncurrent assets | 3,722 | 5,253 | 20 | 38 | ||||||||||||||||||||
Current liabilities | 600 | 680 | 1 | 55 | ||||||||||||||||||||
Noncurrent liabilities | 2,096 | 2,899 | 75 | 20 | ||||||||||||||||||||
Noncontrolling interests | 15 | (228 | ) | — | — | |||||||||||||||||||
Stockholders’ equity | 1,853 | 2,999 | (55 | ) | (35 | ) | ||||||||||||||||||
At December 31, 2013, accumulated deficit included $168 million related to the undistributed earnings of the Company’s 50%-or-less owned affiliates. Distributions received from these affiliates were $6 million, $22 million, and $36 million for the years ended December 31, 2013, 2012, and 2011, respectively. As of December 31, 2013, the aggregate carrying amount of our investments in equity affiliates exceeded the underlying equity in their net assets by $214 million. |
Other_NonOperating_Expense
Other Non-Operating Expense | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||
OTHER NON-OPERATING EXPENSE | ' | ||||||||||||
OTHER NON-OPERATING EXPENSE | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Elsta | $ | 129 | $ | — | $ | — | |||||||
China generation and wind | — | 32 | 79 | ||||||||||
InnoVent | — | 17 | — | ||||||||||
Other | — | 1 | 3 | ||||||||||
Total other non-operating expense | $ | 129 | $ | 50 | $ | 82 | |||||||
2013 | |||||||||||||
Elsta—Elsta BV & Co CV ("Elsta"), a 630 MW combined cycle gas-fired plant in the Netherlands, is accounted for under the equity method of accounting. The Company evaluates its equity method investments for impairment whenever certain indicators are present suggesting that the fair value of an equity method investment is less than its carrying value and the evaluation would consider whether the decline is other-than-temporary. This analysis requires a significant amount of judgment to identify events or circumstances indicating that an equity method investment may be impaired. Once an impairment indicator is identified, the Company must determine if an impairment exists, and if so, whether the impairment is other-than-temporary in which case the equity method investment is written down to its estimated fair value. During 2013, the Company identified an impairment indicator resulting from initial negotiations with Elsta's offtakers for an extension of the existing PPA which expires during 2018, suggesting that the income earned under the existing PPA would likely be reduced upon an extension and that the resulting decline in the estimated fair value of the Company's equity method investment in Elsta was other-than-temporary. The Company recognized an impairment of $129 million by reducing the carrying value of $240 million to the estimated fair value of $111 million. The Company estimated fair value using probability-weighted outcomes which contemplated various scenarios involving the amendments to the existing PPA. | |||||||||||||
2012 | |||||||||||||
China Generation and InnoVent—In the first quarter of 2012, the Company concluded that it was more likely than not that it would sell its interest in its equity method investments in China and France and recorded other-than-temporary-impairment ("OTTI") of $32 million and $17 million, respectively. | |||||||||||||
2011 | |||||||||||||
China—In 2011, the Company recognized OTTI of $79 million on its equity method investments in China. This primarily included $74 million OTTI on Yangcheng, a 2100 MW coal-fired plant in which the Company held 25% equity interest. During the nine months ended September 30, 2011, continually increasing coal prices in China reduced operating margins of coal generation facilities with no corresponding increase in tariffs. As of September 30, 2011, Yangcheng had a carrying amount of $100 million which was written down to its estimated fair value of $26 million determined under the discounted cash flow analysis, and the difference was recognized as other non-operating expense. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | |||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
The following table summarizes the changes in the carrying amount of goodwill, by reportable segment for the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||
US | Andes | MCAC | EMEA | Asia | Total | |||||||||||||||||||
Balance as of December 31, 2011 | ||||||||||||||||||||||||
Goodwill | $ | 2,672 | $ | 899 | $ | 149 | $ | 180 | $ | 80 | $ | 3,980 | ||||||||||||
Accumulated impairment losses | (21 | ) | — | — | (122 | ) | (17 | ) | (160 | ) | ||||||||||||||
Net balance | 2,651 | 899 | 149 | 58 | 63 | 3,820 | ||||||||||||||||||
Impairment losses | (1,817 | ) | — | — | — | — | (1,817 | ) | ||||||||||||||||
Goodwill acquired during the year | — | — | — | — | — | (1) | — | |||||||||||||||||
Foreign currency translation and other | (9 | ) | — | — | — | 5 | (4 | ) | ||||||||||||||||
Balance as of December 31, 2012 | ||||||||||||||||||||||||
Goodwill | 2,663 | 899 | 149 | 180 | 68 | 3,959 | ||||||||||||||||||
Accumulated impairment losses | (1,838 | ) | — | — | (122 | ) | — | (1,960 | ) | |||||||||||||||
Net balance | 825 | 899 | 149 | 58 | 68 | 1,999 | ||||||||||||||||||
Impairment losses | (314 | ) | — | — | (58 | ) | — | (372 | ) | |||||||||||||||
Goodwill associated with the sale of a business | — | — | — | — | — | — | ||||||||||||||||||
Foreign currency translation and other | (5 | ) | — | — | — | — | (5 | ) | ||||||||||||||||
Balance as of December 31, 2013 | ||||||||||||||||||||||||
Goodwill | 2,658 | 899 | 149 | 180 | 68 | 3,954 | ||||||||||||||||||
Accumulated impairment losses | (2,152 | ) | — | — | (180 | ) | — | (2,332 | ) | |||||||||||||||
Net balance | $ | 506 | $ | 899 | $ | 149 | $ | — | $ | 68 | $ | 1,622 | ||||||||||||
_____________________________ | ||||||||||||||||||||||||
-1 | Both the gross carrying amount and the accumulated impairment losses of the Asia generation segment have been reduced by $17 million with no impact on the net carrying amount for the segment. This relates to Chigen, which had fully impaired goodwill of $17 million and was sold during the year. | |||||||||||||||||||||||
DP&L—During the fourth quarter of 2013, the Company performed the annual goodwill impairment test at its DP&L reporting unit ("DP&L") and recognized a goodwill impairment expense of $307 million. The reporting unit failed Step 1 as its fair value was less than its carrying amount primarily due to lower estimates of capacity prices in future years as well as lower dark spreads contributing to lower overall operating margins. The fair value of the reporting unit was determined under the income approach using a discounted cash flow valuation model. The significant assumptions included within the discounted cash flow valuation model were capacity price curves, amount of the non-bypassable charge, commodity price curves, dispatching, valuation of regulatory assets and liabilities, discount rates and deferred income taxes. In Step 2, goodwill was determined to have an implied fair value of $316 million after the hypothetical purchase price allocation under the accounting guidance for business combinations. The goodwill associated with the DP&L acquisition is not deductible for tax purposes. Accordingly, there is no financial statement tax benefit related to the impairment. The pretax impairment impacted the Company’s effective tax rate for the year ended December 31, 2013, which was 33%. DP&L is reported in the US SBU reportable segment. | ||||||||||||||||||||||||
The Company had previously recognized a goodwill impairment expense of $1.82 billion in 2012 at the DP&L reporting unit. During 2012, North American natural gas prices declined significantly compared to the previous year, which exerted downward pressure on wholesale power prices in the Ohio power market. These falling power prices compressed wholesale margins at DP&L and led to increased customer switching from DP&L to other competitive retail electric service (“CRES”) providers, including DPLER, who were offering retail prices lower than DP&L’s standard service offer. In addition, several municipalities in DP&L’s service territory passed ordinances allowing them to become government aggregators and contracted with CRES providers to provide generation service to the customers located within the municipal boundaries, further contributing to the switching trend. CRES providers also became more active in DP&L’s service territory. These developments reduced DP&L’s forecasted profitability, operating cash flows and liquidity. As a result, in September 2012, management reduced its previous forecasts of profitability and operating cash flows. Collectively, these events were considered an interim goodwill impairment indicator at the DP&L reporting unit. There were no interim impairment indicators identified for the goodwill at DPLER. The goodwill associated with the DP&L acquisition is not deductible for tax purposes. Accordingly, there was no financial statement tax benefit related to the impairment. The pretax impairment impacted the Company’s effective tax rate for the year ended December 31, 2012, which was 298%. | ||||||||||||||||||||||||
MountainView—During the fourth quarter of 2013, the Company performed the annual goodwill impairment test at its MountainView reporting unit, two wind projects in California with an aggregate generation capacity of 67 MW, and recognized a full impairment of goodwill of $7 million. Factors contributing to impairment were lower forward power prices impacting revenue after the expiration of the current PPA and higher discount rates. In Step 1, the fair value of MountainView was determined under the income approach using a discounted cash flow valuation model. The significant assumptions included within the discounted cash flow valuation model were power price curves, fixed costs, discount rates and income tax attributes associated with the projects. MountainView failed Step 1 and its goodwill was determined to have no value in Step 2. MountainView is reported in the US SBU reportable segment. | ||||||||||||||||||||||||
Buffalo Gap—During the fourth quarter of 2013, the Company performed the annual goodwill impairment test at its Buffalo Gap reporting unit, three wind projects in Texas with an aggregate generation capacity of 524 MW. The reporting unit failed Step 1 and Step 2 was performed to measure the amount of goodwill impairment. In Step 2, after the hypothetical purchase price allocation under the relevant accounting guidance, the implied fair value of goodwill was greater than its carrying amount. As a result, no impairment was recognized. Buffalo Gap is reported in the US SBU reportable segment. | ||||||||||||||||||||||||
Ebute—During the third quarter of 2013, the Company performed an interim goodwill impairment test at Ebute, a 294 MW gas-fired plant in Nigeria and recognized the entire goodwill balance of $58 million as goodwill impairment expense. Ebute currently operates on leased land located within the PHCN Egbin Power Station Compound (“Egbin”) in Ijede, Ikorodu, Lagos. A controlling stake in Egbin was sold to a private investor as part of the Nigerian government privatization program in 2007, but the sale transaction did not close until the third quarter of 2013. The Company has been evaluating Ebute's future options for the continuation of the plant operation after the end of the current PPA on an ongoing basis. The viability of a number of such options is subject to the Company's ability to secure among other things long-term land rights, permits, gas transportation and supply agreements, and a new or extended PPA. In this evaluation, the Company has been continually assessing the probability of success of each of these options. Based on communications with the Nigerian government and other power sector stakeholders it interacts with to secure the required key project components and agreements, in September 2013, management determined that the prospects for Ebute's future expansion had significantly reduced. These adverse developments were considered as impairment indicators for Ebute's goodwill and long-lived assets. The long-lived assets were deemed recoverable based on the undiscounted cash flow recoverability analysis. In Step 1, the fair value of Ebute was determined using the income approach based on a discounted cash flow valuation model. The significant assumptions included within the discounted cash flow valuation model were the ability to obtain an extension to the existing land lease, permits, gas transportation and supply agreements, future PPA terms, maintenance and growth capital expenditures, and discount rates. Ebute failed Step 1 and its goodwill was determined to have no value in Step 2. Ebute is reported in the EMEA SBU reportable segment. | ||||||||||||||||||||||||
Chigen—During the third quarter of 2011, the Company performed an interim impairment test at Chigen, our wholly owned subsidiary that held equity interests in Chinese ventures, and recognized the entire goodwill balance of $17 million as goodwill impairment expense. The Company had identified higher coal prices and the resulting reduced operating margins in China as an impairment indicator. These factors had resulted in a significant downward revision to Chigen's cash flow forecasts. Chigen failed Step 1 and its goodwill was determined to have no value in Step 2. Chigen was reported in the Asia SBU reportable segment. | ||||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||
The following tables summarize the balances comprising other intangible assets in the accompanying Consolidated Balance Sheets as of December 31, 2013 and 2012: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Gross Balance | Accumulated | Net Balance | Gross Balance | Accumulated | Net Balance | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Subject to Amortization | ||||||||||||||||||||||||
Project development rights(1) | $ | 31 | $ | (1 | ) | $ | 30 | $ | 32 | $ | (1 | ) | $ | 31 | ||||||||||
Sales concessions(2) | 95 | (45 | ) | 50 | 108 | (49 | ) | 59 | ||||||||||||||||
Contractual payment rights(3) | 74 | (33 | ) | 41 | 72 | (23 | ) | 49 | ||||||||||||||||
Management rights | 37 | (13 | ) | 24 | 40 | (14 | ) | 26 | ||||||||||||||||
Emission allowances | 4 | — | 4 | 5 | — | 5 | ||||||||||||||||||
Electric security plan | — | — | — | 87 | (87 | ) | — | |||||||||||||||||
Contracts | 46 | (24 | ) | 22 | 44 | (20 | ) | 24 | ||||||||||||||||
Customer contracts and relationships | 63 | (34 | ) | 29 | 66 | (26 | ) | 40 | ||||||||||||||||
Other(4) | 20 | (3 | ) | 17 | 13 | (2 | ) | 11 | ||||||||||||||||
Subtotal | 370 | (153 | ) | 217 | 467 | (222 | ) | 245 | ||||||||||||||||
Indefinite-Lived Intangible Assets | ||||||||||||||||||||||||
Land use rights | 46 | — | 46 | 50 | — | 50 | ||||||||||||||||||
Water rights | 20 | — | 20 | 18 | — | 18 | ||||||||||||||||||
Trademark/Trade name | 5 | — | 5 | 6 | — | 6 | ||||||||||||||||||
Other | 9 | — | 9 | 5 | — | 5 | ||||||||||||||||||
Subtotal | 80 | — | 80 | 79 | — | 79 | ||||||||||||||||||
Total | $ | 450 | $ | (153 | ) | $ | 297 | $ | 546 | $ | (222 | ) | $ | 324 | ||||||||||
_____________________________ | ||||||||||||||||||||||||
(1) | Represent development rights, including but not limited to, land control, various permits and right to acquire equity interests in development projects resulting from asset acquisitions by our wind operations in the U.K. The balance excludes project development rights of $70 million relating to our Poland wind operations that were fully impaired in the third quarter of 2013 and subsequently sold in November 2013. See Note 23—Discontinued Operations and Held for Sale Businesses for further information. | |||||||||||||||||||||||
-2 | Excludes net balance of sales concessions of $32 and $34 million as of December 31, 2013 and 2012, respectively, relating to our utility businesses in Cameroon that have been included in noncurrent assets of Discontinued Operations and Held for Sale Businesses. See Note 23—Discontinued Operations and Held for Sale Businesses for further information. | |||||||||||||||||||||||
(3) | Represent legal rights to receive system reliability payments from the regulator. | |||||||||||||||||||||||
(4) | Includes renewable energy certificates, land use rights and various other intangible assets none of which is individually significant. | |||||||||||||||||||||||
The following table summarizes, by category, intangible assets acquired during the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Amount | Subject to Amortization/ | Weighted Average | Amortization | |||||||||||||||||||||
Indefinite-Lived | Amortization Period | Method | ||||||||||||||||||||||
(in millions) | (in years) | |||||||||||||||||||||||
Renewable energy certificates | $ | 3 | Subject to amortization | Various | As utilized | |||||||||||||||||||
Other | 2 | Various | N/A | N/A | ||||||||||||||||||||
Total | $ | 5 | ||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Amount | Subject to Amortization/ | Weighted Average | Amortization | |||||||||||||||||||||
Indefinite-Lived | Amortization Period | Method | ||||||||||||||||||||||
(in millions) | (in years) | |||||||||||||||||||||||
Renewable energy certificates | $ | 5 | Subject to amortization | Various | As utilized | |||||||||||||||||||
Water rights | 13 | Indefinite-lived | N/A | N/A | ||||||||||||||||||||
Other | 1 | Various | N/A | N/A | ||||||||||||||||||||
Total | $ | 19 | ||||||||||||||||||||||
The following table summarizes the estimated amortization expense, by intangible asset category, for 2014 through 2018: | ||||||||||||||||||||||||
Estimated amortization expense | ||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Customer relationships & contracts | $ | 5 | $ | 3 | $ | 3 | $ | 3 | $ | 3 | ||||||||||||||
Sales concessions | 4 | 4 | 4 | 3 | 3 | |||||||||||||||||||
Contractual payment rights | 2 | 2 | 2 | 2 | 2 | |||||||||||||||||||
All other | 5 | 5 | 5 | 5 | 4 | |||||||||||||||||||
Total | $ | 16 | $ | 14 | $ | 14 | $ | 13 | $ | 12 | ||||||||||||||
Intangible asset amortization expense was $29 million, $115 million and $20 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Regulated Operations [Abstract] | ' | |||||||||||||||
REGULATORY ASSETS AND LIABILITIES | ' | |||||||||||||||
REGULATORY ASSETS AND LIABILITIES | ||||||||||||||||
The Company has recorded regulatory assets and liabilities that it expects to pass through to its customers in accordance with, and subject to, regulatory provisions as follows: | ||||||||||||||||
December 31, | Recovery/Refund Period | |||||||||||||||
2013 | 2012 | |||||||||||||||
(in millions) | ||||||||||||||||
REGULATORY ASSETS | ||||||||||||||||
Current regulatory assets: | ||||||||||||||||
Brazil tariff recoveries:(1) | ||||||||||||||||
Energy purchases | $ | 87 | $ | 189 | Annually as part of the tariff adjustment | |||||||||||
Transmission costs, regulatory fees and other | 52 | 78 | Annually as part of the tariff adjustment | |||||||||||||
El Salvador tariff recoveries(2) | 108 | 115 | Quarterly as part of the tariff adjustment | |||||||||||||
Other(3) | 35 | 26 | Various | |||||||||||||
Total current regulatory assets | 282 | 408 | ||||||||||||||
Noncurrent regulatory assets: | ||||||||||||||||
Defined benefit pension obligations at IPL and DPL(4)(5) | 261 | 430 | Various | |||||||||||||
Income taxes recoverable from customers(4)(6) | 72 | 81 | Various | |||||||||||||
Brazil tariff recoveries:(1) | ||||||||||||||||
Energy purchases | 62 | 97 | Annually as part of the tariff adjustment | |||||||||||||
Transmission costs, regulatory fees and other | 4 | 59 | Annually as part of the tariff adjustment | |||||||||||||
Deferred Midwest ISO costs(7) | 98 | 89 | To be determined | |||||||||||||
Other(3) | 139 | 115 | Various | |||||||||||||
Total noncurrent regulatory assets | 636 | 871 | ||||||||||||||
TOTAL REGULATORY ASSETS | $ | 918 | $ | 1,279 | ||||||||||||
REGULATORY LIABILITIES | ||||||||||||||||
Current regulatory liabilities: | ||||||||||||||||
Brazil tariff reset adjustment(8) | $ | 245 | $ | 89 | Two Years | |||||||||||
Efficiency program costs(9) | 25 | 32 | Annually as part of the tariff adjustment | |||||||||||||
Brazil regulatory asset base adjustment (13) | 34 | — | Up to four tariff periods | |||||||||||||
Brazil tariff refunds:(1) | ||||||||||||||||
Energy purchases | 48 | 171 | Annually as part of the tariff adjustment | |||||||||||||
Transmission costs, regulatory fees and other | 69 | 55 | Annually as part of the tariff adjustment | |||||||||||||
Other(10) | 40 | 41 | Various | |||||||||||||
Total current regulatory liabilities | 461 | 388 | ||||||||||||||
Noncurrent regulatory liabilities: | ||||||||||||||||
Brazil tariff reset adjustment(8) | 82 | 445 | Two Years | |||||||||||||
Asset retirement obligations(11) | 696 | 672 | Over life of assets | |||||||||||||
Brazil regulatory asset base adjustment (13) | 235 | — | Up to four tariff periods | |||||||||||||
Brazil special obligations(12) | 502 | 463 | To be determined | |||||||||||||
Brazil tariff refunds:(1) | ||||||||||||||||
Energy purchases | 16 | 46 | Annually as part of the tariff adjustment | |||||||||||||
Transmission costs, regulatory fees and other | 42 | 42 | Annually as part of the tariff adjustment | |||||||||||||
Efficiency program costs(9) | 10 | 17 | Annually as part of the tariff adjustment | |||||||||||||
Other(10) | 9 | 17 | Various | |||||||||||||
Total noncurrent regulatory liabilities | 1,592 | 1,702 | ||||||||||||||
TOTAL REGULATORY LIABILITIES | $ | 2,053 | $ | 2,090 | ||||||||||||
_____________________________ | ||||||||||||||||
-1 | Recoverable or refundable per National Electric Energy Agency (“ANEEL”) regulations through the Annual Tariff Adjustment (“IRT”). These costs are generally non-controllable costs and primarily consist of purchased electricity, energy transmission costs and sector costs that are considered volatile. These costs are passed through for a period of 12 months as part of the annual tariff adjustment. Any remaining balance is considered in the following annual tariff adjustment, being a total of 24 months to recover or refund the costs. | |||||||||||||||
-2 | Deferred fuel costs incurred by our El Salvador subsidiaries associated with purchase of energy from the El Salvador spot market and the power generation plants. In El Salvador, the deferred fuel adjustment represents the variance between the actual fuel costs and the fuel costs recovered in the tariffs. The variance is recovered quarterly at the tariff reset period. | |||||||||||||||
-3 | Includes assets with and without a rate of return. Other current regulatory assets that did not earn a rate of return were $13 million and $19 million, as of December 31, 2013 and 2012, respectively. Other noncurrent regulatory assets that did not earn a rate of return were $71 million and $60 million, as of December 31, 2013 and 2012, respectively. Other current and noncurrent regulatory assets primarily consist of: | |||||||||||||||
▪ | Unamortized losses on long-term debt reacquired or redeemed in prior periods at IPL and DPL, which are amortized over the lives of the original issues in accordance with the FERC and PUCO rules. | |||||||||||||||
▪ | Unamortized carrying charges and certain other costs related to Petersburg unit 4 at IPL. | |||||||||||||||
▪ | Deferred storm costs incurred primarily in 2008 to repair storm damage at DPL, which have been deferred until such time that DPL seeks recovery in a future rate proceeding. | |||||||||||||||
▪ | Additional Regulatory Asset Base (RAB) from a favorable decision on tariff reset (administrative appeal) at Eletropaulo. | |||||||||||||||
-4 | Past expenditures on which the Company does not earn a rate of return. | |||||||||||||||
-5 | The regulatory accounting standards allow the defined pension and postretirement benefit obligation to be recorded as a regulatory asset equal to the previously unrecognized actuarial gains and losses and prior service costs that are expected to be recovered through future rates. Pension expense is recognized based on the plan’s actuarially determined pension liability. Recovery of costs is probable, but not yet determined. Pension contributions made by our Brazilian subsidiaries are not included in regulatory assets as those contributions are not covered by the established tariff in Brazil. | |||||||||||||||
-6 | Probability of recovery through future rates, based upon established regulatory practices, which permit the recovery of current taxes. This amount is expected to be recovered, without interest, over the period as book-tax temporary differences reverse and become current taxes. | |||||||||||||||
-7 | Transmission service costs and other administrative costs from IPL’s participation in the Midwest ISO market, which are recoverable but do not earn a rate of return. Recovery of costs is probable, but the timing is not yet determined. | |||||||||||||||
-8 | In July 2012, the Brazilian energy regulator (the “Regulator”) approved the periodic review and reset of a component of Eletropaulo’s regulated tariff, which determines the margin to be earned by Eletropaulo. The review and reset of this tariff component is retroactive to July 2011 and will be applied to customers’ invoices from July 2012 to June 2015. From July 2011 through June 2012, Eletropaulo invoiced customers under the then existing tariff rate, as required by the Regulator. As the new tariff rate is lower than the pre-existing tariff rate, Eletropaulo is required to reduce customer tariffs for this difference over the next year. Accordingly, from July 2011 through June 2012, Eletropaulo recognized a regulatory liability for such estimated future refunds, which was subsequently adjusted as of June 30, 2012 upon the finalization of the new tariff with the Regulator. The refund to customers was considered in the 2013 tariff adjustment, which contemplates an amortization of 67.55% as from July 4, 2013. The remaining balance, representing 32.45%, will be considered in the next annual tariff adjustment. As of December 31, 2013, Eletropaulo had recorded a current and noncurrent regulatory liability of $245 million and $82 million, respectively. | |||||||||||||||
-9 | Amounts received for costs expected to be incurred to improve the efficiency of our plants in Brazil as part of the IRT. | |||||||||||||||
-10 | Other current and noncurrent regulatory liabilities primarily consist of liabilities owed to electricity generators due to variance in energy prices during rationing periods (“Free Energy”). Our Brazilian subsidiaries are authorized to recover or refund this cost associated with monthly energy price variances between the wholesale energy market prices owed to the power generation plants producing Free Energy and the capped price reimbursed by the local distribution companies which are passed through to the final customers through energy tariffs. The balance excludes asset retirement obligations that were reclassified out of Other. | |||||||||||||||
-11 | Obligations for removal costs which do not have an associated legal retirement obligation as defined by the accounting standards on asset retirement obligations. | |||||||||||||||
-12 | Obligations established by ANEEL in Brazil associated with electric utility concessions and represent amounts received from customers or donations not subject to return. These donations are allocated to support energy network expansion and to improve utility operations to meet customers’ needs. The term of the obligation is established by ANEEL. Settlement shall occur when the concession ends. | |||||||||||||||
(13) | Represents adjustments to the regulatory asset base resulting from an administrative ruling in December 2013 which compelled Eletropaulo to refund customers beginning in July 2014. | |||||||||||||||
The current regulatory assets and liabilities are recorded in “Other current assets” and “Accrued and other liabilities,” respectively, on the accompanying Consolidated Balance Sheets. The noncurrent regulatory assets and liabilities are recorded in “Other noncurrent assets” and “Other noncurrent liabilities,” respectively, in the accompanying Consolidated Balance Sheets. The following table summarizes regulatory assets and liabilities by reportable segment as of December 31, 2013 and 2012: | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Regulatory Assets | Regulatory Liabilities | Regulatory Assets | Regulatory Liabilities | |||||||||||||
(in millions) | ||||||||||||||||
Brazil SBU | $ | 260 | $ | 1,336 | $ | 427 | $ | 1,390 | ||||||||
US SBU | 550 | 717 | 737 | 700 | ||||||||||||
MCAC SBU | 108 | — | 115 | — | ||||||||||||
Total | $ | 918 | $ | 2,053 | $ | 1,279 | $ | 2,090 | ||||||||
Debt
Debt | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
DEBT | ' | |||||||||||||
DEBT | ||||||||||||||
Non-Recourse Debt | ||||||||||||||
The following table summarizes the carrying amount and terms of non-recourse debt as of December 31, 2013 and 2012: | ||||||||||||||
NON-RECOURSE DEBT | Weighted Average Interest Rate | Maturity | December 31, | |||||||||||
2013 | 2012 | |||||||||||||
(in millions) | ||||||||||||||
VARIABLE RATE:(1) | ||||||||||||||
Bank loans | 3.3 | % | 2014 – 2029 | $ | 2,783 | $ | 3,556 | |||||||
Notes and bonds | 10.51 | % | 2014 – 2040 | 1,845 | 1,887 | |||||||||
Debt to (or guaranteed by) multilateral, export credit agencies or development banks(2) | 2.46 | % | 2014 – 2034 | 2,446 | 1,711 | |||||||||
Other | 4.62 | % | 2014 – 2043 | 349 | 349 | |||||||||
FIXED RATE: | ||||||||||||||
Bank loans | 5.06 | % | 2014 – 2023 | 477 | 209 | |||||||||
Notes and bonds | 6.25 | % | 2014 – 2073 | 7,164 | 6,448 | |||||||||
Debt to (or guaranteed by) multilateral, export credit agencies or development banks(2) | 4.65 | % | 2014 – 2027 | 164 | 411 | |||||||||
Other | 6.55 | % | 2014 – 2061 | 152 | 188 | |||||||||
SUBTOTAL | 15,380 | (3) | 14,759 | (3) | ||||||||||
Less: Current maturities | (2,062 | ) | (2,494 | ) | ||||||||||
TOTAL | $ | 13,318 | $ | 12,265 | ||||||||||
-1 | The interest rate on variable rate debt represents the total of a variable component that is based on changes in an interest rate index and of a fixed component. The Company has interest rate swaps and option agreements in an aggregate notional principal amount of approximately $3.6 billion on non-recourse debt outstanding at December 31, 2013. These agreements economically fix the variable component of the interest rates on the portion of the variable-rate debt being hedged so that the total interest rate on that debt has been fixed at rates ranging from approximately 4.09% to 8.98% and 5.85% to 8.75% for swaps and options, respectively. These agreements expire at various dates from 2014 through 2030. | |||||||||||||
-2 | Multilateral loans include loans funded and guaranteed by bilaterals, multilaterals, development banks and other similar institutions. | |||||||||||||
(3) | Non-recourse debt of $658 million as of December 31, 2013 was excluded from non-recourse debt and included in current and noncurrent liabilities of held for sale and discontinued businesses in the accompanying Consolidated Balance Sheets. There were no amounts excluded in 2012. | |||||||||||||
Non-recourse debt as of December 31, 2013 is scheduled to reach maturity as set forth in the table below: | ||||||||||||||
December 31, | Annual Maturities | |||||||||||||
(in millions) | ||||||||||||||
2014 | $ | 2,062 | ||||||||||||
2015 | 692 | |||||||||||||
2016 | 2,422 | |||||||||||||
2017 | 792 | |||||||||||||
2018 | 1,444 | |||||||||||||
Thereafter | 7,968 | |||||||||||||
Total non-recourse debt | $ | 15,380 | ||||||||||||
As of December 31, 2013, AES subsidiaries with facilities under construction had a total of approximately $2.9 billion of committed but unused credit facilities available to fund construction and other related costs. Excluding these facilities under construction, AES subsidiaries had approximately $1.4 billion in a number of available but unused committed credit lines to support their working capital, debt service reserves and other business needs. These credit lines can be used for borrowings, letters of credit, or a combination of these uses. | ||||||||||||||
Significant transactions | ||||||||||||||
During the year ended December 31, 2013, we had the following significant debt transactions at our subsidiaries: | ||||||||||||||
• | Tietê issued new debt of $496 million partially offset by repayments of $396 million; | |||||||||||||
• | El Salvador issued new debt of $310 million partially offset by repayments of $301 million; | |||||||||||||
• | Sul issued new debt of $153 million partially offset by repayments of $44 million; | |||||||||||||
• | Mong Duong drew $471 million under its construction loan facility; | |||||||||||||
• | DPL terminated its $425 million term loan and replaced it with a new $200 million term loan, and had additional repayments of $53 million; | |||||||||||||
• | DP&L issued $445 million of first mortgage bonds to partially repay $470 million of existing bonds which were repaid at par on October 1, 2013; | |||||||||||||
• | IPL issued new debt of $170 million partially offset by repayments of $110 million; | |||||||||||||
• | Masinloc refinanced its senior debt facility of $500 million and incurred a loss on extinguishment of debt of $43 million. See Note 20—Other Income and Expense for further information; | |||||||||||||
• | Jordan drew $180 million under its construction loan facility; | |||||||||||||
• | Cochrane drew $210 million under its construction loan facility; | |||||||||||||
• | Gener issued $450 million of junior subordinated capital notes to pay Gener's outstanding notes due March 2014 and development of new projects, among other purposes; and | |||||||||||||
• | Changuinola issued new debt of $420 million partially offset by repayments of $412 million. | |||||||||||||
Non-Recourse Debt Covenants, Restrictions and Defaults | ||||||||||||||
The terms of the Company’s non-recourse debt include certain financial and non-financial covenants. These covenants are limited to subsidiary activity and vary among the subsidiaries. These covenants may include but are not limited to maintenance of certain reserves, minimum levels of working capital and limitations on incurring additional indebtedness. | ||||||||||||||
As of December 31, 2013 and 2012, approximately $492 million and $560 million, respectively, of restricted cash was maintained in accordance with certain covenants of the non-recourse debt agreements, and these amounts were included within “Restricted cash” and “Debt service reserves and other deposits” in the accompanying Consolidated Balance Sheets. | ||||||||||||||
Various lender and governmental provisions restrict the ability of certain of the Company’s subsidiaries to transfer their net assets to the Parent Company. Such restricted net assets of subsidiaries amounted to approximately $2.2 billion at December 31, 2013. | ||||||||||||||
The following table summarizes the Company’s subsidiary non-recourse debt in default or accelerated as of December 31, 2013 and is included in the current portion of non-recourse debt: | ||||||||||||||
Primary Nature | December 31, 2013 | |||||||||||||
Subsidiary | of Default | Default | Net Assets | |||||||||||
(in millions) | ||||||||||||||
Maritza | Covenant | $ | 850 | $ | 714 | |||||||||
Kavarna | Covenant | 205 | 90 | |||||||||||
Total | $ | 1,055 | ||||||||||||
In addition to the defaults listed in the table above, Sonel and Kribi in Cameroon and Saurashtra in India have been classified as discontinued operations. As of December 31, 2013, Sonel, Kribi, and Saurashtra had debt in default of $257 million, $247 million and $21 million; and net assets of $387 million, $3 million and $2 million, respectively. For further information please see Note 23 — Discontinued Operations and Held-for-Sale Businesses. | ||||||||||||||
The defaults are not payment defaults, but are instead technical defaults triggered by failure to comply with other covenants and/or other conditions such as (but not limited to) failure to meet information covenants, complete construction or other milestones in an allocated time, meet certain minimum or maximum financial ratios, or other requirements contained in the non-recourse debt documents of the Company. | ||||||||||||||
In addition, in the event that there is a default, bankruptcy or maturity acceleration at a subsidiary that meets the applicable definition of materiality under the corporate debt agreements of The AES Corporation, there could be a cross-default to the Company’s recourse debt. At December 31, 2013, none of the defaults listed above results in a cross-default under the recourse debt of the Company. | ||||||||||||||
RECOURSE DEBT | ||||||||||||||
The following table summarizes the carrying amount and terms of recourse debt of the Company as of December 31, 2013 and 2012: | ||||||||||||||
Interest Rate | Final | December 31, | ||||||||||||
RECOURSE DEBT | Maturity | 2013 | 2012 | |||||||||||
(in millions) | ||||||||||||||
Senior Unsecured Note | 7.75% | 2014 | 110 | 500 | ||||||||||
Senior Unsecured Note | 7.75% | 2015 | 356 | 500 | ||||||||||
Senior Unsecured Note | 9.75% | 2016 | 369 | 535 | ||||||||||
Senior Unsecured Note | 8.00% | 2017 | 1,150 | 1,500 | ||||||||||
Senior Secured Term Loan | LIBOR + 2.75% | 2018 | 799 | 807 | ||||||||||
Senior Unsecured Note | 8.00% | 2020 | 625 | 625 | ||||||||||
Senior Unsecured Note | 7.38% | 2021 | 1,000 | 1,000 | ||||||||||
Senior Unsecured Note | 4.88% | 2023 | 750 | — | ||||||||||
Term Convertible Trust Securities | 6.75% | 2029 | 517 | 517 | ||||||||||
Unamortized discounts | (7 | ) | (22 | ) | ||||||||||
SUBTOTAL | 5,669 | 5,962 | ||||||||||||
Less: Current maturities | (118 | ) | (11 | ) | ||||||||||
Total | $ | 5,551 | $ | 5,951 | ||||||||||
The table below summarizes the principal amounts due, net of unamortized discounts, under our recourse debt for the next five years and thereafter: | ||||||||||||||
December 31, | Net Principal Amounts Due | |||||||||||||
(in millions) | ||||||||||||||
2014 | $ | 118 | ||||||||||||
2015 | 364 | |||||||||||||
2016 | 368 | |||||||||||||
2017 | 1,158 | |||||||||||||
2018 | 764 | |||||||||||||
Thereafter | 2,897 | |||||||||||||
Total recourse debt | $ | 5,669 | ||||||||||||
On April 30, 2013, the Company issued $500 million aggregate principal amount of 4.875% senior notes due 2023. On May 17, 2013, the Company issued an additional $250 million aggregate principal amount of 4.875% senior notes due 2023 to form a single series with the notes issued on April 30, 2013. After this offering, the Company completed the redemption of $928 million aggregate principal of its existing 7.75% senior notes due 2014, 7.75% senior notes due 2015, 9.75% senior notes due 2016, and 8.0% senior notes due 2017 through respective tender offers in May 2013. In June 2013, the Company redeemed an additional $122 million of its 7.75% senior notes due 2014 as per the optional redemption provisions of the senior note indentures. As a result of these transactions, the Company voluntarily reduced outstanding principal by $300 million and extended maturities of an additional $750 million to 10 years. The Company recognized a loss on extinguishment of debt of $163 million on these transactions that is included in the Consolidated Statement of Operations. | ||||||||||||||
On July 26, 2013, the Company entered into an amendment No. 3 to the senior secured credit facility dated as of July 29, 2010 that amended the terms and conditions of the senior secured credit facility, including the following changes: | ||||||||||||||
• | the final maturity date of the senior secured credit facility is extended to July 26, 2018 from January 29, 2015; | |||||||||||||
• | the interest rate margin applicable to the senior secured credit facility is based on the credit rating assigned to the loans under the senior secured credit facility, with pricing at LIBOR + 2.25% as of December 31, 2013; | |||||||||||||
• | there is an undrawn fee of 0.50% per annum; and | |||||||||||||
• | the subsidiary guarantors party to the senior secured credit facility are released from their obligations under the old senior secured credit facility and have no obligations under the amended senior secured credit facility. | |||||||||||||
The aggregate commitment for the senior secured credit facility remains $800 million. There were no draws on this credit facility as of December 31, 2013 and 2012. | ||||||||||||||
Recourse Debt Covenants and Guarantees | ||||||||||||||
The Company’s obligations under the senior secured credit facilities are, subject to certain exceptions, secured by: | ||||||||||||||
(i) | all of the capital stock of domestic subsidiaries owned directly by the Company and 65% of the capital stock of certain foreign subsidiaries owned directly or indirectly by the Company; and | |||||||||||||
(ii) | certain intercompany receivables, certain intercompany notes and certain intercompany tax sharing agreements. | |||||||||||||
The senior secured credit facilities are subject to mandatory prepayment under certain circumstances, including the sale of certain assets. In such a situation, the net cash proceeds from the sale must be applied pro rata to repay the term loan using 60% of net cash proceeds, reduced to 50% when and if the parent’s recourse debt to cash flow ratio is less than 5:1. The lenders have the option to waive their pro rata redemption. | ||||||||||||||
The senior secured credit facility contains customary covenants and restrictions on the Company’s ability to engage in certain activities, including, but not limited to, limitations on other indebtedness, liens, investments and guarantees; limitations on restricted payments such as shareholder dividends and equity repurchases; restrictions on mergers and acquisitions, sales of assets, leases, transactions with affiliates and off-balance sheet or derivative arrangements; and other financial reporting requirements. | ||||||||||||||
The senior secured credit facility also contains financial covenants requiring the Company to maintain certain financial ratios including a cash flow to interest coverage ratio, calculated quarterly, which provides that a minimum ratio of the Company’s adjusted operating cash flow to the Company’s interest charges related to recourse debt of 1.3× must be maintained at all times and a recourse debt to cash flow ratio, calculated quarterly, which provides that the ratio of the Company’s total recourse debt to the Company’s adjusted operating cash flow must not exceed a maximum of 7.5×. | ||||||||||||||
The terms of the Company’s senior unsecured notes and senior secured credit facility contain certain covenants including, without limitation, limitation on the Company’s ability to incur liens or enter into sale and leaseback transactions. | ||||||||||||||
TERM CONVERTIBLE TRUST SECURITIES | ||||||||||||||
Between 1999 and 2000, AES Trust III, a wholly owned special purpose business trust and a VIE, issued approximately 10.35 million of $50 par value Term Convertible Preferred Securities (“TECONS”) with a semi annual coupon payment of $3.375 for total proceeds of $517 million and concurrently purchased $517 million of 6.75% Junior Subordinated Convertible Debentures due 2029 (the “6.75% Debentures”) issued by AES. The Company consolidates AES Trust III in its consolidated financial statements and classifies the TECONS as recourse debt on its Consolidated Balance Sheet. The Company’s obligations under the 6.75% Debentures and other relevant trust agreements, in aggregate, constitute a full and unconditional guarantee by the Company of the TECON Trusts’ obligations. As of December 31, 2013 and 2012, the sole assets of AES Trust III are the 6.75% Debentures. | ||||||||||||||
AES, at its option, can redeem the 6.75% Debentures which would result in the required redemption of the TECONS issued by AES Trust III, currently for $50 per TECON. The TECONS must be redeemed upon maturity of the 6.75% Debentures. The TECONS are convertible into the common stock of AES at each holder’s option prior to October 15, 2029 at the rate of 1.4216, representing a conversion price of $35.17 per share. The maximum number of shares of common stock AES would be required to issue should all holders decide to convert their securities would be 14.7 million shares. | ||||||||||||||
Dividends on the TECONS are payable quarterly at an annual rate of 6.75%. The Trust is permitted to defer payment of dividends for up to 20 consecutive quarters, provided that the Company has exercised its right to defer interest payments under the corresponding debentures or notes. During such deferral periods, dividends on the TECONS would accumulate quarterly and accrue interest, and the Company may not declare or pay dividends on its common stock. AES has not exercised the option to defer any dividends at this time and all dividends due under the Trust have been paid. |
Commitments
Commitments | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
COMMITMENTS | ' | |||||||||||
COMMITMENTS | ||||||||||||
LEASES—The Company and its subsidiaries enter into long-term non-cancelable lease arrangements which, for accounting purposes, are classified as either operating lease or capital lease. Operating leases primarily include certain transmission lines, office rental and site leases. Operating lease rental expense for the years ended December 31, 2013, 2012, and 2011 was $46 million, $57 million and $59 million, respectively. Capital leases primarily include transmission lines at our subsidiaries in Brazil, vehicles, and office and other operating equipment. Capital leases are recognized in Property, Plant and Equipment within “Electric generation and distribution assets.” The gross value of the capital lease assets as of December 31, 2013 and 2012 was $93 million and $94 million, respectively. The table below sets forth the future minimum lease payments under operating and capital leases for continuing operations together with the present value of the net minimum lease payments under capital leases as of December 31, 2013 for 2014 through 2018 and thereafter: | ||||||||||||
Future Commitments for | ||||||||||||
December 31, | Capital Leases | Operating Leases | ||||||||||
(in millions) | ||||||||||||
2014 | $ | 13 | $ | 41 | ||||||||
2015 | 13 | 42 | ||||||||||
2016 | 12 | 40 | ||||||||||
2017 | 11 | 40 | ||||||||||
2018 | 10 | 40 | ||||||||||
Thereafter | 136 | 399 | ||||||||||
Total | 195 | $ | 602 | |||||||||
Less: Imputed interest | 120 | |||||||||||
Present value of total minimum lease payments | $ | 75 | ||||||||||
CONTRACTS—The Company’s operating subsidiaries enter into long-term contracts for construction projects, maintenance and service, transmission of electricity, operations services and purchase of electricity and fuel. In general, these contracts are subject to variable quantities or prices and are terminable in limited circumstances only. Electricity purchase contracts primarily include energy auction agreements at our Brazil subsidiaries with extended terms from 2013 through 2028. The table below sets forth the future minimum commitments for continuing operations under these contracts as of December 31, 2013 for 2014 through 2018 and thereafter. Actual purchases under these contracts for the years ended December 31, 2013, 2012, and 2011 are also presented: | ||||||||||||
Electricity Purchase Contracts | Fuel Purchase Contracts | Other Purchase Contracts | ||||||||||
Actual purchases during the year ended December 31, | (in millions) | |||||||||||
2011 | $ | 2,463 | $ | 1,577 | $ | 1,515 | ||||||
2012 | 2,819 | 1,832 | 1,637 | |||||||||
2013 | 2,665 | 1,590 | 1,743 | |||||||||
Future commitments for the year ending December 31, | ||||||||||||
2014 | $ | 2,793 | $ | 1,274 | $ | 1,526 | ||||||
2015 | 2,792 | 718 | 1,326 | |||||||||
2016 | 2,808 | 437 | 975 | |||||||||
2017 | 2,403 | 432 | 674 | |||||||||
2018 | 2,538 | 434 | 576 | |||||||||
Thereafter | 27,831 | 3,451 | 5,419 | |||||||||
Total | $ | 41,165 | $ | 6,746 | $ | 10,496 | ||||||
Contingencies
Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
CONTINGENCIES | ' | ||||||||
CONTINGENCIES | |||||||||
Guarantees, Letters of Credit | |||||||||
In connection with certain project financing, acquisition and dispositions, power purchase and other agreements, the Parent Company has expressly undertaken limited obligations and commitments, most of which will only be effective or will be terminated upon the occurrence of future events. In the normal course of business, the Parent Company has entered into various agreements, mainly guarantees and letters of credit, to provide financial or performance assurance to third parties on behalf of AES businesses. These agreements are entered into primarily to support or enhance the creditworthiness otherwise achieved by a business on a stand-alone basis, thereby facilitating the availability of sufficient credit to accomplish their intended business purposes. Most of the contingent obligations relate to future performance commitments which the Company or its businesses expect to fulfill within the normal course of business. The expiration dates of these guarantees vary from less than one year to more than 21 years. | |||||||||
The following table summarizes the Parent Company’s contingent contractual obligations as of December 31, 2013. Amounts presented in the table below represent the Parent Company’s current undiscounted exposure to guarantees and the range of maximum undiscounted potential exposure. The maximum exposure is not reduced by the amounts, if any, that could be recovered under the recourse or collateralization provisions in the guarantees. The amounts include obligations made by the Parent Company for the direct benefit of the lenders associated with the non-recourse debt of its businesses of $24 million. | |||||||||
Contingent Contractual Obligations | Amount | Number of | Maximum Exposure Range for | ||||||
Agreements | Each Agreement | ||||||||
(in millions) | (in millions) | ||||||||
Guarantees | $ | 661 | 21 | <$1 - 280 | |||||
Cash collateralized letters of credit | 163 | 12 | <$1 - 109 | ||||||
Letters of credit under the senior secured credit facility | 1 | 3 | <$1 | ||||||
Total | $ | 825 | 36 | ||||||
As of December 31, 2013, the Parent Company had no commitments to invest in subsidiaries under construction and to purchase related equipment that were not included in the letters of credit discussed above. During the year ended December 31, 2013, the Company paid letter of credit fees ranging from 0.2% to 3.25% per annum on the outstanding amounts of letters of credit. | |||||||||
Environmental | |||||||||
The Company periodically reviews its obligations as they relate to compliance with environmental laws, including site restoration and remediation. As of December 31, 2013, the Company had recorded liabilities of $19 million for projected environmental remediation costs. Due to the uncertainties associated with environmental assessment and remediation activities, future costs of compliance or remediation could be higher or lower than the amount currently accrued. Moreover, where no reserve has been recognized, it is reasonably possible that the Company may be required to incur remediation costs or make expenditures in amounts that could be material but could not be estimated as of December 31, 2013. In aggregate, the Company estimates that the range of potential losses related to environmental matters, where estimable, to be up to $4 million. The amounts considered reasonably possible do not include amounts reserved as discussed above. | |||||||||
Litigation | |||||||||
The Company is involved in certain claims, suits and legal proceedings in the normal course of business. The Company accrues for litigation and claims when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company has evaluated claims in accordance with the accounting guidance for contingencies that it deems both probable and reasonably estimable and, accordingly, has recorded aggregate reserves for all claims of approximately $239 million and $320 million as of December 31, 2013 and 2012, respectively. These reserves are reported on the consolidated balance sheets within “accrued and other liabilities” and “other noncurrent liabilities.” A significant portion of the reserves relate to employment, non-income tax and customer disputes in international jurisdictions, principally Brazil. Certain of the Company’s subsidiaries, principally in Brazil, are defendants in a number of labor and employment lawsuits. The complaints generally seek unspecified monetary damages, injunctive relief, or other relief. The subsidiaries have denied any liability and intend to vigorously defend themselves in all of these proceedings. There can be no assurance that these reserves will be adequate to cover all existing and future claims or that we will have the liquidity to pay such claims as they arise. | |||||||||
The Company believes, based upon information it currently possesses and taking into account established reserves for liabilities and its insurance coverage, that the ultimate outcome of these proceedings and actions is unlikely to have a material effect on the Company’s consolidated financial statements. However, where no reserve has been recognized, it is reasonably possible that some matters could be decided unfavorably to the Company and could require the Company to pay damages or make expenditures in amounts that could be material but could not be estimated as of December 31, 2013. The material contingencies where a loss is reasonably possible primarily include: claims under financing agreements; disputes with offtakers, suppliers and EPC contractors; alleged violation of monopoly laws and regulations; income tax and non-income tax matters with tax authorities; and regulatory matters. In aggregate, the Company estimates that the range of potential losses, where estimable, related to these reasonably possible material contingencies to be between $887 million and $1.4 billion. The amounts considered reasonably possible do not include amounts reserved, as discussed above. These material contingencies do not include income tax-related contingencies which are considered part of our uncertain tax positions. |
Benefit_Plans
Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
BENEFIT PLANS | ' | ||||||||||||||||||||||||||||||||
BENEFIT PLANS | |||||||||||||||||||||||||||||||||
Defined Contribution Plan | |||||||||||||||||||||||||||||||||
The Company sponsors one defined contribution plan (“the Plan”), qualified under section 401 of the Internal Revenue Code. All U.S. employees of the Company are eligible to participate in the Plan except for those employees who are covered by a collective bargaining agreement, unless such agreement specifically provides that the employee is considered an eligible employee under the Plan. The Plan provides matching contributions in AES common stock, other contributions at the discretion of the Compensation Committee of the Board of Directors in AES common stock and discretionary tax deferred contributions from the participants. Participants are fully vested in their own contributions and the Company’s matching contributions. Participants vest in other company contributions ratably over a five-year period ending on the fifth anniversary of their hire date. For the year ended December 31, 2013, the Company’s contributions to the Plan were approximately $15 million, and for the years ended December 31, 2012 and 2011, contributions were $21 million and $22 million per year, respectively. | |||||||||||||||||||||||||||||||||
Defined Benefit Plans | |||||||||||||||||||||||||||||||||
Certain of the Company’s subsidiaries have defined benefit pension plans covering substantially all of their respective employees. Pension benefits are based on years of credited service, age of the participant and average earnings. Of the 30 active defined benefit plans as of December 31, 2013, 5 are at U.S. subsidiaries and the remaining plans are at foreign subsidiaries . | |||||||||||||||||||||||||||||||||
The following table reconciles the Company’s funded status, both domestic and foreign, as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
CHANGE IN PROJECTED BENEFIT OBLIGATION: | |||||||||||||||||||||||||||||||||
Benefit obligation as of January 1 | $ | 1,210 | $ | 6,768 | $ | 1,044 | $ | 5,761 | |||||||||||||||||||||||||
Service cost | 16 | 26 | 14 | 18 | |||||||||||||||||||||||||||||
Interest cost | 46 | 515 | 48 | 509 | |||||||||||||||||||||||||||||
Employee contributions | — | 4 | — | 5 | |||||||||||||||||||||||||||||
Plan amendments | — | — | 7 | 1 | |||||||||||||||||||||||||||||
Plan settlements | — | — | (1 | ) | (2 | ) | |||||||||||||||||||||||||||
Benefits paid | (75 | ) | (407 | ) | (51 | ) | (431 | ) | |||||||||||||||||||||||||
Assumption of a plan due to the resolution of bankruptcy proceedings(1) | — | — | 51 | — | |||||||||||||||||||||||||||||
Actuarial (gain) loss | (138 | ) | (1,436 | ) | 98 | 1,412 | |||||||||||||||||||||||||||
Effect of foreign currency exchange rate changes | — | (721 | ) | — | (505 | ) | |||||||||||||||||||||||||||
Benefit obligation as of December 31 | $ | 1,059 | $ | 4,749 | $ | 1,210 | $ | 6,768 | |||||||||||||||||||||||||
CHANGE IN PLAN ASSETS: | |||||||||||||||||||||||||||||||||
Fair value of plan assets as of January 1 | $ | 883 | $ | 4,712 | $ | 762 | $ | 4,400 | |||||||||||||||||||||||||
Actual return on plan assets | 81 | (345 | ) | 97 | 944 | ||||||||||||||||||||||||||||
Employer contributions | 52 | 160 | 49 | 161 | |||||||||||||||||||||||||||||
Employee contributions | — | 4 | — | 5 | |||||||||||||||||||||||||||||
Plan settlements | — | — | (1 | ) | (2 | ) | |||||||||||||||||||||||||||
Benefits paid | (75 | ) | (407 | ) | (51 | ) | (431 | ) | |||||||||||||||||||||||||
Assumption of a plan due to the resolution of bankruptcy proceedings(1) | — | — | 27 | — | |||||||||||||||||||||||||||||
Effect of foreign currency exchange rate changes | — | (519 | ) | — | (365 | ) | |||||||||||||||||||||||||||
Fair value of plan assets as of December 31 | $ | 941 | $ | 3,605 | $ | 883 | $ | 4,712 | |||||||||||||||||||||||||
RECONCILIATION OF FUNDED STATUS | |||||||||||||||||||||||||||||||||
Funded status as of December 31 | $ | (118 | ) | $ | (1,144 | ) | $ | (327 | ) | $ | (2,056 | ) | |||||||||||||||||||||
-1 | The Company assumed the pension plan for AES Eastern Energy on December 28, 2012 as part of the settlement of the bankruptcy proceedings. See Note 23—Discontinued Operations and Held for Sale Businesses for further information. | ||||||||||||||||||||||||||||||||
The following table summarizes the amounts recognized on the Consolidated Balance Sheets related to the funded status of the plans, both domestic and foreign, as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
AMOUNTS RECOGNIZED ON THE | |||||||||||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||||||||||
Noncurrent assets | $ | — | $ | 23 | $ | — | $ | — | |||||||||||||||||||||||||
Accrued benefit liability—current | — | (4 | ) | — | (3 | ) | |||||||||||||||||||||||||||
Accrued benefit liability—noncurrent | (118 | ) | (1,163 | ) | (327 | ) | (2,053 | ) | |||||||||||||||||||||||||
Net amount recognized at end of year | $ | (118 | ) | $ | (1,144 | ) | $ | (327 | ) | $ | (2,056 | ) | |||||||||||||||||||||
The following table summarizes the Company’s accumulated benefit obligation, both domestic and foreign, as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Accumulated Benefit Obligation | $ | 1,036 | $ | 4,686 | $ | 1,180 | $ | 6,662 | |||||||||||||||||||||||||
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,059 | $ | 4,412 | $ | 1,210 | $ | 6,398 | |||||||||||||||||||||||||
Accumulated benefit obligation | 1,036 | 4,366 | 1,180 | 6,319 | |||||||||||||||||||||||||||||
Fair value of plan assets | 941 | 3,246 | 883 | 4,360 | |||||||||||||||||||||||||||||
Information for pension plans with a projected benefit obligation in excess of plan assets: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,059 | $ | 4,425 | (1) | $ | 1,210 | $ | 6,768 | ||||||||||||||||||||||||
Fair value of plan assets | 941 | 3,259 | (1) | 883 | 4,712 | ||||||||||||||||||||||||||||
-1 | $1.1 billion of the total net unfunded projected benefit obligation is due to Eletropaulo in Brazil. | ||||||||||||||||||||||||||||||||
The table below summarizes the significant weighted average assumptions used in the calculation of benefit obligation and net periodic benefit cost, both domestic and foreign, as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
Benefit Obligation: | |||||||||||||||||||||||||||||||||
Discount rates | 4.89 | % | 10.8 | % | (2) | 3.86 | % | 8.28 | % | (2) | |||||||||||||||||||||||
Rates of compensation increase | 3.94 | % | (1) | 6.44 | % | 3.94 | % | (1) | 6.47 | % | |||||||||||||||||||||||
Periodic Benefit Cost: | |||||||||||||||||||||||||||||||||
Discount rate | 3.86 | % | 8.28 | % | 4.67 | % | 9.54 | % | |||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 7.15 | % | 11.16 | % | 7.28 | % | 10.81 | % | |||||||||||||||||||||||||
Rate of compensation increase | 3.94 | % | (1) | 6.47 | % | 3.94 | % | (1) | 5.99 | % | |||||||||||||||||||||||
-1 | A U.S. subsidiary of the Company has a defined benefit obligation of $651 million and $764 million as of December 31, 2013 and 2012, respectively, and uses salary bands to determine future benefit costs rather than rates of compensation increases. Rates of compensation increases in the table above do not include amounts related to this specific defined benefit plan. | ||||||||||||||||||||||||||||||||
(2) | Includes an inflation factor that is used to calculate future periodic benefit cost, but is not used to calculate the benefit obligation. | ||||||||||||||||||||||||||||||||
The Company establishes its estimated long-term return on plan assets considering various factors, which include the targeted asset allocation percentages, historic returns and expected future returns. | |||||||||||||||||||||||||||||||||
The measurement of pension obligations, costs and liabilities is dependent on a variety of assumptions. These assumptions include estimates of the present value of projected future pension payments to all plan participants, taking into consideration the likelihood of potential future events such as salary increases and demographic experience. These assumptions may have an effect on the amount and timing of future contributions. | |||||||||||||||||||||||||||||||||
The assumptions used in developing the required estimates include the following key factors: | |||||||||||||||||||||||||||||||||
• | discount rates; | ||||||||||||||||||||||||||||||||
• | salary growth; | ||||||||||||||||||||||||||||||||
• | retirement rates; | ||||||||||||||||||||||||||||||||
• | inflation; | ||||||||||||||||||||||||||||||||
• | expected return on plan assets; and | ||||||||||||||||||||||||||||||||
• | mortality rates. | ||||||||||||||||||||||||||||||||
The effects of actual results differing from the Company’s assumptions are accumulated and amortized over future periods and, therefore, generally affect the Company’s recognized expense in such future periods. | |||||||||||||||||||||||||||||||||
Sensitivity of the Company’s pension funded status to the indicated increase or decrease in the discount rate and long-term rate of return on plan assets assumptions is shown below. Note that these sensitivities may be asymmetric and are specific to the base conditions at year-end 2013. They also may not be additive, so the impact of changing multiple factors simultaneously cannot be calculated by combining the individual sensitivities shown. The funded status as of December 31, 2013 is affected by the assumptions as of that date. Pension expense for 2013 is affected by the December 31, 2012 assumptions. The impact on pension expense from a one percentage point change in these assumptions is shown in the table below (in millions): | |||||||||||||||||||||||||||||||||
Increase of 1% in the discount rate | $ | (59 | ) | ||||||||||||||||||||||||||||||
Decrease of 1% in the discount rate | 48 | ||||||||||||||||||||||||||||||||
Increase of 1% in the long-term rate of return on plan assets | (52 | ) | |||||||||||||||||||||||||||||||
Decrease of 1% in the long-term rate of return on plan assets | 52 | ||||||||||||||||||||||||||||||||
The following table summarizes the components of the net periodic benefit cost, both domestic and foreign, for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost: | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Service cost | $ | 16 | $ | 26 | $ | 14 | $ | 18 | $ | 8 | $ | 18 | |||||||||||||||||||||
Interest cost | 46 | 515 | 48 | 509 | 33 | 564 | |||||||||||||||||||||||||||
Expected return on plan assets | (64 | ) | (484 | ) | (55 | ) | (444 | ) | (33 | ) | (509 | ) | |||||||||||||||||||||
Amortization of prior service cost | 5 | — | 4 | — | 4 | — | |||||||||||||||||||||||||||
Amortization of net loss | 23 | 77 | 19 | 38 | 13 | 22 | |||||||||||||||||||||||||||
Loss on curtailment | — | — | — | — | — | 5 | |||||||||||||||||||||||||||
Settlement gain recognized | — | — | — | 1 | — | — | |||||||||||||||||||||||||||
Total pension cost | $ | 26 | $ | 134 | $ | 30 | $ | 122 | $ | 25 | $ | 100 | |||||||||||||||||||||
The following table summarizes the amounts reflected in Accumulated Other Comprehensive Loss, including accumulated other comprehensive loss attributable to noncontrolling interests, on the Consolidated Balance Sheet as of December 31, 2013, that have not yet been recognized as components of net periodic benefit cost and amounts expected to be reclassified to earnings in the next fiscal year: | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Accumulated Other | Amounts expected to be reclassified to earnings in next fiscal year | ||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Prior service cost | $ | — | $ | (1 | ) | $ | — | $ | — | ||||||||||||||||||||||||
Unrecognized net actuarial gain (loss) | 20 | (998 | ) | — | (37 | ) | |||||||||||||||||||||||||||
Total | $ | 20 | $ | (999 | ) | $ | — | $ | (37 | ) | |||||||||||||||||||||||
The following table summarizes the Company’s target allocation for 2013 and pension plan asset allocation, both domestic and foreign, as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
Percentage of Plan Assets as of December 31, | |||||||||||||||||||||||||||||||||
Target Allocations | 2013 | 2012 | |||||||||||||||||||||||||||||||
Asset Category | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | |||||||||||||||||||||||||||
Equity securities | 45 | % | 15% - 29% | 37.09 | % | 19.84 | % | 32.28 | % | 19.76 | % | ||||||||||||||||||||||
Debt securities | 51 | % | 60% - 85% | 46.97 | % | 75.32 | % | 46.66 | % | 76.21 | % | ||||||||||||||||||||||
Real estate | 2 | % | 0% - 4% | 2.44 | % | 2.77 | % | — | % | 2.57 | % | ||||||||||||||||||||||
Other | 2 | % | 0% - 6% | 13.5 | % | 2.07 | % | 21.06 | % | 1.46 | % | ||||||||||||||||||||||
Total pension assets | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||
The U.S. plans seek to achieve the following long-term investment objectives: | |||||||||||||||||||||||||||||||||
• | maintenance of sufficient income and liquidity to pay retirement benefits and other lump sum payments; | ||||||||||||||||||||||||||||||||
• | long-term rate of return in excess of the annualized inflation rate; | ||||||||||||||||||||||||||||||||
• | long-term rate of return, net of relevant fees, that meet or exceed the assumed actuarial rate; and | ||||||||||||||||||||||||||||||||
• | long-term competitive rate of return on investments, net of expenses, that is equal to or exceeds various benchmark rates. | ||||||||||||||||||||||||||||||||
The asset allocation is reviewed periodically to determine a suitable asset allocation which seeks to manage risk through portfolio diversification and takes into account, among other possible factors, the above-stated objectives, in conjunction with current funding levels, cash flow conditions and economic and industry trends. The following table summarizes the Company’s U.S. plan assets by category of investment and level within the fair value hierarchy as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
U.S. Plans | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Common stock | $ | 46 | $ | — | $ | — | $ | 46 | $ | 134 | $ | — | $ | — | $ | 134 | |||||||||||||||||
Mutual funds | 303 | — | — | 303 | 151 | — | — | 151 | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||
Government debt securities | 24 | 8 | — | 32 | 32 | — | — | 32 | |||||||||||||||||||||||||
Corporate debt securities | — | 159 | — | 159 | 4 | 149 | — | 153 | |||||||||||||||||||||||||
Mutual funds(1) | 251 | — | — | 251 | 227 | — | — | 227 | |||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||
Real Estate | — | 23 | — | 23 | — | — | — | — | |||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 56 | — | — | 56 | 43 | — | — | 43 | |||||||||||||||||||||||||
Other investments | 40 | 31 | — | 71 | 38 | 105 | — | 143 | |||||||||||||||||||||||||
Total plan assets | $ | 720 | $ | 221 | $ | — | $ | 941 | $ | 629 | $ | 254 | $ | — | $ | 883 | |||||||||||||||||
-1 | Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment. | ||||||||||||||||||||||||||||||||
The investment strategy of the foreign plans seeks to maximize return on investment while minimizing risk. The assumed asset allocation has less exposure to equities in order to closely match market conditions and near term forecasts. The following table summarizes the Company’s foreign plan assets by category of investment and level within the fair value hierarchy as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Foreign Plans | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Common stock | $ | 23 | $ | — | $ | — | $ | 23 | $ | 28 | $ | — | $ | — | $ | 28 | |||||||||||||||||
Mutual funds | 322 | — | — | 322 | 457 | — | — | 457 | |||||||||||||||||||||||||
Private equity(1) | — | — | 370 | 370 | — | — | 446 | 446 | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||
Certificates of deposit | — | 2 | — | 2 | — | 3 | — | 3 | |||||||||||||||||||||||||
Unsecured debentures | — | 13 | — | 13 | — | 16 | — | 16 | |||||||||||||||||||||||||
Government debt securities | 12 | 95 | — | 107 | 9 | 206 | — | 215 | |||||||||||||||||||||||||
Mutual funds(2) | 174 | 2,410 | — | 2,584 | 139 | 3,208 | — | 3,347 | |||||||||||||||||||||||||
Other debt securities | — | 9 | — | 9 | — | 10 | — | 10 | |||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Real estate(1) | — | — | 100 | 100 | — | — | 121 | 121 | |||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 15 | — | — | 15 | 1 | — | — | 1 | |||||||||||||||||||||||||
Participant loans(3) | — | — | 60 | 60 | — | — | 68 | 68 | |||||||||||||||||||||||||
Total plan assets | $ | 546 | $ | 2,529 | $ | 530 | $ | 3,605 | $ | 634 | $ | 3,443 | $ | 635 | $ | 4,712 | |||||||||||||||||
-1 | Plan assets of our Brazilian subsidiaries are invested in private equities and commercial real estate through the plan administrator in Brazil. The fair value of these assets is determined using the income approach through annual appraisals based on a discounted cash flow analysis. | ||||||||||||||||||||||||||||||||
-2 | Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment. | ||||||||||||||||||||||||||||||||
-3 | Loans to participants are stated at cost, which approximates fair value. | ||||||||||||||||||||||||||||||||
The following table presents a reconciliation of all plan assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 635 | $ | 755 | |||||||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||||
Returns relating to assets still held at reporting date | (26 | ) | (64 | ) | |||||||||||||||||||||||||||||
Returns relating to assets sold during the period | |||||||||||||||||||||||||||||||||
Purchases, sales and settlements, net | — | 3 | |||||||||||||||||||||||||||||||
Change due to exchange rate changes | (79 | ) | (59 | ) | |||||||||||||||||||||||||||||
Balance at December 31 | $ | 530 | $ | 635 | |||||||||||||||||||||||||||||
The following table summarizes the estimated cash flows for U.S. and foreign expected employer contributions and expected future benefit payments, both domestic and foreign: | |||||||||||||||||||||||||||||||||
U.S. | Foreign | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Expected employer contribution in 2014 | $ | 56 | $ | 167 | |||||||||||||||||||||||||||||
Expected benefit payments for fiscal year ending: | |||||||||||||||||||||||||||||||||
2014 | 62 | 381 | |||||||||||||||||||||||||||||||
2015 | 63 | 396 | |||||||||||||||||||||||||||||||
2016 | 64 | 409 | |||||||||||||||||||||||||||||||
2017 | 66 | 425 | |||||||||||||||||||||||||||||||
2018 | 67 | 440 | |||||||||||||||||||||||||||||||
2019 - 2023 | 361 | 2,437 | |||||||||||||||||||||||||||||||
Equity
Equity | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
EQUITY | ' | ||||||||||||||||||||
EQUITY | |||||||||||||||||||||
Equity Transactions with Noncontrolling Interests | |||||||||||||||||||||
During the year ended December 31, 2013, the Company completed transactions which increased noncontrolling interests in Alto Maipo and Cochrane, two projects under development in Chile. Although there was a decrease in the Company's ownership interest, the Company retained control of both projects, which continue to be accounted for as consolidated subsidiaries. The difference between the fair value of the consideration received for these transactions and the corresponding adjustment to noncontrolling interest of $16 million was recognized as an equity transaction through Additional Paid-in Capital. | |||||||||||||||||||||
The following table summarizes the net income (loss) attributable to The AES Corporation and all transfers (to) from noncontrolling interests for the years ended December 31, 2013 and 2012. | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Net income (loss) attributable to The AES Corporation | $ | 114 | $ | (912 | ) | ||||||||||||||||
Transfers (to) from the noncontrolling interest: | |||||||||||||||||||||
Net increase in The AES Corporation's paid-in capital for sale of subsidiary shares | 16 | 7 | |||||||||||||||||||
Increase (decrease) in The AES Corporation's paid-in capital for purchase of subsidiary shares | (6 | ) | 4 | ||||||||||||||||||
Net transfers (to) from noncontrolling interest | 10 | 11 | |||||||||||||||||||
Change from net income attributable to The AES Corporation and transfers (to) from noncontrolling interests | $ | 124 | $ | (901 | ) | ||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||
The changes in accumulated other comprehensive loss by component, net of tax and noncontrolling interests for the year ended December 31, 2013 were as follows: | |||||||||||||||||||||
Unrealized | Unfunded | Available for sale securities, net | Foreign currency | Total | |||||||||||||||||
derivative | pension | translation | |||||||||||||||||||
losses, net | obligations, net | adjustment, net | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Balance at January 1 | $ | (481 | ) | $ | (382 | ) | $ | — | $ | (2,057 | ) | $ | (2,920 | ) | |||||||
Other comprehensive income before reclassifications | 46 | 78 | (1 | ) | (263 | ) | (140 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 128 | 13 | 1 | 36 | 178 | ||||||||||||||||
Net current-period other comprehensive income | 174 | 91 | — | (227 | ) | 38 | |||||||||||||||
Balance at December 31 | $ | (307 | ) | $ | (291 | ) | $ | — | $ | (2,284 | ) | $ | (2,882 | ) | |||||||
Reclassifications out of accumulated other comprehensive loss for the year ended December 31, 2013 were as follows: | |||||||||||||||||||||
Details About Accumulated Other Comprehensive Loss Components | Affected Line Item in the Consolidated Statement of Operations | Year Ended December 31, 2013(1) | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Unrealized derivative losses, net | |||||||||||||||||||||
Non-regulated revenue | $ | (3 | ) | ||||||||||||||||||
Non-regulated cost of sales | (7 | ) | |||||||||||||||||||
Interest expense | (137 | ) | |||||||||||||||||||
Gain on sale of investments | (21 | ) | |||||||||||||||||||
Foreign currency transaction gains (losses) | (6 | ) | |||||||||||||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | (174 | ) | |||||||||||||||||||
Income tax expense | 41 | ||||||||||||||||||||
Net equity in earnings of affiliates | (6 | ) | |||||||||||||||||||
Income from continuing operations | (139 | ) | |||||||||||||||||||
Income from continuing operations attributable to noncontrolling interests | 11 | ||||||||||||||||||||
Net income attributable to The AES Corporation | $ | (128 | ) | ||||||||||||||||||
Amortization of defined benefit pension actuarial loss, net | |||||||||||||||||||||
Regulated cost of sales | $ | (73 | ) | ||||||||||||||||||
Non-regulated cost of sales | (4 | ) | |||||||||||||||||||
General and administrative expenses | (1 | ) | |||||||||||||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | (78 | ) | |||||||||||||||||||
Income tax expense | 26 | ||||||||||||||||||||
Income from continuing operations | (52 | ) | |||||||||||||||||||
Income from continuing operations attributable to noncontrolling interests | 39 | ||||||||||||||||||||
Net income attributable to The AES Corporation | $ | (13 | ) | ||||||||||||||||||
Available-for-sale securities, net | |||||||||||||||||||||
Interest income | $ | (1 | ) | ||||||||||||||||||
Net income attributable to The AES Corporation | $ | (1 | ) | ||||||||||||||||||
Foreign currency translation adjustment, net | |||||||||||||||||||||
Gain on sale of investments | $ | (1 | ) | ||||||||||||||||||
Net loss from disposal and impairments of discontinued businesses | (35 | ) | |||||||||||||||||||
Net income attributable to The AES Corporation | $ | (36 | ) | ||||||||||||||||||
Total reclassifications for the period, net of income tax and noncontrolling interests | $ | (178 | ) | ||||||||||||||||||
_____________________________ | |||||||||||||||||||||
(1) | Amounts in parentheses indicate debits to the consolidated statement of operations. | ||||||||||||||||||||
Dividend | |||||||||||||||||||||
On November 4, 2013, the Board of Directors of the Company declared a quarterly common stock dividend of $0.05 per share payable on February 18, 2014 to shareholders of record at the close of business on February 3, 2014. | |||||||||||||||||||||
Stock Repurchase Program | |||||||||||||||||||||
On December 11, 2013, the Board of Directors (the “Board”) of the Company increased the size of the common stock repurchase program (the “Program”) by authorizing the repurchase of up to an additional $211 million of the Company’s common stock, leaving approximately $450 million available for purchases of the Company’s common stock in one or more transactions, including through open-market repurchases, Rule 10b5-1 plans and privately negotiated transactions. There can be no assurances as to the amount, timing or prices of repurchases, which may vary based on market conditions and other factors. The Program does not have an expiration date and it can be modified or terminated by the Company’s Board at any time. | |||||||||||||||||||||
On December 18, 2013, the Company completed the underwritten secondary public offering (the “Offering”) of 46,000,000 shares (the “Offered Shares”) of its common stock by the Terrific Investment Corporation (the “Selling Stockholder”), a subsidiary controlled by China Investment Corporation at a price of $13.45 per share. The Offered Shares included the full exercise of the underwriters’ option to purchase up to 6,000,000 additional shares of the Company’s common stock to cover over-allotments, which option was exercised in full by the underwriters on December 13, 2013. The Company did not receive any of the proceeds from the Offering. Also, on December 18, 2013, the Company completed the repurchase of 20 million shares of its common stock from the Selling Stockholder at a price per share of $12.912 for an aggregate purchase price of $258 million. | |||||||||||||||||||||
During the year ended December 31, 2013, shares of common stock repurchased under the Program (including the 20 million share repurchase in December referenced above) totaled 25,297,042 at a total cost of $322 million. The cumulative purchases under the Program totaled 94,728,430 shares at a total cost of $1.1 billion, which includes a nominal amount of commissions (average price per share of $12.10, including commissions). As of December 31, 2013, $191 million was available under the Program. | |||||||||||||||||||||
The common stock repurchased has been classified as treasury stock and accounted for using the cost method. A total of 90,808,168 and 66,415,984 shares were held as treasury stock at December 31, 2013 and 2012, respectively. Restricted stock units under the Company’s employee benefit plans are issued from treasury stock. The Company has not retired any common stock repurchased since it began the Program in July 2010. |
Segment_and_Geographic_Informa
Segment and Geographic Information | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
SEGMENT AND GEOGRAPHIC INFORMATION | ' | ||||||||||||||||||||||||||||||||||||
SEGMENTS AND GEORGRAPHIC INFORMATION | |||||||||||||||||||||||||||||||||||||
The segment reporting structure uses the Company’s management reporting structure as its foundation to reflect how the Company manages the business internally and is organized by geographic regions which provide better socio-political-economic understanding of our business. In 2012, the management reporting structure was re-organized along six strategic business units (“SBUs”) — led by our Chief Executive Officer (“CEO”). During the fourth quarter of 2013, in conjunction with finalization of its reporting structure, the Company revised its internal reporting to align more closely with its operations. As a result, the Company applied the accounting guidance for segment reporting and determined that its reportable segments have changed and are now aligned with the six SBUs. All prior-period results have been retrospectively revised to reflect the new segment reporting structure. The Company has decreased from nine to the following six reportable segments based on the six SBUs: | |||||||||||||||||||||||||||||||||||||
• | US SBU; | ||||||||||||||||||||||||||||||||||||
• | Andes SBU; | ||||||||||||||||||||||||||||||||||||
• | Brazil SBU; | ||||||||||||||||||||||||||||||||||||
• | MCAC SBU; | ||||||||||||||||||||||||||||||||||||
• | EMEA SBU; and | ||||||||||||||||||||||||||||||||||||
• | Asia SBU | ||||||||||||||||||||||||||||||||||||
Corporate and Other — Silver Ridge Power (formerly AES Solar Holding Company) and certain other unconsolidated businesses are accounted for using the equity method of accounting; therefore, their operating results are included in “Net Equity in Earnings of Affiliates” on the face of the Consolidated Statements of Operations, not in revenue or Adjusted pre-tax contribution (“Adjusted PTC”). “Corporate and Other” also includes corporate overhead costs which are not directly associated with the operations of our six reportable segments and other intercompany charges such as self-insurance premiums which are fully eliminated in consolidation. | |||||||||||||||||||||||||||||||||||||
The Company uses Adjusted PTC as its primary segment performance measure. Adjusted PTC, a non-GAAP measure, is defined by the Company as pre-tax income from continuing operations attributable to AES excluding unrealized gains or losses related to derivative transactions, unrealized foreign currency gains or losses, gains or losses due to dispositions and acquisitions of business interests, losses due to impairments and costs due to the early retirement of debt. For the year ended December 31, 2013, the Company changed the definition of Adjusted PTC to exclude the gains or losses attributable to AES common stockholders at our equity method investments for these same types of items. Previously, these amounts were not excluded from the calculation of Adjusted PTC. Accordingly, the Company has also reflected the change in the comparative year ended December 31, 2012. The Company has concluded that Adjusted PTC best reflects the underlying business performance of the Company and is the most relevant measure considered in the Company’s internal evaluation of the financial performance of its segments. Additionally, given its large number of businesses and complexity, the Company concluded that Adjusted PTC is a more transparent measure that better assists the investor in determining which businesses have the greatest impact on the overall Company results. | |||||||||||||||||||||||||||||||||||||
Total revenue includes inter-segment revenue primarily related to the sale of coal between Andes and the US. No material inter-segment revenue relationships exist between other segments. Corporate allocations include certain self-insurance activities which are reflected within segment adjusted PTC. All intra-segment activity has been eliminated with respect to revenue and adjusted PTC within the segment. Inter-segment activity has been eliminated within the total consolidated results. Asset information for businesses that were discontinued or classified as held-for-sale as of December 31, 2013 is segregated and is shown in the line “Discontinued businesses” in the accompanying segment tables. | |||||||||||||||||||||||||||||||||||||
Information about the Company’s operations by segment for the years ended December 31, 2013, 2012 and 2011 was as follows: | |||||||||||||||||||||||||||||||||||||
Revenue | Total Revenue | Intersegment | External Revenue | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | 3,630 | $ | 3,736 | $ | 2,088 | $ | — | $ | — | $ | (1 | ) | $ | 3,630 | $ | 3,736 | $ | 2,087 | ||||||||||||||||||
Andes SBU | 2,639 | 3,020 | 2,989 | (1 | ) | (33 | ) | (36 | ) | 2,638 | 2,987 | 2,953 | |||||||||||||||||||||||||
Brazil SBU | 5,015 | 5,788 | 6,640 | — | — | — | 5,015 | 5,788 | 6,640 | ||||||||||||||||||||||||||||
MCAC SBU | 2,713 | 2,573 | 2,327 | (1 | ) | — | (3 | ) | 2,712 | 2,573 | 2,324 | ||||||||||||||||||||||||||
EMEA SBU | 1,347 | 1,344 | 1,469 | — | (1 | ) | (2 | ) | 1,347 | 1,343 | 1,467 | ||||||||||||||||||||||||||
Asia SBU | 550 | 733 | 625 | — | — | — | 550 | 733 | 625 | ||||||||||||||||||||||||||||
Corporate and Other | 7 | 9 | 8 | (8 | ) | (5 | ) | (6 | ) | (1 | ) | 4 | 2 | ||||||||||||||||||||||||
Total Revenue | $ | 15,901 | $ | 17,203 | $ | 16,146 | $ | (10 | ) | $ | (39 | ) | $ | (48 | ) | $ | 15,891 | $ | 17,164 | $ | 16,098 | ||||||||||||||||
Adjusted Pre-Tax Contribution(1) | Total Adjusted | Intersegment | External Adjusted | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | Pre-tax Contribution | Pre-tax Contribution | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | 440 | $ | 403 | 181 | $ | 11 | $ | 40 | 53 | $ | 451 | $ | 443 | $ | 234 | |||||||||||||||||||||
Andes SBU | 353 | 369 | 510 | 19 | (16 | ) | (32 | ) | 372 | 353 | 478 | ||||||||||||||||||||||||||
Brazil SBU | 212 | 321 | 415 | 3 | 3 | 3 | 215 | 324 | 418 | ||||||||||||||||||||||||||||
MCAC SBU | 339 | 387 | 307 | 12 | 10 | 3 | 351 | 397 | 310 | ||||||||||||||||||||||||||||
EMEA SBU | 345 | 375 | 276 | 7 | (2 | ) | 12 | 352 | 373 | 288 | |||||||||||||||||||||||||||
Asia SBU | 142 | 201 | 100 | 2 | 2 | 2 | 144 | 203 | 102 | ||||||||||||||||||||||||||||
Corporate and Other | (624 | ) | (717 | ) | (650 | ) | (54 | ) | (37 | ) | (41 | ) | (678 | ) | (754 | ) | (691 | ) | |||||||||||||||||||
Total Adjusted Pre-Tax Contribution | 1,207 | 1,339 | 1,139 | — | — | — | 1,207 | 1,339 | 1,139 | ||||||||||||||||||||||||||||
Reconciliation to Income from Continuing Operations before Taxes and Equity Earnings of Affiliates: | |||||||||||||||||||||||||||||||||||||
Non-GAAP Adjustments: | |||||||||||||||||||||||||||||||||||||
Unrealized derivative gains (losses) | 57 | (120 | ) | 31 | |||||||||||||||||||||||||||||||||
Unrealized foreign currency gains (losses) | (41 | ) | 13 | (50 | ) | ||||||||||||||||||||||||||||||||
Disposition/acquisition gains | 30 | 206 | — | ||||||||||||||||||||||||||||||||||
Impairment losses | (588 | ) | (1,951 | ) | (337 | ) | |||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (225 | ) | (16 | ) | (46 | ) | |||||||||||||||||||||||||||||||
Pre-tax contribution | 440 | (529 | ) | 737 | |||||||||||||||||||||||||||||||||
Add: income from continuing operations before taxes, attributable to noncontrolling interests | 633 | 794 | 1,521 | ||||||||||||||||||||||||||||||||||
Less: Net equity in earnings (losses) of affiliates | 25 | 35 | (2 | ) | |||||||||||||||||||||||||||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | $ | 1,048 | $ | 230 | $ | 2,260 | |||||||||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||||||||||
(1) | Adjusted pre-tax contribution in each segment before intersegment eliminations includes the effect of intercompany transactions with other segments except for interest, charges for certain management fees and the write-off of intercompany balances. | ||||||||||||||||||||||||||||||||||||
Assets by segment as of December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||||||||||||||||||
Total Assets | Depreciation and Amortization | Capital Expenditures | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | 9,952 | $ | 10,651 | $ | 12,714 | $ | 440 | $ | 518 | $ | 300 | $ | 426 | $ | 405 | $ | 406 | |||||||||||||||||||
Andes SBU | 7,356 | 6,619 | 6,482 | 186 | 174 | 151 | 471 | 389 | 385 | ||||||||||||||||||||||||||||
Brazil SBU | 8,388 | 9,710 | 10,602 | 259 | 281 | 331 | 588 | 718 | 738 | ||||||||||||||||||||||||||||
MCAC SBU | 5,075 | 5,030 | 4,962 | 145 | 136 | 116 | 111 | 192 | 220 | ||||||||||||||||||||||||||||
EMEA SBU | 4,191 | 4,085 | 4,086 | 155 | 145 | 159 | 341 | 162 | 196 | ||||||||||||||||||||||||||||
Asia SBU | 2,810 | 2,587 | 1,800 | 33 | 30 | 32 | 576 | 221 | 150 | ||||||||||||||||||||||||||||
Discontinued businesses | 1,718 | 1,960 | 3,445 | 55 | 85 | 148 | 52 | 143 | 335 | ||||||||||||||||||||||||||||
Corporate and Other & eliminations | 921 | 1,188 | 1,255 | 21 | 25 | 25 | 14 | 40 | 31 | ||||||||||||||||||||||||||||
Total Assets | $ | 40,411 | $ | 41,830 | $ | 45,346 | $ | 1,294 | $ | 1,394 | $ | 1,262 | $ | 2,579 | $ | 2,270 | $ | 2,461 | |||||||||||||||||||
Interest Income | Interest Expense | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | — | $ | 3 | $ | 1 | $ | 290 | $ | 291 | $ | 194 | |||||||||||||||||||||||||
Andes SBU | 37 | 20 | 20 | 135 | 128 | 126 | |||||||||||||||||||||||||||||||
Brazil SBU | 210 | 278 | 346 | 364 | 305 | 452 | |||||||||||||||||||||||||||||||
MCAC SBU | 20 | 33 | 22 | 138 | 192 | 166 | |||||||||||||||||||||||||||||||
EMEA SBU | 2 | 8 | 5 | 80 | 94 | 108 | |||||||||||||||||||||||||||||||
Asia SBU | 6 | 5 | 2 | 30 | 43 | 46 | |||||||||||||||||||||||||||||||
Corporate and Other & eliminations | — | 1 | 2 | 445 | 491 | 438 | |||||||||||||||||||||||||||||||
Total | $ | 275 | $ | 348 | $ | 398 | $ | 1,482 | $ | 1,544 | $ | 1,530 | |||||||||||||||||||||||||
Investments in and Advances to Affiliates | Equity in Earnings (Losses) | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Andes SBU | 248 | 198 | 188 | 44 | 18 | 35 | |||||||||||||||||||||||||||||||
Brazil SBU | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
MCAC SBU | — | 24 | 19 | 4 | 5 | (2 | ) | ||||||||||||||||||||||||||||||
EMEA SBU | 286 | 454 | 512 | (5 | ) | 8 | 10 | ||||||||||||||||||||||||||||||
Asia SBU | 186 | 202 | 367 | 10 | 32 | 5 | |||||||||||||||||||||||||||||||
Corporate and Other & eliminations | 289 | 318 | 336 | (28 | ) | (28 | ) | (50 | ) | ||||||||||||||||||||||||||||
Total | $ | 1,010 | $ | 1,196 | $ | 1,422 | $ | 25 | $ | 35 | $ | (2 | ) | ||||||||||||||||||||||||
The table below presents information, by country, about the Company’s consolidated operations for each of the three years in the period ended December 31, 2013 and as of December 31, 2013 and 2012, respectively. Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located. | |||||||||||||||||||||||||||||||||||||
Revenue | Property, Plant & Equipment, net | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
United States(1) | $ | 3,630 | $ | 3,736 | $ | 2,088 | $ | 7,523 | $ | 7,540 | |||||||||||||||||||||||||||
Non-U.S.: | |||||||||||||||||||||||||||||||||||||
Brazil(2) | 5,015 | 5,788 | 6,640 | 5,293 | 5,756 | ||||||||||||||||||||||||||||||||
Chile | 1,569 | 1,679 | 1,608 | 3,312 | 2,993 | ||||||||||||||||||||||||||||||||
El Salvador | 860 | 854 | 755 | 292 | 284 | ||||||||||||||||||||||||||||||||
Dominican Republic | 832 | 761 | 674 | 689 | 670 | ||||||||||||||||||||||||||||||||
United Kingdom | 558 | 505 | 587 | 603 | 578 | ||||||||||||||||||||||||||||||||
Argentina(3) | 545 | 857 | 979 | 256 | 278 | ||||||||||||||||||||||||||||||||
Colombia | 523 | 453 | 365 | 412 | 383 | ||||||||||||||||||||||||||||||||
Philippines | 497 | 559 | 480 | 776 | 800 | ||||||||||||||||||||||||||||||||
Mexico | 440 | 397 | 404 | 748 | 759 | ||||||||||||||||||||||||||||||||
Bulgaria(4) | 422 | 369 | 251 | 1,606 | 1,606 | ||||||||||||||||||||||||||||||||
Puerto Rico | 328 | 293 | 298 | 562 | 570 | ||||||||||||||||||||||||||||||||
Panama | 250 | 266 | 189 | 1,028 | 1,069 | ||||||||||||||||||||||||||||||||
Kazakhstan | 156 | 151 | 145 | 183 | 141 | ||||||||||||||||||||||||||||||||
Jordan | 142 | 121 | 124 | 439 | 222 | ||||||||||||||||||||||||||||||||
Sri Lanka | 53 | 169 | 140 | 7 | 8 | ||||||||||||||||||||||||||||||||
Spain | — | 119 | 258 | — | — | ||||||||||||||||||||||||||||||||
Cameroon(5) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Ukraine(6) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Hungary(7) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Vietnam | — | — | — | 1,296 | 887 | ||||||||||||||||||||||||||||||||
Other Non-U.S. (8) | 71 | 87 | 113 | 87 | 91 | ||||||||||||||||||||||||||||||||
Total Non-U.S. | 12,261 | 13,428 | 14,010 | 17,589 | 17,095 | ||||||||||||||||||||||||||||||||
Total | $ | 15,891 | $ | 17,164 | $ | 16,098 | $ | 25,112 | $ | 24,635 | |||||||||||||||||||||||||||
-1 | Excludes revenue of $23 million, $63 million and $396 million for the years ended December 31, 2013, 2012 and 2011, respectively, and property, plant and equipment of $69 million and $123 million as of December 31, 2013 and 2012, respectively, related to Condon, Mid-West Wind, Eastern Energy, Thames, Red Oak and Ironwood which were reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets. Additionally, property, plant and equipment excludes $25 million as of December 31, 2012 related to wind turbines which were reflected as assets held for sale in the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||
-2 | Excludes revenue of $124 million for the year ended December 31, 2011 related to Brazil Telecom, which was reflected as discontinued operations in the accompanying Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||
-3 | Excludes revenue of $102 million for the year ended December 31, 2011 related to our Argentina distribution businesses, which were reflected as discontinued operations in the accompanying Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||
(4) | Our wind project in Maritza started operations in June 2011. | ||||||||||||||||||||||||||||||||||||
(5) | Excludes revenue of $474 million, $457 million and $386 million for the years ended December 31, 2013, 2012 and 2011, respectively, and property, plant and equipment of $1,100 million and $992 million as of December 31, 2013 and 2012 respectively, related to Dibamba, Kribi and Sonel, which were reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||
(6) | Excludes revenue of $187 million, $491 million and $418 million for the years ended December 31, 2013, 2012 and 2011, respectively, and property, plant and equipment of $112 million as of December 31, 2012 related to Kievoblenergo and Rivnooblenergo, which were reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||
(7) | Excludes revenue of $18 million and $219 million for the years ended December 31, 2012 and 2011, respectively, related to Borsod, Tiszapalkonya and Tisza II, which were reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||
(8) | Excludes revenue of $6 million, $11 million and $18 million for the years ended December 31, 2013, 2012 and 2011, respectively, and property, plant and equipment of $19 million and $54 million as of December 31, 2013 and 2012, respectively, related to Saurashtra, Poland wind and our carbon reduction projects, which were reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
SHARE-BASED COMPENSATION | ' | |||||||||||||
SHARE-BASED COMPENSATION | ||||||||||||||
STOCK OPTIONS—AES grants options to purchase shares of common stock under stock option plans to employees and non-employee directors. Under the terms of the plans, the Company may issue options to purchase shares of the Company’s common stock at a price equal to 100% of the market price at the date the option is granted. Stock options are generally granted based upon a percentage of an employee’s base salary. Stock options issued under these plans in 2013, 2012 and 2011 have a three-year vesting schedule and vest in one-third increments over the three-year period. The stock options have a contractual term of ten years. At December 31, 2013, approximately 15 million shares were remaining for award under the plans. In all circumstances, stock options granted by AES do not entitle the holder the right, or obligate AES, to settle the stock option in cash or other assets of AES. | ||||||||||||||
The following table presents the weighted average fair value of each option grant and the underlying weighted average assumptions, as of the grant date, using the Black-Scholes option-pricing model: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Expected volatility | 23 | % | 26 | % | 31 | % | ||||||||
Expected annual dividend yield | 1 | % | 1 | % | — | % | ||||||||
Expected option term (years) | 6 | 6 | 6 | |||||||||||
Risk-free interest rate | 1.13 | % | 1.08 | % | 2.65 | % | ||||||||
Fair value at grant date | $ | 2.23 | $ | 3.04 | $ | 4.54 | ||||||||
The Company exclusively relies on implied volatility as the expected volatility to determine the fair value using the Black-Scholes option-pricing model. The implied volatility may be exclusively relied upon due to the following factors: | ||||||||||||||
• | The Company utilizes a valuation model that is based on a constant volatility assumption to value its employee share options; | |||||||||||||
• | The implied volatility is derived from options to purchase AES common stock that are actively traded; | |||||||||||||
• | The market prices of both the traded options and the underlying shares are measured at a similar point in time and on a date reasonably close to the grant date of the employee share options; | |||||||||||||
• | The traded options have exercise prices that are both near-the-money and close to the exercise price of the employee share options; and | |||||||||||||
• | The remaining maturities of the traded options on which the estimate is based are at least one year. | |||||||||||||
The Company uses a simplified method to determine the expected term based on the average of the original contractual term and the pro rata vesting period. This simplified method is used for stock options granted during 2013, 2012 and 2011. This simplified method may be used as the Company’s stock options have the following characteristics: | ||||||||||||||
• | The stock options are granted at-the-money; | |||||||||||||
• | Exercisability is conditional only on performing service through the vesting date; | |||||||||||||
• | If an employee terminates service prior to vesting, the employee forfeits the stock options; | |||||||||||||
• | If an employee terminates service after vesting, the employee has a limited time to exercise the stock option; and | |||||||||||||
• | The stock option is nonhedgeable and not transferable. | |||||||||||||
The Company does not discount the grant date fair values to estimate post-vesting restrictions. Post-vesting restrictions include black-out periods when the employee is not able to exercise stock options based on their potential knowledge of information prior to the release of that information to the public. | ||||||||||||||
The following table summarizes the components of stock-based compensation related to employee stock options recognized in the Company’s financial statements: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(in millions) | ||||||||||||||
Pre-tax compensation expense | $ | 2 | $ | 2 | $ | 7 | ||||||||
Tax benefit | (1 | ) | (1 | ) | (2 | ) | ||||||||
Stock options expense, net of tax | $ | 1 | $ | 1 | $ | 5 | ||||||||
Total intrinsic value of options exercised | $ | 5 | $ | 10 | $ | 8 | ||||||||
Total fair value of options vested | 2 | 5 | 7 | |||||||||||
Cash received from the exercise of stock options | 13 | 9 | 4 | |||||||||||
No cash was used to settle stock options or compensation cost capitalized as part of the cost of an asset for the years ended December 31, 2013, 2012 and 2011. As of December 31, 2013, $3 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted average period of 1.8 years. | ||||||||||||||
A summary of the option activity for the year ended December 31, 2013 follows (number of options in thousands, dollars in millions except per option amounts): | ||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||||||
Outstanding at December 31, 2012 | 7,883 | $ | 14.91 | |||||||||||
Exercised | (1,349 | ) | 9.56 | |||||||||||
Forfeited and expired | (1,097 | ) | 16.7 | |||||||||||
Granted | 1,428 | 11.25 | ||||||||||||
Outstanding at December 31, 2013 | 6,865 | $ | 14.91 | 5.1 | $ | 12 | ||||||||
Vested and expected to vest at December 31, 2013 | 6,618 | $ | 15.04 | 5 | $ | 11 | ||||||||
Eligible for exercise at December 31, 2013 | 4,646 | $ | 16.42 | 3.6 | $ | 6 | ||||||||
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of 2013 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2013. The amount of the aggregate intrinsic value will change based on the fair market value of the Company’s stock. | ||||||||||||||
The Company initially recognizes compensation cost on the estimated number of instruments for which the requisite service is expected to be rendered. In 2013, AES has estimated a weighted average forfeiture rate of 25.50% for stock options granted in 2013. This estimate will be revised if subsequent information indicates that the actual number of instruments forfeited is likely to differ from previous estimates. Based on the estimated forfeiture rate, the Company expects to expense $2.4 million on a straight-line basis over a three year period (approximately $0.8 million per year) related to stock options granted during the year ended December 31, 2013. | ||||||||||||||
RESTRICTED STOCK | ||||||||||||||
Restricted Stock Units—The Company issues restricted stock units (“RSUs”) under its long-term compensation plan. The RSUs are generally granted based upon a percentage of the participant’s base salary. The units have a three-year vesting schedule and vest in one-third increments over the three-year period. Units granted prior to 2011 are required to be held for an additional two years before they can be converted into shares, and thus become transferable. There is no such requirement for units granted in 2011 and afterwards. In all circumstances, restricted stock units granted by AES do not entitle the holder the right, or obligate AES, to settle the restricted stock unit in cash or other assets of AES. | ||||||||||||||
For the years ended December 31, 2013, 2012, and 2011, RSUs issued had a grant date fair value equal to the closing price of the Company’s stock on the grant date. The Company does not discount the grant date fair values to reflect any post-vesting restrictions. RSUs granted to employees during the years ended December 31, 2013, 2012, and 2011 had grant date fair values per RSU of $11.19, $13.54 and $12.65, respectively. | ||||||||||||||
The following table summarizes the components of the Company’s stock-based compensation related to its employee RSUs recognized in the Company’s consolidated financial statements: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(in millions) | ||||||||||||||
RSU expense before income tax | $ | 12 | $ | 11 | $ | 11 | ||||||||
Tax benefit | (3 | ) | (3 | ) | (3 | ) | ||||||||
RSU expense, net of tax | $ | 9 | $ | 8 | $ | 8 | ||||||||
Total value of RSUs converted(1) | $ | 10 | $ | 9 | $ | 5 | ||||||||
Total fair value of RSUs vested | $ | 12 | $ | 12 | $ | 10 | ||||||||
-1 | Amount represents fair market value on the date of conversion. | |||||||||||||
There was no cash used to settle RSUs or compensation cost capitalized as part of the cost of an asset for the years ended December 31, 2013, 2012, and 2011. As of December 31, 2013, $13 million of total unrecognized compensation cost related to RSUs is expected to be recognized over a weighted average period of approximately 1.7 years. There were no modifications to RSU awards during the year ended December 31, 2013. | ||||||||||||||
A summary of the activity of RSUs for the year ended December 31, 2013 follows (number of RSUs in thousands): | ||||||||||||||
RSUs | Weighted Average Grant Date Fair Values | Weighted Average Remaining Vesting Term | ||||||||||||
Nonvested at December 31, 2012 | 2,092 | $ | 13.02 | |||||||||||
Vested | (942 | ) | 12.82 | |||||||||||
Forfeited and expired | (337 | ) | 12.55 | |||||||||||
Granted | 1,444 | 11.19 | ||||||||||||
Nonvested at December 31, 2013 | 2,257 | $ | 12.01 | 1.8 | ||||||||||
Vested at December 31, 2013 | 2,315 | $ | 8.68 | |||||||||||
Vested and expected to vest at December 31, 2013 | 4,353 | $ | 10.26 | |||||||||||
The Company initially recognizes compensation cost on the estimated number of instruments for which the requisite service is expected to be rendered. In 2013, AES has estimated a weighted average forfeiture rate of 24.18% for RSUs granted in 2013. This estimate will be revised if subsequent information indicates that the actual number of instruments forfeited is likely to differ from previous estimates. Based on the estimated forfeiture rate, the Company expects to expense $12 million on a straight-line basis over a three year period related to RSUs granted during the year ended December 31, 2013. | ||||||||||||||
The table below summarizes the RSUs that vested and were converted during the years ended December 31, 2013, 2012, and 2011 (number of RSUs in thousands): | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
RSUs vested during the year | 942 | 1,138 | 982 | |||||||||||
RSUs converted during the year, net of shares withheld for taxes | 905 | 761 | 442 | |||||||||||
Shares withheld for taxes | 407 | 312 | 150 | |||||||||||
Performance Stock Units—The Company issues performance stock units (“PSUs”) to officers under its long-term compensation plan. PSUs are restricted stock units of which 50% of the units awarded include a market condition and the remaining 50% include a performance condition. Vesting will occur if the applicable continued employment conditions are satisfied and (a) for the units subject to the market condition the Total Stockholder Return (“TSR”) on AES common stock exceeds the TSR of the Standard and Poor’s 500 Utilities Sector Index over the three-year measurement period beginning on January 1st of the grant year and ending on December 31st of the third year and (b) for the units subject to the performance condition if the Company’s actual Adjusted EBITDA meets the performance target over the three-year measurement period beginning on January 1st of the grant year and ending on December 31st of the third year. The market and performance conditions determine the vesting and final share equivalent per PSU and can result in earning an award payout range of 0% to 200%, depending on the achievement. In all circumstances, PSUs granted by AES do not entitle the holder the right, or obligate AES, to settle the restricted stock unit in cash or other assets of AES. | ||||||||||||||
The effect of the market condition on PSUs issued to officers of the Company during 2013 is reflected in the award’s fair value on the grant date. The results of the valuation estimated the fair value at $13.28 per share, equating to 119% of the Company’s closing stock price on the date of grant. PSUs that included a market condition granted during the year ended December 31, 2013, 2012, and 2011 had a grant date fair value per RSU of $13.28, $19.75 and $17.68, respectively. The fair value of the PSUs with a performance condition had a grant date fair value of $11.17 equal to the closing price of the Company’s stock on the grant date. The Company believes that it is probable that the performance condition will be met; this will continue to be evaluated throughout the performance period. If the fair value of the market condition was not applied to PSUs issued to officers, the total grant date fair value of PSUs granted during the year ended December 31, 2013 would have decreased by $1 million. | ||||||||||||||
Restricted stock units with a market condition awarded to officers of the Company prior to 2011 contained only the market condition measuring the TSR on AES common stock. These units were required to be held for an additional two years subsequent to vesting before they could be converted into shares and become transferable. There is no such requirement for the shares granted during 2011 and afterwards. | ||||||||||||||
The following table summarizes the components of the Company’s stock-based compensation related to its PSUs recognized in the Company’s consolidated financial statements: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(in millions) | ||||||||||||||
PSU expense before income tax | $ | 4 | $ | 5 | $ | 5 | ||||||||
Tax benefit | (1 | ) | (1 | ) | (1 | ) | ||||||||
PSU expense, net of tax | $ | 3 | $ | 4 | $ | 4 | ||||||||
Total value of PSUs converted(1) | $ | — | $ | — | $ | — | ||||||||
Total fair value of PSUs vested | — | 2 | — | |||||||||||
-1 | Amount represents fair market value on the date of conversion. | |||||||||||||
There was no cash used to settle PSUs or compensation cost capitalized as part of the cost of an asset for the years ended December 31, 2013, 2012, and 2011. As of December 31, 2013, $7 million of total unrecognized compensation cost related to PSUs is expected to be recognized over a weighted average period of approximately 1.8 years. There were no modifications to PSU awards during the year ended December 31, 2013. | ||||||||||||||
A summary of the activity of PSUs for the year ended December 31, 2013 follows (number of PSUs in thousands): | ||||||||||||||
PSUs | Weighted Average Grant Date Fair Values | Weighted Average Remaining Vesting Term | ||||||||||||
Nonvested at December 31, 2012 | 1,082 | $ | 14.96 | |||||||||||
Vested | — | — | ||||||||||||
Forfeited and expired | (367 | ) | 12.94 | |||||||||||
Granted | 624 | 12.23 | ||||||||||||
Nonvested at December 31, 2013 | 1,339 | $ | 14.24 | 1.4 | ||||||||||
Vested at December 31, 2013 | 343 | $ | 6.68 | |||||||||||
Vested and expected to vest at December 31, 2013 | 1,486 | 12.68 | ||||||||||||
The Company initially recognizes compensation cost on the estimated number of instruments for which the requisite service is expected to be rendered. In 2013, AES has estimated a forfeiture rate of 25.50% for PSUs granted in 2013. This estimate will be revised if subsequent information indicates that the actual number of instruments forfeited is likely to differ from previous estimates. Based on the estimated forfeiture rate, the Company expects to expense $6 million on a straight-line basis over a three year period (approximately $2 million per year) related to PSUs granted during the year ended December 31, 2013. | ||||||||||||||
The table below summarizes the PSUs that vested and were converted during the years ended December 31, 2013, 2012, and 2011 (number of PSUs in thousands): | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
PSUs vested during the year | — | 343 | — | |||||||||||
PSUs converted during the year, net of shares withheld for taxes | — | — | — | |||||||||||
Shares withheld for taxes | — | — | — | |||||||||||
Cumulative_Preferred_Stock_of_
Cumulative Preferred Stock of Subsidiaries | 12 Months Ended |
Dec. 31, 2013 | |
Temporary Equity [Abstract] | ' |
CUMULATIVE PREFERRED STOCK OF SUBSIDIARES | ' |
CUMULATIVE PREFERRED STOCK OF SUBSIDIARIES | |
Our subsidiaries IPL and DPL had outstanding shares of cumulative preferred stock of $78 million at December 31, 2013 and 2012. | |
IPL had $60 million of cumulative preferred stock outstanding at December 31, 2013 and 2012, which represented five series of preferred stock. The total annual dividend requirements were approximately $3 million at December 31, 2013 and 2012. Certain series of the preferred stock were redeemable solely at the option of the issuer at prices between $100 and $118 per share. Holders of the preferred stock are entitled to elect a majority of IPL’s board of directors if IPL has not paid dividends to its preferred stockholders for four consecutive quarters. Based on the preferred stockholders’ ability to elect a majority of IPL’s board of directors in this circumstance, the redemption of the preferred shares is considered to be not solely within the control of the issuer and the preferred stock is considered temporary equity and presented in the mezzanine level of the Consolidated Balance Sheets in accordance with the relevant accounting guidance for noncontrolling interests and redeemable securities. | |
DPL had $18 million of cumulative preferred stock outstanding at December 31, 2013 and 2012, which represented three series of preferred stock issued by DP&L, a wholly owned subsidiary of DPL. The total annual dividend requirements were approximately $1 million at December 31, 2013. The DP&L preferred stock may be redeemed at DP&L’s option as determined by its board of directors at per-share redemption prices between $101 and $103 per share, plus cumulative preferred dividends. In addition, DP&L’s Amended Articles of Incorporation contain provisions that permit preferred stockholders to elect members of the DP&L Board of Directors in the event that cumulative dividends on the preferred stock are in arrears in an aggregate amount equivalent to at least four full quarterly dividends. Based on the preferred stockholders’ ability to elect members of DP&L’s board of directors in this circumstance, the redemption of the preferred shares is considered to be not solely within the control of the issuer and the preferred stock is considered temporary equity and presented in the mezzanine level of the Consolidated Balance Sheets in accordance with the relevant accounting guidance for noncontrolling interests and redeemable securities. |
Other_Income_and_Expense
Other Income and Expense | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||
OTHER INCOME AND EXPENSE | ' | ||||||||||||
OTHER INCOME AND EXPENSE | |||||||||||||
Other Income | |||||||||||||
Other income generally includes contract terminations, gains on asset sales and extinguishments of liabilities, favorable judgments on contingencies, and other income from miscellaneous transactions. The components of other income are summarized as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Contract termination - Beaver Valley | $ | 60 | $ | — | $ | — | |||||||
Gain on sale of assets | 12 | 21 | 46 | ||||||||||
Reversal of legal contingency | 10 | — | — | ||||||||||
Insurance proceeds | — | 38 | 11 | ||||||||||
Tax credit settlement | — | — | 31 | ||||||||||
Gain on extinguishment of tax and other liabilities | 9 | — | 14 | ||||||||||
Other | 34 | 39 | 40 | ||||||||||
Total other income | $ | 125 | $ | 98 | $ | 142 | |||||||
Other Expense | |||||||||||||
Other expense generally includes losses on disposal of assets, losses resulting from debt extinguishments, legal contingencies and losses from other miscellaneous transactions. The components of other expense are summarized as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Loss on disposal of assets | $ | 51 | $ | 64 | $ | 66 | |||||||
Contract termination | 7 | — | — | ||||||||||
Other | 18 | 18 | 20 | ||||||||||
Total other expense | $ | 76 | $ | 82 | $ | 86 | |||||||
Asset_Impairment_Expense
Asset Impairment Expense | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | ' | ||||||||||||
ASSET IMPAIRMENT EXPENSE | ' | ||||||||||||
ASSET IMPAIRMENT EXPENSE | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Beaver Valley | 46 | — | — | ||||||||||
Conesville (DP&L) | 26 | — | — | ||||||||||
Itabo (San Lorenzo) | 16 | — | — | ||||||||||
U.S. wind turbines and projects | — | 41 | 116 | ||||||||||
Kelanitissa | — | 19 | 42 | ||||||||||
St. Patrick | — | 11 | — | ||||||||||
Other | 7 | 2 | 15 | ||||||||||
Total asset impairment expense | $ | 95 | $ | 73 | $ | 173 | |||||||
Beaver Valley — In January 2013, Beaver Valley, a wholly owned 125 MW coal-fired plant in Pennsylvania, entered into an agreement to early terminate its PPA with the offtaker in exchange for a lump-sum payment of $60 million which was received on January 9, 2013. The termination was effective January 8, 2013. Beaver Valley also terminated its fuel supply agreement. Under the PPA termination agreement, annual capacity agreements between the offtaker and PJM Interconnection, LLC (“PJM”) (a regional transmission organization) for 2013 - 2016 have been assigned to Beaver Valley. The termination of the PPA resulted in a significant reduction in the future cash flows of the asset group and was considered an impairment indicator. The carrying amount of the asset group was not recoverable. The carrying amount of the asset group exceeded the fair value of the asset group, resulting in an asset impairment expense of $46 million. Beaver Valley is reported in the US SBU reportable segment. | |||||||||||||
DP&L (Conesville) — During the fourth quarter of 2013, the Company tested the recoverability of long-lived assets at Conesville, a 129 MW coal-fired plant in Ohio jointly-owned by DP&L (a wholly-owned subsidiary of AES). Gradual decreases in power prices as well as lower estimates of future capacity prices in conjunction with the DP&L reporting unit failing Step 1 of the annual goodwill impairment test were determined to be impairment indicators. The Company performed a long-lived asset impairment test and determined that the carrying amount of the asset group was not recoverable. The Conesville asset group was determined to have zero fair value using discounted cash flows under the income approach. As a result, the Company recognized an asset impairment expense of $26 million. Conesville is reported in the US SBU reportable segment. | |||||||||||||
Itabo (San Lorenzo)—During the third quarter of 2013, the Company tested the recoverability of long-lived assets at San Lorenzo, a 35 Megawatt ("MW") LNG fueled plant of Itabo. Itabo was informed by Super-Intendencia de Electridad (“SIE”), the system regulator in the Dominican Republic, that it would not receive capacity revenue going forward. This communication in combination with current adverse market conditions were determined to be an impairment indicator. The Company performed a long-lived asset impairment test considering different scenarios and determined that, based on undiscounted cash flows, the carrying amount of San Lorenzo was not recoverable. The fair value of San Lorenzo was determined using the market approach based on a broker quote and it was determined that its carrying amount of $23 million exceeded the estimated fair value of $7 million. As a result, the Company recognized an asset impairment expense of $16 million. Itabo is reported in the MCAC SBU reportable segment. | |||||||||||||
U.S. wind turbines and projects— In 2012 and 2011, the Company recognized asset impairment expense of $41 million and $116 million, respectively, on certain wind turbines and projects. The wind turbines, held in storage, met the held-for-sale criteria due to less viable internal deployment scenarios and the ongoing receipt of offers from potential buyers. Accordingly, the Company measured the turbines at fair value less cost to sell under the market approach. In June 2013, the Company sold these turbines and recognized an after tax gain of $2 million. In addition, the Company determined that two early-stage wind development projects that were capitalizing certain project costs were no longer probable because of the Company’s shift in capital allocation for developing these projects. The Company assessed the value of the projects using the market approach and, after consultation with third party valuation firms and internal development staff, the fair value was determined to be zero resulting in full impairment. These wind turbines and projects were reported in the US SBU reportable segment. | |||||||||||||
Kelanitissa—In 2012 and 2011, the Company recognized asset impairment expense of $19 million and $42 million, respectively, for the long-lived assets at Kelanitissa, a diesel-fired generation plant in Sri Lanka. The Company continued to evaluate the recoverability of its long-lived assets at Kelanitissa as a result of both the requirement to transfer the plant to the government at the end of the PPA and the expectation of lower future operating cash flows. The evaluations during this period indicated that the long-lived assets were no longer recoverable and, accordingly, were written down to their estimated fair value. Kelanitissa is reported in the Asia SBU reportable segment. | |||||||||||||
St. Patrick—In 2012, the Company received approval from its Board of Directors for the sale of its wholly owned subsidiary Ferme Eolienne Saint Patrick SAS (“St. Patrick”). Upon meeting the held-for-sale criteria including the Board’s approval, long-lived assets with a carrying amount of $33 million were written down to their fair value of $22 million (i.e., the sale price attributed to St. Patrick) and an impairment expense of $11 million was recorded. The sale transaction subsequently closed on June 28, 2012. St. Patrick was reported in the EMEA SBU reportable segment. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
INCOME TAXES | |||||||||||||
Income Tax Provision | |||||||||||||
The following table summarizes the expense for income taxes on continuing operations, for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Federal: | |||||||||||||
Current | $ | (28 | ) | $ | — | $ | — | ||||||
Deferred | (110 | ) | 24 | (150 | ) | ||||||||
State: | |||||||||||||
Current | 1 | (2 | ) | 1 | |||||||||
Deferred | 1 | (11 | ) | 1 | |||||||||
Foreign: | |||||||||||||
Current | 509 | 538 | 837 | ||||||||||
Deferred | (30 | ) | 136 | (33 | ) | ||||||||
Total | $ | 343 | $ | 685 | $ | 656 | |||||||
Effective and Statutory Rate Reconciliation | |||||||||||||
The following table summarizes a reconciliation of the U.S. statutory federal income tax rate to the Company’s effective tax rate, as a percentage of income from continuing operations before taxes for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory Federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of Federal tax benefit | (3 | )% | (21 | )% | — | % | |||||||
Taxes on foreign earnings | (4 | )% | (32 | )% | (2 | )% | |||||||
Valuation allowance | — | % | 16 | % | (3 | )% | |||||||
Uncertain tax positions | (5 | )% | 9 | % | — | % | |||||||
Bad debt deduction | (3 | )% | — | % | — | % | |||||||
Change in tax law | (1 | )% | 17 | % | — | % | |||||||
Goodwill impairment | 12 | % | 276 | % | — | % | |||||||
Other—net | 2 | % | (2 | )% | (1 | )% | |||||||
Effective tax rate | 33 | % | 298 | % | 29 | % | |||||||
The current income taxes receivable and payable are included in Other Current Assets and Accrued and Other Liabilities, respectively, on the accompanying Consolidated Balance Sheets. The noncurrent income taxes receivable and payable are included in Other Noncurrent Assets and Other Noncurrent Liabilities, respectively, on the accompanying Consolidated Balance Sheets. The following table summarizes the income taxes receivable and payable as of December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||
Income taxes receivable—current | $ | 206 | $ | 294 | |||||||||
Income taxes receivable—noncurrent | — | 15 | |||||||||||
Total income taxes receivable | $ | 206 | $ | 309 | |||||||||
Income taxes payable—current | $ | 322 | $ | 393 | |||||||||
Income taxes payable—noncurrent | 2 | 2 | |||||||||||
Total income taxes payable | $ | 324 | $ | 395 | |||||||||
Deferred Income Taxes—Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and (b) operating loss and tax credit carryforwards. These items are stated at the enacted tax rates that are expected to be in effect when taxes are actually paid or recovered. | |||||||||||||
As of December 31, 2013, the Company had federal net operating loss carryforwards for tax purposes of approximately $2.8 billion expiring in years 2023 to 2033. Approximately $77 million of the net operating loss carryforward related to stock option deductions will be recognized in additional paid-in capital when realized. The Company also had federal general business tax credit carryforwards of approximately $18 million expiring primarily from 2021 to 2033, and federal alternative minimum tax credits of approximately $5 million that carry forward without expiration. The Company had state net operating loss carryforwards as of December 31, 2013 of approximately $7.1 billion expiring in years 2016 to 2033. As of December 31, 2013, the Company had foreign net operating loss carryforwards of approximately $3.9 billion that expire at various times beginning in 2014 and some of which carry forward without expiration, and tax credits available in foreign jurisdictions of approximately $15 million, $1 million of which expire in 2017 to 2024 and $14 million of which carryforward without expiration. | |||||||||||||
Valuation allowances increased $195 million during 2013 to $1.1 billion at December 31, 2013. This net increase was primarily the result of valuation allowance activity at one of our Brazilian subsidiaries. | |||||||||||||
Valuation allowances increased $2 million during 2012 to $895 million at December 31, 2012. This net increase was primarily the result of valuation allowance activity at certain U.S. state jurisdictions. | |||||||||||||
The Company believes that it is more likely than not that the net deferred tax assets as shown below will be realized when future taxable income is generated through the reversal of existing taxable temporary differences and income that is expected to be generated by businesses that have long-term contracts or a history of generating taxable income. The Company continues to monitor the utilization of its deferred tax asset for its U.S. consolidated net operating loss carryforward. Although management believes it is more likely than not that this deferred tax asset will be realized through generation of sufficient taxable income prior to expiration of the loss carryforwards, such realization is not assured. | |||||||||||||
The following table summarizes the deferred tax assets and liabilities, as of December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||
Differences between book and tax basis of property | $ | (2,178 | ) | $ | (2,089 | ) | |||||||
Other taxable temporary differences | (337 | ) | (377 | ) | |||||||||
Total deferred tax liability | (2,515 | ) | (2,466 | ) | |||||||||
Operating loss carryforwards | 2,108 | 1,592 | |||||||||||
Capital loss carryforwards | 103 | 108 | |||||||||||
Bad debt and other book provisions | 277 | 330 | |||||||||||
Retirement costs | 291 | 611 | |||||||||||
Tax credit carryforwards | 38 | 46 | |||||||||||
Other deductible temporary differences | 420 | 512 | |||||||||||
Total gross deferred tax asset | 3,237 | 3,199 | |||||||||||
Less: valuation allowance | (1,090 | ) | (895 | ) | |||||||||
Total net deferred tax asset | 2,147 | 2,304 | |||||||||||
Net deferred tax asset (liability) | $ | (368 | ) | $ | (162 | ) | |||||||
The Company considers undistributed earnings of certain foreign subsidiaries to be indefinitely reinvested outside of the United States and, accordingly, no U.S. deferred taxes have been recorded with respect to such earnings in accordance with the relevant accounting guidance for income taxes. Should the earnings be remitted as dividends, the Company may be subject to additional U.S. taxes, net of allowable foreign tax credits. It is not practicable to estimate the amount of any additional taxes which may be payable on the undistributed earnings. | |||||||||||||
Income from operations in certain countries is subject to reduced tax rates as a result of satisfying specific commitments regarding employment and capital investment. The Company’s income tax benefits related to the tax status of these operations are estimated to be $70 million, $81 million and $60 million for the years ended December 31, 2013, 2012 and 2011, respectively. The per share effect of these benefits after noncontrolling interests was $0.09, $0.10 and $0.07 for the years ended December 31, 2013, 2012 and 2011, respectively. The benefit related to our operations in the Philippines will expire in the fourth quarter of 2014. The Company’s income tax benefits related to these specific operations are estimated to be $41 million, $60 million and $34 million for the years ended December 31, 2013, 2012 and 2011. The per share effect of these benefits after noncontrolling interests was $0.05, $0.07 and $0.04 for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
The following table summarizes the income (loss) from continuing operations, before income taxes, net equity in earnings of affiliates and noncontrolling interests, for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
U.S. | $ | (575 | ) | $ | (1,921 | ) | $ | (524 | ) | ||||
Non-U.S. | 1,623 | 2,151 | 2,784 | ||||||||||
Total | $ | 1,048 | $ | 230 | $ | 2,260 | |||||||
Uncertain Tax Positions | |||||||||||||
Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid in one year. The Company’s policy for interest and penalties related to income tax exposures is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statements of Operations. | |||||||||||||
As of December 31, 2013 and 2012, the total amount of gross accrued income tax related interest included in the Consolidated Balance Sheets was $12 million and $17 million, respectively. The total amount of gross accrued income tax related penalties included in the Consolidated Balance Sheets as of December 31, 2013 and 2012 was $1 million and $4 million, respectively. | |||||||||||||
The total expense (benefit) for interest related to unrecognized tax benefits for the years ended December 31, 2013, 2012 and 2011 amounted to $(4) million, $3 million and $3 million, respectively. For the years ended December 31, 2013, 2012 and 2011, the total expense (benefit) for penalties related to unrecognized tax benefits amounted to $(3) million, $1 million and $0 million, respectively. | |||||||||||||
We are potentially subject to income tax audits in numerous jurisdictions in the U.S. and internationally until the applicable statute of limitations expires. Tax audits by their nature are often complex and can require several years to complete. The following is a summary of tax years potentially subject to examination in the significant tax and business jurisdictions in which we operate: | |||||||||||||
Jurisdiction | Tax Years Subject to Examination | ||||||||||||
Argentina | 2006-2013 | ||||||||||||
Brazil | 2008-2013 | ||||||||||||
Chile | 2009-2013 | ||||||||||||
Colombia | 2011-2013 | ||||||||||||
El Salvador | 2010-2013 | ||||||||||||
United Kingdom | 2009-2013 | ||||||||||||
United States (Federal) | 2010-2013 | ||||||||||||
As of December 31, 2013, 2012 and 2011, the total amount of unrecognized tax benefits was $392 million, $475 million and $464 million, respectively. The total amount of unrecognized tax benefits that would benefit the effective tax rate as of December 31, 2013, 2012 and 2011 is $360 million, $444 million and $418 million, respectively, of which $26 million, $45 million and $47 million, respectively, would be in the form of tax attributes that would warrant a full valuation allowance. | |||||||||||||
The total amount of unrecognized tax benefits anticipated to result in a net decrease to unrecognized tax benefits within 12 months of December 31, 2013 is estimated to be between $6 million and $10 million. | |||||||||||||
The following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Balance at January 1 | $ | 475 | $ | 464 | $ | 430 | |||||||
Additions for current year tax positions | 7 | 12 | 6 | ||||||||||
Additions for tax positions of prior years | 10 | 29 | 49 | ||||||||||
Reductions for tax positions of prior years | (3 | ) | (29 | ) | (18 | ) | |||||||
Effects of foreign currency translation | — | — | (1 | ) | |||||||||
Settlements | (65 | ) | — | — | |||||||||
Lapse of statute of limitations | (32 | ) | (1 | ) | (2 | ) | |||||||
Balance at December 31 | $ | 392 | $ | 475 | $ | 464 | |||||||
The Company and certain of its subsidiaries are currently under examination by the relevant taxing authorities for various tax years. The Company regularly assesses the potential outcome of these examinations in each of the taxing jurisdictions when determining the adequacy of the amount of unrecognized tax benefit recorded. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, we believe we have appropriately accrued for our uncertain tax benefits. However, audit outcomes and the timing of audit settlements and future events that would impact our previously recorded unrecognized tax benefits and the range of anticipated increases or decreases in unrecognized tax benefits are subject to significant uncertainty. It is possible that the ultimate outcome of current or future examinations may exceed our provision for current unrecognized tax benefits in amounts that could be material, but cannot be estimated as of December 31, 2013. Our effective tax rate and net income in any given future period could therefore be materially impacted. |
Discontinued_Operations_and_He
Discontinued Operations and Held-For-Sale Businesses | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
DISCONTINUED OPERATIONS AND HELD-FOR-SALE BUSINESSES | ' | ||||||||||||
DISCONTINUED OPERATIONS AND HELD-FOR-SALE BUSINESSES | |||||||||||||
Discontinued operations include the results of the following businesses: | |||||||||||||
• | Poland wind projects (sold in November 2013); | ||||||||||||
• | U.S. wind projects (held for sale in November 2013); | ||||||||||||
• | Cameroon (held for sale in September 2013); | ||||||||||||
• | Saurashtra (held for sale in September 2013); | ||||||||||||
• | Ukraine utilities (sold in April 2013); | ||||||||||||
• | Tisza II (sold in December 2012); | ||||||||||||
• | Red Oak and Ironwood (sold in April 2012); | ||||||||||||
• | Argentina utilities (sold in November 2011); | ||||||||||||
• | Eletropaulo Telecomunicacões Ltda. and AES Communications Rio de Janeiro S.A. (collectively, “Brazil Telecom”), our Brazil telecommunication businesses (sold in October 2011); | ||||||||||||
• | Carbon reduction projects (disposed of in June 2012); | ||||||||||||
• | Poland and the U.K. Wind projects (abandoned in December 2011); | ||||||||||||
• | Eastern Energy in New York (disposed of in December 2012); | ||||||||||||
• | Borsod in Hungary (disposed of in November 2011); | ||||||||||||
• | Thames in Connecticut (disposed of in December 2011). | ||||||||||||
Information for businesses included in discontinued operations and the income (loss) on disposal and impairment of discontinued operations for the years ended December 31, 2013, 2012 and 2011 is provided in the tables below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Revenue | $ | 689 | $ | 1,043 | $ | 1,661 | |||||||
Income (loss) from operations of discontinued businesses, before income tax | $ | (3 | ) | $ | 73 | $ | (206 | ) | |||||
Income tax benefit (expense) | (24 | ) | (26 | ) | 48 | ||||||||
Income (loss) from operations of discontinued businesses, after income tax | $ | (27 | ) | $ | 47 | $ | (158 | ) | |||||
Net gain (loss) from disposal and impairments of discontinued businesses, after income tax | $ | (152 | ) | $ | 16 | $ | 86 | ||||||
Poland wind projects—In November 2013, the Company sold AES Polish Wind Holdings B.V., ("Poland Wind") a wholly owned subsidiary that held ownership interests ranging between 61%–89% in ten wind development projects in Poland. Net proceeds from the sale transaction were $7 million and a loss on disposal of $2 million was recognized. In the third quarter of 2013, the Company had recognized impairments of $65 million on these projects when these were classified as held and used. Poland Wind was previously reported in the EMEA SBU reportable segment. | |||||||||||||
U.S. wind projects—In November 2013, the Company executed an agreement for the sale of its 100% membership interests in three wind projects with an aggregate generation capacity of 234 MW: Condon in California, Lake Benton I in Minnesota and Storm Lake II in Iowa. Under the terms of the sale agreement, the buyer has an option to purchase the Company's 100% interest in Armenia Mountain, a 101 MW wind project in Pennsylvania at a fixed price of $75 million. The option is exercisable between January 1, 2015 and April 1, 2015 (both dates inclusive). Upon meeting the held-for-sale criteria for Condon, Lake Benton I and Storm Lake II, the Company recognized an impairment of $47 million (of which $7 million was attributable to noncontrolling interests held by tax equity partners) representing the difference between their aggregate carrying amount of $77 million and the fair value less costs to sell of $30 million. The sale transaction closed on January 30, 2014 and net proceeds of $27 million were received. Approximately $3 million of the net proceeds received has been deferred and allocated to the buyer's option to purchase Armenia Mountain. These wind projects were previously reported in the US SBU reportable segment. Armenia Mountain has not yet met the held-for-sale criteria and accordingly is reflected within continuing operations. | |||||||||||||
Saurashtra—In October 2013, the Company executed a sale agreement for the sale of its wholly owned subsidiary AES Saurashtra Private Ltd, a 39 MW wind project in India. The transaction is subject to lenders' approval and customary conditions precedent. The lenders' approval was received in January 2014 and the sale is expected to close in the first quarter of 2014. Since meeting the held-for-sale criteria, the Company recognized an impairment of $12 million representing the difference between its carrying amount of $19 million and fair value less costs to sell of $7 million. The sale transaction closed on February 24, 2014 and net proceeds of $8 million were received. Saurashtra was previously reported in the Asia SBU reportable segment. | |||||||||||||
Cameroon—In September 2013, the Company executed sale agreements for the sale of AES White Cliffs B.V. (owner of 56% of AES SONEL S.A), AES Kribi Holdings B.V. (owner of 56% of Kribi Power Development Company S.A.) and AES Dibamba Holdings B.V., (owner of 56% of Dibamba Power Development Company S.A.). The transaction is subject to the Cameroon government approval and certain conditions precedent, which should be fulfilled or waived before March 31, 2014. The transaction is expected to close in the first quarter of 2014. Since meeting the held-for-sale criteria, the Company recognized impairments of $63 million representing the difference between their aggregate carrying amount of $414 million and fair value less costs to sell of $351 million. These businesses were previously reported in EMEA SBU reportable segment. | |||||||||||||
Ukraine utilities—In April 2013, the Company completed the sale of its two utility businesses in Ukraine to VS Energy International and received net proceeds of $113 million after working capital adjustments. The Company sold its 89.1% equity interest in AES Kyivoblenergo, which serves 881,000 customers in the Kiev region, and its 84.6% percent equity interest in AES Rivneoblenergo, which serves 412,000 customers in the Rivne region. The Company recognized net impairments of $38 million during the 2013. These businesses were previously reported in the EMEA SBU reportable segment. | |||||||||||||
Tisza II—In December 2012, the Company completed the sale of its 100% ownership interest in Tisza II, a 900 MW gas/oil fired plant in Hungary. Net proceeds from the sale transaction were $14 million and the Company recognized a loss on disposal of $87 million, net of tax (including the realization of cumulative foreign currency translation loss of $73 million). In 2011 and 2010, the long-lived asset group of Tisza II was evaluated for impairment due to deteriorating economic and business conditions in Hungary, and was determined to be unrecoverable based on undiscounted cash flows. As a result, the Company had measured the asset group at fair value using discounted cash flows analysis and recognized asset impairment expense of $52 million and $85 million in 2011 and 2010, respectively, which is included in loss from operations of discontinued businesses above. Tisza II was reported in the EMEA SBU reportable segment. | |||||||||||||
Red Oak and Ironwood—In April 2012, the Company completed the sale of its 100% interest in Red Oak, an 832 MW coal-fired plant in New Jersey, and Ironwood, a 710 MW coal-fired plant in Pennsylvania, for $228 million and recognized a gain of $73 million, net of tax. Both Red Oak and Ironwood were reported in the US SBU reportable segment. | |||||||||||||
Argentina utilities—In November 2011, the Company completed the sale of its 90% equity interest in Edelap and Edes, two utility companies in Argentina serving approximately 329,000 and 172,000 customers, respectively, and its 51% equity interest in Central Dique, a 68 MW gas and diesel generation plant (collectively, “Argentina utilities”) in Argentina. Net proceeds from the sale were approximately $4 million. The Company recognized a loss on disposal of $338 million, net of tax (including the realization of cumulative foreign currency translation loss of $208 million). These businesses were previously reported in the Andes SBU reportable segment. | |||||||||||||
Brazil Telecom—In October 2011, a subsidiary of the Company completed the sale of its ownership interest in two telecommunication companies in Brazil. The Company held approximately 46% ownership interest in these companies through the subsidiary. The subsidiary received net proceeds of approximately $893 million. The gain on sale was approximately $446 million, net of tax. These businesses were previously reported in the Brazil SBU reportable segment. | |||||||||||||
Carbon reduction projects—In December 2011, the Company’s board of directors approved plans to sell its 100% equity interests in its carbon reduction businesses in Asia and Latin America. The aggregate carrying amount of $49 million of these projects was written down as their estimated fair value was considered zero, resulting in a pre-tax impairment expense of $40 million, which is included in income from operations of discontinued businesses. The impairment expense recognized was limited to the carrying amounts of the individual assets within the asset group, where the fair value was greater than the carrying amount. When the disposal group met the held for sale criteria, the disposal group was measured at the lower of carrying amount or fair value less cost to sell. Carbon reduction projects were previously reported in the Asia and MCAC SBU reportable segments. | |||||||||||||
Poland and the U.K. wind projects—In the fourth quarter of 2011, the Company determined that it would no longer pursue certain development projects in Poland and the United Kingdom due to revisions in its growth strategy. As a result, the Company abandoned these projects and recognized the related project development rights, which were previously included in intangible assets, as a loss on disposal of discontinued operations of $22 million, net of tax. These wind projects were previously reported in the EMEA SBU reportable segment. | |||||||||||||
Eastern Energy—In March 2011, AES Eastern Energy (“AEE”) met the held for sale criteria and was reclassified from continuing operations to held for sale. AEE operated four coal-fired power plants: Cayuga, Greenidge, Somerset and Westover, representing generation capacity of 1,169 MW in the western New York power market. In 2010, AEE had recognized a pre-tax impairment expense of $827 million due to adverse market conditions. In December 2011, AEE along with certain of its affiliates filed for bankruptcy protection and was recorded as a cost method investment. In December 2012, the AEE bankruptcy proceedings were finalized and a gain of $30 million, net of tax, was recognized in gain on disposal of discontinued businesses. AEE was previously reported in the US SBU reportable segment. | |||||||||||||
Borsod—In November 2011, Borsod, which holds two coal/biomass-fired generation plants in Hungary with generating capacity of 161 MW, filed for liquidation and was recorded as a cost method investment. Borsod was previously reported in the EMEA SBU reportable segment. | |||||||||||||
Thames—In December 2011, Thames, a 208 MW coal-fired plant in Connecticut, met the discontinued operations criteria and its operating results were retrospectively reflected as discontinued operations. Thames had filed for liquidation in February 2011, and was recorded as a cost method investment with the historical operating results reflected in discontinued operations. Thames was previously reported in the US SBU reportable segment. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
ACQUISITIONS AND DISPOSITIONS | ' |
ACQUISITIONS AND DISPOSITIONS | |
Acquisitions | |
DPL—In 2011, AES completed the acquisition of 100% of the common stock of DPL Inc. (“DPL”), the parent company of The Dayton Power and Light Company (“DP&L”), a utility based in Ohio, for approximately $3.5 billion, pursuant to the terms and conditions of a definitive agreement (the “Merger Agreement”) dated April 19, 2011. Upon completion of the acquisition, DPL became a wholly owned subsidiary of AES. | |
Dispositions | |
Trinidad Generation Unlimited—On July 10, 2013, the Company completed the sale of its 10% equity interest in Trinidad Generation Unlimited, an equity method investment, to the government of Trinidad and received net proceeds of $31 million. The carrying amount of the investment was $28 million and a gain of $3 million was recognized. | |
Cartagena — On April 26, 2013, the Company sold its remaining interest in AES Energia Cartagena S.R.L. (“AES Cartagena”), a 1,199 MW gas-fired generation business in Spain upon the exercise of a purchase option included in the 2012 sale agreement where the Company sold its majority interest in the business. Net proceeds from the exercise of the option were approximately $24 million and the Company recognized a pretax gain of $20 million during the second quarter of 2013. In 2012, the Company had sold 80% of its 70.81% equity interest in Cartagena and had recognized a pretax gain of $178 million. Under the terms of the 2012 sale agreement, the buyer was granted an option to purchase the Company’s remaining 20% interest during a five-month period beginning March 2013, which was exercised on April 26, 2013 as described above. | |
Due to the Company’s continued ownership interest, which extended beyond one year from the completion of the sale of its 80% interest in February 2012, the prior-period operating results of AES Cartagena were not classified as discontinued operations. | |
InnoVent and St. Patrick—On June 28, 2012, the Company closed the sale of its equity interest in InnoVent and controlling interest in St. Patrick. Net proceeds from the sale transactions were $42 million. The prior period operating results of St. Patrick were not deemed material for reclassification to discontinued operations. See Note 21—Asset Impairment Expense and Note 9—Other Non-Operating Expense for further information. | |
China—On September 6, 2012 and December 31, 2012, the Company completed the sale of its interest in equity method investments in China. These investments included coal-fired, hydropower and wind generation facilities accounted for under the equity method of accounting. Net proceeds from the sale were approximately $133 million and the Company recognized a pretax gain of $27 million on the transaction, which is reflected as a gain on sale of investment. See Note 9—Other Non-Operating Expense for further information. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | |||||||||||||||||||||||||||||||||||
Basic and diluted earnings per share are based on the weighted-average number of shares of common stock and potential common stock outstanding during the period. Potential common stock, for purposes of determining diluted earnings per share, includes the effects of dilutive restricted stock units, stock options and convertible securities. The effect of such potential common stock is computed using the treasury stock method or the if-converted method, as applicable. | |||||||||||||||||||||||||||||||||||
The following tables present a reconciliation of the numerator and denominator of the basic and diluted earnings per share computation for income from continuing operations for the years ended December 31, 2013, 2012 and 2011. In the table below, income represents the numerator and weighted-average shares represent the denominator: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Income | Shares | $ per Share | Loss | Shares | $ per Share | Income | Shares | $ per Share | |||||||||||||||||||||||||||
(in millions except per share data) | |||||||||||||||||||||||||||||||||||
BASIC EARNINGS PER SHARE | |||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders | $ | 284 | 743 | $ | 0.38 | $ | (960 | ) | 755 | $ | (1.27 | ) | $ | 506 | $ | 778 | $ | 0.65 | |||||||||||||||||
EFFECT OF DILUTIVE SECURITIES | |||||||||||||||||||||||||||||||||||
Stock options | — | 1 | — | — | — | — | — | 2 | — | ||||||||||||||||||||||||||
Restricted stock units | — | 4 | — | — | — | — | — | 3 | — | ||||||||||||||||||||||||||
DILUTED EARNINGS PER SHARE | $ | 284 | 748 | $ | 0.38 | $ | (960 | ) | 755 | $ | (1.27 | ) | $ | 506 | $ | 783 | $ | 0.65 | |||||||||||||||||
The calculation of diluted earnings per share excluded 6 million, 7 million and 6 million options outstanding at December 31, 2013, 2012 and 2011, respectively, that could potentially dilute basic earnings per share in the future. These options were not included in the computation of diluted earnings per share because their exercise price exceeded the average market price during the related period. | |||||||||||||||||||||||||||||||||||
The calculation of diluted earnings per share excluded 1 million options outstanding at December 31, 2012, that could potentially dilute earnings per share in the future. These options were not included in the computation of diluted earnings per share for the year ended December 31, 2012, because their inclusion would be anti-dilutive given the loss from continuing operations in the related period. Had the Company generated income from continuing operations in the year ended December 31, 2012, 1 million of potential common shares of common stock related to the restricted stock units would have been included in diluted average shares outstanding. | |||||||||||||||||||||||||||||||||||
The calculation of diluted earnings per share also excluded 1 million restricted stock units outstanding at December 31, 2013 and 2012, that could potentially dilute basic earnings per share in the future. These restricted stock units were not included in the computation of diluted earnings per share because the average amount of compensation cost per share attributed to future service and not yet recognized exceeded the average market price during the related period and thus to include the restricted units would have been anti-dilutive. The calculation of diluted earnings per share also excluded 6 million restricted stock units outstanding at December 31, 2012, that could potentially dilute earnings per share in the future. These restricted units were not included in the computation of diluted earnings per share for the year ended December 31, 2012, because their impact would be anti-dilutive given the loss from continuing operations. Had the Company generated income from continuing operations in the year ended December 31, 2012, 4 million of potential common shares of common stock related to the restricted stock units would have been included in diluted average shares outstanding. | |||||||||||||||||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, all convertible debentures were omitted from the earnings per share calculation because they were anti-dilutive. | |||||||||||||||||||||||||||||||||||
During the year ended December 31, 2013, 1 million shares of common stock were issued under the Company’s profit sharing plan and 1 million shares of common stock were issued upon the exercise of stock options. |
Risks_and_Uncertainties
Risks and Uncertainties | 12 Months Ended | |
Dec. 31, 2013 | ||
Risks and Uncertainties [Abstract] | ' | |
RISKS AND UNCERTAINTIES | ' | |
RISKS AND UNCERTAINTIES | ||
AES is a diversified power generation and utility company organized into six market-oriented Strategic Business Units ("SBUs"). See additional discussion of the Company’s principal markets in Note 17—Segment and Geographic Information. Within our six SBUs, we have two primary lines of business: Generation and Utilities. The Generation line of business uses a wide range of fuels and technologies to generate electricity such as coal, gas, hydro, wind, solar and biomass. Our Utilities business is comprised of businesses that transmit, distribute, and in certain circumstances, generate power. In addition, the Company has operations in the renewables area. These efforts include projects primarily in wind and solar. | ||
Operating and Economic Risks—The Company operates in several developing economies where macroeconomic conditions are usually more volatile than developed economies. Deteriorating market conditions often expose the Company to the risk of decreased earnings and cash flows due to, among other factors, adverse fluctuations in the commodities and foreign currency spot markets. Additionally, credit markets around the globe continue to tighten their standards, which could impact our ability to finance growth projects through access to capital markets. Currently, the Company has a below-investment grade rating from Standard & Poor’s of BB-. This could affect the Company's ability to finance new and/or existing development projects at competitive interest rates. As of December 31, 2013, the Company had $1.6 billion of unrestricted cash and cash equivalents. | ||
During 2013, approximately 77% of our revenue, and 97% of our revenue from discontinued businesses, was generated outside the United States and a significant portion of our international operations is conducted in developing countries. We continue to invest in several developing countries to expand our existing platform and operations. International operations, particularly the operation, financing and development of projects in developing countries, entail significant risks and uncertainties, including, without limitation: | ||
• | economic, social and political instability in any particular country or region; | |
• | inability to economically hedge energy prices; | |
• | volatility in commodity prices; | |
• | adverse changes in currency exchange rates; | |
• | government restrictions on converting currencies or repatriating funds; | |
• | unexpected changes in foreign laws, regulatory framework, or in trade, monetary or fiscal policies; | |
• | high inflation (such as Argentina. See Note 29—Subsequent Events for the Argentine Peso devaluation after year end) and monetary fluctuations; | |
• | restrictions on imports of coal, oil, gas or other raw materials required by our generation businesses to operate; | |
• | threatened or consummated expropriation or nationalization of our assets by foreign governments; | |
• | unwillingness of governments, government agencies, similar organizations or other counterparties to honor their commitments; | |
• | unwillingness of governments, government agencies, courts or similar bodies to enforce contracts that are economically advantageous to subsidiaries of the Company and economically unfavorable to counterparties, against such counterparties, whether such counterparties are governments or private parties; | |
• | inability to obtain access to fair and equitable political, regulatory, administrative and legal systems; | |
• | adverse changes in government tax policy; | |
• | difficulties in enforcing our contractual rights or enforcing judgments or obtaining a just result in local jurisdictions; and | |
• | potentially adverse tax consequences of operating in multiple jurisdictions. | |
Any of these factors, individually or in combination with others, could materially and adversely affect our business, results of operations and financial condition. In addition, our Latin American operations experience volatility in revenue and earnings which have caused and are expected to cause significant volatility in our results of operations and cash flows. The volatility is caused by regulatory and economic difficulties, political instability, indexation of certain PPAs to fuel prices, and currency fluctuations being experienced in many of these countries particularly Argentina. This volatility reduces the predictability and enhances the uncertainty associated with cash flows from these businesses. | ||
Our inability to predict, influence or respond appropriately to changes in law or regulatory schemes, including any inability to obtain reasonable increases in tariffs or tariff adjustments for increased expenses, could adversely impact our results of operations or our ability to meet publicly announced projections or analysts’ expectations. Furthermore, changes in laws or regulations or changes in the application or interpretation of regulatory provisions in jurisdictions where we operate, particularly our Utility businesses where electricity tariffs are subject to regulatory review or approval, could adversely affect our business, including, but not limited to: | ||
• | changes in the determination, definition or classification of costs to be included as reimbursable or pass-through costs; | |
• | changes in the definition or determination of controllable or noncontrollable costs; | |
• | adverse changes in tax law; | |
• | changes in the definition of events which may or may not qualify as changes in economic equilibrium; | |
• | changes in the timing of tariff increases; | |
• | other changes in the regulatory determinations under the relevant concessions; or | |
• | changes in environmental regulations, including regulations relating to GHG emissions in any of our businesses. | |
Any of the above events may result in lower margins for the affected businesses, which can adversely affect our results of operations. | ||
Foreign Currency Risks—AES operates businesses in many foreign countries and such operations could be impacted by significant fluctuations in foreign currency exchange rates. Fluctuations in currency exchange rate between U. S. Dollar and the following currencies could create significant fluctuations to earnings and cash flows: the Argentine peso, the Brazilian real, the Dominican Republic peso, the Euro, the Chilean peso, the Colombian peso, the Philippine peso and the Kazakhstan Tenge. | ||
Concentrations—Due to the geographical diversity of its operations, the Company does not have any significant concentration of customers or sources of fuel supply. Several of the Company’s generation businesses rely on PPAs with one or a limited number of customers for the majority of, and in some cases all of, the relevant businesses' output over the term of the PPAs. However, no single customer accounted for 10% or more of total revenue in 2013, 2012 or 2011. | ||
The cash flows and results of operations of our businesses depend on the credit quality of their customers and the continued ability of their customers and suppliers to meet their obligations under PPAs and fuel supply agreements. If a substantial portion of the Company’s long-term PPAs and/or fuel supply were modified or terminated, the Company would be adversely affected to the extent that it was unable to replace such contracts at equally favorable terms. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
RELATED PARTY TRANSACTIONS | ' | |||||||||||
RELATED PARTY TRANSACTIONS | ||||||||||||
Certain of our businesses in Panama, the Dominican Republic and Kazakhstan are partially owned by governments either directly or through state-owned institutions. In the ordinary course of business, these businesses enter into energy purchase and sale transactions, and transmission agreements with other state-owned institutions which are controlled by such governments. At two of our generation businesses in Mexico, the offtakers exercise significant influence, but not control, through representation on these businesses’ Board of Directors. These offtakers are also required to hold a nominal ownership interest in such businesses. In Chile, we provide capacity and energy under contractual arrangements to our investments which are accounted for under the equity method of accounting. Additionally, the Company provides certain support and management services to several of its affiliates under various agreements. The Company’s Consolidated Statements of Operations included the following transactions with related parties for the years indicated: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Revenue—Non-Regulated | $ | 825 | $ | 820 | $ | 657 | ||||||
Cost of Sales—Non-Regulated | 161 | 120 | 125 | |||||||||
Interest expense | 5 | 10 | 7 | |||||||||
The following table summarizes the balances receivable from and payable to related parties included in the Company’s Consolidated Balance Sheets as of December 31, 2013 and 2012: | ||||||||||||
2013 | 2012 | |||||||||||
(in millions) | ||||||||||||
Receivables from related parties | $ | 109 | $ | 146 | ||||||||
Accounts and notes payable to related parties | 67 | 195 | ||||||||||
During 2013, the Company repurchased 20 million shares of its common stock from China Investment Corporation ("CIC") for $258 million. See Note 16 —Equity, Stock Repurchase Program for further information. | ||||||||||||
During 2011, the Company sold 19% of its interest in Mong Duong to Stable Investment Corporation, a subsidiary of CIC. At December 31, 2011, Terrific Investment Corporation, also a subsidiary of CIC, owned approximately 15% of the Company’s outstanding shares of common stock and has representation on the Company’s Board of Directors. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ' | |||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
Quarterly Financial Data | ||||||||||||||||
The following tables summarize the unaudited quarterly statements of operations for the Company for 2013 and 2012. Amounts have been restated to reflect discontinued operations in all periods presented and reflect all adjustments necessary in the opinion of management for a fair statement of the results for interim periods. | ||||||||||||||||
Quarter Ended 2013 | ||||||||||||||||
31-Mar | June 30 | 30-Sep | 31-Dec | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Revenue | $ | 4,150 | $ | 3,943 | $ | 3,998 | $ | 3,800 | ||||||||
Operating margin | 749 | 901 | 927 | 670 | ||||||||||||
Income (loss) from continuing operations, net of tax(1) | 230 | 332 | 341 | (173 | ) | |||||||||||
Discontinued operations, net of tax | (31 | ) | 1 | (118 | ) | (31 | ) | |||||||||
Net income (loss) | $ | 199 | $ | 333 | $ | 223 | $ | (204 | ) | |||||||
Net income (loss) attributable to The AES Corporation | $ | 82 | $ | 167 | $ | 71 | $ | (206 | ) | |||||||
Basic income (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $ | 0.15 | $ | 0.22 | $ | 0.24 | $ | (0.23 | ) | |||||||
Discontinued operations attributable to The AES Corporation, net of tax | (0.04 | ) | — | (0.15 | ) | (0.05 | ) | |||||||||
Basic income (loss) per share attributable to The AES Corporation | $ | 0.11 | $ | 0.22 | $ | 0.09 | $ | (0.28 | ) | |||||||
Diluted income (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $ | 0.15 | $ | 0.22 | $ | 0.24 | $ | (0.23 | ) | |||||||
Discontinued operations attributable to The AES Corporation, net of tax | (0.04 | ) | — | (0.15 | ) | (0.05 | ) | |||||||||
Diluted income (loss) per share attributable to The AES Corporation | $ | 0.11 | $ | 0.22 | $ | 0.09 | $ | (0.28 | ) | |||||||
Dividends declared per common share | $ | — | $ | 0.08 | $ | — | $ | 0.09 | ||||||||
Quarter Ended 2012 | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | Dec 31 | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Revenue | $ | 4,448 | $ | 3,990 | $ | 4,353 | $ | 4,373 | ||||||||
Operating margin | 1,044 | 693 | 964 | 882 | ||||||||||||
Income (loss) from continuing operations, net of tax(2) | 504 | 150 | (1,429 | ) | 355 | |||||||||||
Discontinued operations, net of tax | 11 | 57 | 27 | (32 | ) | |||||||||||
Net income (loss) | $ | 515 | $ | 207 | $ | (1,402 | ) | $ | 323 | |||||||
Net income (loss) attributable to The AES Corporation | $ | 341 | $ | 140 | $ | (1,568 | ) | $ | 175 | |||||||
Basic income (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $ | 0.43 | $ | 0.1 | $ | (2.12 | ) | $ | 0.29 | |||||||
Discontinued operations attributable to The AES Corporation, net of tax | 0.02 | 0.08 | 0.02 | (0.06 | ) | |||||||||||
Basic income (loss) per share attributable to The AES Corporation | $ | 0.45 | $ | 0.18 | $ | (2.10 | ) | $ | 0.23 | |||||||
Diluted income (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $ | 0.43 | $ | 0.1 | $ | (2.12 | ) | $ | 0.29 | |||||||
Discontinued operations attributable to The AES Corporation, net of tax | 0.01 | 0.08 | 0.02 | (0.06 | ) | |||||||||||
Diluted income (loss) per share attributable to The AES Corporation | $ | 0.44 | $ | 0.18 | $ | (2.10 | ) | $ | 0.23 | |||||||
Dividends declared per common share | $ | — | $ | — | $ | 0.04 | $ | 0.04 | ||||||||
-1 | Includes pretax impairment expense of $48 million, $0 million, $74 million and $467 million, for the first, second, third and fourth quarters of 2013, respectively. See Note 21—Asset Impairment Expense and Note 10—Goodwill and Other Intangible Assets for further discussion. | |||||||||||||||
(2) | Includes pretax impairment expense of $10 million, $18 million, $1.9 billion and $(31) million, for the first, second, third and fourth quarters of 2012, respectively. See Note 21—Asset Impairment Expense and Note 10—Goodwill and Other Intangible Assets for further discussion. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
Argentina Exchange Rate—In the third week of January 2014, the Argentine Peso experienced significant decline against the U.S. dollar after the central bank reduced its intervention in currency markets. The Argentine economy faced sustained high inflation in several recent years based on unofficial estimates (the inflation statistics published by the government are approximately 10% lower). The expectations for the unofficial inflation in 2014 remain high. If this situation continues, Argentina may face the risk of hyperinflation as defined in U.S. GAAP (a situation where the cumulative inflation over three years approximates 100% or more). As of December 31, 2013, the aggregate carrying amount of the Company’s investment in Argentina was $481 million. | |
U.S. Wind projects sale—The sale of U.S. wind projects closed on January 30, 2014. See Note 23 — Discontinued Operations and Held-for-Sale Businesses for further information. | |
Recourse Debt— On February 14, 2014, the Company commenced tender offers to purchase (collectively, the “Tender Offers”) for cash up to a total of $300 million aggregate principal amount of its outstanding 7.75% senior notes due 2015, 9.75% senior notes due 2016, and 8.00% senior notes due 2017. The tender offers are subject to certain customary terms and conditions which are described in the tender offer documentation, including obtaining financing to fund the tender offers. The Tender Offers are scheduled to expire at 11:59 p.m., New York City time, on March 14, 2014, unless extended or earlier terminated by AES. | |
Saurashtra—The sale of AES Saurashtra Private Ltd. closed on February 24, 2014. See Note 23 — Discontinued Operations and Held-for-Sale Businesses for further information. |
Schedule_I_Condensed_Financial
Schedule I - Condensed Financial Information of Registrant | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||
SCHEDULE I | ' | |||||||||||||
THE AES CORPORATION | ||||||||||||||
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT | ||||||||||||||
BALANCE SHEETS | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
(in millions) | ||||||||||||||
ASSETS | ||||||||||||||
Current Assets: | ||||||||||||||
Cash and cash equivalents | $ | 131 | $ | 305 | ||||||||||
Restricted cash | 177 | 227 | ||||||||||||
Accounts and notes receivable from subsidiaries | 708 | 594 | ||||||||||||
Deferred income taxes | 4 | 8 | ||||||||||||
Prepaid expenses and other current assets | 39 | 28 | ||||||||||||
Total current assets | 1,059 | 1,162 | ||||||||||||
Investment in and advances to subsidiaries and affiliates | 9,245 | 9,393 | ||||||||||||
Office Equipment: | ||||||||||||||
Cost | 78 | 86 | ||||||||||||
Accumulated depreciation | (65 | ) | (72 | ) | ||||||||||
Office equipment, net | 13 | 14 | ||||||||||||
Other Assets: | ||||||||||||||
Deferred financing costs (net of accumulated amortization of $71 and $58, respectively) | 75 | 76 | ||||||||||||
Deferred income taxes | 857 | 573 | ||||||||||||
Other Assets | 1 | — | ||||||||||||
Total other assets | 933 | 649 | ||||||||||||
Total | $ | 11,250 | $ | 11,218 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Current Liabilities: | ||||||||||||||
Accounts payable | $ | 15 | $ | 15 | ||||||||||
Accounts and notes payable to subsidiaries | 49 | 50 | ||||||||||||
Accrued and other liabilities | 216 | 241 | ||||||||||||
Senior notes payable—current portion | 118 | 11 | ||||||||||||
Total current liabilities | 398 | 317 | ||||||||||||
Long-term Liabilities: | ||||||||||||||
Senior notes payable | 5,034 | 5,434 | ||||||||||||
Junior subordinated notes and debentures payable | 517 | 517 | ||||||||||||
Accounts and notes payable to subsidiaries | 859 | 242 | ||||||||||||
Other long-term liabilities | 112 | 139 | ||||||||||||
Total long-term liabilities | 6,522 | 6,332 | ||||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock | 8 | 8 | ||||||||||||
Additional paid-in capital | 8,443 | 8,525 | ||||||||||||
Accumulated deficit | (150 | ) | (264 | ) | ||||||||||
Accumulated other comprehensive loss | (2,882 | ) | (2,920 | ) | ||||||||||
Treasury stock | (1,089 | ) | (780 | ) | ||||||||||
Total stockholders’ equity | 4,330 | 4,569 | ||||||||||||
Total | $ | 11,250 | $ | 11,218 | ||||||||||
See Notes to Schedule I. | ||||||||||||||
THE AES CORPORATION | ||||||||||||||
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT | ||||||||||||||
STATEMENTS OF OPERATIONS | ||||||||||||||
For the Years Ended December 31 | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(in millions) | ||||||||||||||
Revenue from subsidiaries and affiliates | $ | 32 | $ | 20 | $ | 59 | ||||||||
Equity in earnings (loss) of subsidiaries and affiliates | 498 | (437 | ) | 352 | ||||||||||
Interest income | 66 | 119 | 158 | |||||||||||
General and administrative expenses | (171 | ) | (213 | ) | (227 | ) | ||||||||
Other Income | 14 | 99 | 4 | |||||||||||
Other Expense | (11 | ) | (15 | ) | (18 | ) | ||||||||
Loss on extinguishment of debt | (165 | ) | (4 | ) | — | |||||||||
Interest expense | (436 | ) | (502 | ) | (444 | ) | ||||||||
Income (loss) before income taxes | (173 | ) | (933 | ) | (116 | ) | ||||||||
Income tax benefit (expense) | 287 | 21 | 174 | |||||||||||
Net income (loss) | $ | 114 | $ | (912 | ) | $ | 58 | |||||||
See Notes to Schedule I. | ||||||||||||||
THE AES CORPORATION | ||||||||||||||
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT | ||||||||||||||
STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||
YEARS ENDED DECEMBER 31, 2013, 2012, AND 2011 | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(in millions) | ||||||||||||||
NET INCOME (LOSS) | $ | 114 | $ | (912 | ) | $ | 58 | |||||||
Available-for-sale securities activity: | ||||||||||||||
Change in fair value of available-for-sale securities, net of income tax (expense) benefit of $0, $0 and $0, respectively | (1 | ) | 1 | 1 | ||||||||||
Reclassification to earnings, net of income tax (expense) benefit of $0, $0 and $0, respectively | 1 | (1 | ) | (2 | ) | |||||||||
Total change in fair value of available-for-sale securities | — | — | (1 | ) | ||||||||||
Foreign currency translation activity: | ||||||||||||||
Foreign currency translation adjustments, net of income tax (expense) benefit of $10, $0 and $18, respectively | (263 | ) | (127 | ) | (297 | ) | ||||||||
Reclassification to earnings, net of income tax (expense) benefit of $0, $0 and $0, respectively | 36 | 37 | 154 | |||||||||||
Total foreign currency translation adjustments, net of tax | (227 | ) | (90 | ) | (143 | ) | ||||||||
Derivative activity: | ||||||||||||||
Change in derivative fair value, net of income tax (expense) benefit of $(31), $33 and $95, respectively | 46 | (108 | ) | (311 | ) | |||||||||
Reclassification to earnings, net of income tax (expense) benefit of $(32), $(51) and $(21), respectively | 128 | 161 | 121 | |||||||||||
Total change in fair value of derivatives, net of tax | 174 | 53 | (190 | ) | ||||||||||
Pension activity: | ||||||||||||||
Prior service cost for the period, net of tax | — | (1 | ) | — | ||||||||||
Net actuarial (loss) for the period, net of income tax (expense) benefit of $(42), $64 and $25, respectively | 78 | (130 | ) | (43 | ) | |||||||||
Amortization of net actuarial loss, net of income tax (expense) benefit of $(5), $(5) and $(1), respectively | 13 | 6 | 2 | |||||||||||
Total change in unfunded pension obligation | 91 | (125 | ) | (41 | ) | |||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | 38 | (162 | ) | (375 | ) | |||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 152 | $ | (1,074 | ) | $ | (317 | ) | ||||||
See Notes to Schedule I. | ||||||||||||||
THE AES CORPORATION | ||||||||||||||
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT | ||||||||||||||
STATEMENTS OF CASH FLOWS | ||||||||||||||
For the Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(in millions) | ||||||||||||||
Net cash provided by operating activities | $ | 418 | $ | 694 | $ | 719 | ||||||||
Investing Activities: | ||||||||||||||
Proceeds from asset sales, net of expenses | (5 | ) | — | — | ||||||||||
Investment in and net advances to subsidiaries | 201 | (168 | ) | (2,655 | ) | |||||||||
Return of capital | 230 | 660 | 304 | |||||||||||
(Increase) decrease in restricted cash | 50 | 44 | (261 | ) | ||||||||||
Additions to property, plant and equipment | (11 | ) | (24 | ) | (28 | ) | ||||||||
(Purchase) sale of short term investments, net | 1 | 1 | 2 | |||||||||||
Net cash provided by (used in) investing activities | 466 | 513 | (2,638 | ) | ||||||||||
Financing Activities: | ||||||||||||||
Borrowings (payments) under the revolver, net | — | (295 | ) | 295 | ||||||||||
Borrowings of notes payable and other coupon bearing securities | 750 | — | 2,050 | |||||||||||
Repayments of notes payable and other coupon bearing securities | (1,210 | ) | (236 | ) | (477 | ) | ||||||||
Loans (to) from subsidiaries | (152 | ) | (236 | ) | (5 | ) | ||||||||
Purchase of treasury stock | (322 | ) | (301 | ) | (279 | ) | ||||||||
Proceeds from issuance of common stock | 13 | 8 | 4 | |||||||||||
Common stock dividends paid | (119 | ) | (30 | ) | — | |||||||||
Payments for deferred financing costs | (17 | ) | (1 | ) | (75 | ) | ||||||||
Net cash (used in) provided by financing activities | (1,057 | ) | (1,091 | ) | 1,513 | |||||||||
Effect of exchange rate changes on cash | (1 | ) | — | 1 | ||||||||||
Increase (decrease) in cash and cash equivalents | (174 | ) | 116 | (405 | ) | |||||||||
Cash and cash equivalents, beginning | 305 | 189 | 594 | |||||||||||
Cash and cash equivalents, ending | $ | 131 | $ | 305 | $ | 189 | ||||||||
Supplemental Disclosures: | ||||||||||||||
Cash payments for interest, net of amounts capitalized | $ | 442 | $ | 479 | $ | 392 | ||||||||
Cash payments for income taxes, net of refunds | $ | 11 | $ | — | $ | (6 | ) | |||||||
See Notes to Schedule I. | ||||||||||||||
HE AES CORPORATION | ||||||||||||||
SCHEDULE I | ||||||||||||||
NOTES TO SCHEDULE I | ||||||||||||||
1. Application of Significant Accounting Principles | ||||||||||||||
The Schedule I Condensed Financial Information of the Parent includes the accounts of The AES Corporation (the “Parent Company”) and certain holding companies. | ||||||||||||||
Accounting for Subsidiaries and Affiliates—The Parent Company has accounted for the earnings of its subsidiaries on the equity method in the financial information. | ||||||||||||||
Income Taxes—Positions taken on the Parent Company’s income tax return which satisfy a more-likely-than-not threshold will be recognized in the financial statements. The income tax expense or benefit computed for the Parent Company reflects the tax assets and liabilities on a stand-alone basis and the effect of filing a consolidated U.S. income tax return with certain other affiliated companies. | ||||||||||||||
Accounts and Notes Receivable from Subsidiaries—Amounts have been shown in current or long-term assets based on terms in agreements with subsidiaries, but payment is dependent upon meeting conditions precedent in the subsidiary loan agreements. | ||||||||||||||
Reclassifications—During the current year, certain amounts that have previously been reported as part of General and administrative expenses on the Statement of Operations have been reclassified to Loss on extinguishment of debt, Other income or Other expense. The prior period amounts reported as General and administrative expenses have been reclassified to conform to current presentation. | ||||||||||||||
Senior Notes and Loans Payable | ||||||||||||||
December 31, | ||||||||||||||
Interest Rate | Maturity | 2013 | 2012 | |||||||||||
(in millions) | ||||||||||||||
Senior Unsecured Note | 7.75% | 2014 | $ | 110 | $ | 500 | ||||||||
Senior Unsecured Note | 7.75% | 2015 | 356 | 500 | ||||||||||
Senior Unsecured Note | 9.75% | 2016 | 369 | 535 | ||||||||||
Senior Unsecured Note | 8.00% | 2017 | 1,150 | 1,500 | ||||||||||
Senior Secured Term Loan | LIBOR + 2.75% | 2018 | 799 | 807 | ||||||||||
Revolving Loan under Senior Secured Credit Facility | LIBOR + 2.25% | 2018 | — | — | ||||||||||
Senior Unsecured Note | 8 | % | 2020 | 625 | 625 | |||||||||
Senior Unsecured Note | 7.38% | 2021 | 1,000 | 1,000 | ||||||||||
Senior Unsecured Note | 4.88% | 2023 | 750 | — | ||||||||||
Unamortized discounts | (7 | ) | (22 | ) | ||||||||||
SUBTOTAL | 5,152 | 5,445 | ||||||||||||
Less: Current maturities | (118 | ) | (11 | ) | ||||||||||
Total | $ | 5,034 | $ | 5,434 | ||||||||||
Junior Subordinated Notes Payable | ||||||||||||||
December 31, | ||||||||||||||
Interest Rate | Maturity | 2013 | 2012 | |||||||||||
(in millions) | ||||||||||||||
Term Convertible Trust Securities | 6.75% | 2029 | $ | 517 | $ | 517 | ||||||||
FUTURE MATURITIES OF DEBT—Recourse debt as of December 31, 2013 is scheduled to reach maturity as set forth in the table below: | ||||||||||||||
December 31, | Annual Maturities | |||||||||||||
(in millions) | ||||||||||||||
2014 | $ | 118 | ||||||||||||
2015 | 364 | |||||||||||||
2016 | 368 | |||||||||||||
2017 | 1,158 | |||||||||||||
2018 | 764 | |||||||||||||
Thereafter | 2,897 | |||||||||||||
Total debt | $ | 5,669 | ||||||||||||
Dividends from Subsidiaries and Affiliates | ||||||||||||||
Cash dividends received from consolidated subsidiaries and from affiliates accounted for by the equity method were as follows: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(in millions) | ||||||||||||||
Subsidiaries | $ | 818 | $ | 1,140 | $ | 1,091 | ||||||||
Affiliates | — | — | — | |||||||||||
Guarantees and Letters of Credit | ||||||||||||||
GUARANTEES—In connection with certain of its project financing, acquisition, and power purchase agreements, the Company has expressly undertaken limited obligations and commitments, most of which will only be effective or will be terminated upon the occurrence of future events. These obligations and commitments, excluding those collateralized by letter of credit and other obligations discussed below, were limited as of December 31, 2013, by the terms of the agreements, to an aggregate of approximately $661 million representing 21 agreements with individual exposures ranging from less than $1 million up to $280 million. | ||||||||||||||
LETTERS OF CREDIT—At December 31, 2013, the Company had $1 million in letters of credit outstanding under the senior unsecured credit facility representing 3 agreements with individual exposures ranging up to less than $1 million, which operate to guarantee performance relating to certain project development and construction activities and subsidiary operations. At December 31, 2013, the Company had $163 million in cash collateralized letters of credit outstanding representing 12 agreements with individual exposures ranging from less than $1 million up to $109 million, which operate to guarantee performance relating to certain project development and construction activities and subsidiary operations. During 2013, the Company paid letter of credit fees ranging from 0.2% to 3.25% per annum on the outstanding amounts. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ' | ||||||||||||||||||||
THE AES CORPORATION | |||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
(IN MILLIONS) | |||||||||||||||||||||
Balance at Beginning of the Period | Charged to Cost and Expense | Amounts Written off | Translation Adjustment | Balance at the End of the Period | |||||||||||||||||
Allowance for accounts receivables | |||||||||||||||||||||
(current and noncurrent) | |||||||||||||||||||||
Year ended December 31, 2011 | $ | 212 | $ | 26 | $ | (41 | ) | $ | (22 | ) | $ | 175 | |||||||||
Year ended December 31, 2012 | 175 | 114 | (79 | ) | (15 | ) | 195 | ||||||||||||||
Year ended December 31, 2013 | 195 | 38 | (77 | ) | (22 | ) | 134 | ||||||||||||||
General_and_Summary_of_Signifi1
General and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
PRINCIPLES OF CONSOLIDATION | ' | |
PRINCIPLES OF CONSOLIDATION—The Consolidated Financial Statements of the Company include the accounts of The AES Corporation and its subsidiaries, which are the entities that it controls. Furthermore, variable interest entities (“VIEs”) in which the Company has a variable interest have been consolidated where the Company is the primary beneficiary and thus controls the VIE. Intercompany transactions and balances are eliminated in consolidation. Investments in which the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. | ||
DP&L, our utility in Ohio, has undivided interests in seven generation facilities and numerous transmission facilities. These undivided interests in jointly-owned facilities are accounted for on a pro rata basis in our consolidated financial statements. Certain expenses, primarily fuel costs for the generating units, are allocated to the joint owners based on their energy usage. The remaining expenses, investments in fuel inventory, plant materials and operating supplies and capital additions are allocated to the joint owners in accordance with their respective ownership interests. | ||
USE OF ESTIMATES | ' | |
USE OF ESTIMATES—The preparation of these consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires the Company to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Items subject to such estimates and assumptions include: the carrying amount and estimated useful lives of long-lived assets; impairment of goodwill, long-lived assets and equity method investments; valuation allowances for receivables and deferred tax assets; the recoverability of regulatory assets; the estimation of regulatory liabilities; the fair value of financial instruments; the fair value of assets and liabilities acquired in a business combination; the measurement of noncontrolling interest using the hypothetical liquidation at book value (“HLBV”) method for certain wind generation partnerships; pension liabilities; environmental liabilities; and potential litigation claims and settlements. | ||
DISCONTINUED OPERATIONS AND RECLASSIFICATIONS | ' | |
DISCONTINUED OPERATIONS AND RECLASSIFICATIONS—A discontinued operation is a component of the Company that either has been disposed of or is classified as held for sale and the Company does not expect to have significant cash flows from or significant continuing involvement with the component as of one year after its disposal or sale. A component comprises operations and cash flows that can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company. Prior period amounts have been retrospectively revised to reflect the businesses determined to be discontinued operations. Cash flows at discontinued and held for sale businesses are included within the relevant categories within operating, investing and financing activities. The aggregate amount of cash flows is offset by the net increase or decrease in cash of discontinued and held for sale businesses, which is presented as a separate line item in the Consolidated Statements of Cash Flows. When an operation is classified as held for sale, the Company recognizes impairment, if any, at the consolidated financial statement level which also includes noncontrolling interests. However, any gain or loss on the completion of a disposal transaction is recognized only for the Company's ownership interest. When reclassifications are made in the current period, the amounts reported in the prior period financial statements are reclassified to conform to the current year presentation. The reclassifications relate primarily to general and administrative costs at certain of the Company's strategic business units ("SBUs") that were previously classified as "general and administrative expenses" that were reclassified to" cost of sales". | ||
FAIR VALUE | ' | |
FAIR VALUE—Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly, hypothetical transaction between market participants at the measurement date, or exit price. The Company applies the fair value measurement accounting guidance to financial assets and liabilities in determining the fair value of investments in marketable debt and equity securities, included in the consolidated balance sheet line items “Short-term investments” and “Other assets (noncurrent)”; derivative assets, included in “Other current assets” and “Other assets (noncurrent)”; and, derivative liabilities, included in “Accrued and other liabilities (current)” and “Other long-term liabilities.” The Company applies the fair value measurement guidance to nonfinancial assets and liabilities upon the acquisition of a business or in conjunction with the measurement of a potential impairment loss on an asset group or goodwill under the accounting guidance for the impairment of long-lived assets or goodwill. | ||
The Company makes assumptions about what market participants would assume in valuing an asset or liability based on the best information available. These factors include nonperformance risk (the risk that the obligation will not be fulfilled) and credit risk of the subsidiary (for liabilities) and of the counterparty (for assets). The Company is prohibited from including transaction costs and any adjustments for blockage factors in determining fair value. The principal or most advantageous market is considered from the perspective of the subsidiary owning the asset or with the liability. | ||
Fair value is based on observable market prices where available. Where they are not available, specific valuation models and techniques are applied depending on what is being fair valued. These models and techniques maximize the use of observable inputs and minimize the use of unobservable inputs. The process involves varying levels of management judgment, the degree of which is dependent on price transparency and complexity. An asset's or liability’s level within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement, where Level 1 is the highest and Level 3 is the lowest. The three levels are defined as follows: | ||
• | Level 1—unadjusted quoted prices in active markets accessible by the Company for identical assets or liabilities. Active markets are those in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
• | Level 2—pricing inputs other than quoted market prices included in Level 1 which are based on observable market data, that are directly or indirectly observable for substantially the full term of the asset or liability. These include quoted market prices for similar assets or liabilities, quoted market prices for identical or similar assets in markets that are not active, adjusted quoted market prices, inputs from observable data such as interest rate and yield curves, volatilities or default rates observable at commonly quoted intervals or inputs derived from observable market data by correlation or other means. | |
• | Level 3—pricing inputs that are unobservable from objective sources. Unobservable inputs are only used to the extent observable inputs are not available. These inputs maintain the concept of an exit price from the perspective of a market participant and reflect assumptions of other market participants. The Company considers all market participant assumptions that are available without unreasonable cost and effort. These are given the lowest priority and are generally used in internally developed methodologies to generate management’s best estimate of the fair value when no observable market data is available. | |
Any transfers between all levels within the fair value hierarchy levels are recognized at the end of the reporting period. | ||
CASH AND CASH EQUIVALENTS | ' | |
CASH AND CASH EQUIVALENTS—The Company considers unrestricted cash on hand, deposits in banks, certificates of deposit and short-term marketable securities that mature within three months or less from the date of purchase to be cash and cash equivalents. The carrying amounts of such balances approximate fair value. | ||
RESTRICTED CASH AND DEBT SERVICE RESERVES | ' | |
RESTRICTED CASH AND DEBT SERVICE RESERVES—These include cash balances which are restricted as to withdrawal or usage by the subsidiary that owns the cash. The nature of restrictions includes restrictions imposed by financing agreements such as security deposits kept as collateral, debt service reserves, maintenance reserves and others, as well as restrictions imposed by long-term PPAs. | ||
INVESTMENTS IN MARKETABLE SECURITIES | ' | |
INVESTMENTS IN MARKETABLE SECURITIES—The Company’s marketable investments are primarily unsecured debentures, certificates of deposit, government debt securities and money market funds. Short-term investments in marketable debt and equity securities consist of securities with original maturities in excess of three months with remaining maturities of less than one year. | ||
Marketable debt securities that the Company has both the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Other marketable securities that the Company does not intend to hold to maturity are classified as available-for-sale or trading and are carried at fair value. Available-for-sale investments are fair valued at the end of each reporting period where the unrealized gains or losses are reflected in accumulated other comprehensive loss (“AOCL”), a separate component of equity. However, in measuring the other-than-temporary impairment of debt securities, the Company identifies two components: 1) the amount representing the credit loss, which is recognized as “other non-operating expense” in the Consolidated Statements of Operations; and 2) the amount related to other factors, which is recognized in AOCL unless there is a plan to sell the security, in which case it would be recognized in earnings. The amount recognized in AOCL for held-to-maturity debt securities is then amortized in earnings over the remaining life of such securities. | ||
Investments classified as trading are fair valued at the end of each reporting period through the Consolidated Statements of Operations. Interest and dividends on investments are reported in "interest income" and "other income", respectively. Gains and losses on sales of investments are determined using the specific identification method. | ||
ACCOUNTS AND NOTES RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS | ' | |
ACCOUNTS AND NOTES RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS—Accounts and notes receivable are carried at amortized cost. The Company periodically assesses the collectability of accounts receivable, considering factors such as specific evaluation of collectability, historical collection experience, the age of accounts receivable and other currently available evidence of the collectability, and records an allowance for doubtful accounts for the estimated uncollectible amount as appropriate. Certain of our businesses charge interest on accounts receivable either under contractual terms or where charging interest is a customary business practice. In such cases, interest income is recognized on an accrual basis. So long as the collection of interest is not reasonably assured, interest income is recognized as cash is received. Individual accounts and notes receivable are written off when they are no longer deemed collectible. | ||
INVENTORY | ' | |
INVENTORY—Inventory primarily consists of coal, fuel oil and other raw materials used to generate power, and spare parts and supplies used to maintain power generation and distribution facilities. Inventory is carried at lower of cost or market. Cost is the sum of the purchase price and incidental expenditures and charges incurred to bring the inventory to its existing condition or location. Cost is determined under the first-in, first-out (“FIFO”), average cost or specific identification method. Generally, cost is reduced to market value if the market value of inventory has declined and it is probable that the utility of inventory, in its disposal in the ordinary course of business, will not be recovered through revenue earned from the generation of power. | ||
PROPERTY, PLANT AND EQUIPMENT | ' | |
LONG-LIVED ASSETS—Long-lived assets include property, plant and equipment, assets under capital leases and intangible assets subject to amortization (i.e., finite-lived intangible assets). | ||
Property, plant and equipment | ||
Property, plant and equipment are stated at cost, net of accumulated depreciation. The cost of renewals and improvements that extend the useful life of property, plant and equipment are capitalized. | ||
Construction progress payments, engineering costs, insurance costs, salaries, interest and other costs directly relating to construction in progress are capitalized during the construction period, provided the completion of the project is deemed probable, or expensed at the time the Company determines that development of a particular project is no longer probable. The continued capitalization of such costs is subject to ongoing risks related to successful completion, including those related to government approvals, site identification, financing, construction permitting and contract compliance. Construction in progress balances are transferred to electric generation and distribution assets when an asset group is ready for its intended use. Government subsidies, liquidated damages recovered for construction delays and income tax credits are recorded as a reduction to property, plant and equipment and reflected in cash flows from investing activities. | ||
Depreciation, after consideration of salvage value and asset retirement obligations, is computed primarily using the straight-line method over the estimated useful lives of the assets, which are determined on a composite or component basis. Maintenance and repairs are charged to expense as incurred. Capital spare parts, including rotable spare parts, are included in electric generation and distribution assets. If the spare part is considered a component, it is depreciated over its useful life after the part is placed in service. If the spare part is deemed part of a composite asset, the part is depreciated over the composite useful life even when being held as a spare part. | ||
The Company’s Brazilian subsidiaries, which include both generation and distribution companies, operate under concession contracts. Certain estimates are utilized to determine depreciation expense for the Brazilian subsidiaries, including the useful lives of the property, plant and equipment and the amounts to be recovered at the end of the concession contract. The amounts to be recovered under these concession contracts are based on estimates that are inherently uncertain and actual amounts recovered may differ from those estimates. | ||
INTANGIBLE ASSETS SUBJECT TO AMORTIZATION | ' | |
Intangible Assets Subject to Amortization | ||
Finite-lived intangible assets are amortized over their useful lives which range from 1 – 50 years. The Company accounts for purchased emission allowances as intangible assets and records an expense when utilized or sold. Granted emission allowances are valued at zero. | ||
IMPAIRMENT OF LONG-LIVED ASSETS | ' | |
Impairment of Long-lived Assets | ||
When circumstances indicate that the carrying amount of long-lived assets (asset group) held-for-use may not be recoverable, the Company evaluates the assets for potential impairment using internal projections of undiscounted cash flows expected to result from the use and eventual disposal of the assets. Events or changes in circumstances that may necessitate a recoverability evaluation may include but are not limited to: adverse changes in the regulatory environment, unfavorable changes in power prices or fuel costs, increased competition due to additional capacity in the grid, technological advancements, declining trends in demand, or an expectation that it is more likely than not that the asset will be disposed of before the end of its previously estimated useful life. If the carrying amount of the assets exceeds the undiscounted cash flows and exceeds any fair value of the assets, an impairment expense is recognized for the excess up to the carrying amount of the long-lived assets (but up to any fair value for any individual long-lived asset that is determinable without undue cost and effort). For regulated assets, an impairment expense could be reduced by the establishment of a regulatory asset, if recovery through approved rates was probable. For non-regulated assets, impairment is recognized as an expense. When long-lived assets meet the criteria to be classified as held-for-sale and the carrying amount of the disposal group exceeds its fair value less costs to sell, an impairment expense is recognized for the excess up to the carrying amount of the long-lived assets; if the fair value of the disposal group subsequently exceeds the carrying amount while the disposal group is still held-for-sale, any impairment expense previously recognized will be reversed up to the lower of the prior expense or the subsequent excess. | ||
DEFERRED FINANCING COSTS | ' | |
DEFERRED FINANCING COSTS—Costs incurred in connection with the issuance of long-term debt are deferred and amortized over the related financing period using the effective interest method or the straight-line method when it does not differ materially from the effective interest method. Make-whole payments in connection with early debt retirements are classified as cash flows used in financing activities. | ||
EQUITY METHOD INVESTMENTS | ' | |
EQUITY METHOD INVESTMENTS—Investments in entities over which the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting and reported in “Investments in and advances to affiliates” on the Consolidated Balance Sheets. The Company periodically assesses if there is an indication that the fair value of an equity method investment is less than its carrying amount. When an indicator exists, any excess of the carrying amount over its estimated fair value is recognized as impairment when the loss in value is deemed other-than-temporary and included in “Other non-operating expense” in the Consolidated Statements of Operations. | ||
The Company discontinues the application of the equity method when an investment is reduced to zero and the Company is not otherwise committed to provide further financial support to the investee. The Company resumes the application of the equity method if the investee subsequently reports net income to the extent that the Company’s share of such net income equals the share of net losses not recognized during the period in which the equity method of accounting was suspended. | ||
GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS | ' | |
GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS—The Company evaluates goodwill and indefinite-lived intangible assets for impairment on an annual basis and whenever events or changes in circumstances necessitate an evaluation for impairment. The Company’s annual impairment testing date is October 1. | ||
Goodwill | ||
The Company evaluates goodwill impairment at the reporting unit level, which is an operating segment, as defined in the segment reporting accounting guidance, or a component (i.e., one level below an operating segment). In determining its reporting units, the Company starts with its management reporting structure. Operating segments are identified and then analyzed to identify components which make up these operating segments. Two or more components are combined into a single reporting unit if they are economically similar. Assets and liabilities are allocated to a reporting unit if the assets will be employed by or a liability relates to the operations of the reporting unit or would be considered by a market participant in determining its fair value. Goodwill resulting from an acquisition is assigned to the reporting units that are expected to benefit from the synergies of the acquisition. Generally, each AES business with a goodwill balance constitutes a reporting unit as they are not reported to segment management together with other businesses and are not similar to other businesses in a segment. | ||
Goodwill is evaluated for impairment either under the qualitative assessment option or the two-step test approach depending on facts and circumstances of a reporting unit, including: the excess of fair value over carrying amount in the last valuation or changes in business environment. If the Company qualitatively determines it is “more likely than not” that the fair value of a reporting unit is greater than its carrying amount, the two-step impairment test is unnecessary. Otherwise, goodwill is evaluated for impairment using the two step test, where the carrying amount of a reporting unit is compared to its fair value in Step 1; if the fair value exceeds the carrying amount, Step 2 is unnecessary. If the carrying amount exceeds the reporting unit’s fair value, this could indicate potential impairment and Step 2 of the goodwill evaluation process is required to determine if goodwill is impaired and to measure the amount of impairment loss to recognize, if any. When Step 2 is necessary, the fair value of individual assets and liabilities is determined using valuations (which in some cases may be based in part on third party valuation reports), or other observable sources of fair value, as appropriate. If the carrying amount of goodwill exceeds its implied fair value, the excess is recognized as an impairment loss. | ||
Most of the Company’s reporting units are not publicly traded. Therefore, the Company estimates the fair value of its reporting units using internal budgets and forecasts, adjusted for any market participants’ assumptions and discounted at the rate of return required by a market participant. The Company considers both market and income-based approaches to determine a range of fair value, but typically concludes that the value derived using an income-based approach is more representative of fair value due to the lack of direct market comparables. The Company does use market data to corroborate and determine the reasonableness of the fair value derived from the income-based discounted cash flow analysis. | ||
Indefinite-lived Intangible Assets | ||
The Company’s indefinite-lived intangible assets primarily include land use rights, easements, concessions and trade name. These are tested for impairment on an annual basis or whenever events or changes in circumstances necessitate an evaluation for impairment. If the carrying amount of an intangible asset exceeds its fair value, the excess is recognized as impairment expense. When deemed appropriate, the Company uses the qualitative assessment option under the accounting guidance on goodwill and intangible assets to determine whether the existence of events or circumstances indicate that it is more likely than not that an intangible asset is impaired. If, after assessing the totality of events and circumstances, the Company determines that it is not more likely than not that an intangible asset is impaired, no further action is taken. The accounting guidance provides the option to bypass the qualitative assessment for any intangible asset in any period and proceed directly to performing the quantitative impairment test. | ||
ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES | ' | |
ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES—Accounts payable consists of amounts due to trade creditors related to the Company’s core business operations. These payables include amounts owed to vendors and suppliers for items such as energy purchased for resale, fuel, maintenance, inventory and other raw materials. Other accrued liabilities include items such as income taxes, regulatory liabilities, legal contingencies and employee-related costs including payroll, benefits and related taxes. | ||
REGULATORY ASSETS AND LIABILITIES | ' | |
REGULATORY ASSETS AND LIABILITIES—The Company records assets and liabilities that result from the regulated ratemaking process that are not recognized under GAAP for non-regulated entities. Regulatory assets generally represent incurred costs that have been deferred due to the probability of future recovery in customer rates. Regulatory liabilities generally represent obligations to make refunds to customers. Management continually assesses whether the regulatory assets are probable of future recovery by considering factors such as applicable regulatory changes, recent rate orders applicable to other regulated entities and the status of any pending or potential deregulation legislation. If future recovery of costs previously deferred ceases to be probable, the related regulatory assets are written off and recognized in income from continuing operations. | ||
PENSION AND OTHER POSTRETIREMENT PLANS | ' | |
PENSION AND OTHER POSTRETIREMENT PLANS—The Company recognizes in its Consolidated Balance Sheets an asset or liability reflecting the funded status of pension and other postretirement plans with current year changes in the funded status recognized in AOCL, except for those plans at certain of the Company’s regulated utilities that can recover portions of their pension and postretirement obligations through future rates. All plan assets are recorded at fair value. AES follows the measurement date provisions of the accounting guidance, which require a year-end measurement date of plan assets and obligations for all defined benefit plans. | ||
INCOME TAXES | ' | |
INCOME TAXES—Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities, and their respective income tax bases. The Company establishes a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company’s tax positions are evaluated under a more-likely-than-not recognition threshold and measurement analysis before they are recognized for financial statement reporting. | ||
Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid within one year. The Company’s policy for interest and penalties related to income tax exposures is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statements of Operations. | ||
ASSET RETIREMENT OBLIGATIONS | ' | |
ASSET RETIREMENT OBLIGATIONS—The Company records the fair value of the liability for a legal obligation to retire an asset in the period in which the obligation is incurred. When a new liability is recognized, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the obligation, the Company eliminates the liability and, based on the actual cost to retire, may incur a gain or loss. | ||
NONCONTROLLING INTERESTS | ' | |
NONCONTROLLING INTERESTS—Noncontrolling interests are classified as a separate component of equity in the Consolidated Balance Sheets and Consolidated Statements of Changes in Equity. Additionally, net income and comprehensive income attributable to noncontrolling interests are reflected separately from consolidated net income and comprehensive income in the Consolidated Statements of Operations and Consolidated Statements of Changes in Equity. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and noncontrolling interests. Losses continue to be attributed to the noncontrolling interests, even when the noncontrolling interests’ basis has been reduced to zero. | ||
Although, in general, the noncontrolling ownership interest in earnings is calculated based on ownership percentage, certain of the Company’s businesses are subject to certain profit sharing arrangements. These agreements exist for Wind Generation partnerships to designate different allocations of value among investors, where the allocations change in form or percentage over the life of the partnership. For these businesses, the Company uses the HLBV method when it is a reasonable approximation of the profit sharing arrangement. HLBV uses a balance sheet approach, which measures the Company’s equity in income or loss by calculating the change in the amount of net worth the partners are legally able to claim based on a hypothetical liquidation of the entity at the beginning of a reporting period compared to the end of that period. | ||
GUARANTOR ACCOUNTING | ' | |
GUARANTOR ACCOUNTING—At the inception of a guarantee, the Company records the fair value of a guarantee as a liability, with the offset dependent on the circumstances under which the guarantee was issued. The Company does not recognize guarantees given to third parties for its subsidiaries’ future performance. | ||
FOREIGN CURRENCY TRANSLATION | ' | |
FOREIGN CURRENCY TRANSLATION—A business’ functional currency is the currency of the primary economic environment in which the business operates and is generally the currency in which the business generates and expends cash. Subsidiaries and affiliates whose functional currency is a currency other than the U.S. Dollar translate their assets and liabilities into U.S. Dollars at the current exchange rates in effect at the end of the fiscal period. The revenue and expense accounts of such subsidiaries and affiliates are translated into U.S. Dollars at the average exchange rates that prevailed during the period. Translation adjustments are included in AOCL. Gains and losses on intercompany foreign currency transactions that are long-term in nature and which the Company does not intend to settle in the foreseeable future, are also recognized in AOCL. Gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in determining net income. Accumulated foreign currency translation adjustments are reclassified to net income only when realized upon sale or upon complete or substantially complete liquidation of the investment in a foreign entity. The accumulated adjustments are included in carrying amounts in impairment assessments where the Company has committed to a plan that will cause the accumulated adjustments to be reclassified to earnings | ||
REVENUE RECOGNITION | ' | |
REVENUE RECOGNITION—Revenue from Utilities is classified as regulated in the Consolidated Statements of Operations. Revenue from the sale of energy is recognized in the period during which the sale occurs. The calculation of revenue earned but not yet billed is based on the number of days not billed in the month, the estimated amount of energy delivered during those days and the estimated average price per customer class for that month. Differences between actual and estimated unbilled revenue are usually immaterial. The Company has businesses where it sells and purchases power to and from Independent System Operators (“ISOs”) and Regional Transmission Organizations (“RTOs”). In those instances, the Company accounts for these transactions on a net hourly basis because the transactions are settled on a net hourly basis. Revenue from Generation businesses is classified as non-regulated and is recognized based upon output delivered and capacity provided, at rates as specified under contract terms or prevailing market rates. Certain of the Company PPAs meet the definition of an operating lease or contain similar arrangements. Typically, minimum lease payments from such PPAs are recognized as revenue on a straight line basis over the lease term whereas contingent rentals are recognized when earned. Revenue is recorded net of any taxes assessed on and collected from customers, which are remitted to the governmental authorities. | ||
SHARE-BASED COMPENSATION | ' | |
SHARE-BASED COMPENSATION—The Company grants share-based compensation in the form of stock options and restricted stock units. The expense is based on the grant-date fair value of the equity or liability instrument issued and is recognized on a straight-line basis over the requisite service period, net of estimated forfeitures. Currently, the Company uses a Black-Scholes option pricing model to estimate the fair value of stock options granted to its employees. | ||
GENERAL AND ADMINISTRATIVE EXPENSES | ' | |
GENERAL AND ADMINISTRATIVE EXPENSES—General and administrative expenses include corporate and other expenses related to corporate staff functions and initiatives, primarily executive management, finance, legal, human resources and information systems, which are not directly allocable to our business segments. Additionally, all costs associated with business development efforts are classified as general and administrative expenses. | ||
DERIVATIVES AND HEDGING ACTIVITIES | ' | |
DERIVATIVES AND HEDGING ACTIVITIES—Under the accounting standards for derivatives and hedging, the Company recognizes all contracts that meet the definition of a derivative, except those designated as normal purchase or normal sale at inception, as either assets or liabilities in the Consolidated Balance Sheets and measures those instruments at fair value. See the Company’s fair value policy and Note 4—Fair Value for additional discussion regarding the determination of the fair value. The PPAs and fuel supply agreements entered into by the Company are evaluated to determine if they meet the definition of a derivative or contain embedded derivatives, either of which require separate valuation and accounting. To be a derivative under the accounting standards for derivatives and hedging, an agreement would need to have a notional and an underlying, require little or no initial net investment and could be net settled. Generally, these agreements do not meet the definition of a derivative, often due to the inability to be net settled. On a quarterly basis, we evaluate the markets for the commodities to be delivered under these agreements to determine if facts and circumstances have changed such that the agreements could then be net settled and meet the definition of a derivative. | ||
Derivatives primarily consist of interest rate swaps, cross-currency swaps, foreign currency instruments, and commodity derivatives. The Company enters into various derivative transactions in order to hedge its exposure to certain market risks, primarily interest rate, foreign currency and commodity price risks. Regarding interest rate risk, the Company and our subsidiaries generally utilize variable rate debt financing for construction projects and operations so interest rate swap, lock, cap, and floor agreements are entered into to manage interest rate risk by effectively fixing or limiting the interest rate exposure on the underlying financing and are typically designated as cash flow hedges. Regarding foreign currency risk, we are exposed to it as a result of our investments in foreign subsidiaries and affiliates that may be impacted by significant fluctuations in foreign currency exchange rates so foreign currency options and forwards are utilized, where deemed appropriate, to manage the risk related to these fluctuations. Cross-currency swaps are utilized in certain instances to manage the risk related to fluctuations in both interest rates and certain foreign currencies. In addition, certain of our subsidiaries have entered into contracts which contain embedded derivatives as a portion of the contracts is denominated in a currency other than the functional or local currency of that subsidiary or the currency of the item. Regarding commodity price risk, we are exposed to the impact of market fluctuations in the price of electricity, fuel and environmental credits. Although we primarily consist of businesses with long-term contracts or retail sales concessions (which provide our distribution businesses with a franchise to serve a specific geographic region), a portion of our current and expected future revenues are derived from businesses without significant long-term purchase or sales contracts. We use an overall hedging strategy, not just derivatives, to hedge our financial performance against the effects of fluctuations in commodity prices. | ||
The accounting standards for derivatives and hedging enable companies to designate qualifying derivatives as hedging instruments based on the exposure being hedged. The Company only has cash flow hedges at this time. Changes in the fair value of a derivative that is highly effective, designated and qualifies as a cash flow hedge are deferred in AOCL and are recognized into earnings as the hedged transactions affect earnings. Any ineffectiveness is recognized in earnings immediately. For all designated and qualifying hedges, the Company maintains formal documentation of the hedge and effectiveness testing in accordance with the accounting standards for derivatives and hedging. If AES determines that the derivative is no longer highly effective as a hedge, hedge accounting will be discontinued prospectively. For cash flow hedges of forecasted transactions, AES estimates the future cash flows of the forecasted transactions and evaluates the probability of the occurrence and timing of such transactions. Changes in conditions or the occurrence of unforeseen events could require discontinuance of hedge accounting or could affect the timing of the reclassification of gains or losses on cash flow hedges from AOCL into earnings. | ||
While derivative transactions are not entered into for trading purposes, some contracts are not eligible for hedge accounting. Changes in the fair value of derivatives not designated and qualifying as cash flow hedges are immediately recognized in earnings. Regardless of when gains or losses on derivatives (including all those where the fair value measurement is classified as Level 3) are recognized in earnings, they are generally classified as follows: interest expense for interest rate and cross-currency derivatives, foreign currency transaction gains or losses for foreign currency derivatives, and non-regulated revenue or non-regulated cost of sales for commodity and other derivatives. However, gains and losses on interest rate and cross-currency derivatives are classified as foreign currency transaction gains and losses if they offset the remeasurement of the foreign currency-denominated debt being hedged by the cross-currency swaps and the amount reclassified from AOCL to cost of sales to offset depreciation where the variable-rate interest capitalized as part of the asset was hedged during its construction. Cash flows arising from derivatives are included in the Consolidated Statements of Cash Flows as an operating activity given the nature of the underlying risk being economically hedged and the lack of significant financing elements, except that cash flows on designated and qualifying hedges of variable-rate interest during construction are classified as an investing activity. | ||
DERIVATIVES OFFSETTING FAIR VALUE AMOUNTS | ' | |
The Company has elected not to offset net derivative positions in the financial statements. Accordingly, the Company does not offset such derivative positions against the fair value of amounts (or amounts that approximate fair value) recognized for the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) under master netting arrangements. | ||
COMMITMENTS AND CONTINGENCIES | ' | |
The Company is involved in certain claims, suits and legal proceedings in the normal course of business. The Company accrues for litigation and claims when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company has evaluated claims in accordance with the accounting guidance for contingencies that it deems both probable and reasonably estimable and, accordingly, has recorded aggregate reserves for all claims of approximately $239 million and $320 million as of December 31, 2013 and 2012, respectively. These reserves are reported on the consolidated balance sheets within “accrued and other liabilities” and “other noncurrent liabilities.” A significant portion of the reserves relate to employment, non-income tax and customer disputes in international jurisdictions, principally Brazil. Certain of the Company’s subsidiaries, principally in Brazil, are defendants in a number of labor and employment lawsuits. The complaints generally seek unspecified monetary damages, injunctive relief, or other relief. The subsidiaries have denied any liability and intend to vigorously defend themselves in all of these proceedings. There can be no assurance that these reserves will be adequate to cover all existing and future claims or that we will have the liquidity to pay such claims as they arise. | ||
SEGMENT REPORTING | ' | |
The segment reporting structure uses the Company’s management reporting structure as its foundation to reflect how the Company manages the business internally and is organized by geographic regions which provide better socio-political-economic understanding of our business. In 2012, the management reporting structure was re-organized along six strategic business units (“SBUs”) — led by our Chief Executive Officer (“CEO”). During the fourth quarter of 2013, in conjunction with finalization of its reporting structure, the Company revised its internal reporting to align more closely with its operations. As a result, the Company applied the accounting guidance for segment reporting and determined that its reportable segments have changed and are now aligned with the six SBUs. All prior-period results have been retrospectively revised to reflect the new segment reporting structure. The Company has decreased from nine to the following six reportable segments based on the six SBUs: | ||
• | US SBU; | |
• | Andes SBU; | |
• | Brazil SBU; | |
• | MCAC SBU; | |
• | EMEA SBU; and | |
• | Asia SBU | |
Corporate and Other — Silver Ridge Power (formerly AES Solar Holding Company) and certain other unconsolidated businesses are accounted for using the equity method of accounting; therefore, their operating results are included in “Net Equity in Earnings of Affiliates” on the face of the Consolidated Statements of Operations, not in revenue or Adjusted pre-tax contribution (“Adjusted PTC”). “Corporate and Other” also includes corporate overhead costs which are not directly associated with the operations of our six reportable segments and other intercompany charges such as self-insurance premiums which are fully eliminated in consolidation. | ||
The Company uses Adjusted PTC as its primary segment performance measure. Adjusted PTC, a non-GAAP measure, is defined by the Company as pre-tax income from continuing operations attributable to AES excluding unrealized gains or losses related to derivative transactions, unrealized foreign currency gains or losses, gains or losses due to dispositions and acquisitions of business interests, losses due to impairments and costs due to the early retirement of debt. For the year ended December 31, 2013, the Company changed the definition of Adjusted PTC to exclude the gains or losses attributable to AES common stockholders at our equity method investments for these same types of items. Previously, these amounts were not excluded from the calculation of Adjusted PTC. Accordingly, the Company has also reflected the change in the comparative year ended December 31, 2012. The Company has concluded that Adjusted PTC best reflects the underlying business performance of the Company and is the most relevant measure considered in the Company’s internal evaluation of the financial performance of its segments. Additionally, given its large number of businesses and complexity, the Company concluded that Adjusted PTC is a more transparent measure that better assists the investor in determining which businesses have the greatest impact on the overall Company results. | ||
Total revenue includes inter-segment revenue primarily related to the sale of coal between Andes and the US. No material inter-segment revenue relationships exist between other segments. Corporate allocations include certain self-insurance activities which are reflected within segment adjusted PTC. All intra-segment activity has been eliminated with respect to revenue and adjusted PTC within the segment. Inter-segment activity has been eliminated within the total consolidated results. Asset information for businesses that were discontinued or classified as held-for-sale as of December 31, 2013 is segregated and is shown in the line “Discontinued businesses” in the accompanying segment tables. | ||
EARNINGS PER SHARE | ' | |
Basic and diluted earnings per share are based on the weighted-average number of shares of common stock and potential common stock outstanding during the period. Potential common stock, for purposes of determining diluted earnings per share, includes the effects of dilutive restricted stock units, stock options and convertible securities. The effect of such potential common stock is computed using the treasury stock method or the if-converted method, as applicable. |
Inventory_Tables
Inventory (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Balance By Type | ' | ||||||||
The following table summarizes the Company’s inventory balances as of December 31, 2013 and 2012 : | |||||||||
2013 | 2012 | ||||||||
(in millions) | |||||||||
Coal, fuel oil and other raw materials | $ | 334 | $ | 372 | |||||
Spare parts and supplies | 350 | 347 | |||||||
Total | $ | 684 | $ | 719 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||||||||
PP&E With Useful Life Classification | ' | ||||||||||||||||||
The following table summarizes the components of the electric generation and distribution assets and other property, plant and equipment with their estimated useful lives. The amounts are stated net of impairment losses recognized as further discussed in Note 21—Asset Impairment Expense. | |||||||||||||||||||
Estimated | December 31, | ||||||||||||||||||
Useful Life | 2013 | 2012 | |||||||||||||||||
(in years) | (in millions) | ||||||||||||||||||
Electric generation and distribution facilities | 6 - 68 | $ | 27,619 | $ | 26,385 | ||||||||||||||
Other buildings | 5 - 50 | 1,726 | 2,616 | ||||||||||||||||
Furniture, fixtures and equipment | 3 - 30 | 312 | 386 | ||||||||||||||||
Other | 1 - 46 | 939 | 891 | ||||||||||||||||
Total electric generation and distribution assets and other | 30,596 | 30,278 | |||||||||||||||||
Accumulated depreciation | (9,604 | ) | (9,145 | ) | |||||||||||||||
Net electric generation and distribution assets and other(1)(2) | $ | 20,992 | $ | 21,133 | |||||||||||||||
-1 | Net electric generation and distribution assets and other related to the Company's held-for-sale businesses of $1.2 billion and $1.3 billion as of December 31, 2013 and 2012, respectively, were excluded from the table above and were included in the noncurrent assets of discontinued and held-for-sale businesses in the consolidated balance sheets. | ||||||||||||||||||
-2 | Net electric generation and distribution assets, and other include unamortized internal use software costs of $133 million and $141 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||
Interest Capitalized During Development And Construction | ' | ||||||||||||||||||
The following table summarizes depreciation expense (including the amortization of assets recorded under capital leases), amortization of internal use software and interest capitalized during development and construction on qualifying assets for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(in millions) | |||||||||||||||||||
Depreciation expense (including amortization of assets recorded under capital leases) | $ | 1,193 | $ | 1,173 | $ | 1,078 | |||||||||||||
Amortization of internal use software | 36 | 45 | 42 | ||||||||||||||||
Interest capitalized during development and construction | 84 | 88 | 155 | ||||||||||||||||
Net Asset Value Of Regulated And Non-Regulated Assets And Accumulated Depreciation | ' | ||||||||||||||||||
The following table summarizes regulated and non-regulated generation and distribution property, plant and equipment and accumulated depreciation as of December 31, 2013 and 2012: | |||||||||||||||||||
December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(in millions) | |||||||||||||||||||
Regulated assets | $ | 13,031 | $ | 13,395 | |||||||||||||||
Regulated accumulated depreciation | (4,732 | ) | (4,711 | ) | |||||||||||||||
Regulated generation, distribution assets and other, net | 8,299 | 8,684 | |||||||||||||||||
Non-regulated assets | 17,565 | 16,883 | |||||||||||||||||
Non-regulated accumulated depreciation | (4,872 | ) | (4,434 | ) | |||||||||||||||
Non-regulated generation, distribution assets and other, net | 12,693 | 12,449 | |||||||||||||||||
Net electric generation and distribution assets and other | $ | 20,992 | $ | 21,133 | |||||||||||||||
Schedule of Change in Asset Retirement Obligation | ' | ||||||||||||||||||
The following table summarizes the amounts recognized, which were related to asset retirement obligations, for the years ended December 31, 2013 and 2012: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
(in millions) | |||||||||||||||||||
Balance at January 1 | $ | 120 | $ | 110 | |||||||||||||||
Additional liabilities incurred | 1 | 3 | |||||||||||||||||
Liabilities settled | (4 | ) | (3 | ) | |||||||||||||||
Accretion expense | 9 | 6 | |||||||||||||||||
Change in estimated cash flows | 16 | 3 | |||||||||||||||||
Translation adjustments | — | 1 | |||||||||||||||||
Balance at December 31 | $ | 142 | $ | 120 | |||||||||||||||
Schedule of Jointly Owned Utility Plants | ' | ||||||||||||||||||
DP&L’s undivided ownership interest in such facilities at December 31, 2013 is as follows: | |||||||||||||||||||
DP&L Share | DP&L Investment | ||||||||||||||||||
Ownership | Production Capacity (MW) | Gross Plant In Service | Accumulated Depreciation | Construction Work In Process | |||||||||||||||
($ in millions) | |||||||||||||||||||
Production units: | |||||||||||||||||||
Beckjord Unit 6 | 50 | % | 207 | $ | 2 | $ | 1 | $ | — | ||||||||||
Conesville Unit 4 | 17 | % | 129 | 24 | — | — | |||||||||||||
East Bend Station | 31 | % | 186 | 12 | 5 | — | |||||||||||||
Killen Station | 67 | % | 402 | 306 | 9 | 4 | |||||||||||||
Miami Fort Units 7 and 8 | 36 | % | 368 | 212 | 13 | 1 | |||||||||||||
Stuart Station | 35 | % | 808 | 205 | 12 | 16 | |||||||||||||
Zimmer Station | 28 | % | 365 | 177 | 25 | 3 | |||||||||||||
Transmission | various | — | 41 | 4 | — | ||||||||||||||
Total | 2,465 | $ | 979 | $ | 69 | $ | 24 | ||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair value hierarchy for recurring measurements table | ' | ||||||||||||||||||||||||||||||||
The following table sets forth, by level within the fair value hierarchy, the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
AVAILABLE-FOR-SALE:(1) | |||||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||
Unsecured debentures | $ | — | $ | 435 | $ | — | $ | 435 | $ | — | $ | 448 | $ | — | $ | 448 | |||||||||||||||||
Certificates of deposit | — | 151 | — | 151 | — | 143 | — | 143 | |||||||||||||||||||||||||
Government debt securities | — | 25 | — | 25 | — | 34 | — | 34 | |||||||||||||||||||||||||
Subtotal | — | 611 | — | 611 | — | 625 | — | 625 | |||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Mutual funds | — | 44 | — | 44 | — | 56 | — | 56 | |||||||||||||||||||||||||
Subtotal | — | 44 | — | 44 | — | 56 | — | 56 | |||||||||||||||||||||||||
Total available-for-sale | — | 655 | — | 655 | — | 681 | — | 681 | |||||||||||||||||||||||||
TRADING: | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Mutual funds | 13 | — | — | 13 | 12 | — | — | 12 | |||||||||||||||||||||||||
Total trading | 13 | — | — | 13 | 12 | — | — | 12 | |||||||||||||||||||||||||
DERIVATIVES: | |||||||||||||||||||||||||||||||||
Interest rate derivatives | — | 98 | — | 98 | — | 2 | — | 2 | |||||||||||||||||||||||||
Cross currency derivatives | — | 5 | — | 5 | — | 6 | — | 6 | |||||||||||||||||||||||||
Foreign currency derivatives | — | 15 | 98 | 113 | — | 2 | 79 | 81 | |||||||||||||||||||||||||
Commodity derivatives | — | 18 | 6 | 24 | — | 8 | 3 | 11 | |||||||||||||||||||||||||
Total derivatives | — | 136 | 104 | 240 | — | 18 | 82 | 100 | |||||||||||||||||||||||||
TOTAL ASSETS | $ | 13 | $ | 791 | $ | 104 | $ | 908 | $ | 12 | $ | 699 | $ | 82 | $ | 793 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
DERIVATIVES: | |||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | — | $ | 221 | $ | 101 | $ | 322 | $ | — | $ | 153 | $ | 412 | $ | 565 | |||||||||||||||||
Cross currency derivatives | — | 11 | — | 11 | — | 6 | — | 6 | |||||||||||||||||||||||||
Foreign currency derivatives | — | 16 | 5 | 21 | — | 7 | 7 | 14 | |||||||||||||||||||||||||
Commodity derivatives | — | 15 | 2 | 17 | — | 13 | 4 | 17 | |||||||||||||||||||||||||
Total derivatives | — | 263 | 108 | 371 | — | 179 | 423 | 602 | |||||||||||||||||||||||||
TOTAL LIABILITIES | $ | — | $ | 263 | $ | 108 | $ | 371 | $ | — | $ | 179 | $ | 423 | $ | 602 | |||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||||||
(1) | Amortized cost approximated fair value at December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||
Derivatives Level 3 Rollforward Table | ' | ||||||||||||||||||||||||||||||||
The following tables present a reconciliation of net derivative assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2013 and 2012 (presented net by type of derivative where any foreign currency impacts are presented as part of gains (losses) in earnings or other comprehensive income as appropriate). Transfers between Level 3 and Level 2 are determined as of the end of the reporting period and principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment. | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Interest | Foreign | Commodity | Total | ||||||||||||||||||||||||||||||
Rate | Currency | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Balance at January 1 | $ | (412 | ) | $ | 72 | $ | (1 | ) | $ | (341 | ) | ||||||||||||||||||||||
Total gains (losses) (realized and unrealized): | |||||||||||||||||||||||||||||||||
Included in earnings | 13 | 53 | 4 | 70 | |||||||||||||||||||||||||||||
Included in other comprehensive income - derivative activity | 93 | — | — | 93 | |||||||||||||||||||||||||||||
Included in other comprehensive income - foreign currency translation activity | (4 | ) | (23 | ) | — | (27 | ) | ||||||||||||||||||||||||||
Included in regulatory (assets) liabilities | — | — | 2 | 2 | |||||||||||||||||||||||||||||
Settlements | 100 | (5 | ) | (1 | ) | 94 | |||||||||||||||||||||||||||
Transfers of (assets) liabilities out of Level 3 | 109 | (4 | ) | 105 | |||||||||||||||||||||||||||||
Balance at December 31 | $ | (101 | ) | $ | 93 | $ | 4 | $ | (4 | ) | |||||||||||||||||||||||
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | 10 | $ | 53 | $ | 1 | $ | 64 | |||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Interest | Cross | Foreign | Commodity | Total | |||||||||||||||||||||||||||||
Rate | Currency | Currency | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Balance at January 1 | $ | (128 | ) | $ | (18 | ) | $ | 50 | $ | 2 | $ | (94 | ) | ||||||||||||||||||||
Total gains (losses) (realized and unrealized): | |||||||||||||||||||||||||||||||||
Included in earnings | (2 | ) | — | 32 | (5 | ) | 25 | ||||||||||||||||||||||||||
Included in other comprehensive income - derivative activity | (28 | ) | 3 | — | — | (25 | ) | ||||||||||||||||||||||||||
Included in other comprehensive income - foreign currency translation activity | (1 | ) | — | (7 | ) | — | (8 | ) | |||||||||||||||||||||||||
Included in regulatory (assets) liabilities | — | — | — | 9 | 9 | ||||||||||||||||||||||||||||
Settlements | 26 | 15 | (3 | ) | (7 | ) | 31 | ||||||||||||||||||||||||||
Transfers of assets (liabilities) into Level 3 | (285 | ) | — | — | — | (285 | ) | ||||||||||||||||||||||||||
Transfers of (assets) liabilities out of Level 3 | 6 | — | — | — | 6 | ||||||||||||||||||||||||||||
Balance at December 31 | $ | (412 | ) | $ | — | $ | 72 | $ | (1 | ) | $ | (341 | ) | ||||||||||||||||||||
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | (1 | ) | $ | — | $ | 28 | $ | (3 | ) | $ | 24 | |||||||||||||||||||||
Significant unobservable inputs, recurring | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the significant unobservable inputs used for the Level 3 derivative assets (liabilities) as of December 31, 2013: | |||||||||||||||||||||||||||||||||
Type of Derivative | Fair Value | Unobservable Input | Amount or Range | ||||||||||||||||||||||||||||||
(Weighted Average) | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Interest rate | $ | (101 | ) | Subsidiaries’ credit spreads | 4.44%-5.87% (4.69%) | ||||||||||||||||||||||||||||
Foreign currency: | |||||||||||||||||||||||||||||||||
Embedded derivative — Argentine Peso | 98 | Argentine Peso to U.S. Dollar currency exchange rate after 1 year | 9.94 - 21.11 (16.35) | ||||||||||||||||||||||||||||||
Embedded derivative — Euro | (4 | ) | Subsidiaries’ credit spreads | 4.44 | % | ||||||||||||||||||||||||||||
Other | (1 | ) | |||||||||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||||||||||
Other | 4 | ||||||||||||||||||||||||||||||||
Total | $ | (4 | ) | ||||||||||||||||||||||||||||||
Fair value hierarchy for nonrecurring measurements table | ' | ||||||||||||||||||||||||||||||||
The following table summarizes major categories of assets and liabilities measured at fair value on a nonrecurring basis during the period and their level within the fair value hierarchy: | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Carrying | Fair Value | Gross | |||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Loss | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Long-lived assets held and used:(1) | |||||||||||||||||||||||||||||||||
Itabo (San Lorenzo) | 23 | — | — | 7 | 16 | ||||||||||||||||||||||||||||
Beaver Valley | 61 | — | — | 15 | 46 | ||||||||||||||||||||||||||||
DP&L (Conesville) | 26 | — | — | — | 26 | ||||||||||||||||||||||||||||
Long-lived assets held for sale:(1) | |||||||||||||||||||||||||||||||||
U.S. wind turbines | 25 | — | 25 | — | — | ||||||||||||||||||||||||||||
Discontinued operations and held-for-sale businesses:(2) | |||||||||||||||||||||||||||||||||
Cameroon | 414 | — | 356 | — | 63 | ||||||||||||||||||||||||||||
Saurashtra | 19 | — | 7 | — | 12 | ||||||||||||||||||||||||||||
Ukraine utilities | 164 | — | 124 | — | 44 | ||||||||||||||||||||||||||||
Poland wind projects | 79 | — | 14 | — | 65 | ||||||||||||||||||||||||||||
U.S. wind projects | 77 | — | 30 | — | 47 | ||||||||||||||||||||||||||||
Equity method investments (3) | 240 | — | — | 111 | 129 | ||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||
DP&L | 623 | — | — | 316 | 307 | ||||||||||||||||||||||||||||
Ebute | 58 | — | — | — | 58 | ||||||||||||||||||||||||||||
MountainView | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
Carrying | Fair Value | Gross | |||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Loss | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Long-lived assets held and used:(1) | |||||||||||||||||||||||||||||||||
Kelanitissa | $ | 29 | $ | — | $ | — | $ | 10 | $ | 19 | |||||||||||||||||||||||
U.S. wind projects | 21 | — | — | — | 21 | ||||||||||||||||||||||||||||
Long-lived assets held for sale:(1) | |||||||||||||||||||||||||||||||||
U.S. wind turbines | 45 | — | — | 25 | 20 | ||||||||||||||||||||||||||||
St. Patrick | 33 | — | 22 | — | 11 | ||||||||||||||||||||||||||||
Discontinued operations and held-for-sale businesses:(2) | |||||||||||||||||||||||||||||||||
Tisza II | 105 | — | 14 | — | 91 | ||||||||||||||||||||||||||||
Equity method investments (3) | 205 | — | 155 | — | 50 | ||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||
DP&L | 2,440 | — | — | 623 | 1,817 | ||||||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||||||
(1) | See Note 21 — Asset Impairment Expense for further information. | ||||||||||||||||||||||||||||||||
(2) | See Note 23 — Discontinued Operations and Held-For-Sale Businesses for further information. Also, the gross loss equals the carrying amount of the disposal group less its fair value less costs to sell. | ||||||||||||||||||||||||||||||||
(3) | See Note 9 — Other Non-Operating Expense for further information. | ||||||||||||||||||||||||||||||||
Significant unobservable inputs, nonrecurring | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the significant unobservable inputs used in the Level 3 measurement of long-lived assets during the year ended December 31, 2013: | |||||||||||||||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||||||||||||||
(in millions) | ($ in millions) | ||||||||||||||||||||||||||||||||
Long-lived assets held and used: | |||||||||||||||||||||||||||||||||
Beaver Valley | $ | 15 | Discounted cash flow | Annual revenue growth | 3% to 45% (19%) | ||||||||||||||||||||||||||||
Annual pretax operating margin | -42% to 41% (25%) | ||||||||||||||||||||||||||||||||
Weighted-average cost of capital | 7 | % | |||||||||||||||||||||||||||||||
DPL (Conesville) | — | Discounted cash flow | Annual revenue growth | -31% to 18% (0%) | |||||||||||||||||||||||||||||
Annual pretax operating margin | -9% to 18% (10%) | ||||||||||||||||||||||||||||||||
Weighted-average cost of capital | 8 | % | |||||||||||||||||||||||||||||||
Itabo (San Lorenzo) | 7 | Market approach | Broker quote | 7 | |||||||||||||||||||||||||||||
Equity method investment: | |||||||||||||||||||||||||||||||||
Elsta | 111 | Discounted cash flow | Annual revenue growth | -66% to 24% (0%) | |||||||||||||||||||||||||||||
Annual pretax operating margin | 15% to 68% (40%) | ||||||||||||||||||||||||||||||||
Cost of equity | 7.8% to 9.8% (8.4%) | ||||||||||||||||||||||||||||||||
Total | $ | 133 | |||||||||||||||||||||||||||||||
Financial instruments not measured at fair value in the condensed consolidated balance sheets | ' | ||||||||||||||||||||||||||||||||
The following table sets forth the carrying amount, fair value and fair value hierarchy of the Company’s financial assets and liabilities that are not measured at fair value in the condensed consolidated balance sheets as of December 31, 2013 and 2012, but for which fair value is disclosed. | |||||||||||||||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Accounts receivable — noncurrent(1) | $ | 260 | $ | 194 | $ | — | $ | — | $ | 194 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Non-recourse debt | 15,380 | 15,620 | — | 13,397 | 2,223 | ||||||||||||||||||||||||||||
Recourse debt | 5,669 | 6,164 | — | 6,164 | — | ||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Accounts receivable — noncurrent(1) | $ | 304 | $ | 188 | $ | — | $ | — | $ | 188 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Non-recourse debt | 14,759 | 15,481 | — | 13,266 | 2,215 | ||||||||||||||||||||||||||||
Recourse debt | 5,962 | 6,628 | — | 6,628 | — | ||||||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||||||
(1) | These accounts receivable principally relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and are included in “Noncurrent assets — Other” in the accompanying consolidated balance sheets. The fair value of these accounts receivable excludes value-added tax of $46 million and $55 million at December 31, 2013 and 2012, respectively. |
Investments_In_Marketable_Secu1
Investments In Marketable Securities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||
Pre-Tax Gains And Losses On Available For Sale And Trading Securities | ' | ||||||||||||
The following table summarizes the gross proceeds from sale of available-for-sale securities for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Gross proceeds from sales of available-for-sale securities | $ | 4,406 | $ | 6,489 | $ | 6,119 | |||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Interest Rate Derivatives By Type Table | ' | ||||||||||||||||||||||||||
The following tables set forth, by type of derivative, the Company’s outstanding notional under its derivatives and the weighted-average remaining term as of December 31, 2013 regardless of whether the derivative instruments are in qualifying cash flow hedging relationships: | |||||||||||||||||||||||||||
Current | Maximum | ||||||||||||||||||||||||||
Interest Rate and Cross Currency | Derivative | Derivative Notional Translated to USD | Derivative | Derivative Notional Translated to USD | Weighted-Average Remaining Term | % of Debt Currently Hedged by Index(2) | |||||||||||||||||||||
Notional | Notional | ||||||||||||||||||||||||||
(in millions) | (in years) | ||||||||||||||||||||||||||
Interest Rate Derivatives:(1) | |||||||||||||||||||||||||||
LIBOR (U.S. Dollar) | 3,493 | $ | 3,493 | 4,675 | $ | 4,675 | 9 | 73 | % | ||||||||||||||||||
EURIBOR (Euro) | 574 | 789 | 575 | 791 | 12 | 83 | % | ||||||||||||||||||||
LIBOR (British Pound) | 67 | 111 | 67 | 111 | 8 | 83 | % | ||||||||||||||||||||
Cross Currency Swaps: | |||||||||||||||||||||||||||
Chilean Unidad de Fomento | 6 | 248 | 6 | 248 | 8 | 85 | % | ||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||
(1) | The Company’s interest rate derivative instruments primarily include accreting and amortizing notionals. The maximum derivative notional represents the largest notional at any point between December 31, 2013 and the maturity of the derivative instrument, which includes forward-starting derivative instruments. The interest rate and cross currency derivatives range in maturity through 2030 and 2028, respectively. | ||||||||||||||||||||||||||
(2) | The percentage of variable-rate debt currently hedged is based on the related index and excludes forecasted issuances of debt and variable-rate debt tied to other indices where the Company has no interest rate derivatives. | ||||||||||||||||||||||||||
Foreign Currency Derivatives By Type Table | ' | ||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||
Foreign Currency Derivatives | Notional(1) | Notional Translated to USD | Weighted-Average Remaining Term(2) | ||||||||||||||||||||||||
(in millions) | (in years) | ||||||||||||||||||||||||||
Foreign Currency Options and Forwards: | |||||||||||||||||||||||||||
Chilean Unidad de Fomento | 6 | $ | 248 | 1 | |||||||||||||||||||||||
Chilean Peso | 60,521 | 115 | <1 | ||||||||||||||||||||||||
Brazilian Real | 182 | 78 | <1 | ||||||||||||||||||||||||
Euro | 53 | 73 | <1 | ||||||||||||||||||||||||
Colombian Peso | 133,860 | 69 | <1 | ||||||||||||||||||||||||
Argentine Peso | 43 | 7 | <1 | ||||||||||||||||||||||||
British Pound | 35 | 57 | <1 | ||||||||||||||||||||||||
Embedded Foreign Currency Derivatives: | |||||||||||||||||||||||||||
Argentine Peso | 905 | 139 | 10 | ||||||||||||||||||||||||
Kazakhstani Tenge | 816 | 5 | 4 | ||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||
(1) | Represents contractual notionals. The notionals for options have not been probability adjusted, which generally would decrease them. | ||||||||||||||||||||||||||
(2) | Represents the remaining tenor of our foreign currency derivatives weighted by the corresponding notional. These options and forwards and these embedded derivatives range in maturity through 2017 and 2025, respectively. | ||||||||||||||||||||||||||
Commodity Derivatives By Type Table | ' | ||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||
Weighted-Average | |||||||||||||||||||||||||||
Commodity Derivatives | Notional | Remaining Term(1) | |||||||||||||||||||||||||
(in millions) | (in years) | ||||||||||||||||||||||||||
Power (MWh) | 5 | 3 | |||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||
(1) | Represents the remaining tenor of our commodity derivatives weighted by the corresponding volume. These derivatives range in maturity through 2016. | ||||||||||||||||||||||||||
Derivative Assets Liabilities At Fair Value Net By Balance Sheet Classification And Type Table | ' | ||||||||||||||||||||||||||
The following tables set forth the Company’s derivative instruments as of December 31, 2013 and 2012, first by whether or not they are designated hedging instruments, then by whether they are current or noncurrent to the extent they are subject to master netting agreements or similar agreements (where the rights to set-off relate to settlement of amounts receivable and payable under those derivatives) and by balances no longer accounted for as derivatives. | |||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||
Designated | Not Designated | Total | Designated | Not Designated | Total | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Interest rate derivatives | $ | 96 | $ | 2 | $ | 98 | $ | — | $ | 2 | $ | 2 | |||||||||||||||
Cross currency derivatives | 5 | — | 5 | 6 | — | 6 | |||||||||||||||||||||
Foreign currency derivatives | 4 | 109 | 113 | — | 81 | 81 | |||||||||||||||||||||
Commodity derivatives | 8 | 16 | 24 | 2 | 9 | 11 | |||||||||||||||||||||
Total assets | $ | 113 | $ | 127 | $ | 240 | $ | 8 | $ | 92 | $ | 100 | |||||||||||||||
Liabilities | |||||||||||||||||||||||||||
Interest rate derivatives | $ | 318 | $ | 4 | $ | 322 | $ | 544 | $ | 21 | $ | 565 | |||||||||||||||
Cross currency derivatives | 11 | — | 11 | 6 | — | 6 | |||||||||||||||||||||
Foreign currency derivatives | 15 | 6 | 21 | 7 | 7 | 14 | |||||||||||||||||||||
Commodity derivatives | 7 | 10 | 17 | 8 | 9 | 17 | |||||||||||||||||||||
Total liabilities | $ | 351 | $ | 20 | $ | 371 | $ | 565 | $ | 37 | $ | 602 | |||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Current | $ | 32 | $ | 157 | $ | 14 | $ | 178 | |||||||||||||||||||
Noncurrent | 208 | 214 | 86 | 424 | |||||||||||||||||||||||
Total | $ | 240 | $ | 371 | $ | 100 | $ | 602 | |||||||||||||||||||
Derivatives subject to master netting agreement or similar agreement: | |||||||||||||||||||||||||||
Gross amounts recognized in the balance sheet | $ | 91 | $ | 314 | $ | 25 | $ | 522 | |||||||||||||||||||
Gross amounts of derivative instruments not offset | (9 | ) | (9 | ) | (9 | ) | (9 | ) | |||||||||||||||||||
Gross amounts of cash collateral received/pledged not offset | (3 | ) | (6 | ) | — | (5 | ) | ||||||||||||||||||||
Net amount | $ | 79 | $ | 299 | $ | 16 | $ | 508 | |||||||||||||||||||
Other balances that had been, but are no longer, accounted for as derivatives that are to be amortized to earnings over the remaining term of the associated PPA | $ | 169 | $ | 190 | $ | 186 | $ | 191 | |||||||||||||||||||
Gain Loss In Accumulated Other Comprehensive Income And Earnings On Effective Portion Of Qualifying Cash Flow Hedges Table | ' | ||||||||||||||||||||||||||
The following tables set forth the pretax gains (losses) recognized in accumulated other comprehensive loss (“AOCL”) and earnings related to the effective portion of derivative instruments in qualifying cash flow hedging relationships (including amounts that were reclassified from AOCL as interest expense related to interest rate derivative instruments that previously, but no longer, qualify for cash flow hedge accounting), as defined in the accounting standards for derivatives and hedging, for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||||
Gains (Losses) Recognized in AOCL | Gains (Losses) Reclassified from AOCL into Earnings | ||||||||||||||||||||||||||
Years Ended December 31, | Classification in Condensed Consolidated Statements of Operations | Years Ended December 31, | |||||||||||||||||||||||||
Type of Derivative | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||
Interest rate derivatives | $ | 155 | $ | (175 | ) | $ | (475 | ) | Interest expense | $ | (127 | ) | $ | (135 | ) | $ | (125 | ) | |||||||||
Non-regulated cost of sales | (5 | ) | (6 | ) | (3 | ) | |||||||||||||||||||||
Net equity in earnings of affiliates | (6 | ) | (7 | ) | (4 | ) | |||||||||||||||||||||
Asset impairment expense | — | (6 | ) | — | |||||||||||||||||||||||
Gain on sale of investments | (21 | ) | (96 | ) | — | ||||||||||||||||||||||
Cross currency derivatives | (18 | ) | 4 | (36 | ) | Interest expense | (10 | ) | (12 | ) | (10 | ) | |||||||||||||||
Foreign currency transaction gains (losses) | (18 | ) | 26 | (16 | ) | ||||||||||||||||||||||
Foreign currency derivatives | — | 10 | 24 | Foreign currency transaction gains (losses) | 12 | 5 | 1 | ||||||||||||||||||||
Commodity derivatives | 2 | (8 | ) | — | Non-regulated revenue | (3 | ) | (2 | ) | — | |||||||||||||||||
Non-regulated cost of sales | (2 | ) | — | (2 | ) | ||||||||||||||||||||||
Total | $ | 139 | $ | (169 | ) | $ | (487 | ) | $ | (180 | ) | $ | (233 | ) | $ | (159 | ) | ||||||||||
Gain Loss In Earnings On Ineffective Portion Of Qualifying Cash Flow Hedges Table | ' | ||||||||||||||||||||||||||
The following table sets forth the pretax gains (losses) recognized in earnings related to the ineffective portion of derivative instruments in qualifying cash flow hedging relationships, as defined in the accounting standards for derivatives and hedging, for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||||
Gains (Losses) Recognized in Earnings | |||||||||||||||||||||||||||
Classification in | Years Ended December 31, | ||||||||||||||||||||||||||
Condensed Consolidated | |||||||||||||||||||||||||||
Type of Derivative | Statements of Operations | 2013 | 2012 | 2011 | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | 42 | $ | (2 | ) | $ | (6 | ) | ||||||||||||||||||
Net equity in earnings of affiliates | 1 | (1 | ) | (2 | ) | ||||||||||||||||||||||
Cross currency derivatives | Interest expense | — | (1 | ) | (4 | ) | |||||||||||||||||||||
Total | $ | 43 | $ | (4 | ) | $ | (12 | ) | |||||||||||||||||||
Gain Loss In Earnings On Non Hedging Instruments Table | ' | ||||||||||||||||||||||||||
The following table sets forth the gains (losses) recognized in earnings related to derivative instruments not designated as hedging instruments under the accounting standards for derivatives and hedging and the amortization of balances that had been, but are no longer, accounted for as derivatives, for the year ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||
Gains (Losses) Recognized in Earnings | |||||||||||||||||||||||||||
Classification in Condensed Consolidated | Years Ended December 31, | ||||||||||||||||||||||||||
Type of Derivative | Statements of Operations | 2013 | 2012 | 2011 | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | (1 | ) | $ | (5 | ) | $ | (4 | ) | |||||||||||||||||
Net equity in earnings of affiliates | (6 | ) | — | — | |||||||||||||||||||||||
Foreign currency derivatives | Foreign currency transaction gains (losses) | 64 | (141 | ) | 60 | ||||||||||||||||||||||
Net equity in earnings of affiliates | (24 | ) | — | — | |||||||||||||||||||||||
Commodity and other derivatives | Non-regulated revenue | 11 | 24 | 13 | |||||||||||||||||||||||
Regulated revenue | — | (10 | ) | 1 | |||||||||||||||||||||||
Non-regulated cost of sales | 1 | 2 | (9 | ) | |||||||||||||||||||||||
Regulated cost of sales | 2 | (15 | ) | (5 | ) | ||||||||||||||||||||||
Income (loss) from operations of discontinued businesses | (18 | ) | (4 | ) | (76 | ) | |||||||||||||||||||||
Total | $ | 29 | $ | (149 | ) | $ | (20 | ) | |||||||||||||||||||
Financing_Receivables_Tables
Financing Receivables (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Financing Receivables Table | ' | ||||||||
The following table sets forth the breakdown of financing receivables by country as of December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
(in millions) | |||||||||
Argentina(1) | $ | 164 | $ | 196 | |||||
Dominican Republic | 2 | 35 | |||||||
Brazil | 18 | 8 | |||||||
Total long-term financing receivables | $ | 184 | $ | 239 | |||||
_____________________________ | |||||||||
(1) | Excludes noncurrent receivables of $122 million and $120 million, respectively, as of December 31, 2013 and 2012, which have not been converted into financing receivables and do not have contractual maturities of greater than one year. Also, excludes the foreign currency-related embedded derivative assets associated with the financing receivables which had a fair value of $97 million and $69 million, respectively, as of December 31, 2013 and 2012. |
Investments_In_and_Advances_To1
Investments In and Advances To Affiliates (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||||||||||
Equity Ownership Interest And Carrying Values Of Investments Accounted For Under The Equity Method | ' | |||||||||||||||||||||||
The following table summarizes the relevant effective equity ownership interest and carrying values for the Company’s investments accounted for under the equity method as of December 31, 2013 and 2012. | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Affiliate | Country | Carrying Value (in millions) | Ownership Interest % | |||||||||||||||||||||
Silver Ridge Power (1) | Various | $ | 291 | $ | 307 | 50 | % | 50 | % | |||||||||||||||
Barry(2) | United Kingdom | — | — | 100 | % | 100 | % | |||||||||||||||||
CET(2)(3) | Brazil | — | 13 | N/A | 72 | % | ||||||||||||||||||
Chigen affiliates (4) | China | — | 2 | N/A | 35 | % | ||||||||||||||||||
Elsta(2)(5) | Netherlands | 120 | 219 | 50 | % | 50 | % | |||||||||||||||||
Entek | Turkey | 165 | 234 | 50 | % | 50 | % | |||||||||||||||||
Guacolda | Chile | 245 | 196 | 35 | % | 35 | % | |||||||||||||||||
OPGC | India | 186 | 199 | 49 | % | 49 | % | |||||||||||||||||
Trinidad Generation Unlimited(2)(6) | Trinidad | — | 24 | N/A | 10 | % | ||||||||||||||||||
Other affiliates | Various | 3 | 2 | |||||||||||||||||||||
Total investments in and advances to affiliates | $ | 1,010 | $ | 1,196 | ||||||||||||||||||||
-1 | Represent our investments in AES Solar Energy Ltd in Europe, AES Solar Power LLC in the United States and AES Solar Power, PR, LLC in Puerto Rico. The collective solar energy affiliates were consolidated into a single entity, Silver Ridge Power, during 2013. | |||||||||||||||||||||||
-2 | Represent VIEs in which the Company holds a variable interest, but is not the primary beneficiary. | |||||||||||||||||||||||
(3) | The Company acquired all of the noncontrolling interests of CET during the fourth quarter of 2013, which resulted in the consolidation of this entity. | |||||||||||||||||||||||
(4) | Represent our investment in Chengdu AES Kaihua Gas Turbine Company Ltd. The Company disposed of this investment during the first quarter of 2013. | |||||||||||||||||||||||
(5) | The Company recognized a $129 million impairment of its investment in Elsta during 2013. For additional information see Note 9 — Other Non-Operating Expense. | |||||||||||||||||||||||
(6) | The Company sold its interest in Trinidad Generation Unlimited during the third quarter of 2013. | |||||||||||||||||||||||
Investments In and Advances to Affiliates Financial Information | ' | |||||||||||||||||||||||
The following tables summarize financial information of the Company’s 50%-or-less owned affiliates and majority-owned unconsolidated subsidiaries that are accounted for using the equity method. | ||||||||||||||||||||||||
50%-or-less Owned Affiliates | Majority-Owned Unconsolidated Subsidiaries | |||||||||||||||||||||||
Years ended December 31, | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Revenue | $ | 1,099 | $ | 1,868 | $ | 1,668 | $ | 2 | $ | 106 | $ | 24 | ||||||||||||
Operating margin | 295 | 355 | 258 | — | 26 | 24 | ||||||||||||||||||
Net income (loss) | 53 | 146 | (5 | ) | — | (5 | ) | (5 | ) | |||||||||||||||
December 31, | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Current assets | $ | 842 | $ | 1,097 | $ | 1 | $ | 2 | ||||||||||||||||
Noncurrent assets | 3,722 | 5,253 | 20 | 38 | ||||||||||||||||||||
Current liabilities | 600 | 680 | 1 | 55 | ||||||||||||||||||||
Noncurrent liabilities | 2,096 | 2,899 | 75 | 20 | ||||||||||||||||||||
Noncontrolling interests | 15 | (228 | ) | — | — | |||||||||||||||||||
Stockholders’ equity | 1,853 | 2,999 | (55 | ) | (35 | ) | ||||||||||||||||||
Other_NonOperating_Expense_Tab
Other Non-Operating Expense (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||
Schedule of Other Nonoperating Expense By Component | ' | ||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Elsta | $ | 129 | $ | — | $ | — | |||||||
China generation and wind | — | 32 | 79 | ||||||||||
InnoVent | — | 17 | — | ||||||||||
Other | — | 1 | 3 | ||||||||||
Total other non-operating expense | $ | 129 | $ | 50 | $ | 82 | |||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||||||
The following table summarizes the changes in the carrying amount of goodwill, by reportable segment for the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||
US | Andes | MCAC | EMEA | Asia | Total | |||||||||||||||||||
Balance as of December 31, 2011 | ||||||||||||||||||||||||
Goodwill | $ | 2,672 | $ | 899 | $ | 149 | $ | 180 | $ | 80 | $ | 3,980 | ||||||||||||
Accumulated impairment losses | (21 | ) | — | — | (122 | ) | (17 | ) | (160 | ) | ||||||||||||||
Net balance | 2,651 | 899 | 149 | 58 | 63 | 3,820 | ||||||||||||||||||
Impairment losses | (1,817 | ) | — | — | — | — | (1,817 | ) | ||||||||||||||||
Goodwill acquired during the year | — | — | — | — | — | (1) | — | |||||||||||||||||
Foreign currency translation and other | (9 | ) | — | — | — | 5 | (4 | ) | ||||||||||||||||
Balance as of December 31, 2012 | ||||||||||||||||||||||||
Goodwill | 2,663 | 899 | 149 | 180 | 68 | 3,959 | ||||||||||||||||||
Accumulated impairment losses | (1,838 | ) | — | — | (122 | ) | — | (1,960 | ) | |||||||||||||||
Net balance | 825 | 899 | 149 | 58 | 68 | 1,999 | ||||||||||||||||||
Impairment losses | (314 | ) | — | — | (58 | ) | — | (372 | ) | |||||||||||||||
Goodwill associated with the sale of a business | — | — | — | — | — | — | ||||||||||||||||||
Foreign currency translation and other | (5 | ) | — | — | — | — | (5 | ) | ||||||||||||||||
Balance as of December 31, 2013 | ||||||||||||||||||||||||
Goodwill | 2,658 | 899 | 149 | 180 | 68 | 3,954 | ||||||||||||||||||
Accumulated impairment losses | (2,152 | ) | — | — | (180 | ) | — | (2,332 | ) | |||||||||||||||
Net balance | $ | 506 | $ | 899 | $ | 149 | $ | — | $ | 68 | $ | 1,622 | ||||||||||||
_____________________________ | ||||||||||||||||||||||||
-1 | Both the gross carrying amount and the accumulated impairment losses of the Asia generation segment have been reduced by $17 million with no impact on the net carrying amount for the segment. This relates to Chigen, which had fully impaired goodwill of $17 million and was sold during the year. | |||||||||||||||||||||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets | ' | |||||||||||||||||||||||
The following tables summarize the balances comprising other intangible assets in the accompanying Consolidated Balance Sheets as of December 31, 2013 and 2012: | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Gross Balance | Accumulated | Net Balance | Gross Balance | Accumulated | Net Balance | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Subject to Amortization | ||||||||||||||||||||||||
Project development rights(1) | $ | 31 | $ | (1 | ) | $ | 30 | $ | 32 | $ | (1 | ) | $ | 31 | ||||||||||
Sales concessions(2) | 95 | (45 | ) | 50 | 108 | (49 | ) | 59 | ||||||||||||||||
Contractual payment rights(3) | 74 | (33 | ) | 41 | 72 | (23 | ) | 49 | ||||||||||||||||
Management rights | 37 | (13 | ) | 24 | 40 | (14 | ) | 26 | ||||||||||||||||
Emission allowances | 4 | — | 4 | 5 | — | 5 | ||||||||||||||||||
Electric security plan | — | — | — | 87 | (87 | ) | — | |||||||||||||||||
Contracts | 46 | (24 | ) | 22 | 44 | (20 | ) | 24 | ||||||||||||||||
Customer contracts and relationships | 63 | (34 | ) | 29 | 66 | (26 | ) | 40 | ||||||||||||||||
Other(4) | 20 | (3 | ) | 17 | 13 | (2 | ) | 11 | ||||||||||||||||
Subtotal | 370 | (153 | ) | 217 | 467 | (222 | ) | 245 | ||||||||||||||||
Indefinite-Lived Intangible Assets | ||||||||||||||||||||||||
Land use rights | 46 | — | 46 | 50 | — | 50 | ||||||||||||||||||
Water rights | 20 | — | 20 | 18 | — | 18 | ||||||||||||||||||
Trademark/Trade name | 5 | — | 5 | 6 | — | 6 | ||||||||||||||||||
Other | 9 | — | 9 | 5 | — | 5 | ||||||||||||||||||
Subtotal | 80 | — | 80 | 79 | — | 79 | ||||||||||||||||||
Total | $ | 450 | $ | (153 | ) | $ | 297 | $ | 546 | $ | (222 | ) | $ | 324 | ||||||||||
_____________________________ | ||||||||||||||||||||||||
(1) | Represent development rights, including but not limited to, land control, various permits and right to acquire equity interests in development projects resulting from asset acquisitions by our wind operations in the U.K. The balance excludes project development rights of $70 million relating to our Poland wind operations that were fully impaired in the third quarter of 2013 and subsequently sold in November 2013. See Note 23—Discontinued Operations and Held for Sale Businesses for further information. | |||||||||||||||||||||||
-2 | Excludes net balance of sales concessions of $32 and $34 million as of December 31, 2013 and 2012, respectively, relating to our utility businesses in Cameroon that have been included in noncurrent assets of Discontinued Operations and Held for Sale Businesses. See Note 23—Discontinued Operations and Held for Sale Businesses for further information. | |||||||||||||||||||||||
(3) | Represent legal rights to receive system reliability payments from the regulator. | |||||||||||||||||||||||
(4) | Includes renewable energy certificates, land use rights and various other intangible assets none of which is individually significant. | |||||||||||||||||||||||
Schedule of Acquired Intangible Assets By Major Class | ' | |||||||||||||||||||||||
The following table summarizes, by category, intangible assets acquired during the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Amount | Subject to Amortization/ | Weighted Average | Amortization | |||||||||||||||||||||
Indefinite-Lived | Amortization Period | Method | ||||||||||||||||||||||
(in millions) | (in years) | |||||||||||||||||||||||
Renewable energy certificates | $ | 3 | Subject to amortization | Various | As utilized | |||||||||||||||||||
Other | 2 | Various | N/A | N/A | ||||||||||||||||||||
Total | $ | 5 | ||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Amount | Subject to Amortization/ | Weighted Average | Amortization | |||||||||||||||||||||
Indefinite-Lived | Amortization Period | Method | ||||||||||||||||||||||
(in millions) | (in years) | |||||||||||||||||||||||
Renewable energy certificates | $ | 5 | Subject to amortization | Various | As utilized | |||||||||||||||||||
Water rights | 13 | Indefinite-lived | N/A | N/A | ||||||||||||||||||||
Other | 1 | Various | N/A | N/A | ||||||||||||||||||||
Total | $ | 19 | ||||||||||||||||||||||
Schedule of Expected Amortization Expense | ' | |||||||||||||||||||||||
The following table summarizes the estimated amortization expense, by intangible asset category, for 2014 through 2018: | ||||||||||||||||||||||||
Estimated amortization expense | ||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Customer relationships & contracts | $ | 5 | $ | 3 | $ | 3 | $ | 3 | $ | 3 | ||||||||||||||
Sales concessions | 4 | 4 | 4 | 3 | 3 | |||||||||||||||||||
Contractual payment rights | 2 | 2 | 2 | 2 | 2 | |||||||||||||||||||
All other | 5 | 5 | 5 | 5 | 4 | |||||||||||||||||||
Total | $ | 16 | $ | 14 | $ | 14 | $ | 13 | $ | 12 | ||||||||||||||
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Regulated Operations [Abstract] | ' | |||||||||||||||
Regulatory Assets and Liabilities | ' | |||||||||||||||
The Company has recorded regulatory assets and liabilities that it expects to pass through to its customers in accordance with, and subject to, regulatory provisions as follows: | ||||||||||||||||
December 31, | Recovery/Refund Period | |||||||||||||||
2013 | 2012 | |||||||||||||||
(in millions) | ||||||||||||||||
REGULATORY ASSETS | ||||||||||||||||
Current regulatory assets: | ||||||||||||||||
Brazil tariff recoveries:(1) | ||||||||||||||||
Energy purchases | $ | 87 | $ | 189 | Annually as part of the tariff adjustment | |||||||||||
Transmission costs, regulatory fees and other | 52 | 78 | Annually as part of the tariff adjustment | |||||||||||||
El Salvador tariff recoveries(2) | 108 | 115 | Quarterly as part of the tariff adjustment | |||||||||||||
Other(3) | 35 | 26 | Various | |||||||||||||
Total current regulatory assets | 282 | 408 | ||||||||||||||
Noncurrent regulatory assets: | ||||||||||||||||
Defined benefit pension obligations at IPL and DPL(4)(5) | 261 | 430 | Various | |||||||||||||
Income taxes recoverable from customers(4)(6) | 72 | 81 | Various | |||||||||||||
Brazil tariff recoveries:(1) | ||||||||||||||||
Energy purchases | 62 | 97 | Annually as part of the tariff adjustment | |||||||||||||
Transmission costs, regulatory fees and other | 4 | 59 | Annually as part of the tariff adjustment | |||||||||||||
Deferred Midwest ISO costs(7) | 98 | 89 | To be determined | |||||||||||||
Other(3) | 139 | 115 | Various | |||||||||||||
Total noncurrent regulatory assets | 636 | 871 | ||||||||||||||
TOTAL REGULATORY ASSETS | $ | 918 | $ | 1,279 | ||||||||||||
REGULATORY LIABILITIES | ||||||||||||||||
Current regulatory liabilities: | ||||||||||||||||
Brazil tariff reset adjustment(8) | $ | 245 | $ | 89 | Two Years | |||||||||||
Efficiency program costs(9) | 25 | 32 | Annually as part of the tariff adjustment | |||||||||||||
Brazil regulatory asset base adjustment (13) | 34 | — | Up to four tariff periods | |||||||||||||
Brazil tariff refunds:(1) | ||||||||||||||||
Energy purchases | 48 | 171 | Annually as part of the tariff adjustment | |||||||||||||
Transmission costs, regulatory fees and other | 69 | 55 | Annually as part of the tariff adjustment | |||||||||||||
Other(10) | 40 | 41 | Various | |||||||||||||
Total current regulatory liabilities | 461 | 388 | ||||||||||||||
Noncurrent regulatory liabilities: | ||||||||||||||||
Brazil tariff reset adjustment(8) | 82 | 445 | Two Years | |||||||||||||
Asset retirement obligations(11) | 696 | 672 | Over life of assets | |||||||||||||
Brazil regulatory asset base adjustment (13) | 235 | — | Up to four tariff periods | |||||||||||||
Brazil special obligations(12) | 502 | 463 | To be determined | |||||||||||||
Brazil tariff refunds:(1) | ||||||||||||||||
Energy purchases | 16 | 46 | Annually as part of the tariff adjustment | |||||||||||||
Transmission costs, regulatory fees and other | 42 | 42 | Annually as part of the tariff adjustment | |||||||||||||
Efficiency program costs(9) | 10 | 17 | Annually as part of the tariff adjustment | |||||||||||||
Other(10) | 9 | 17 | Various | |||||||||||||
Total noncurrent regulatory liabilities | 1,592 | 1,702 | ||||||||||||||
TOTAL REGULATORY LIABILITIES | $ | 2,053 | $ | 2,090 | ||||||||||||
_____________________________ | ||||||||||||||||
-1 | Recoverable or refundable per National Electric Energy Agency (“ANEEL”) regulations through the Annual Tariff Adjustment (“IRT”). These costs are generally non-controllable costs and primarily consist of purchased electricity, energy transmission costs and sector costs that are considered volatile. These costs are passed through for a period of 12 months as part of the annual tariff adjustment. Any remaining balance is considered in the following annual tariff adjustment, being a total of 24 months to recover or refund the costs. | |||||||||||||||
-2 | Deferred fuel costs incurred by our El Salvador subsidiaries associated with purchase of energy from the El Salvador spot market and the power generation plants. In El Salvador, the deferred fuel adjustment represents the variance between the actual fuel costs and the fuel costs recovered in the tariffs. The variance is recovered quarterly at the tariff reset period. | |||||||||||||||
-3 | Includes assets with and without a rate of return. Other current regulatory assets that did not earn a rate of return were $13 million and $19 million, as of December 31, 2013 and 2012, respectively. Other noncurrent regulatory assets that did not earn a rate of return were $71 million and $60 million, as of December 31, 2013 and 2012, respectively. Other current and noncurrent regulatory assets primarily consist of: | |||||||||||||||
▪ | Unamortized losses on long-term debt reacquired or redeemed in prior periods at IPL and DPL, which are amortized over the lives of the original issues in accordance with the FERC and PUCO rules. | |||||||||||||||
▪ | Unamortized carrying charges and certain other costs related to Petersburg unit 4 at IPL. | |||||||||||||||
▪ | Deferred storm costs incurred primarily in 2008 to repair storm damage at DPL, which have been deferred until such time that DPL seeks recovery in a future rate proceeding. | |||||||||||||||
▪ | Additional Regulatory Asset Base (RAB) from a favorable decision on tariff reset (administrative appeal) at Eletropaulo. | |||||||||||||||
-4 | Past expenditures on which the Company does not earn a rate of return. | |||||||||||||||
-5 | The regulatory accounting standards allow the defined pension and postretirement benefit obligation to be recorded as a regulatory asset equal to the previously unrecognized actuarial gains and losses and prior service costs that are expected to be recovered through future rates. Pension expense is recognized based on the plan’s actuarially determined pension liability. Recovery of costs is probable, but not yet determined. Pension contributions made by our Brazilian subsidiaries are not included in regulatory assets as those contributions are not covered by the established tariff in Brazil. | |||||||||||||||
-6 | Probability of recovery through future rates, based upon established regulatory practices, which permit the recovery of current taxes. This amount is expected to be recovered, without interest, over the period as book-tax temporary differences reverse and become current taxes. | |||||||||||||||
-7 | Transmission service costs and other administrative costs from IPL’s participation in the Midwest ISO market, which are recoverable but do not earn a rate of return. Recovery of costs is probable, but the timing is not yet determined. | |||||||||||||||
-8 | In July 2012, the Brazilian energy regulator (the “Regulator”) approved the periodic review and reset of a component of Eletropaulo’s regulated tariff, which determines the margin to be earned by Eletropaulo. The review and reset of this tariff component is retroactive to July 2011 and will be applied to customers’ invoices from July 2012 to June 2015. From July 2011 through June 2012, Eletropaulo invoiced customers under the then existing tariff rate, as required by the Regulator. As the new tariff rate is lower than the pre-existing tariff rate, Eletropaulo is required to reduce customer tariffs for this difference over the next year. Accordingly, from July 2011 through June 2012, Eletropaulo recognized a regulatory liability for such estimated future refunds, which was subsequently adjusted as of June 30, 2012 upon the finalization of the new tariff with the Regulator. The refund to customers was considered in the 2013 tariff adjustment, which contemplates an amortization of 67.55% as from July 4, 2013. The remaining balance, representing 32.45%, will be considered in the next annual tariff adjustment. As of December 31, 2013, Eletropaulo had recorded a current and noncurrent regulatory liability of $245 million and $82 million, respectively. | |||||||||||||||
-9 | Amounts received for costs expected to be incurred to improve the efficiency of our plants in Brazil as part of the IRT. | |||||||||||||||
-10 | Other current and noncurrent regulatory liabilities primarily consist of liabilities owed to electricity generators due to variance in energy prices during rationing periods (“Free Energy”). Our Brazilian subsidiaries are authorized to recover or refund this cost associated with monthly energy price variances between the wholesale energy market prices owed to the power generation plants producing Free Energy and the capped price reimbursed by the local distribution companies which are passed through to the final customers through energy tariffs. The balance excludes asset retirement obligations that were reclassified out of Other. | |||||||||||||||
-11 | Obligations for removal costs which do not have an associated legal retirement obligation as defined by the accounting standards on asset retirement obligations. | |||||||||||||||
-12 | Obligations established by ANEEL in Brazil associated with electric utility concessions and represent amounts received from customers or donations not subject to return. These donations are allocated to support energy network expansion and to improve utility operations to meet customers’ needs. The term of the obligation is established by ANEEL. Settlement shall occur when the concession ends. | |||||||||||||||
(13) | Represents adjustments to the regulatory asset base resulting from an administrative ruling in December 2013 which compelled Eletropaulo to refund customers beginning in July 2014. | |||||||||||||||
Schedule of Regulatory Assets by Region | ' | |||||||||||||||
The following table summarizes regulatory assets and liabilities by reportable segment as of December 31, 2013 and 2012: | ||||||||||||||||
December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Regulatory Assets | Regulatory Liabilities | Regulatory Assets | Regulatory Liabilities | |||||||||||||
(in millions) | ||||||||||||||||
Brazil SBU | $ | 260 | $ | 1,336 | $ | 427 | $ | 1,390 | ||||||||
US SBU | 550 | 717 | 737 | 700 | ||||||||||||
MCAC SBU | 108 | — | 115 | — | ||||||||||||
Total | $ | 918 | $ | 2,053 | $ | 1,279 | $ | 2,090 | ||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Carrying Amount and Terms of Non-Recourse Debt | ' | |||||||||||||
Non-Recourse Debt | ||||||||||||||
The following table summarizes the carrying amount and terms of non-recourse debt as of December 31, 2013 and 2012: | ||||||||||||||
NON-RECOURSE DEBT | Weighted Average Interest Rate | Maturity | December 31, | |||||||||||
2013 | 2012 | |||||||||||||
(in millions) | ||||||||||||||
VARIABLE RATE:(1) | ||||||||||||||
Bank loans | 3.3 | % | 2014 – 2029 | $ | 2,783 | $ | 3,556 | |||||||
Notes and bonds | 10.51 | % | 2014 – 2040 | 1,845 | 1,887 | |||||||||
Debt to (or guaranteed by) multilateral, export credit agencies or development banks(2) | 2.46 | % | 2014 – 2034 | 2,446 | 1,711 | |||||||||
Other | 4.62 | % | 2014 – 2043 | 349 | 349 | |||||||||
FIXED RATE: | ||||||||||||||
Bank loans | 5.06 | % | 2014 – 2023 | 477 | 209 | |||||||||
Notes and bonds | 6.25 | % | 2014 – 2073 | 7,164 | 6,448 | |||||||||
Debt to (or guaranteed by) multilateral, export credit agencies or development banks(2) | 4.65 | % | 2014 – 2027 | 164 | 411 | |||||||||
Other | 6.55 | % | 2014 – 2061 | 152 | 188 | |||||||||
SUBTOTAL | 15,380 | (3) | 14,759 | (3) | ||||||||||
Less: Current maturities | (2,062 | ) | (2,494 | ) | ||||||||||
TOTAL | $ | 13,318 | $ | 12,265 | ||||||||||
-1 | The interest rate on variable rate debt represents the total of a variable component that is based on changes in an interest rate index and of a fixed component. The Company has interest rate swaps and option agreements in an aggregate notional principal amount of approximately $3.6 billion on non-recourse debt outstanding at December 31, 2013. These agreements economically fix the variable component of the interest rates on the portion of the variable-rate debt being hedged so that the total interest rate on that debt has been fixed at rates ranging from approximately 4.09% to 8.98% and 5.85% to 8.75% for swaps and options, respectively. These agreements expire at various dates from 2014 through 2030. | |||||||||||||
-2 | Multilateral loans include loans funded and guaranteed by bilaterals, multilaterals, development banks and other similar institutions. | |||||||||||||
(3) | Non-recourse debt of $658 million as of December 31, 2013 was excluded from non-recourse debt and included in current and noncurrent liabilities of held for sale and discontinued businesses in the accompanying Consolidated Balance Sheets. There were no amounts excluded in 2012. | |||||||||||||
Schedule For Maturity For Non-Recourse Debt | ' | |||||||||||||
Non-recourse debt as of December 31, 2013 is scheduled to reach maturity as set forth in the table below: | ||||||||||||||
December 31, | Annual Maturities | |||||||||||||
(in millions) | ||||||||||||||
2014 | $ | 2,062 | ||||||||||||
2015 | 692 | |||||||||||||
2016 | 2,422 | |||||||||||||
2017 | 792 | |||||||||||||
2018 | 1,444 | |||||||||||||
Thereafter | 7,968 | |||||||||||||
Total non-recourse debt | $ | 15,380 | ||||||||||||
Debt In Default Table | ' | |||||||||||||
The following table summarizes the Company’s subsidiary non-recourse debt in default or accelerated as of December 31, 2013 and is included in the current portion of non-recourse debt: | ||||||||||||||
Primary Nature | December 31, 2013 | |||||||||||||
Subsidiary | of Default | Default | Net Assets | |||||||||||
(in millions) | ||||||||||||||
Maritza | Covenant | $ | 850 | $ | 714 | |||||||||
Kavarna | Covenant | 205 | 90 | |||||||||||
Total | $ | 1,055 | ||||||||||||
Schedule of Recourse Debt Detail | ' | |||||||||||||
The following table summarizes the carrying amount and terms of recourse debt of the Company as of December 31, 2013 and 2012: | ||||||||||||||
Interest Rate | Final | December 31, | ||||||||||||
RECOURSE DEBT | Maturity | 2013 | 2012 | |||||||||||
(in millions) | ||||||||||||||
Senior Unsecured Note | 7.75% | 2014 | 110 | 500 | ||||||||||
Senior Unsecured Note | 7.75% | 2015 | 356 | 500 | ||||||||||
Senior Unsecured Note | 9.75% | 2016 | 369 | 535 | ||||||||||
Senior Unsecured Note | 8.00% | 2017 | 1,150 | 1,500 | ||||||||||
Senior Secured Term Loan | LIBOR + 2.75% | 2018 | 799 | 807 | ||||||||||
Senior Unsecured Note | 8.00% | 2020 | 625 | 625 | ||||||||||
Senior Unsecured Note | 7.38% | 2021 | 1,000 | 1,000 | ||||||||||
Senior Unsecured Note | 4.88% | 2023 | 750 | — | ||||||||||
Term Convertible Trust Securities | 6.75% | 2029 | 517 | 517 | ||||||||||
Unamortized discounts | (7 | ) | (22 | ) | ||||||||||
SUBTOTAL | 5,669 | 5,962 | ||||||||||||
Less: Current maturities | (118 | ) | (11 | ) | ||||||||||
Total | $ | 5,551 | $ | 5,951 | ||||||||||
December 31, | ||||||||||||||
Interest Rate | Maturity | 2013 | 2012 | |||||||||||
(in millions) | ||||||||||||||
Senior Unsecured Note | 7.75% | 2014 | $ | 110 | $ | 500 | ||||||||
Senior Unsecured Note | 7.75% | 2015 | 356 | 500 | ||||||||||
Senior Unsecured Note | 9.75% | 2016 | 369 | 535 | ||||||||||
Senior Unsecured Note | 8.00% | 2017 | 1,150 | 1,500 | ||||||||||
Senior Secured Term Loan | LIBOR + 2.75% | 2018 | 799 | 807 | ||||||||||
Revolving Loan under Senior Secured Credit Facility | LIBOR + 2.25% | 2018 | — | — | ||||||||||
Senior Unsecured Note | 8 | % | 2020 | 625 | 625 | |||||||||
Senior Unsecured Note | 7.38% | 2021 | 1,000 | 1,000 | ||||||||||
Senior Unsecured Note | 4.88% | 2023 | 750 | — | ||||||||||
Unamortized discounts | (7 | ) | (22 | ) | ||||||||||
SUBTOTAL | 5,152 | 5,445 | ||||||||||||
Less: Current maturities | (118 | ) | (11 | ) | ||||||||||
Total | $ | 5,034 | $ | 5,434 | ||||||||||
Schedule of Future Maturities of Recourse Debt | ' | |||||||||||||
Interest Rate | Final | December 31, | ||||||||||||
RECOURSE DEBT | Maturity | 2013 | 2012 | |||||||||||
(in millions) | ||||||||||||||
Senior Unsecured Note | 7.75% | 2014 | 110 | 500 | ||||||||||
Senior Unsecured Note | 7.75% | 2015 | 356 | 500 | ||||||||||
Senior Unsecured Note | 9.75% | 2016 | 369 | 535 | ||||||||||
Senior Unsecured Note | 8.00% | 2017 | 1,150 | 1,500 | ||||||||||
Senior Secured Term Loan | LIBOR + 2.75% | 2018 | 799 | 807 | ||||||||||
Senior Unsecured Note | 8.00% | 2020 | 625 | 625 | ||||||||||
Senior Unsecured Note | 7.38% | 2021 | 1,000 | 1,000 | ||||||||||
Senior Unsecured Note | 4.88% | 2023 | 750 | — | ||||||||||
Term Convertible Trust Securities | 6.75% | 2029 | 517 | 517 | ||||||||||
Unamortized discounts | (7 | ) | (22 | ) | ||||||||||
SUBTOTAL | 5,669 | 5,962 | ||||||||||||
Less: Current maturities | (118 | ) | (11 | ) | ||||||||||
Total | $ | 5,551 | $ | 5,951 | ||||||||||
The table below summarizes the principal amounts due, net of unamortized discounts, under our recourse debt for the next five years and thereafter: | ||||||||||||||
December 31, | Net Principal Amounts Due | |||||||||||||
(in millions) | ||||||||||||||
2014 | $ | 118 | ||||||||||||
2015 | 364 | |||||||||||||
2016 | 368 | |||||||||||||
2017 | 1,158 | |||||||||||||
2018 | 764 | |||||||||||||
Thereafter | 2,897 | |||||||||||||
Total recourse debt | $ | 5,669 | ||||||||||||
December 31, | Annual Maturities | |||||||||||||
(in millions) | ||||||||||||||
2014 | $ | 118 | ||||||||||||
2015 | 364 | |||||||||||||
2016 | 368 | |||||||||||||
2017 | 1,158 | |||||||||||||
2018 | 764 | |||||||||||||
Thereafter | 2,897 | |||||||||||||
Total debt | $ | 5,669 | ||||||||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Operating Leases of Lessee Disclosure | ' | |||||||||||
The table below sets forth the future minimum lease payments under operating and capital leases for continuing operations together with the present value of the net minimum lease payments under capital leases as of December 31, 2013 for 2014 through 2018 and thereafter: | ||||||||||||
Future Commitments for | ||||||||||||
December 31, | Capital Leases | Operating Leases | ||||||||||
(in millions) | ||||||||||||
2014 | $ | 13 | $ | 41 | ||||||||
2015 | 13 | 42 | ||||||||||
2016 | 12 | 40 | ||||||||||
2017 | 11 | 40 | ||||||||||
2018 | 10 | 40 | ||||||||||
Thereafter | 136 | 399 | ||||||||||
Total | 195 | $ | 602 | |||||||||
Less: Imputed interest | 120 | |||||||||||
Present value of total minimum lease payments | $ | 75 | ||||||||||
Electricity Purchase Contract Commitment | ' | |||||||||||
Actual purchases under these contracts for the years ended December 31, 2013, 2012, and 2011 are also presented: | ||||||||||||
Electricity Purchase Contracts | Fuel Purchase Contracts | Other Purchase Contracts | ||||||||||
Actual purchases during the year ended December 31, | (in millions) | |||||||||||
2011 | $ | 2,463 | $ | 1,577 | $ | 1,515 | ||||||
2012 | 2,819 | 1,832 | 1,637 | |||||||||
2013 | 2,665 | 1,590 | 1,743 | |||||||||
Future commitments for the year ending December 31, | ||||||||||||
2014 | $ | 2,793 | $ | 1,274 | $ | 1,526 | ||||||
2015 | 2,792 | 718 | 1,326 | |||||||||
2016 | 2,808 | 437 | 975 | |||||||||
2017 | 2,403 | 432 | 674 | |||||||||
2018 | 2,538 | 434 | 576 | |||||||||
Thereafter | 27,831 | 3,451 | 5,419 | |||||||||
Total | $ | 41,165 | $ | 6,746 | $ | 10,496 | ||||||
Contingencies_Tables
Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Contingent Contractual Obligations | ' | ||||||||
The following table summarizes the Parent Company’s contingent contractual obligations as of December 31, 2013. Amounts presented in the table below represent the Parent Company’s current undiscounted exposure to guarantees and the range of maximum undiscounted potential exposure. The maximum exposure is not reduced by the amounts, if any, that could be recovered under the recourse or collateralization provisions in the guarantees. The amounts include obligations made by the Parent Company for the direct benefit of the lenders associated with the non-recourse debt of its businesses of $24 million. | |||||||||
Contingent Contractual Obligations | Amount | Number of | Maximum Exposure Range for | ||||||
Agreements | Each Agreement | ||||||||
(in millions) | (in millions) | ||||||||
Guarantees | $ | 661 | 21 | <$1 - 280 | |||||
Cash collateralized letters of credit | 163 | 12 | <$1 - 109 | ||||||
Letters of credit under the senior secured credit facility | 1 | 3 | <$1 | ||||||
Total | $ | 825 | 36 | ||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Net Funded Status | ' | ||||||||||||||||||||||||||||||||
The following table reconciles the Company’s funded status, both domestic and foreign, as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
CHANGE IN PROJECTED BENEFIT OBLIGATION: | |||||||||||||||||||||||||||||||||
Benefit obligation as of January 1 | $ | 1,210 | $ | 6,768 | $ | 1,044 | $ | 5,761 | |||||||||||||||||||||||||
Service cost | 16 | 26 | 14 | 18 | |||||||||||||||||||||||||||||
Interest cost | 46 | 515 | 48 | 509 | |||||||||||||||||||||||||||||
Employee contributions | — | 4 | — | 5 | |||||||||||||||||||||||||||||
Plan amendments | — | — | 7 | 1 | |||||||||||||||||||||||||||||
Plan settlements | — | — | (1 | ) | (2 | ) | |||||||||||||||||||||||||||
Benefits paid | (75 | ) | (407 | ) | (51 | ) | (431 | ) | |||||||||||||||||||||||||
Assumption of a plan due to the resolution of bankruptcy proceedings(1) | — | — | 51 | — | |||||||||||||||||||||||||||||
Actuarial (gain) loss | (138 | ) | (1,436 | ) | 98 | 1,412 | |||||||||||||||||||||||||||
Effect of foreign currency exchange rate changes | — | (721 | ) | — | (505 | ) | |||||||||||||||||||||||||||
Benefit obligation as of December 31 | $ | 1,059 | $ | 4,749 | $ | 1,210 | $ | 6,768 | |||||||||||||||||||||||||
CHANGE IN PLAN ASSETS: | |||||||||||||||||||||||||||||||||
Fair value of plan assets as of January 1 | $ | 883 | $ | 4,712 | $ | 762 | $ | 4,400 | |||||||||||||||||||||||||
Actual return on plan assets | 81 | (345 | ) | 97 | 944 | ||||||||||||||||||||||||||||
Employer contributions | 52 | 160 | 49 | 161 | |||||||||||||||||||||||||||||
Employee contributions | — | 4 | — | 5 | |||||||||||||||||||||||||||||
Plan settlements | — | — | (1 | ) | (2 | ) | |||||||||||||||||||||||||||
Benefits paid | (75 | ) | (407 | ) | (51 | ) | (431 | ) | |||||||||||||||||||||||||
Assumption of a plan due to the resolution of bankruptcy proceedings(1) | — | — | 27 | — | |||||||||||||||||||||||||||||
Effect of foreign currency exchange rate changes | — | (519 | ) | — | (365 | ) | |||||||||||||||||||||||||||
Fair value of plan assets as of December 31 | $ | 941 | $ | 3,605 | $ | 883 | $ | 4,712 | |||||||||||||||||||||||||
RECONCILIATION OF FUNDED STATUS | |||||||||||||||||||||||||||||||||
Funded status as of December 31 | $ | (118 | ) | $ | (1,144 | ) | $ | (327 | ) | $ | (2,056 | ) | |||||||||||||||||||||
-1 | The Company assumed the pension plan for AES Eastern Energy on December 28, 2012 as part of the settlement of the bankruptcy proceedings. See Note 23—Discontinued Operations and Held for Sale Businesses for further information. | ||||||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the amounts recognized on the Consolidated Balance Sheets related to the funded status of the plans, both domestic and foreign, as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
AMOUNTS RECOGNIZED ON THE | |||||||||||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||||||||||
Noncurrent assets | $ | — | $ | 23 | $ | — | $ | — | |||||||||||||||||||||||||
Accrued benefit liability—current | — | (4 | ) | — | (3 | ) | |||||||||||||||||||||||||||
Accrued benefit liability—noncurrent | (118 | ) | (1,163 | ) | (327 | ) | (2,053 | ) | |||||||||||||||||||||||||
Net amount recognized at end of year | $ | (118 | ) | $ | (1,144 | ) | $ | (327 | ) | $ | (2,056 | ) | |||||||||||||||||||||
Schedule of Accumulated and Projected Benefit Obligations | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the Company’s accumulated benefit obligation, both domestic and foreign, as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Accumulated Benefit Obligation | $ | 1,036 | $ | 4,686 | $ | 1,180 | $ | 6,662 | |||||||||||||||||||||||||
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,059 | $ | 4,412 | $ | 1,210 | $ | 6,398 | |||||||||||||||||||||||||
Accumulated benefit obligation | 1,036 | 4,366 | 1,180 | 6,319 | |||||||||||||||||||||||||||||
Fair value of plan assets | 941 | 3,246 | 883 | 4,360 | |||||||||||||||||||||||||||||
Information for pension plans with a projected benefit obligation in excess of plan assets: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,059 | $ | 4,425 | (1) | $ | 1,210 | $ | 6,768 | ||||||||||||||||||||||||
Fair value of plan assets | 941 | 3,259 | (1) | 883 | 4,712 | ||||||||||||||||||||||||||||
-1 | $1.1 billion of the total net unfunded projected benefit obligation is due to Eletropaulo in Brazil. | ||||||||||||||||||||||||||||||||
Schedule of Assumptions Used | ' | ||||||||||||||||||||||||||||||||
The table below summarizes the significant weighted average assumptions used in the calculation of benefit obligation and net periodic benefit cost, both domestic and foreign, as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
Benefit Obligation: | |||||||||||||||||||||||||||||||||
Discount rates | 4.89 | % | 10.8 | % | (2) | 3.86 | % | 8.28 | % | (2) | |||||||||||||||||||||||
Rates of compensation increase | 3.94 | % | (1) | 6.44 | % | 3.94 | % | (1) | 6.47 | % | |||||||||||||||||||||||
Periodic Benefit Cost: | |||||||||||||||||||||||||||||||||
Discount rate | 3.86 | % | 8.28 | % | 4.67 | % | 9.54 | % | |||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 7.15 | % | 11.16 | % | 7.28 | % | 10.81 | % | |||||||||||||||||||||||||
Rate of compensation increase | 3.94 | % | (1) | 6.47 | % | 3.94 | % | (1) | 5.99 | % | |||||||||||||||||||||||
-1 | A U.S. subsidiary of the Company has a defined benefit obligation of $651 million and $764 million as of December 31, 2013 and 2012, respectively, and uses salary bands to determine future benefit costs rather than rates of compensation increases. Rates of compensation increases in the table above do not include amounts related to this specific defined benefit plan. | ||||||||||||||||||||||||||||||||
(2) | Includes an inflation factor that is used to calculate future periodic benefit cost, but is not used to calculate the benefit obligation. | ||||||||||||||||||||||||||||||||
Impact Of One Percent Change In Assumptions | ' | ||||||||||||||||||||||||||||||||
The impact on pension expense from a one percentage point change in these assumptions is shown in the table below (in millions): | |||||||||||||||||||||||||||||||||
Increase of 1% in the discount rate | $ | (59 | ) | ||||||||||||||||||||||||||||||
Decrease of 1% in the discount rate | 48 | ||||||||||||||||||||||||||||||||
Increase of 1% in the long-term rate of return on plan assets | (52 | ) | |||||||||||||||||||||||||||||||
Decrease of 1% in the long-term rate of return on plan assets | 52 | ||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the components of the net periodic benefit cost, both domestic and foreign, for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost: | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Service cost | $ | 16 | $ | 26 | $ | 14 | $ | 18 | $ | 8 | $ | 18 | |||||||||||||||||||||
Interest cost | 46 | 515 | 48 | 509 | 33 | 564 | |||||||||||||||||||||||||||
Expected return on plan assets | (64 | ) | (484 | ) | (55 | ) | (444 | ) | (33 | ) | (509 | ) | |||||||||||||||||||||
Amortization of prior service cost | 5 | — | 4 | — | 4 | — | |||||||||||||||||||||||||||
Amortization of net loss | 23 | 77 | 19 | 38 | 13 | 22 | |||||||||||||||||||||||||||
Loss on curtailment | — | — | — | — | — | 5 | |||||||||||||||||||||||||||
Settlement gain recognized | — | — | — | 1 | — | — | |||||||||||||||||||||||||||
Total pension cost | $ | 26 | $ | 134 | $ | 30 | $ | 122 | $ | 25 | $ | 100 | |||||||||||||||||||||
Schedule of Net Periodic Benefit Cost Not yet Recognized | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the amounts reflected in Accumulated Other Comprehensive Loss, including accumulated other comprehensive loss attributable to noncontrolling interests, on the Consolidated Balance Sheet as of December 31, 2013, that have not yet been recognized as components of net periodic benefit cost and amounts expected to be reclassified to earnings in the next fiscal year: | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Accumulated Other | Amounts expected to be reclassified to earnings in next fiscal year | ||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Prior service cost | $ | — | $ | (1 | ) | $ | — | $ | — | ||||||||||||||||||||||||
Unrecognized net actuarial gain (loss) | 20 | (998 | ) | — | (37 | ) | |||||||||||||||||||||||||||
Total | $ | 20 | $ | (999 | ) | $ | — | $ | (37 | ) | |||||||||||||||||||||||
Target / Actual Allocation Of Pension Plan Asset | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the Company’s target allocation for 2013 and pension plan asset allocation, both domestic and foreign, as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
Percentage of Plan Assets as of December 31, | |||||||||||||||||||||||||||||||||
Target Allocations | 2013 | 2012 | |||||||||||||||||||||||||||||||
Asset Category | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | |||||||||||||||||||||||||||
Equity securities | 45 | % | 15% - 29% | 37.09 | % | 19.84 | % | 32.28 | % | 19.76 | % | ||||||||||||||||||||||
Debt securities | 51 | % | 60% - 85% | 46.97 | % | 75.32 | % | 46.66 | % | 76.21 | % | ||||||||||||||||||||||
Real estate | 2 | % | 0% - 4% | 2.44 | % | 2.77 | % | — | % | 2.57 | % | ||||||||||||||||||||||
Other | 2 | % | 0% - 6% | 13.5 | % | 2.07 | % | 21.06 | % | 1.46 | % | ||||||||||||||||||||||
Total pension assets | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | ||||||||||||||||||||||||||||||||
The asset allocation is reviewed periodically to determine a suitable asset allocation which seeks to manage risk through portfolio diversification and takes into account, among other possible factors, the above-stated objectives, in conjunction with current funding levels, cash flow conditions and economic and industry trends. The following table summarizes the Company’s U.S. plan assets by category of investment and level within the fair value hierarchy as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
U.S. Plans | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Common stock | $ | 46 | $ | — | $ | — | $ | 46 | $ | 134 | $ | — | $ | — | $ | 134 | |||||||||||||||||
Mutual funds | 303 | — | — | 303 | 151 | — | — | 151 | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||
Government debt securities | 24 | 8 | — | 32 | 32 | — | — | 32 | |||||||||||||||||||||||||
Corporate debt securities | — | 159 | — | 159 | 4 | 149 | — | 153 | |||||||||||||||||||||||||
Mutual funds(1) | 251 | — | — | 251 | 227 | — | — | 227 | |||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||
Real Estate | — | 23 | — | 23 | — | — | — | — | |||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 56 | — | — | 56 | 43 | — | — | 43 | |||||||||||||||||||||||||
Other investments | 40 | 31 | — | 71 | 38 | 105 | — | 143 | |||||||||||||||||||||||||
Total plan assets | $ | 720 | $ | 221 | $ | — | $ | 941 | $ | 629 | $ | 254 | $ | — | $ | 883 | |||||||||||||||||
-1 | Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment. | ||||||||||||||||||||||||||||||||
Fair Value Of Plan Assets By Category / Level (Foreign) | ' | ||||||||||||||||||||||||||||||||
The investment strategy of the foreign plans seeks to maximize return on investment while minimizing risk. The assumed asset allocation has less exposure to equities in order to closely match market conditions and near term forecasts. The following table summarizes the Company’s foreign plan assets by category of investment and level within the fair value hierarchy as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||||||||||
Foreign Plans | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Common stock | $ | 23 | $ | — | $ | — | $ | 23 | $ | 28 | $ | — | $ | — | $ | 28 | |||||||||||||||||
Mutual funds | 322 | — | — | 322 | 457 | — | — | 457 | |||||||||||||||||||||||||
Private equity(1) | — | — | 370 | 370 | — | — | 446 | 446 | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||
Certificates of deposit | — | 2 | — | 2 | — | 3 | — | 3 | |||||||||||||||||||||||||
Unsecured debentures | — | 13 | — | 13 | — | 16 | — | 16 | |||||||||||||||||||||||||
Government debt securities | 12 | 95 | — | 107 | 9 | 206 | — | 215 | |||||||||||||||||||||||||
Mutual funds(2) | 174 | 2,410 | — | 2,584 | 139 | 3,208 | — | 3,347 | |||||||||||||||||||||||||
Other debt securities | — | 9 | — | 9 | — | 10 | — | 10 | |||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Real estate(1) | — | — | 100 | 100 | — | — | 121 | 121 | |||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 15 | — | — | 15 | 1 | — | — | 1 | |||||||||||||||||||||||||
Participant loans(3) | — | — | 60 | 60 | — | — | 68 | 68 | |||||||||||||||||||||||||
Total plan assets | $ | 546 | $ | 2,529 | $ | 530 | $ | 3,605 | $ | 634 | $ | 3,443 | $ | 635 | $ | 4,712 | |||||||||||||||||
-1 | Plan assets of our Brazilian subsidiaries are invested in private equities and commercial real estate through the plan administrator in Brazil. The fair value of these assets is determined using the income approach through annual appraisals based on a discounted cash flow analysis. | ||||||||||||||||||||||||||||||||
-2 | Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment. | ||||||||||||||||||||||||||||||||
-3 | Loans to participants are stated at cost, which approximates fair value. | ||||||||||||||||||||||||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | ' | ||||||||||||||||||||||||||||||||
The following table presents a reconciliation of all plan assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 635 | $ | 755 | |||||||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||||
Returns relating to assets still held at reporting date | (26 | ) | (64 | ) | |||||||||||||||||||||||||||||
Returns relating to assets sold during the period | |||||||||||||||||||||||||||||||||
Purchases, sales and settlements, net | — | 3 | |||||||||||||||||||||||||||||||
Change due to exchange rate changes | (79 | ) | (59 | ) | |||||||||||||||||||||||||||||
Balance at December 31 | $ | 530 | $ | 635 | |||||||||||||||||||||||||||||
Scheduled Cash Flows For Employer Contributions And Expected Future Benefit Payments | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the estimated cash flows for U.S. and foreign expected employer contributions and expected future benefit payments, both domestic and foreign: | |||||||||||||||||||||||||||||||||
U.S. | Foreign | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Expected employer contribution in 2014 | $ | 56 | $ | 167 | |||||||||||||||||||||||||||||
Expected benefit payments for fiscal year ending: | |||||||||||||||||||||||||||||||||
2014 | 62 | 381 | |||||||||||||||||||||||||||||||
2015 | 63 | 396 | |||||||||||||||||||||||||||||||
2016 | 64 | 409 | |||||||||||||||||||||||||||||||
2017 | 66 | 425 | |||||||||||||||||||||||||||||||
2018 | 67 | 440 | |||||||||||||||||||||||||||||||
2019 - 2023 | 361 | 2,437 | |||||||||||||||||||||||||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Schedule of Net Income Attributable to Parent And Transfers To From Noncontrolling Interests [Text Block] | ' | ||||||||||||||||||||
The following table summarizes the net income (loss) attributable to The AES Corporation and all transfers (to) from noncontrolling interests for the years ended December 31, 2013 and 2012. | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Net income (loss) attributable to The AES Corporation | $ | 114 | $ | (912 | ) | ||||||||||||||||
Transfers (to) from the noncontrolling interest: | |||||||||||||||||||||
Net increase in The AES Corporation's paid-in capital for sale of subsidiary shares | 16 | 7 | |||||||||||||||||||
Increase (decrease) in The AES Corporation's paid-in capital for purchase of subsidiary shares | (6 | ) | 4 | ||||||||||||||||||
Net transfers (to) from noncontrolling interest | 10 | 11 | |||||||||||||||||||
Change from net income attributable to The AES Corporation and transfers (to) from noncontrolling interests | $ | 124 | $ | (901 | ) | ||||||||||||||||
Components of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
The changes in accumulated other comprehensive loss by component, net of tax and noncontrolling interests for the year ended December 31, 2013 were as follows: | |||||||||||||||||||||
Unrealized | Unfunded | Available for sale securities, net | Foreign currency | Total | |||||||||||||||||
derivative | pension | translation | |||||||||||||||||||
losses, net | obligations, net | adjustment, net | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Balance at January 1 | $ | (481 | ) | $ | (382 | ) | $ | — | $ | (2,057 | ) | $ | (2,920 | ) | |||||||
Other comprehensive income before reclassifications | 46 | 78 | (1 | ) | (263 | ) | (140 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 128 | 13 | 1 | 36 | 178 | ||||||||||||||||
Net current-period other comprehensive income | 174 | 91 | — | (227 | ) | 38 | |||||||||||||||
Balance at December 31 | $ | (307 | ) | $ | (291 | ) | $ | — | $ | (2,284 | ) | $ | (2,882 | ) | |||||||
Schedule of Amounts Reclassified Out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
Reclassifications out of accumulated other comprehensive loss for the year ended December 31, 2013 were as follows: | |||||||||||||||||||||
Details About Accumulated Other Comprehensive Loss Components | Affected Line Item in the Consolidated Statement of Operations | Year Ended December 31, 2013(1) | |||||||||||||||||||
(in millions) | |||||||||||||||||||||
Unrealized derivative losses, net | |||||||||||||||||||||
Non-regulated revenue | $ | (3 | ) | ||||||||||||||||||
Non-regulated cost of sales | (7 | ) | |||||||||||||||||||
Interest expense | (137 | ) | |||||||||||||||||||
Gain on sale of investments | (21 | ) | |||||||||||||||||||
Foreign currency transaction gains (losses) | (6 | ) | |||||||||||||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | (174 | ) | |||||||||||||||||||
Income tax expense | 41 | ||||||||||||||||||||
Net equity in earnings of affiliates | (6 | ) | |||||||||||||||||||
Income from continuing operations | (139 | ) | |||||||||||||||||||
Income from continuing operations attributable to noncontrolling interests | 11 | ||||||||||||||||||||
Net income attributable to The AES Corporation | $ | (128 | ) | ||||||||||||||||||
Amortization of defined benefit pension actuarial loss, net | |||||||||||||||||||||
Regulated cost of sales | $ | (73 | ) | ||||||||||||||||||
Non-regulated cost of sales | (4 | ) | |||||||||||||||||||
General and administrative expenses | (1 | ) | |||||||||||||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | (78 | ) | |||||||||||||||||||
Income tax expense | 26 | ||||||||||||||||||||
Income from continuing operations | (52 | ) | |||||||||||||||||||
Income from continuing operations attributable to noncontrolling interests | 39 | ||||||||||||||||||||
Net income attributable to The AES Corporation | $ | (13 | ) | ||||||||||||||||||
Available-for-sale securities, net | |||||||||||||||||||||
Interest income | $ | (1 | ) | ||||||||||||||||||
Net income attributable to The AES Corporation | $ | (1 | ) | ||||||||||||||||||
Foreign currency translation adjustment, net | |||||||||||||||||||||
Gain on sale of investments | $ | (1 | ) | ||||||||||||||||||
Net loss from disposal and impairments of discontinued businesses | (35 | ) | |||||||||||||||||||
Net income attributable to The AES Corporation | $ | (36 | ) | ||||||||||||||||||
Total reclassifications for the period, net of income tax and noncontrolling interests | $ | (178 | ) | ||||||||||||||||||
_____________________________ | |||||||||||||||||||||
(1) | Amounts in parentheses indicate debits to the consolidated statement of operations. |
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Revenue By Segment Table | ' | ||||||||||||||||||||||||||||||||||||
Information about the Company’s operations by segment for the years ended December 31, 2013, 2012 and 2011 was as follows: | |||||||||||||||||||||||||||||||||||||
Revenue | Total Revenue | Intersegment | External Revenue | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | 3,630 | $ | 3,736 | $ | 2,088 | $ | — | $ | — | $ | (1 | ) | $ | 3,630 | $ | 3,736 | $ | 2,087 | ||||||||||||||||||
Andes SBU | 2,639 | 3,020 | 2,989 | (1 | ) | (33 | ) | (36 | ) | 2,638 | 2,987 | 2,953 | |||||||||||||||||||||||||
Brazil SBU | 5,015 | 5,788 | 6,640 | — | — | — | 5,015 | 5,788 | 6,640 | ||||||||||||||||||||||||||||
MCAC SBU | 2,713 | 2,573 | 2,327 | (1 | ) | — | (3 | ) | 2,712 | 2,573 | 2,324 | ||||||||||||||||||||||||||
EMEA SBU | 1,347 | 1,344 | 1,469 | — | (1 | ) | (2 | ) | 1,347 | 1,343 | 1,467 | ||||||||||||||||||||||||||
Asia SBU | 550 | 733 | 625 | — | — | — | 550 | 733 | 625 | ||||||||||||||||||||||||||||
Corporate and Other | 7 | 9 | 8 | (8 | ) | (5 | ) | (6 | ) | (1 | ) | 4 | 2 | ||||||||||||||||||||||||
Total Revenue | $ | 15,901 | $ | 17,203 | $ | 16,146 | $ | (10 | ) | $ | (39 | ) | $ | (48 | ) | $ | 15,891 | $ | 17,164 | $ | 16,098 | ||||||||||||||||
Adjusted Pre-Tax Contribution by Segment Table | ' | ||||||||||||||||||||||||||||||||||||
Adjusted Pre-Tax Contribution(1) | Total Adjusted | Intersegment | External Adjusted | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | Pre-tax Contribution | Pre-tax Contribution | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | 440 | $ | 403 | 181 | $ | 11 | $ | 40 | 53 | $ | 451 | $ | 443 | $ | 234 | |||||||||||||||||||||
Andes SBU | 353 | 369 | 510 | 19 | (16 | ) | (32 | ) | 372 | 353 | 478 | ||||||||||||||||||||||||||
Brazil SBU | 212 | 321 | 415 | 3 | 3 | 3 | 215 | 324 | 418 | ||||||||||||||||||||||||||||
MCAC SBU | 339 | 387 | 307 | 12 | 10 | 3 | 351 | 397 | 310 | ||||||||||||||||||||||||||||
EMEA SBU | 345 | 375 | 276 | 7 | (2 | ) | 12 | 352 | 373 | 288 | |||||||||||||||||||||||||||
Asia SBU | 142 | 201 | 100 | 2 | 2 | 2 | 144 | 203 | 102 | ||||||||||||||||||||||||||||
Corporate and Other | (624 | ) | (717 | ) | (650 | ) | (54 | ) | (37 | ) | (41 | ) | (678 | ) | (754 | ) | (691 | ) | |||||||||||||||||||
Total Adjusted Pre-Tax Contribution | 1,207 | 1,339 | 1,139 | — | — | — | 1,207 | 1,339 | 1,139 | ||||||||||||||||||||||||||||
Reconciliation to Income from Continuing Operations before Taxes and Equity Earnings of Affiliates: | |||||||||||||||||||||||||||||||||||||
Non-GAAP Adjustments: | |||||||||||||||||||||||||||||||||||||
Unrealized derivative gains (losses) | 57 | (120 | ) | 31 | |||||||||||||||||||||||||||||||||
Unrealized foreign currency gains (losses) | (41 | ) | 13 | (50 | ) | ||||||||||||||||||||||||||||||||
Disposition/acquisition gains | 30 | 206 | — | ||||||||||||||||||||||||||||||||||
Impairment losses | (588 | ) | (1,951 | ) | (337 | ) | |||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (225 | ) | (16 | ) | (46 | ) | |||||||||||||||||||||||||||||||
Pre-tax contribution | 440 | (529 | ) | 737 | |||||||||||||||||||||||||||||||||
Add: income from continuing operations before taxes, attributable to noncontrolling interests | 633 | 794 | 1,521 | ||||||||||||||||||||||||||||||||||
Less: Net equity in earnings (losses) of affiliates | 25 | 35 | (2 | ) | |||||||||||||||||||||||||||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | $ | 1,048 | $ | 230 | $ | 2,260 | |||||||||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||||||||||
(1) | Adjusted pre-tax contribution in each segment before intersegment eliminations includes the effect of intercompany transactions with other segments except for interest, charges for certain management fees and the write-off of intercompany balances. | ||||||||||||||||||||||||||||||||||||
Assets By Segment Table | ' | ||||||||||||||||||||||||||||||||||||
Assets by segment as of December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||||||||||||||||||
Total Assets | Depreciation and Amortization | Capital Expenditures | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | 9,952 | $ | 10,651 | $ | 12,714 | $ | 440 | $ | 518 | $ | 300 | $ | 426 | $ | 405 | $ | 406 | |||||||||||||||||||
Andes SBU | 7,356 | 6,619 | 6,482 | 186 | 174 | 151 | 471 | 389 | 385 | ||||||||||||||||||||||||||||
Brazil SBU | 8,388 | 9,710 | 10,602 | 259 | 281 | 331 | 588 | 718 | 738 | ||||||||||||||||||||||||||||
MCAC SBU | 5,075 | 5,030 | 4,962 | 145 | 136 | 116 | 111 | 192 | 220 | ||||||||||||||||||||||||||||
EMEA SBU | 4,191 | 4,085 | 4,086 | 155 | 145 | 159 | 341 | 162 | 196 | ||||||||||||||||||||||||||||
Asia SBU | 2,810 | 2,587 | 1,800 | 33 | 30 | 32 | 576 | 221 | 150 | ||||||||||||||||||||||||||||
Discontinued businesses | 1,718 | 1,960 | 3,445 | 55 | 85 | 148 | 52 | 143 | 335 | ||||||||||||||||||||||||||||
Corporate and Other & eliminations | 921 | 1,188 | 1,255 | 21 | 25 | 25 | 14 | 40 | 31 | ||||||||||||||||||||||||||||
Total Assets | $ | 40,411 | $ | 41,830 | $ | 45,346 | $ | 1,294 | $ | 1,394 | $ | 1,262 | $ | 2,579 | $ | 2,270 | $ | 2,461 | |||||||||||||||||||
Interest Income | Interest Expense | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | — | $ | 3 | $ | 1 | $ | 290 | $ | 291 | $ | 194 | |||||||||||||||||||||||||
Andes SBU | 37 | 20 | 20 | 135 | 128 | 126 | |||||||||||||||||||||||||||||||
Brazil SBU | 210 | 278 | 346 | 364 | 305 | 452 | |||||||||||||||||||||||||||||||
MCAC SBU | 20 | 33 | 22 | 138 | 192 | 166 | |||||||||||||||||||||||||||||||
EMEA SBU | 2 | 8 | 5 | 80 | 94 | 108 | |||||||||||||||||||||||||||||||
Asia SBU | 6 | 5 | 2 | 30 | 43 | 46 | |||||||||||||||||||||||||||||||
Corporate and Other & eliminations | — | 1 | 2 | 445 | 491 | 438 | |||||||||||||||||||||||||||||||
Total | $ | 275 | $ | 348 | $ | 398 | $ | 1,482 | $ | 1,544 | $ | 1,530 | |||||||||||||||||||||||||
Investments in and Advances to Affiliates | Equity in Earnings (Losses) | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Andes SBU | 248 | 198 | 188 | 44 | 18 | 35 | |||||||||||||||||||||||||||||||
Brazil SBU | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
MCAC SBU | — | 24 | 19 | 4 | 5 | (2 | ) | ||||||||||||||||||||||||||||||
EMEA SBU | 286 | 454 | 512 | (5 | ) | 8 | 10 | ||||||||||||||||||||||||||||||
Asia SBU | 186 | 202 | 367 | 10 | 32 | 5 | |||||||||||||||||||||||||||||||
Corporate and Other & eliminations | 289 | 318 | 336 | (28 | ) | (28 | ) | (50 | ) | ||||||||||||||||||||||||||||
Total | $ | 1,010 | $ | 1,196 | $ | 1,422 | $ | 25 | $ | 35 | $ | (2 | ) | ||||||||||||||||||||||||
Revenue And PP&E By Country | ' | ||||||||||||||||||||||||||||||||||||
The table below presents information, by country, about the Company’s consolidated operations for each of the three years in the period ended December 31, 2013 and as of December 31, 2013 and 2012, respectively. Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located. | |||||||||||||||||||||||||||||||||||||
Revenue | Property, Plant & Equipment, net | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
United States(1) | $ | 3,630 | $ | 3,736 | $ | 2,088 | $ | 7,523 | $ | 7,540 | |||||||||||||||||||||||||||
Non-U.S.: | |||||||||||||||||||||||||||||||||||||
Brazil(2) | 5,015 | 5,788 | 6,640 | 5,293 | 5,756 | ||||||||||||||||||||||||||||||||
Chile | 1,569 | 1,679 | 1,608 | 3,312 | 2,993 | ||||||||||||||||||||||||||||||||
El Salvador | 860 | 854 | 755 | 292 | 284 | ||||||||||||||||||||||||||||||||
Dominican Republic | 832 | 761 | 674 | 689 | 670 | ||||||||||||||||||||||||||||||||
United Kingdom | 558 | 505 | 587 | 603 | 578 | ||||||||||||||||||||||||||||||||
Argentina(3) | 545 | 857 | 979 | 256 | 278 | ||||||||||||||||||||||||||||||||
Colombia | 523 | 453 | 365 | 412 | 383 | ||||||||||||||||||||||||||||||||
Philippines | 497 | 559 | 480 | 776 | 800 | ||||||||||||||||||||||||||||||||
Mexico | 440 | 397 | 404 | 748 | 759 | ||||||||||||||||||||||||||||||||
Bulgaria(4) | 422 | 369 | 251 | 1,606 | 1,606 | ||||||||||||||||||||||||||||||||
Puerto Rico | 328 | 293 | 298 | 562 | 570 | ||||||||||||||||||||||||||||||||
Panama | 250 | 266 | 189 | 1,028 | 1,069 | ||||||||||||||||||||||||||||||||
Kazakhstan | 156 | 151 | 145 | 183 | 141 | ||||||||||||||||||||||||||||||||
Jordan | 142 | 121 | 124 | 439 | 222 | ||||||||||||||||||||||||||||||||
Sri Lanka | 53 | 169 | 140 | 7 | 8 | ||||||||||||||||||||||||||||||||
Spain | — | 119 | 258 | — | — | ||||||||||||||||||||||||||||||||
Cameroon(5) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Ukraine(6) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Hungary(7) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Vietnam | — | — | — | 1,296 | 887 | ||||||||||||||||||||||||||||||||
Other Non-U.S. (8) | 71 | 87 | 113 | 87 | 91 | ||||||||||||||||||||||||||||||||
Total Non-U.S. | 12,261 | 13,428 | 14,010 | 17,589 | 17,095 | ||||||||||||||||||||||||||||||||
Total | $ | 15,891 | $ | 17,164 | $ | 16,098 | $ | 25,112 | $ | 24,635 | |||||||||||||||||||||||||||
-1 | Excludes revenue of $23 million, $63 million and $396 million for the years ended December 31, 2013, 2012 and 2011, respectively, and property, plant and equipment of $69 million and $123 million as of December 31, 2013 and 2012, respectively, related to Condon, Mid-West Wind, Eastern Energy, Thames, Red Oak and Ironwood which were reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets. Additionally, property, plant and equipment excludes $25 million as of December 31, 2012 related to wind turbines which were reflected as assets held for sale in the accompanying Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||
-2 | Excludes revenue of $124 million for the year ended December 31, 2011 related to Brazil Telecom, which was reflected as discontinued operations in the accompanying Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||
-3 | Excludes revenue of $102 million for the year ended December 31, 2011 related to our Argentina distribution businesses, which were reflected as discontinued operations in the accompanying Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||
(4) | Our wind project in Maritza started operations in June 2011. | ||||||||||||||||||||||||||||||||||||
(5) | Excludes revenue of $474 million, $457 million and $386 million for the years ended December 31, 2013, 2012 and 2011, respectively, and property, plant and equipment of $1,100 million and $992 million as of December 31, 2013 and 2012 respectively, related to Dibamba, Kribi and Sonel, which were reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||
(6) | Excludes revenue of $187 million, $491 million and $418 million for the years ended December 31, 2013, 2012 and 2011, respectively, and property, plant and equipment of $112 million as of December 31, 2012 related to Kievoblenergo and Rivnooblenergo, which were reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||
(7) | Excludes revenue of $18 million and $219 million for the years ended December 31, 2012 and 2011, respectively, related to Borsod, Tiszapalkonya and Tisza II, which were reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||
(8) | Excludes revenue of $6 million, $11 million and $18 million for the years ended December 31, 2013, 2012 and 2011, respectively, and property, plant and equipment of $19 million and $54 million as of December 31, 2013 and 2012, respectively, related to Saurashtra, Poland wind and our carbon reduction projects, which were reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||||
The following table presents the weighted average fair value of each option grant and the underlying weighted average assumptions, as of the grant date, using the Black-Scholes option-pricing model: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Expected volatility | 23 | % | 26 | % | 31 | % | ||||||||
Expected annual dividend yield | 1 | % | 1 | % | — | % | ||||||||
Expected option term (years) | 6 | 6 | 6 | |||||||||||
Risk-free interest rate | 1.13 | % | 1.08 | % | 2.65 | % | ||||||||
Fair value at grant date | $ | 2.23 | $ | 3.04 | $ | 4.54 | ||||||||
Schedule of Share Based Compensation Summary of Financial Statement Components Stock Options | ' | |||||||||||||
The following table summarizes the components of stock-based compensation related to employee stock options recognized in the Company’s financial statements: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(in millions) | ||||||||||||||
Pre-tax compensation expense | $ | 2 | $ | 2 | $ | 7 | ||||||||
Tax benefit | (1 | ) | (1 | ) | (2 | ) | ||||||||
Stock options expense, net of tax | $ | 1 | $ | 1 | $ | 5 | ||||||||
Total intrinsic value of options exercised | $ | 5 | $ | 10 | $ | 8 | ||||||||
Total fair value of options vested | 2 | 5 | 7 | |||||||||||
Cash received from the exercise of stock options | 13 | 9 | 4 | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||
A summary of the option activity for the year ended December 31, 2013 follows (number of options in thousands, dollars in millions except per option amounts): | ||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||||||
Outstanding at December 31, 2012 | 7,883 | $ | 14.91 | |||||||||||
Exercised | (1,349 | ) | 9.56 | |||||||||||
Forfeited and expired | (1,097 | ) | 16.7 | |||||||||||
Granted | 1,428 | 11.25 | ||||||||||||
Outstanding at December 31, 2013 | 6,865 | $ | 14.91 | 5.1 | $ | 12 | ||||||||
Vested and expected to vest at December 31, 2013 | 6,618 | $ | 15.04 | 5 | $ | 11 | ||||||||
Eligible for exercise at December 31, 2013 | 4,646 | $ | 16.42 | 3.6 | $ | 6 | ||||||||
Schedule of Share Based Compensation Summary of Financial Statement Components Restricted Stock Units Without Market Conditions | ' | |||||||||||||
The following table summarizes the components of the Company’s stock-based compensation related to its employee RSUs recognized in the Company’s consolidated financial statements: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(in millions) | ||||||||||||||
RSU expense before income tax | $ | 12 | $ | 11 | $ | 11 | ||||||||
Tax benefit | (3 | ) | (3 | ) | (3 | ) | ||||||||
RSU expense, net of tax | $ | 9 | $ | 8 | $ | 8 | ||||||||
Total value of RSUs converted(1) | $ | 10 | $ | 9 | $ | 5 | ||||||||
Total fair value of RSUs vested | $ | 12 | $ | 12 | $ | 10 | ||||||||
-1 | Amount represents fair market value on the date of conversion. | |||||||||||||
Schedule of Share Based Compensation Restricted Stock Units Without Market Conditions Activity Table | ' | |||||||||||||
A summary of the activity of RSUs for the year ended December 31, 2013 follows (number of RSUs in thousands): | ||||||||||||||
RSUs | Weighted Average Grant Date Fair Values | Weighted Average Remaining Vesting Term | ||||||||||||
Nonvested at December 31, 2012 | 2,092 | $ | 13.02 | |||||||||||
Vested | (942 | ) | 12.82 | |||||||||||
Forfeited and expired | (337 | ) | 12.55 | |||||||||||
Granted | 1,444 | 11.19 | ||||||||||||
Nonvested at December 31, 2013 | 2,257 | $ | 12.01 | 1.8 | ||||||||||
Vested at December 31, 2013 | 2,315 | $ | 8.68 | |||||||||||
Vested and expected to vest at December 31, 2013 | 4,353 | $ | 10.26 | |||||||||||
Schedule of Share Based Compensation Restricted Stock Units Without Market Condition Vested And Converted | ' | |||||||||||||
The table below summarizes the RSUs that vested and were converted during the years ended December 31, 2013, 2012, and 2011 (number of RSUs in thousands): | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
RSUs vested during the year | 942 | 1,138 | 982 | |||||||||||
RSUs converted during the year, net of shares withheld for taxes | 905 | 761 | 442 | |||||||||||
Shares withheld for taxes | 407 | 312 | 150 | |||||||||||
Schedule of Share Based Compensation Summary of Financial Statement Components Restricted Stock Units With Market Conditions | ' | |||||||||||||
The following table summarizes the components of the Company’s stock-based compensation related to its PSUs recognized in the Company’s consolidated financial statements: | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(in millions) | ||||||||||||||
PSU expense before income tax | $ | 4 | $ | 5 | $ | 5 | ||||||||
Tax benefit | (1 | ) | (1 | ) | (1 | ) | ||||||||
PSU expense, net of tax | $ | 3 | $ | 4 | $ | 4 | ||||||||
Total value of PSUs converted(1) | $ | — | $ | — | $ | — | ||||||||
Total fair value of PSUs vested | — | 2 | — | |||||||||||
-1 | Amount represents fair market value on the date of conversion. | |||||||||||||
Schedule of Share Based Compensation Restricted Stock Units With Market Conditions Activity | ' | |||||||||||||
A summary of the activity of PSUs for the year ended December 31, 2013 follows (number of PSUs in thousands): | ||||||||||||||
PSUs | Weighted Average Grant Date Fair Values | Weighted Average Remaining Vesting Term | ||||||||||||
Nonvested at December 31, 2012 | 1,082 | $ | 14.96 | |||||||||||
Vested | — | — | ||||||||||||
Forfeited and expired | (367 | ) | 12.94 | |||||||||||
Granted | 624 | 12.23 | ||||||||||||
Nonvested at December 31, 2013 | 1,339 | $ | 14.24 | 1.4 | ||||||||||
Vested at December 31, 2013 | 343 | $ | 6.68 | |||||||||||
Vested and expected to vest at December 31, 2013 | 1,486 | 12.68 | ||||||||||||
Schedule of Share Based Compensation Restricted Stock Units With Market Condition Vested and Converted | ' | |||||||||||||
The table below summarizes the PSUs that vested and were converted during the years ended December 31, 2013, 2012, and 2011 (number of PSUs in thousands): | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
PSUs vested during the year | — | 343 | — | |||||||||||
PSUs converted during the year, net of shares withheld for taxes | — | — | — | |||||||||||
Shares withheld for taxes | — | — | — | |||||||||||
Other_Income_and_Expense_Table
Other Income and Expense (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||
Components of Other Income | ' | ||||||||||||
The components of other income are summarized as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Contract termination - Beaver Valley | $ | 60 | $ | — | $ | — | |||||||
Gain on sale of assets | 12 | 21 | 46 | ||||||||||
Reversal of legal contingency | 10 | — | — | ||||||||||
Insurance proceeds | — | 38 | 11 | ||||||||||
Tax credit settlement | — | — | 31 | ||||||||||
Gain on extinguishment of tax and other liabilities | 9 | — | 14 | ||||||||||
Other | 34 | 39 | 40 | ||||||||||
Total other income | $ | 125 | $ | 98 | $ | 142 | |||||||
Components of Other Expense | ' | ||||||||||||
The components of other expense are summarized as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Loss on disposal of assets | $ | 51 | $ | 64 | $ | 66 | |||||||
Contract termination | 7 | — | — | ||||||||||
Other | 18 | 18 | 20 | ||||||||||
Total other expense | $ | 76 | $ | 82 | $ | 86 | |||||||
Asset_Impairment_Expense_Table
Asset Impairment Expense (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | ' | ||||||||||||
Details of Impairment of Long-Lived Assets Held and Used by Asset | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Beaver Valley | 46 | — | — | ||||||||||
Conesville (DP&L) | 26 | — | — | ||||||||||
Itabo (San Lorenzo) | 16 | — | — | ||||||||||
U.S. wind turbines and projects | — | 41 | 116 | ||||||||||
Kelanitissa | — | 19 | 42 | ||||||||||
St. Patrick | — | 11 | — | ||||||||||
Other | 7 | 2 | 15 | ||||||||||
Total asset impairment expense | $ | 95 | $ | 73 | $ | 173 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Expense On Continuing Operations | ' | ||||||||||||
The following table summarizes the expense for income taxes on continuing operations, for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Federal: | |||||||||||||
Current | $ | (28 | ) | $ | — | $ | — | ||||||
Deferred | (110 | ) | 24 | (150 | ) | ||||||||
State: | |||||||||||||
Current | 1 | (2 | ) | 1 | |||||||||
Deferred | 1 | (11 | ) | 1 | |||||||||
Foreign: | |||||||||||||
Current | 509 | 538 | 837 | ||||||||||
Deferred | (30 | ) | 136 | (33 | ) | ||||||||
Total | $ | 343 | $ | 685 | $ | 656 | |||||||
Reconciliation Of US Federal Income Tax Rates And AES Effective Tax Rate For The Current And Two Prior Years | ' | ||||||||||||
The following table summarizes a reconciliation of the U.S. statutory federal income tax rate to the Company’s effective tax rate, as a percentage of income from continuing operations before taxes for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory Federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of Federal tax benefit | (3 | )% | (21 | )% | — | % | |||||||
Taxes on foreign earnings | (4 | )% | (32 | )% | (2 | )% | |||||||
Valuation allowance | — | % | 16 | % | (3 | )% | |||||||
Uncertain tax positions | (5 | )% | 9 | % | — | % | |||||||
Bad debt deduction | (3 | )% | — | % | — | % | |||||||
Change in tax law | (1 | )% | 17 | % | — | % | |||||||
Goodwill impairment | 12 | % | 276 | % | — | % | |||||||
Other—net | 2 | % | (2 | )% | (1 | )% | |||||||
Effective tax rate | 33 | % | 298 | % | 29 | % | |||||||
Schedule Of Income Tax Payable And Receivable | ' | ||||||||||||
2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||
Income taxes receivable—current | $ | 206 | $ | 294 | |||||||||
Income taxes receivable—noncurrent | — | 15 | |||||||||||
Total income taxes receivable | $ | 206 | $ | 309 | |||||||||
Income taxes payable—current | $ | 322 | $ | 393 | |||||||||
Income taxes payable—noncurrent | 2 | 2 | |||||||||||
Total income taxes payable | $ | 324 | $ | 395 | |||||||||
Summary Of Deferred Tax Assets And Liabilities | ' | ||||||||||||
The following table summarizes the deferred tax assets and liabilities, as of December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||
Differences between book and tax basis of property | $ | (2,178 | ) | $ | (2,089 | ) | |||||||
Other taxable temporary differences | (337 | ) | (377 | ) | |||||||||
Total deferred tax liability | (2,515 | ) | (2,466 | ) | |||||||||
Operating loss carryforwards | 2,108 | 1,592 | |||||||||||
Capital loss carryforwards | 103 | 108 | |||||||||||
Bad debt and other book provisions | 277 | 330 | |||||||||||
Retirement costs | 291 | 611 | |||||||||||
Tax credit carryforwards | 38 | 46 | |||||||||||
Other deductible temporary differences | 420 | 512 | |||||||||||
Total gross deferred tax asset | 3,237 | 3,199 | |||||||||||
Less: valuation allowance | (1,090 | ) | (895 | ) | |||||||||
Total net deferred tax asset | 2,147 | 2,304 | |||||||||||
Net deferred tax asset (liability) | $ | (368 | ) | $ | (162 | ) | |||||||
Income Before Income Taxes, Foreign And Domestic | ' | ||||||||||||
The following table summarizes the income (loss) from continuing operations, before income taxes, net equity in earnings of affiliates and noncontrolling interests, for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
U.S. | $ | (575 | ) | $ | (1,921 | ) | $ | (524 | ) | ||||
Non-U.S. | 1,623 | 2,151 | 2,784 | ||||||||||
Total | $ | 1,048 | $ | 230 | $ | 2,260 | |||||||
Tax Years Potentially Subject To Examination And Jurisdictions | ' | ||||||||||||
The following is a summary of tax years potentially subject to examination in the significant tax and business jurisdictions in which we operate: | |||||||||||||
Jurisdiction | Tax Years Subject to Examination | ||||||||||||
Argentina | 2006-2013 | ||||||||||||
Brazil | 2008-2013 | ||||||||||||
Chile | 2009-2013 | ||||||||||||
Colombia | 2011-2013 | ||||||||||||
El Salvador | 2010-2013 | ||||||||||||
United Kingdom | 2009-2013 | ||||||||||||
United States (Federal) | 2010-2013 | ||||||||||||
Unrecognized Tax Benefits | ' | ||||||||||||
The following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Balance at January 1 | $ | 475 | $ | 464 | $ | 430 | |||||||
Additions for current year tax positions | 7 | 12 | 6 | ||||||||||
Additions for tax positions of prior years | 10 | 29 | 49 | ||||||||||
Reductions for tax positions of prior years | (3 | ) | (29 | ) | (18 | ) | |||||||
Effects of foreign currency translation | — | — | (1 | ) | |||||||||
Settlements | (65 | ) | — | — | |||||||||
Lapse of statute of limitations | (32 | ) | (1 | ) | (2 | ) | |||||||
Balance at December 31 | $ | 392 | $ | 475 | $ | 464 | |||||||
Discontinued_Operations_and_He1
Discontinued Operations and Held-For-Sale Businesses (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Revenue Income From Operations Of Discontinued Businesses Income Tax Expense And Impairment Of Discontinued Operations | ' | ||||||||||||
Information for businesses included in discontinued operations and the income (loss) on disposal and impairment of discontinued operations for the years ended December 31, 2013, 2012 and 2011 is provided in the tables below: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions) | |||||||||||||
Revenue | $ | 689 | $ | 1,043 | $ | 1,661 | |||||||
Income (loss) from operations of discontinued businesses, before income tax | $ | (3 | ) | $ | 73 | $ | (206 | ) | |||||
Income tax benefit (expense) | (24 | ) | (26 | ) | 48 | ||||||||
Income (loss) from operations of discontinued businesses, after income tax | $ | (27 | ) | $ | 47 | $ | (158 | ) | |||||
Net gain (loss) from disposal and impairments of discontinued businesses, after income tax | $ | (152 | ) | $ | 16 | $ | 86 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Earnings Per Share Basic And Diluted Table | ' | ||||||||||||||||||||||||||||||||||
The following tables present a reconciliation of the numerator and denominator of the basic and diluted earnings per share computation for income from continuing operations for the years ended December 31, 2013, 2012 and 2011. In the table below, income represents the numerator and weighted-average shares represent the denominator: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||
Income | Shares | $ per Share | Loss | Shares | $ per Share | Income | Shares | $ per Share | |||||||||||||||||||||||||||
(in millions except per share data) | |||||||||||||||||||||||||||||||||||
BASIC EARNINGS PER SHARE | |||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders | $ | 284 | 743 | $ | 0.38 | $ | (960 | ) | 755 | $ | (1.27 | ) | $ | 506 | $ | 778 | $ | 0.65 | |||||||||||||||||
EFFECT OF DILUTIVE SECURITIES | |||||||||||||||||||||||||||||||||||
Stock options | — | 1 | — | — | — | — | — | 2 | — | ||||||||||||||||||||||||||
Restricted stock units | — | 4 | — | — | — | — | — | 3 | — | ||||||||||||||||||||||||||
DILUTED EARNINGS PER SHARE | $ | 284 | 748 | $ | 0.38 | $ | (960 | ) | 755 | $ | (1.27 | ) | $ | 506 | $ | 783 | $ | 0.65 | |||||||||||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Schedule of Related Party Transactions | ' | |||||||||||
The Company’s Consolidated Statements of Operations included the following transactions with related parties for the years indicated: | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Revenue—Non-Regulated | $ | 825 | $ | 820 | $ | 657 | ||||||
Cost of Sales—Non-Regulated | 161 | 120 | 125 | |||||||||
Interest expense | 5 | 10 | 7 | |||||||||
Schedule of Related Party Receivables Payables | ' | |||||||||||
The following table summarizes the balances receivable from and payable to related parties included in the Company’s Consolidated Balance Sheets as of December 31, 2013 and 2012: | ||||||||||||
2013 | 2012 | |||||||||||
(in millions) | ||||||||||||
Receivables from related parties | $ | 109 | $ | 146 | ||||||||
Accounts and notes payable to related parties | 67 | 195 | ||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
The following tables summarize the unaudited quarterly statements of operations for the Company for 2013 and 2012. Amounts have been restated to reflect discontinued operations in all periods presented and reflect all adjustments necessary in the opinion of management for a fair statement of the results for interim periods. | ||||||||||||||||
Quarter Ended 2013 | ||||||||||||||||
31-Mar | June 30 | 30-Sep | 31-Dec | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Revenue | $ | 4,150 | $ | 3,943 | $ | 3,998 | $ | 3,800 | ||||||||
Operating margin | 749 | 901 | 927 | 670 | ||||||||||||
Income (loss) from continuing operations, net of tax(1) | 230 | 332 | 341 | (173 | ) | |||||||||||
Discontinued operations, net of tax | (31 | ) | 1 | (118 | ) | (31 | ) | |||||||||
Net income (loss) | $ | 199 | $ | 333 | $ | 223 | $ | (204 | ) | |||||||
Net income (loss) attributable to The AES Corporation | $ | 82 | $ | 167 | $ | 71 | $ | (206 | ) | |||||||
Basic income (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $ | 0.15 | $ | 0.22 | $ | 0.24 | $ | (0.23 | ) | |||||||
Discontinued operations attributable to The AES Corporation, net of tax | (0.04 | ) | — | (0.15 | ) | (0.05 | ) | |||||||||
Basic income (loss) per share attributable to The AES Corporation | $ | 0.11 | $ | 0.22 | $ | 0.09 | $ | (0.28 | ) | |||||||
Diluted income (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $ | 0.15 | $ | 0.22 | $ | 0.24 | $ | (0.23 | ) | |||||||
Discontinued operations attributable to The AES Corporation, net of tax | (0.04 | ) | — | (0.15 | ) | (0.05 | ) | |||||||||
Diluted income (loss) per share attributable to The AES Corporation | $ | 0.11 | $ | 0.22 | $ | 0.09 | $ | (0.28 | ) | |||||||
Dividends declared per common share | $ | — | $ | 0.08 | $ | — | $ | 0.09 | ||||||||
Quarter Ended 2012 | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | Dec 31 | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Revenue | $ | 4,448 | $ | 3,990 | $ | 4,353 | $ | 4,373 | ||||||||
Operating margin | 1,044 | 693 | 964 | 882 | ||||||||||||
Income (loss) from continuing operations, net of tax(2) | 504 | 150 | (1,429 | ) | 355 | |||||||||||
Discontinued operations, net of tax | 11 | 57 | 27 | (32 | ) | |||||||||||
Net income (loss) | $ | 515 | $ | 207 | $ | (1,402 | ) | $ | 323 | |||||||
Net income (loss) attributable to The AES Corporation | $ | 341 | $ | 140 | $ | (1,568 | ) | $ | 175 | |||||||
Basic income (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $ | 0.43 | $ | 0.1 | $ | (2.12 | ) | $ | 0.29 | |||||||
Discontinued operations attributable to The AES Corporation, net of tax | 0.02 | 0.08 | 0.02 | (0.06 | ) | |||||||||||
Basic income (loss) per share attributable to The AES Corporation | $ | 0.45 | $ | 0.18 | $ | (2.10 | ) | $ | 0.23 | |||||||
Diluted income (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $ | 0.43 | $ | 0.1 | $ | (2.12 | ) | $ | 0.29 | |||||||
Discontinued operations attributable to The AES Corporation, net of tax | 0.01 | 0.08 | 0.02 | (0.06 | ) | |||||||||||
Diluted income (loss) per share attributable to The AES Corporation | $ | 0.44 | $ | 0.18 | $ | (2.10 | ) | $ | 0.23 | |||||||
Dividends declared per common share | $ | — | $ | — | $ | 0.04 | $ | 0.04 | ||||||||
-1 | Includes pretax impairment expense of $48 million, $0 million, $74 million and $467 million, for the first, second, third and fourth quarters of 2013, respectively. See Note 21—Asset Impairment Expense and Note 10—Goodwill and Other Intangible Assets for further discussion. | |||||||||||||||
(2) | Includes pretax impairment expense of $10 million, $18 million, $1.9 billion and $(31) million, for the first, second, third and fourth quarters of 2012, respectively. See Note 21—Asset Impairment Expense and Note 10—Goodwill and Other Intangible Assets for further discussion. |
Schedule_I_Condensed_Financial1
Schedule I - Condensed Financial Information of Parent (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||
Schedule of Recourse Debt Detail | ' | |||||||||||||
The following table summarizes the carrying amount and terms of recourse debt of the Company as of December 31, 2013 and 2012: | ||||||||||||||
Interest Rate | Final | December 31, | ||||||||||||
RECOURSE DEBT | Maturity | 2013 | 2012 | |||||||||||
(in millions) | ||||||||||||||
Senior Unsecured Note | 7.75% | 2014 | 110 | 500 | ||||||||||
Senior Unsecured Note | 7.75% | 2015 | 356 | 500 | ||||||||||
Senior Unsecured Note | 9.75% | 2016 | 369 | 535 | ||||||||||
Senior Unsecured Note | 8.00% | 2017 | 1,150 | 1,500 | ||||||||||
Senior Secured Term Loan | LIBOR + 2.75% | 2018 | 799 | 807 | ||||||||||
Senior Unsecured Note | 8.00% | 2020 | 625 | 625 | ||||||||||
Senior Unsecured Note | 7.38% | 2021 | 1,000 | 1,000 | ||||||||||
Senior Unsecured Note | 4.88% | 2023 | 750 | — | ||||||||||
Term Convertible Trust Securities | 6.75% | 2029 | 517 | 517 | ||||||||||
Unamortized discounts | (7 | ) | (22 | ) | ||||||||||
SUBTOTAL | 5,669 | 5,962 | ||||||||||||
Less: Current maturities | (118 | ) | (11 | ) | ||||||||||
Total | $ | 5,551 | $ | 5,951 | ||||||||||
December 31, | ||||||||||||||
Interest Rate | Maturity | 2013 | 2012 | |||||||||||
(in millions) | ||||||||||||||
Senior Unsecured Note | 7.75% | 2014 | $ | 110 | $ | 500 | ||||||||
Senior Unsecured Note | 7.75% | 2015 | 356 | 500 | ||||||||||
Senior Unsecured Note | 9.75% | 2016 | 369 | 535 | ||||||||||
Senior Unsecured Note | 8.00% | 2017 | 1,150 | 1,500 | ||||||||||
Senior Secured Term Loan | LIBOR + 2.75% | 2018 | 799 | 807 | ||||||||||
Revolving Loan under Senior Secured Credit Facility | LIBOR + 2.25% | 2018 | — | — | ||||||||||
Senior Unsecured Note | 8 | % | 2020 | 625 | 625 | |||||||||
Senior Unsecured Note | 7.38% | 2021 | 1,000 | 1,000 | ||||||||||
Senior Unsecured Note | 4.88% | 2023 | 750 | — | ||||||||||
Unamortized discounts | (7 | ) | (22 | ) | ||||||||||
SUBTOTAL | 5,152 | 5,445 | ||||||||||||
Less: Current maturities | (118 | ) | (11 | ) | ||||||||||
Total | $ | 5,034 | $ | 5,434 | ||||||||||
Future Maturities of Debt | ' | |||||||||||||
Interest Rate | Final | December 31, | ||||||||||||
RECOURSE DEBT | Maturity | 2013 | 2012 | |||||||||||
(in millions) | ||||||||||||||
Senior Unsecured Note | 7.75% | 2014 | 110 | 500 | ||||||||||
Senior Unsecured Note | 7.75% | 2015 | 356 | 500 | ||||||||||
Senior Unsecured Note | 9.75% | 2016 | 369 | 535 | ||||||||||
Senior Unsecured Note | 8.00% | 2017 | 1,150 | 1,500 | ||||||||||
Senior Secured Term Loan | LIBOR + 2.75% | 2018 | 799 | 807 | ||||||||||
Senior Unsecured Note | 8.00% | 2020 | 625 | 625 | ||||||||||
Senior Unsecured Note | 7.38% | 2021 | 1,000 | 1,000 | ||||||||||
Senior Unsecured Note | 4.88% | 2023 | 750 | — | ||||||||||
Term Convertible Trust Securities | 6.75% | 2029 | 517 | 517 | ||||||||||
Unamortized discounts | (7 | ) | (22 | ) | ||||||||||
SUBTOTAL | 5,669 | 5,962 | ||||||||||||
Less: Current maturities | (118 | ) | (11 | ) | ||||||||||
Total | $ | 5,551 | $ | 5,951 | ||||||||||
The table below summarizes the principal amounts due, net of unamortized discounts, under our recourse debt for the next five years and thereafter: | ||||||||||||||
December 31, | Net Principal Amounts Due | |||||||||||||
(in millions) | ||||||||||||||
2014 | $ | 118 | ||||||||||||
2015 | 364 | |||||||||||||
2016 | 368 | |||||||||||||
2017 | 1,158 | |||||||||||||
2018 | 764 | |||||||||||||
Thereafter | 2,897 | |||||||||||||
Total recourse debt | $ | 5,669 | ||||||||||||
December 31, | Annual Maturities | |||||||||||||
(in millions) | ||||||||||||||
2014 | $ | 118 | ||||||||||||
2015 | 364 | |||||||||||||
2016 | 368 | |||||||||||||
2017 | 1,158 | |||||||||||||
2018 | 764 | |||||||||||||
Thereafter | 2,897 | |||||||||||||
Total debt | $ | 5,669 | ||||||||||||
Dividends From Subsidiaries and Affiliates | ' | |||||||||||||
Cash dividends received from consolidated subsidiaries and from affiliates accounted for by the equity method were as follows: | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(in millions) | ||||||||||||||
Subsidiaries | $ | 818 | $ | 1,140 | $ | 1,091 | ||||||||
Affiliates | — | — | — | |||||||||||
General_and_Summary_of_Signifi2
General and Summary of Significant Accounting Policies (Correction of an Error) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net cash used in investing activities | ($1,774) | ($895) | ($4,906) |
Cash flows from financing activities | -1,136 | -1,867 | 1,412 |
Restatement adjustment | ' | ' | ' |
Net cash used in investing activities | ' | 128 | ' |
Cash flows from financing activities | ' | -128 | ' |
Previously reported | ' | ' | ' |
Net cash used in investing activities | ' | -1,000 | ' |
Cash flows from financing activities | ' | ($1,700) | ' |
General_and_Summary_of_Signifi3
General and Summary of Significant Accounting Policies (Finite Lived Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '1 year |
Maximum | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Asset, Useful Life | '50 years |
Inventory_Details
Inventory (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Coal, fuel oil and other raw materials | $334 | $372 |
Spare parts and supplies | 350 | 347 |
Total | $684 | $719 |
Property_Plant_and_Equipment_C
Property, Plant and Equipment (Components of PP&E) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | ||
Electric generation and distribution facilities | Electric generation and distribution facilities | Electric generation and distribution facilities | Electric generation and distribution facilities | Other buildings | Other buildings | Other buildings | Other buildings | Furniture, fixtures and equipment | Furniture, fixtures and equipment | Furniture, fixtures and equipment | Furniture, fixtures and equipment | Other | Other | Other | Other | |||||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Estimated Useful Life | ' | ' | ' | ' | '6 years | '68 years | ' | ' | '5 years | '50 years | ' | ' | '3 years | '30 years | ' | ' | '1 year | '46 years | ||
Electric generation, distribution assets and other | $30,596,000,000 | $30,278,000,000 | $27,619,000,000 | $26,385,000,000 | ' | ' | $1,726,000,000 | $2,616,000,000 | ' | ' | $312,000,000 | $386,000,000 | ' | ' | $939,000,000 | $891,000,000 | ' | ' | ||
Accumulated depreciation | -9,604,000,000 | -9,145,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net electric generation and distribution assets and other | 20,992,000,000 | [1],[2] | 21,133,000,000 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net electronic generation and distribution assets and other related to held for sale business | 1,200,000,000 | 1,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Capitalized computer software, net | $133,000,000 | $141,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Net electric generation and distribution assets and other related to the Company's held-for-sale businesses of $1.2 billion and $1.3 billion as of December 31, 2013 and 2012, respectively, were excluded from the table above and were included in the noncurrent assets of discontinued and held-for-sale businesses in the consolidated balance sheets. | |||||||||||||||||||
[2] | Net electric generation and distribution assets, and other include unamortized internal use software costs of $133 million and $141 million as of December 31, 2013 and 2012, respectively. |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Depreciation Expense, Software Amortization and Capitalized Interest) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation expense (including amortization of assets recorded under capital leases) | $1,193 | $1,173 | $1,078 |
Amortization of internal use software | 36 | 45 | 42 |
Interest capitalized during development and construction | $84 | $88 | $155 |
Property_Plant_and_Equipment_R
Property, Plant and Equipment (Regulated and Non-Regulated Generation and Distribution PP&E) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Property plant and equipment, net of accumulated depreciation mortgaged, pledged or subject to liens | $15,000,000,000 | $16,000,000,000 | ||
Electric generation, distribution assets and other | 30,596,000,000 | 30,278,000,000 | ||
Accumulated depreciation | -9,604,000,000 | -9,145,000,000 | ||
Net electric generation and distribution assets and other | 20,992,000,000 | [1],[2] | 21,133,000,000 | [1],[2] |
Regulated | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Electric generation, distribution assets and other | 13,031,000,000 | 13,395,000,000 | ||
Accumulated depreciation | -4,732,000,000 | -4,711,000,000 | ||
Net electric generation and distribution assets and other | 8,299,000,000 | 8,684,000,000 | ||
Non Regulated | ' | ' | ||
Property, Plant and Equipment [Line Items] | ' | ' | ||
Electric generation, distribution assets and other | 17,565,000,000 | 16,883,000,000 | ||
Accumulated depreciation | -4,872,000,000 | -4,434,000,000 | ||
Net electric generation and distribution assets and other | $12,693,000,000 | $12,449,000,000 | ||
[1] | Net electric generation and distribution assets and other related to the Company's held-for-sale businesses of $1.2 billion and $1.3 billion as of December 31, 2013 and 2012, respectively, were excluded from the table above and were included in the noncurrent assets of discontinued and held-for-sale businesses in the consolidated balance sheets. | |||
[2] | Net electric generation and distribution assets, and other include unamortized internal use software costs of $133 million and $141 million as of December 31, 2013 and 2012, respectively. |
Property_Plant_and_Equipment_A
Property, Plant and Equipment (Asset Retirement Obligations) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ' | ' |
Balance at January 1 | $120,000,000 | $110,000,000 |
Additional liabilities incurred | 1,000,000 | 3,000,000 |
Liabilities settled | -4,000,000 | -3,000,000 |
Accretion expense | 9,000,000 | 6,000,000 |
Change in estimated cash flows | 16,000,000 | 3,000,000 |
Translation adjustments | 0 | 1,000,000 |
Balance at December 31 | 142,000,000 | 120,000,000 |
Asset retirement obligation, legally restricted | ' | $0 |
Property_Plant_and_Equipment_O
Property, Plant and Equipment (Ownership of Coal-Fired Facilities) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | MW |
Jointly Owned Utility Plant Interests [Line Items] | ' |
Production Capacity (MW) | 2,465 |
Beckjord Unit 6 | ' |
Jointly Owned Utility Plant Interests [Line Items] | ' |
Ownership | 50.00% |
Production Capacity (MW) | 207 |
Gross Plant In Service | 2 |
Accumulated Depreciation | 1 |
Construction Work In Process | 0 |
Conesville Unit 4 | ' |
Jointly Owned Utility Plant Interests [Line Items] | ' |
Ownership | 17.00% |
Production Capacity (MW) | 129 |
Gross Plant In Service | 24 |
Accumulated Depreciation | 0 |
Construction Work In Process | 0 |
East Bend Station | ' |
Jointly Owned Utility Plant Interests [Line Items] | ' |
Ownership | 31.00% |
Production Capacity (MW) | 186 |
Gross Plant In Service | 12 |
Accumulated Depreciation | 5 |
Construction Work In Process | 0 |
Killen Station | ' |
Jointly Owned Utility Plant Interests [Line Items] | ' |
Ownership | 67.00% |
Production Capacity (MW) | 402 |
Gross Plant In Service | 306 |
Accumulated Depreciation | 9 |
Construction Work In Process | 4 |
Miami Fort Units 7 and 8 | ' |
Jointly Owned Utility Plant Interests [Line Items] | ' |
Ownership | 36.00% |
Production Capacity (MW) | 368 |
Gross Plant In Service | 212 |
Accumulated Depreciation | 13 |
Construction Work In Process | 1 |
Stuart Station | ' |
Jointly Owned Utility Plant Interests [Line Items] | ' |
Ownership | 35.00% |
Production Capacity (MW) | 808 |
Gross Plant In Service | 205 |
Accumulated Depreciation | 12 |
Construction Work In Process | 16 |
Zimmer Station | ' |
Jointly Owned Utility Plant Interests [Line Items] | ' |
Ownership | 28.00% |
Production Capacity (MW) | 365 |
Gross Plant In Service | 177 |
Accumulated Depreciation | 25 |
Construction Work In Process | 3 |
Transmission | ' |
Jointly Owned Utility Plant Interests [Line Items] | ' |
Gross Plant In Service | 41 |
Accumulated Depreciation | 4 |
Construction Work In Process | 0 |
Total Jointly Owned Plant | ' |
Jointly Owned Utility Plant Interests [Line Items] | ' |
Gross Plant In Service | 979 |
Accumulated Depreciation | 69 |
Construction Work In Process | 24 |
Fair_Value_Recurring_Measureme
Fair Value (Recurring Measurements) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Debt securities: | ' | ' | ||
Unsecured debentures | $435 | [1] | $448 | [1] |
Certificates of deposit | 151 | [1] | 143 | [1] |
Government debt securities | 25 | [1] | 34 | [1] |
Subtotal | 611 | [1] | 625 | [1] |
Equity securities: | ' | ' | ||
Mutual funds | 44 | [1] | 56 | [1] |
Subtotal | 44 | [1] | 56 | [1] |
Total available-for-sale | 655 | [1] | 681 | [1] |
Equity securities: | ' | ' | ||
Mutual funds | 13 | 12 | ||
Total trading | 13 | 12 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 240 | 100 | ||
TOTAL ASSETS | 908 | 793 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 371 | 602 | ||
TOTAL LIABILITIES | 371 | 602 | ||
Interest rate derivatives | ' | ' | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 98 | 2 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 322 | 565 | ||
Cross Currency | ' | ' | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 5 | 6 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 11 | 6 | ||
Foreign currency derivatives | ' | ' | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 113 | 81 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 21 | 14 | ||
Commodity | ' | ' | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 24 | 11 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 17 | 17 | ||
Level 1 | ' | ' | ||
Debt securities: | ' | ' | ||
Unsecured debentures | 0 | [1] | 0 | [1] |
Certificates of deposit | 0 | [1] | 0 | [1] |
Government debt securities | 0 | [1] | 0 | [1] |
Subtotal | 0 | [1] | 0 | [1] |
Equity securities: | ' | ' | ||
Mutual funds | 0 | [1] | 0 | [1] |
Subtotal | 0 | [1] | 0 | [1] |
Total available-for-sale | 0 | [1] | 0 | [1] |
Equity securities: | ' | ' | ||
Mutual funds | 13 | 12 | ||
Total trading | 13 | 12 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 0 | 0 | ||
TOTAL ASSETS | 13 | 12 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 0 | 0 | ||
TOTAL LIABILITIES | 0 | 0 | ||
Level 1 | Interest rate derivatives | ' | ' | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 0 | 0 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 0 | 0 | ||
Level 1 | Cross Currency | ' | ' | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 0 | 0 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 0 | 0 | ||
Level 1 | Foreign currency derivatives | ' | ' | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 0 | 0 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 0 | 0 | ||
Level 1 | Commodity | ' | ' | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 0 | 0 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 0 | 0 | ||
Level 2 | ' | ' | ||
Debt securities: | ' | ' | ||
Unsecured debentures | 435 | [1] | 448 | [1] |
Certificates of deposit | 151 | [1] | 143 | [1] |
Government debt securities | 25 | [1] | 34 | [1] |
Subtotal | 611 | [1] | 625 | [1] |
Equity securities: | ' | ' | ||
Mutual funds | 44 | [1] | 56 | [1] |
Subtotal | 44 | [1] | 56 | [1] |
Total available-for-sale | 655 | [1] | 681 | [1] |
Equity securities: | ' | ' | ||
Mutual funds | 0 | 0 | ||
Total trading | 0 | 0 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 136 | 18 | ||
TOTAL ASSETS | 791 | 699 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 263 | 179 | ||
TOTAL LIABILITIES | 263 | 179 | ||
Level 2 | Interest rate derivatives | ' | ' | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 98 | 2 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 221 | 153 | ||
Level 2 | Cross Currency | ' | ' | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 5 | 6 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 11 | 6 | ||
Level 2 | Foreign currency derivatives | ' | ' | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 15 | 2 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 16 | 7 | ||
Level 2 | Commodity | ' | ' | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 18 | 8 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 15 | 13 | ||
Level 3 | ' | ' | ||
Debt securities: | ' | ' | ||
Unsecured debentures | 0 | [1] | 0 | [1] |
Certificates of deposit | 0 | [1] | 0 | [1] |
Government debt securities | 0 | [1] | 0 | [1] |
Subtotal | 0 | [1] | 0 | [1] |
Equity securities: | ' | ' | ||
Mutual funds | 0 | [1] | 0 | [1] |
Subtotal | 0 | [1] | 0 | [1] |
Total available-for-sale | 0 | [1] | 0 | [1] |
Equity securities: | ' | ' | ||
Mutual funds | 0 | 0 | ||
Total trading | 0 | 0 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 104 | 82 | ||
TOTAL ASSETS | 104 | 82 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 108 | 423 | ||
TOTAL LIABILITIES | 108 | 423 | ||
Level 3 | Interest rate derivatives | ' | ' | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 0 | 0 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 101 | 412 | ||
Level 3 | Cross Currency | ' | ' | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 0 | 0 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 0 | 0 | ||
Level 3 | Foreign currency derivatives | ' | ' | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 98 | 79 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 5 | 7 | ||
Level 3 | Commodity | ' | ' | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | 6 | 3 | ||
DERIVATIVES: | ' | ' | ||
Total derivatives | $2 | $4 | ||
[1] | Amortized cost approximated fair value at December 31, 2013 and 2012. |
Fair_Value_Level_3_Reconciliat
Fair Value (Level 3 Reconciliation) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ' | ' |
Balance at beginning of period | ($341) | ($94) |
Total gains (losses) (realized and unrealized): | ' | ' |
Included in earnings | 70 | 25 |
Included in other comprehensive income - derivative activity | 93 | -25 |
Included in other comprehensive income - foreign currency translation activity | -27 | -8 |
Included in regulatory (assets) liabilities | 2 | 9 |
Settlements | 94 | 31 |
Transfers of assets (liabilities) into Level 3 | ' | -285 |
Transfers of (assets) liabilities out of Level 3 | 105 | 6 |
Balance at end of period | -4 | -341 |
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | 64 | 24 |
Interest Rate | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ' | ' |
Balance at beginning of period | -412 | -128 |
Total gains (losses) (realized and unrealized): | ' | ' |
Included in earnings | 13 | -2 |
Included in other comprehensive income - derivative activity | 93 | -28 |
Included in other comprehensive income - foreign currency translation activity | -4 | -1 |
Included in regulatory (assets) liabilities | 0 | 0 |
Settlements | 100 | 26 |
Transfers of assets (liabilities) into Level 3 | ' | -285 |
Transfers of (assets) liabilities out of Level 3 | 109 | 6 |
Balance at end of period | -101 | -412 |
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | 10 | -1 |
Foreign currency derivatives | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ' | ' |
Balance at beginning of period | 72 | 50 |
Total gains (losses) (realized and unrealized): | ' | ' |
Included in earnings | 53 | 32 |
Included in other comprehensive income - derivative activity | 0 | 0 |
Included in other comprehensive income - foreign currency translation activity | -23 | -7 |
Included in regulatory (assets) liabilities | 0 | 0 |
Settlements | -5 | -3 |
Transfers of assets (liabilities) into Level 3 | ' | 0 |
Transfers of (assets) liabilities out of Level 3 | -4 | 0 |
Balance at end of period | 93 | 72 |
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | 53 | 28 |
Cross Currency | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ' | ' |
Balance at beginning of period | ' | -18 |
Total gains (losses) (realized and unrealized): | ' | ' |
Included in earnings | ' | 0 |
Included in other comprehensive income - derivative activity | ' | 3 |
Included in other comprehensive income - foreign currency translation activity | ' | 0 |
Included in regulatory (assets) liabilities | ' | 0 |
Settlements | ' | 15 |
Transfers of assets (liabilities) into Level 3 | ' | 0 |
Transfers of (assets) liabilities out of Level 3 | ' | 0 |
Balance at end of period | ' | 0 |
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | ' | 0 |
Commodity | ' | ' |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ' | ' |
Balance at beginning of period | -1 | 2 |
Total gains (losses) (realized and unrealized): | ' | ' |
Included in earnings | 4 | -5 |
Included in other comprehensive income - derivative activity | 0 | 0 |
Included in other comprehensive income - foreign currency translation activity | 0 | 0 |
Included in regulatory (assets) liabilities | 2 | 9 |
Settlements | -1 | -7 |
Transfers of assets (liabilities) into Level 3 | ' | 0 |
Transfers of (assets) liabilities out of Level 3 | ' | 0 |
Balance at end of period | 4 | -1 |
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $1 | ($3) |
Fair_Value_Quantitative_Inform
Fair Value (Quantitative Information) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ' | ' | ' |
Fair Value | ($4) | ($341) | ($94) |
Interest rate derivatives | ' | ' | ' |
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ' | ' | ' |
Fair Value | -101 | -412 | -128 |
Interest rate derivatives | Minimum | ' | ' | ' |
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ' | ' | ' |
Subsidiaries' credit risk | 4.44% | ' | ' |
Interest rate derivatives | Maximum | ' | ' | ' |
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ' | ' | ' |
Subsidiaries' credit risk | 5.87% | ' | ' |
Interest rate derivatives | Weighted Average | ' | ' | ' |
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ' | ' | ' |
Subsidiaries' credit risk | 4.69% | ' | ' |
Foreign Currency Embedded Derivative Argentine Peso | ' | ' | ' |
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ' | ' | ' |
Fair Value | 98 | ' | ' |
Foreign Currency Embedded Derivative Argentine Peso | Minimum | ' | ' | ' |
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ' | ' | ' |
Argentine Peso to U.S. Dollar currency exchange rate after 1 year | 9.94 | ' | ' |
Foreign Currency Embedded Derivative Argentine Peso | Maximum | ' | ' | ' |
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ' | ' | ' |
Argentine Peso to U.S. Dollar currency exchange rate after 1 year | 21.11 | ' | ' |
Foreign Currency Embedded Derivative Argentine Peso | Weighted Average | ' | ' | ' |
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ' | ' | ' |
Argentine Peso to U.S. Dollar currency exchange rate after 1 year | 16.35 | ' | ' |
Foreign Currency Embedded Derivative Euro | ' | ' | ' |
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ' | ' | ' |
Fair Value | -4 | ' | ' |
Foreign Currency Embedded Derivative Euro | Weighted Average | ' | ' | ' |
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ' | ' | ' |
Subsidiaries' credit risk | 4.44% | ' | ' |
Foreign Currency Embedded Derivative Other | ' | ' | ' |
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ' | ' | ' |
Fair Value | -1 | ' | ' |
Commodity And Other Derivative Other | ' | ' | ' |
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ' | ' | ' |
Fair Value | $4 | ' | ' |
Fair_Value_Nonrecurring_Measur
Fair Value (Nonrecurring Measurements) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Itabo (San Lorenzo) | DP&L (Conesville) | DP&L | DP&L | Ebute | MountainView | St. Patrick | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held For Sale | Long Lived Assets Held For Sale | Long Lived Assets Held For Sale | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Equity Method Affiliate | Equity Method Affiliate | Goodwill | Goodwill | Goodwill | Goodwill | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Itabo (San Lorenzo) | Beaver Valley | DP&L (Conesville) | Kelanitissa | U.S. wind projects | U.S. wind turbines | U.S. wind turbines | St. Patrick | Cameroon | Saurashtra | Ukraine utilities | Poland wind projects | U.S. wind projects | Tisza II | DP&L | DP&L | Ebute | MountainView | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held For Sale | Long Lived Assets Held For Sale | Long Lived Assets Held For Sale | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Equity Method Affiliate | Equity Method Affiliate | Goodwill | Goodwill | Goodwill | Goodwill | Level 3 | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held For Sale | Long Lived Assets Held For Sale | Long Lived Assets Held For Sale | Long Lived Assets Held For Sale | Long Lived Assets Held For Sale | Long Lived Assets Held For Sale | Long Lived Assets Held For Sale | Long Lived Assets Held For Sale | Long Lived Assets Held For Sale | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Discontinued Operations and Held for Sale Businesses | Equity Method Affiliate | Equity Method Affiliate | Equity Method Affiliate | Equity Method Affiliate | Equity Method Affiliate | Equity Method Affiliate | Goodwill | Goodwill | Goodwill | Goodwill | Goodwill | Goodwill | Goodwill | Goodwill | Goodwill | Goodwill | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Itabo (San Lorenzo) | Beaver Valley | DP&L (Conesville) | Kelanitissa | U.S. wind projects | U.S. wind turbines | U.S. wind turbines | St. Patrick | Cameroon | Saurashtra | Ukraine utilities | Poland wind projects | U.S. wind projects | Tisza II | DP&L | DP&L | Ebute | MountainView | Itabo (San Lorenzo) | Itabo (San Lorenzo) | Itabo (San Lorenzo) | Beaver Valley | Beaver Valley | Beaver Valley | DP&L (Conesville) | DP&L (Conesville) | DP&L (Conesville) | Kelanitissa | Kelanitissa | Kelanitissa | U.S. wind projects | U.S. wind projects | U.S. wind projects | U.S. wind turbines | U.S. wind turbines | U.S. wind turbines | U.S. wind turbines | U.S. wind turbines | U.S. wind turbines | St. Patrick | St. Patrick | St. Patrick | Cameroon | Cameroon | Cameroon | Saurashtra | Saurashtra | Saurashtra | Ukraine utilities | Ukraine utilities | Ukraine utilities | Poland wind projects | Poland wind projects | Poland wind projects | U.S. wind projects | U.S. wind projects | U.S. wind projects | Tisza II | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | DP&L | DP&L | DP&L | DP&L | Ebute | Ebute | Ebute | MountainView | MountainView | MountainView | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 2 | Level 1 | Level 2 | Level 3 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset fair value nonrecurring | ' | ' | ' | $7,000,000 | $0 | ' | ' | ' | ' | $22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23,000,000 | [1] | $61,000,000 | [1] | $26,000,000 | [1] | $29,000,000 | [1] | $21,000,000 | [1] | $25,000,000 | [1] | $45,000,000 | [1] | $33,000,000 | [1] | $414,000,000 | [2] | $19,000,000 | [2] | $164,000,000 | [2] | $79,000,000 | [2] | $77,000,000 | [2] | $105,000,000 | [2] | $240,000,000 | [3] | $205,000,000 | [3] | $623,000,000 | [3] | $2,440,000,000 | $58,000,000 | [3] | $7,000,000 | [3] | $133,000,000 | $0 | [1] | $0 | [1] | $7,000,000 | [1] | $0 | [1] | $0 | [1] | $15,000,000 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $10,000,000 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $25,000,000 | [1] | $0 | [1] | $0 | [1] | $25,000,000 | [1] | $0 | [1] | $22,000,000 | [1] | $0 | [1] | $0 | [2] | $356,000,000 | [2] | $0 | [2] | $0 | [2] | $7,000,000 | [2] | $0 | [2] | $0 | [2] | $124,000,000 | [2] | $0 | [2] | $0 | [2] | $14,000,000 | [2] | $0 | [2] | $0 | [2] | $30,000,000 | [2] | $0 | [2] | $14,000,000 | [2] | $0 | [3] | $0 | $0 | [3] | $155,000,000 | [3] | $111,000,000 | [3] | $0 | $0 | $0 | $316,000,000 | [3] | $623,000,000 | $0 | [3] | $0 | [3] | $0 | [3] | $0 | [3] | $0 | [3] | $0 | [3] | |||||||||||||||
Asset impairment expense | 661,000,000 | 1,940,000,000 | 366,000,000 | ' | ' | ' | ' | ' | ' | ' | 16,000,000 | 46,000,000 | 26,000,000 | 19,000,000 | [1] | 21,000,000 | [1] | 0 | [1] | 20,000,000 | [1] | 11,000,000 | [1] | 63,000,000 | [2] | 12,000,000 | [2] | 44,000,000 | [2] | 65,000,000 | [2] | 47,000,000 | [2] | 91,000,000 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other non-operating expense | 129,000,000 | 50,000,000 | 82,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129,000,000 | 50,000,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment expense | $372,000,000 | $1,817,000,000 | $17,000,000 | ' | ' | $307,000,000 | $1,820,000,000 | $58,000,000 | $7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $307,000,000 | [3] | $1,817,000,000 | $58,000,000 | [3] | $7,000,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | See Note 21 — Asset Impairment Expense for further information. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | See Note 23 — Discontinued Operations and Held-For-Sale Businesses for further information. Also, the gross loss equals the carrying amount of the disposal group less its fair value less costs to sell. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | See Note 9 — Other Non-Operating Expense for further information. |
Fair_Value_Nonrecurring_Unobse
Fair Value (Nonrecurring Unobservable Inputs) (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
DP&L (Conesville) | Itabo (San Lorenzo) | Discounted Cash Flow | Discounted Cash Flow | Discounted Cash Flow | Discounted Cash Flow | Discounted Cash Flow | Discounted Cash Flow | Discounted Cash Flow | Discounted Cash Flow | Discounted Cash Flow | Discounted Cash Flow | Market Approach | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | |||||
Long Lived Assets Held And Used | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Weighted Average | Weighted Average | Weighted Average | Long Lived Assets Held And Used | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | |||||||
Beaver Valley | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Equity Method Affiliate | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Equity Method Affiliate | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Equity Method Affiliate | Itabo (San Lorenzo) | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Long Lived Assets Held And Used | Equity Method Affiliate | Equity Method Affiliate | ||||||||
Beaver Valley | DP&L (Conesville) | Elsta | Beaver Valley | DP&L (Conesville) | Elsta | Beaver Valley | DP&L (Conesville) | Elsta | Beaver Valley | DP&L (Conesville) | Itabo (San Lorenzo) | ||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Asset fair value nonrecurring | $0 | $7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $133,000,000 | $15,000,000 | [1] | $0 | [1] | $7,000,000 | [1] | $111,000,000 | [2] | $0 |
Annual revenue growth | ' | ' | ' | 3.00% | -31.00% | -66.00% | 45.00% | 18.00% | 24.00% | 19.00% | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ||||
Annual pretax operating margin | ' | ' | ' | -42.00% | -9.00% | 15.00% | 41.00% | 18.00% | 68.00% | 25.00% | 10.00% | 40.00% | ' | ' | ' | ' | ' | ' | ' | ||||
Weighted average cost of capital | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Broker quote | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,000,000 | ' | ' | ' | ' | ' | ' | ||||
Cost of Equity | ' | ' | ' | ' | ' | 7.80% | ' | ' | 9.80% | ' | ' | 8.40% | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | See Note 21 — Asset Impairment Expense for further information. | ||||||||||||||||||||||
[2] | See Note 9 — Other Non-Operating Expense for further information. |
Fair_Value_Instruments_Not_Mea
Fair Value (Instruments Not Measured at Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Financial Instruments Not Measured At Fair Value In the Condensed Consolidated Balance Sheets [Abstract] | ' | ' | ||
Non-recourse debt | $15,380 | [1] | $14,759 | [1] |
Recourse debt | 5,669 | 5,962 | ||
Carrying Amount | ' | ' | ||
Financial Instruments Not Measured At Fair Value In the Condensed Consolidated Balance Sheets [Abstract] | ' | ' | ||
Accounts receivable - noncurrent | 260 | [2] | 304 | [2] |
Non-recourse debt | 15,380 | 14,759 | ||
Recourse debt | 5,669 | 5,962 | ||
Fair Value | ' | ' | ||
Financial Instruments Not Measured At Fair Value In the Condensed Consolidated Balance Sheets [Abstract] | ' | ' | ||
Accounts receivable - noncurrent | 194 | [2] | 188 | [2] |
Non-recourse debt | 15,620 | 15,481 | ||
Recourse debt | 6,164 | 6,628 | ||
Value added tax | 46 | 55 | ||
Fair Value | Level 1 | ' | ' | ||
Financial Instruments Not Measured At Fair Value In the Condensed Consolidated Balance Sheets [Abstract] | ' | ' | ||
Accounts receivable - noncurrent | 0 | [2] | 0 | [2] |
Non-recourse debt | 0 | 0 | ||
Recourse debt | 0 | 0 | ||
Fair Value | Level 2 | ' | ' | ||
Financial Instruments Not Measured At Fair Value In the Condensed Consolidated Balance Sheets [Abstract] | ' | ' | ||
Accounts receivable - noncurrent | 0 | [2] | 0 | [2] |
Non-recourse debt | 13,397 | 13,266 | ||
Recourse debt | 6,164 | 6,628 | ||
Fair Value | Level 3 | ' | ' | ||
Financial Instruments Not Measured At Fair Value In the Condensed Consolidated Balance Sheets [Abstract] | ' | ' | ||
Accounts receivable - noncurrent | 194 | [2] | 188 | [2] |
Non-recourse debt | 2,223 | 2,215 | ||
Recourse debt | $0 | $0 | ||
[1] | Non-recourse debt of $658 million as of December 31, 2013 was excluded from non-recourse debt and included in current and noncurrent liabilities of held for sale and discontinued businesses in the accompanying Consolidated Balance Sheets. There were no amounts excluded in 2012. | |||
[2] | These accounts receivable principally relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and are included in “Noncurrent assets — Other†in the accompanying consolidated balance sheets. The fair value of these accounts receivable excludes value-added tax of $46 million and $55 million at December 31, 2013 and 2012, respectively. |
Investments_In_Marketable_Secu2
Investments In Marketable Securities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Realized losses on the sale of available-for-sale securities | $0 | $0 | $0 |
Other-than-temporary impairment of marketable securities | 0 | 0 | 0 |
Gross proceeds from sales of available-for-sale securities | $4,406,000,000 | $6,489,000,000 | $6,119,000,000 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Outstanding Derivative Notionals and Terms by Type) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||||||
In Millions, unless otherwise specified | USD ($) | Libor USD | Euribor EUR | Libor GBP | Chilean Unidad De Fomento CLF | Current Notional | Current Notional | Current Notional | Current Notional | Current Notional | Current Notional | Current Notional | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | ||||||||||||||
Interest Rate Contract | Interest Rate Contract | Interest Rate Contract | Cross Currency Interest Rate Contract | Libor USD | Euribor EUR | Euribor EUR | Libor GBP | Libor GBP | Chilean Unidad De Fomento CLF | Chilean Unidad De Fomento CLF | Libor USD | Euribor EUR | Euribor EUR | Libor GBP | Libor GBP | Chilean Unidad De Fomento CLF | Chilean Unidad De Fomento CLF | ||||||||||||||||
Interest Rate Contract | Interest Rate Contract | Interest Rate Contract | Interest Rate Contract | Interest Rate Contract | Cross Currency Interest Rate Contract | Cross Currency Interest Rate Contract | Interest Rate Contract | Interest Rate Contract | Interest Rate Contract | Interest Rate Contract | Interest Rate Contract | Cross Currency Interest Rate Contract | Cross Currency Interest Rate Contract | ||||||||||||||||||||
USD ($) | USD ($) | EUR (€) | USD ($) | GBP (£) | USD ($) | CLF | USD ($) | USD ($) | EUR (€) | USD ($) | GBP (£) | USD ($) | CLF | ||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Derivative, notional amount | $3,600 | ' | ' | ' | ' | $3,493 | [1] | $789 | [1] | € 574 | [1] | $111 | [1] | £ 67 | [1] | $248 | 6 | $4,675 | [1] | $791 | [1] | € 575 | [1] | $111 | [1] | £ 67 | [1] | $248 | 6 | ||||
Derivative average remaining maturity | ' | '9 years | [1] | '12 years | [1] | '8 years | [1] | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
% of Debt Currently Hedged by Index | ' | 73.00% | [1],[2] | 83.00% | [1],[2] | 83.00% | [1],[2] | 85.00% | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
[1] | The Company’s interest rate derivative instruments primarily include accreting and amortizing notionals. The maximum derivative notional represents the largest notional at any point between December 31, 2013 and the maturity of the derivative instrument, which includes forward-starting derivative instruments. The interest rate and cross currency derivatives range in maturity through 2030 and 2028, respectively. | ||||||||||||||||||||||||||||||||
[2] | The percentage of variable-rate debt currently hedged is based on the related index and excludes forecasted issuances of debt and variable-rate debt tied to other indices where the Company has no interest rate derivatives. |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Foreign Currency Derivatives) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||||||||||
In Millions, unless otherwise specified | USD ($) | Chilean Unidad De Fomento CLF | Chilean Unidad De Fomento CLF | Chilean Peso CLP | Chilean Peso CLP | Brazilian Real BRL | Brazilian Real BRL | Euro EUR | Euro EUR | Colombian Peso COP | Colombian Peso COP | Argentine Peso ARS | Argentine Peso ARS | Argentine Peso ARS | Argentine Peso ARS | British Pound GBP | British Pound GBP | Kazakhstani Tenge KZT | Kazakhstani Tenge KZT | ||||||||||||||||||
Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Embedded Derivative Financial Instruments | Embedded Derivative Financial Instruments | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Embedded Derivative Financial Instruments | Embedded Derivative Financial Instruments | ||||||||||||||||||||
USD ($) | CLF | USD ($) | CLP | USD ($) | BRL | USD ($) | EUR (€) | USD ($) | COP | USD ($) | ARS | USD ($) | ARS | USD ($) | GBP (£) | USD ($) | KZT | ||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Derivative, notional amount | $3,600 | $248 | 6 | [1] | $115 | 60,521 | [1] | $78 | 182 | [1] | $73 | € 53 | [1] | $69 | 133,860 | [1] | $7 | 43 | [1] | $139 | 905 | [1] | $57 | £ 35 | [1] | $5 | 816 | [1] | |||||||||
Derivative average remaining maturity (less than 1 year) | ' | ' | ' | '<1 | [2] | '<1 | [2] | '<1 | [2] | '<1 | [2] | '<1 | [2] | '<1 | [2] | '<1 | [2] | '<1 | [2] | '<1 | [2] | '<1 | [2] | ' | ' | '<1 | [2] | '<1 | [2] | ' | ' | ||||||
Derivative average remaining maturity (less than 1 year for some Foreign Currency Options) | ' | '1 year | [2] | '1 year | [2] | '1 year | [2] | '1 year | [2] | '1 year | [2] | '1 year | [2] | '1 year | [2] | '1 year | [2] | '1 year | [2] | '1 year | [2] | '1 year | [2] | '1 year | [2] | '10 years | [2] | '10 years | [2] | '1 year | [2] | '1 year | [2] | '4 years | [2] | '4 years | [2] |
[1] | Represents contractual notionals. The notionals for options have not been probability adjusted, which generally would decrease them. | ||||||||||||||||||||||||||||||||||||
[2] | Represents the remaining tenor of our foreign currency derivatives weighted by the corresponding notional. These options and forwards and these embedded derivatives range in maturity through 2017 and 2025, respectively. |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Commodity Derivatives) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | |
MWh | ||
Derivative [Line Items] | ' | |
Derivative, notional amount | 3,600 | |
Power MWh | Commodity Contract | ' | |
Derivative [Line Items] | ' | |
Derivative, Nonmonetary Notional Amount | 5,000,000 | |
Derivative average remaining maturity | '3 years | [1] |
[1] | Represents the remaining tenor of our commodity derivatives weighted by the corresponding volume. These derivatives range in maturity through 2016. |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities (Assets and LIabilities - Designated vs. Not Designated Hedging Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | $240 | $100 |
Total liability derivatives | 371 | 602 |
Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 113 | 8 |
Total liability derivatives | 351 | 565 |
Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 127 | 92 |
Total liability derivatives | 20 | 37 |
Interest Rate Contract | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 98 | 2 |
Total liability derivatives | 322 | 565 |
Interest Rate Contract | Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 96 | 0 |
Total liability derivatives | 318 | 544 |
Interest Rate Contract | Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 2 | 2 |
Total liability derivatives | 4 | 21 |
Cross Currency Interest Rate Contract | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 5 | 6 |
Total liability derivatives | 11 | 6 |
Cross Currency Interest Rate Contract | Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 5 | 6 |
Total liability derivatives | 11 | 6 |
Cross Currency Interest Rate Contract | Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 0 | 0 |
Total liability derivatives | 0 | 0 |
Foreign Exchange Contract | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 113 | 81 |
Total liability derivatives | 21 | 14 |
Foreign Exchange Contract | Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 4 | 0 |
Total liability derivatives | 15 | 7 |
Foreign Exchange Contract | Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 109 | 81 |
Total liability derivatives | 6 | 7 |
Other Contract | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 24 | 11 |
Total liability derivatives | 17 | 17 |
Other Contract | Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 8 | 2 |
Total liability derivatives | 7 | 8 |
Other Contract | Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 16 | 9 |
Total liability derivatives | $10 | $9 |
Derivative_Instruments_and_Hed6
Derivative Instruments and Hedging Activities (Assets and Liabilities - Current vs. Noncurrent Derivative instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | $240 | $100 |
Total liability derivatives | 371 | 602 |
No Longer Carried At Fair Value | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 169 | 186 |
Total liability derivatives | 190 | 191 |
Contracts Subject To Netting Arrangements | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 91 | 25 |
Total liability derivatives | 314 | 522 |
Derivative Assets Not Offset Under Netting Arrangements | -9 | -9 |
Derivative Liabilities Not Offset Under Netting Arrangements | -9 | -9 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | -3 | 0 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | -6 | -5 |
Derivative Asset | 79 | 16 |
Derivative Liability | 299 | 508 |
Current | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 32 | 14 |
Total liability derivatives | 157 | 178 |
Noncurrent | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 208 | 86 |
Total liability derivatives | $214 | $424 |
Derivative_Instruments_and_Hed7
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Effective Portion of Cash Flow Hedges) (Details) (Cash Flow Hedging, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in AOCL, Effective Portion | $139,000,000 | ($169,000,000) | ($487,000,000) |
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | -180,000,000 | -233,000,000 | -159,000,000 |
Interest Rate Contract | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in AOCL, Effective Portion | 155,000,000 | -175,000,000 | -475,000,000 |
AOCI before tax expected increase (decrease) next 12 months | -119,000,000 | ' | ' |
Interest Rate Contract | Interest Expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | -127,000,000 | -135,000,000 | -125,000,000 |
Loss on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring | 0 | 10,000,000 | 0 |
Cash flow hedge additional transaction period | ' | '2 months | ' |
Interest Rate Contract | Cost of Sales | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | -5,000,000 | -6,000,000 | -3,000,000 |
Interest Rate Contract | Net Equity In Earnings Of Affiliates | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | -6,000,000 | -7,000,000 | -4,000,000 |
Interest Rate Contract | Asset Impairment Expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | 0 | -6,000,000 | 0 |
Interest Rate Contract | Sale of Subsidiary Gain (Loss) | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | -21,000,000 | -96,000,000 | 0 |
Cross Currency Interest Rate Contract | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in AOCL, Effective Portion | -18,000,000 | 4,000,000 | -36,000,000 |
AOCI before tax expected increase (decrease) next 12 months | -4,000,000 | ' | ' |
Cross Currency Interest Rate Contract | Interest Expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | -10,000,000 | -12,000,000 | -10,000,000 |
Cross Currency Interest Rate Contract | Foreign Currency Gain (Loss) | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | -18,000,000 | 26,000,000 | -16,000,000 |
Foreign Exchange Contract | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in AOCL, Effective Portion | 0 | 10,000,000 | 24,000,000 |
AOCI before tax expected increase (decrease) next 12 months | 4,000,000 | ' | ' |
Foreign Exchange Contract | Foreign Currency Gain (Loss) | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | 12,000,000 | 5,000,000 | 1,000,000 |
Other Contract | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in AOCL, Effective Portion | 2,000,000 | -8,000,000 | 0 |
AOCI before tax expected increase (decrease) next 12 months | -3,000,000 | ' | ' |
Other Contract | Cost of Sales | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | -2,000,000 | 0 | -2,000,000 |
Other Contract | Sales | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | ($3,000,000) | ($2,000,000) | $0 |
Derivative_Instruments_and_Hed8
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Ineffective Portion of Cash Flow Hedges) (Details) (Cash Flow Hedging, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in Earnings, Ineffective Portion | $43 | ($4) | ($12) |
Interest Expense | Interest Rate Contract | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in Earnings, Ineffective Portion | 42 | -2 | -6 |
Interest Expense | Cross Currency Interest Rate Contract | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in Earnings, Ineffective Portion | 0 | -1 | -4 |
Net Equity In Earnings Of Affiliates | Interest Rate Contract | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in Earnings, Ineffective Portion | $1 | ($1) | ($2) |
Derivative_Instruments_and_Hed9
Derivative Instruments and Hedging Activities (Derivative Instruments Not Designated for Hedge Accounting) (Details) (Not Designated as Hedging Instrument, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | $29 | ($149) | ($20) |
Interest Rate Contract | Interest Expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | -1 | -5 | -4 |
Interest Rate Contract | Net Equity In Earnings Of Affiliates | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | -6 | 0 | 0 |
Foreign Exchange Contract | Net Equity In Earnings Of Affiliates | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | -24 | 0 | 0 |
Foreign Exchange Contract | Foreign Currency Gain (Loss) | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | 64 | -141 | 60 |
Other Contract | Sales | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | 11 | 24 | 13 |
Other Contract | Regulated Revenue | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | 0 | -10 | 1 |
Other Contract | Cost of Sales | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | 1 | 2 | -9 |
Other Contract | Regulated Cost Of Sales | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | 2 | -15 | -5 |
Other Contract | Income (Loss) From Operations Of Discontinued Business | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | ($18) | ($4) | ($76) |
Recovered_Sheet1
Derivative Instruments and Hedging Activities (Credit Risk-Related Contingent Features) (Details) (DPL Subsidiary, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
DPL Subsidiary | ' | ' |
Credit Risk-Related Contingent Features [Line Items] | ' | ' |
Net liability position, derivative transactions | $11,000,000 | $13,000,000 |
Collateral posted for derivative transactions | 6,000,000 | 5,000,000 |
Cash Collateral Received From Counterparties | 3,000,000 | 0 |
Additional collateral that could have been required | $0 | $2,000,000 |
Financing_Receivables_Details
Financing Receivables (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
agreement | agreement | |||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Financing receivable | $184 | $239 | ||
Derivative Assets, Gross | 240 | 100 | ||
Number of Foninvemem Agreements | 3 | ' | ||
Foninvemem Agreement, collection period | ' | '10 years | ||
Number of Foninvemem Agreements with active collections | ' | 2 | ||
Argentina | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Financing receivable | 164 | [1] | 196 | [1] |
Argentina | Excluded From Financing Receivables | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Noncurrent receivables | 122 | 120 | ||
Derivative Assets, Gross | 97 | 69 | ||
Dominican Republic | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Financing receivable | 2 | 35 | ||
Brazil | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Financing receivable | $18 | $8 | ||
[1] | Excludes noncurrent receivables of $122 million and $120 million, respectively, as of December 31, 2013 and 2012, which have not been converted into financing receivables and do not have contractual maturities of greater than one year. Also, excludes the foreign currency-related embedded derivative assets associated with the financing receivables which had a fair value of $97 million and $69 million, respectively, as of December 31, 2013 and 2012. |
Investments_In_and_Advances_To2
Investments In and Advances To Affiliates - Effective Equity Ownership Interest and Carrying Values (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||
In Millions, unless otherwise specified | Silver Ridge Power | Silver Ridge Power | Barry | Barry | CET | CET | Chigen Affiliates | Chigen Affiliates | Elsta | Elsta | Entek | Entek | Guacolda | Guacolda | OPGC | OPGC | Trinidad Generation Unlimited | Trinidad Generation Unlimited | Other Affiliates | Other Affiliates | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Investments in and advances to affiliates | $1,010 | $1,196 | $1,422 | $291 | [1] | $307 | [1] | $0 | [2] | $0 | [2] | $0 | [2],[3] | $13 | [2],[3] | $0 | [4] | $2 | [4] | $120 | [2],[5] | $219 | [2],[5] | $165 | $234 | $245 | $196 | $186 | $199 | $0 | [2],[6] | $24 | [2],[6] | $3 | $2 |
Investment In Affiliate Ownership Percentage | ' | ' | ' | 50.00% | [1] | 50.00% | [1] | 100.00% | [2] | 100.00% | [2] | ' | 72.00% | [2],[3] | ' | 35.00% | [4] | 50.00% | [2],[5] | 50.00% | [2],[5] | 50.00% | 50.00% | 35.00% | 35.00% | 49.00% | 49.00% | 10.00% | 10.00% | [2],[6] | ' | ' | |||
Equity method investment, other than temporary impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Long Term Liabilities Associated With Debt Agreement Resulting In Loss Of Control | ' | ' | ' | ' | ' | $55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
[1] | Represent our investments in AES Solar Energy Ltd in Europe, AES Solar Power LLC in the United States and AES Solar Power, PR, LLC in Puerto Rico. The collective solar energy affiliates were consolidated into a single entity, Silver Ridge Power, during 2013. | ||||||||||||||||||||||||||||||||||
[2] | Represent VIEs in which the Company holds a variable interest, but is not the primary beneficiary. | ||||||||||||||||||||||||||||||||||
[3] | The Company acquired all of the noncontrolling interests of CET during the fourth quarter of 2013, which resulted in the consolidation of this entity | ||||||||||||||||||||||||||||||||||
[4] | Represent our investment in Chengdu AES Kaihua Gas Turbine Company Ltd. The Company disposed of this investment during the first quarter of 2013. | ||||||||||||||||||||||||||||||||||
[5] | The Company recognized a $129 million impairment of its investment in Elsta during 2013. For additional information see Note 9 — Other Non-Operating Expense. | ||||||||||||||||||||||||||||||||||
[6] | The Company sold its interest in Trinidad Generation Unlimited during the third quarter of 2013. |
Investments_In_and_Advances_To3
Investments In and Advances To Affiliates - Summary of Financial Information of Affiliates & Subsidiaries (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $15,891 | $17,164 | $16,098 |
Operating margin | 670 | 927 | 901 | 749 | 882 | 964 | 693 | 1,044 | 3,247 | 3,583 | 4,040 |
Net income (loss) | -204 | 223 | 333 | 199 | 323 | -1,402 | 207 | 515 | 551 | -357 | 1,530 |
Current assets | 7,739 | ' | ' | ' | 8,465 | ' | ' | ' | 7,739 | 8,465 | ' |
Current liabilities | 7,653 | ' | ' | ' | 8,319 | ' | ' | ' | 7,653 | 8,319 | ' |
Noncurrent liabilities | 25,029 | ' | ' | ' | 25,919 | ' | ' | ' | 25,029 | 25,919 | ' |
Noncontrolling interests | 3,321 | ' | ' | ' | 2,945 | ' | ' | ' | 3,321 | 2,945 | ' |
Stockholders’ equity | 4,330 | ' | ' | ' | 4,569 | ' | ' | ' | 4,330 | 4,569 | ' |
Undistributed earnings of minority-owned affiliates | 168 | ' | ' | ' | ' | ' | ' | ' | 168 | ' | ' |
Distributions received from minority-owned affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 22 | 36 |
Basis difference between carrying amount and investment | 214 | ' | ' | ' | ' | ' | ' | ' | 214 | ' | ' |
Minority Owned Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,099 | 1,868 | 1,668 |
Operating margin | ' | ' | ' | ' | ' | ' | ' | ' | 295 | 355 | 258 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 53 | 146 | -5 |
Current assets | 842 | ' | ' | ' | 1,097 | ' | ' | ' | 842 | 1,097 | ' |
Noncurrent assets | 3,722 | ' | ' | ' | 5,253 | ' | ' | ' | 3,722 | 5,253 | ' |
Current liabilities | 600 | ' | ' | ' | 680 | ' | ' | ' | 600 | 680 | ' |
Noncurrent liabilities | 2,096 | ' | ' | ' | 2,899 | ' | ' | ' | 2,096 | 2,899 | ' |
Noncontrolling interests | 15 | ' | ' | ' | -228 | ' | ' | ' | 15 | -228 | ' |
Stockholders’ equity | 1,853 | ' | ' | ' | 2,999 | ' | ' | ' | 1,853 | 2,999 | ' |
Majority Owned Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 106 | 24 |
Operating margin | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 26 | 24 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -5 | -5 |
Current assets | 1 | ' | ' | ' | 2 | ' | ' | ' | 1 | 2 | ' |
Noncurrent assets | 20 | ' | ' | ' | 38 | ' | ' | ' | 20 | 38 | ' |
Current liabilities | 1 | ' | ' | ' | 55 | ' | ' | ' | 1 | 55 | ' |
Noncurrent liabilities | 75 | ' | ' | ' | 20 | ' | ' | ' | 75 | 20 | ' |
Noncontrolling interests | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Stockholders’ equity | ($55) | ' | ' | ' | ($35) | ' | ' | ' | ($55) | ($35) | ' |
Other_NonOperating_Expense_Det
Other Non-Operating Expense (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Sep. 30, 2011 | |
MW | Elsta | Elsta | Elsta | China generation and wind | China generation and wind | China generation and wind | China generation and wind | InnoVent | InnoVent | InnoVent | InnoVent | Other | Other | Other | Yangcheng | Yangcheng | |||
MW | MW | ||||||||||||||||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total other non-operating expense | $129,000,000 | $50,000,000 | $82,000,000 | $129,000,000 | $0 | $0 | ' | $0 | $32,000,000 | $79,000,000 | ' | $0 | $17,000,000 | $0 | $0 | $1,000,000 | $3,000,000 | $74,000,000 | ' |
Production Capacity (MW) | 2,465 | ' | ' | 630 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100 | ' |
Equity method investment ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' |
Equity method investment, other than temporary impairment | ' | ' | ' | 129,000,000 | ' | ' | 32,000,000 | ' | ' | ' | 17,000,000 | ' | ' | ' | ' | ' | ' | 79,000,000 | ' |
Equity method investment | ' | ' | ' | 240,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investments, fair value | ' | ' | ' | 111,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets carrying amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 |
Assets, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26,000,000 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Goodwill Roll Forward) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Sep. 30, 2011 | ||
US | US | US | Andes | Andes | Andes | MCAC | MCAC | MCAC | EMEA | EMEA | EMEA | Asia | Asia | Asia | Chigen | Chigen | |||||
Asia | |||||||||||||||||||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Goodwill | $3,954,000,000 | $3,959,000,000 | $3,980,000,000 | $2,658,000,000 | $2,663,000,000 | $2,672,000,000 | $899,000,000 | $899,000,000 | $899,000,000 | $149,000,000 | $149,000,000 | $149,000,000 | $180,000,000 | $180,000,000 | $180,000,000 | $68,000,000 | $68,000,000 | $80,000,000 | ' | ' | |
Accumulated impairment losses | -2,332,000,000 | -1,960,000,000 | -160,000,000 | -2,152,000,000 | -1,838,000,000 | -21,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | -180,000,000 | -122,000,000 | -122,000,000 | 0 | 0 | -17,000,000 | ' | ' | |
Net balance | 1,999,000,000 | 3,820,000,000 | ' | 825,000,000 | 2,651,000,000 | ' | 899,000,000 | 899,000,000 | ' | 149,000,000 | 149,000,000 | ' | 58,000,000 | 58,000,000 | ' | 68,000,000 | 63,000,000 | ' | ' | ' | |
Goodwill impairment expense | -372,000,000 | -1,817,000,000 | -17,000,000 | -314,000,000 | -1,817,000,000 | ' | 0 | 0 | ' | 0 | 0 | ' | -58,000,000 | 0 | ' | 0 | 0 | ' | -17,000,000 | -17,000,000 | |
Goodwill acquired during the year | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | [1] | ' | ' | ' |
Goodwill associated with the sale of a business | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | |
Foreign currency translation and other | -5,000,000 | -4,000,000 | ' | -5,000,000 | -9,000,000 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 5,000,000 | ' | ' | ' | |
Net balance | 1,622,000,000 | 1,999,000,000 | 3,820,000,000 | 506,000,000 | 825,000,000 | ' | 899,000,000 | 899,000,000 | ' | 149,000,000 | 149,000,000 | ' | 0 | 58,000,000 | ' | 68,000,000 | 68,000,000 | ' | ' | ' | |
Assets carrying amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17,000,000 | |
[1] | Both the gross carrying amount and the accumulated impairment losses of the Asia generation segment have been reduced by $17 million with no impact on the net carrying amount for the segment. This relates to Chigen, which had fully impaired goodwill of $17 million and was sold during the year. |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Intangible Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ||
Gross Balance | $370 | $467 | ||
Accumulated Amortization | -153 | -222 | ||
Net Balance | 217 | 245 | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 80 | 79 | ||
Intangible Assets, Gross | 450 | 546 | ||
Intangible Assets, Net | 297 | 324 | ||
Land use rights | ' | ' | ||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 46 | 50 | ||
Water rights | ' | ' | ||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 20 | 18 | ||
Trademark/Trade name | ' | ' | ||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 5 | 6 | ||
Other | ' | ' | ||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 9 | 5 | ||
Project development rights | ' | ' | ||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ||
Gross Balance | 31 | [1] | 32 | [1] |
Accumulated Amortization | -1 | [1] | -1 | [1] |
Net Balance | 30 | [1] | 31 | [1] |
Sales concessions | ' | ' | ||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ||
Gross Balance | 95 | [2] | 108 | [2] |
Accumulated Amortization | -45 | [2] | -49 | [2] |
Net Balance | 50 | [2] | 59 | [2] |
Contractual payment rights | ' | ' | ||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ||
Gross Balance | 74 | [3] | 72 | [3] |
Accumulated Amortization | -33 | [3] | -23 | [3] |
Net Balance | 41 | [3] | 49 | [3] |
Management rights | ' | ' | ||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ||
Gross Balance | 37 | 40 | ||
Accumulated Amortization | -13 | -14 | ||
Net Balance | 24 | 26 | ||
Emission allowances | ' | ' | ||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ||
Gross Balance | 4 | 5 | ||
Accumulated Amortization | 0 | 0 | ||
Net Balance | 4 | 5 | ||
Electric security plan | ' | ' | ||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ||
Gross Balance | 0 | 87 | ||
Accumulated Amortization | 0 | -87 | ||
Net Balance | 0 | 0 | ||
Contracts | ' | ' | ||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ||
Gross Balance | 46 | 44 | ||
Accumulated Amortization | -24 | -20 | ||
Net Balance | 22 | 24 | ||
Customer relationships & contracts | ' | ' | ||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ||
Gross Balance | 63 | 66 | ||
Accumulated Amortization | -34 | -26 | ||
Net Balance | 29 | 40 | ||
All other | ' | ' | ||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ||
Gross Balance | 20 | [4] | 13 | [4] |
Accumulated Amortization | -3 | [4] | -2 | [4] |
Net Balance | 17 | [4] | 11 | [4] |
Poland wind projects | Discontinued Operations | Project development rights | ' | ' | ||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ||
Net Balance | 70 | ' | ||
Cameroon | Discontinued Operations | Contractual payment rights | ' | ' | ||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ||
Net Balance | $32 | $34 | ||
[1] | Represent development rights, including but not limited to, land control, various permits and right to acquire equity interests in development projects resulting from asset acquisitions by our wind operations in the U.K. The balance excludes project development rights of $70 million relating to our Poland wind operations that were fully impaired in the third quarter of 2013 and subsequently sold in November 2013. See Note 23—Discontinued Operations and Held for Sale Businesses for further information. | |||
[2] | Excludes net balance of sales concessions of $32 and $34 million as of December 31, 2013 and 2012, respectively, relating to our utility businesses in Cameroon that have been included in noncurrent assets of Discontinued Operations and Held for Sale Businesses. See Note 23—Discontinued Operations and Held for Sale Businesses for further information. | |||
[3] | Represent legal rights to receive system reliability payments from the regulator. | |||
[4] | Includes renewable energy certificates, land use rights and various other intangible assets none of which is individually significant. |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Intangible Assets Acquired) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Indefinite Lived Intangible Asset Acquired Amount | $5 | $19 |
Renewable Energy Certificates [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Indefinite Lived Intangible Asset Acquired Amount | 3 | 5 |
Water rights | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Indefinite Lived Intangible Asset Acquired Amount | ' | 13 |
Other | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Indefinite Lived Intangible Asset Acquired Amount | $2 | $1 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Expected Amortization Expense) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
2014 | $16 |
2015 | 14 |
2016 | 14 |
2017 | 13 |
2018 | 12 |
Customer relationships & contracts | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
2014 | 5 |
2015 | 3 |
2016 | 3 |
2017 | 3 |
2018 | 3 |
Sales concessions | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
2014 | 4 |
2015 | 4 |
2016 | 4 |
2017 | 3 |
2018 | 3 |
Contractual payment rights | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
2014 | 2 |
2015 | 2 |
2016 | 2 |
2017 | 2 |
2018 | 2 |
All other | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
2014 | 5 |
2015 | 5 |
2016 | 5 |
2017 | 5 |
2018 | $4 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2011 | |
MW | DP&L | DP&L | DP&L | MountainView | Buffalo Gap | Ebute | Chigen | |||
MW | project | MW | ||||||||
project | MW | |||||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill impairment expense | $372,000,000 | $1,817,000,000 | $17,000,000 | $307,000,000 | ' | $1,820,000,000 | $7,000,000 | $0 | $58,000,000 | $17,000,000 |
Goodwill, fair value | ' | ' | ' | 316,000,000 | 316,000,000 | ' | ' | ' | ' | ' |
Effective tax rate | 33.00% | 298.00% | 29.00% | ' | 33.00% | 298.00% | ' | ' | ' | ' |
Number of wind projects | ' | ' | ' | ' | ' | ' | 2 | 3 | ' | ' |
Production Capacity (MW) | 2,465 | ' | ' | ' | ' | ' | 67 | 524 | 294 | ' |
Goodwill | 1,622,000,000 | 1,999,000,000 | 3,820,000,000 | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangible assets | $29,000,000 | $115,000,000 | $20,000,000 | ' | ' | ' | ' | ' | ' | ' |
Regulatory_Assets_and_Liabilit2
Regulatory Assets and Liabilities (Details) (USD $) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jul. 04, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||||||
installment | Brazil Tariff Estimated Rate Change Liability | Brazil Tariff Estimated Rate Change Liability | Brazil Tariff Estimated Rate Change Liability | Efficiency Program Costs | Efficiency Program Costs | Brazil Regulatory Asset Base Adjustment | Brazil Regulatory Asset Base Adjustment | Brazil Tariff Recoveries Energy Purchases Liability | Brazil Tariff Recoveries Energy Purchases Liability | Brazil Tariff Recoveries Transmission Costs Regulatory Fees And Other Liability | Brazil Tariff Recoveries Transmission Costs Regulatory Fees And Other Liability | Asset Retirement Obligation Costs | Asset Retirement Obligation Costs | Brazil Special Obligations | Brazil Special Obligations | Other Regulatory Liabilities | Other Regulatory Liabilities | Brazil Tariff Recoveries Energy Purchases Asset | Brazil Tariff Recoveries Energy Purchases Asset | Brazil Tariff Recoveries Transmission Costs Regulatory Fees And Other Asset | Brazil Tariff Recoveries Transmission Costs Regulatory Fees And Other Asset | El Salvador Tariff Recoveries | El Salvador Tariff Recoveries | Pension Costs | Pension Costs | Income Taxes Recoverable From Customers | Income Taxes Recoverable From Customers | Other Regulatory Assets | Other Regulatory Assets | Deferred Midwest Independent Service Operator Costs | Deferred Midwest Independent Service Operator Costs | ||||||||||||||||||||||||||||||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Total Current Regulatory Assets | $282 | $408 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $87 | [1] | $189 | [1] | $52 | [1] | $78 | [1] | $108 | [2] | $115 | [2] | ' | ' | ' | ' | $35 | [3] | $26 | [3] | ' | ' | ||||||||||||||||||||||
Total Non Current Regulatory Assets | 636 | 871 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62 | [1] | 97 | [1] | 4 | [1] | 59 | [1] | ' | ' | 261 | [4],[5] | 430 | [4],[5] | 72 | [4],[6] | 81 | [4],[6] | 139 | [3] | 115 | [3] | 98 | [7] | 89 | [7] | ||||||||||||||||||
Total Regulatory Assets | 918 | 1,279 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Total Current Regulatory Liabilities | 461 | 388 | 245 | [8] | ' | 89 | [8] | 25 | [9] | 32 | [9] | 34 | [10] | 0 | [10] | 48 | [1] | 171 | [1] | 69 | [1] | 55 | [1] | ' | ' | ' | ' | 40 | [11] | 41 | [11] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Total Non Current Regulatory Liabilities | 1,592 | 1,702 | 82 | [8] | ' | 445 | [8] | 10 | [9] | 17 | [9] | 235 | [10] | 0 | [10] | 16 | [1] | 46 | [1] | 42 | [1] | 42 | [1] | 696 | [12] | 672 | [12] | 502 | [13] | 463 | [13] | 9 | [11] | 17 | [11] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Total Regulatory Liabilities | 2,053 | 2,090 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Period of annual tariff adjustment | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Number of installments through which the Brazil tariff recoveries are made | 24 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Other current regulatory assets that did not earn a rate of return | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 19 | ' | ' | ||||||||||||||||||||||||||||||
Other noncurrent regulatory assets that did not earn a rate of return | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $71 | $60 | ' | ' | ||||||||||||||||||||||||||||||
Tariff adjustment, percentage amortized | ' | ' | ' | 67.55% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Tariff adjustment, percentage amortized in next tariff adjustment | ' | ' | ' | 32.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
[1] | Recoverable or refundable per National Electric Energy Agency (“ANEELâ€) regulations through the Annual Tariff Adjustment (“IRTâ€). These costs are generally non-controllable costs and primarily consist of purchased electricity, energy transmission costs and sector costs that are considered volatile. These costs are passed through for a period of 12 months as part of the annual tariff adjustment. Any remaining balance is considered in the following annual tariff adjustment, being a total of 24 months to recover or refund the costs. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Deferred fuel costs incurred by our El Salvador subsidiaries associated with purchase of energy from the El Salvador spot market and the power generation plants. In El Salvador, the deferred fuel adjustment represents the variance between the actual fuel costs and the fuel costs recovered in the tariffs. The variance is recovered quarterly at the tariff reset period. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Includes assets with and without a rate of return. Other current regulatory assets that did not earn a rate of return were $13 million and $19 million, as of December 31, 2013 and 2012, respectively. Other noncurrent regulatory assets that did not earn a rate of return were $71 million and $60 million, as of December 31, 2013 and 2012, respectively. Other current and noncurrent regulatory assets primarily consist of:▪Unamortized losses on long-term debt reacquired or redeemed in prior periods at IPL and DPL, which are amortized over the lives of the original issues in accordance with the FERC and PUCO rules.▪Unamortized carrying charges and certain other costs related to Petersburg unit 4 at IPL.▪Deferred storm costs incurred primarily in 2008 to repair storm damage at DPL, which have been deferred until such time that DPL seeks recovery in a future rate proceeding.▪Additional Regulatory Asset Base (RAB) from a favorable decision on tariff reset (administrative appeal) at Eletropaulo. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Past expenditures on which the Company does not earn a rate of return. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | The regulatory accounting standards allow the defined pension and postretirement benefit obligation to be recorded as a regulatory asset equal to the previously unrecognized actuarial gains and losses and prior service costs that are expected to be recovered through future rates. Pension expense is recognized based on the plan’s actuarially determined pension liability. Recovery of costs is probable, but not yet determined. Pension contributions made by our Brazilian subsidiaries are not included in regulatory assets as those contributions are not covered by the established tariff in Brazil. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Probability of recovery through future rates, based upon established regulatory practices, which permit the recovery of current taxes. This amount is expected to be recovered, without interest, over the period as book-tax temporary differences reverse and become current taxes. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Transmission service costs and other administrative costs from IPL’s participation in the Midwest ISO market, which are recoverable but do not earn a rate of return. Recovery of costs is probable, but the timing is not yet determined. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | In July 2012, the Brazilian energy regulator (the “Regulatorâ€) approved the periodic review and reset of a component of Eletropaulo’s regulated tariff, which determines the margin to be earned by Eletropaulo. The review and reset of this tariff component is retroactive to July 2011 and will be applied to customers’ invoices from July 2012 to June 2015. From July 2011 through June 2012, Eletropaulo invoiced customers under the then existing tariff rate, as required by the Regulator. As the new tariff rate is lower than the pre-existing tariff rate, Eletropaulo is required to reduce customer tariffs for this difference over the next year. Accordingly, from July 2011 through June 2012, Eletropaulo recognized a regulatory liability for such estimated future refunds, which was subsequently adjusted as of June 30, 2012 upon the finalization of the new tariff with the Regulator. The refund to customers was considered in the 2013 tariff adjustment, which contemplates an amortization of 67.55% as from July 4, 2013. The remaining balance, representing 32.45%, will be considered in the next annual tariff adjustment. As of December 31, 2013, Eletropaulo had recorded a current and noncurrent regulatory liability of $245 million and $82 million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | Amounts received for costs expected to be incurred to improve the efficiency of our plants in Brazil as part of the IRT. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | Represents adjustments to the regulatory asset base resulting from an administrative ruling in December 2013 which compelled Eletropaulo to refund customers beginning in July 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | Other current and noncurrent regulatory liabilities primarily consist of liabilities owed to electricity generators due to variance in energy prices during rationing periods (“Free Energyâ€). Our Brazilian subsidiaries are authorized to recover or refund this cost associated with monthly energy price variances between the wholesale energy market prices owed to the power generation plants producing Free Energy and the capped price reimbursed by the local distribution companies which are passed through to the final customers through energy tariffs. The balance excludes asset retirement obligations that were reclassified out of Other. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | Obligations for removal costs which do not have an associated legal retirement obligation as defined by the accounting standards on asset retirement obligations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[13] | Obligations established by ANEEL in Brazil associated with electric utility concessions and represent amounts received from customers or donations not subject to return. These donations are allocated to support energy network expansion and to improve utility operations to meet customers’ needs. The term of the obligation is established by ANEEL. Settlement shall occur when the concession ends. |
Regulatory_Assets_and_Liabilit3
Regulatory Assets and Liabilities Regulatory Assets and Liabilities - by Reportable Segment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' |
Regulatory Assets | $918 | $1,279 |
Regulatory Liabilities | 2,053 | 2,090 |
Brazil SBU | ' | ' |
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' |
Regulatory Assets | 260 | 427 |
Regulatory Liabilities | 1,336 | 1,390 |
US | ' | ' |
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' |
Regulatory Assets | 550 | 737 |
Regulatory Liabilities | 717 | 700 |
MCAC | ' | ' |
Schedule of Regulatory Assets and Liabilities [Line Items] | ' | ' |
Regulatory Assets | 108 | 115 |
Regulatory Liabilities | $0 | $0 |
Debt_NonRecourse_Debt_Carrying
Debt (Non-Recourse Debt Carrying Amounts and Terms) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ' | ' | ||
Non Recourse Debt Total | $15,380,000,000 | [1] | $14,759,000,000 | [1] |
Non-recourse Debt Current Maturities | -2,062,000,000 | -2,494,000,000 | ||
Non-recourse debt - noncurrent, balance at variable interest entities | 13,318,000,000 | 12,265,000,000 | ||
Derivative, notional amount | 3,600,000,000 | ' | ||
Interest rate swap, fixed minimum interest rate | 4.09% | ' | ||
Interest rate swap, fixed maximum interest rate | 8.98% | ' | ||
Interest rate option, fixed minimum interest rate | 5.85% | ' | ||
Interest rate option, fixed maximum interest rate | 8.75% | ' | ||
Debt excluded from non-recourse debt and included in current and noncurrent liabilities of held for sale and discontinued businesses | 658,000,000 | 0 | ||
Variable Rate Debt | Bank loans | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Weighted Average Interest Rate | 3.30% | [2] | ' | |
Non Recourse Debt Total | 2,783,000,000 | [2] | 3,556,000,000 | [2] |
Variable Rate Debt | Notes and bonds | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Weighted Average Interest Rate | 10.51% | [2] | ' | |
Non Recourse Debt Total | 1,845,000,000 | [2] | 1,887,000,000 | [2] |
Variable Rate Debt | Debt to (or guaranteed by) multilateral, export credit agencies or development banks | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Weighted Average Interest Rate | 2.46% | [2],[3] | ' | |
Non Recourse Debt Total | 2,446,000,000 | [2],[3] | 1,711,000,000 | [2],[3] |
Variable Rate Debt | Other | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Weighted Average Interest Rate | 4.62% | [2] | ' | |
Non Recourse Debt Total | 349,000,000 | [2] | 349,000,000 | [2] |
Fixed Rate Debt | Bank loans | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Weighted Average Interest Rate | 5.06% | ' | ||
Non Recourse Debt Total | 477,000,000 | 209,000,000 | ||
Fixed Rate Debt | Notes and bonds | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Weighted Average Interest Rate | 6.25% | ' | ||
Non Recourse Debt Total | 7,164,000,000 | 6,448,000,000 | ||
Fixed Rate Debt | Debt to (or guaranteed by) multilateral, export credit agencies or development banks | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Weighted Average Interest Rate | 4.65% | [3] | ' | |
Non Recourse Debt Total | 164,000,000 | [3] | 411,000,000 | [3] |
Fixed Rate Debt | Other | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Weighted Average Interest Rate | 6.55% | ' | ||
Non Recourse Debt Total | $152,000,000 | $188,000,000 | ||
[1] | Non-recourse debt of $658 million as of December 31, 2013 was excluded from non-recourse debt and included in current and noncurrent liabilities of held for sale and discontinued businesses in the accompanying Consolidated Balance Sheets. There were no amounts excluded in 2012. | |||
[2] | The interest rate on variable rate debt represents the total of a variable component that is based on changes in an interest rate index and of a fixed component. The Company has interest rate swaps and option agreements in an aggregate notional principal amount of approximately $3.6 billion on non-recourse debt outstanding at December 31, 2013. These agreements economically fix the variable component of the interest rates on the portion of the variable-rate debt being hedged so that the total interest rate on that debt has been fixed at rates ranging from approximately 4.09% to 8.98% and 5.85% to 8.75% for swaps and options, respectively. These agreements expire at various dates from 2014 through 2030. | |||
[3] | Multilateral loans include loans funded and guaranteed by bilaterals, multilaterals, development banks and other similar institutions. |
Debt_NonRecourse_Debt_Maturity
Debt (Non-Recourse Debt Maturity Schedule) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Debt Details [Line Items] | ' | ' | ||
Non Recourse Debt Total | $15,380 | [1] | $14,759 | [1] |
2014 | ' | ' | ||
Debt Details [Line Items] | ' | ' | ||
Non Recourse Debt Total | 2,062 | ' | ||
2015 | ' | ' | ||
Debt Details [Line Items] | ' | ' | ||
Non Recourse Debt Total | 692 | ' | ||
2016 | ' | ' | ||
Debt Details [Line Items] | ' | ' | ||
Non Recourse Debt Total | 2,422 | ' | ||
2017 | ' | ' | ||
Debt Details [Line Items] | ' | ' | ||
Non Recourse Debt Total | 792 | ' | ||
2018 | ' | ' | ||
Debt Details [Line Items] | ' | ' | ||
Non Recourse Debt Total | 1,444 | ' | ||
Thereafter | ' | ' | ||
Debt Details [Line Items] | ' | ' | ||
Non Recourse Debt Total | $7,968 | ' | ||
[1] | Non-recourse debt of $658 million as of December 31, 2013 was excluded from non-recourse debt and included in current and noncurrent liabilities of held for sale and discontinued businesses in the accompanying Consolidated Balance Sheets. There were no amounts excluded in 2012. |
Debt_Subsidiary_NonRecourse_De
Debt (Subsidiary Non-Recourse Debt in Default or Accelerated) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Debt Details [Line Items] | ' |
Debt default amount | $1,055 |
Maritza | ' |
Debt Details [Line Items] | ' |
Net assets | 714 |
Maritza | Covenant Violation | ' |
Debt Details [Line Items] | ' |
Debt default amount | 850 |
Kavarna | ' |
Debt Details [Line Items] | ' |
Net assets | 90 |
Kavarna | Covenant Violation | ' |
Debt Details [Line Items] | ' |
Debt default amount | $205 |
Debt_Nonrecourse_Debt_Narrativ
Debt (Non-recourse Debt Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Debt Instrument [Line Items] | ' | ' | ' |
Construction line of credit facility remaining borrowing capacity | $2,900,000,000 | ' | ' |
Other line of credit remaining borrowing capacity | 1,400,000,000 | ' | ' |
Loss on the extinguishment of debt | 229,000,000 | 8,000,000 | 62,000,000 |
Restricted cash and debt service reserves | 492,000,000 | 560,000,000 | ' |
Restricted net assets | 2,200,000,000 | ' | ' |
Debt default amount | 1,055,000,000 | ' | ' |
Non-Recourse Debt | Sonel Subsidiary | Discontinued Operations | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Net assets | 387,000,000 | ' | ' |
Non-Recourse Debt | Sonel Subsidiary | Covenant Violation | Discontinued Operations | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt default amount | 257,000,000 | ' | ' |
Non-Recourse Debt | Kribi Subsidiary | Discontinued Operations | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Net assets | 3,000,000 | ' | ' |
Non-Recourse Debt | Kribi Subsidiary | Covenant Violation | Discontinued Operations | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt default amount | 247,000,000 | ' | ' |
Non-Recourse Debt | Saurashtra Subsidiary | Discontinued Operations | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Net assets | 2,000,000 | ' | ' |
Non-Recourse Debt | Saurashtra Subsidiary | Covenant Violation | Discontinued Operations | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt default amount | 21,000,000 | ' | ' |
Non-Recourse Debt | Tiete Subsidiary | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt face amount | 496,000,000 | ' | ' |
Repayments of long-term debt | 396,000,000 | ' | ' |
Non-Recourse Debt | El Salvador Subsidiary | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt face amount | 310,000,000 | ' | ' |
Repayments of long-term debt | 301,000,000 | ' | ' |
Non-Recourse Debt | Sul Subsidiary | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt face amount | 153,000,000 | ' | ' |
Repayments of long-term debt | 44,000,000 | ' | ' |
Non-Recourse Debt | Mong Duong Subsidiary | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt face amount | 471,000,000 | ' | ' |
Non-Recourse Debt | DPL Subsidiary | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt face amount | 200,000,000 | ' | ' |
Repayments of long-term debt | 53,000,000 | ' | ' |
Debt terminated amount | 425,000,000 | ' | ' |
Non-Recourse Debt | DP&L Subsidiary | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt face amount | 445,000,000 | ' | ' |
Repayments of long-term debt | 470,000,000 | ' | ' |
Non-Recourse Debt | IPL Subsidiary | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt face amount | 170,000,000 | ' | ' |
Repayments of long-term debt | 110,000,000 | ' | ' |
Non-Recourse Debt | Masinloc Subsidiary | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt terminated amount | 500,000,000 | ' | ' |
Loss on the extinguishment of debt | 43,000,000 | ' | ' |
Non-Recourse Debt | Jordan Subsidiary | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt face amount | 180,000,000 | ' | ' |
Non-Recourse Debt | Cochrane Subsidiary | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt face amount | 210,000,000 | ' | ' |
Non-Recourse Debt | Gener Subsidiary | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt face amount | 450,000,000 | ' | ' |
Non-Recourse Debt | Changuinola Subsidiary | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt face amount | 420,000,000 | ' | ' |
Repayments of long-term debt | $412,000,000 | ' | ' |
Debt_Recourse_Debt_Carrying_Am
Debt (Recourse Debt Carrying Amount and Terms) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | 7.75% Senior Unsecured Note Due 2014 | 7.75% Senior Unsecured Note Due 2014 | 7.75% Senior Unsecured Note Due 2015 | 7.75% Senior Unsecured Note Due 2015 | 9.75% Senior Unsecured Note Due 2016 | 9.75% Senior Unsecured Note Due 2016 | 8.00% Senior Unsecured Note Due 2017 | 8.00% Senior Unsecured Note Due 2017 | Senior Secured Term Loan LIBOR Plus 2.75% Due 2018 | Senior Secured Term Loan LIBOR Plus 2.75% Due 2018 | 8.00% Senior Unsecured Note Due 2020 | 8.00% Senior Unsecured Note Due 2020 | 7.375% Senior Unsecured Note Due 2021 | 7.375% Senior Unsecured Note Due 2021 | 4.875% Senior Unsecured Note Due 2023 | 4.875% Senior Unsecured Note Due 2023 | 6.75% Term Convertible Trust Securities Due 2029 | 6.75% Term Convertible Trust Securities Due 2029 | Unamortized Discounts | Unamortized Discounts | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | ||
7.75% Senior Unsecured Note Due 2014 | 7.75% Senior Unsecured Note Due 2014 | 7.75% Senior Unsecured Note Due 2015 | 7.75% Senior Unsecured Note Due 2015 | 9.75% Senior Unsecured Note Due 2016 | 9.75% Senior Unsecured Note Due 2016 | 8.00% Senior Unsecured Note Due 2017 | 8.00% Senior Unsecured Note Due 2017 | Senior Secured Term Loan LIBOR Plus 2.75% Due 2018 | 8.00% Senior Unsecured Note Due 2020 | 8.00% Senior Unsecured Note Due 2020 | 7.375% Senior Unsecured Note Due 2021 | 7.375% Senior Unsecured Note Due 2021 | 4.875% Senior Unsecured Note Due 2023 | 4.875% Senior Unsecured Note Due 2023 | 6.75% Term Convertible Trust Securities Due 2029 | 6.75% Term Convertible Trust Securities Due 2029 | |||||||||||||||||||||||
LIBOR | |||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.75% | 7.75% | 7.75% | 7.75% | 9.75% | 9.75% | 8.00% | 8.00% | ' | 8.00% | 8.00% | 7.38% | 7.38% | 4.88% | 4.88% | 6.75% | 6.75% |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' |
Recourse Debt Total | $5,669 | $5,962 | $110 | $500 | $356 | $500 | $369 | $535 | $1,150 | $1,500 | $799 | $807 | $625 | $625 | $1,000 | $1,000 | $750 | $0 | $517 | $517 | ($7) | ($22) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recourse Debt Current | -118 | -11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recourse Debt Non Current | $5,551 | $5,951 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Recourse_Debt_Net_Princip
Debt (Recourse Debt Net Principal Amounts Due Over Five Years) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Details [Line Items] | ' | ' |
Recourse Debt Total | $5,669 | $5,962 |
2014 | ' | ' |
Debt Details [Line Items] | ' | ' |
Recourse Debt Total | 118 | ' |
2015 | ' | ' |
Debt Details [Line Items] | ' | ' |
Recourse Debt Total | 364 | ' |
2016 | ' | ' |
Debt Details [Line Items] | ' | ' |
Recourse Debt Total | 368 | ' |
2017 | ' | ' |
Debt Details [Line Items] | ' | ' |
Recourse Debt Total | 1,158 | ' |
2018 | ' | ' |
Debt Details [Line Items] | ' | ' |
Recourse Debt Total | 764 | ' |
Thereafter | ' | ' |
Debt Details [Line Items] | ' | ' |
Recourse Debt Total | $2,897 | ' |
Debt_Recourse_Debt_Narrative_D
Debt (Recourse Debt Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | 31-May-13 | Dec. 31, 2013 | 17-May-13 | Apr. 30, 2013 | Jun. 30, 2013 | 31-May-13 | 31-May-13 | 31-May-13 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | |
Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | LIBOR | ||||
4.875% Senior Unsecured Note Due 2023 | 4.875% Senior Unsecured Note Due 2023 | 7.75% Senior Unsecured Note Due 2014 | 7.75% Senior Unsecured Note Due 2014 | 7.75% Senior Unsecured Note Due 2015 | 9.75% Senior Unsecured Note Due 2016 | 8.00% Senior Unsecured Note Due 2017 | Secured Credit Facility LIBOR Plus 2.25% Due 2015 | Recourse Debt | |||||||
Secured Credit Facility LIBOR Plus 2.25% Due 2015 | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt face amount | ' | ' | ' | $750,000,000 | ' | ' | $250,000,000 | $500,000,000 | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate | ' | ' | ' | ' | ' | 6.75% | 4.88% | 4.88% | 7.75% | 7.75% | 7.75% | 9.75% | 8.00% | ' | ' |
Debt terminated amount | ' | ' | ' | 300,000,000 | 928,000,000 | ' | ' | ' | 122,000,000 | ' | ' | ' | ' | ' | ' |
Debt term | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on the extinguishment of debt | 229,000,000 | 8,000,000 | 62,000,000 | 163,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% |
Unused capacity, commitment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $800,000,000 | ' |
Recourse Debt Covenants and Guarantees: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of capital stock of foreign subsidiaries securing obligations | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenants, sale of guarantor or its subsidiaries percentage of proceeds used to repay debt | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenants, sale of guarantor or its subsidiaries percentage of proceeds used to repay debt if debt to cash flow is less than 5 | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum ratio of operating cash flow to interest charges | ' | ' | ' | ' | ' | 1.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum ratio of debt to cash flow | ' | ' | ' | ' | ' | 7.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Term_Convertible_Trust_Se
Debt (Term Convertible Trust Securities) (Details) (USD $) | 24 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2000 | Dec. 31, 2013 |
integer | quarter | |
Debt Disclosure [Abstract] | ' | ' |
Term convertible preferred securities issued by special purpose business trust | 10,350,000 | ' |
Current redemption value of term convertible preferred securities issued by special purpose business trust | $50 | $50 |
Term convertible preferred securities issued by special purpose business trust par per share | $3.38 | ' |
Term convertible preferred securities issued by special purpose business trust total proceeds | $517 | ' |
Junior subordinated convertible debentures purchased with proceeds from issuance of term convertible preferred securities | $517 | ' |
Term convertible preferred securities dividend rate | 6.75% | ' |
Term convertible preferred securities common stock conversion ratio | ' | 1.4216 |
Term convertible preferred securities common stock conversion price per share | ' | $35.17 |
Maximum shares parent common stock issuance upon conversion | ' | 14.7 |
Term convertible preferred securities number of quarters dividends may be deferred | ' | 20 |
Commitments_Leases_Future_Mini
Commitments (Leases, Future Minimum Payments Due) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Future Commitments for Capital Leases: | ' |
2014 | $13 |
2015 | 13 |
2016 | 12 |
2017 | 11 |
2018 | 10 |
Thereafter | 136 |
Total | 195 |
Less: Imputed interest | 120 |
Present value of total minimum lease payments | 75 |
Future Commitments for Operating Leases: | ' |
2014 | 41 |
2015 | 42 |
2016 | 40 |
2017 | 40 |
2018 | 40 |
Thereafter | 399 |
Total | $602 |
Commitments_LongTerm_Purchase_
Commitments (Long-Term Purchase Commitments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Electricity Purchase Contracts | ' | ' | ' |
Long-Term Purchase Commitment [Line Items] | ' | ' | ' |
Purchases Under Long Term Contracts | $2,665 | $2,819 | $2,463 |
Future Commitments 2014 | 2,793 | ' | ' |
Future Commitments 2015 | 2,792 | ' | ' |
Future Commitments 2016 | 2,808 | ' | ' |
Future Commitments 2017 | 2,403 | ' | ' |
Future Commitments 2018 | 2,538 | ' | ' |
Future Commitments Thereafter | 27,831 | ' | ' |
Future Commitments Total | 41,165 | ' | ' |
Fuel Purchase Contracts | ' | ' | ' |
Long-Term Purchase Commitment [Line Items] | ' | ' | ' |
Purchases Under Long Term Contracts | 1,590 | 1,832 | 1,577 |
Future Commitments 2014 | 1,274 | ' | ' |
Future Commitments 2015 | 718 | ' | ' |
Future Commitments 2016 | 437 | ' | ' |
Future Commitments 2017 | 432 | ' | ' |
Future Commitments 2018 | 434 | ' | ' |
Future Commitments Thereafter | 3,451 | ' | ' |
Future Commitments Total | 6,746 | ' | ' |
Other Purchase Contracts | ' | ' | ' |
Long-Term Purchase Commitment [Line Items] | ' | ' | ' |
Purchases Under Long Term Contracts | 1,743 | 1,637 | 1,515 |
Future Commitments 2014 | 1,526 | ' | ' |
Future Commitments 2015 | 1,326 | ' | ' |
Future Commitments 2016 | 975 | ' | ' |
Future Commitments 2017 | 674 | ' | ' |
Future Commitments 2018 | 576 | ' | ' |
Future Commitments Thereafter | 5,419 | ' | ' |
Future Commitments Total | $10,496 | ' | ' |
Commitments_Narrative_Details
Commitments (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases, Operating [Abstract] | ' | ' | ' |
Operating lease and rental expense | $46 | $57 | $59 |
Leases Capital [Abstract] | ' | ' | ' |
Capital leased assets, gross | $93 | $94 | ' |
Contingencies_Details
Contingencies (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
agreement | |
Guarantees Letters Of Credit [Abstract] | ' |
The range of expiration dates of guarantees made by the Parent Company | 'less than one year to more than 21 years |
Lower limit of expiration dates of guarantees (less than one year) | '1 year |
Upper limit of expiration dates of guarantees (more than 21 years) | '21 years |
Obligations made by the Parent Company associated with non-recourse debt | $24 |
Contingent Contractual Obligations [Line Items] | ' |
Amount | 825 |
Number of agreements | 36 |
Guarantees | ' |
Contingent Contractual Obligations [Line Items] | ' |
Amount | 661 |
Number of agreements | 21 |
Maximum exposure range for each agreement | ' |
Maximum exposure range, lower limit (less than $1) | 1 |
Maximum exposure range, upper limit (less than $1 for letters of credit under senior secured credit facility) | 280 |
Cash Collateralized Letters Of Credit | ' |
Contingent Contractual Obligations [Line Items] | ' |
Amount | 163 |
Number of agreements | 12 |
Maximum exposure range for each agreement | ' |
Maximum exposure range, lower limit (less than $1) | 1 |
Maximum exposure range, upper limit (less than $1 for letters of credit under senior secured credit facility) | 109 |
Letter of Credit | ' |
Contingent Contractual Obligations [Line Items] | ' |
Amount | 1 |
Number of agreements | 3 |
Maximum exposure range for each agreement | '<$1 |
Maximum exposure range, upper limit (less than $1 for letters of credit under senior secured credit facility) | $1 |
Letter of Credit | Minimum | ' |
Contingent Contractual Obligations [Line Items] | ' |
Letter of credit fees paid | 0.20% |
Letter of Credit | Maximum | ' |
Contingent Contractual Obligations [Line Items] | ' |
Letter of credit fees paid | 3.25% |
Contingencies_Loss_Contingenci
Contingencies (Loss Contingencies) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Environmental | ' | ' |
Environmental Contingencies | ' | ' |
Liability recorded for projected environmental remediation costs | $19 | ' |
Maximum potential loss related to environmental matters | 4 | ' |
Litigation | ' | ' |
Environmental Contingencies | ' | ' |
Maximum potential loss related to environmental matters | 1,400 | ' |
Litigation Contingencies | ' | ' |
Aggregate reserves for claims deemed both probable and reasonably estimable | 239 | 320 |
Minimum potential loss related to environmental matters | $887 | ' |
Benefit_Plans_Narrative_Detail
Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
plan | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined contribution plan, number of plans | 1 | ' | ' |
Defined contribution plan, award vesting period | '5 years | ' | ' |
Defined contribution plan contributions | $15 | $21 | $22 |
Defined benefit plan, number of plans disclosure | 30 | ' | ' |
U.S. Defined Benefit Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plan, number of plans disclosure | 5 | ' | ' |
Benefit_Plans_Net_Funded_Statu
Benefit Plans (Net Funded Status) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
U.S. Defined Benefit Plans | ' | ' | ' | ||
CHANGE IN PROJECTED BENEFIT OBLIGATION: | ' | ' | ' | ||
Benefit obligation as of January 1 | $1,210 | $1,044 | ' | ||
Service cost | 16 | 14 | 8 | ||
Interest cost | 46 | 48 | 33 | ||
Employee contributions | 0 | 0 | ' | ||
Plan amendments | 0 | 7 | ' | ||
Plan settlements | 0 | -1 | ' | ||
Benefits paid | -75 | -51 | ' | ||
Assumption of a plan due to the resolution of bankruptcy proceedings | 0 | [1] | 51 | [1] | ' |
Actuarial (gain) loss | -138 | 98 | ' | ||
Effect of foreign currency exchange rate changes | 0 | 0 | ' | ||
Benefit obligation as of December 31 | 1,059 | 1,210 | 1,044 | ||
CHANGE IN PLAN ASSETS: | ' | ' | ' | ||
Fair value of plan assets as of January 1 | 883 | 762 | ' | ||
Actual return on plan assets | 81 | 97 | ' | ||
Employer contributions | 52 | 49 | ' | ||
Employee contributions | 0 | 0 | ' | ||
Plan settlements | 0 | -1 | ' | ||
Benefits paid | -75 | -51 | ' | ||
Assumption of a plan due to the resolution of bankruptcy proceedings | 0 | [1] | 27 | [1] | ' |
Effect of foreign currency exchange rate changes | 0 | 0 | ' | ||
Fair value of plan assets as of December 31 | 941 | 883 | 762 | ||
Funded status as of December 31 | -118 | -327 | ' | ||
Foreign Defined Benefit Plans | ' | ' | ' | ||
CHANGE IN PROJECTED BENEFIT OBLIGATION: | ' | ' | ' | ||
Benefit obligation as of January 1 | 6,768 | 5,761 | ' | ||
Service cost | 26 | 18 | 18 | ||
Interest cost | 515 | 509 | 564 | ||
Employee contributions | 4 | 5 | ' | ||
Plan amendments | 0 | 1 | ' | ||
Plan settlements | 0 | -2 | ' | ||
Benefits paid | -407 | -431 | ' | ||
Assumption of a plan due to the resolution of bankruptcy proceedings | 0 | [1] | 0 | [1] | ' |
Actuarial (gain) loss | -1,436 | 1,412 | ' | ||
Effect of foreign currency exchange rate changes | -721 | -505 | ' | ||
Benefit obligation as of December 31 | 4,749 | 6,768 | 5,761 | ||
CHANGE IN PLAN ASSETS: | ' | ' | ' | ||
Fair value of plan assets as of January 1 | 4,712 | 4,400 | ' | ||
Actual return on plan assets | -345 | 944 | ' | ||
Employer contributions | 160 | 161 | ' | ||
Employee contributions | 4 | 5 | ' | ||
Plan settlements | 0 | -2 | ' | ||
Benefits paid | -407 | -431 | ' | ||
Assumption of a plan due to the resolution of bankruptcy proceedings | 0 | [1] | 0 | [1] | ' |
Effect of foreign currency exchange rate changes | -519 | -365 | ' | ||
Fair value of plan assets as of December 31 | 3,605 | 4,712 | 4,400 | ||
Funded status as of December 31 | ($1,144) | ($2,056) | ' | ||
[1] | The Company assumed the pension plan for AES Eastern Energy on December 28, 2012 as part of the settlement of the bankruptcy proceedings. See Note 23—Discontinued Operations and Held for Sale Businesses for further information. |
Benefit_Plans_Amounts_Recogniz
Benefit Plans (Amounts Recognized in the Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
AMOUNTS RECOGNIZED ON THE CONSOLIDATED BALANCE SHEETS | ' | ' |
Accrued benefit liability—noncurrent | ($1,310) | ($2,418) |
U.S. Defined Benefit Plans | ' | ' |
AMOUNTS RECOGNIZED ON THE CONSOLIDATED BALANCE SHEETS | ' | ' |
Noncurrent assets | 0 | 0 |
Accrued benefit liability—current | 0 | 0 |
Accrued benefit liability—noncurrent | -118 | -327 |
Net amount recognized at end of year | -118 | -327 |
Foreign Defined Benefit Plans | ' | ' |
AMOUNTS RECOGNIZED ON THE CONSOLIDATED BALANCE SHEETS | ' | ' |
Noncurrent assets | 23 | 0 |
Accrued benefit liability—current | -4 | -3 |
Accrued benefit liability—noncurrent | -1,163 | -2,053 |
Net amount recognized at end of year | ($1,144) | ($2,056) |
Benefit_Plans_Accumulated_Bene
Benefit Plans (Accumulated Benefit Obligation) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
U.S. Defined Benefit Plans | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | |
Accumulated Benefit Obligation | $1,036 | $1,180 | |
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | ' | ' | |
Projected benefit obligation | 1,059 | 1,210 | |
Accumulated benefit obligation | 1,036 | 1,180 | |
Fair value of plan assets | 941 | 883 | |
Information for pension plans with a projected benefit obligation in excess of plan assets: | ' | ' | |
Projected benefit obligation | 1,059 | 1,210 | |
Fair value of plan assets | 941 | 883 | |
Foreign Defined Benefit Plans | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | |
Accumulated Benefit Obligation | 4,686 | 6,662 | |
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | ' | ' | |
Projected benefit obligation | 4,412 | 6,398 | |
Accumulated benefit obligation | 4,366 | 6,319 | |
Fair value of plan assets | 3,246 | 4,360 | |
Information for pension plans with a projected benefit obligation in excess of plan assets: | ' | ' | |
Projected benefit obligation | 4,425 | [1] | 6,768 |
Fair value of plan assets | 3,259 | [1] | 4,712 |
Electropaulo | Foreign Defined Benefit Plans | ' | ' | |
Information for pension plans with a projected benefit obligation in excess of plan assets: | ' | ' | |
Projected benefit obligation | $1,100 | ' | |
[1] | $1.1 billion of the total net unfunded projected benefit obligation is due to Eletropaulo in Brazil. |
Benefit_Plans_Benefit_Plans_We
Benefit Plans Benefit Plans (Weighted Average Assumptions) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
U.S. Defined Benefit Plans | ' | ' | ||
Benefit Obligation: | ' | ' | ||
Discount rates | 4.89% | 3.86% | ||
Rates of compensation increase | 3.94% | [1] | 3.94% | [1] |
Periodic Benefit Cost: | ' | ' | ||
Discount rate | 3.86% | 4.67% | ||
Expected long-term rate of return on plan assets | 7.15% | 7.28% | ||
Rate of compensation increase | 3.94% | [1] | 3.94% | [1] |
Defined benefit plan, benefit obligation subsidiary using salary bonds | $651 | $764 | ||
Foreign Defined Benefit Plans | ' | ' | ||
Benefit Obligation: | ' | ' | ||
Discount rates | 10.80% | [2] | 8.28% | [2] |
Rates of compensation increase | 6.44% | 6.47% | ||
Periodic Benefit Cost: | ' | ' | ||
Discount rate | 8.28% | 9.54% | ||
Expected long-term rate of return on plan assets | 11.16% | 10.81% | ||
Rate of compensation increase | 6.47% | 5.99% | ||
[1] | A U.S. subsidiary of the Company has a defined benefit obligation of $651 million and $764 million as of December 31, 2013 and 2012, respectively, and uses salary bands to determine future benefit costs rather than rates of compensation increases. Rates of compensation increases in the table above do not include amounts related to this specific defined benefit plan. | |||
[2] | Includes an inflation factor that is used to calculate future periodic benefit cost, but is not used to calculate the benefit obligation. |
Benefit_Plans_Impact_of_One_Po
Benefit Plans (Impact of One Point Change in Assumptions) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plan Assumptions Sensitivity To Changes [Abstract] | ' |
Increase of 1% in the discount rate | ($59) |
Decrease of 1% in the discount rate | 48 |
Increase of 1% in the long-term rate of return on plan assets | -52 |
Decrease of 1% in the long-term rate of return on plan assets | $52 |
Benefit_Plans_Net_Periodic_Ben
Benefit Plans (Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
U.S. Defined Benefit Plans | ' | ' | ' |
Components of Net Periodic Benefit Cost: | ' | ' | ' |
Service cost | $16 | $14 | $8 |
Interest cost | 46 | 48 | 33 |
Expected return on plan assets | -64 | -55 | -33 |
Amortization of prior service cost | 5 | 4 | 4 |
Amortization of net loss | 23 | 19 | 13 |
Loss on curtailment | 0 | 0 | 0 |
Settlement gain recognized | 0 | 0 | 0 |
Total pension cost | 26 | 30 | 25 |
Foreign Defined Benefit Plans | ' | ' | ' |
Components of Net Periodic Benefit Cost: | ' | ' | ' |
Service cost | 26 | 18 | 18 |
Interest cost | 515 | 509 | 564 |
Expected return on plan assets | -484 | -444 | -509 |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net loss | 77 | 38 | 22 |
Loss on curtailment | 0 | 0 | 5 |
Settlement gain recognized | 0 | 1 | 0 |
Total pension cost | $134 | $122 | $100 |
Benefit_Plans_Accumulated_Othe
Benefit Plans (Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
U.S. Defined Benefit Plans | ' |
Accumulated Other Comprehensive Income (Loss) | ' |
Prior service cost | $0 |
Unrecognized net actuarial gain (loss) | 20 |
Total | 20 |
Amounts expected to be reclassified to earnings in next fiscal year | ' |
Prior service cost | 0 |
Unrecognized net actuarial gain (loss) | 0 |
Total | 0 |
Foreign Defined Benefit Plans | ' |
Accumulated Other Comprehensive Income (Loss) | ' |
Prior service cost | -1 |
Unrecognized net actuarial gain (loss) | -998 |
Total | -999 |
Amounts expected to be reclassified to earnings in next fiscal year | ' |
Prior service cost | 0 |
Unrecognized net actuarial gain (loss) | -37 |
Total | ($37) |
Benefit_Plans_Plan_Asset_Alloc
Benefit Plans (Plan Asset Allocations) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. Defined Benefit Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of Plan Assets | 100.00% | 100.00% |
U.S. Defined Benefit Plans | Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocations | 45.00% | ' |
Percentage of Plan Assets | 37.09% | 32.28% |
U.S. Defined Benefit Plans | Debt Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocations | 51.00% | ' |
Percentage of Plan Assets | 46.97% | 46.66% |
U.S. Defined Benefit Plans | Real Estate | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocations | 2.00% | ' |
Percentage of Plan Assets | 2.44% | 0.00% |
U.S. Defined Benefit Plans | Other Plan Investments | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocations | 2.00% | ' |
Percentage of Plan Assets | 13.50% | 21.06% |
Foreign Defined Benefit Plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Percentage of Plan Assets | 100.00% | 100.00% |
Foreign Defined Benefit Plans | Equity Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocations, Minimum | 15.00% | ' |
Target Allocations, Maximum | 29.00% | ' |
Percentage of Plan Assets | 19.84% | 19.76% |
Foreign Defined Benefit Plans | Debt Securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocations, Minimum | 60.00% | ' |
Target Allocations, Maximum | 85.00% | ' |
Percentage of Plan Assets | 75.32% | 76.21% |
Foreign Defined Benefit Plans | Real Estate | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocations, Minimum | 0.00% | ' |
Target Allocations, Maximum | 4.00% | ' |
Percentage of Plan Assets | 2.77% | 2.57% |
Foreign Defined Benefit Plans | Other Plan Investments | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Target Allocations, Minimum | 0.00% | ' |
Target Allocations, Maximum | 6.00% | ' |
Percentage of Plan Assets | 2.07% | 1.46% |
Benefit_Plans_Fair_Value_of_Pl
Benefit Plans (Fair Value of Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | |||||
U.S. Defined Benefit Plans | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | $941 | $883 | $762 | ||
U.S. Defined Benefit Plans | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 720 | 629 | ' | ||
U.S. Defined Benefit Plans | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 221 | 254 | ' | ||
U.S. Defined Benefit Plans | Equity Securities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 46 | 134 | ' | ||
U.S. Defined Benefit Plans | Equity Securities | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 46 | 134 | ' | ||
U.S. Defined Benefit Plans | Equity Funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 303 | 151 | ' | ||
U.S. Defined Benefit Plans | Equity Funds | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 303 | 151 | ' | ||
U.S. Defined Benefit Plans | US Treasury and Government | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 32 | 32 | ' | ||
U.S. Defined Benefit Plans | US Treasury and Government | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 24 | 32 | ' | ||
U.S. Defined Benefit Plans | US Treasury and Government | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 8 | ' | ' | ||
U.S. Defined Benefit Plans | Corporate Debt Securities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 159 | 153 | ' | ||
U.S. Defined Benefit Plans | Corporate Debt Securities | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | ' | 4 | ' | ||
U.S. Defined Benefit Plans | Corporate Debt Securities | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 159 | 149 | ' | ||
U.S. Defined Benefit Plans | Fixed Income Funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 251 | [1] | 227 | [1] | ' |
U.S. Defined Benefit Plans | Fixed Income Funds | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 251 | [1] | 227 | [1] | ' |
U.S. Defined Benefit Plans | Real Estate | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 23 | ' | ' | ||
U.S. Defined Benefit Plans | Real Estate | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 23 | ' | ' | ||
U.S. Defined Benefit Plans | Cash and Cash Equivalents | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 56 | 43 | ' | ||
U.S. Defined Benefit Plans | Cash and Cash Equivalents | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 56 | 43 | ' | ||
U.S. Defined Benefit Plans | Other Plan Investments | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 71 | 143 | ' | ||
U.S. Defined Benefit Plans | Other Plan Investments | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 40 | 38 | ' | ||
U.S. Defined Benefit Plans | Other Plan Investments | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 31 | 105 | ' | ||
Foreign Defined Benefit Plans | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 3,605 | 4,712 | 4,400 | ||
Foreign Defined Benefit Plans | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 546 | 634 | ' | ||
Foreign Defined Benefit Plans | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 2,529 | 3,443 | ' | ||
Foreign Defined Benefit Plans | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 530 | 635 | 755 | ||
Foreign Defined Benefit Plans | Equity Securities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 23 | 28 | ' | ||
Foreign Defined Benefit Plans | Equity Securities | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 23 | 28 | ' | ||
Foreign Defined Benefit Plans | Equity Funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 322 | 457 | ' | ||
Foreign Defined Benefit Plans | Equity Funds | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 322 | 457 | ' | ||
Foreign Defined Benefit Plans | Private Equity Funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 370 | [2] | 446 | [2] | ' |
Foreign Defined Benefit Plans | Private Equity Funds | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 370 | [2] | 446 | [2] | ' |
Foreign Defined Benefit Plans | Certificates of Deposit | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 2 | 3 | ' | ||
Foreign Defined Benefit Plans | Certificates of Deposit | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 2 | 3 | ' | ||
Foreign Defined Benefit Plans | Unsecured Debentures | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 13 | 16 | ' | ||
Foreign Defined Benefit Plans | Unsecured Debentures | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 13 | 16 | ' | ||
Foreign Defined Benefit Plans | Foreign Government Debt Securities | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 107 | 215 | ' | ||
Foreign Defined Benefit Plans | Foreign Government Debt Securities | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 12 | 9 | ' | ||
Foreign Defined Benefit Plans | Foreign Government Debt Securities | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 95 | 206 | ' | ||
Foreign Defined Benefit Plans | Fixed Income Funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 2,584 | [1] | 3,347 | [1] | ' |
Foreign Defined Benefit Plans | Fixed Income Funds | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 174 | [1] | 139 | [1] | ' |
Foreign Defined Benefit Plans | Fixed Income Funds | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 2,410 | [1] | 3,208 | [1] | ' |
Foreign Defined Benefit Plans | Other Debt Obligations | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 9 | 10 | ' | ||
Foreign Defined Benefit Plans | Other Debt Obligations | Level 2 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 9 | 10 | ' | ||
Foreign Defined Benefit Plans | Real Estate | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 100 | [2] | 121 | [2] | ' |
Foreign Defined Benefit Plans | Real Estate | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 100 | [2] | 121 | [2] | ' |
Foreign Defined Benefit Plans | Cash and Cash Equivalents | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 15 | 1 | ' | ||
Foreign Defined Benefit Plans | Cash and Cash Equivalents | Level 1 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 15 | 1 | ' | ||
Foreign Defined Benefit Plans | Participant Loan | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | 60 | [3] | 68 | [3] | ' |
Foreign Defined Benefit Plans | Participant Loan | Level 3 | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Total plan assets | $60 | [3] | $68 | [3] | ' |
[1] | Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment. | ||||
[2] | Plan assets of our Brazilian subsidiaries are invested in private equities and commercial real estate through the plan administrator in Brazil. The fair value of these assets is determined using the income approach through annual appraisals based on a discounted cash flow analysis. | ||||
[3] | Loans to participants are stated at cost, which approximates fair value. |
Benefit_Plans_Level_3_Roll_For
Benefit Plans (Level 3 Roll Forward) (Details) (Foreign Defined Benefit Plans, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
CHANGE IN PLAN ASSETS: | ' | ' |
Fair value of plan assets as of January 1 | $4,712 | $4,400 |
Effect of foreign currency exchange rate changes | -519 | -365 |
Fair value of plan assets as of December 31 | 3,605 | 4,712 |
Level 3 | ' | ' |
CHANGE IN PLAN ASSETS: | ' | ' |
Fair value of plan assets as of January 1 | 635 | 755 |
Returns relating to assets still held at reporting date | -26 | -64 |
Purchases, sales and settlements, net | 0 | 3 |
Effect of foreign currency exchange rate changes | -79 | -59 |
Fair value of plan assets as of December 31 | $530 | $635 |
Benefit_Plans_Expected_Future_
Benefit Plans (Expected Future Benefit Payments) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
U.S. Defined Benefit Plans | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Expected employer contribution in 2014 | $56 |
Expected benefit payments for fiscal year ending: | ' |
2014 | 62 |
2015 | 63 |
2016 | 64 |
2017 | 66 |
2018 | 67 |
2019 - 2023 | 361 |
Foreign Defined Benefit Plans | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Expected employer contribution in 2014 | 167 |
Expected benefit payments for fiscal year ending: | ' |
2014 | 381 |
2015 | 396 |
2016 | 409 |
2017 | 425 |
2018 | 440 |
2019 - 2023 | $2,437 |
Equity_Transactions_with_Nonco
Equity (Transactions with Noncontrolling Interests) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Noncontrolling Interest [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to The AES Corporation | ($206) | $71 | $167 | $82 | $175 | ($1,568) | $140 | $341 | $114 | ($912) | $58 |
Net increase in The AES Corporation's paid-in capital for sale of subsidiary shares | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 7 | ' |
Increase (decrease) in The AES Corporation's paid-in capital for purchase of subsidiary shares | ' | ' | ' | ' | ' | ' | ' | ' | -6 | 4 | ' |
Net Transfers To From Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 11 | ' |
Change In Net Income Attributable To Parent Due To Transfers To From Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | 124 | -901 | ' |
Chile | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers To Noncontrolling Interests Table [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of projects under development | 2 | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Gain (loss) on disposition of stock in subsidiary or equity method investee | ' | ' | ' | ' | ' | ' | ' | ' | ($16) | ' | ' |
Equity_Accumulated_Other_Compr
Equity (Accumulated Other Comprehensive Loss) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Unrealized derivative losses, net | ' |
Balance at January 1 | ($481) |
Other comprehensive income before reclassifications | 46 |
Amounts reclassified from accumulated other comprehensive loss | 128 |
Net current-period other comprehensive income | 174 |
Balance at December 31 | -307 |
Unfunded pension obligations, net | ' |
Balance at January 1 | -382 |
Other comprehensive income before reclassifications | 78 |
Amounts reclassified from accumulated other comprehensive loss | 13 |
Net current-period other comprehensive income | 91 |
Balance at December 31 | -291 |
Available for sale securities, net | ' |
Balance at January 1 | 0 |
Other comprehensive income before reclassifications | -1 |
Amounts reclassified from accumulated other comprehensive loss | 1 |
Net current-period other comprehensive income | 0 |
Balance at December 31 | 0 |
Foreign currency translation adjustment, net | ' |
Balance at January 1 | -2,057 |
Other comprehensive income before reclassifications | -263 |
Amounts reclassified from accumulated other comprehensive loss | 36 |
Net current-period other comprehensive income | -227 |
Balance at December 31 | -2,284 |
Accumulated Other Comprehensive Income Loss Net Of Tax [Roll Forward] | ' |
Balance at January 1 | -2,920 |
Other comprehensive income before reclassifications | -140 |
Amounts reclassified from accumulated other comprehensive loss | 178 |
Net current-period other comprehensive income | 38 |
Balance at December 31 | ($2,882) |
Equity_Reclassifications_Out_o
Equity (Reclassifications Out of AOCL) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Non-regulated revenue | ' | ' | ' | ' | ' | ' | ' | ' | $7,835 | $8,187 | $7,399 | |||||||||
Non-regulated cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -5,807 | -5,987 | -5,733 | |||||||||
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 220 | 274 | 346 | |||||||||
Regulated cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -6,837 | -7,594 | -6,325 | |||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,482 | -1,544 | -1,530 | |||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 275 | 348 | 398 | |||||||||
Gain on sale of investments | ' | ' | ' | ' | ' | ' | ' | ' | 26 | 219 | 8 | |||||||||
Foreign currency transaction losses | ' | ' | ' | ' | ' | ' | ' | ' | -22 | -170 | -32 | |||||||||
Total | ' | ' | ' | ' | ' | ' | ' | ' | 1,048 | 230 | 2,260 | |||||||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -343 | -685 | -656 | |||||||||
Net equity in earnings (losses) of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 25 | 35 | -2 | |||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | -173 | [1] | 341 | [1] | 332 | [1] | 230 | [1] | 355 | [2] | -1,429 | [2] | 150 | [2] | 504 | [2] | 730 | -420 | 1,602 | |
Income from continuing operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -446 | -540 | -1,096 | |||||||||
Net loss from disposal and impairments of discontinued businesses | ' | ' | ' | ' | ' | ' | ' | ' | -152 | 16 | 86 | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | -206 | 71 | 167 | 82 | 175 | -1,568 | 140 | 341 | 114 | -912 | 58 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | ' | ' | ' | ' | ' | ' | ' | ' | -178 | [3] | ' | ' | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Unrealized derivative losses, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Non-regulated revenue | ' | ' | ' | ' | ' | ' | ' | ' | -3 | [3] | ' | ' | ||||||||
Non-regulated cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -7 | [3] | ' | ' | ||||||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -137 | [3] | ' | ' | ||||||||
Gain on sale of investments | ' | ' | ' | ' | ' | ' | ' | ' | -21 | [3] | ' | ' | ||||||||
Foreign currency transaction losses | ' | ' | ' | ' | ' | ' | ' | ' | -6 | [3] | ' | ' | ||||||||
Total | ' | ' | ' | ' | ' | ' | ' | ' | -174 | [3] | ' | ' | ||||||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 41 | [3] | ' | ' | ||||||||
Net equity in earnings (losses) of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | -6 | [3] | ' | ' | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | -139 | [3] | ' | ' | ||||||||
Income from continuing operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 11 | [3] | ' | ' | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | ' | ' | ' | ' | ' | ' | ' | ' | -128 | [3] | ' | ' | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Unfunded pension obligations, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Non-regulated cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -4 | [3] | ' | ' | ||||||||
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -1 | [3] | ' | ' | ||||||||
Regulated cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -73 | [3] | ' | ' | ||||||||
Total | ' | ' | ' | ' | ' | ' | ' | ' | -78 | [3] | ' | ' | ||||||||
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 26 | [3] | ' | ' | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | ' | ' | ' | ' | ' | ' | ' | ' | -52 | [3] | ' | ' | ||||||||
Income from continuing operations attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 39 | [3] | ' | ' | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | ' | ' | ' | ' | ' | ' | ' | ' | -13 | [3] | ' | ' | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Available for sale securities, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -1 | [3] | ' | ' | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | ' | ' | ' | ' | ' | ' | ' | ' | -1 | [3] | ' | ' | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency translation adjustment, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Gain on sale of investments | ' | ' | ' | ' | ' | ' | ' | ' | -1 | [3] | ' | ' | ||||||||
Net loss from disposal and impairments of discontinued businesses | ' | ' | ' | ' | ' | ' | ' | ' | -35 | [3] | ' | ' | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | ' | ' | ' | ' | ' | ' | ' | ' | ($36) | [3] | ' | ' | ||||||||
[1] | Includes pretax impairment expense of $48 million, $0 million, $74 million and $467 million, for the first, second, third and fourth quarters of 2013, respectively. See Note 21—Asset Impairment Expense and Note 10—Goodwill and Other Intangible Assets for further discussion. | |||||||||||||||||||
[2] | Includes pretax impairment expense of $10 million, $18 million, $1.9 billion and $(31) million, for the first, second, third and fourth quarters of 2012, respectively. See Note 21—Asset Impairment Expense and Note 10—Goodwill and Other Intangible Assets for further discussion. | |||||||||||||||||||
[3] | Amounts in parentheses indicate debits to the consolidated statement of operations. |
Equity_Dividends_and_Stock_Rep
Equity (Dividends and Stock Repurchase Program) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 42 Months Ended | |||||||||||
Dec. 18, 2013 | Dec. 11, 2013 | Nov. 04, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared on common stock (per share amount) | ' | ' | $0.05 | $0.09 | $0 | $0.08 | $0 | $0.04 | $0.04 | $0 | $0 | $0.17 | $0.08 | $0 | ' |
Stock repurchase program, authorized amount | ' | $211,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program, remaining authorized repurchase amount | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 191,000,000 | ' | ' | ' |
Stock issued during period, new issues | 46,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share price | $13.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period, new issues underwriters option | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of treasury stock (shares) | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,297,042 | ' | ' | 94,728,430 |
Treasury stock acquired, average price per share | $12.91 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.10 |
Purchase of treasury stock | $258,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $322,000,000 | $301,000,000 | $279,000,000 | $1,100,000,000 |
Treasury stock, shares (in shares) | ' | ' | ' | 90,808,168 | ' | ' | ' | 66,415,984 | ' | ' | ' | 90,808,168 | 66,415,984 | ' | 90,808,168 |
Segment_and_Geographic_Informa2
Segment and Geographic Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segment | segment | ||
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of strategic business units | 6 | ' | ' |
Number of reportable segments | 6 | 9 | ' |
Revenue | ' | ' | ' |
Revenue | $15,891 | $17,164 | $16,098 |
Operating Segments | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | 15,901 | 17,203 | 16,146 |
Intersegment Eliminations | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | -10 | -39 | -48 |
US | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | 3,630 | 3,736 | 2,087 |
US | Operating Segments | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | 3,630 | 3,736 | 2,088 |
US | Intersegment Eliminations | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | 0 | 0 | -1 |
Andes | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | 2,638 | 2,987 | 2,953 |
Andes | Operating Segments | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | 2,639 | 3,020 | 2,989 |
Andes | Intersegment Eliminations | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | -1 | -33 | -36 |
Brazil SBU | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | 5,015 | 5,788 | 6,640 |
Brazil SBU | Operating Segments | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | 5,015 | 5,788 | 6,640 |
Brazil SBU | Intersegment Eliminations | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | 0 | 0 | 0 |
MCAC | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | 2,712 | 2,573 | 2,324 |
MCAC | Operating Segments | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | 2,713 | 2,573 | 2,327 |
MCAC | Intersegment Eliminations | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | -1 | 0 | -3 |
EMEA | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | 1,347 | 1,343 | 1,467 |
EMEA | Operating Segments | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | 1,347 | 1,344 | 1,469 |
EMEA | Intersegment Eliminations | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | 0 | -1 | -2 |
Asia | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | 550 | 733 | 625 |
Asia | Operating Segments | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | 550 | 733 | 625 |
Asia | Intersegment Eliminations | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | 0 | 0 | 0 |
Corporate & Other | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | -1 | 4 | 2 |
Corporate & Other | Operating Segments | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | 7 | 9 | 8 |
Corporate & Other | Intersegment Eliminations | ' | ' | ' |
Revenue | ' | ' | ' |
Revenue | ($8) | ($5) | ($6) |
Segments_and_Geographic_Inform
Segments and Geographic Information Segment and Geographic Information (Adjusted Pre-Tax Contributions & Reconcilliation of Income Before Income Taxes) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | $1,207 | [1] | $1,339 | [1] | $1,139 | [1] |
Reconciliation To Income From Continuing Operations Before Taxes | ' | ' | ' | |||
Unrealized derivative gains (losses) | 57 | -120 | 31 | |||
Unrealized foreign currency gains (losses) | -41 | 13 | -50 | |||
Disposition/acquisition gains | 30 | 206 | 0 | |||
Impairment losses | -588 | -1,951 | -337 | |||
Loss on extinguishment of debt | -225 | -16 | -46 | |||
Pre-tax contribution | 440 | -529 | 737 | |||
Add: income from continuing operations before taxes, attributable to noncontrolling interests | 633 | 794 | 1,521 | |||
Less: Net equity in earnings (losses) of affiliates | 25 | 35 | -2 | |||
Total | 1,048 | 230 | 2,260 | |||
US | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 451 | [1] | 443 | [1] | 234 | [1] |
Andes | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 372 | [1] | 353 | [1] | 478 | [1] |
Brazil SBU | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 215 | [1] | 324 | [1] | 418 | [1] |
MCAC | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 351 | [1] | 397 | [1] | 310 | [1] |
EMEA | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 352 | [1] | 373 | [1] | 288 | [1] |
Asia | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 144 | [1] | 203 | [1] | 102 | [1] |
Corporate & Other | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | -678 | [1] | -754 | [1] | -691 | [1] |
Operating Segments | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 1,207 | [1] | 1,339 | [1] | 1,139 | [1] |
Operating Segments | US | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 440 | [1] | 403 | [1] | 181 | [1] |
Operating Segments | Andes | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 353 | [1] | 369 | [1] | 510 | [1] |
Operating Segments | Brazil SBU | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 212 | [1] | 321 | [1] | 415 | [1] |
Operating Segments | MCAC | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 339 | [1] | 387 | [1] | 307 | [1] |
Operating Segments | EMEA | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 345 | [1] | 375 | [1] | 276 | [1] |
Operating Segments | Asia | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 142 | [1] | 201 | [1] | 100 | [1] |
Operating Segments | Corporate & Other | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | -624 | [1] | -717 | [1] | -650 | [1] |
Intersegment Eliminations | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 0 | [1] | 0 | [1] | 0 | [1] |
Intersegment Eliminations | US | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 11 | [1] | 40 | [1] | 53 | [1] |
Intersegment Eliminations | Andes | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 19 | [1] | -16 | [1] | -32 | [1] |
Intersegment Eliminations | Brazil SBU | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 3 | [1] | 3 | [1] | 3 | [1] |
Intersegment Eliminations | MCAC | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 12 | [1] | 10 | [1] | 3 | [1] |
Intersegment Eliminations | EMEA | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 7 | [1] | -2 | [1] | 12 | [1] |
Intersegment Eliminations | Asia | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | 2 | [1] | 2 | [1] | 2 | [1] |
Intersegment Eliminations | Corporate & Other | ' | ' | ' | |||
Adjusted PTC | ' | ' | ' | |||
External Adjusted Pre-Tax Contribution | ($54) | [1] | ($37) | [1] | ($41) | [1] |
[1] | Adjusted pre-tax contribution in each segment before intersegment eliminations includes the effect of intercompany transactions with other segments except for interest, charges for certain management fees and the write-off of intercompany balances. |
Segments_and_Geographic_Inform1
Segments and Geographic Information Segment and Geographic Information (Assets, Depreciation and Amortization and Capital Expenditures ) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | $40,411 | $41,830 | $45,346 |
Depreciation and amortization | 1,294 | 1,394 | 1,262 |
Capital Expenditures | 2,579 | 2,270 | 2,461 |
Interest income | 275 | 348 | 398 |
Interest expense | 1,482 | 1,544 | 1,530 |
Investments in and advances to affiliates | 1,010 | 1,196 | 1,422 |
Net equity in earnings (losses) of affiliates | 25 | 35 | -2 |
US | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | 9,952 | 10,651 | 12,714 |
Depreciation and amortization | 440 | 518 | 300 |
Capital Expenditures | 426 | 405 | 406 |
Interest income | 0 | 3 | 1 |
Interest expense | 290 | 291 | 194 |
Investments in and advances to affiliates | 1 | 0 | 0 |
Net equity in earnings (losses) of affiliates | 0 | 0 | 0 |
Andes | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | 7,356 | 6,619 | 6,482 |
Depreciation and amortization | 186 | 174 | 151 |
Capital Expenditures | 471 | 389 | 385 |
Interest income | 37 | 20 | 20 |
Interest expense | 135 | 128 | 126 |
Investments in and advances to affiliates | 248 | 198 | 188 |
Net equity in earnings (losses) of affiliates | 44 | 18 | 35 |
Brazil SBU | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | 8,388 | 9,710 | 10,602 |
Depreciation and amortization | 259 | 281 | 331 |
Capital Expenditures | 588 | 718 | 738 |
Interest income | 210 | 278 | 346 |
Interest expense | 364 | 305 | 452 |
Investments in and advances to affiliates | 0 | 0 | 0 |
Net equity in earnings (losses) of affiliates | 0 | 0 | 0 |
MCAC | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | 5,075 | 5,030 | 4,962 |
Depreciation and amortization | 145 | 136 | 116 |
Capital Expenditures | 111 | 192 | 220 |
Interest income | 20 | 33 | 22 |
Interest expense | 138 | 192 | 166 |
Investments in and advances to affiliates | 0 | 24 | 19 |
Net equity in earnings (losses) of affiliates | 4 | 5 | -2 |
EMEA | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | 4,191 | 4,085 | 4,086 |
Depreciation and amortization | 155 | 145 | 159 |
Capital Expenditures | 341 | 162 | 196 |
Interest income | 2 | 8 | 5 |
Interest expense | 80 | 94 | 108 |
Investments in and advances to affiliates | 286 | 454 | 512 |
Net equity in earnings (losses) of affiliates | -5 | 8 | 10 |
Asia | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | 2,810 | 2,587 | 1,800 |
Depreciation and amortization | 33 | 30 | 32 |
Capital Expenditures | 576 | 221 | 150 |
Interest income | 6 | 5 | 2 |
Interest expense | 30 | 43 | 46 |
Investments in and advances to affiliates | 186 | 202 | 367 |
Net equity in earnings (losses) of affiliates | 10 | 32 | 5 |
Discontinued Operations | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | 1,718 | 1,960 | 3,445 |
Depreciation and amortization | 55 | 85 | 148 |
Capital Expenditures | 52 | 143 | 335 |
Corporate & Other | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total Assets | 921 | 1,188 | 1,255 |
Depreciation and amortization | 21 | 25 | 25 |
Capital Expenditures | 14 | 40 | 31 |
Interest income | 0 | 1 | 2 |
Interest expense | 445 | 491 | 438 |
Investments in and advances to affiliates | 289 | 318 | 336 |
Net equity in earnings (losses) of affiliates | ($28) | ($28) | ($50) |
Segments_and_Geographic_Inform2
Segments and Geographic Information Segment and Geographic Information (Revenue and Assets by Country) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | $15,891 | $17,164 | $16,098 | |||
Property, plant and equipment, net | 25,112 | 24,635 | ' | |||
Discontinued Operations | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Assets held for sale | ' | 25 | ' | |||
United States | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 3,630 | [1] | 3,736 | [1] | 2,088 | [1] |
Property, plant and equipment, net | 7,523 | [1] | 7,540 | [1] | ' | |
United States | Discontinued Operations | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 23 | 63 | 396 | |||
Property, plant and equipment, net | 69 | 123 | ' | |||
Brazil | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 5,015 | [2] | 5,788 | [2] | 6,640 | [2] |
Property, plant and equipment, net | 5,293 | [2] | 5,756 | [2] | ' | |
Brazil | Discontinued Operations | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | ' | ' | 124 | |||
Chile | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 1,569 | 1,679 | 1,608 | |||
Property, plant and equipment, net | 3,312 | 2,993 | ' | |||
El Salvador | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 860 | 854 | 755 | |||
Property, plant and equipment, net | 292 | 284 | ' | |||
Dominican Republic | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 832 | 761 | 674 | |||
Property, plant and equipment, net | 689 | 670 | ' | |||
United Kingdom | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 558 | 505 | 587 | |||
Property, plant and equipment, net | 603 | 578 | ' | |||
Argentina | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 545 | [3] | 857 | [3] | 979 | [3] |
Property, plant and equipment, net | 256 | [3] | 278 | [3] | ' | |
Argentina | Discontinued Operations | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | ' | ' | 102 | |||
Colombia | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 523 | 453 | 365 | |||
Property, plant and equipment, net | 412 | 383 | ' | |||
Philippines | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 497 | 559 | 480 | |||
Property, plant and equipment, net | 776 | 800 | ' | |||
Mexico | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 440 | 397 | 404 | |||
Property, plant and equipment, net | 748 | 759 | ' | |||
Bulgaria | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 422 | [4] | 369 | [4] | 251 | [4] |
Property, plant and equipment, net | 1,606 | [4] | 1,606 | [4] | ' | |
Puerto Rico | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 328 | 293 | 298 | |||
Property, plant and equipment, net | 562 | 570 | ' | |||
Panama | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 250 | 266 | 189 | |||
Property, plant and equipment, net | 1,028 | 1,069 | ' | |||
Kazakhstan | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 156 | 151 | 145 | |||
Property, plant and equipment, net | 183 | 141 | ' | |||
Jordan | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 142 | 121 | 124 | |||
Property, plant and equipment, net | 439 | 222 | ' | |||
Sri Lanka | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 53 | 169 | 140 | |||
Property, plant and equipment, net | 7 | 8 | ' | |||
Spain | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 0 | 119 | 258 | |||
Property, plant and equipment, net | 0 | 0 | ' | |||
Cameroon | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 0 | [5] | 0 | [5] | 0 | [5] |
Property, plant and equipment, net | 0 | [5] | 0 | [5] | ' | |
Cameroon | Discontinued Operations | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 474 | 457 | 386 | |||
Property, plant and equipment, net | 1,100 | 992 | ' | |||
Ukraine | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 0 | [6] | 0 | [6] | 0 | [6] |
Property, plant and equipment, net | 0 | [6] | 0 | [6] | ' | |
Ukraine | Discontinued Operations | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 187 | 491 | 418 | |||
Property, plant and equipment, net | ' | 112 | ' | |||
Hungary | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 0 | [7] | 0 | [7] | 0 | [7] |
Property, plant and equipment, net | 0 | [7] | 0 | [7] | ' | |
Hungary | Discontinued Operations | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | ' | 18 | 219 | |||
Vietnam | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 0 | 0 | 0 | |||
Property, plant and equipment, net | 1,296 | 887 | ' | |||
Other Non Us | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 71 | [8] | 87 | [8] | 113 | [8] |
Property, plant and equipment, net | 87 | [8] | 91 | [8] | ' | |
Other Non Us | Discontinued Operations | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 6 | 11 | 18 | |||
Property, plant and equipment, net | 19 | 54 | ' | |||
Total Non Us | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | |||
Revenue | 12,261 | 13,428 | 14,010 | |||
Property, plant and equipment, net | $17,589 | $17,095 | ' | |||
[1] | Excludes revenue of $23 million, $63 million and $396 million for the years ended December 31, 2013, 2012 and 2011, respectively, and property, plant and equipment of $69 million and $123 million as of December 31, 2013 and 2012, respectively, related to Condon, Mid-West Wind, Eastern Energy, Thames, Red Oak and Ironwood which were reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets. Additionally, property, plant and equipment excludes $25 million as of December 31, 2012 related to wind turbines which were reflected as assets held for sale in the accompanying Consolidated Balance Sheets. | |||||
[2] | Excludes revenue of $124 million for the year ended December 31, 2011 related to Brazil Telecom, which was reflected as discontinued operations in the accompanying Consolidated Statements of Operations. | |||||
[3] | Excludes revenue of $102 million for the year ended December 31, 2011 related to our Argentina distribution businesses, which were reflected as discontinued operations in the accompanying Consolidated Statements of Operations. | |||||
[4] | Our wind project in Maritza started operations in June 2011. | |||||
[5] | Excludes revenue of $474 million, $457 million and $386 million for the years ended December 31, 2013, 2012 and 2011, respectively, and property, plant and equipment of $1,100 million and $992 million as of December 31, 2013 and 2012 respectively, related to Dibamba, Kribi and Sonel, which were reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets. | |||||
[6] | Excludes revenue of $187 million, $491 million and $418 million for the years ended December 31, 2013, 2012 and 2011, respectively, and property, plant and equipment of $112 million as of December 31, 2012 related to Kievoblenergo and Rivnooblenergo, which were reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets. | |||||
[7] | Excludes revenue of $18 million and $219 million for the years ended December 31, 2012 and 2011, respectively, related to Borsod, Tiszapalkonya and Tisza II, which were reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations. | |||||
[8] | Excludes revenue of $6 million, $11 million and $18 million for the years ended December 31, 2013, 2012 and 2011, respectively, and property, plant and equipment of $19 million and $54 million as of December 31, 2013 and 2012, respectively, related to Saurashtra, Poland wind and our carbon reduction projects, which were reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets. |
ShareBased_Compensation_Fair_V
Share-Based Compensation (Fair Value Assumptions) (Details) (Stock Options, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Expected volatility | 23.00% | 26.00% | 31.00% |
Expected annual dividend yield | 1.00% | 1.00% | 0.00% |
Expected option term (years) | '6 years | '6 years | '6 years |
Risk-free interest rate | 1.13% | 1.08% | 2.65% |
Fair value at grant date (in dollars per share) | $2.23 | $3.04 | $4.54 |
ShareBased_Compensation_Stock_
Share-Based Compensation (Stock Option Compensation Expense) (Details) (Stock Options, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-tax compensation expense | $2 | $2 | $7 |
Tax benefit | -1 | -1 | -2 |
Total expense, net of tax | 1 | 1 | 5 |
Total intrinsic value of options exercised | 5 | 10 | 8 |
Total fair value of options vested | 2 | 5 | 7 |
Cash received from the exercise of stock options | $13 | $9 | $4 |
ShareBased_Compensation_Stock_1
Share-Based Compensation (Stock Option Activity) (Details) (USD $) | 12 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 |
Options (Number of Shares): | ' |
Exercised | -1,000 |
Stock Options | ' |
Options (Number of Shares): | ' |
Outstanding at beginning of period | 7,883 |
Exercised | -1,349 |
Forfeited and expired | -1,097 |
Granted | 1,428 |
Outstanding at end of period | 6,865 |
Vested and expected to vest at end of period | 6,618 |
Eligible for exercise at end of period | 4,646 |
Weighted Average Exercise Price (in dollars per share): | ' |
Outstanding at beginning of period | 14.91 |
Exercised | 9.56 |
Forfeited and expired | 16.7 |
Granted | 11.25 |
Outstanding at end of period | 14.91 |
Vested and expected to vest at end of period | 15.04 |
Eligible for exercise at end of period | 16.42 |
Outstanding, weighted average remaining contractual term (in years) | '5 years 1 month 6 days |
Vested and expected to vest, weighted average remaining contractual term (in years) | '5 years |
Eligible for exercise, weighted average remaining contractual term (in years) | '3 years 7 months 6 days |
Outstanding, intrinsic value | 12 |
Vested and expected to vest, intrinsic value | 11 |
Eligible for exercise, intrinsic value | 6 |
ShareBased_Compensation_RSU_Co
Share-Based Compensation (RSU Compensation Expense) (Details) (RSUs, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
RSUs | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Pre-tax compensation expense | $12 | $11 | $11 |
Tax benefit | -3 | -3 | -3 |
Total expense, net of tax | 9 | 8 | 8 |
Total value of RSUs converted | 10 | 9 | 5 |
Total fair value of RSUs vested | $12 | $12 | $10 |
ShareBased_Compensation_RSU_Ac
Share-Based Compensation (RSU Activity) (Details) (RSUs, USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
RSUs | ' | ' | ' |
RSUs (Number of Shares): | ' | ' | ' |
Nonvested at beginning of period | 2,092 | ' | ' |
Vested | -942 | -1,138 | -982 |
Forfeited and expired | -337 | ' | ' |
Granted | 1,444 | ' | ' |
Nonvested at end of period | 2,257 | 2,092 | ' |
Vested at end of period | 2,315 | ' | ' |
Vested and expected to vest at end of period | 4,353 | ' | ' |
Weighted Average Grant Date Fair Value (in dollars per share): | ' | ' | ' |
Nonvested at beginning of period | $13.02 | ' | ' |
Vested | $12.82 | ' | ' |
Forfeited and expired | $12.55 | ' | ' |
Granted | $11.19 | $13.54 | $12.65 |
Nonvested at end of period | $12.01 | $13.02 | ' |
Vested and expected to vest at end of period | $10.26 | ' | ' |
Vested at end of period | $8.68 | ' | ' |
Nonvested at end of period, weighted average remaining vesting term | '1 year 9 months 18 days | ' | ' |
ShareBased_Compensation_RSUs_V
Share-Based Compensation (RSUs Vested and Converted) (Details) (RSUs) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
RSUs | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vested during the year | 942 | 1,138 | 982 |
Award converted during the year, net of shares withheld for taxes | 905 | 761 | 442 |
Shares withheld for taxes | 407 | 312 | 150 |
ShareBased_Compensation_PSU_Co
Share-Based Compensation (PSU Compensation Expense) (Details) (PSUs, USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
PSUs | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Pre-tax compensation expense | $4 | $5 | $5 | |||
Tax benefit | -1 | -1 | -1 | |||
Total expense, net of tax | 3 | 4 | 4 | |||
Total intrinsic value of options exercised | 0 | [1] | 0 | [1] | 0 | [1] |
Total fair value of options vested | $0 | $2 | $0 | |||
[1] | Amount represents fair market value on the date of conversion. |
ShareBased_Compensation_PSU_Ac
Share-Based Compensation (PSU Activity) (Details) (PSUs, USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PSUs | ' | ' | ' |
PSUs (Number of Shares): | ' | ' | ' |
Nonvested at beginning of period | 1,082 | ' | ' |
Vested | 0 | -343 | 0 |
Forfeited and expired | -367 | ' | ' |
Granted | 624 | ' | ' |
Nonvested at end of period | 1,339 | 1,082 | ' |
Vested at end of period | 343 | ' | ' |
Vested and expected to vest at end of period | 1,486 | ' | ' |
Weighted Average Grant Date Fair Value (in dollars per share): | ' | ' | ' |
Nonvested at beginning of period | $14.96 | ' | ' |
Vested | $0 | ' | ' |
Forfeited and expired | $12.94 | ' | ' |
Granted | $12.23 | ' | ' |
Nonvested at end of period | $14.24 | $14.96 | ' |
Vested at end of period | $6.68 | ' | ' |
Vested and expected to vest at end of period | $12.68 | ' | ' |
Nonvested at end of period, weighted average remaining vesting term | '1 year 4 months 24 days | ' | ' |
ShareBased_Compensation_PSUs_V
Share-Based Compensation (PSUs Vested and Converted) (Details) (PSUs) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PSUs | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vested during the year | 0 | 343 | 0 |
Award converted during the year, net of shares withheld for taxes | 0 | 0 | 0 |
Shares withheld for taxes | 0 | 0 | 0 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock option grant price as percent of market price | 100.00% | ' | ' |
Award vesting period | '3 years | ' | ' |
Award vesting rights percentage | 33.00% | ' | ' |
Stock option contractual term | '10 years | ' | ' |
Number of shares available for grant | 15 | ' | ' |
Implied volatility rate, minimum maturities of traded options | '1 year | ' | ' |
Compensation cost not yet recognized | $3 | ' | ' |
Compensation cost not yet recognized, period for recognition | '1 year 9 months 18 days | ' | ' |
Estimated forfeiture rate | 25.50% | ' | ' |
Cost not yet recognized related to current year grants | 2.4 | ' | ' |
Compensation cost not yet recognized related to current year grants per year | 0.8 | ' | ' |
RSUs | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award vesting period | '3 years | ' | ' |
Award vesting rights percentage | 33.00% | ' | ' |
Compensation cost not yet recognized | 13 | ' | ' |
Compensation cost not yet recognized, period for recognition | '1 year 8 months 12 days | ' | ' |
Estimated forfeiture rate | 24.18% | ' | ' |
Compensation cost not yet recognized related to current year grants per year | 12 | ' | ' |
Period before award can be converted to shares | '2 years | ' | ' |
Grant date fair value (in dollars per share) | $11.19 | $13.54 | $12.65 |
PSUs | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation cost not yet recognized | 7 | ' | ' |
Compensation cost not yet recognized, period for recognition | '1 year 9 months 18 days | ' | ' |
Estimated forfeiture rate | 25.50% | ' | ' |
Cost not yet recognized related to current year grants | 6 | ' | ' |
Compensation cost not yet recognized related to current year grants per year | 2 | ' | ' |
Grant date fair value (in dollars per share) | $12.23 | ' | ' |
PSUs | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award payout range | 0.00% | ' | ' |
PSUs | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award payout range | 200.00% | ' | ' |
PSUs With Market Conditions | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Grant date fair value (in dollars per share) | $13.28 | $19.75 | $17.68 |
Award, percent with market condition | 50.00% | ' | ' |
Performance stock units vesting rule measurement period | '3 years | ' | ' |
Grants in period, weighted average grant date fair value percent of stock price | 119.00% | ' | ' |
Decrease in grant date fair value if market condition not applied | $1 | ' | ' |
PSUs with Performance Condition | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Grant date fair value (in dollars per share) | $11.17 | ' | ' |
Award, percent with performance condition | 50.00% | ' | ' |
Performance stock units vesting rule measurement period | '3 years | ' | ' |
Cumulative_Preferred_Stock_of_1
Cumulative Preferred Stock of Subsidiaries (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Temporary Equity [Line Items] | ' | ' |
Cumulative preferred stock of subsidiaries | $78 | $78 |
IPL Subsidiary | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Temporary equity carrying amount | 60 | 60 |
Number of preferred stock series | 5 | ' |
Temporary equity annual dividend requirement | 3 | 3 |
Number of consecutive quarters without paid dividends to invoke board of directors election rule | 4 | ' |
IPL Subsidiary | Minimum | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Temporary equity, redemption price per share | $100 | ' |
IPL Subsidiary | Maximum | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Temporary equity, redemption price per share | $118 | ' |
DPL Subsidiary | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Temporary equity carrying amount | 18 | 18 |
Number of preferred stock series | 3 | ' |
Temporary equity annual dividend requirement | $1 | ' |
Number of quarters cumulative dividends in arrears to invoke board of directors election rule | 4 | ' |
DPL Subsidiary | Minimum | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Temporary equity, redemption price per share | $101 | ' |
DPL Subsidiary | Maximum | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Temporary equity, redemption price per share | $103 | ' |
Other_Income_and_Expense_Nonop
Other Income and Expense (Nonoperating Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Income and Expenses [Abstract] | ' | ' | ' |
Contract termination - Beaver Valley | $60 | $0 | $0 |
Gain on sale of assets | 12 | 21 | 46 |
Reversal of legal contingency | 10 | 0 | 0 |
Insurance proceeds | 0 | 38 | 11 |
Tax credit settlement | 0 | 0 | 31 |
Gain on extinguishment of tax and other liabilities | 9 | 0 | 14 |
Other | 34 | 39 | 40 |
Total other income | $125 | $98 | $142 |
Other_Income_and_Expense_Other
Other Income and Expense (Other Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Income and Expenses [Abstract] | ' | ' | ' |
Loss on disposal of assets | $51 | $64 | $66 |
Contract termination | 7 | 0 | 0 |
Other | 18 | 18 | 20 |
Total other expense | $76 | $82 | $86 |
Asset_Impairment_Expense_Impai
Asset Impairment Expense (Impairment of Long-Lived Assets Held and Used by Asset) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Beaver Valley | Beaver Valley | Beaver Valley | DP&L (Conesville) | DP&L (Conesville) | DP&L (Conesville) | Itabo (San Lorenzo) | Itabo (San Lorenzo) | Itabo (San Lorenzo) | Wind Turbines And Projects | Wind Turbines And Projects | Wind Turbines And Projects | Kelanitissa | Kelanitissa | Kelanitissa | St. Patrick | St. Patrick | St. Patrick | Other Impairment | Other Impairment | Other Impairment | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Asset impairment expense | $95 | $73 | $173 | $46 | [1] | $0 | $0 | $26 | [1] | $0 | $0 | $16 | [1] | $0 | $0 | $0 | $41 | $116 | $0 | $19 | $42 | $0 | $11 | $0 | $7 | $2 | $15 |
[1] | See Note 21 — Asset Impairment Expense for further information. |
Asset_Impairment_Expense_Narra
Asset Impairment Expense (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 09, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
MW | Beaver Valley | Beaver Valley | Beaver Valley | Beaver Valley | DP&L (Conesville) | DP&L (Conesville) | DP&L (Conesville) | Itabo (San Lorenzo) | Itabo (San Lorenzo) | Itabo (San Lorenzo) | Itabo (San Lorenzo) | Wind Turbines And Projects | Wind Turbines And Projects | Wind Turbines And Projects | Wind Turbines And Projects | Kelanitissa | Kelanitissa | Kelanitissa | St. Patrick | St. Patrick | St. Patrick | |||||||
MW | MW | MW | ||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Production Capacity (MW) | 2,465 | ' | ' | 125 | ' | ' | ' | 129 | ' | ' | ' | ' | ' | 35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Lump sum payment received for termination of PPA | ' | ' | ' | $60,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Other Asset Impairment Charges | 95,000,000 | 73,000,000 | 173,000,000 | ' | 46,000,000 | [1] | 0 | 0 | 26,000,000 | [1] | 0 | 0 | 16,000,000 | [1] | 0 | 0 | ' | ' | 0 | 41,000,000 | 116,000,000 | 0 | 19,000,000 | 42,000,000 | 0 | 11,000,000 | 0 | |
Assets carrying amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 33,000,000 | ' | ||||
Assets, fair value | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 7,000,000 | ' | 0 | [1] | ' | ' | ' | ' | ' | ' | 22,000,000 | ' | |||
Gain (loss) on sale of assets | ($14,000,000) | $174,000,000 | ($20,000,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | See Note 21 — Asset Impairment Expense for further information. |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Federal: | ' | ' | ' |
Current | ($28) | $0 | $0 |
Deferred | -110 | 24 | -150 |
State: | ' | ' | ' |
Current | 1 | -2 | 1 |
Deferred | 1 | -11 | 1 |
Foreign: | ' | ' | ' |
Current | 509 | 538 | 837 |
Deferred | -30 | 136 | -33 |
Total | $343 | $685 | $656 |
Income_Taxes_Effective_Income_
Income Taxes (Effective Income Tax Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ' | ' | ' |
Statutory Federal tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of Federal tax benefit | -3.00% | -21.00% | 0.00% |
Taxes on foreign earnings | -4.00% | -32.00% | -2.00% |
Valuation allowance | 0.00% | 16.00% | -3.00% |
Uncertain tax positions | -5.00% | 9.00% | 0.00% |
Bad debt deduction | -3.00% | 0.00% | 0.00% |
Change in tax law | -1.00% | 17.00% | 0.00% |
Goodwill impairment | 12.00% | 276.00% | 0.00% |
Other—net | 2.00% | -2.00% | -1.00% |
Effective tax rate | 33.00% | 298.00% | 29.00% |
Income_Taxes_Income_Tax_Payabl
Income Taxes (Income Tax Payables and Income Tax Receivables) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Income taxes receivable—current | $206 | $294 |
Income taxes receivable—noncurrent | 0 | 15 |
Total income taxes receivable | 206 | 309 |
Income taxes payable—current | 322 | 393 |
Income taxes payable—noncurrent | 2 | 2 |
Total income taxes payable | $324 | $395 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Deferred Tax Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred Tax Liabilities: | ' | ' |
Differences between book and tax basis of property | ($2,178) | ($2,089) |
Other taxable temporary differences | -337 | -377 |
Total deferred tax liability | -2,515 | -2,466 |
Deferred Tax Assets: | ' | ' |
Operating loss carryforwards | 2,108 | 1,592 |
Capital loss carryforwards | 103 | 108 |
Bad debt and other book provisions | 277 | 330 |
Retirement costs | 291 | 611 |
Tax credit carryforwards | 38 | 46 |
Other deductible temporary differences | 420 | 512 |
Total gross deferred tax asset | 3,237 | 3,199 |
Less: valuation allowance | -1,090 | -895 |
Total net deferred tax asset | 2,147 | 2,304 |
Net deferred tax asset (liability) | ($368) | ($162) |
Income_Taxes_Income_Loss_from_
Income Taxes (Income (Loss) from Continuing Operations Before Income Tax) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | ' | ' | ' |
U.S. | ($575) | ($1,921) | ($524) |
Non-U.S. | 1,623 | 2,151 | 2,784 |
Total | $1,048 | $230 | $2,260 |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance at January 1 | $475 | $464 | $430 |
Additions for current year tax positions | 7 | 12 | 6 |
Additions for tax positions of prior years | 10 | 29 | 49 |
Reductions for tax positions of prior years | -3 | -29 | -18 |
Effects of foreign currency translation | 0 | 0 | -1 |
Settlements | -65 | 0 | 0 |
Lapse of statute of limitations | -32 | -1 | -2 |
Balance at December 31 | $392 | $475 | $464 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Income Tax Disclosures [Line Items] | ' | ' | ' | ' |
Increase (decrease) in valuation allowance | $195,000,000 | $2,000,000 | ' | ' |
Valuation allowance | 1,090,000,000 | 895,000,000 | ' | ' |
Tax benefits related to tax status of operations in countries subject to reduced tax rates | 70,000,000 | 81,000,000 | 60,000,000 | ' |
Tax benefits related to tax status of operations in countries subject to reduced tax rates per share (in dollars per share) | $0.09 | $0.10 | $0.07 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued: | ' | ' | ' | ' |
Interest on income taxes accrued | 12,000,000 | 17,000,000 | ' | ' |
Income tax penalties accrued | 1,000,000 | 4,000,000 | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense: | ' | ' | ' | ' |
Interest on income taxes expense | -4,000,000 | 3,000,000 | 3,000,000 | ' |
Income tax penalties expense | -3,000,000 | 1,000,000 | 0 | ' |
Uncertain Tax Positions Additional Disclosures: | ' | ' | ' | ' |
Unrecognized tax benefits | 392,000,000 | 475,000,000 | 464,000,000 | 430,000,000 |
Unrecognized tax benefits that would impact effective tax rate | 360,000,000 | 444,000,000 | 418,000,000 | ' |
Unrecognized tax benefits that would impact effective tax rate portion with attributes warranting full valuation allowance | 26,000,000 | 45,000,000 | 47,000,000 | ' |
Unrecognized tax benefits anticipated to result in net decrease of unrecognized tax benefits within 12 months, minimum | 6,000,000 | ' | ' | ' |
Unrecognized tax benefits anticipated to result in net decrease of unrecognized tax benefits within 12 months, maximum | 10,000,000 | ' | ' | ' |
Federal | ' | ' | ' | ' |
Income Tax Disclosures [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards | 2,800,000,000 | ' | ' | ' |
Operating loss carryforwards amount related to stock option deductions to be recognized in APIC | 77,000,000 | ' | ' | ' |
State and Local Jurisdiction | ' | ' | ' | ' |
Income Tax Disclosures [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards | 7,100,000,000 | ' | ' | ' |
Foreign Tax Authority | ' | ' | ' | ' |
Income Tax Disclosures [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards | 3,900,000,000 | ' | ' | ' |
Philippines | ' | ' | ' | ' |
Income Tax Disclosures [Line Items] | ' | ' | ' | ' |
Tax benefits related to tax status of operations in countries subject to reduced tax rates | 41,000,000 | 60,000,000 | 34,000,000 | ' |
Tax benefits related to tax status of operations in countries subject to reduced tax rates per share (in dollars per share) | $0.05 | $0.07 | $0.04 | ' |
General Business Tax Credit Carryforward [Member] | ' | ' | ' | ' |
Income Tax Disclosures [Line Items] | ' | ' | ' | ' |
Tax credit carryforward | 18,000,000 | ' | ' | ' |
Federal Alternative Minimum Tax [Member] | ' | ' | ' | ' |
Income Tax Disclosures [Line Items] | ' | ' | ' | ' |
Tax credit carryforward | 5,000,000 | ' | ' | ' |
Foreign Jurisdictions [Member] | ' | ' | ' | ' |
Income Tax Disclosures [Line Items] | ' | ' | ' | ' |
Tax credit carryforward | 15,000,000 | ' | ' | ' |
Year 2013 to 2015 [Member] | Foreign Jurisdictions [Member] | ' | ' | ' | ' |
Income Tax Disclosures [Line Items] | ' | ' | ' | ' |
Tax credit carryforward | 1,000,000 | ' | ' | ' |
No Expiration [Member] | ' | ' | ' | ' |
Income Tax Disclosures [Line Items] | ' | ' | ' | ' |
Tax credit carryforward | $14,000,000 | ' | ' | ' |
Discontinued_Operations_and_He2
Discontinued Operations and Held-For-Sale Businesses (Schedule of Disposal Groups, Including Discontinued Operations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' |
Revenue | $689 | $1,043 | $1,661 |
Income (loss) from operations of discontinued businesses, before income tax | -3 | 73 | -206 |
Income tax benefit (expense) | -24 | -26 | 48 |
Income (loss) from operations of discontinued businesses, after income tax | -27 | 47 | -158 |
Net gain (loss) from disposal and impairments of discontinued businesses, after income tax | ($152) | $16 | $86 |
Discontinued_Operations_and_He3
Discontinued Operations and Held-For-Sale Businesses (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2013 | Nov. 30, 2013 | Sep. 30, 2013 | Oct. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 29, 2013 | Apr. 29, 2013 | Apr. 29, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Apr. 30, 2012 | Apr. 30, 2012 | Apr. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2011 | Nov. 30, 2011 | Nov. 30, 2011 | Nov. 30, 2011 | Oct. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2010 | Mar. 31, 2011 | Nov. 30, 2011 | Dec. 31, 2011 | Nov. 30, 2013 | Nov. 30, 2013 | Jan. 30, 2014 | Feb. 24, 2014 | Nov. 30, 2013 | |
MW | Poland wind projects | US Wind Projects | Saurashtra | Saurashtra | Cameroon | Sonel | Kribi | Dibamba | Kiev and Rivne | Kiev | Rivne | Tisza I I Subsidiary | Tisza I I Subsidiary | Tisza I I Subsidiary | Red Oak and Ironwood | Red Oak | Ironwood | Argentina Distribution | Edelap | Edes | Edelap and Edes | Central Dique | Brazil Telecom | Carbon Reduction Projects | Wind Projects | Eastern Energy Subsidiary | Eastern Energy Subsidiary | Eastern Energy Subsidiary | Borsod | Thames | Minimum | Maximum | Subsequent Event | Subsequent Event | Armenia Mountain | |||
project | project | MW | business | customer | customer | MW | MW | MW | MW | customer | customer | business | business | MW | plant | MW | Poland wind projects | Poland wind projects | US Wind Projects | Saurashtra | MW | |||||||||||||||||
MW | plant | MW | ||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Divestiture of ownership in subsidiary percent | ' | ' | ' | ' | 100.00% | ' | ' | ' | 56.00% | 56.00% | 56.00% | ' | 89.10% | 84.60% | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' | 90.00% | 51.00% | 46.00% | 100.00% | ' | ' | ' | ' | ' | ' | 61.00% | 89.00% | ' | ' | ' |
Number of wind projects | ' | ' | ' | 10 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from divestiture of business | ' | ' | ' | $7,000,000 | ' | ' | ' | ' | ' | ' | ' | $113,000,000 | ' | ' | $14,000,000 | ' | ' | $228,000,000 | ' | ' | $4,000,000 | ' | ' | ' | ' | $893,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27,000,000 | $8,000,000 | ' |
Net gain (loss) from disposal and impairments of discontinued businesses, after income tax | -152,000,000 | 16,000,000 | 86,000,000 | -2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -87,000,000 | ' | ' | 73,000,000 | ' | ' | -338,000,000 | ' | ' | ' | ' | 446,000,000 | ' | -22,000,000 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset impairment expense | 661,000,000 | 1,940,000,000 | 366,000,000 | 65,000,000 | 47,000,000 | 12,000,000 | ' | 63,000,000 | ' | ' | ' | 38,000,000 | ' | ' | ' | 52,000,000 | 85,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | 827,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Production Capacity (MW) | 2,465 | ' | ' | ' | 234 | ' | 39 | ' | ' | ' | ' | ' | ' | ' | 900 | ' | ' | ' | 832 | 710 | 68 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,169 | 161 | 208 | ' | ' | ' | ' | 101 |
Sale agreement, buyer option to purchase ownership percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Sale agreement, buyer option to purchase ownership interest, sales price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 |
Asset impairment charges attributable to noncontrolling interest | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets carrying amount | ' | ' | ' | ' | 77,000,000 | 19,000,000 | ' | 414,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value less costs to sell | ' | ' | ' | ' | 30,000,000 | 7,000,000 | ' | 351,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred proceeds from divestiture of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' |
Number of power distribution businesses sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customers served | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 881,000 | 412,000 | ' | ' | ' | ' | ' | ' | ' | 329,000 | 172,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on disposal of discontinued operation from cumulative translation losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,000,000 | ' | ' | ' | ' | ' | 208,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of telecommunication businesses sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of power plants held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' |
Number of power plants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Details) (USD $) | 0 Months Ended | 3 Months Ended | 5 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jul. 10, 2013 | Apr. 26, 2013 | Jun. 30, 2013 | Jul. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
Trinidad Generation Unlimited | AES Cartagena | AES Cartagena | AES Cartagena | AES Cartagena | InnoVent and St. Patrick | China Wind | DPL Acquisition | |
MW | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of voting interest acquired | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Business acquisition purchase price | ' | ' | ' | ' | ' | ' | ' | $3,500,000,000 |
Dispositions | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage sold | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Proceeds from the sale of equity method investments | 31,000,000 | ' | ' | ' | ' | ' | ' | ' |
Equity method investment | 28,000,000 | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, gain (loss) on disposal | 3,000,000 | ' | ' | ' | ' | ' | ' | ' |
Cartagena generation capacity (MW) | ' | 1,199 | ' | ' | ' | ' | ' | ' |
Proceeds from sale of ownership interest in Cartagena | ' | 24,000,000 | ' | ' | ' | ' | ' | ' |
Pre-tax gain on disposal | ' | ' | 20,000,000 | ' | 178,000,000 | ' | ' | ' |
Cartagena ownership interest sold | ' | ' | ' | ' | 80.00% | ' | ' | ' |
Cartagena ownership interest prior to sale | ' | ' | ' | ' | 70.81% | ' | ' | ' |
Acquirer's option to purchase additional ownership interest in Cartagena | ' | ' | ' | ' | 20.00% | ' | ' | ' |
Term of buyer option to purchase Company's remaining interest | ' | ' | ' | '5 months | ' | ' | ' | ' |
Company's continuing ownership interest extension period (beyond one year) | ' | ' | ' | ' | '1 year | ' | ' | ' |
Proceeds from the sale of interest in affiliate | ' | ' | ' | ' | ' | 42,000,000 | ' | ' |
Proceeds from sale of China equity method investments | ' | ' | ' | ' | ' | ' | 133,000,000 | ' |
Gain on sale of China equity method investments | ' | ' | ' | ' | ' | ' | $27,000,000 | ' |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | $284 | ($960) | $506 |
Weighted Average Number of Shares Outstanding, Basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 743 | 755 | 778 |
Income (Loss) from Continuing Operations, Per Basic Share | ($0.23) | $0.24 | $0.22 | $0.15 | $0.29 | ($2.12) | $0.10 | $0.43 | $0.38 | ($1.27) | $0.65 |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 0 | 2 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 0 | 3 |
Income Loss From Continuing Operations Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $284 | ($960) | $506 |
Weighted Average Number of Shares Outstanding, Diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 748 | 755 | 783 |
Income (Loss) from Continuing Operations, Per Diluted Share | ($0.23) | $0.24 | $0.22 | $0.15 | $0.29 | ($2.12) | $0.10 | $0.43 | $0.38 | ($1.27) | $0.65 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Shares issued under Company's profit share plan | 1,000,000 | ' | ' |
Stock issued upon exercise of stock options | 1,000,000 | ' | ' |
Anti-dilutive | Stock Options | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | ' | 1,000,000 | ' |
Anti-dilutive | RSUs | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | ' | 6,000,000 | ' |
Exercise price exceeds market price | Stock Options | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 6,000,000 | 7,000,000 | 6,000,000 |
Exercise price exceeds market price | RSUs | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 1,000,000 | 1,000,000 | ' |
Anti-dilutive; Lack of generated income | Stock Options | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | ' | 1,000,000 | ' |
Anti-dilutive; Lack of generated income | RSUs | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | ' | 4,000,000 | ' |
Risks_And_Uncertainties_Detail
Risks And Uncertainties (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
segment | customer | customer | ||
customer | ||||
Risks and Uncertainties [Abstract] | ' | ' | ' | ' |
Number of strategic business units | 6 | ' | ' | ' |
Cash and cash equivalents | $1,642 | $1,900 | $1,624 | $2,360 |
Percent of revenue generated outside US | 77.00% | ' | ' | ' |
Percent Of Revenue From Discontinued Operations Generated Outside US | 97.00% | ' | ' | ' |
Number of customers that accounted for 10% of more of total revenue | 0 | 0 | 0 | ' |
Related_Party_Transactions_Sch
Related Party Transactions (Schedule of related Party Transactions) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Revenue—Non-Regulated | $7,835 | $8,187 | $7,399 |
Cost of Sales—Non-Regulated | 5,807 | 5,987 | 5,733 |
Interest expense | 1,482 | 1,544 | 1,530 |
Affiliated Entity | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Revenue—Non-Regulated | 825 | 820 | 657 |
Cost of Sales—Non-Regulated | 161 | 120 | 125 |
Interest expense | $5 | $10 | $7 |
Related_Party_Transactions_Sch1
Related Party Transactions (Schedule of Related Party Receivables Payables) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Related Party Transaction [Line Items] | ' | ' |
Receivables from related parties | $2,363 | $2,539 |
Affiliated Entity | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Receivables from related parties | 109 | 146 |
Accounts and notes payable to related parties | $67 | $195 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 |
China Investment Corporation | Terrific Investment Corporation | Mong Duong Subsidiary | |
Related Party Transaction [Line Items] | ' | ' | ' |
Stock repurchased during the period (in shares) | 20 | ' | ' |
Stock repurchased during period | $258 | ' | ' |
Investment In affiliate ownership percentage sold | ' | ' | 19.00% |
Affiliate ownership percentage of reporting entity | ' | 15.00% | ' |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Nov. 04, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Revenue | ' | $3,800,000,000 | $3,998,000,000 | $3,943,000,000 | $4,150,000,000 | $4,373,000,000 | $4,353,000,000 | $3,990,000,000 | $4,448,000,000 | $15,891,000,000 | $17,164,000,000 | $16,098,000,000 | ||||||||
Operating margin | ' | 670,000,000 | 927,000,000 | 901,000,000 | 749,000,000 | 882,000,000 | 964,000,000 | 693,000,000 | 1,044,000,000 | 3,247,000,000 | 3,583,000,000 | 4,040,000,000 | ||||||||
Income from continuing operations, net of tax | ' | -173,000,000 | [1] | 341,000,000 | [1] | 332,000,000 | [1] | 230,000,000 | [1] | 355,000,000 | [2] | -1,429,000,000 | [2] | 150,000,000 | [2] | 504,000,000 | [2] | 730,000,000 | -420,000,000 | 1,602,000,000 |
Discontinued operations, net of tax | ' | -31,000,000 | -118,000,000 | 1,000,000 | -31,000,000 | -32,000,000 | 27,000,000 | 57,000,000 | 11,000,000 | ' | ' | ' | ||||||||
NET INCOME (LOSS) | ' | -204,000,000 | 223,000,000 | 333,000,000 | 199,000,000 | 323,000,000 | -1,402,000,000 | 207,000,000 | 515,000,000 | 551,000,000 | -357,000,000 | 1,530,000,000 | ||||||||
Net income (loss) attributable to The AES Corporation | ' | -206,000,000 | 71,000,000 | 167,000,000 | 82,000,000 | 175,000,000 | -1,568,000,000 | 140,000,000 | 341,000,000 | 114,000,000 | -912,000,000 | 58,000,000 | ||||||||
Basic Income (Loss) Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | ' | ($0.23) | $0.24 | $0.22 | $0.15 | $0.29 | ($2.12) | $0.10 | $0.43 | $0.38 | ($1.27) | $0.65 | ||||||||
Income (loss) from discontinued operations attributable to The AES Corporation common stockholders, net of tax | ' | ($0.05) | ($0.15) | $0 | ($0.04) | ($0.06) | $0.02 | $0.08 | $0.02 | ($0.23) | $0.06 | ($0.58) | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | ' | ($0.28) | $0.09 | $0.22 | $0.11 | $0.23 | ($2.10) | $0.18 | $0.45 | $0.15 | ($1.21) | $0.07 | ||||||||
Diluted Income (Loss) Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | ' | ($0.23) | $0.24 | $0.22 | $0.15 | $0.29 | ($2.12) | $0.10 | $0.43 | $0.38 | ($1.27) | $0.65 | ||||||||
Discontinued operations attributable to The AES Corporation common stockholders, net of tax | ' | ($0.05) | ($0.15) | $0 | ($0.04) | ($0.06) | $0.02 | $0.08 | $0.01 | ($0.23) | $0.06 | ($0.58) | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | ' | ($0.28) | $0.09 | $0.22 | $0.11 | $0.23 | ($2.10) | $0.18 | $0.44 | $0.15 | ($1.21) | $0.07 | ||||||||
Dividends declared per common share | $0.05 | $0.09 | $0 | $0.08 | $0 | $0.04 | $0.04 | $0 | $0 | $0.17 | $0.08 | $0 | ||||||||
Impairment expense pre-tax total | ' | $467,000,000 | $74,000,000 | $0 | $48,000,000 | ($31,000,000) | $1,900,000,000 | $18,000,000 | $10,000,000 | ' | ' | ' | ||||||||
[1] | Includes pretax impairment expense of $48 million, $0 million, $74 million and $467 million, for the first, second, third and fourth quarters of 2013, respectively. See Note 21—Asset Impairment Expense and Note 10—Goodwill and Other Intangible Assets for further discussion. | |||||||||||||||||||
[2] | Includes pretax impairment expense of $10 million, $18 million, $1.9 billion and $(31) million, for the first, second, third and fourth quarters of 2012, respectively. See Note 21—Asset Impairment Expense and Note 10—Goodwill and Other Intangible Assets for further discussion. |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 14, 2014 | Feb. 14, 2014 | Feb. 14, 2014 | Feb. 14, 2014 | Dec. 31, 2013 |
Senior Notes | 7.75% Senior Unsecured Note Due 2015 | 9.75% Senior Unsecured Note Due 2016 | 8.00% Senior Unsecured Note Due 2017 | Argentina | ||||
Subsequent Event | Senior Notes | Senior Notes | Senior Notes | |||||
Subsequent Event | Subsequent Event | Subsequent Event | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate carrying amount of investment | $1,010,000,000 | $1,196,000,000 | $1,422,000,000 | ' | ' | ' | ' | $481,000,000 |
Tender offer to purchase senior notes | ' | ' | ' | $300,000,000 | ' | ' | ' | ' |
Tender offer to purchase senior notes, interest rate of notes | ' | ' | ' | ' | 7.75% | 9.75% | 8.00% | ' |
Schedule_I_Condensed_Financial2
Schedule I - Condensed Financial Information of Parent (Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $1,642 | $1,900 | $1,624 | $2,360 |
Restricted cash | 597 | 734 | ' | ' |
Deferred income taxes | 166 | 199 | ' | ' |
Total current assets | 7,739 | 8,465 | ' | ' |
Investments in and advances to affiliates | 1,010 | 1,196 | 1,422 | ' |
Electric generation, distribution assets and other | 30,596 | 30,278 | ' | ' |
Accumulated depreciation | -9,604 | -9,145 | ' | ' |
Property, plant and equipment, net | 25,112 | 24,635 | ' | ' |
Deferred income taxes | 666 | 940 | ' | ' |
Other Assets | 2,170 | 2,188 | ' | ' |
Total other assets | 7,560 | 8,730 | ' | ' |
TOTAL ASSETS | 40,411 | 41,830 | 45,346 | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 2,259 | 2,545 | ' | ' |
Accrued and other liabilities | 2,114 | 2,347 | ' | ' |
Total current liabilities | 7,653 | 8,319 | ' | ' |
Other long-term liabilities | 3,299 | 3,523 | ' | ' |
Total noncurrent liabilities | 25,029 | 25,919 | ' | ' |
Stockholders’ equity: | ' | ' | ' | ' |
Common stock | 8 | 8 | ' | ' |
Additional paid-in capital | 8,443 | 8,525 | ' | ' |
Accumulated deficit | -150 | -264 | ' | ' |
Accumulated other comprehensive loss | -2,882 | -2,920 | ' | ' |
Treasury stock | -1,089 | -780 | ' | ' |
Total AES Corporation stockholders’ equity | 4,330 | 4,569 | ' | ' |
TOTAL LIABILITIES AND EQUITY | 40,411 | 41,830 | ' | ' |
Parent Company | ' | ' | ' | ' |
CURRENT ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 131 | 305 | 189 | 594 |
Restricted cash | 177 | 227 | ' | ' |
Accounts and notes receivable from subsidiaries | 708 | 594 | ' | ' |
Deferred income taxes | 4 | 8 | ' | ' |
Prepaid expenses and other current assets | 39 | 28 | ' | ' |
Total current assets | 1,059 | 1,162 | ' | ' |
Investments in and advances to affiliates | 9,245 | 9,393 | ' | ' |
Electric generation, distribution assets and other | 78 | 86 | ' | ' |
Accumulated depreciation | -65 | -72 | ' | ' |
Property, plant and equipment, net | 13 | 14 | ' | ' |
Deferred financing costs (net of accumulated amortization of $71 and $58, respectively) | 75 | 76 | ' | ' |
Deferred income taxes | 857 | 573 | ' | ' |
Other Assets | 1 | 0 | ' | ' |
Total other assets | 933 | 649 | ' | ' |
TOTAL ASSETS | 11,250 | 11,218 | ' | ' |
CURRENT LIABILITIES | ' | ' | ' | ' |
Accounts payable | 15 | 15 | ' | ' |
Accounts and notes payable to subsidiaries | 49 | 50 | ' | ' |
Accrued and other liabilities | 216 | 241 | ' | ' |
Senior notes payable—current portion | 118 | 11 | ' | ' |
Total current liabilities | 398 | 317 | ' | ' |
Senior notes payable | 5,034 | 5,434 | ' | ' |
Junior subordinated notes and debentures payable | 517 | 517 | ' | ' |
Accounts and notes payable to subsidiaries | 859 | 242 | ' | ' |
Other long-term liabilities | 112 | 139 | ' | ' |
Total noncurrent liabilities | 6,522 | 6,332 | ' | ' |
Stockholders’ equity: | ' | ' | ' | ' |
Common stock | 8 | 8 | ' | ' |
Additional paid-in capital | 8,443 | 8,525 | ' | ' |
Accumulated deficit | -150 | -264 | ' | ' |
Accumulated other comprehensive loss | -2,882 | -2,920 | ' | ' |
Treasury stock | -1,089 | -780 | ' | ' |
Total AES Corporation stockholders’ equity | 4,330 | 4,569 | ' | ' |
TOTAL LIABILITIES AND EQUITY | $11,250 | $11,218 | ' | ' |
Schedule_I_Condensed_Financial3
Schedule I - Condensed Financial Information of Parent (Balance Sheet Parenthetical) (Details) (Parent Company, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Parent Company | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Deferred financing costs, accumulated amortization | $71 | $58 |
Schedule_I_Condensed_Financial4
Schedule I - Condensed Financial Information of Parent Schedule I - Condensed Financial Information of Parent (Statement of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | $275 | $348 | $398 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 220 | 274 | 346 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 125 | 98 | 142 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | -76 | -82 | -86 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -229 | -8 | -62 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,482 | -1,544 | -1,530 |
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | 343 | 685 | 656 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | -206 | 71 | 167 | 82 | 175 | -1,568 | 140 | 341 | 114 | -912 | 58 |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from subsidiaries and affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 32 | 20 | 59 |
Equity in earnings (loss) of subsidiaries and affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 498 | -437 | 352 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 66 | 119 | 158 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 171 | 213 | 227 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 14 | 99 | 4 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | -11 | -15 | -18 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -165 | -4 | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -436 | -502 | -444 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -173 | -933 | -116 |
Income tax benefit (expense) | ' | ' | ' | ' | ' | ' | ' | ' | -287 | -21 | -174 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | ' | ' | ' | ' | ' | ' | ' | ' | $114 | ($912) | $58 |
Schedule_I_Condensed_Financial5
Schedule I - Condensed Financial Information of Parent (Statement of Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | ($206) | $71 | $167 | $82 | $175 | ($1,568) | $140 | $341 | $114 | ($912) | $58 |
Available-for-sale securities activity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of available-for-sale securities, net of income tax (expense) benefit of $0, $0 and $0, respectively | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 1 | 1 |
Reclassification to earnings, net of income tax (expense) benefit of $0, $0 and $0, respectively | ' | ' | ' | ' | ' | ' | ' | ' | 1 | -1 | -2 |
Total change in fair value of available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1 |
Foreign currency translation activity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments, net of income tax (expense) benefit of $10, $0 and $18, respectively | ' | ' | ' | ' | ' | ' | ' | ' | -375 | -247 | -484 |
Reclassification to earnings, net of income tax (expense) benefit of $0, $0 and $0, respectively | ' | ' | ' | ' | ' | ' | ' | ' | 41 | 37 | 188 |
Total foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -334 | -210 | -296 |
Derivative activity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in derivative fair value, net of income tax (expense) benefit of $(31), $33 and $95, respectively | ' | ' | ' | ' | ' | ' | ' | ' | 108 | -134 | -379 |
Reclassification to earnings, net of income tax (expense) benefit of $(32), $(51) and $(21), respectively | ' | ' | ' | ' | ' | ' | ' | ' | 139 | 177 | 137 |
Total change in fair value of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 247 | 43 | -242 |
Pension activity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior service cost for the period, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1 | 0 |
Net actuarial (loss) for the period, net of income tax (expense) benefit of $(42), $64 and $25, respectively | ' | ' | ' | ' | ' | ' | ' | ' | 379 | -587 | -223 |
Amortization of net actuarial loss, net of income tax (expense) benefit of $(5), $(5) and $(1), respectively | ' | ' | ' | ' | ' | ' | ' | ' | 52 | 24 | 13 |
Total pension adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 431 | -564 | -210 |
OTHER COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 344 | -731 | -749 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 895 | -1,088 | 781 |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | ' | ' | ' | ' | ' | ' | ' | ' | 114 | -912 | 58 |
Available-for-sale securities activity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of available-for-sale securities, net of income tax (expense) benefit of $0, $0 and $0, respectively | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 1 | 1 |
Reclassification to earnings, net of income tax (expense) benefit of $0, $0 and $0, respectively | ' | ' | ' | ' | ' | ' | ' | ' | 1 | -1 | -2 |
Total change in fair value of available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1 |
Foreign currency translation activity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments, net of income tax (expense) benefit of $10, $0 and $18, respectively | ' | ' | ' | ' | ' | ' | ' | ' | -263 | -127 | -297 |
Reclassification to earnings, net of income tax (expense) benefit of $0, $0 and $0, respectively | ' | ' | ' | ' | ' | ' | ' | ' | 36 | 37 | 154 |
Total foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -227 | -90 | -143 |
Derivative activity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in derivative fair value, net of income tax (expense) benefit of $(31), $33 and $95, respectively | ' | ' | ' | ' | ' | ' | ' | ' | 46 | -108 | -311 |
Reclassification to earnings, net of income tax (expense) benefit of $(32), $(51) and $(21), respectively | ' | ' | ' | ' | ' | ' | ' | ' | 128 | 161 | 121 |
Total change in fair value of derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 174 | 53 | -190 |
Pension activity: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior service cost for the period, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1 | 0 |
Net actuarial (loss) for the period, net of income tax (expense) benefit of $(42), $64 and $25, respectively | ' | ' | ' | ' | ' | ' | ' | ' | 78 | -130 | -43 |
Amortization of net actuarial loss, net of income tax (expense) benefit of $(5), $(5) and $(1), respectively | ' | ' | ' | ' | ' | ' | ' | ' | 13 | 6 | 2 |
Total pension adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 91 | -125 | -41 |
OTHER COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 38 | -162 | -375 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | $152 | ($1,074) | ($317) |
Schedule_I_Condensed_Financial6
Schedule I - Condensed Financial Information of Parent (Statement of Comprehensive Income Parenthetical) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Change in fair value of available-for-sale securities, income tax | $0 | $0 | $0 |
Available-for-sale securities, reclassification to earnings, income tax | 0 | 0 | 0 |
Foreign currency translation adjustments, income tax | 10 | 0 | 18 |
Foreign currency, reclassification to earnings, income tax | 0 | 0 | 0 |
Change in derivative fair value, income tax | 31 | -35 | -108 |
Derivative reclassification to earnings, income tax | -41 | -56 | -22 |
Pension, prior service cost for period, income tax | 0 | 0 | 0 |
Pension, amortization of net actuarial loss, income tax | -26 | -15 | -6 |
Parent Company | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Change in fair value of available-for-sale securities, income tax | 0 | 0 | 0 |
Available-for-sale securities, reclassification to earnings, income tax | 0 | 0 | 0 |
Foreign currency translation adjustments, income tax | 10 | 0 | -18 |
Foreign currency, reclassification to earnings, income tax | 0 | 0 | 0 |
Change in derivative fair value, income tax | 31 | -33 | -95 |
Derivative reclassification to earnings, income tax | -32 | -51 | -21 |
Pension, prior service cost for period, income tax | -42 | 64 | 25 |
Pension, amortization of net actuarial loss, income tax | ($5) | ($5) | ($1) |
Schedule_I_Condensed_Financial7
Schedule I - Condensed Financial Information of Parent (Statement of Cash Flows) (Details) (USD $) | 12 Months Ended | 42 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' | ' |
Net cash provided by operating activities | $2,715 | $2,901 | $2,884 | ' |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ' | ' | ' | ' |
Proceeds from asset sales, net of expenses | 62 | 46 | 117 | ' |
(Increase) decrease in restricted cash | 44 | -15 | -223 | ' |
(Purchase) sale of short term investments, net | -7 | -20 | -3,562 | ' |
Net cash used in investing activities | -1,774 | -895 | -4,906 | ' |
Financing Activities: | ' | ' | ' | ' |
Borrowings (payments) under the revolver, net | -22 | -321 | 437 | ' |
Purchase of treasury stock | -322 | -301 | -279 | -1,100 |
Common stock dividends paid | -119 | -30 | 0 | ' |
Payments for deferred financing costs | -176 | -40 | -202 | ' |
Net cash (used in) provided by financing activities | -1,136 | -1,867 | 1,412 | ' |
Effect of exchange rate changes on cash | -59 | 5 | -122 | ' |
Total increase (decrease) in cash and cash equivalents | -258 | 276 | -736 | ' |
Cash and cash equivalents, beginning | 1,900 | 1,624 | 2,360 | ' |
Cash and cash equivalents, ending | 1,642 | 1,900 | 1,624 | 1,642 |
SUPPLEMENTAL DISCLOSURES: | ' | ' | ' | ' |
Cash payments for interest, net of amounts capitalized | 1,398 | 1,509 | 1,442 | ' |
Cash payments for income taxes, net of refunds | 570 | 647 | 971 | ' |
Parent Company | ' | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' | ' |
Net cash provided by operating activities | 418 | 694 | 719 | ' |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ' | ' | ' | ' |
Proceeds from asset sales, net of expenses | -5 | 0 | 0 | ' |
Investment in and net advances to subsidiaries | 201 | -168 | -2,655 | ' |
Return of capital | 230 | 660 | 304 | ' |
(Increase) decrease in restricted cash | 50 | 44 | -261 | ' |
Additions to property, plant and equipment | -11 | -24 | -28 | ' |
(Purchase) sale of short term investments, net | 1 | 1 | 2 | ' |
Net cash used in investing activities | 466 | 513 | -2,638 | ' |
Financing Activities: | ' | ' | ' | ' |
Borrowings (payments) under the revolver, net | 0 | -295 | 295 | ' |
Borrowings of notes payable and other coupon bearing securities | 750 | 0 | 2,050 | ' |
Repayments of notes payable and other coupon bearing securities | -1,210 | -236 | -477 | ' |
Loans (to) from subsidiaries | -152 | -236 | -5 | ' |
Purchase of treasury stock | -322 | -301 | -279 | ' |
Proceeds from issuance of common stock | 13 | 8 | 4 | ' |
Common stock dividends paid | -119 | -30 | 0 | ' |
Payments for deferred financing costs | -17 | -1 | -75 | ' |
Net cash (used in) provided by financing activities | -1,057 | -1,091 | 1,513 | ' |
Effect of exchange rate changes on cash | -1 | 0 | 1 | ' |
Total increase (decrease) in cash and cash equivalents | -174 | 116 | -405 | ' |
Cash and cash equivalents, beginning | 305 | 189 | 594 | ' |
Cash and cash equivalents, ending | 131 | 305 | 189 | 131 |
SUPPLEMENTAL DISCLOSURES: | ' | ' | ' | ' |
Cash payments for interest, net of amounts capitalized | 442 | 479 | 392 | ' |
Cash payments for income taxes, net of refunds | $11 | $0 | ($6) | ' |
Schedule_I_Condensed_Financial8
Schedule I - Condensed Financial Information of Parent (Senior Notes and Junior Subordinated Notes) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | 7.75% Senior Unsecured Note Due 2014 | 7.75% Senior Unsecured Note Due 2014 | 7.75% Senior Unsecured Note Due 2015 | 7.75% Senior Unsecured Note Due 2015 | 9.75% Senior Unsecured Note Due 2016 | 9.75% Senior Unsecured Note Due 2016 | 8.00% Senior Unsecured Note Due 2017 | 8.00% Senior Unsecured Note Due 2017 | Senior Secured Term Loan LIBOR Plus 2.75% Due 2018 | Senior Secured Term Loan LIBOR Plus 2.75% Due 2018 | 7.38% Senior Unsecured Note Due 2021 | 7.38% Senior Unsecured Note Due 2021 | 4.88% Senior Unsecured Note Due 2023 | 4.88% Senior Unsecured Note Due 2023 | Unamortized Discounts | Unamortized Discounts | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | Parent Company | LIBOR | LIBOR | ||
7.75% Senior Unsecured Note Due 2014 | 7.75% Senior Unsecured Note Due 2014 | 7.75% Senior Unsecured Note Due 2015 | 7.75% Senior Unsecured Note Due 2015 | 9.75% Senior Unsecured Note Due 2016 | 9.75% Senior Unsecured Note Due 2016 | 8.00% Senior Unsecured Note Due 2017 | 8.00% Senior Unsecured Note Due 2017 | 7.38% Senior Unsecured Note Due 2021 | 7.38% Senior Unsecured Note Due 2021 | 4.88% Senior Unsecured Note Due 2023 | 4.88% Senior Unsecured Note Due 2023 | 7.75% Senior Unsecured Note Due 2014 | 7.75% Senior Unsecured Note Due 2014 | 7.75% Senior Unsecured Note Due 2015 | 7.75% Senior Unsecured Note Due 2015 | 9.75% Senior Unsecured Note Due 2016 | 9.75% Senior Unsecured Note Due 2016 | 8.00% Senior Unsecured Note Due 2017 | 8.00% Senior Unsecured Note Due 2017 | Senior Secured Term Loan LIBOR Plus 2.75% Due 2018 | Senior Secured Term Loan LIBOR Plus 2.75% Due 2018 | Revolving Secured Credit Facility LIBOR Plus 2.25% Due 2018 | Revolving Secured Credit Facility LIBOR Plus 2.25% Due 2018 | 8.00% Senior Unsecured Note Due 2020 | 8.00% Senior Unsecured Note Due 2020 | 7.38% Senior Unsecured Note Due 2021 | 7.38% Senior Unsecured Note Due 2021 | 4.88% Senior Unsecured Note Due 2023 | 4.88% Senior Unsecured Note Due 2023 | Unamortized Discounts | Unamortized Discounts | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt | Recourse Debt Excluding Junior Subordinated Debt | Recourse Debt Excluding Junior Subordinated Debt | Recourse Debt | Parent Company | |||||||||||||||||||||||
7.75% Senior Unsecured Note Due 2014 | 7.75% Senior Unsecured Note Due 2015 | 9.75% Senior Unsecured Note Due 2016 | 8.00% Senior Unsecured Note Due 2017 | Revolving Secured Credit Facility LIBOR Plus 2.25% Due 2018 | 8.00% Senior Unsecured Note Due 2020 | 7.38% Senior Unsecured Note Due 2021 | 4.88% Senior Unsecured Note Due 2023 | Senior Secured Term Loan LIBOR Plus 2.75% Due 2018 | Recourse Debt | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Secured Term Loan LIBOR Plus 2.75% Due 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recourse Debt Total | $5,669 | $5,962 | $110 | $500 | $356 | $500 | $369 | $535 | $1,150 | $1,500 | $799 | $807 | $1,000 | $1,000 | $750 | $0 | ($7) | ($22) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,669 | ' | $110 | $500 | $356 | $500 | $369 | $535 | $1,150 | $1,500 | $799 | $807 | $0 | $0 | $625 | $625 | $1,000 | $1,000 | $750 | $0 | ($7) | ($22) | ' | ' | ' | ' | ' | ' | ' | ' | $5,152 | $5,445 | ' | ' |
Recourse Debt Current | -118 | -11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -118 | -11 | ' | ' |
Recourse Debt Non Current | 5,551 | 5,951 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,034 | 5,434 | ' | ' |
Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.75% | 7.75% | 7.75% | 7.75% | 9.75% | 9.75% | 8.00% | 8.00% | 7.38% | 7.38% | 4.88% | 4.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.75% | 7.75% | 9.75% | 8.00% | ' | 8.00% | 7.38% | 4.88% | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' | ' | 2.75% | 2.75% |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Junior subordinated notes and debentures payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 517 | 517 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 517 | 517 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt of Registrant, Maturities, Repayments of Principal, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 118 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 364 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 368 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,158 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 764 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,897 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_I_Condensed_Financial9
Schedule I - Condensed Financial Information of Parent (Divdiends from Subsidiaries and Affiliates) (Details) (Parent Company, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Parent Company | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | $818 | $1,140 | $1,091 |
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries | $0 | $0 | $0 |
Recovered_Sheet2
Schedule I - Condensed Financial Information of Parent (Guarantees and Letters of Credit) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | ' |
Obligations maximum exposure, total | 825,000,000 |
Obligations number of agreements | 36 |
Guarantees | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Obligations maximum exposure, total | 661,000,000 |
Obligations number of agreements | 21 |
Letter of Credit | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Obligations maximum exposure, total | 1,000,000 |
Obligations number of agreements | 3 |
Cash Collateralized Letters Of Credit | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Obligations maximum exposure, total | 163,000,000 |
Obligations number of agreements | 12 |
Parent Company | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Letter of credit, fee range minimum | 0.20% |
Letter of credit, fee range maximum | 3.25% |
Parent Company | Guarantees | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Obligations maximum exposure, total | 661,000,000 |
Obligations number of agreements | 21 |
Parent Company | Guarantees | Minimum | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Obligations, individual exposures (minimum less than $1 million) | 1,000,000 |
Parent Company | Guarantees | Maximum | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Obligations, individual exposures (minimum less than $1 million) | 280,000,000 |
Parent Company | Letter of Credit | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Obligations number of agreements | 3 |
Letters of credit outstanding | 1,000,000 |
Parent Company | Letter of Credit | Minimum | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Obligations, individual exposures (minimum less than $1 million) | 1,000,000 |
Parent Company | Cash Collateralized Letters Of Credit | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Obligations maximum exposure, total | 163,000,000 |
Obligations number of agreements | 12 |
Parent Company | Cash Collateralized Letters Of Credit | Minimum | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Obligations, individual exposures (minimum less than $1 million) | 1,000,000 |
Parent Company | Cash Collateralized Letters Of Credit | Maximum | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Obligations, individual exposures (minimum less than $1 million) | 109,000,000 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Valuation Allowances and Reserves, Balance | $195 | $175 | $212 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 38 | 114 | 26 |
Valuation Allowances and Reserves, Deductions | -77 | -79 | -41 |
Valuation Allowances and Reserves, Adjustments | -22 | -15 | -22 |
Valuation Allowances and Reserves, Balance | $134 | $195 | $175 |