Document And Entity Information
Document And Entity Information - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | AES | |
Entity Registrant Name | AES CORP | |
Entity Central Index Key | 874,761 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 660,256,748 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,213 | $ 1,305 |
Restricted cash | 313 | 278 |
Short-term investments | 740 | 798 |
Accounts receivable, net of allowance for doubtful accounts of $112 and $111, respectively | 2,173 | 2,166 |
Inventory | 633 | 630 |
Prepaid expenses | 83 | 83 |
Other current assets | 1,061 | 1,151 |
Current assets of held-for-sale businesses | 102 | 0 |
Total current assets | 6,318 | 6,411 |
Property, Plant and Equipment: | ||
Land | 776 | 779 |
Electric generation, distribution assets and other | 28,697 | 28,539 |
Accumulated depreciation | (9,841) | (9,528) |
Construction in progress | 3,560 | 3,057 |
Property, plant and equipment, net | 23,192 | 22,847 |
Other Assets: | ||
Investments in and advances to affiliates | 683 | 621 |
Debt service reserves and other deposits | 578 | 593 |
Goodwill | 1,157 | 1,157 |
Other intangible assets, net of accumulated amortization of $543 and $519, respectively | 397 | 359 |
Deferred income taxes | 757 | 781 |
Service concession assets, net of accumulated amortization of $159 and $114, respectively | 1,404 | 1,445 |
Other noncurrent assets | 1,983 | 1,905 |
Total other assets | 6,959 | 6,861 |
TOTAL ASSETS | 36,469 | 36,119 |
CURRENT LIABILITIES | ||
Accounts payable | 1,684 | 1,656 |
Accrued interest | 225 | 247 |
Accrued and other liabilities | 1,893 | 2,066 |
Non-recourse debt, includes $454 and $273, respectively, related to variable interest entities | 2,572 | 1,303 |
Current liabilities of held-for-sale businesses | 37 | 0 |
Total current liabilities | 6,411 | 5,272 |
NONCURRENT LIABILITIES | ||
Recourse debt | 4,380 | 4,671 |
Non-recourse debt, includes $1,292 and $1,502, respectively, related to variable interest entities | 13,815 | 14,489 |
Deferred income taxes | 746 | 804 |
Pension and other postretirement liabilities | 1,347 | 1,396 |
Other noncurrent liabilities | 2,905 | 3,005 |
Total noncurrent liabilities | 23,193 | 24,365 |
Commitments and Contingencies (see Note 8) | ||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | 791 | 782 |
THE AES CORPORATION STOCKHOLDERS’ EQUITY | ||
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 816,126,361 issued and 660,191,726 outstanding at June 30, 2017 and 816,061,123 issued and 659,182,232 outstanding at December 31, 2016) | 8 | 8 |
Additional paid-in capital | 8,732 | 8,592 |
Accumulated deficit | (1,086) | (1,146) |
Accumulated other comprehensive loss | (2,741) | (2,756) |
Treasury stock, at cost (155,934,635 and 156,878,891 shares at June 30, 2017 and December 31, 2016, respectively) | (1,892) | (1,904) |
Total AES Corporation stockholders’ equity | 3,021 | 2,794 |
NONCONTROLLING INTERESTS | 3,053 | 2,906 |
Total equity | 6,074 | 5,700 |
TOTAL LIABILITIES AND EQUITY | $ 36,469 | $ 36,119 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 112 | $ 111 |
Other intangible assets, accumulated amortization | 543 | 519 |
Service Concession Asset, Accumulated Depreciation | $ 159 | $ 114 |
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) | 816,126,361 | 816,061,123 |
Common stock, shares outstanding (in shares) | 660,191,726 | 659,182,232 |
Treasury stock, shares (in shares) | 155,934,635 | 156,878,891 |
Variable Interest Entity [Line Items] | ||
Non-recourse debt - current, balance at variable interest entities | $ 2,572 | $ 1,303 |
Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Non-recourse debt - current, balance at variable interest entities | 454 | 273 |
Non-recourse debt - noncurrent, balance at variable interest entities | $ 1,292 | $ 1,502 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue: | ||||
Regulated | $ 1,637 | $ 1,565 | $ 3,364 | $ 3,141 |
Non-Regulated | 1,833 | 1,664 | 3,598 | 3,359 |
Total revenue | 3,470 | 3,229 | 6,962 | 6,500 |
Cost of Sales: | ||||
Regulated | (1,488) | (1,431) | (3,066) | (2,898) |
Non-Regulated | (1,312) | (1,224) | (2,633) | (2,519) |
Total cost of sales | (2,800) | (2,655) | (5,699) | (5,417) |
Operating margin | 670 | 574 | 1,263 | 1,083 |
General and administrative expenses | (49) | (47) | (103) | (95) |
Interest expense | (333) | (390) | (681) | (732) |
Interest income | 93 | 138 | 190 | 255 |
Gain (loss) on extinguishment of debt | (12) | 0 | 5 | 4 |
Other expense | (18) | (21) | (48) | (29) |
Other income | 15 | 12 | 87 | 25 |
Gain (loss) on disposal and sale of businesses | (48) | (17) | (48) | 30 |
Asset impairment expense | (90) | (235) | (258) | (394) |
Foreign currency transaction gains (losses) | 12 | (36) | (8) | 4 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 240 | (22) | 399 | 151 |
Income tax benefit (expense) | (92) | 7 | (160) | (90) |
Net equity in earnings of affiliates | 2 | 7 | 9 | 14 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 150 | (8) | 248 | 75 |
Income (loss) from operations of discontinued businesses, net of income tax (expense) benefit of $0, $(1), $0 and $3, respectively | 0 | 3 | 0 | (6) |
Net loss from disposal and impairments of discontinued businesses, net of income tax benefit of $0, $401, $0 and $401, respectively | 0 | (382) | 0 | (382) |
NET INCOME (LOSS) | 150 | (387) | 248 | (313) |
Less: net income attributable to noncontrolling interests and redeemable stock of subsidiaries | (97) | (95) | (219) | (43) |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | 53 | (482) | 29 | (356) |
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS: | ||||
Income (loss) from continuing operations, net of tax | 53 | (103) | 29 | 32 |
Loss from discontinued operations, net of tax | 0 | (379) | 0 | (388) |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ 53 | $ (482) | $ 29 | $ (356) |
BASIC EARNINGS PER SHARE: | ||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ 0.08 | $ (0.16) | $ 0.04 | $ 0.05 |
Loss from discontinued operations attributable to The AES Corporation common stockholders, net of tax | 0 | (0.57) | 0 | (0.59) |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | 0.08 | (0.73) | 0.04 | (0.54) |
DILUTED EARNINGS PER SHARE: | ||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | 0.08 | (0.16) | 0.04 | 0.05 |
Loss from discontinued operations attributable to The AES Corporation common stockholders, net of tax | $ 0 | $ (0.57) | $ 0 | $ (0.59) |
DILUTED SHARES OUTSTANDING | 662 | 659 | 662 | 662 |
DIVIDENDS DECLARED PER COMMON SHARE | $ 0 | $ 0 | $ 0.12 | $ 0.11 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ 0.08 | $ (0.73) | $ 0.04 | $ (0.54) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations Condensed Consolidated Statement of Operations (parentheticals) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Discontinued Operation, Tax Effect of Discontinued Operation | $ 0 | $ (1) | $ 0 | $ 3 |
Asset Impairment Expense [Member] | ||||
Discontinued Operation, Tax Effect of Discontinued Operation | $ 0 | $ 401 | $ 0 | $ 401 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME (LOSS) | $ 150 | $ (387) | $ 248 | $ (313) |
Foreign currency translation activity: | ||||
Foreign currency translation adjustments, net of income tax benefit (expense) of $0, $1, $(1) and $1, respectively | (119) | 120 | (51) | 248 |
Reclassification to earnings, net of $0 income tax for all the periods | 95 | 0 | 98 | 0 |
Total foreign currency translation adjustments | (24) | 120 | 47 | 248 |
Derivative activity: | ||||
Change in derivative fair value, net of income tax benefit of $13, $25, $21 and $46, respectively | (42) | (93) | (47) | (157) |
Reclassification to earnings, net of income tax expense of $10, $4, $11 and $1, respectively | 29 | 3 | 49 | 2 |
Total change in fair value of derivatives | (13) | (90) | 2 | (155) |
Pension activity: | ||||
Reclassification to earnings due to amortization of net actuarial loss, net of income tax expense of $3, $1, $6 and $2, respectively | 7 | 4 | 13 | 7 |
Total pension adjustments | 7 | 4 | 13 | 7 |
OTHER COMPREHENSIVE INCOME (LOSS) | (30) | 34 | 62 | 100 |
COMPREHENSIVE INCOME (LOSS) | 120 | (353) | 310 | (213) |
Less: Comprehensive loss attributable to noncontrolling interests | (91) | (90) | (233) | (28) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ 29 | $ (443) | $ 77 | $ (241) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Change in fair value of available-for-sale securities, income tax | $ 0 | $ 0 | $ 0 | $ 0 |
Available-for-sale securities, reclassification to earnings, income tax | 0 | 0 | 0 | 0 |
Foreign currency translation adjustments, income tax | 0 | 1 | (1) | 1 |
Foreign currency, reclassification to earnings, income tax | 0 | 0 | 0 | 0 |
Change in derivative fair value, income tax | 13 | 25 | 21 | 46 |
Derivative reclassification to earnings, income tax | (10) | (4) | (11) | (1) |
Pension, amortization of net actuarial gain (loss), income tax | (3) | (1) | (6) | (2) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING ACTIVITIES: | ||
Net income (loss) | $ 248 | $ (313) |
Adjustments to net income: | ||
Depreciation and amortization | 581 | 586 |
Loss (gain) on sales and disposals of businesses | 48 | (30) |
Impairment expenses | 258 | 396 |
Deferred income taxes | (18) | (443) |
Provisions for contingencies | 23 | 21 |
Gain on extinguishment of debt | (5) | (4) |
Loss on sales of assets | 19 | 14 |
Impairments of discontinued operations | 0 | 783 |
Other | 94 | 79 |
Changes in operating assets and liabilities | ||
(Increase) decrease in accounts receivable | (120) | 366 |
(Increase) decrease in inventory | (43) | 12 |
(Increase) decrease in prepaid expenses and other current assets | 156 | 473 |
(Increase) decrease in other assets | (155) | (172) |
Increase (decrease) in accounts payable and other current liabilities | (134) | (557) |
Increase (decrease) in income tax payables, net and other tax payables | (61) | (255) |
Increase (decrease) in other liabilities | 63 | 407 |
Net cash provided by operating activities | 954 | 1,363 |
INVESTING ACTIVITIES: | ||
Capital expenditures | (1,123) | (1,255) |
Acquisitions, net of cash acquired | (2) | (11) |
Proceeds from the sale of businesses, net of cash sold, and equity method investments | 33 | 156 |
Sale of short-term investments | 1,930 | 2,762 |
Purchase of short-term investments | (1,876) | (2,806) |
Increase in restricted cash, debt service reserves and other assets | (12) | (142) |
Other investing | (58) | (30) |
Net cash used in investing activities | (1,108) | (1,326) |
FINANCING ACTIVITIES: | ||
Borrowings under the revolving credit facilities | 538 | 664 |
Repayments under the revolving credit facilities | (524) | (681) |
Issuance Of Recourse Debt | 525 | 500 |
Repayments of recourse debt | (860) | (611) |
Issuance of non-recourse debt | 1,832 | 1,534 |
Repayments of non-recourse debt | (982) | (1,054) |
Payments for financing fees | (80) | (55) |
Distributions to noncontrolling interests | (184) | (236) |
Contributions from noncontrolling interests and redeemable security holders | 44 | 94 |
Proceeds from the sale of redeemable stock of subsidiaries | 0 | 134 |
Dividends paid on AES common stock | (158) | (145) |
Payments for financed capital expenditures | (61) | (87) |
Purchase of treasury stock | 0 | (79) |
Other financing | (26) | (21) |
Net cash provided by (used in) financing activities | 64 | (43) |
Effect of exchange rate changes on cash | 6 | 8 |
(Increase) decrease in cash of discontinued operations and held-for-sale businesses | (8) | 6 |
Total increase (decrease) in cash and cash equivalents | (92) | 8 |
Cash and cash equivalents, beginning | 1,305 | 1,257 |
Cash and cash equivalents, ending | 1,213 | 1,265 |
SUPPLEMENTAL DISCLOSURES: | ||
Cash payments for interest, net of amounts capitalized | 612 | 615 |
Cash payments for income taxes, net of refunds | 218 | 347 |
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Assets acquired through capital lease and other liabilities | 0 | 5 |
Reclassification of Alto Maipo loans and accounts payable into equity (see Note 11—Equity) | $ 279 | $ 0 |
Financial Statement Presentatio
Financial Statement Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
FINANCIAL STATEMENT PRESENTATION | FINANCIAL STATEMENT PRESENTATION Consolidation — In this Quarterly Report the terms “AES,” “the Company,” “us” or “we” refer to the consolidated entity, including its subsidiaries and affiliates. The terms “The AES Corporation” or “the Parent Company” refer only to the publicly held holding company, The AES Corporation, excluding its subsidiaries and affiliates. Furthermore, VIEs in which the Company has a variable interest have been consolidated where the Company is the primary beneficiary. Investments in which the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. All intercompany transactions and balances have been eliminated in consolidation. Interim Financial Presentation — The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with GAAP, as contained in the FASB ASC, for interim financial information and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for annual fiscal reporting periods. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, comprehensive income and cash flows. The results of operations for the three and six months ended June 30, 2017 , are not necessarily indicative of results that may be expected for the year ending December 31, 2017 . The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the 2016 audited consolidated financial statements and notes thereto, which are included in the 2016 Form 10-K filed with the SEC on February 27, 2017 (the “ 2016 Form 10-K”). New Accounting Pronouncements — The following table provides a brief description of recent accounting pronouncements that had and/or could have a material impact on the Company’s consolidated financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or are expected to have no material impact on the Company’s consolidated financial statements. New Accounting Standards Adopted ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting The standard simplifies the following aspects of accounting for share-based payments awards: accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures, statutory tax withholding requirements, classification of awards as either equity or liabilities and classification of employee taxes paid on statement of cash flows when an employer withholds shares for tax-withholding purposes. Transition method: The recognition of excess tax benefits and tax deficiencies arising from vesting or settlement were applied retrospectively. The elimination of the requirement that excess tax benefits be realized before they are recognized was adopted on a modified retrospective basis. January 1, 2017 The recognition of excess tax benefits in the provision for income taxes in the period when the awards vest or are settled, rather than in paid-in-capital in the period when the excess tax benefits are realized, resulted in a decrease of $31 million to deferred tax liabilities, offset by an increase to retained earnings. New Accounting Standards Issued But Not Yet Effective ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): Accounting for Certain Financial Instruments and Certain Mandatorily Redeemable Noncontrolling Interests Part 1 of this standard changes the classification analysis of certain equity-linked financial instruments when assessing whether the instrument is indexed to an entity’s own stock. Transition method: retrospective. January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities This standard shortens the period of amortization of the premium on certain callable debt securities to the earliest call date. Transition method: modified retrospective. January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost This standard changes the presentation of non-service cost expense associated with defined benefit plans and updates the guidance so that only the service cost component will be eligible for capitalization. Transition method: Retrospective for presentation of non-service cost expense. Prospective for the change in capitalization. January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements and does not plan to early adopt. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment This standard simplifies the accounting for goodwill impairment by removing the requirement to calculate the implied fair value. Instead, it requires that an entity records an impairment charge based on the excess of a reporting unit's carrying amount over its fair value. January 1, 2020. Early adoption is permitted as of January 1, 2017. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business This standard provides guidance to assist entities with evaluating when a set of transferred assets and activities is a business. January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) This standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Transition method: retrospective. January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory This standard requires that an entity recognizes the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Transition method: modified retrospective. January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The standard updates the impairment model for financial assets measured at amortized cost to an expected loss model rather than an incurred loss model. It also allows for the presentation of credit losses on available-for-sale debt securities as an allowance rather than a write down. Transition method: various. January 1, 2020. Early adoption is permitted only as of January 1, 2019. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-02, Leases (Topic 842) The standard creates Topic 842, Leases, which supersedes Topic 840, Leases. It introduces a lessee model that brings substantially all leases onto the balance sheet while retaining most of the principles of the existing lessor model in U.S. GAAP and aligning many of those principles with ASC 606, Revenue from Contracts with Customers. Transition method: modified retrospective approach with certain practical expedients. January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. The Company intends to adopt the standard as of January 1, 2019. 2014-09, 2015-14, 2016-08, 2016-10, 2016-12, 2016-20, 2017-05, Revenue from Contracts with Customers (Topic 606) See discussion of the ASU below. January 1, 2018. Earlier application is permitted only as of January 1, 2017. The Company will adopt the standard on January 1, 2018; see below for the evaluation of the impact of its adoption on the consolidated financial statements. ASU 2014-09 and its subsequent corresponding updates provide the principles an entity must apply to measure and recognize revenue. The core principle is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Amendments to the standard were issued that provide further clarification of the principle and to provide certain transition expedients. The standard will replace most existing revenue recognition guidance in GAAP, including the guidance on recognizing other income upon the sale or transfer of non-financial assets (including in-substance real estate). The standard requires retrospective application and allows either a full retrospective adoption in which all of the periods are presented under the new standard or a modified retrospective approach in which the cumulative effect of initially applying the guidance is recognized at the date of initial application. We are currently working toward adopting the standard using the full retrospective method. However, the Company will continue to assess this conclusion which is dependent on the final impact to the financial statements. In 2016, the Company established a cross-functional implementation team and is in the process of evaluating changes to our business processes, systems and controls to support recognition and disclosure under the new standard. At this time, we do not expect any significant impact on our financial systems or a material change to controls as a result of the implementation of the new revenue recognition standard. Given the complexity and diversity of our non-regulated arrangements, the Company is assessing the standard on a contract-by-contract basis and is in the process of completing the contract assessments by applying interpretations reached during 2017 on key issues. These issues include the application of the practical expedient for measuring progress towards satisfaction of a performance obligation, when variable quantities would be considered variable consideration versus an option to acquire additional goods and services and how to allocate variable consideration to one or more, but not all, distinct goods or services promised in a series of distinct goods or services that forms part of a single performance obligation. Additionally, the Company is working on the application of the standard to contracts that are under the scope of Service Concession Arrangements (Topic 853) and assessing the gross versus net presentation for spot energy sale and purchases. Through this assessment, the Company to date has identified limited situations where revenue recognized under ASC 606 could differ from that recognized under ASC 605. The Company will continue its work to complete the assessment of the full population of contracts and determine the overall impact to the consolidated financial statements. We are continuing to work with various non-authoritative industry groups, and monitoring the FASB and Transition Resource Group activity, as we finalize our accounting policy on these and other industry specific interpretative issues which is expected in 2017. |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
INVENTORY | INVENTORY The following table summarizes the Company’s inventory balances as of the periods indicated (in millions): June 30, 2017 December 31, 2016 Fuel and other raw materials $ 330 $ 302 Spare parts and supplies 303 328 Total $ 633 $ 630 |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2017 | |
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. The Company made no changes during the period to the fair valuation techniques described in Note 4— Fair Value in Item 8.— Financial Statements and Supplementary Data of its 2016 Form 10-K. Recurring Measurements — The following table presents, 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 the dates indicated (in millions). For the Company’s investments in marketable debt and equity securities, the security classes presented are determined based on the nature and risk of the security and are consistent with how the Company manages, monitors and measures its marketable securities: June 30, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets AVAILABLE FOR SALE: Debt securities: Unsecured debentures $ — $ 271 $ — $ 271 $ — $ 360 $ — $ 360 Certificates of deposit — 407 — 407 — 372 — 372 Government debt securities — — — — — 9 — 9 Subtotal — 678 — 678 — 741 — 741 Equity securities: Mutual funds — 51 — 51 — 49 — 49 Subtotal — 51 — 51 — 49 — 49 Total available for sale — 729 — 729 — 790 — 790 TRADING: Equity securities: Mutual funds 19 — — 19 16 — — 16 Total trading 19 — — 19 16 — — 16 DERIVATIVES: Interest rate derivatives — 13 — 13 — 18 — 18 Cross-currency derivatives — 5 — 5 — 4 — 4 Foreign currency derivatives — 31 239 270 — 54 255 309 Commodity derivatives — 42 11 53 — 38 7 45 Total derivatives — assets — 91 250 341 — 114 262 376 TOTAL ASSETS $ 19 $ 820 $ 250 $ 1,089 $ 16 $ 904 $ 262 $ 1,182 Liabilities DERIVATIVES: Interest rate derivatives $ — $ 106 $ 195 $ 301 $ — $ 121 $ 179 $ 300 Cross-currency derivatives — 14 — 14 — 18 — 18 Foreign currency derivatives — 29 — 29 — 64 — 64 Commodity derivatives — 17 2 19 — 40 2 42 Total derivatives — liabilities — 166 197 363 — 243 181 424 TOTAL LIABILITIES $ — $ 166 $ 197 $ 363 $ — $ 243 $ 181 $ 424 As of June 30, 2017 , all AFS debt securities had stated maturities within one year. For the three and six months ended June 30, 2017 and 2016 , no other-than-temporary impairments of marketable securities were recognized in earnings or Other Comprehensive Income (Loss) . Gains and losses on the sale of investments are determined using the specific-identification method. The following table presents gross proceeds from the sale of AFS securities during the periods indicated (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Gross proceeds from sale of AFS securities $ 1,041 $ 1,044 $ 1,962 $ 2,404 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 three and six months ended June 30, 2017 and 2016 (presented net by type of derivative in millions). 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. Three Months Ended June 30, 2017 Interest Rate Foreign Currency Commodity Total Balance at April 1 $ (183 ) $ 231 $ 2 $ 50 Total realized and unrealized gains (losses): Included in earnings — 16 (1 ) 15 Included in other comprehensive income — derivative activity (17 ) — — (17 ) Included in regulatory (assets) liabilities — — 10 10 Settlements 9 (8 ) (2 ) (1 ) Transfers of liabilities into Level 3 (4 ) — — (4 ) Balance at June 30 $ (195 ) $ 239 $ 9 $ 53 Total gains 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 $ — $ 8 $ — $ 8 Three Months Ended June 30, 2016 Interest Rate Foreign Currency Commodity Total Balance at April 1 $ (416 ) $ 290 $ — $ (126 ) Total realized and unrealized gains (losses): Included in earnings — (31 ) 2 (29 ) Included in other comprehensive income — derivative activity (80 ) — — (80 ) Included in other comprehensive income — foreign currency translation activity 1 (4 ) — (3 ) Included in regulatory (assets) liabilities — — 11 11 Settlements 21 (3 ) (2 ) 16 Transfers of liabilities into Level 3 (17 ) — — (17 ) Transfers of liabilities out of Level 3 70 19 — 89 Balance at June 30 $ (421 ) $ 271 $ 11 $ (139 ) 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 ) $ 2 $ (25 ) Six Months Ended June 30, 2017 Interest Rate Foreign Currency Commodity Total Balance at January 1 $ (179 ) $ 255 $ 5 $ 81 Total realized and unrealized gains (losses): Included in earnings — — (1 ) (1 ) Included in other comprehensive income — derivative activity (28 ) — — (28 ) Included in regulatory (assets) liabilities — — 10 10 Settlements 19 (16 ) (5 ) (2 ) Transfers of liabilities into Level 3 (7 ) — — (7 ) Balance at June 30 $ (195 ) $ 239 $ 9 $ 53 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 $ 2 $ (16 ) $ — $ (14 ) Six Months Ended June 30, 2016 Interest Rate Foreign Currency Commodity Total Balance at January 1 $ (304 ) $ 277 $ 3 $ (24 ) Total realized and unrealized gains (losses): Included in earnings 2 16 2 20 Included in other comprehensive income — derivative activity (174 ) 5 — (169 ) Included in other comprehensive income — foreign currency translation activity (1 ) (38 ) — (39 ) Included in regulatory (assets) liabilities — — 11 11 Settlements 37 (5 ) (5 ) 27 Transfers of liabilities into Level 3 (51 ) — — (51 ) Transfers of assets out of Level 3 70 16 — 86 Balance at June 30 $ (421 ) $ 271 $ 11 $ (139 ) Total gains 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 $ 5 $ 17 $ 2 $ 24 The following table summarizes the significant unobservable inputs used for Level 3 derivative assets (liabilities) as of June 30, 2017 (in millions, except range amounts): Type of Derivative Fair Value Unobservable Input Amount or Range (Weighted Average) Interest rate $ (195 ) Subsidiaries’ credit spreads 2.4% to 5.1% (4.8%) Foreign currency: Argentine Peso 239 Argentine Peso to USD currency exchange rate after one year (1) 19.7 to 43.1 (30.9) Commodity: Other 9 Total $ 53 _____________________________ (1) During the three months ended June 30, 2017, the Company began utilizing the interest rate differential approach to construct the remaining portion of the forward curve after one year (beyond the traded points). In previous periods, the Company used the purchasing price parity approach to construct the forward curve. 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, and foreign currency 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. Nonrecurring Measurements When evaluating impairment of long-lived assets 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 the then-latest available carrying amount. The following table summarizes our major categories of assets and liabilities measured at fair value on a nonrecurring basis and their level within the fair value hierarchy (in millions): Six Months Ended June 30, 2017 Measurement Date Carrying Amount (1) Fair Value Pretax Loss Assets Level 1 Level 2 Level 3 Long-lived assets held and used: (2) DPL 02/28/2017 $ 77 $ — $ — $ 11 $ 66 Tait Energy Storage 02/28/2017 15 — — 7 8 Dispositions and held-for-sale businesses: (3) Kazakhstan Hydroelectric 06/30/2017 190 — 92 — 90 Kazakhstan CHPs 03/31/2017 171 — 29 — 94 Six Months Ended June 30, 2016 Measurement Date Carrying Amount (1) Fair Value Pretax Loss Assets Level 1 Level 2 Level 3 Long-lived assets held and used: (2) DPL 06/30/2016 $ 324 $ — $ — $ 89 $ 235 Buffalo Gap II 03/31/2016 251 — — 92 159 Discontinued operations and held-for-sale businesses: (3) Sul 06/30/2016 1,581 — 470 — 783 _____________________________ (1) Represents the carrying values at the dates of measurement, before fair value adjustment. (2) See Note 14 —Asset Impairment Expense for further information. (3) Per the Company’s policy, pretax loss is limited to the impairment of long-lived assets. Any additional loss will be recognized on completion of the sale. See Note 16 —Held-for-Sale Businesses and Dispositions for further information. The following table summarizes the significant unobservable inputs used in the Level 3 measurement on a nonrecurring basis during the six months ended June 30, 2017 (in millions, except range amounts): Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Long-lived assets held and used: DPL $ 11 Discounted cash flow Pretax operating margin (through remaining life) 10% to 22% (15%) Weighted average cost of capital 7% Tait Energy Storage 7 Discounted cash flow Annual pretax operating margin 46% to 85% (80%) Weighted average cost of capital 9% Financial Instruments not Measured at Fair Value in the Condensed Consolidated Balance Sheets The following table presents (in millions) 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 June 30, 2017 and December 31, 2016 , but for which fair value is disclosed: June 30, 2017 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 244 $ 312 $ — $ 19 $ 293 Liabilities: Non-recourse debt 16,387 16,905 — 14,942 1,963 Recourse debt 4,384 4,687 — 4,687 — December 31, 2016 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 264 $ 350 $ — $ 20 $ 330 Liabilities: Non-recourse debt 15,792 16,188 — 15,120 1,068 Recourse debt 4,671 4,899 — 4,899 — _____________________________ (1) These amounts primarily relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and are included in Other noncurrent assets in the accompanying Condensed Consolidated Balance Sheets. The fair value and carrying amount of these receivables exclude VAT of $35 million and $24 million as of June 30, 2017 and December 31, 2016 , respectively. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES There are no changes to the information disclosed in Note 1— General and Summary of Significant Accounting Policies — Derivatives and Hedging Activities of Item 8.— Financial Statements and Supplementary Data in the 2016 Form 10-K. Volume of Activity — The following table presents the Company’s maximum notional (in millions) over the remaining contractual period by type of derivative as of June 30, 2017 , regardless of whether they are in qualifying cash flow hedging relationships, and the dates through which the maturities for each type of derivative range: Derivatives Maximum Notional Translated to USD Latest Maturity Interest Rate (LIBOR and EURIBOR) $ 4,168 2035 Cross-Currency Swaps (Chilean Unidad de Fomento and Chilean Peso) 379 2029 Foreign Currency: Argentine Peso 155 2026 Colombian Peso 239 2019 Euro 192 2019 Others, primarily with weighted average remaining maturities of a year or less 290 2019 Accounting and Reporting — Assets and Liabilities — The following tables present the fair value of assets and liabilities related to the Company’s derivative instruments as of June 30, 2017 and December 31, 2016 (in millions): Fair Value June 30, 2017 December 31, 2016 Assets Designated Not Designated Total Designated Not Designated Total Interest rate derivatives $ 13 $ — $ 13 $ 18 $ — $ 18 Cross-currency derivatives 5 — 5 4 — 4 Foreign currency derivatives — 270 270 9 300 309 Commodity derivatives 10 43 53 20 25 45 Total assets $ 28 $ 313 $ 341 $ 51 $ 325 $ 376 Liabilities Interest rate derivatives $ 157 $ 144 $ 301 $ 295 $ 5 $ 300 Cross-currency derivatives 14 — 14 18 — 18 Foreign currency derivatives — 29 29 19 45 64 Commodity derivatives 5 14 19 26 16 42 Total liabilities $ 176 $ 187 $ 363 $ 358 $ 66 $ 424 June 30, 2017 December 31, 2016 Fair Value Assets Liabilities Assets Liabilities Current $ 94 $ 223 $ 99 $ 155 Noncurrent 247 140 277 269 Total $ 341 $ 363 $ 376 $ 424 Credit Risk-Related Contingent Features (1) June 30, 2017 December 31, 2016 Present value of liabilities subject to collateralization $ 20 $ 41 Cash collateral held by third parties or in escrow 10 18 _____________________________ (1) Based on the credit rating of certain subsidiaries Earnings and Other Comprehensive Income (Loss) — The next table presents (in millions) the pretax gains (losses) recognized in AOCL and earnings related to all derivative instruments for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Effective portion of cash flow hedges Gains (losses) recognized in AOCL Interest rate derivatives $ (51 ) $ (90 ) $ (73 ) $ (220 ) Cross-currency derivatives (10 ) (11 ) 2 (3 ) Foreign currency derivatives 4 (5 ) (11 ) (5 ) Commodity derivatives 2 (12 ) 14 25 Total $ (55 ) $ (118 ) $ (68 ) $ (203 ) Gains (losses) reclassified from AOCL into earnings Interest rate derivatives $ (20 ) $ (26 ) $ (44 ) $ (55 ) Cross-currency derivatives — 1 4 10 Foreign currency derivatives (21 ) 2 (23 ) 4 Commodity derivatives 2 16 3 38 Total $ (39 ) $ (7 ) $ (60 ) $ (3 ) Gains (losses) recognized in earnings related to Ineffective portion of cash flow hedges $ — $ — $ — $ 2 Not designated as hedging instruments: Foreign currency derivatives $ 14 $ (24 ) $ (18 ) $ 15 Commodity derivatives and other 8 (9 ) 6 (17 ) Total $ 22 $ (33 ) $ (12 ) $ (2 ) Pretax gains (losses) reclassified to earnings as a result of discontinuance of cash flow hedge because it was probable that the forecasted transaction would not occur $ (19 ) $ — $ (16 ) $ — The AOCL expected to decrease pretax income from continuing operations, primarily due to interest rate derivatives, for the twelve months ended June 30, 2018 , is $63 million . |
Financing Receivables
Financing Receivables | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
FINANCING RECEIVABLES | FINANCING RECEIVABLES Financing receivables are defined as receivables with contractual maturities of greater than one year. The Company’s financing receivables are primarily related to amended agreements or government resolutions that are due from CAMMESA, the administrator of the wholesale electricity market in Argentina. The following table presents financing receivables by country as of the dates indicated (in millions): June 30, 2017 December 31, 2016 Argentina $ 241 $ 236 United States 19 20 Brazil 8 8 Other 11 — Total $ 279 $ 264 Argentina — Collection of the principal and interest on these receivables is subject to various business risks and uncertainties, including, but not limited to, the 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 increase in Argentina financing receivables was primarily due to increased VAT invoiced by CAMMESA as well as foreign currency movements. |
Investment In and Advances To A
Investment In and Advances To Affiliates | 6 Months Ended |
Jun. 30, 2017 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
INVESTMENTS IN AND ADVANCES TO AFFILIATES | INVESTMENTS IN AND ADVANCES TO AFFILIATES Summarized Financial Information — The following table summarizes financial information of the Company’s 50%-or-less-owned affiliates that are accounted for using the equity method (in millions): Six Months Ended June 30, 50%-or-less-Owned Affiliates 2017 2016 Revenue $ 341 $ 286 Operating margin 65 69 Net income 23 30 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Recourse Debt In May 2017, the Company closed on $525 million aggregate principal LIBOR + 2.00% secured term loan due in 2022 . In June 2017, the Company used these proceeds to redeem at par all $517 million aggregate principal of its existing Term Convertible Securities. As a result of the latter transaction, the Company recognized a net loss on extinguishment of debt of $6 million for the three and six months ended June 30, 2017 , that is included in the Condensed Consolidated Statement of Operations. In March 2017, the Company redeemed via tender offers $276 million aggregate principal of its existing 7.375% senior unsecured notes due in 2021 and $24 million of its existing 8.00% senior unsecured notes due in 2020 . As a result of these transactions, the Company recognized a loss on extinguishment of debt of $47 million for the six months ended June 30, 2017 , that is included in the Condensed Consolidated Statement of Operations. In May 2016, the Company issued $500 million aggregate principal amount of 6.00% senior notes due in 2026 . The Company used these proceeds to redeem at par $495 million aggregate principal of its existing LIBOR + 3.00% senior unsecured notes due 2019 . As a result of the latter transaction, the Company recognized a net loss on extinguishment of debt of $4 million for the three and six months ended June 30, 2016 , that is included in the Condensed Consolidated Statement of Operations. In January 2016, the Company redeemed $125 million of its senior unsecured notes outstanding. The repayment included a portion of the 7.375% senior notes due in 2021 , the 4.875% senior notes due in 2023 , the 5.5% senior notes due in 2024 , the 5.5% senior notes due in 2025 and the floating rate senior notes due in 2019 . As a result of these transactions, the Company recognized a net gain on extinguishment of debt of $7 million for the six months ended June 30, 2016 , that is included in the Condensed Consolidated Statement of Operations. Non-Recourse Debt During the six months ended June 30, 2017 , the Company’s subsidiaries had the following significant debt transactions: Subsidiary Issuances Repayments Gain (Loss) on Extinguishment of Debt Tietê $ 585 $ (293 ) $ (5 ) Alicura 307 (181 ) 65 Gener 243 (79 ) — Los Mina 193 (175 ) (2 ) Southland 188 — — Colon 150 — — Eletropaulo 103 (86 ) — Other 194 (343 ) — Total $ 1,963 $ (1,157 ) $ 58 Southland — In June 2017, AES Southland Energy LLC closed on $2 billion of aggregate principal long-term non-recourse debt financing to fund the Southland re-powering construction projects (“the Southland financing”). The Southland financing consists of $1.5 billion senior secured notes, amortizing through 2040 , and $492 million senior secured term loan, amortizing through 2027 . The long term debt financing has a combined weighted average cost of approximately 4.5% . During the three and six months ended June 30, 2017, $188 million of the senior secured notes were drawn under the Southland financing. Alicura — In February 2017, Alicura issued $300 million aggregate principal of unsecured and unsubordinated notes due in 2024 . The net proceeds from this issuance were used for the prepayment of $75 million of non-recourse debt related to the construction of the San Nicolas Plant resulting in a gain on extinguishment of debt of approximately $65 million . Non-Recourse Debt in Default — The following table summarizes the Company’s subsidiary non-recourse debt in default as of June 30, 2017 (in millions). Due to the defaults, these amounts are included in the current portion of non-recourse debt: Subsidiary Primary Nature of Default Debt in Default Net Assets Alto Maipo (Chile) Covenant $ 613 $ 341 Puerto Rico Covenant 381 631 $ 994 The above defaults are not payment defaults. All of the subsidiary non-recourse debt defaults were triggered by failure to comply with 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 applicable subsidiary. In the event that there is a default, bankruptcy or maturity acceleration at a subsidiary or group of subsidiaries 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. Materiality is defined in the Parent Company’s senior secured credit facility as a business that has provided 20% or more of the Parent Company’s total cash distributions from businesses for the four most recently completed fiscal quarters. As of June 30, 2017 , the Company has no defaults which result in or are at risk of triggering a cross-default under the recourse debt of the Parent Company. In the event the Parent Company is not in compliance with the financial covenants of its senior secured revolving credit facility, restricted payments will be limited to regular quarterly shareholder dividends at the then-prevailing rate. Payment defaults and bankruptcy defaults would preclude the making of any restricted payments. |
Contingencies and Commitments
Contingencies and Commitments | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES AND COMMITMENTS | COMMITMENTS AND CONTINGENCIES Guarantees, Letters of Credit and Commitments — In connection with certain project financings, acquisitions and dispositions, power purchases 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 17 years . The following table summarizes the Parent Company’s contingent contractual obligations as of June 30, 2017 . Amounts presented in the following table 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. Contingent Contractual Obligations Amount (in millions) Number of Agreements Maximum Exposure Range for Each Agreement (in millions) Guarantees and commitments $ 799 19 $8 — 272 Letters of credit under the unsecured credit facility 245 8 $2 — 73 Asset sale related indemnities (1) 27 1 $27 Letters of credit under the senior secured credit facility 7 16 <$1 — 1 Cash collateralized letters of credit 3 1 $3 Total $ 1,081 45 _____________________________ (1) Excludes normal and customary representations and warranties in agreements for the sale of assets (including ownership in associated legal entities) where the associated risk is considered to be nominal. During the six months ended June 30, 2017 , the Company paid letter of credit fees ranging from 0.25% to 2.25% per annum on the outstanding amounts of letters of credit. Contingencies Environmental — The Company periodically reviews its obligations as they relate to compliance with environmental laws, including site restoration and remediation. As of June 30, 2017 and December 31, 2016 , the Company had recognized liabilities of $9 million and $12 million , respectively, 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 liability 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 June 30, 2017 . In aggregate, the Company estimates the range of potential losses related to environmental matters, where estimable, to be up to $22 million . The amounts considered reasonably possible do not include amounts accrued 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 recognized aggregate liabilities for all claims of approximately $173 million and $179 million as of June 30, 2017 and December 31, 2016 , respectively. These amounts are reported on the Condensed Consolidated Balance Sheets within Accrued and other liabilities and Other noncurrent liabilities . A significant portion of these accrued liabilities relate to labor and employment, non-income tax and customer disputes in international jurisdictions. 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 accrued liabilities will be adequate to cover all existing and future claims or that we will have the liquidity to pay such claims as they arise. Where no accrued liability 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 June 30, 2017 . The material contingencies where a loss is reasonably possible primarily include claims under financing agreements, including the Eletrobrás case; 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 $1.5 billion and $1.8 billion . The amounts considered reasonably possible do not include the amounts accrued, as discussed above. These material contingencies do not include income tax-related contingencies which are considered part of our uncertain tax positions. |
Pension Plans
Pension Plans | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
PENSION PLANS | PENSION PLANS Total pension cost and employer contributions were as follows for the periods indicated (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 U.S. Foreign U.S. Foreign U.S. Foreign U.S. Foreign Service cost $ 3 $ 4 $ 3 $ 3 $ 7 $ 8 $ 6 $ 6 Interest cost 10 97 10 86 20 196 20 163 Expected return on plan assets (17 ) (72 ) (16 ) (55 ) (35 ) (145 ) (33 ) (105 ) Amortization of prior service cost 1 — 2 — 3 — 4 — Amortization of net loss 5 10 4 4 9 21 9 9 Curtailment loss recognized — — — — 4 — — — Total pension cost $ 2 $ 39 $ 3 $ 38 $ 8 $ 80 $ 6 $ 73 Six Months Ended Remainder of 2017 (Expected) U.S. Foreign U.S. Foreign Total employer contributions $ 13 $ 79 $ 1 $ 76 |
Redeemable Stocks of Subsidiari
Redeemable Stocks of Subsidiaries (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Redeemable Stock of Subsidiaries [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | REDEEMABLE STOCK OF SUBSIDIARIES The following table summarizes the Company’s redeemable stock of subsidiaries balances as of the periods indicated (in millions): June 30, 2017 December 31, 2016 IPALCO common stock $ 618 $ 618 Colon quotas (1) 113 100 IPL preferred stock 60 60 Other common stock — 4 Redeemable stock of subsidiaries $ 791 $ 782 _____________________________ (1) Characteristics of quotas are similar to common stock. Colon — Our partner in Colon made capital contributions of $16 million and $63 million during the six months ended June 30, 2017 and 2016, respectively. Any subsequent adjustments to allocate earnings and dividends to our partner, or measure the investment at fair value, will be classified as temporary equity each reporting period as it is probable that the shares will become redeemable. IPALCO — In March 2016, CDPQ exercised its final purchase option by investing $134 million in IPALCO. The company also recognized an increase to additional paid-in capital and a reduction to retained earnings of $84 million for the excess of the fair value of the shares over their book value. In June 2016, CDPQ contributed an additional $24 million to IPALCO. Any subsequent adjustments to allocate earnings and dividends to CDPQ will be classified as NCI within permanent equity as it is not probable that the shares will become redeemable. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
EQUITY | EQUITY Changes in Equity — The following table is a reconciliation of the beginning and ending equity attributable to stockholders of The AES Corporation, NCI and total equity as of the periods indicated (in millions): Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 The Parent Company Stockholders’ Equity NCI Total Equity The Parent Company Stockholders’ Equity NCI Total Equity Balance at the beginning of the period $ 2,794 $ 2,906 $ 5,700 $ 3,149 $ 3,022 $ 6,171 Net income (loss) (1) 29 219 248 (356 ) 43 (313 ) Total foreign currency translation adjustment, net of income tax 48 (1 ) 47 193 55 248 Total change in derivative fair value, net of income tax — 2 2 (80 ) (75 ) (155 ) Total pension adjustments, net of income tax — 13 13 2 5 7 Cumulative effect of a change in accounting principle (2) 31 — 31 — — — Fair value adjustment (3) (7 ) — (7 ) — — — Disposition of businesses — — — — 18 18 Distributions to noncontrolling interests — (198 ) (198 ) (2 ) (187 ) (189 ) Contributions from noncontrolling interests — 17 17 — 7 7 Dividends declared on common stock (79 ) — (79 ) (71 ) — (71 ) Purchase of treasury stock — — — (79 ) — (79 ) Issuance and exercise of stock-based compensation benefit plans 9 — 9 12 — 12 Sale of subsidiary shares to noncontrolling interests (4 ) 22 18 — 17 17 Acquisition of subsidiary shares from noncontrolling interests 200 67 267 (2 ) (3 ) (5 ) Less: Net loss attributable to redeemable stock of subsidiaries — 6 6 — 5 5 Balance at the end of the period $ 3,021 $ 3,053 $ 6,074 $ 2,766 $ 2,907 $ 5,673 _____________________________ (1) Net income attributable to noncontrolling interest of $225 million and net loss attributable to redeemable stocks of subsidiaries of $6 million for the six months ended June 30, 2017. Net income attributable to noncontrolling interest of $48 million and net loss attributable to redeemable stock of subsidiaries of $5 million for the six months ended June 30, 2016. (2) See Note 1 —Financial Statement Presentation, New Accounting Standards Adopted for further information. (3) Adjustment to record the of redeemable stock of Colon at fair value. Equity Transactions with Noncontrolling Interests Alto Maipo — On March 17, 2017, the Company completed the legal and financial restructuring of Alto Maipo. As part of this restructuring, AES indirectly acquired the 40% ownership interest of the noncontrolling shareholder and sold a 6.7% interest in the project to the construction contractor. This transaction resulted in a $196 million increase to the Parent Company’s Stockholders’ Equity due to an increase in additional-paid-in capital of $229 million , offset by the reclassification of accumulated other comprehensive losses from NCI to the Parent Company Stockholders’ Equity of $33 million . No gain or loss was recognized in net income as the sale was not considered to be a sale of in-substance real estate. After completion of the sale, the Company has an effective 62% economic interest in Alto Maipo. As the Company maintained control of the partnership after the sale, Alto Maipo continues to be consolidated by the Company within the Andes SBU reportable segment. Jordan — On February 18, 2016, the Company completed the sale of 40% of its interest in a wholly owned subsidiary in Jordan which owns a controlling interest in the Jordan IPP4 gas-fired plant, for $21 million . The transaction was accounted for as a sale of in-substance real estate and a pretax gain of $4 million , net of transaction costs, was recognized in net income. The cash proceeds from the sale are reflected in Proceeds from the sale of businesses, net of cash sold, and equity investments on the Consolidated Statement of Cash Flows for the period ended June 30, 2016 . After completion of the sale, the Company has a 36% economic interest in Jordan IPP4 and will continue to manage and operate the plant, with 40% owned by Mitsui Ltd. and 24% owned by Nebras Power Q.S.C. As the Company maintained control after the sale, Jordan IPP4 continues to be consolidated by the Company within the Europe SBU reportable segment. Deconsolidations UK Wind — During the second quarter of 2016, the Company determined it no longer had control of its wind development projects in the United Kingdom (“UK Wind”) as the Company no longer held seats on the board of directors. In accordance with the accounting guidance, UK Wind was deconsolidated and a loss on deconsolidation of $20 million was recorded to Gain (loss) on disposal and sale of businesses in the Condensed Consolidated Statement of Operations to write off the Company’s noncontrolling interest in the project. The UK Wind projects were reported in the Europe SBU reportable segment. Accumulated Other Comprehensive Loss — The following table summarizes the changes in AOCL by component, net of tax and NCI, for the six months ended June 30, 2017 (in millions): Foreign currency translation adjustment, net Unrealized derivative gains (losses), net Unfunded pension obligations, net Total Balance at the beginning of the period $ (2,147 ) $ (323 ) $ (286 ) $ (2,756 ) Other comprehensive income (loss) before reclassifications (50 ) (40 ) (3 ) (93 ) Amount reclassified to earnings 98 40 3 141 Other comprehensive income 48 — — 48 Reclassification from NCI due to Alto Maipo Restructuring — (33 ) — (33 ) Balance at the end of the period $ (2,099 ) $ (356 ) $ (286 ) $ (2,741 ) Reclassifications out of AOCL are presented in the following table. Amounts for the periods indicated are in millions and those in parenthesis indicate debits to the Condensed Consolidated Statements of Operations: Details About AOCL Components Affected Line Item in the Condensed Consolidated Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Foreign currency translation adjustment, net Gain (loss) on disposal and sale of businesses $ (95 ) $ — $ (98 ) $ — Net income (loss) attributable to The AES Corporation $ (95 ) $ — $ (98 ) $ — Unrealized derivative gains (losses), net Non-regulated revenue $ — $ 32 $ 10 $ 74 Non-regulated cost of sales 1 (16 ) (9 ) (37 ) Interest expense (20 ) (32 ) (43 ) (61 ) Foreign currency transaction gains (losses) (20 ) 9 (18 ) 21 Income (loss) from continuing operations before taxes and equity in earnings of affiliates (39 ) (7 ) (60 ) (3 ) Income tax benefit (expense) 10 4 11 1 Income (loss) from continuing operations (29 ) (3 ) (49 ) (2 ) Less: Net income attributable to noncontrolling interests and redeemable stock of subsidiaries 9 — 9 (1 ) Net income (loss) attributable to The AES Corporation $ (20 ) $ (3 ) $ (40 ) $ (3 ) Amortization of defined benefit pension actuarial loss, net Regulated cost of sales $ (10 ) $ (5 ) $ (20 ) $ (9 ) General and administrative expenses — — 1 — Income (loss) from continuing operations before taxes and equity in earnings of affiliates (10 ) (5 ) (19 ) (9 ) Income tax benefit (expense) 3 1 6 2 Income (loss) from continuing operations (7 ) (4 ) (13 ) (7 ) Less: Net income attributable to noncontrolling interests and redeemable stock of subsidiaries 5 3 10 5 Net income (loss) attributable to The AES Corporation $ (2 ) $ (1 ) $ (3 ) $ (2 ) Total reclassifications for the period, net of income tax and noncontrolling interests $ (117 ) $ (4 ) $ (141 ) $ (5 ) Common Stock Dividends — The Company paid dividends of $0.12 per outstanding share to its common stockholders during the first and second quarter of 2017 for dividends declared in December 2016 and February 2017. On July 14, 2017, the Board of Directors declared a quarterly common stock dividend of $0.12 per share payable on August 17, 2017, to shareholders of record at the close of business on August 3, 2017. |
Segments
Segments | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
SEGMENTS | SEGMENTS The segment reporting structure uses the Company’s management reporting structure as its foundation to reflect how the Company manages the businesses internally and is organized by geographic regions which provides a socio-political-economic understanding of our business. The management reporting structure is organized by six SBUs led by our President and Chief Executive Officer: US, Andes, Brazil, MCAC, Europe, and Asia SBUs. Using the accounting guidance on segment reporting, the Company determined that it has six operating and six reportable segments corresponding to its SBUs. Corporate and Other — Corporate overhead costs which are not directly associated with the operations of our six reportable segments are included in “Corporate and Other.” Also included are certain 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 pretax income from continuing operations attributable to The AES Corporation excluding gains or losses of the consolidated entity due to (a) unrealized gains or losses related to derivative transactions; (b) unrealized foreign currency gains or losses; (c) gains or losses and associated benefits and costs due to dispositions and acquisitions of business interests, including early plant closures, and the tax impact from the repatriation of sales proceeds; (d) losses due to impairments; and (e) gains, losses and costs due to the early retirement of debt. Adjusted PTC also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities. The Company has concluded that Adjusted PTC better 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 has concluded that Adjusted PTC is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the Company’s results. Revenue and Adjusted PTC are presented before inter-segment eliminations, which includes the effect of intercompany transactions with other segments except for interest, charges for certain management fees, and the write-off of intercompany balances, as applicable. All intra-segment activity has been eliminated within the segment. Inter-segment activity has been eliminated within the total consolidated results. The following tables present financial information by segment for the periods indicated (in millions): Three Months Ended June 30, Six Months Ended June 30, Total Revenue 2017 2016 2017 2016 US SBU $ 785 $ 811 $ 1,593 $ 1,666 Andes SBU 672 575 1,290 1,197 Brazil SBU 982 895 2,021 1,734 MCAC SBU 635 530 1,221 1,049 Europe SBU 209 222 446 468 Asia SBU 186 201 378 395 Corporate and Other 6 1 20 2 Eliminations (5 ) (6 ) (7 ) (11 ) Total Revenue $ 3,470 $ 3,229 $ 6,962 $ 6,500 Three Months Ended June 30, Six Months Ended June 30, Total Adjusted PTC 2017 2016 2017 2016 Reconciliation from Income from Continuing Operations before Taxes and Equity In Earnings of Affiliates: Income (loss) from continuing operations before taxes and equity in earnings of affiliates $ 240 $ (22 ) $ 399 $ 151 Add: Net equity in earnings of affiliates 2 7 9 14 Less: Income from continuing operations before taxes, attributable to noncontrolling interests 136 130 306 114 Pretax contribution 106 (145 ) 102 51 Unrealized derivative losses (gains) 2 30 1 (4 ) Unrealized foreign currency transaction losses (gains) (24 ) 17 (33 ) 9 Disposition/acquisition losses (gains) 54 17 106 (2 ) Impairment expense 94 235 262 285 Losses (gains) on extinguishment of debt 11 6 (5 ) 6 Total Adjusted PTC $ 243 $ 160 $ 433 $ 345 Three Months Ended June 30, Six Months Ended June 30, Total Adjusted PTC 2017 2016 2017 2016 US SBU $ 63 $ 58 $ 111 $ 143 Andes SBU 82 84 170 145 Brazil SBU 13 7 52 12 MCAC SBU 99 75 158 123 Europe SBU 54 34 109 103 Asia SBU 26 26 48 48 Corporate and Other (94 ) (124 ) (215 ) (229 ) Total Adjusted PTC $ 243 $ 160 $ 433 $ 345 Total Assets June 30, 2017 December 31, 2016 US SBU $ 9,283 $ 9,333 Andes SBU 9,171 8,971 Brazil SBU 6,347 6,448 MCAC SBU 5,435 5,162 Europe SBU 2,575 2,664 Asia SBU 3,203 3,113 Assets of held-for-sale businesses 102 — Corporate and Other 353 428 Total Assets $ 36,469 $ 36,119 |
Other Income and Expense
Other Income and Expense | 6 Months Ended |
Jun. 30, 2017 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | OTHER INCOME AND EXPENSE Other income generally includes gains on asset sales and liability extinguishments, favorable judgments on contingencies, gains on contract terminations, allowance for funds used during construction and other income from miscellaneous transactions. Other expense generally includes losses on asset sales and dispositions, losses on legal contingencies, and losses from other miscellaneous transactions. The components are summarized as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Other Income Legal settlements (1) $ — $ — $ 60 $ — Allowance for funds used during construction (US Utilities) 6 7 13 14 Gain on sale of assets — 1 1 3 Other 9 4 13 8 Total other income $ 15 $ 12 $ 87 $ 25 Other Expense Loss on sale and disposal of assets $ 9 $ 9 $ 38 $ 14 Water rights write-off 3 6 3 7 Legal contingencies and settlements 1 4 1 4 Other 5 2 6 4 Total other expense $ 18 $ 21 $ 48 $ 29 _____________________________ (1) In December 2016, the Company and YPF entered into a settlement agreement in which all parties agreed to give up any and all legal action related to gas supply contracts that were terminated in 2008 and have been in dispute since 2009. In January 2017, the YPF board approved the agreement and paid the Company $60 million , thereby resolving all uncertainties around the dispute. |
Asset Impairment Expense
Asset Impairment Expense | 6 Months Ended |
Jun. 30, 2017 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
ASSET IMPAIRMENT EXPENSE | ASSET IMPAIRMENT EXPENSE Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Kazakhstan Hydroelectric $ 90 $ — $ 90 $ — Kazakhstan CHPs — — 94 — DPL — 235 66 235 Tait Energy Storage — — 8 — Buffalo Gap II — — — 159 Total $ 90 $ 235 $ 258 $ 394 Kazakhstan Hydroelectric — In April 2017, the Government of Kazakhstan stated that the concession would not be extended for Shulbinsk HPP and Ust-Kamenogorsk HPP, two hydroelectric plants in Kazakhstan, and initiated the process to transfer these plants back to the government. The fair value of the asset group was determined to be below carrying value. As a result, the Company recognized asset impairment expense of $90 million during the three and six months ended June 30, 2017. The Kazakhstan hydroelectric plants are reported in the Europe SBU reportable segment. See Note 16 — Held-for-Sale Businesses and Dispositions of this Form 10-Q for further information. DPL — During the second quarter of 2016, the Company tested the recoverability of its long-lived generation assets at DPL. Uncertainty created by the Supreme Court of Ohio’s June 20, 2016 opinion, lower expectations of future revenue resulting from the most recent PJM capacity auction, and higher anticipated environmental compliance costs resulting from third party studies were collectively determined to be an impairment indicator for these assets. The Company performed a long-lived asset impairment analysis and determined that the carrying amount of Killen, a coal-fired generation facility, and certain DPL peaking generation facilities were not recoverable. The Killen and DPL peaking generation asset groups were determined to have a fair value of $84 million and $5 million , respectively, using the income approach. As a result, the Company recognized a total asset impairment expense of $235 million . DPL is reported in the US SBU reportable segment. On March 17, 2017, the board of directors of DPL approved the retirement of the DPL operated and co-owned Stuart Station coal-fired and diesel-fired generating units, and the Killen Station coal-fired generating unit and combustion turbine on or before June 1, 2018. The Company performed a long-lived asset impairment analysis and determined that the carrying amounts of the facilities were not recoverable. The Stuart Station and Killen Station were determined to have fair values of $3 million and $8 million , respectively, using the income approach. As a result, the Company recognized a total asset impairment expense of $66 million . DPL is reported in the US SBU reportable segment. Kazakhstan CHPs — In January 2017, the Company entered into an agreement for the sale of Ust-Kamenogorsk CHP and Sogrinsk CHP, its combined heating and power coal plants in Kazakhstan. The fair value of the Kazakhstan asset group was determined to be below carrying value. As a result, the Company recognized asset impairment expense of $94 million during the three months ended March 31, 2017. The Company completed the sale of its interest in the Kazakhstan CHP plants on April 7, 2017. Prior to their sale, the plants were reported in the Europe SBU reportable segment. See Note 16 — Held-for-Sale Businesses and Dispositions of this Form 10-Q for further information. Buffalo Gap II — During the first quarter of 2016, the Company tested the recoverability of its long-lived assets at Buffalo Gap II. Impairment indicators were identified based on a decline in forward power curves. The Company determined that the carrying amount was not recoverable. The Buffalo Gap II asset group was determined to have a fair value of $92 million using the income approach. As a result, the Company recognized asset impairment expense of $159 million ( $49 million attributable to AES). Buffalo Gap II is reported in the US SBU reportable segment. |
Dispositions (Notes)
Dispositions (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSITIONS AND HELD-FOR-SALE BUSINESSES | DISCONTINUED OPERATIONS Brazil Distribution — Due to a portfolio evaluation in the first half of 2016, management decided to pursue a strategic shift of its distribution companies in Brazil, Sul and Eletropaulo. In June 2016, the Company executed an agreement for the sale of Sul and reported its results of operations and financial position as discontinued operations. The disposal of Sul was completed in October 2016. Prior to its classification as discontinued operations, Sul was reported in the Brazil SBU reportable segment. In December 2016, Eletropaulo underwent a corporate restructuring which is expected to, among other things, provide more liquidity of its shares. AES is continuing to pursue strategic options for Eletropaulo in order to complete its strategic shift to reduce AES’ exposure to the Brazilian distribution businesses, including preparation for listing its shares into the Novo Mercado, which is a listing segment of the Brazilian stock exchange with the highest standards of corporate governance. As the sale of Sul was completed during 2016, there were no assets or liabilities of discontinued operations at June 30, 2017 or December 31, 2016 . There were no significant losses from discontinued operations or cash flows used in operating or investing activities of discontinued operations for the three and six months ended June 30, 2017 . The following table summarizes the major line items constituting the loss from discontinued operations for the three and six months ended June 30, 2016 (in millions): Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Loss from discontinued operations, net of tax: Revenue — regulated $ 219 $ 419 Cost of sales (204 ) (408 ) Asset impairment expense (783 ) (783 ) Other income and expense items that are not major, net (11 ) (20 ) Pretax loss from discontinued operations $ (779 ) $ (792 ) Income tax benefit 400 404 Loss from discontinued operations, net of tax $ (379 ) $ (388 ) The following table summarizes the operating and investing cash flows from discontinued operations for the three and six months ended June 30, 2016 (in millions): Six Months Ended June 30, 2016 Cash flows provided by operating activities of discontinued operations $ 57 Cash flows used in investing activities of discontinued operations (84 ) DISPOSITIONS Held-for-Sale Businesses Kazakhstan Hydroelectric — Affiliates of the Company operate Shulbinsk HPP and Ust-Kamenogorsk HPP, two hydroelectric plants in Kazakhstan, under a concession agreement expiring in October 2017, unless extended by agreement. In April 2017, the Government of Kazakhstan (“GoK”) stated that the concession would not be extended and initiated the process to transfer these plants back to the GoK. In return for the transfer, the GoK is required to pay an amount computed in accordance with the concession agreement on or before the transfer. As of June 30, 2017, management considers it probable the transfer will occur and meets the held-for-sale criteria. The carrying value of the asset group of $190 million , which includes cumulative translation losses of $100 million , was greater than its approximate fair value less costs to sell of $92 million . However, the impairment charge was limited to the $90 million carrying value of the long lived assets as of June 30, 2017. The transfer does not meet the criteria to be reported as a discontinued operation. The Kazakhstan hydroelectric plants are reported in the Europe SBU reportable segment. Excluding the impairment charge, pretax income attributable to AES was as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Kazakhstan Hydroelectric $ 15 $ 13 $ 20 $ 18 Zimmer and Miami Fort — In April 2017, DP&L and AES Ohio Generation entered into an agreement for the sale of DP&L’s undivided interest in Zimmer and Miami Fort for $50 million in cash and the assumption of certain liabilities, including environmental, subject to predefined closing adjustments. The sale is subject to approval by the Federal Energy Regulatory Commission and is expected to close in the third quarter of 2017. Accordingly, Zimmer and Miami Fort were classified as held-for-sale as of June 30, 2017, but did not meet the criteria to be reported as discontinued operations. Zimmer and Miami Fort are reported in the US SBU reportable segment. Their combined pretax income (loss) attributable to AES was as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Zimmer and Miami Fort $ 3 $ (10 ) $ 2 $ (16 ) Dispositions Kazakhstan CHPs — In April 2017, the Company completed the sale of Ust-Kamenogorsk CHP and Sogrinsk CHP, its combined heating and power coal plants in Kazakhstan, for net proceeds of $24 million . The carrying value of the asset group of $171 million was greater than its fair value less costs to sell of $29 million . The Company recognized an impairment charge of $94 million , which was limited to the carrying value of the long lived assets, and recognized a pretax loss on sale of $48 million , primarily related to cumulative translation losses. The sale did not meet the criteria to be reported as a discontinued operations. Prior to their sale, the Kazakhstan CHP plants were reported in the Europe SBU reportable segment. Excluding the impairment charge and loss on sale, pretax income attributable to AES was as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Kazakhstan CHPs $ — $ — $ 13 $ 7 DPLER — On January 1, 2016, the Company completed the sale of its interest in DPLER, a competitive retail marketer selling electricity to customers in Ohio. Upon completion, proceeds of $76 million were received and a gain on sale of $49 million was recognized. The sale of DPLER did not meet the criteria to be reported as a discontinued operation. Prior to its sale, DPLER was reported in the US SBU reportable segment. Kelanitissa — On January 27, 2016, the Company completed the sale of its interest in Kelanitissa, a diesel-fired generation station in Sri Lanka. Upon completion, proceeds of $18 million were received and a loss on sale of $5 million was recognized. The sale of Kelanitissa did not meet the criteria to be reported as a discontinued operation. Prior to its sale, Kelanitissa was reported in the Asia SBU reportable segment. UK Wind — During the second quarter of 2016, the Company deconsolidated UK Wind and recorded a loss on deconsolidation of $20 million to Gain (loss) on disposal and sale of businesses in the Condensed Consolidated Statement of Operations. Prior to deconsolidation, UK Wind was reported in the Europe SBU reportable segment. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS sPower — In February 2017, the Company and Alberta Investment Management Corporation (“AIMCo”) entered into an agreement to acquire FTP Power LLC (“sPower”) for $853 million in cash, subject to customary purchase price adjustments, plus the assumption of sPower’s non-recourse debt. Upon completion of the transaction on July 25, 2017, AES and AIMCo each own slightly below 50% of sPower. The sPower portfolio includes solar and wind projects in operation, under construction, and in development located in the United States. Alto Sertao II — In April 2017, the Company entered into an agreement to purchase from Renova Energia S.A. the Alto Sertao II Wind Complex (“Alto Sertao II”) for approximately $180 million , subject to customary purchase price adjustments, plus the assumption of approximately $350 million Alto Sertao II’s non-recourse debt and approximately $30 million of contingent consideration. Alto Sertao II is a wind farm located in Brazil. The transaction closed on August 3, 2017. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
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 RSUs, 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 table is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computation for income (loss) from continuing operations for the three and six months ended June 30, 2017 and 2016 , where income or loss represents the numerator and weighted average shares represent the denominator. Three Months Ended June 30, 2017 2016 (in millions, except per share data) Income Shares $ per Share Loss Shares $ per Share BASIC EARNINGS PER SHARE Income (loss) from continuing operations attributable to The AES Corporation common stockholders $ 53 660 $ 0.08 $ (103 ) 659 $ (0.16 ) EFFECT OF DILUTIVE SECURITIES Restricted stock units — 2 — — — — DILUTED EARNINGS PER SHARE $ 53 662 $ 0.08 $ (103 ) 659 $ (0.16 ) Six Months Ended June 30, 2017 2016 (in millions, except per share data) Income Shares $ per Share Income Shares $ per Share BASIC EARNINGS PER SHARE Income from continuing operations attributable to The AES Corporation common stockholders, net of tax $ 29 660 $ 0.04 $ 32 660 $ 0.05 EFFECT OF DILUTIVE SECURITIES Restricted stock units — 2 — — 2 — DILUTED EARNINGS PER SHARE $ 29 662 $ 0.04 $ 32 662 $ 0.05 For the three and six months ended June 30, 2017 and 2016 , respectively, the calculation of diluted earnings per share excluded 7 million and 8 million outstanding stock awards that could potentially dilute basic earnings per share in the future. All 15 million shares of potential common stock associated with convertible debentures (“TECONs”) were omitted from the earnings per share calculation for the three and six months ended June 30, 2016 , as the impact would have been anti-dilutive. The company redeemed all of its existing TECONs in June 2017. For the three months ended June 30, 2016 , the calculation of diluted earnings per share also excluded 5 million outstanding restricted stock units, 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 three months ended June 30, 2016 , because their impact would be anti-dilutive given the loss from continuing operations. Had the Company generated income from continuing operations in the three months ended June 30, 2016 , 3 million potential shares of common stock related to the restricted stock units would have been included in diluted average shares outstanding. |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS Fluence — In July 2017, the Company entered into a joint venture with Siemens AG to form a global energy storage technology and services company under the name Fluence. Siemens and AES will have joint control of the Company with each holding a 50% stake. The transaction is expected to close in the fourth quarter of 2017, subject to regulatory approval. sPower — On July 25, 2017, the Company and AIMCo completed the acquisition of sPower. See Note 17 — Acquisitions for further discussion. Alto Sertao II — On August 3, 2017, the Company completed the acquisition of Alto Sertao II. See Note 17 — Acquisitions for further discussion. |
Discontinued Operations and Hel
Discontinued Operations and Held for sale businesses (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DISCONTINUED OPERATIONS Brazil Distribution — Due to a portfolio evaluation in the first half of 2016, management decided to pursue a strategic shift of its distribution companies in Brazil, Sul and Eletropaulo. In June 2016, the Company executed an agreement for the sale of Sul and reported its results of operations and financial position as discontinued operations. The disposal of Sul was completed in October 2016. Prior to its classification as discontinued operations, Sul was reported in the Brazil SBU reportable segment. In December 2016, Eletropaulo underwent a corporate restructuring which is expected to, among other things, provide more liquidity of its shares. AES is continuing to pursue strategic options for Eletropaulo in order to complete its strategic shift to reduce AES’ exposure to the Brazilian distribution businesses, including preparation for listing its shares into the Novo Mercado, which is a listing segment of the Brazilian stock exchange with the highest standards of corporate governance. As the sale of Sul was completed during 2016, there were no assets or liabilities of discontinued operations at June 30, 2017 or December 31, 2016 . There were no significant losses from discontinued operations or cash flows used in operating or investing activities of discontinued operations for the three and six months ended June 30, 2017 . The following table summarizes the major line items constituting the loss from discontinued operations for the three and six months ended June 30, 2016 (in millions): Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Loss from discontinued operations, net of tax: Revenue — regulated $ 219 $ 419 Cost of sales (204 ) (408 ) Asset impairment expense (783 ) (783 ) Other income and expense items that are not major, net (11 ) (20 ) Pretax loss from discontinued operations $ (779 ) $ (792 ) Income tax benefit 400 404 Loss from discontinued operations, net of tax $ (379 ) $ (388 ) The following table summarizes the operating and investing cash flows from discontinued operations for the three and six months ended June 30, 2016 (in millions): Six Months Ended June 30, 2016 Cash flows provided by operating activities of discontinued operations $ 57 Cash flows used in investing activities of discontinued operations (84 ) DISPOSITIONS Held-for-Sale Businesses Kazakhstan Hydroelectric — Affiliates of the Company operate Shulbinsk HPP and Ust-Kamenogorsk HPP, two hydroelectric plants in Kazakhstan, under a concession agreement expiring in October 2017, unless extended by agreement. In April 2017, the Government of Kazakhstan (“GoK”) stated that the concession would not be extended and initiated the process to transfer these plants back to the GoK. In return for the transfer, the GoK is required to pay an amount computed in accordance with the concession agreement on or before the transfer. As of June 30, 2017, management considers it probable the transfer will occur and meets the held-for-sale criteria. The carrying value of the asset group of $190 million , which includes cumulative translation losses of $100 million , was greater than its approximate fair value less costs to sell of $92 million . However, the impairment charge was limited to the $90 million carrying value of the long lived assets as of June 30, 2017. The transfer does not meet the criteria to be reported as a discontinued operation. The Kazakhstan hydroelectric plants are reported in the Europe SBU reportable segment. Excluding the impairment charge, pretax income attributable to AES was as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Kazakhstan Hydroelectric $ 15 $ 13 $ 20 $ 18 Zimmer and Miami Fort — In April 2017, DP&L and AES Ohio Generation entered into an agreement for the sale of DP&L’s undivided interest in Zimmer and Miami Fort for $50 million in cash and the assumption of certain liabilities, including environmental, subject to predefined closing adjustments. The sale is subject to approval by the Federal Energy Regulatory Commission and is expected to close in the third quarter of 2017. Accordingly, Zimmer and Miami Fort were classified as held-for-sale as of June 30, 2017, but did not meet the criteria to be reported as discontinued operations. Zimmer and Miami Fort are reported in the US SBU reportable segment. Their combined pretax income (loss) attributable to AES was as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Zimmer and Miami Fort $ 3 $ (10 ) $ 2 $ (16 ) Dispositions Kazakhstan CHPs — In April 2017, the Company completed the sale of Ust-Kamenogorsk CHP and Sogrinsk CHP, its combined heating and power coal plants in Kazakhstan, for net proceeds of $24 million . The carrying value of the asset group of $171 million was greater than its fair value less costs to sell of $29 million . The Company recognized an impairment charge of $94 million , which was limited to the carrying value of the long lived assets, and recognized a pretax loss on sale of $48 million , primarily related to cumulative translation losses. The sale did not meet the criteria to be reported as a discontinued operations. Prior to their sale, the Kazakhstan CHP plants were reported in the Europe SBU reportable segment. Excluding the impairment charge and loss on sale, pretax income attributable to AES was as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Kazakhstan CHPs $ — $ — $ 13 $ 7 DPLER — On January 1, 2016, the Company completed the sale of its interest in DPLER, a competitive retail marketer selling electricity to customers in Ohio. Upon completion, proceeds of $76 million were received and a gain on sale of $49 million was recognized. The sale of DPLER did not meet the criteria to be reported as a discontinued operation. Prior to its sale, DPLER was reported in the US SBU reportable segment. Kelanitissa — On January 27, 2016, the Company completed the sale of its interest in Kelanitissa, a diesel-fired generation station in Sri Lanka. Upon completion, proceeds of $18 million were received and a loss on sale of $5 million was recognized. The sale of Kelanitissa did not meet the criteria to be reported as a discontinued operation. Prior to its sale, Kelanitissa was reported in the Asia SBU reportable segment. UK Wind — During the second quarter of 2016, the Company deconsolidated UK Wind and recorded a loss on deconsolidation of $20 million to Gain (loss) on disposal and sale of businesses in the Condensed Consolidated Statement of Operations. Prior to deconsolidation, UK Wind was reported in the Europe SBU reportable segment. |
Risks and Uncertainties (Notes)
Risks and Uncertainties (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
Unusual Risk or Uncertainty [Line Items] | |
Unusual Risks and Uncertainties [Table Text Block] | As disclosed in Note 26— Risks and Uncertainties in Item 8.— Financial Statements and Supplementary Data of the 2016 Form 10-K, as of December 31, 2016, the Company has 531 MW under construction at Alto Maipo. Increased project costs, or delays in construction, could have an adverse impact on the Company. As disclosed in the Company’s Form 10-Q for the period ended March 31, 2017, Alto Maipo has experienced construction difficulties, which have resulted in an increase in projected cost for the project of up to 22% of the original $2 billion budget. These overages led to a series of negotiations with the intention of restructuring the project’s existing financial structure and obtaining additional funding. On March 17, 2017, the Company completed the legal and financial restructuring of Alto Maipo, and through its 67% ownership interest in AES Gener, the Company now has an effective 62% indirect economic interest in Alto Maipo. See Note 11— Equity for additional information regarding the restructuring. Following the restructuring described above, the project continued to face construction difficulties including greater than expected costs and slower than anticipated productivity by construction contractors towards agreed-upon milestones. Furthermore, during the second quarter of 2017, as a result of the failure to perform by one of its construction contractors, Constructora Nuevo Maipo S.A. (“CNM”), Alto Maipo terminated CNM’s contract and is seeking a replacement contractor to complete CNM’s work. As a result of the termination of CNM, Alto Maipo’s construction debt of $613 million and derivative liabilities of $139 million are in technical default and presented as current in the balance sheet as of June 30, 2017. Alto Maipo is working to resolve the challenges described above. Alto Maipo is seeking a replacement contractor to complete CNM’s work, and continues to maintain a dialogue with lenders and other parties. However, there can be no assurance that Alto Maipo will succeed in these efforts and if there are further delays or cost overruns, or if Alto Maipo is unable to reach an agreement with the non-recourse lenders, there is a risk that these lenders would seek to exercise remedies available as a result of the default noted above, or that Alto Maipo would not be able to meet its contractual or other obligations and would be unable to continue with the project. If any of the above occur, there could be a material impairment for the Company. The carrying value of the long-lived assets and deferred tax assets of Alto Maipo as of June 30, 2017 was approximately $1.3 billion and $60 million , respectively. The Parent Company has invested approximately $360 million in Alto Maipo and has an additional equity commitment of $55 million to be funded as part of the March restructuring described above. As a result of the construction difficulties, management assessed the recoverability of the carrying value of the long-lived asset group, noting they were not impaired as of June 30, 2017. |
Financial Statement Presentat29
Financial Statement Presentation (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | Consolidation — In this Quarterly Report the terms “AES,” “the Company,” “us” or “we” refer to the consolidated entity, including its subsidiaries and affiliates. The terms “The AES Corporation” or “the Parent Company” refer only to the publicly held holding company, The AES Corporation, excluding its subsidiaries and affiliates. Furthermore, VIEs in which the Company has a variable interest have been consolidated where the Company is the primary beneficiary. Investments in which the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. All intercompany transactions and balances have been eliminated in consolidation. |
Basis of Presentation and Significant Accounting Policies [Text Block] | Interim Financial Presentation — The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with GAAP, as contained in the FASB ASC, for interim financial information and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for annual fiscal reporting periods. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, comprehensive income and cash flows. The results of operations for the three and six months ended June 30, 2017 , are not necessarily indicative of results that may be expected for the year ending December 31, 2017 . The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the 2016 audited consolidated financial statements and notes thereto, which are included in the 2016 Form 10-K filed with the SEC on February 27, 2017 (the “ 2016 Form 10-K”). |
New Accounting Pronouncements Adopted | New Accounting Pronouncements — The following table provides a brief description of recent accounting pronouncements that had and/or could have a material impact on the Company’s consolidated financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or are expected to have no material impact on the Company’s consolidated financial statements. New Accounting Standards Adopted ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting The standard simplifies the following aspects of accounting for share-based payments awards: accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures, statutory tax withholding requirements, classification of awards as either equity or liabilities and classification of employee taxes paid on statement of cash flows when an employer withholds shares for tax-withholding purposes. Transition method: The recognition of excess tax benefits and tax deficiencies arising from vesting or settlement were applied retrospectively. The elimination of the requirement that excess tax benefits be realized before they are recognized was adopted on a modified retrospective basis. January 1, 2017 The recognition of excess tax benefits in the provision for income taxes in the period when the awards vest or are settled, rather than in paid-in-capital in the period when the excess tax benefits are realized, resulted in a decrease of $31 million to deferred tax liabilities, offset by an increase to retained earnings. New Accounting Standards Issued But Not Yet Effective ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): Accounting for Certain Financial Instruments and Certain Mandatorily Redeemable Noncontrolling Interests Part 1 of this standard changes the classification analysis of certain equity-linked financial instruments when assessing whether the instrument is indexed to an entity’s own stock. Transition method: retrospective. January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities This standard shortens the period of amortization of the premium on certain callable debt securities to the earliest call date. Transition method: modified retrospective. January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost This standard changes the presentation of non-service cost expense associated with defined benefit plans and updates the guidance so that only the service cost component will be eligible for capitalization. Transition method: Retrospective for presentation of non-service cost expense. Prospective for the change in capitalization. January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements and does not plan to early adopt. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment This standard simplifies the accounting for goodwill impairment by removing the requirement to calculate the implied fair value. Instead, it requires that an entity records an impairment charge based on the excess of a reporting unit's carrying amount over its fair value. January 1, 2020. Early adoption is permitted as of January 1, 2017. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business This standard provides guidance to assist entities with evaluating when a set of transferred assets and activities is a business. January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) This standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Transition method: retrospective. January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory This standard requires that an entity recognizes the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Transition method: modified retrospective. January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The standard updates the impairment model for financial assets measured at amortized cost to an expected loss model rather than an incurred loss model. It also allows for the presentation of credit losses on available-for-sale debt securities as an allowance rather than a write down. Transition method: various. January 1, 2020. Early adoption is permitted only as of January 1, 2019. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-02, Leases (Topic 842) The standard creates Topic 842, Leases, which supersedes Topic 840, Leases. It introduces a lessee model that brings substantially all leases onto the balance sheet while retaining most of the principles of the existing lessor model in U.S. GAAP and aligning many of those principles with ASC 606, Revenue from Contracts with Customers. Transition method: modified retrospective approach with certain practical expedients. January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. The Company intends to adopt the standard as of January 1, 2019. 2014-09, 2015-14, 2016-08, 2016-10, 2016-12, 2016-20, 2017-05, Revenue from Contracts with Customers (Topic 606) See discussion of the ASU below. January 1, 2018. Earlier application is permitted only as of January 1, 2017. The Company will adopt the standard on January 1, 2018; see below for the evaluation of the impact of its adoption on the consolidated financial statements. ASU 2014-09 and its subsequent corresponding updates provide the principles an entity must apply to measure and recognize revenue. The core principle is that an entity shall recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Amendments to the standard were issued that provide further clarification of the principle and to provide certain transition expedients. The standard will replace most existing revenue recognition guidance in GAAP, including the guidance on recognizing other income upon the sale or transfer of non-financial assets (including in-substance real estate). The standard requires retrospective application and allows either a full retrospective adoption in which all of the periods are presented under the new standard or a modified retrospective approach in which the cumulative effect of initially applying the guidance is recognized at the date of initial application. We are currently working toward adopting the standard using the full retrospective method. However, the Company will continue to assess this conclusion which is dependent on the final impact to the financial statements. In 2016, the Company established a cross-functional implementation team and is in the process of evaluating changes to our business processes, systems and controls to support recognition and disclosure under the new standard. At this time, we do not expect any significant impact on our financial systems or a material change to controls as a result of the implementation of the new revenue recognition standard. Given the complexity and diversity of our non-regulated arrangements, the Company is assessing the standard on a contract-by-contract basis and is in the process of completing the contract assessments by applying interpretations reached during 2017 on key issues. These issues include the application of the practical expedient for measuring progress towards satisfaction of a performance obligation, when variable quantities would be considered variable consideration versus an option to acquire additional goods and services and how to allocate variable consideration to one or more, but not all, distinct goods or services promised in a series of distinct goods or services that forms part of a single performance obligation. Additionally, the Company is working on the application of the standard to contracts that are under the scope of Service Concession Arrangements (Topic 853) and assessing the gross versus net presentation for spot energy sale and purchases. Through this assessment, the Company to date has identified limited situations where revenue recognized under ASC 606 could differ from that recognized under ASC 605. The Company will continue its work to complete the assessment of the full population of contracts and determine the overall impact to the consolidated financial statements. We are continuing to work with various non-authoritative industry groups, and monitoring the FASB and Transition Resource Group activity, as we finalize our accounting policy on these and other industry specific interpretative issues which is expected in 2017. |
Commitments and Contingencies | 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. |
Segment Reporting | The segment reporting structure uses the Company’s management reporting structure as its foundation to reflect how the Company manages the businesses internally and is organized by geographic regions which provides a socio-political-economic understanding of our business. The management reporting structure is organized by six SBUs led by our President and Chief Executive Officer: US, Andes, Brazil, MCAC, Europe, and Asia SBUs. Using the accounting guidance on segment reporting, the Company determined that it has six operating and six reportable segments corresponding to its SBUs. Corporate and Other — Corporate overhead costs which are not directly associated with the operations of our six reportable segments are included in “Corporate and Other.” Also included are certain 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 pretax income from continuing operations attributable to The AES Corporation excluding gains or losses of the consolidated entity due to (a) unrealized gains or losses related to derivative transactions; (b) unrealized foreign currency gains or losses; (c) gains or losses and associated benefits and costs due to dispositions and acquisitions of business interests, including early plant closures, and the tax impact from the repatriation of sales proceeds; (d) losses due to impairments; and (e) gains, losses and costs due to the early retirement of debt. Adjusted PTC also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities. The Company has concluded that Adjusted PTC better 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 has concluded that Adjusted PTC is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the Company’s results. Revenue and Adjusted PTC are presented before inter-segment eliminations, which includes the effect of intercompany transactions with other segments except for interest, charges for certain management fees, and the write-off of intercompany balances, as applicable. All intra-segment activity has been eliminated within the segment. Inter-segment activity has been eliminated within the total consolidated results. |
Contingencies and Commitments C
Contingencies and Commitments Contingencies and Commitments (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies, Policy [Policy Text Block] | 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. |
Segments Segments (Policies)
Segments Segments (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | The segment reporting structure uses the Company’s management reporting structure as its foundation to reflect how the Company manages the businesses internally and is organized by geographic regions which provides a socio-political-economic understanding of our business. The management reporting structure is organized by six SBUs led by our President and Chief Executive Officer: US, Andes, Brazil, MCAC, Europe, and Asia SBUs. Using the accounting guidance on segment reporting, the Company determined that it has six operating and six reportable segments corresponding to its SBUs. Corporate and Other — Corporate overhead costs which are not directly associated with the operations of our six reportable segments are included in “Corporate and Other.” Also included are certain 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 pretax income from continuing operations attributable to The AES Corporation excluding gains or losses of the consolidated entity due to (a) unrealized gains or losses related to derivative transactions; (b) unrealized foreign currency gains or losses; (c) gains or losses and associated benefits and costs due to dispositions and acquisitions of business interests, including early plant closures, and the tax impact from the repatriation of sales proceeds; (d) losses due to impairments; and (e) gains, losses and costs due to the early retirement of debt. Adjusted PTC also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities. The Company has concluded that Adjusted PTC better 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 has concluded that Adjusted PTC is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the Company’s results. Revenue and Adjusted PTC are presented before inter-segment eliminations, which includes the effect of intercompany transactions with other segments except for interest, charges for certain management fees, and the write-off of intercompany balances, as applicable. All intra-segment activity has been eliminated within the segment. Inter-segment activity has been eliminated within the total consolidated results. |
Earnings Per Share EPS Policy (
Earnings Per Share EPS Policy (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | 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 RSUs, 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. |
Financial Statement Presentat33
Financial Statement Presentation New Accounting Standards (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The following table provides a brief description of recent accounting pronouncements that had and/or could have a material impact on the Company’s consolidated financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or are expected to have no material impact on the Company’s consolidated financial statements. New Accounting Standards Adopted ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting The standard simplifies the following aspects of accounting for share-based payments awards: accounting for income taxes, classification of excess tax benefits on the statement of cash flows, forfeitures, statutory tax withholding requirements, classification of awards as either equity or liabilities and classification of employee taxes paid on statement of cash flows when an employer withholds shares for tax-withholding purposes. Transition method: The recognition of excess tax benefits and tax deficiencies arising from vesting or settlement were applied retrospectively. The elimination of the requirement that excess tax benefits be realized before they are recognized was adopted on a modified retrospective basis. January 1, 2017 The recognition of excess tax benefits in the provision for income taxes in the period when the awards vest or are settled, rather than in paid-in-capital in the period when the excess tax benefits are realized, resulted in a decrease of $31 million to deferred tax liabilities, offset by an increase to retained earnings. New Accounting Standards Issued But Not Yet Effective ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): Accounting for Certain Financial Instruments and Certain Mandatorily Redeemable Noncontrolling Interests Part 1 of this standard changes the classification analysis of certain equity-linked financial instruments when assessing whether the instrument is indexed to an entity’s own stock. Transition method: retrospective. January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities This standard shortens the period of amortization of the premium on certain callable debt securities to the earliest call date. Transition method: modified retrospective. January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost This standard changes the presentation of non-service cost expense associated with defined benefit plans and updates the guidance so that only the service cost component will be eligible for capitalization. Transition method: Retrospective for presentation of non-service cost expense. Prospective for the change in capitalization. January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements and does not plan to early adopt. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment This standard simplifies the accounting for goodwill impairment by removing the requirement to calculate the implied fair value. Instead, it requires that an entity records an impairment charge based on the excess of a reporting unit's carrying amount over its fair value. January 1, 2020. Early adoption is permitted as of January 1, 2017. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business This standard provides guidance to assist entities with evaluating when a set of transferred assets and activities is a business. January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) This standard requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Transition method: retrospective. January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory This standard requires that an entity recognizes the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Transition method: modified retrospective. January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The standard updates the impairment model for financial assets measured at amortized cost to an expected loss model rather than an incurred loss model. It also allows for the presentation of credit losses on available-for-sale debt securities as an allowance rather than a write down. Transition method: various. January 1, 2020. Early adoption is permitted only as of January 1, 2019. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2016-02, Leases (Topic 842) The standard creates Topic 842, Leases, which supersedes Topic 840, Leases. It introduces a lessee model that brings substantially all leases onto the balance sheet while retaining most of the principles of the existing lessor model in U.S. GAAP and aligning many of those principles with ASC 606, Revenue from Contracts with Customers. Transition method: modified retrospective approach with certain practical expedients. January 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. The Company intends to adopt the standard as of January 1, 2019. 2014-09, 2015-14, 2016-08, 2016-10, 2016-12, 2016-20, 2017-05, Revenue from Contracts with Customers (Topic 606) See discussion of the ASU below. January 1, 2018. Earlier application is permitted only as of January 1, 2017. The Company will adopt the standard on January 1, 2018; see below for the evaluation of the impact of its adoption on the consolidated financial statements. |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory Balance By Type | The following table summarizes the Company’s inventory balances as of the periods indicated (in millions): June 30, 2017 December 31, 2016 Fuel and other raw materials $ 330 $ 302 Spare parts and supplies 303 328 Total $ 633 $ 630 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | ||
Marketable Securities [Table Text Block] | The following table presents gross proceeds from the sale of AFS securities during the periods indicated (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Gross proceeds from sale of AFS securities $ 1,041 $ 1,044 $ 1,962 $ 2,404 | |
Fair value hierarchy for recurring measurements table | The following table presents, 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 the dates indicated (in millions). For the Company’s investments in marketable debt and equity securities, the security classes presented are determined based on the nature and risk of the security and are consistent with how the Company manages, monitors and measures its marketable securities: June 30, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets AVAILABLE FOR SALE: Debt securities: Unsecured debentures $ — $ 271 $ — $ 271 $ — $ 360 $ — $ 360 Certificates of deposit — 407 — 407 — 372 — 372 Government debt securities — — — — — 9 — 9 Subtotal — 678 — 678 — 741 — 741 Equity securities: Mutual funds — 51 — 51 — 49 — 49 Subtotal — 51 — 51 — 49 — 49 Total available for sale — 729 — 729 — 790 — 790 TRADING: Equity securities: Mutual funds 19 — — 19 16 — — 16 Total trading 19 — — 19 16 — — 16 DERIVATIVES: Interest rate derivatives — 13 — 13 — 18 — 18 Cross-currency derivatives — 5 — 5 — 4 — 4 Foreign currency derivatives — 31 239 270 — 54 255 309 Commodity derivatives — 42 11 53 — 38 7 45 Total derivatives — assets — 91 250 341 — 114 262 376 TOTAL ASSETS $ 19 $ 820 $ 250 $ 1,089 $ 16 $ 904 $ 262 $ 1,182 Liabilities DERIVATIVES: Interest rate derivatives $ — $ 106 $ 195 $ 301 $ — $ 121 $ 179 $ 300 Cross-currency derivatives — 14 — 14 — 18 — 18 Foreign currency derivatives — 29 — 29 — 64 — 64 Commodity derivatives — 17 2 19 — 40 2 42 Total derivatives — liabilities — 166 197 363 — 243 181 424 TOTAL LIABILITIES $ — $ 166 $ 197 $ 363 $ — $ 243 $ 181 $ 424 | |
Fair Value, Net Derivative Assets (Liabilities) measured on a recurring basis, Unobservable Input Reconciliation 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 three and six months ended June 30, 2017 and 2016 (presented net by type of derivative in millions). 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. Three Months Ended June 30, 2017 Interest Rate Foreign Currency Commodity Total Balance at April 1 $ (183 ) $ 231 $ 2 $ 50 Total realized and unrealized gains (losses): Included in earnings — 16 (1 ) 15 Included in other comprehensive income — derivative activity (17 ) — — (17 ) Included in regulatory (assets) liabilities — — 10 10 Settlements 9 (8 ) (2 ) (1 ) Transfers of liabilities into Level 3 (4 ) — — (4 ) Balance at June 30 $ (195 ) $ 239 $ 9 $ 53 Total gains 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 $ — $ 8 $ — $ 8 Three Months Ended June 30, 2016 Interest Rate Foreign Currency Commodity Total Balance at April 1 $ (416 ) $ 290 $ — $ (126 ) Total realized and unrealized gains (losses): Included in earnings — (31 ) 2 (29 ) Included in other comprehensive income — derivative activity (80 ) — — (80 ) Included in other comprehensive income — foreign currency translation activity 1 (4 ) — (3 ) Included in regulatory (assets) liabilities — — 11 11 Settlements 21 (3 ) (2 ) 16 Transfers of liabilities into Level 3 (17 ) — — (17 ) Transfers of liabilities out of Level 3 70 19 — 89 Balance at June 30 $ (421 ) $ 271 $ 11 $ (139 ) 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 ) $ 2 $ (25 ) Six Months Ended June 30, 2017 Interest Rate Foreign Currency Commodity Total Balance at January 1 $ (179 ) $ 255 $ 5 $ 81 Total realized and unrealized gains (losses): Included in earnings — — (1 ) (1 ) Included in other comprehensive income — derivative activity (28 ) — — (28 ) Included in regulatory (assets) liabilities — — 10 10 Settlements 19 (16 ) (5 ) (2 ) Transfers of liabilities into Level 3 (7 ) — — (7 ) Balance at June 30 $ (195 ) $ 239 $ 9 $ 53 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 $ 2 $ (16 ) $ — $ (14 ) Six Months Ended June 30, 2016 Interest Rate Foreign Currency Commodity Total Balance at January 1 $ (304 ) $ 277 $ 3 $ (24 ) Total realized and unrealized gains (losses): Included in earnings 2 16 2 20 Included in other comprehensive income — derivative activity (174 ) 5 — (169 ) Included in other comprehensive income — foreign currency translation activity (1 ) (38 ) — (39 ) Included in regulatory (assets) liabilities — — 11 11 Settlements 37 (5 ) (5 ) 27 Transfers of liabilities into Level 3 (51 ) — — (51 ) Transfers of assets out of Level 3 70 16 — 86 Balance at June 30 $ (421 ) $ 271 $ 11 $ (139 ) Total gains 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 $ 5 $ 17 $ 2 $ 24 | |
Derivative Assets, Significant unobservable inputs | The following table summarizes the significant unobservable inputs used for Level 3 derivative assets (liabilities) as of June 30, 2017 (in millions, except range amounts): Type of Derivative Fair Value Unobservable Input Amount or Range (Weighted Average) Interest rate $ (195 ) Subsidiaries’ credit spreads 2.4% to 5.1% (4.8%) Foreign currency: Argentine Peso 239 Argentine Peso to USD currency exchange rate after one year (1) 19.7 to 43.1 (30.9) Commodity: Other 9 Total $ 53 _____________________________ (1) During the three months ended June 30, 2017, the Company began utilizing the interest rate differential approach to construct the remaining portion of the forward curve after one year (beyond the traded points). In previous periods, the Company used the purchasing price parity approach to construct the forward curve. The following table summarizes the significant unobservable inputs used in the Level 3 measurement on a nonrecurring basis during the six months ended June 30, 2017 (in millions, except range amounts): Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Long-lived assets held and used: DPL $ 11 Discounted cash flow Pretax operating margin (through remaining life) 10% to 22% (15%) Weighted average cost of capital 7% Tait Energy Storage 7 Discounted cash flow Annual pretax operating margin 46% to 85% (80%) Weighted average cost of capital 9% | |
Fair value hierarchy for nonrecurring measurements table | The following table summarizes our major categories of assets and liabilities measured at fair value on a nonrecurring basis and their level within the fair value hierarchy (in millions): Six Months Ended June 30, 2017 Measurement Date Carrying Amount (1) Fair Value Pretax Loss Assets Level 1 Level 2 Level 3 Long-lived assets held and used: (2) DPL 02/28/2017 $ 77 $ — $ — $ 11 $ 66 Tait Energy Storage 02/28/2017 15 — — 7 8 Dispositions and held-for-sale businesses: (3) Kazakhstan Hydroelectric 06/30/2017 190 — 92 — 90 Kazakhstan CHPs 03/31/2017 171 — 29 — 94 Six Months Ended June 30, 2016 Measurement Date Carrying Amount (1) Fair Value Pretax Loss Assets Level 1 Level 2 Level 3 Long-lived assets held and used: (2) DPL 06/30/2016 $ 324 $ — $ — $ 89 $ 235 Buffalo Gap II 03/31/2016 251 — — 92 159 Discontinued operations and held-for-sale businesses: (3) Sul 06/30/2016 1,581 — 470 — 783 _____________________________ (1) Represents the carrying values at the dates of measurement, before fair value adjustment. (2) See Note 14 —Asset Impairment Expense for further information. (3) Per the Company’s policy, pretax loss is limited to the impairment of long-lived assets. Any additional loss will be recognized on completion of the sale. See Note 16 —Held-for-Sale Businesses and Dispositions for further information | |
Financial instruments not measured at fair value in the condensed consolidated balance sheets | The following table presents (in millions) 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 June 30, 2017 and December 31, 2016 , but for which fair value is disclosed: June 30, 2017 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 244 $ 312 $ — $ 19 $ 293 Liabilities: Non-recourse debt 16,387 16,905 — 14,942 1,963 Recourse debt 4,384 4,687 — 4,687 — December 31, 2016 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 264 $ 350 $ — $ 20 $ 330 Liabilities: Non-recourse debt 15,792 16,188 — 15,120 1,068 Recourse debt 4,671 4,899 — 4,899 — _____________________________ (1) These amounts primarily relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and are included in Other noncurrent assets in the accompanying Condensed Consolidated Balance Sheets. The fair value and carrying amount of these receivables exclude VAT of $35 million and $24 million as of June 30, 2017 and December 31, 2016 , respectively. |
Derivative Instruments and He36
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate And Cross Currency Derivatives By Type Table | The following table presents the Company’s maximum notional (in millions) over the remaining contractual period by type of derivative as of June 30, 2017 , regardless of whether they are in qualifying cash flow hedging relationships, and the dates through which the maturities for each type of derivative range: Derivatives Maximum Notional Translated to USD Latest Maturity Interest Rate (LIBOR and EURIBOR) $ 4,168 2035 Cross-Currency Swaps (Chilean Unidad de Fomento and Chilean Peso) 379 2029 Foreign Currency: Argentine Peso 155 2026 Colombian Peso 239 2019 Euro 192 2019 Others, primarily with weighted average remaining maturities of a year or less 290 2019 |
Derivative Assets Liabilities At Fair Value Net By Balance Sheet Classification And Type Table | The following tables present the fair value of assets and liabilities related to the Company’s derivative instruments as of June 30, 2017 and December 31, 2016 (in millions): Fair Value June 30, 2017 December 31, 2016 Assets Designated Not Designated Total Designated Not Designated Total Interest rate derivatives $ 13 $ — $ 13 $ 18 $ — $ 18 Cross-currency derivatives 5 — 5 4 — 4 Foreign currency derivatives — 270 270 9 300 309 Commodity derivatives 10 43 53 20 25 45 Total assets $ 28 $ 313 $ 341 $ 51 $ 325 $ 376 Liabilities Interest rate derivatives $ 157 $ 144 $ 301 $ 295 $ 5 $ 300 Cross-currency derivatives 14 — 14 18 — 18 Foreign currency derivatives — 29 29 19 45 64 Commodity derivatives 5 14 19 26 16 42 Total liabilities $ 176 $ 187 $ 363 $ 358 $ 66 $ 424 June 30, 2017 December 31, 2016 Fair Value Assets Liabilities Assets Liabilities Current $ 94 $ 223 $ 99 $ 155 Noncurrent 247 140 277 269 Total $ 341 $ 363 $ 376 $ 424 Credit Risk-Related Contingent Features (1) June 30, 2017 December 31, 2016 Present value of liabilities subject to collateralization $ 20 $ 41 Cash collateral held by third parties or in escrow 10 18 |
Gain Loss In Earnings On Ineffective Portion Of Qualifying Cash Flow Hedges Table | The next table presents (in millions) the pretax gains (losses) recognized in AOCL and earnings related to all derivative instruments for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Effective portion of cash flow hedges Gains (losses) recognized in AOCL Interest rate derivatives $ (51 ) $ (90 ) $ (73 ) $ (220 ) Cross-currency derivatives (10 ) (11 ) 2 (3 ) Foreign currency derivatives 4 (5 ) (11 ) (5 ) Commodity derivatives 2 (12 ) 14 25 Total $ (55 ) $ (118 ) $ (68 ) $ (203 ) Gains (losses) reclassified from AOCL into earnings Interest rate derivatives $ (20 ) $ (26 ) $ (44 ) $ (55 ) Cross-currency derivatives — 1 4 10 Foreign currency derivatives (21 ) 2 (23 ) 4 Commodity derivatives 2 16 3 38 Total $ (39 ) $ (7 ) $ (60 ) $ (3 ) Gains (losses) recognized in earnings related to Ineffective portion of cash flow hedges $ — $ — $ — $ 2 Not designated as hedging instruments: Foreign currency derivatives $ 14 $ (24 ) $ (18 ) $ 15 Commodity derivatives and other 8 (9 ) 6 (17 ) Total $ 22 $ (33 ) $ (12 ) $ (2 ) Pretax gains (losses) reclassified to earnings as a result of discontinuance of cash flow hedge because it was probable that the forecasted transaction would not occur $ (19 ) $ — $ (16 ) $ — |
Financing Receivables (Tables)
Financing Receivables (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Financing Receivables Table | The following table presents financing receivables by country as of the dates indicated (in millions): June 30, 2017 December 31, 2016 Argentina $ 241 $ 236 United States 19 20 Brazil 8 8 Other 11 — Total $ 279 $ 264 |
Investments In and Advances To
Investments In and Advances To Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments In and Advances to Affiliates Financial Information | The following table summarizes financial information of the Company’s 50%-or-less-owned affiliates that are accounted for using the equity method (in millions): Six Months Ended June 30, 50%-or-less-Owned Affiliates 2017 2016 Revenue $ 341 $ 286 Operating margin 65 69 Net income 23 30 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Non-recourse debt [Table Text Block] | During the six months ended June 30, 2017 , the Company’s subsidiaries had the following significant debt transactions: Subsidiary Issuances Repayments Gain (Loss) on Extinguishment of Debt Tietê $ 585 $ (293 ) $ (5 ) Alicura 307 (181 ) 65 Gener 243 (79 ) — Los Mina 193 (175 ) (2 ) Southland 188 — — Colon 150 — — Eletropaulo 103 (86 ) — Other 194 (343 ) — Total $ 1,963 $ (1,157 ) $ 58 |
Debt In Default | The following table summarizes the Company’s subsidiary non-recourse debt in default as of June 30, 2017 (in millions). Due to the defaults, these amounts are included in the current portion of non-recourse debt: Subsidiary Primary Nature of Default Debt in Default Net Assets Alto Maipo (Chile) Covenant $ 613 $ 341 Puerto Rico Covenant 381 631 $ 994 |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Contingent Contractual Obligations [Table Text Block] | The following table summarizes the Parent Company’s contingent contractual obligations as of June 30, 2017 . Amounts presented in the following table 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. Contingent Contractual Obligations Amount (in millions) Number of Agreements Maximum Exposure Range for Each Agreement (in millions) Guarantees and commitments $ 799 19 $8 — 272 Letters of credit under the unsecured credit facility 245 8 $2 — 73 Asset sale related indemnities (1) 27 1 $27 Letters of credit under the senior secured credit facility 7 16 <$1 — 1 Cash collateralized letters of credit 3 1 $3 Total $ 1,081 45 _____________________________ (1) Excludes normal and customary representations and warranties in agreements for the sale of assets (including ownership in associated legal entities) where the associated risk is considered to be nominal. |
Pension Plans (Tables)
Pension Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost Table | Total pension cost and employer contributions were as follows for the periods indicated (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 U.S. Foreign U.S. Foreign U.S. Foreign U.S. Foreign Service cost $ 3 $ 4 $ 3 $ 3 $ 7 $ 8 $ 6 $ 6 Interest cost 10 97 10 86 20 196 20 163 Expected return on plan assets (17 ) (72 ) (16 ) (55 ) (35 ) (145 ) (33 ) (105 ) Amortization of prior service cost 1 — 2 — 3 — 4 — Amortization of net loss 5 10 4 4 9 21 9 9 Curtailment loss recognized — — — — 4 — — — Total pension cost $ 2 $ 39 $ 3 $ 38 $ 8 $ 80 $ 6 $ 73 Six Months Ended Remainder of 2017 (Expected) U.S. Foreign U.S. Foreign Total employer contributions $ 13 $ 79 $ 1 $ 76 |
Redeemable Stocks of Subsidia42
Redeemable Stocks of Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Redeemable Stock of Subsidiaries [Abstract] | |
Temporary Equity [Table Text Block] | The following table summarizes the Company’s redeemable stock of subsidiaries balances as of the periods indicated (in millions): June 30, 2017 December 31, 2016 IPALCO common stock $ 618 $ 618 Colon quotas (1) 113 100 IPL preferred stock 60 60 Other common stock — 4 Redeemable stock of subsidiaries $ 791 $ 782 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Schedule of Stockholders Equity | The following table is a reconciliation of the beginning and ending equity attributable to stockholders of The AES Corporation, NCI and total equity as of the periods indicated (in millions): Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 The Parent Company Stockholders’ Equity NCI Total Equity The Parent Company Stockholders’ Equity NCI Total Equity Balance at the beginning of the period $ 2,794 $ 2,906 $ 5,700 $ 3,149 $ 3,022 $ 6,171 Net income (loss) (1) 29 219 248 (356 ) 43 (313 ) Total foreign currency translation adjustment, net of income tax 48 (1 ) 47 193 55 248 Total change in derivative fair value, net of income tax — 2 2 (80 ) (75 ) (155 ) Total pension adjustments, net of income tax — 13 13 2 5 7 Cumulative effect of a change in accounting principle (2) 31 — 31 — — — Fair value adjustment (3) (7 ) — (7 ) — — — Disposition of businesses — — — — 18 18 Distributions to noncontrolling interests — (198 ) (198 ) (2 ) (187 ) (189 ) Contributions from noncontrolling interests — 17 17 — 7 7 Dividends declared on common stock (79 ) — (79 ) (71 ) — (71 ) Purchase of treasury stock — — — (79 ) — (79 ) Issuance and exercise of stock-based compensation benefit plans 9 — 9 12 — 12 Sale of subsidiary shares to noncontrolling interests (4 ) 22 18 — 17 17 Acquisition of subsidiary shares from noncontrolling interests 200 67 267 (2 ) (3 ) (5 ) Less: Net loss attributable to redeemable stock of subsidiaries — 6 6 — 5 5 Balance at the end of the period $ 3,021 $ 3,053 $ 6,074 $ 2,766 $ 2,907 $ 5,673 _____________________________ (1) Net income attributable to noncontrolling interest of $225 million and net loss attributable to redeemable stocks of subsidiaries of $6 million for the six months ended June 30, 2017. Net income attributable to noncontrolling interest of $48 million and net loss attributable to redeemable stock of subsidiaries of $5 million for the six months ended June 30, 2016. (2) See Note 1 —Financial Statement Presentation, New Accounting Standards Adopted for further information. (3) Adjustment to record the of redeemable stock of Colon at fair value. |
Components Of Accumulated Other Comprehensive Income | The following table summarizes the changes in AOCL by component, net of tax and NCI, for the six months ended June 30, 2017 (in millions): Foreign currency translation adjustment, net Unrealized derivative gains (losses), net Unfunded pension obligations, net Total Balance at the beginning of the period $ (2,147 ) $ (323 ) $ (286 ) $ (2,756 ) Other comprehensive income (loss) before reclassifications (50 ) (40 ) (3 ) (93 ) Amount reclassified to earnings 98 40 3 141 Other comprehensive income 48 — — 48 Reclassification from NCI due to Alto Maipo Restructuring — (33 ) — (33 ) Balance at the end of the period $ (2,099 ) $ (356 ) $ (286 ) $ (2,741 ) |
Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Income | Reclassifications out of AOCL are presented in the following table. Amounts for the periods indicated are in millions and those in parenthesis indicate debits to the Condensed Consolidated Statements of Operations: Details About AOCL Components Affected Line Item in the Condensed Consolidated Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Foreign currency translation adjustment, net Gain (loss) on disposal and sale of businesses $ (95 ) $ — $ (98 ) $ — Net income (loss) attributable to The AES Corporation $ (95 ) $ — $ (98 ) $ — Unrealized derivative gains (losses), net Non-regulated revenue $ — $ 32 $ 10 $ 74 Non-regulated cost of sales 1 (16 ) (9 ) (37 ) Interest expense (20 ) (32 ) (43 ) (61 ) Foreign currency transaction gains (losses) (20 ) 9 (18 ) 21 Income (loss) from continuing operations before taxes and equity in earnings of affiliates (39 ) (7 ) (60 ) (3 ) Income tax benefit (expense) 10 4 11 1 Income (loss) from continuing operations (29 ) (3 ) (49 ) (2 ) Less: Net income attributable to noncontrolling interests and redeemable stock of subsidiaries 9 — 9 (1 ) Net income (loss) attributable to The AES Corporation $ (20 ) $ (3 ) $ (40 ) $ (3 ) Amortization of defined benefit pension actuarial loss, net Regulated cost of sales $ (10 ) $ (5 ) $ (20 ) $ (9 ) General and administrative expenses — — 1 — Income (loss) from continuing operations before taxes and equity in earnings of affiliates (10 ) (5 ) (19 ) (9 ) Income tax benefit (expense) 3 1 6 2 Income (loss) from continuing operations (7 ) (4 ) (13 ) (7 ) Less: Net income attributable to noncontrolling interests and redeemable stock of subsidiaries 5 3 10 5 Net income (loss) attributable to The AES Corporation $ (2 ) $ (1 ) $ (3 ) $ (2 ) Total reclassifications for the period, net of income tax and noncontrolling interests $ (117 ) $ (4 ) $ (141 ) $ (5 ) |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Revenue By Segment Table | The following tables present financial information by segment for the periods indicated (in millions): Three Months Ended June 30, Six Months Ended June 30, Total Revenue 2017 2016 2017 2016 US SBU $ 785 $ 811 $ 1,593 $ 1,666 Andes SBU 672 575 1,290 1,197 Brazil SBU 982 895 2,021 1,734 MCAC SBU 635 530 1,221 1,049 Europe SBU 209 222 446 468 Asia SBU 186 201 378 395 Corporate and Other 6 1 20 2 Eliminations (5 ) (6 ) (7 ) (11 ) Total Revenue $ 3,470 $ 3,229 $ 6,962 $ 6,500 Three Months Ended June 30, Six Months Ended June 30, Total Adjusted PTC 2017 2016 2017 2016 Reconciliation from Income from Continuing Operations before Taxes and Equity In Earnings of Affiliates: Income (loss) from continuing operations before taxes and equity in earnings of affiliates $ 240 $ (22 ) $ 399 $ 151 Add: Net equity in earnings of affiliates 2 7 9 14 Less: Income from continuing operations before taxes, attributable to noncontrolling interests 136 130 306 114 Pretax contribution 106 (145 ) 102 51 Unrealized derivative losses (gains) 2 30 1 (4 ) Unrealized foreign currency transaction losses (gains) (24 ) 17 (33 ) 9 Disposition/acquisition losses (gains) 54 17 106 (2 ) Impairment expense 94 235 262 285 Losses (gains) on extinguishment of debt 11 6 (5 ) 6 Total Adjusted PTC $ 243 $ 160 $ 433 $ 345 Three Months Ended June 30, Six Months Ended June 30, Total Adjusted PTC 2017 2016 2017 2016 US SBU $ 63 $ 58 $ 111 $ 143 Andes SBU 82 84 170 145 Brazil SBU 13 7 52 12 MCAC SBU 99 75 158 123 Europe SBU 54 34 109 103 Asia SBU 26 26 48 48 Corporate and Other (94 ) (124 ) (215 ) (229 ) Total Adjusted PTC $ 243 $ 160 $ 433 $ 345 Total Assets June 30, 2017 December 31, 2016 US SBU $ 9,283 $ 9,333 Andes SBU 9,171 8,971 Brazil SBU 6,347 6,448 MCAC SBU 5,435 5,162 Europe SBU 2,575 2,664 Asia SBU 3,203 3,113 Assets of held-for-sale businesses 102 — Corporate and Other 353 428 Total Assets $ 36,469 $ 36,119 |
Other Income and Expense (Table
Other Income and Expense (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Other Income and Expenses [Abstract] | |
Schedule of other Income and other expense [Table Text Block] | Other income generally includes gains on asset sales and liability extinguishments, favorable judgments on contingencies, gains on contract terminations, allowance for funds used during construction and other income from miscellaneous transactions. Other expense generally includes losses on asset sales and dispositions, losses on legal contingencies, and losses from other miscellaneous transactions. The components are summarized as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Other Income Legal settlements (1) $ — $ — $ 60 $ — Allowance for funds used during construction (US Utilities) 6 7 13 14 Gain on sale of assets — 1 1 3 Other 9 4 13 8 Total other income $ 15 $ 12 $ 87 $ 25 Other Expense Loss on sale and disposal of assets $ 9 $ 9 $ 38 $ 14 Water rights write-off 3 6 3 7 Legal contingencies and settlements 1 4 1 4 Other 5 2 6 4 Total other expense $ 18 $ 21 $ 48 $ 29 _____________________________ (1) In December 2016, the Company and YPF entered into a settlement agreement in which all parties agreed to give up any and all legal action related to gas supply contracts that were terminated in 2008 and have been in dispute since 2009. In January 2017, the YPF board approved the agreement and paid the Company $60 million , thereby resolving all uncertainties around the dispute. |
Asset Impairment Expense (Table
Asset Impairment Expense (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset | Three Months Ended June 30, Six Months Ended June 30, (in millions) 2017 2016 2017 2016 Kazakhstan Hydroelectric $ 90 $ — $ 90 $ — Kazakhstan CHPs — — 94 — DPL — 235 66 235 Tait Energy Storage — — 8 — Buffalo Gap II — — — 159 Total $ 90 $ 235 $ 258 $ 394 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Basic And Diluted Table | The following table is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computation for income (loss) from continuing operations for the three and six months ended June 30, 2017 and 2016 , where income or loss represents the numerator and weighted average shares represent the denominator. Three Months Ended June 30, 2017 2016 (in millions, except per share data) Income Shares $ per Share Loss Shares $ per Share BASIC EARNINGS PER SHARE Income (loss) from continuing operations attributable to The AES Corporation common stockholders $ 53 660 $ 0.08 $ (103 ) 659 $ (0.16 ) EFFECT OF DILUTIVE SECURITIES Restricted stock units — 2 — — — — DILUTED EARNINGS PER SHARE $ 53 662 $ 0.08 $ (103 ) 659 $ (0.16 ) Six Months Ended June 30, 2017 2016 (in millions, except per share data) Income Shares $ per Share Income Shares $ per Share BASIC EARNINGS PER SHARE Income from continuing operations attributable to The AES Corporation common stockholders, net of tax $ 29 660 $ 0.04 $ 32 660 $ 0.05 EFFECT OF DILUTIVE SECURITIES Restricted stock units — 2 — — 2 — DILUTED EARNINGS PER SHARE $ 29 662 $ 0.04 $ 32 662 $ 0.05 |
Discontinued Operations and H48
Discontinued Operations and Held for sale businesses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table summarizes the major line items constituting the loss from discontinued operations for the three and six months ended June 30, 2016 (in millions): Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Loss from discontinued operations, net of tax: Revenue — regulated $ 219 $ 419 Cost of sales (204 ) (408 ) Asset impairment expense (783 ) (783 ) Other income and expense items that are not major, net (11 ) (20 ) Pretax loss from discontinued operations $ (779 ) $ (792 ) Income tax benefit 400 404 Loss from discontinued operations, net of tax $ (379 ) $ (388 ) The following table summarizes the operating and investing cash flows from discontinued operations for the three and six months ended June 30, 2016 (in millions): Six Months Ended June 30, 2016 Cash flows provided by operating activities of discontinued operations $ 57 Cash flows used in investing activities of discontinued operations (84 ) |
Financial Statement Presentat49
Financial Statement Presentation New Accounting Pronouncement Adopted (Details) - Accounting Standard Update 2016-09 [Member] $ in Millions | Dec. 31, 2016USD ($) |
Retained Earnings [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 31 |
Deferred Income Tax Charge [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 31 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Fuel and other raw materials | $ 330 | $ 302 |
Spare parts and supplies | 303 | 328 |
Total | $ 633 | $ 630 |
Fair Value (Recurring Measureme
Fair Value (Recurring Measurements) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 53 | $ (139) | $ 53 | $ (139) | $ 50 | $ 81 | $ (126) | $ (24) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,089 | 1,089 | 1,182 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 363 | 363 | 424 | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 15 | (29) | (1) | 20 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 10 | 11 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (1) | 16 | (2) | 27 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | (4) | (17) | (7) | (51) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 89 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 8 | (25) | (14) | 24 | ||||
Interest Rate Contract [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (195) | (421) | (195) | (421) | (183) | (179) | (416) | (304) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 2 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | 0 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 9 | 21 | 19 | 37 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | (4) | (17) | (7) | (51) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 70 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | 1 | 2 | 5 | ||||
Foreign currency derivatives [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 239 | 271 | 239 | 271 | 231 | 255 | 290 | 277 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 16 | (31) | 0 | 16 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | 0 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (8) | (3) | (16) | (5) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 19 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 8 | (28) | (16) | 17 | ||||
Commodity Contract [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 9 | 11 | 9 | 11 | $ 2 | 5 | $ 0 | $ 3 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (1) | 2 | (1) | 2 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 10 | 11 | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (2) | (2) | (5) | (5) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | 2 | 0 | 2 | ||||
Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 19 | 19 | 16 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | 0 | |||||
Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 820 | 820 | 904 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 166 | 166 | 243 | |||||
Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 250 | 250 | 262 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 197 | 197 | 181 | |||||
Available-for-sale Securities [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 729 | 729 | 790 | |||||
Available-for-sale Securities [Member] | Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Available-for-sale Securities [Member] | Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 729 | 729 | 790 | |||||
Available-for-sale Securities [Member] | Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Available-for-sale Securities [Member] | Debt Securities [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 678 | 678 | 741 | |||||
Available-for-sale Securities [Member] | Debt Securities [Member] | Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Available-for-sale Securities [Member] | Debt Securities [Member] | Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 678 | 678 | 741 | |||||
Available-for-sale Securities [Member] | Debt Securities [Member] | Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Available-for-sale Securities [Member] | Other Debt Obligations [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 271 | 271 | 360 | |||||
Available-for-sale Securities [Member] | Other Debt Obligations [Member] | Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Available-for-sale Securities [Member] | Other Debt Obligations [Member] | Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 271 | 271 | 360 | |||||
Available-for-sale Securities [Member] | Other Debt Obligations [Member] | Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Available-for-sale Securities [Member] | Government debt securities [Domain] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 9 | |||||
Available-for-sale Securities [Member] | Government debt securities [Domain] | Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Available-for-sale Securities [Member] | Government debt securities [Domain] | Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 9 | |||||
Available-for-sale Securities [Member] | Government debt securities [Domain] | Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 407 | 407 | 372 | |||||
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 407 | 407 | 372 | |||||
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Available-for-sale Securities [Member] | Equity Securities [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 51 | 51 | 49 | |||||
Available-for-sale Securities [Member] | Equity Securities [Member] | Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Available-for-sale Securities [Member] | Equity Securities [Member] | Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 51 | 51 | 49 | |||||
Available-for-sale Securities [Member] | Equity Securities [Member] | Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Available-for-sale Securities [Member] | Mutual Funds [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 51 | 51 | 49 | |||||
Available-for-sale Securities [Member] | Mutual Funds [Member] | Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Available-for-sale Securities [Member] | Mutual Funds [Member] | Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 51 | 51 | 49 | |||||
Available-for-sale Securities [Member] | Mutual Funds [Member] | Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Trading Securities [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 19 | 19 | 16 | |||||
Trading Securities [Member] | Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 19 | 19 | 16 | |||||
Trading Securities [Member] | Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Trading Securities [Member] | Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Trading Securities [Member] | Mutual Funds [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 19 | 19 | 16 | |||||
Trading Securities [Member] | Mutual Funds [Member] | Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 19 | 19 | 16 | |||||
Trading Securities [Member] | Mutual Funds [Member] | Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Trading Securities [Member] | Mutual Funds [Member] | Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Derivative [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 341 | 341 | 376 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 363 | 363 | 424 | |||||
Derivative [Member] | Interest Rate Contract [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 301 | 301 | 300 | |||||
Derivative [Member] | Cross currency derivatives [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 14 | 14 | 18 | |||||
Derivative [Member] | Foreign currency derivatives [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 29 | 29 | 64 | |||||
Derivative [Member] | Commodity Contract [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 19 | 19 | 42 | |||||
Derivative [Member] | Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | 0 | |||||
Derivative [Member] | Level 1 [Member] | Interest Rate Contract [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | 0 | |||||
Derivative [Member] | Level 1 [Member] | Cross currency derivatives [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | 0 | |||||
Derivative [Member] | Level 1 [Member] | Foreign currency derivatives [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | 0 | |||||
Derivative [Member] | Level 1 [Member] | Commodity Contract [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | 0 | |||||
Derivative [Member] | Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 91 | 91 | 114 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 166 | 166 | 243 | |||||
Derivative [Member] | Level 2 [Member] | Interest Rate Contract [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 106 | 106 | 121 | |||||
Derivative [Member] | Level 2 [Member] | Cross currency derivatives [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 14 | 14 | 18 | |||||
Derivative [Member] | Level 2 [Member] | Foreign currency derivatives [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 29 | 29 | 64 | |||||
Derivative [Member] | Level 2 [Member] | Commodity Contract [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 17 | 17 | 40 | |||||
Derivative [Member] | Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 250 | 250 | 262 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 197 | 197 | 181 | |||||
Derivative [Member] | Level 3 [Member] | Interest Rate Contract [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 195 | 195 | 179 | |||||
Derivative [Member] | Level 3 [Member] | Cross currency derivatives [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | 0 | |||||
Derivative [Member] | Level 3 [Member] | Foreign currency derivatives [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | 0 | |||||
Derivative [Member] | Level 3 [Member] | Commodity Contract [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 2 | 2 | 2 | |||||
Derivative [Member] | Interest Rate Contract [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 13 | 13 | 18 | |||||
Derivative [Member] | Interest Rate Contract [Member] | Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Derivative [Member] | Interest Rate Contract [Member] | Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 13 | 13 | 18 | |||||
Derivative [Member] | Interest Rate Contract [Member] | Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Derivative [Member] | Cross currency derivatives [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5 | 5 | 4 | |||||
Derivative [Member] | Cross currency derivatives [Member] | Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Derivative [Member] | Cross currency derivatives [Member] | Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5 | 5 | 4 | |||||
Derivative [Member] | Cross currency derivatives [Member] | Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Derivative [Member] | Foreign currency derivatives [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 270 | 270 | 309 | |||||
Derivative [Member] | Foreign currency derivatives [Member] | Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Derivative [Member] | Foreign currency derivatives [Member] | Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 31 | 31 | 54 | |||||
Derivative [Member] | Foreign currency derivatives [Member] | Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 239 | 239 | 255 | |||||
Derivative [Member] | Commodity Contract [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 53 | 53 | 45 | |||||
Derivative [Member] | Commodity Contract [Member] | Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 | |||||
Derivative [Member] | Commodity Contract [Member] | Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 42 | 42 | 38 | |||||
Derivative [Member] | Commodity Contract [Member] | Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 11 | 11 | $ 7 | |||||
Other comprehensive income - Derivative activity [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (17) | (80) | (28) | (169) | ||||
Other comprehensive income - Derivative activity [Member] | Interest Rate Contract [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (17) | (80) | (28) | (174) | ||||
Other comprehensive income - Derivative activity [Member] | Foreign currency derivatives [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 5 | ||||
Other comprehensive income - Derivative activity [Member] | Commodity Contract [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ 0 | 0 | $ 0 | 0 | ||||
Other Comprehensive Income- Foreign currency translation activity [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (3) | (39) | ||||||
Other Comprehensive Income- Foreign currency translation activity [Member] | Interest Rate Contract [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1 | (1) | ||||||
Other Comprehensive Income- Foreign currency translation activity [Member] | Foreign currency derivatives [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (4) | (38) | ||||||
Other Comprehensive Income- Foreign currency translation activity [Member] | Commodity Contract [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ 0 | $ 0 |
Fair Value Investment in Market
Fair Value Investment in Marketable Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Gain Loss On Marketable Securities | ||||
Other-than-temporary impairment of marketable securities | $ 0 | $ 0 | $ 0 | $ 0 |
Gross proceeds from sales of AFS securities | $ 1,041 | $ 1,044 | $ 1,962 | $ 2,404 |
Fair Value (Level 3 Reconciliat
Fair Value (Level 3 Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 53 | $ (139) | $ 53 | $ (139) | $ 50 | $ 81 | $ (126) | $ (24) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 15 | (29) | (1) | 20 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases, Sales, Issues, Settlements [Abstract] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (1) | 16 | (2) | 27 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | (4) | (17) | (7) | (51) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 89 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 86 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 8 | (25) | (14) | 24 | ||||
Other comprehensive income - Derivative activity [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (17) | (80) | (28) | (169) | ||||
Other Comprehensive Income- Foreign currency translation activity [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (3) | (39) | ||||||
Interest Rate Contract [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (195) | (421) | (195) | (421) | (183) | (179) | (416) | (304) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | 0 | 0 | 2 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases, Sales, Issues, Settlements [Abstract] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 9 | 21 | 19 | 37 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | (4) | (17) | (7) | (51) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 70 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 70 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | 1 | 2 | 5 | ||||
Interest Rate Contract [Member] | Other comprehensive income - Derivative activity [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (17) | (80) | (28) | (174) | ||||
Interest Rate Contract [Member] | Other Comprehensive Income- Foreign currency translation activity [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 1 | (1) | ||||||
Foreign currency derivatives [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 239 | 271 | 239 | 271 | 231 | 255 | 290 | 277 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 16 | (31) | 0 | 16 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases, Sales, Issues, Settlements [Abstract] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (8) | (3) | (16) | (5) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 19 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 16 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 8 | (28) | (16) | 17 | ||||
Foreign currency derivatives [Member] | Other comprehensive income - Derivative activity [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 5 | ||||
Foreign currency derivatives [Member] | Other Comprehensive Income- Foreign currency translation activity [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (4) | (38) | ||||||
Commodity Contract [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 9 | 11 | 9 | 11 | $ 2 | $ 5 | $ 0 | $ 3 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (1) | 2 | (1) | 2 | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases, Sales, Issues, Settlements [Abstract] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (2) | (2) | (5) | (5) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | 2 | 0 | 2 | ||||
Commodity Contract [Member] | Other comprehensive income - Derivative activity [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ 0 | 0 | $ 0 | 0 | ||||
Commodity Contract [Member] | Other Comprehensive Income- Foreign currency translation activity [Member] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ 0 | $ 0 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information) (Details) $ in Millions | 6 Months Ended | |||||
Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Fair Value Inputs Quantitative Information [Line Items] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 53 | $ 50 | $ 81 | $ (139) | $ (126) | $ (24) |
Interest Rate Contract [Member] | ||||||
Fair Value Inputs Quantitative Information [Line Items] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ (195) | (183) | (179) | (421) | (416) | (304) |
Interest Rate Contract [Member] | Minimum [Member] | ||||||
Fair Value Inputs [Abstract] | ||||||
Fair Value Inputs, Entity Credit Risk | 2.40% | |||||
Interest Rate Contract [Member] | Maximum [Member] | ||||||
Fair Value Inputs [Abstract] | ||||||
Fair Value Inputs, Entity Credit Risk | 5.10% | |||||
Interest Rate Contract [Member] | Weighted Average [Member] | ||||||
Fair Value Inputs [Abstract] | ||||||
Fair Value Inputs, Entity Credit Risk | 4.80% | |||||
Foreign Exchange Contract [Member] | ||||||
Fair Value Inputs Quantitative Information [Line Items] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 239 | 231 | 255 | 271 | 290 | 277 |
Commodity Contract [Member] | ||||||
Fair Value Inputs Quantitative Information [Line Items] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 9 | $ 2 | $ 5 | $ 11 | $ 0 | $ 3 |
Argentina, Pesos | Foreign Exchange Contract [Member] | ||||||
Fair Value Inputs Quantitative Information [Line Items] | ||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 239 | |||||
Argentina, Pesos | Foreign Exchange Contract [Member] | Minimum [Member] | ||||||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ||||||
Argentine Peso to U.S. Dollar currency exchange rate after 1 year | 19.7 | |||||
Argentina, Pesos | Foreign Exchange Contract [Member] | Maximum [Member] | ||||||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ||||||
Argentine Peso to U.S. Dollar currency exchange rate after 1 year | 43.1 | |||||
Argentina, Pesos | Foreign Exchange Contract [Member] | Weighted Average [Member] | ||||||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ||||||
Argentine Peso to U.S. Dollar currency exchange rate after 1 year | 30.9 |
Fair Value (Nonrecurring Measur
Fair Value (Nonrecurring Measurements) (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Feb. 28, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset Impairment Charges | $ 258,000,000 | $ 396,000,000 | ||||||
Other Asset Impairment Charges | $ 90,000,000 | $ 235,000,000 | 258,000,000 | 394,000,000 | ||||
Long Lived Assets Held For Sale [Member] | Kazakhstan [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Other Asset Impairment Charges | [1] | $ 94,000,000 | 90,000,000 | |||||
Long Lived Assets Held For Sale [Member] | Fair Value [Member] | Kazakhstan [Member] | Level 1 [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [1] | 0 | 0 | 0 | ||||
Long Lived Assets Held For Sale [Member] | Fair Value [Member] | Kazakhstan [Member] | Level 2 [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [1] | 92,000,000 | 29,000,000 | 92,000,000 | ||||
Long Lived Assets Held For Sale [Member] | Fair Value [Member] | Kazakhstan [Member] | Level 3 [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [1] | 0 | 0 | 0 | ||||
Long Lived Assets Held For Sale [Member] | Carrying Amount [Member] | Kazakhstan [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [1],[2] | 190,000,000 | $ 171,000,000 | 190,000,000 | ||||
Long Lived Assets Held And Used [Member] | DPL Subsidiary [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Other Asset Impairment Charges | [3] | $ 66,000,000 | 235,000,000 | |||||
Long Lived Assets Held And Used [Member] | buffalo gap II [Member] [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | $ 92,000,000 | |||||||
Other Asset Impairment Charges | [3] | 159,000,000 | ||||||
Long Lived Assets Held And Used [Member] | Energy Storage [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Other Asset Impairment Charges | [3] | 8,000,000 | ||||||
Long Lived Assets Held And Used [Member] | Fair Value [Member] | DPL Subsidiary [Member] | Level 1 [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [3] | 0 | 0 | 0 | ||||
Long Lived Assets Held And Used [Member] | Fair Value [Member] | DPL Subsidiary [Member] | Level 2 [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [3] | 0 | 0 | 0 | ||||
Long Lived Assets Held And Used [Member] | Fair Value [Member] | DPL Subsidiary [Member] | Level 3 [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [3] | 11,000,000 | 89,000,000 | 89,000,000 | ||||
Long Lived Assets Held And Used [Member] | Fair Value [Member] | buffalo gap II [Member] [Member] | Level 1 [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [3] | 0 | ||||||
Long Lived Assets Held And Used [Member] | Fair Value [Member] | buffalo gap II [Member] [Member] | Level 2 [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [3] | 0 | ||||||
Long Lived Assets Held And Used [Member] | Fair Value [Member] | buffalo gap II [Member] [Member] | Level 3 [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [3] | 92,000,000 | ||||||
Long Lived Assets Held And Used [Member] | Fair Value [Member] | Energy Storage [Member] | Level 1 [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [3] | 0 | 0 | |||||
Long Lived Assets Held And Used [Member] | Fair Value [Member] | Energy Storage [Member] | Level 2 [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [3] | 0 | 0 | |||||
Long Lived Assets Held And Used [Member] | Fair Value [Member] | Energy Storage [Member] | Level 3 [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [3] | 7,000,000 | 7,000,000 | |||||
Long Lived Assets Held And Used [Member] | Carrying Amount [Member] | DPL Subsidiary [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [2],[3] | $ 77,000,000 | 324,000,000 | 324,000,000 | ||||
Long Lived Assets Held And Used [Member] | Carrying Amount [Member] | buffalo gap II [Member] [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [2],[3] | $ 251,000,000 | ||||||
Long Lived Assets Held And Used [Member] | Carrying Amount [Member] | Energy Storage [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [2],[3] | $ 15,000,000 | $ 15,000,000 | |||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Sul Subsidiary [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset Impairment Charges | [3] | 783,000,000 | ||||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Fair Value [Member] | Sul Subsidiary [Member] | Level 1 [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [3] | 0 | 0 | |||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Fair Value [Member] | Sul Subsidiary [Member] | Level 2 [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [3] | 470,000,000 | 470,000,000 | |||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Fair Value [Member] | Sul Subsidiary [Member] | Level 3 [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [3] | 0 | 0 | |||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Carrying Amount [Member] | Sul Subsidiary [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Fair Value, Nonrecurring | [2],[3] | $ 1,581,000,000 | $ 1,581,000,000 | |||||
Long Lived Assets Held And Used [Member] | Income Approach Valuation Technique [Member] | Weighted Average [Member] | DPL Subsidiary [Member] | ||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||||||||
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | 15.00% | |||||||
Fair Value Inputs, Discount Rate | 7.00% | |||||||
Long Lived Assets Held And Used [Member] | Income Approach Valuation Technique [Member] | Weighted Average [Member] | buffalo gap II [Member] [Member] | ||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||||||||
Fair Value Inputs, Long-term Revenue Growth Rate | ||||||||
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | ||||||||
Fair Value Inputs, Discount Rate | ||||||||
Long Lived Assets Held And Used [Member] | Income Approach Valuation Technique [Member] | Weighted Average [Member] | Buffalo Gap [Member] | ||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||||||||
Fair Value Inputs, Long-term Revenue Growth Rate | ||||||||
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | ||||||||
Fair Value Inputs, Discount Rate | ||||||||
Long Lived Assets Held And Used [Member] | Income Approach Valuation Technique [Member] | Weighted Average [Member] | Energy Storage [Member] | ||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||||||||
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | 80.00% | |||||||
Fair Value Inputs, Discount Rate | 9.00% | |||||||
Long Lived Assets Held And Used [Member] | Income Approach Valuation Technique [Member] | Maximum [Member] | DPL Subsidiary [Member] | ||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||||||||
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | 22.00% | |||||||
Long Lived Assets Held And Used [Member] | Income Approach Valuation Technique [Member] | Maximum [Member] | buffalo gap II [Member] [Member] | ||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||||||||
Fair Value Inputs, Long-term Revenue Growth Rate | ||||||||
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | ||||||||
Long Lived Assets Held And Used [Member] | Income Approach Valuation Technique [Member] | Maximum [Member] | Buffalo Gap [Member] | ||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||||||||
Fair Value Inputs, Long-term Revenue Growth Rate | ||||||||
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | ||||||||
Long Lived Assets Held And Used [Member] | Income Approach Valuation Technique [Member] | Maximum [Member] | Energy Storage [Member] | ||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||||||||
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | 85.00% | |||||||
Long Lived Assets Held And Used [Member] | Income Approach Valuation Technique [Member] | Minimum [Member] | DPL Subsidiary [Member] | ||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||||||||
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | 10.00% | |||||||
Long Lived Assets Held And Used [Member] | Income Approach Valuation Technique [Member] | Minimum [Member] | buffalo gap II [Member] [Member] | ||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||||||||
Fair Value Inputs, Long-term Revenue Growth Rate | ||||||||
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | ||||||||
Long Lived Assets Held And Used [Member] | Income Approach Valuation Technique [Member] | Minimum [Member] | Buffalo Gap [Member] | ||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||||||||
Fair Value Inputs, Long-term Revenue Growth Rate | ||||||||
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | ||||||||
Long Lived Assets Held And Used [Member] | Income Approach Valuation Technique [Member] | Minimum [Member] | Energy Storage [Member] | ||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||||||||
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | 46.00% | |||||||
[1] | (3) Per the Company’s policy, pretax loss is limited to the impairment of long-lived assets. Any additional loss will be recognized on completion of the sale. See Note 16—Held-for-Sale Businesses and Dispositions for further information | |||||||
[2] | (1) Represents the carrying values at the dates of measurement, before fair value adjustment. | |||||||
[3] | (2) See Note 14—Asset Impairment Expense for further information. |
Fair Value (Instruments Not Mea
Fair Value (Instruments Not Measured at Fair Value) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | |
Carrying Amount [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Accounts receivable - noncurrent | [1] | $ 244 | $ 264 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Non-recourse debt | 16,387 | 15,792 | |
Recourse debt | 4,384 | 4,671 | |
Fair Value [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Value added tax | 35 | 24 | |
Accounts receivable - noncurrent | [1] | 312 | 350 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Non-recourse debt | 16,905 | 16,188 | |
Recourse debt | 4,687 | 4,899 | |
Level 1 [Member] | Fair Value [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Accounts receivable - noncurrent | [1] | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Non-recourse debt | 0 | 0 | |
Recourse debt | 0 | 0 | |
Level 2 [Member] | Fair Value [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Accounts receivable - noncurrent | [1] | 19 | 20 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Non-recourse debt | 14,942 | 15,120 | |
Recourse debt | 4,687 | 4,899 | |
Level 3 [Member] | Fair Value [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Accounts receivable - noncurrent | [1] | 293 | 330 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Non-recourse debt | 1,963 | 1,068 | |
Recourse debt | $ 0 | $ 0 | |
[1] | These amounts primarily relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and are included in Other noncurrent assets in the accompanying Condensed Consolidated Balance Sheets. The fair value and carrying amount of these receivables exclude VAT of $35 million and $24 million as of June 30, 2017 and December 31, 2016, respectively. |
Derivative Instruments and He57
Derivative Instruments and Hedging Activities - Part 1 (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Foreign Exchange Contract [Member] | |||||
Derivative Tables [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | $ (16) | $ 31 | $ 0 | $ (16) | |
Fair Value Measurements With Unobservable Inputs Reconciliation Recurring Basis Regulatory Assets Liabilities | 0 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 8 | 3 | 16 | 5 | |
Derivative Liability, Fair Value, Gross Liability | 29 | 29 | $ 64 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 8 | (28) | (16) | 17 | |
Interest Rate Contract [Member] | |||||
Derivative Tables [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | 0 | 0 | (2) | |
Fair Value Measurements With Unobservable Inputs Reconciliation Recurring Basis Regulatory Assets Liabilities | 0 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (9) | (21) | (19) | (37) | |
Derivative Liability, Fair Value, Gross Liability | 301 | 301 | 300 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | 1 | 2 | 5 | |
Interest Rate Contract [Member] | Libor and Euribor [Member] | |||||
Derivative Tables [Line Items] | |||||
Derivatives, notional amount | 4,168 | 4,168 | |||
Cross currency derivatives [Member] | |||||
Derivative Tables [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 14 | 14 | 18 | ||
Commodity Contract [Member] | |||||
Derivative Tables [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 1 | (2) | 1 | (2) | |
Fair Value Measurements With Unobservable Inputs Reconciliation Recurring Basis Regulatory Assets Liabilities | 10 | 11 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 2 | 2 | 5 | 5 | |
Derivative Liability, Fair Value, Gross Liability | 19 | 19 | 42 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | 2 | 0 | 2 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (15) | 29 | 1 | (20) | |
Fair Value Measurements With Unobservable Inputs Reconciliation Recurring Basis Regulatory Assets Liabilities | 10 | 11 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 1 | (16) | 2 | (27) | |
Derivative Liability, Fair Value, Gross Liability | 363 | 363 | $ 424 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 8 | (25) | (14) | 24 | |
Unidad de Fomento (funds code) | Cross currency derivatives [Member] | |||||
Derivative Tables [Line Items] | |||||
Derivatives, notional amount | 379 | 379 | |||
Euro EUR [Member] | Foreign Exchange Contract [Member] | |||||
Derivative Tables [Line Items] | |||||
Derivatives, notional amount | 192 | 192 | |||
Argentina, Pesos | Foreign Exchange Contract [Member] | |||||
Derivative Tables [Line Items] | |||||
Derivatives, notional amount | 155 | 155 | |||
Colombia, Pesos | Foreign Exchange Contract [Member] | |||||
Derivative Tables [Line Items] | |||||
Derivatives, notional amount | 239 | 239 | |||
Other unspecified currency [Domain] | Foreign Exchange Contract [Member] | |||||
Derivative Tables [Line Items] | |||||
Derivatives, notional amount | 290 | 290 | |||
Other comprehensive income - Derivative activity [Member] | Foreign Exchange Contract [Member] | |||||
Derivative Tables [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | (5) | |
Other comprehensive income - Derivative activity [Member] | Interest Rate Contract [Member] | |||||
Derivative Tables [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 17 | 80 | 28 | 174 | |
Other comprehensive income - Derivative activity [Member] | Commodity Contract [Member] | |||||
Derivative Tables [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |
Other comprehensive income - Derivative activity [Member] | |||||
Derivative Tables [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ 17 | 80 | $ 28 | 169 | |
Other Comprehensive Income- Foreign currency translation activity [Member] | Foreign Exchange Contract [Member] | |||||
Derivative Tables [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 4 | 38 | |||
Other Comprehensive Income- Foreign currency translation activity [Member] | Interest Rate Contract [Member] | |||||
Derivative Tables [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1) | 1 | |||
Other Comprehensive Income- Foreign currency translation activity [Member] | Commodity Contract [Member] | |||||
Derivative Tables [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||
Other Comprehensive Income- Foreign currency translation activity [Member] | |||||
Derivative Tables [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ 3 | $ 39 |
Derivative Instruments and He58
Derivative Instruments and Hedging Activities - Part 2 (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | |
Liabilities | |||
Derivative Liabilities, Gross | $ 363 | $ 424 | |
Derivative, Net Liability Position, Aggregate Fair Value | [1] | 20 | 41 |
Collateral Already Posted, Aggregate Fair Value | [1] | 10 | 18 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Derivative Assets, Gross | 341 | 376 | |
Other Current Assets [Member] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Derivative Assets, Gross | 94 | 99 | |
Other Current Liabilities [Member] | |||
Liabilities | |||
Derivative Liabilities, Gross | 223 | 155 | |
Other Noncurrent Assets [Member] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Derivative Assets, Gross | 247 | 277 | |
Other Noncurrent Liabilities [Member] | |||
Liabilities | |||
Derivative Liabilities, Gross | 140 | 269 | |
Designated as Hedging Instruments [Member] | |||
Liabilities | |||
Derivative Liabilities, Gross | 176 | 358 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Derivative Assets, Gross | 28 | 51 | |
Not Designated as Hedging Instruments [Member] | |||
Liabilities | |||
Derivative Liabilities, Gross | 187 | 66 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Derivative Assets, Gross | 313 | 325 | |
Interest Rate Contract [Member] | |||
Liabilities | |||
Derivative Liabilities, Gross | 301 | 300 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Derivative Assets, Gross | 13 | 18 | |
Interest Rate Contract [Member] | Designated as Hedging Instruments [Member] | |||
Liabilities | |||
Derivative Liabilities, Gross | 157 | 295 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Derivative Assets, Gross | 13 | 18 | |
Interest Rate Contract [Member] | Not Designated as Hedging Instruments [Member] | |||
Liabilities | |||
Derivative Liabilities, Gross | 144 | 5 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Derivative Assets, Gross | 0 | 0 | |
Cross currency derivatives [Member] | |||
Liabilities | |||
Derivative Liabilities, Gross | 14 | 18 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Derivative Assets, Gross | 5 | 4 | |
Cross currency derivatives [Member] | Designated as Hedging Instruments [Member] | |||
Liabilities | |||
Derivative Liabilities, Gross | 14 | 18 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Derivative Assets, Gross | 5 | 4 | |
Cross currency derivatives [Member] | Not Designated as Hedging Instruments [Member] | |||
Liabilities | |||
Derivative Liabilities, Gross | 0 | 0 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Derivative Assets, Gross | 0 | 0 | |
Foreign Exchange Contract [Member] | |||
Liabilities | |||
Derivative Liabilities, Gross | 29 | 64 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Derivative Assets, Gross | 270 | 309 | |
Foreign Exchange Contract [Member] | Designated as Hedging Instruments [Member] | |||
Liabilities | |||
Derivative Liabilities, Gross | 0 | 19 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Derivative Assets, Gross | 0 | 9 | |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instruments [Member] | |||
Liabilities | |||
Derivative Liabilities, Gross | 29 | 45 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Derivative Assets, Gross | 270 | 300 | |
Commodity Contract [Member] | |||
Liabilities | |||
Derivative Liabilities, Gross | 19 | 42 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Derivative Assets, Gross | 53 | 45 | |
Commodity Contract [Member] | Designated as Hedging Instruments [Member] | |||
Liabilities | |||
Derivative Liabilities, Gross | 5 | 26 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Derivative Assets, Gross | 10 | 20 | |
Commodity Contract [Member] | Not Designated as Hedging Instruments [Member] | |||
Liabilities | |||
Derivative Liabilities, Gross | 14 | 16 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | |||
Derivative Assets, Gross | $ 43 | $ 25 | |
[1] | (1) Based on the credit rating of certain subsidiaries |
Derivative Instruments and He59
Derivative Instruments and Hedging Activities - Part 3 (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flow Hedging [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (39) | $ (7) | $ (60) | $ (3) |
Gain Loss By Type Of Derivative Tables | ||||
Gain (Losses) Recognized in AOCL | (55) | (118) | (68) | (203) |
Gains (Losses) Recognized in Earnings (ineffective portion) | 0 | 0 | 0 | 2 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2 | 16 | 3 | 38 |
Gain Loss By Type Of Derivative Tables | ||||
Gain (Losses) Recognized in AOCL | 2 | (12) | 14 | 25 |
Cash Flow Hedging [Member] | Foreign currency derivatives [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (21) | 2 | (23) | 4 |
Gain Loss By Type Of Derivative Tables | ||||
Gain (Losses) Recognized in AOCL | 4 | (5) | (11) | (5) |
Cash Flow Hedging [Member] | Cross currency derivatives [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 1 | 4 | 10 |
Gain Loss By Type Of Derivative Tables | ||||
Gain (Losses) Recognized in AOCL | (10) | (11) | 2 | (3) |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Accumulated Other Comprehensive Income Loss Before Tax Expected Increase Decrease Next Twelve Months | 63 | 63 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (20) | (26) | (44) | (55) |
Gain Loss By Type Of Derivative Tables | ||||
Gain (Losses) Recognized in AOCL | (51) | (90) | (73) | (220) |
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | (19) | 0 | (16) | 0 |
Not Designated as Hedging Instrument [Member] | ||||
Gain Loss By Type Of Derivative Tables | ||||
Gains (Losses) Recognized in Earnings (not designated as hedging instruments) | 22 | (33) | (12) | (2) |
Not Designated as Hedging Instrument [Member] | Other Contract [Member] | ||||
Gain Loss By Type Of Derivative Tables | ||||
Gains (Losses) Recognized in Earnings (not designated as hedging instruments) | 8 | (9) | 6 | (17) |
Not Designated as Hedging Instrument [Member] | Foreign currency derivatives [Member] | ||||
Gain Loss By Type Of Derivative Tables | ||||
Gains (Losses) Recognized in Earnings (not designated as hedging instruments) | $ 14 | $ (24) | $ (18) | $ 15 |
Financing Receivables (Details)
Financing Receivables (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable Recorded Investment [Line Items] | ||
Financing receivable | $ 279 | $ 264 |
Argentina [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing receivable | 241 | 236 |
UNITED STATES | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing receivable | 19 | 20 |
Brazil [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing receivable | 8 | 8 |
Other Entity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing receivable | $ 11 | $ 0 |
Investments In and Advances T61
Investments In and Advances To Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Investments in and Advances to Affiliates [Line Items] | ||||
Operating margin | $ 670 | $ 574 | $ 1,263 | $ 1,083 |
Net income (loss) | 150 | (387) | 248 | (313) |
Income (Loss) from Equity Method Investments | $ 2 | $ 7 | 9 | 14 |
Minority Owned Affiliates [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Revenue | 341 | 286 | ||
Operating margin | 65 | 69 | ||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 23 | 30 | ||
Parent [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Net income (loss) | $ 29 | $ (356) |
Debt - Recourse Debt (Details)
Debt - Recourse Debt (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Mar. 31, 2017 | May 31, 2016 | Jan. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 01, 2017 | May 16, 2016 | Jan. 01, 2016 | |
Debt Instrument [Line Items] | ||||||||||
Redeemed notes | $ 125 | |||||||||
Gain (loss) on extinguishment of debt | $ (12) | $ 0 | $ 5 | $ 4 | ||||||
LIBOR 2.00% Senior Notes Due in 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gain (loss) on extinguishment of debt | (6) | |||||||||
7.375% Senior Notes Due 2021 [Member] [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redeemed notes | $ 276 | |||||||||
8.0% Senior Notes Due 2020 [Domain] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redeemed notes | $ 24 | |||||||||
Senior Unsecured Note LIBOR plus 3% due 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gain (loss) on extinguishment of debt | $ 4 | |||||||||
Senior Notes [Member] | LIBOR 2.00% Senior Notes Due in 2022 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redeemed notes | $ 517 | |||||||||
Issued senior notes | $ 525 | 525 | ||||||||
Senior Notes [Member] | 6.00% senior notes due 2026 [Domain] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate on senior notes | 6.00% | |||||||||
Issued senior notes | $ 500 | |||||||||
Senior Notes [Member] | Senior Unsecured Note LIBOR plus 3% due 2019 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redeemed notes | $ 495 | |||||||||
Unsecured Debt [Member] | 7.375% Senior Notes Due 2021 [Member] [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate on senior notes | 7.375% | 7.375% | ||||||||
Unsecured Debt [Member] | 4.875% Senior Notes Due 2023 [Member] [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate on senior notes | 4.875% | |||||||||
Gain (loss) on extinguishment of debt | $ 7 | |||||||||
Unsecured Debt [Member] | 5.5% Senior Notes Due 2024 [Member] [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate on senior notes | 5.50% | |||||||||
Unsecured Debt [Member] | 5.5% Senior Notes Due 2025 [Member] [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate on senior notes | 5.50% | |||||||||
Unsecured Debt [Member] | 8.0% Senior Notes Due 2020 [Domain] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate on senior notes | 8.00% | |||||||||
Gain (loss) on extinguishment of debt | $ (47) | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | LIBOR 2.00% Senior Notes Due in 2022 [Member] | Recourse Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Senior Unsecured Note LIBOR plus 3% due 2019 [Member] | Recourse Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% |
Debt - Non-Recourse Debt Narrat
Debt - Non-Recourse Debt Narrative (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Debt Instrument [Line Items] | |||||
Debt defaults at risk of causing cross default | 0 | 0 | |||
Gain (loss) on extinguishment of debt | $ (12,000,000) | $ 0 | $ 5,000,000 | $ 4,000,000 | |
Proceeds from Issuance of Debt | $ 75,000,000 | ||||
AES Southland [Domain] | |||||
Debt Instrument [Line Items] | |||||
Issued new debt | $ 2,000,000,000 | $ 2,000,000,000 | |||
Senior Notes [Member] | AES Southland [Domain] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | |||
Nonrecourse Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Gain (loss) on extinguishment of debt | $ 58,000,000 | ||||
Issued new debt | $ 1,963,000,000 | 1,963,000,000 | |||
Repayments of Long-term Debt | (1,157,000,000) | ||||
Nonrecourse Debt [Member] | Eletropaulo [Domain] | |||||
Debt Instrument [Line Items] | |||||
Gain (loss) on extinguishment of debt | 0 | ||||
Issued new debt | 103,000,000 | 103,000,000 | |||
Repayments of Long-term Debt | (86,000,000) | ||||
Nonrecourse Debt [Member] | MCAC - Generation [Member] | |||||
Debt Instrument [Line Items] | |||||
Gain (loss) on extinguishment of debt | 0 | ||||
Issued new debt | 150,000,000 | 150,000,000 | |||
Repayments of Long-term Debt | 0 | ||||
Nonrecourse Debt [Member] | AES Southland [Domain] | |||||
Debt Instrument [Line Items] | |||||
Gain (loss) on extinguishment of debt | 0 | ||||
Issued new debt | 188,000,000 | 188,000,000 | |||
Repayments of Long-term Debt | 0 | ||||
Nonrecourse Debt [Member] | AES Tiete [Domain] | |||||
Debt Instrument [Line Items] | |||||
Gain (loss) on extinguishment of debt | 5,000,000 | ||||
Issued new debt | 585,000,000 | 585,000,000 | |||
Repayments of Long-term Debt | (293,000,000) | ||||
Nonrecourse Debt [Member] | Andes - Generation [Member] | |||||
Debt Instrument [Line Items] | |||||
Gain (loss) on extinguishment of debt | 65,000,000 | ||||
Issued new debt | 307,000,000 | 307,000,000 | |||
Repayments of Long-term Debt | (181,000,000) | ||||
Nonrecourse Debt [Member] | Los Mina [Member] | |||||
Debt Instrument [Line Items] | |||||
Gain (loss) on extinguishment of debt | 2,000,000 | ||||
Issued new debt | 193,000,000 | 193,000,000 | |||
Repayments of Long-term Debt | (175,000,000) | ||||
Nonrecourse Debt [Member] | Other Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Gain (loss) on extinguishment of debt | 0 | ||||
Issued new debt | 194,000,000 | 194,000,000 | |||
Repayments of Long-term Debt | (343,000,000) | ||||
Nonrecourse Debt [Member] | Gener Subsidiary [Member] | |||||
Debt Instrument [Line Items] | |||||
Gain (loss) on extinguishment of debt | 0 | ||||
Issued new debt | 243,000,000 | 243,000,000 | |||
Repayments of Long-term Debt | (79,000,000) | ||||
Senior Secured Note through 2040 [Member] | AES Southland [Domain] | |||||
Debt Instrument [Line Items] | |||||
Issued new debt | 1,500,000,000 | 1,500,000,000 | |||
Senior Secured Term Loan through 2027 [Member] | AES Southland [Domain] | |||||
Debt Instrument [Line Items] | |||||
Issued new debt | 500,000,000 | 500,000,000 | |||
7.75% Senior Notes Due 2024 [Member] | Nonrecourse Debt [Member] | Andes - Generation [Member] | |||||
Debt Instrument [Line Items] | |||||
Issued new debt | $ 300,000,000 | $ 300,000,000 |
Debt - Subsidiary Non-recourse
Debt - Subsidiary Non-recourse Debt in Default or Accelerated (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Nonrecourse Debt Default [Line Items] | |
Debt Default Or Accelerated [Table Text Block] | The following table summarizes the Company’s subsidiary non-recourse debt in default as of June 30, 2017 (in millions). Due to the defaults, these amounts are included in the current portion of non-recourse debt: Subsidiary Primary Nature of Default Debt in Default Net Assets Alto Maipo (Chile) Covenant $ 613 $ 341 Puerto Rico Covenant 381 631 $ 994 |
Materiality threshold for cash distribution from business to Parent | 20.00% |
Debt defaults at risk of causing cross default | 0 |
Debt Default Amount | $ 994 |
Covenant Violation [Member] | Alto Maipo [Member] | |
Nonrecourse Debt Default [Line Items] | |
Net Assets | 341 |
Debt Default Amount | 613 |
Covenant Violation [Member] | PUERTO RICO | |
Nonrecourse Debt Default [Line Items] | |
Net Assets | 631 |
Debt Default Amount | $ 381 |
Contingencies and Commitments65
Contingencies and Commitments (Details) $ in Millions | 6 Months Ended | |||
Jun. 30, 2017USD ($)agreement | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | ||
Guarantees Letters Of Credit [Abstract] | ||||
The range of expiration dates of guarantees made by the Parent Company | less than one year to more than 17 years | |||
Contingent Contractual Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,081 | |||
Number of Agreements | agreement | 45 | |||
Loss Contingency Accrual, Period Increase (Decrease) | $ 23 | $ 21 | ||
Environmental Remediation Contingency [Domain] | ||||
Contingent Contractual Obligations [Line Items] | ||||
Accrual for Environmental Loss Contingencies | 9 | $ 12 | ||
Guarantee Obligations [Member] | ||||
Contingent Contractual Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 799 | |||
Number of Agreements | agreement | 19 | |||
Indemnification Agreement [Member] | ||||
Contingent Contractual Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | [1] | $ 27 | ||
Number of Agreements | agreement | [1] | 1 | ||
Standby Letters of Credit [Member] | ||||
Contingent Contractual Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 3 | |||
Number of Agreements | agreement | 1 | |||
Minimum [Member] | Guarantee Obligations [Member] | ||||
Contingent Contractual Obligations [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | $ 8 | |||
Minimum [Member] | Indemnification Agreement [Member] | ||||
Contingent Contractual Obligations [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | [1] | 27 | ||
Minimum [Member] | Standby Letters of Credit [Member] | ||||
Contingent Contractual Obligations [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | $ 3 | |||
Letter of credit fee percentage paid | 0.25% | |||
Maximum [Member] | Environmental Remediation Contingency [Domain] | ||||
Contingent Contractual Obligations [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | $ 22 | |||
Maximum [Member] | Guarantee Obligations [Member] | ||||
Contingent Contractual Obligations [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 272 | |||
Maximum [Member] | Indemnification Agreement [Member] | ||||
Contingent Contractual Obligations [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | [1] | 27 | ||
Maximum [Member] | Standby Letters of Credit [Member] | ||||
Contingent Contractual Obligations [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | $ 3 | |||
Letter of credit fee percentage paid | 2.25% | |||
Unsecured Debt [Member] | Financial Standby Letter of Credit [Member] | ||||
Contingent Contractual Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 245 | |||
Number of Agreements | agreement | 8 | |||
Unsecured Debt [Member] | Minimum [Member] | Financial Standby Letter of Credit [Member] | ||||
Contingent Contractual Obligations [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | $ 2 | |||
Unsecured Debt [Member] | Maximum [Member] | Financial Standby Letter of Credit [Member] | ||||
Contingent Contractual Obligations [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 73 | |||
Secured Debt [Member] | Financial Standby Letter of Credit [Member] | ||||
Contingent Contractual Obligations [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 7 | |||
Number of Agreements | agreement | 16 | |||
Secured Debt [Member] | Minimum [Member] | Financial Standby Letter of Credit [Member] | ||||
Contingent Contractual Obligations [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | $ 0 | |||
Secured Debt [Member] | Maximum [Member] | Financial Standby Letter of Credit [Member] | ||||
Contingent Contractual Obligations [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | $ 1 | |||
[1] | (1) Excludes normal and customary representations and warranties in agreements for the sale of assets (including ownership in associated legal entities) where the associated risk is considered to be nominal. |
Contingencies and Commitments -
Contingencies and Commitments - Loss Contingencies (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Litigation Contingencies | |||
Loss Contingency Accrual, Period Increase (Decrease) | $ 23 | $ 21 | |
Environmental Remediation Contingency [Domain] | |||
Environmental Contingencies | |||
Liability recorded for projected environmental remediation costs | 9 | $ 12 | |
Litigation [Member] | |||
Litigation Contingencies | |||
Aggregate reserves for claims deemed both probable and reasonably estimable | 173 | $ 179 | |
Maximum [Member] | Environmental Remediation Contingency [Domain] | |||
Litigation Contingencies | |||
Loss Contingency, Estimate of Possible Loss ( Equal to or less than) | 22 | ||
Maximum [Member] | Litigation [Member] | |||
Litigation Contingencies | |||
Loss Contingency, Estimate of Possible Loss ( Equal to or less than) | 1,800 | ||
Minimum [Member] | Litigation [Member] | |||
Litigation Contingencies | |||
Loss Contingency, Estimate of Possible Loss ( Equal to or less than) | $ 1,500 |
Pension Plans (Details)
Pension Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
UNITED STATES | ||||
Defined Benefit Plan Net Periodic Benefit Cost Abstract | ||||
Service cost | $ 3 | $ 3 | $ 7 | $ 6 |
Interest cost | 10 | 10 | 20 | 20 |
Expected return on plan assets | (17) | (16) | (35) | (33) |
Amortization of prior service cost | 1 | 2 | 3 | 4 |
Defined Benefit Plan, Amortization of Gain (Loss) | (5) | (4) | (9) | (9) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | 0 | 4 | 0 |
Total pension cost | 2 | 3 | 8 | 6 |
Defined Benefit Pension Contributions Disclosure [Abstract] | ||||
Pension employer contributions | 13 | |||
Pension estimated future employer contributions remainder of fiscal year | 1 | 1 | ||
Foreign Plan [Member] | ||||
Defined Benefit Plan Net Periodic Benefit Cost Abstract | ||||
Service cost | 4 | 3 | 8 | 6 |
Interest cost | 97 | 86 | 196 | 163 |
Expected return on plan assets | (72) | (55) | (145) | (105) |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Gain (Loss) | (10) | (4) | (21) | (9) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | 0 | 0 | 0 |
Total pension cost | 39 | $ 38 | 80 | $ 73 |
Defined Benefit Pension Contributions Disclosure [Abstract] | ||||
Pension employer contributions | 79 | |||
Pension estimated future employer contributions remainder of fiscal year | $ 76 | $ 76 |
Redeemable Stocks of Subsidia68
Redeemable Stocks of Subsidiaries (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | |||
Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | ||
Temporary Equity [Line Items] | |||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | $ 791 | $ 782 | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 6.70% | ||||
Temporary Equity, Net Income | $ 6 | $ 5 | |||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | 18 | 17 | |||
Colon [Domain] | |||||
Temporary Equity [Line Items] | |||||
Temporary Equity, Other Charges | 16 | 63 | |||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | [1] | 113 | 100 | ||
IPALCO Enterprises, Inc. [Member] | |||||
Temporary Equity [Line Items] | |||||
Temporary Equity, Other Charges | 24 | ||||
Temporary Equity, Stock Issued During Period, Value, New Issues | $ 134 | ||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | 618 | 618 | |||
IPL Subsidiary [Member] | |||||
Temporary Equity [Line Items] | |||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | 60 | 60 | |||
Other Entity [Member] | |||||
Temporary Equity [Line Items] | |||||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | $ 0 | $ 4 | |||
IPALCO Enterprises, Inc. [Member] | Additional Paid-in Capital [Member] | |||||
Temporary Equity [Line Items] | |||||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | 84 | ||||
IPALCO Enterprises, Inc. [Member] | Retained Earnings [Member] | |||||
Temporary Equity [Line Items] | |||||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | $ (84) | ||||
[1] | (1) Characteristics of quotas are similar to common stock. |
Equity (Details)
Equity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Mar. 31, 2016 | ||
Changes In Equity Disclosure [Line Items] | |||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | $ 225,000,000 | $ 48,000,000 | |||||
Stockholders' Equity Attributable to Parent | $ 3,021,000,000 | 3,021,000,000 | $ 2,794,000,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | $ 5,673,000,000 | 5,700,000,000 | 6,171,000,000 | ||||
Net income (loss) | 150,000,000 | (387,000,000) | 248,000,000 | (313,000,000) | |||
Net Income (Loss) Attributable to Noncontrolling Interest | 97,000,000 | 95,000,000 | 219,000,000 | 43,000,000 | |||
Total foreign currency translation adjustment, net of income tax | (24,000,000) | 120,000,000 | 47,000,000 | 248,000,000 | |||
Total change in derivative fair value, net of income tax | (13,000,000) | (90,000,000) | 2,000,000 | (155,000,000) | |||
Total pension adjustments, net of income tax | 7,000,000 | 4,000,000 | 13,000,000 | 7,000,000 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | 31,000,000 | 31,000,000 | $ 0 | |||
Preferred Stock, Accretion of Redemption, Discount | (7,000,000) | 0 | |||||
Contributions from noncontrolling interests | 17,000,000 | 7,000,000 | |||||
Distributions to noncontrolling interests | (198,000,000) | (189,000,000) | |||||
Disposition of businesses | 0 | 18,000,000 | |||||
Purchase of treasury stock | 0 | (79,000,000) | |||||
Issuance and exercise of stock-based compensation benefit plans | 9,000,000 | 12,000,000 | |||||
Dividends declared on common stock | (79,000,000) | (71,000,000) | |||||
Sale of subsidiary shares to noncontrolling interests | 18,000,000 | 17,000,000 | |||||
Acquisition of subsidiary shares from noncontrolling interests | 267,000,000 | (5,000,000) | |||||
Temporary Equity, Net Income | 6,000,000 | 5,000,000 | |||||
Ending Balance | 6,074,000,000 | 6,074,000,000 | |||||
Additional Paid in Capital | 8,732,000,000 | 8,732,000,000 | 8,592,000,000 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,741,000,000) | (2,741,000,000) | $ (2,756,000,000) | ||||
AOCI Attributable to Parent [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total foreign currency translation adjustment, net of income tax | 48,000,000 | ||||||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Total pension adjustments, net of income tax | 0 | ||||||
Parent [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | 2,766,000,000 | 2,794,000,000 | 3,149,000,000 | ||||
Net income (loss) | 29,000,000 | (356,000,000) | |||||
Total foreign currency translation adjustment, net of income tax | 48,000,000 | 193,000,000 | |||||
Total change in derivative fair value, net of income tax | 0 | (80,000,000) | |||||
Total pension adjustments, net of income tax | 0 | 2,000,000 | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | 31,000,000 | 31,000,000 | 0 | |||
Preferred Stock, Accretion of Redemption, Discount | (7,000,000) | 0 | |||||
Contributions from noncontrolling interests | 0 | 0 | |||||
Distributions to noncontrolling interests | 0 | (2,000,000) | |||||
Disposition of businesses | 0 | 0 | |||||
Purchase of treasury stock | 0 | (79,000,000) | |||||
Issuance and exercise of stock-based compensation benefit plans | 9,000,000 | 12,000,000 | |||||
Dividends declared on common stock | (79,000,000) | (71,000,000) | |||||
Sale of subsidiary shares to noncontrolling interests | (4,000,000) | 0 | |||||
Acquisition of subsidiary shares from noncontrolling interests | 200,000,000 | (2,000,000) | |||||
Temporary Equity, Net Income | 0 | 0 | |||||
Ending Balance | 3,021,000,000 | 3,021,000,000 | |||||
Noncontrolling Interest [Member] | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Beginning Balance | $ 2,907,000,000 | 2,906,000,000 | 3,022,000,000 | ||||
Net income (loss) | [2] | 219,000,000 | 43,000,000 | ||||
Total foreign currency translation adjustment, net of income tax | (1,000,000) | 55,000,000 | |||||
Total change in derivative fair value, net of income tax | 2,000,000 | (75,000,000) | |||||
Total pension adjustments, net of income tax | 13,000,000 | 5,000,000 | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | 0 | 0 | $ 0 | |||
Preferred Stock, Accretion of Redemption, Discount | 0 | 0 | |||||
Contributions from noncontrolling interests | 17,000,000 | 7,000,000 | |||||
Distributions to noncontrolling interests | (198,000,000) | (187,000,000) | |||||
Disposition of businesses | 0 | 18,000,000 | |||||
Purchase of treasury stock | 0 | 0 | |||||
Issuance and exercise of stock-based compensation benefit plans | 0 | 0 | |||||
Dividends declared on common stock | 0 | 0 | |||||
Sale of subsidiary shares to noncontrolling interests | 22,000,000 | 17,000,000 | |||||
Acquisition of subsidiary shares from noncontrolling interests | 67,000,000 | (3,000,000) | |||||
Temporary Equity, Net Income | 6,000,000 | $ 5,000,000 | |||||
Ending Balance | 3,053,000,000 | 3,053,000,000 | |||||
Alto Maipo [Member] | |||||||
Changes In Equity Disclosure [Line Items] | |||||||
Stockholders' Equity Attributable to Parent | 196,000,000 | 196,000,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Additional Paid in Capital | 229,000,000 | 229,000,000 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (33,000,000) | $ (33,000,000) | |||||
[1] | (2) See Note 1—Financial Statement Presentation, New Accounting Standards Adopted for further information. | ||||||
[2] | (1) Net income attributable to noncontrolling interest of $225 million and net loss attributable to redeemable stocks of subsidiaries of $6 million for the six months ended June 30, 2017. Net income attributable to noncontrolling interest of $48 million and net loss attributable to redeemable stock of subsidiaries of $5 million for the six months ended June 30, 2016. |
Equity Equity Transactions with
Equity Equity Transactions with Noncontrolling Interests (Details) - USD ($) | Feb. 18, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Mar. 31, 2016 |
Noncontrolling Interest [Line Items] | |||||||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | $ (18,000,000) | $ (17,000,000) | |||||
Additional Paid in Capital | $ 8,732,000,000 | $ 8,732,000,000 | $ 8,592,000,000 | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 6.70% | 6.70% | |||||
Stockholders' Equity Attributable to Parent | $ 3,021,000,000 | $ 3,021,000,000 | $ 2,794,000,000 | ||||
Loss (gain) on sales and disposals of businesses | $ 48,000,000 | $ 17,000,000 | $ 48,000,000 | (30,000,000) | |||
Alto Maipo [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 40.00% | 40.00% | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 62.00% | 62.00% | |||||
Additional Paid in Capital | $ 229,000,000 | $ 229,000,000 | |||||
Stockholders' Equity Attributable to Parent | 196,000,000 | $ 196,000,000 | |||||
Loss (gain) on sales and disposals of businesses | $ 0 | ||||||
IPP4 [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 36.00% | ||||||
UK Wind Projects [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Loss (gain) on sales and disposals of businesses | $ 20,000,000 | ||||||
Jordan [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 40.00% | ||||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | $ 21,000,000 | ||||||
Loss (gain) on sales and disposals of businesses | $ (4,000,000) | ||||||
Additional Paid-in Capital [Member] | IPALCO Enterprises, Inc. [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | $ (84,000,000) | ||||||
Mitsui Ltd [Member] | IPP4 [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 40.00% | ||||||
Nebras Power Q.S.C [Member] | IPP4 [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 24.00% |
Equity Accumulated Other Compre
Equity Accumulated Other Comprehensive Loss (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 48,000,000 | ||||
Unfunded pension obligation, Net of Tax | $ (286,000,000) | (286,000,000) | $ (286,000,000) | ||
Foreign currency translation adjustment, Net of Tax | (2,099,000,000) | (2,099,000,000) | (2,147,000,000) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,741,000,000) | (2,741,000,000) | (2,756,000,000) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (93,000,000) | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (356,000,000) | (356,000,000) | $ (323,000,000) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 141,000,000 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (24,000,000) | $ 120,000,000 | 47,000,000 | $ 248,000,000 | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (42,000,000) | (93,000,000) | (47,000,000) | (157,000,000) | |
Total pension adjustments, net of income tax | 7,000,000 | $ 4,000,000 | 13,000,000 | $ 7,000,000 | |
AOCI Attributable to Parent [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 48,000,000 | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (40,000,000) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 40,000,000 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 0 | ||||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3,000,000) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3,000,000 | ||||
Total pension adjustments, net of income tax | 0 | ||||
Accumulated Translation Adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (50,000,000) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 98,000,000 | ||||
Alto Maipo [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Unfunded pension obligation, Net of Tax | 0 | 0 | |||
Foreign currency translation adjustment, Net of Tax | 0 | 0 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (33,000,000) | (33,000,000) | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $ (33,000,000) | $ (33,000,000) |
Equity Reclassifications Out of
Equity Reclassifications Out of AOCL (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Non-regulated revenue | $ 1,833 | $ 1,664 | $ 3,598 | $ 3,359 |
Regulated cost of sales | (1,488) | (1,431) | (3,066) | (2,898) |
Non-regulated cost of sales | (1,312) | (1,224) | (2,633) | (2,519) |
Other Income | 15 | 12 | 87 | 25 |
General and Administrative Expense | (49) | (47) | (103) | (95) |
Interest expense | (333) | (390) | (681) | (732) |
Foreign currency transaction gains (losses) | 12 | (36) | (8) | 4 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 240 | (22) | 399 | 151 |
Income tax benefit (expense) | (92) | 7 | (160) | (90) |
Income (Loss) from Equity Method Investments | 2 | 7 | 9 | 14 |
INCOME FROM CONTINUING OPERATIONS | 150 | (8) | 248 | 75 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | (382) | 0 | (382) |
Net income (loss) | 150 | (387) | 248 | (313) |
Less: net income attributable to noncontrolling interests and redeemable stock of subsidiaries | (225) | (48) | ||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | 53 | (482) | 29 | (356) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 141 | |||
Gain (Loss) on Disposition of Business | (48) | (17) | (48) | 30 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (117) | (4) | (141) | (5) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 98 | |||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Nonoperating Gains (Losses) | (95) | 0 | (98) | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | (95) | 0 | (98) | 0 |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Regulated cost of sales | (10) | (5) | (20) | (9) |
Other Income | 0 | 0 | ||
General and Administrative Expense | 1 | 0 | ||
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | (10) | (5) | (19) | (9) |
Income tax benefit (expense) | 3 | 1 | 6 | 2 |
INCOME FROM CONTINUING OPERATIONS | (7) | (4) | (13) | (7) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Non-regulated revenue | 0 | 32 | 10 | 74 |
Non-regulated cost of sales | 1 | (16) | (9) | (37) |
Interest expense | (20) | (32) | (43) | (61) |
Foreign currency transaction gains (losses) | (20) | 9 | (18) | 21 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | (39) | (7) | (60) | (3) |
Income tax benefit (expense) | 10 | 4 | 11 | 1 |
INCOME FROM CONTINUING OPERATIONS | (29) | (3) | (49) | (2) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Less: net income attributable to noncontrolling interests and redeemable stock of subsidiaries | 9 | 0 | 9 | (1) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 40 | |||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | (20) | (3) | (40) | (3) |
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Less: net income attributable to noncontrolling interests and redeemable stock of subsidiaries | 5 | 3 | 10 | 5 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3 | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ (2) | $ (1) | $ (3) | $ (2) |
Equity Common Stock Dividends (
Equity Common Stock Dividends (Details) - $ / shares | Jul. 14, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Common Stock, Dividends, Per Share, Cash Paid | $ 120,000 | $ 0.12 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 0 | $ 0.12 | $ 0.11 | ||
Scenario, Forecast [Member] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.12 |
Equity Stock Repurchase Program
Equity Stock Repurchase Program (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Equity, Class of Treasury Stock [Line Items] | ||
Stock Repurchased During Period, Value | $ 0 | $ 79 |
Segments (Details)
Segments (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)segment | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of strategic business units | segment | 6 | ||||
Number of reportable segments | segment | 6 | ||||
Adjusted PTC | |||||
Adjusted Pretax Contribution | $ 243 | $ 160 | $ 433 | $ 345 | |
Reconciliation To Income From Continuing Operations Before Taxes | |||||
Unrealized derivative losses (gains) | 2 | 30 | 1 | (4) | |
Unrealized foreign currency transaction losses (gains) | (24) | 17 | (33) | 9 | |
Disposition/acquisition losses (gains) | 54 | 17 | 106 | (2) | |
Impairment losses | 94 | 235 | 262 | 285 | |
Extinguishment of debt losses (gains) | 11 | 6 | (5) | 6 | |
Pretax contribution | 106 | (145) | 102 | 51 | |
Net equity in earnings of affiliates | 2 | 7 | 9 | 14 | |
Less: Income (loss) from continuing operations before taxes, attributable to noncontrolling interests | 136 | 130 | 306 | 114 | |
Income (loss) from continuing operations before taxes and equity in earnings of affiliates | 240 | (22) | 399 | 151 | |
Assets | |||||
Total Assets | 36,469 | 36,469 | $ 36,119 | ||
Operating Segments [Member] | |||||
Revenue | |||||
Total Revenue | 3,470 | 3,229 | 6,962 | 6,500 | |
Adjusted PTC | |||||
Adjusted Pretax Contribution | 243 | 160 | 433 | 345 | |
Intersegment Eliminations [Member] | |||||
Revenue | |||||
Total Revenue | (5) | (6) | (7) | (11) | |
UNITED STATES | |||||
Assets | |||||
Total Assets | 9,283 | 9,283 | 9,333 | ||
UNITED STATES | Operating Segments [Member] | |||||
Revenue | |||||
Total Revenue | 785 | 811 | 1,593 | 1,666 | |
Adjusted PTC | |||||
Adjusted Pretax Contribution | 63 | 58 | 111 | 143 | |
Andes - Generation [Member] | |||||
Assets | |||||
Total Assets | 9,171 | 9,171 | 8,971 | ||
Andes - Generation [Member] | Operating Segments [Member] | |||||
Revenue | |||||
Total Revenue | 672 | 575 | 1,290 | 1,197 | |
Adjusted PTC | |||||
Adjusted Pretax Contribution | 82 | 84 | 170 | 145 | |
BRAZIL | |||||
Assets | |||||
Total Assets | 6,347 | 6,347 | 6,448 | ||
BRAZIL | Operating Segments [Member] | |||||
Revenue | |||||
Total Revenue | 982 | 895 | 2,021 | 1,734 | |
Adjusted PTC | |||||
Adjusted Pretax Contribution | 13 | 7 | 52 | 12 | |
MCAC - Generation [Member] | |||||
Assets | |||||
Total Assets | 5,435 | 5,435 | 5,162 | ||
MCAC - Generation [Member] | Operating Segments [Member] | |||||
Revenue | |||||
Total Revenue | 635 | 530 | 1,221 | 1,049 | |
Adjusted PTC | |||||
Adjusted Pretax Contribution | 99 | 75 | 158 | 123 | |
Europe [Member] | |||||
Assets | |||||
Total Assets | 2,575 | 2,575 | 2,664 | ||
Europe [Member] | Operating Segments [Member] | |||||
Revenue | |||||
Total Revenue | 209 | 222 | 446 | 468 | |
Adjusted PTC | |||||
Adjusted Pretax Contribution | 54 | 34 | 109 | 103 | |
Asia [Member] | |||||
Assets | |||||
Total Assets | 3,203 | 3,203 | 3,113 | ||
Asia [Member] | Operating Segments [Member] | |||||
Revenue | |||||
Total Revenue | 186 | 201 | 378 | 395 | |
Adjusted PTC | |||||
Adjusted Pretax Contribution | 26 | 26 | 48 | 48 | |
Corporate Other And Other Eliminations [Member] | |||||
Assets | |||||
Total Assets | 353 | 353 | 428 | ||
Corporate Other And Other Eliminations [Member] | Operating Segments [Member] | |||||
Revenue | |||||
Total Revenue | 6 | 1 | 20 | 2 | |
Adjusted PTC | |||||
Adjusted Pretax Contribution | (94) | $ (124) | (215) | $ (229) | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||
Assets | |||||
Total Assets | $ 102 | $ 102 | $ 0 |
Other Income and Expense - Othe
Other Income and Expense - Other Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Schedule of Other Nonoperating Income [Line Items] | |||||
Other income | $ 15 | $ 12 | $ 87 | $ 25 | |
Other Income [Member] | |||||
Schedule of Other Nonoperating Income [Line Items] | |||||
Litigation Settlement, Amount Awarded from Other Party | [1] | 0 | 0 | 60 | 0 |
Public Utilities, Allowance for Funds Used During Construction, Additions | 6 | 7 | 13 | 14 | |
Gain On Sale Of Assets | 0 | 1 | 1 | 3 | |
Other Nonoperating Income | 9 | 4 | 13 | 8 | |
Other income | $ 15 | $ 12 | $ 87 | $ 25 | |
[1] | (1) In December 2016, the Company and YPF entered into a settlement agreement in which all parties agreed to give up any and all legal action related to gas supply contracts that were terminated in 2008 and have been in dispute since 2009. In January 2017, the YPF board approved the agreement and paid the Company $60 million, thereby resolving all uncertainties around the dispute. |
Other Income and Expense - Ot77
Other Income and Expense - Other Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule of other expense [Line Items] | ||||
Gain (Loss) on Disposition of Assets | $ (19) | $ (14) | ||
Other Expenses | $ 18 | $ 21 | 48 | 29 |
Other Expense [Member] | ||||
Schedule of other expense [Line Items] | ||||
Legal settlement | 1 | 4 | 1 | 4 |
Gain (Loss) on Disposition of Assets | 9 | 9 | 38 | 14 |
Water Rights Write-Off | 3 | 6 | 3 | 7 |
Other Nonoperating Expense | 5 | 2 | 6 | 4 |
Other Expenses | $ 18 | $ 21 | $ 48 | $ 29 |
Asset Impairment Expense (Detai
Asset Impairment Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Asset Impairment Expense [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | $ 90 | $ 235 | $ 258 | $ 394 | ||
Parent Company [Member] | ||||||
Asset Impairment Expense [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | $ 49 | |||||
Kazakhstan Hydro [Member] | ||||||
Asset Impairment Expense [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | 90 | 0 | 90 | 0 | ||
Kazakhstan [Member] | ||||||
Asset Impairment Expense [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | 0 | $ 94 | 0 | 0 | ||
buffalo gap II [Member] [Member] | ||||||
Asset Impairment Expense [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 159 | 0 | ||
DPL Subsidiary [Member] | ||||||
Asset Impairment Expense [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 66 | 235 | 235 | ||
Energy Storage [Member] | ||||||
Asset Impairment Expense [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | $ 0 | 0 | $ 8 | 0 | ||
Long Lived Assets Held And Used [Member] | Stuart Station [Member] | ||||||
Asset Impairment Expense [Line Items] | ||||||
Assets, fair value | 3 | |||||
Long Lived Assets Held And Used [Member] | Killen Station [Member] | ||||||
Asset Impairment Expense [Line Items] | ||||||
Assets, fair value | $ 8 | 84 | 84 | |||
Long Lived Assets Held And Used [Member] | DPL Peaking Generation [Domain] | ||||||
Asset Impairment Expense [Line Items] | ||||||
Assets, fair value | $ 5 | $ 5 | ||||
Long Lived Assets Held And Used [Member] | buffalo gap II [Member] [Member] | ||||||
Asset Impairment Expense [Line Items] | ||||||
Assets, fair value | $ 92 |
Dispositions Dispositions (Deta
Dispositions Dispositions (Details) - USD ($) $ in Millions | Apr. 07, 2017 | Jan. 27, 2016 | Jan. 01, 2016 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Impairment of Long-Lived Assets Held-for-use | $ 90 | $ 235 | $ 258 | $ 394 | ||||
Proceeds from the sale of businesses, net of cash sold, and equity method investments | 33 | 156 | ||||||
Gain (Loss) on Disposition of Business | 48 | 17 | 48 | (30) | ||||
Proceeds from sale of ownership interest | 0 | (134) | ||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Kazakhstan [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from the sale of businesses, net of cash sold, and equity method investments | $ 24 | |||||||
Gain (Loss) on Disposition of Business | $ 48 | |||||||
Pre-tax income of disposed businesses, Excluding gain on disposal, included in continuing operations | 0 | 0 | $ 13 | 7 | ||||
UK Wind Projects [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (Loss) on Disposition of Business | 20 | |||||||
Kazakhstan [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Impairment of Long-Lived Assets Held-for-use | $ 0 | $ 94 | $ 0 | $ 0 | ||||
DPLER [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from the sale of businesses, net of cash sold, and equity method investments | $ 76 | |||||||
Gain (Loss) on Disposition of Business | $ (49) | |||||||
Kelanitissa [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from the sale of businesses, net of cash sold, and equity method investments | $ 18 | |||||||
Gain (Loss) on Disposition of Business | $ 5 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | Apr. 18, 2017 | Feb. 19, 2017 |
sPower [Member] | ||
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 853 | |
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | |
Alto Sertao II [Member] | ||
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Net of Cash Acquired | $ 180 | |
Non Recourse Debt Total | 350 | |
Business Combination, Contingent Consideration, Liability | $ 30 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
BASIC EARNINGS PER SHARE | ||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders (Income) | $ 53 | $ (103) | $ 29 | $ 32 |
Income (loss) from continuing operations attributable to The AES Corporation common stockholders (Shares) | 660 | 659 | 660 | 660 |
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ 0.08 | $ (0.16) | $ 0.04 | $ 0.05 |
EFFECT OF DILUTIVE SECURITIES | ||||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 0 | $ 0 | $ 0 | $ 0 |
Restricted stock units (Shares) | 2 | 0 | 2 | 2 |
Dilutive Securities Effect On Basic EPS, dilutive Restricted Stock Units, per diluted share | $ 0 | $ 0 | $ 0 | $ 0 |
DILUTED EARNINGS PER SHARE: | ||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.08 | $ (0.16) | $ 0.04 | $ 0.05 |
Income Loss From Continuing Operations Diluted | $ 53 | $ (103) | $ 29 | $ 32 |
Weighted Average Number of Shares Outstanding, Diluted | 662 | 659 | 662 | 662 |
Convertible Debt Securities [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 15 | 15 | ||
Stock Compensation Plan [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 7 | 8 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5 | |||
Weighted Average [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3 |
Subsequent Events (Details)
Subsequent Events (Details) | Jul. 01, 2017 |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Investment In Affiliate Ownership Percentage | 50.00% |
Discontinued Operations and H83
Discontinued Operations and Held for sale businesses (Details) - USD ($) $ in Millions | Apr. 21, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 0 | $ (382) | $ 0 | $ (382) | |||
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 1 | 0 | (3) | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | (379) | 0 | (388) | |||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 33 | 156 | |||||
Kazakhstan Hydro [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Pre-tax income of disposed businesses, Excluding gain on disposal, included in continuing operations | 15 | 13 | 20 | 18 | |||
Zimmer Station [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Pre-tax income of disposed businesses, Excluding gain on disposal, included in continuing operations | 3 | 2 | |||||
Pre-tax loss of disposed businesses, Excluding gain on disposal, included in continuing operations | (10) | (16) | |||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 50 | ||||||
Sul Subsidiary [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 57 | |||||
Disposal Group, Including Discontinued Operation, Revenue | 219 | 419 | |||||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | (204) | (408) | |||||
Impairment Expense Pre Tax Total | (783) | (783) | |||||
Disposal Group, Including Discontinued Operation, Other Expense | (11) | (20) | |||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (779) | (792) | |||||
Discontinued Operation, Tax Effect of Discontinued Operation | 400 | 404 | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | $ (379) | 0 | (388) | |||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | $ (84) | |||||
Sul Subsidiary [Member] | Discontinued Operations [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Disposal Group, Including Discontinued Operation, Assets | 0 | 0 | $ 0 | ||||
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 0 | $ 0 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Kazakhstan [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 171 | ||||||
Fair Value Less Costs To Sell | 29 | ||||||
Impairment of Long-Lived Assets to be Disposed of | $ 94 | ||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Kazakhstan Hydro [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Assets Carrying Amount Disclosure Nonrecurring | 190 | 190 | |||||
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses) | 100 | ||||||
Fair Value Less Costs To Sell | 92 | $ 92 | |||||
Impairment of Long-Lived Assets to be Disposed of | $ 90 |
Risks and Uncertainties (Detail
Risks and Uncertainties (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Unusual Risk or Uncertainty [Line Items] | ||
Debt Default Amount | $ 994 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 683 | $ 621 |
Alto Maipo [Member] | ||
Unusual Risk or Uncertainty [Line Items] | ||
Increase (Decrease) in Projected Costs | 22.00% | |
Investment In Affiliate Ownership Percentage | 62.00% | |
Derivative Liabililty, Amount in Technical Default | $ 139 | |
Assets Carrying Amount Disclosure Nonrecurring | 1,300 | |
Deferred Tax Assets, Net | 60 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 360 | |
Other Commitment | 55 | |
Project Budgeted Cost | $ 2,000 | |
Gener Subsidiary [Member] | ||
Unusual Risk or Uncertainty [Line Items] | ||
Investment In Affiliate Ownership Percentage | 67.00% | |
Alto Maipo [Member] | Covenant Violation [Member] | ||
Unusual Risk or Uncertainty [Line Items] | ||
Debt Default Amount | $ 613 |