Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Feb. 21, 2019 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Document Type | 10-K | ||||
Amendment Flag | false | ||||
Document Period End Date | Dec. 31, 2018 | ||||
Common Stock, Value, Issued | $ (8,000,000) | $ (13.05) | $ (8,000,000) | ||
Document Fiscal Year Focus | 2,018 | ||||
Document Fiscal Period Focus | FY | ||||
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 Emerging Growth Company | false | ||||
Entity Small Business | false | ||||
Entity Common Stock, Shares Outstanding | 662,358,244 | ||||
Entity current reporting status | Yes | ||||
Entity Shell Company | false | ||||
Entity voluntary filers | No | ||||
Entity Well Known Seasoned Issuer | Yes | ||||
Entity Public Float | $ 8,630,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 2,003,000,000 | $ 1,788,000,000 |
CURRENT ASSETS | ||
Cash and cash equivalents | 1,166,000,000 | 949,000,000 |
Restricted cash | 370,000,000 | 274,000,000 |
Short-term investments | 313,000,000 | 424,000,000 |
Accounts receivable, net of allowance for doubtful accounts of $23 and $10, respectively | 1,595,000,000 | 1,463,000,000 |
Inventory | 577,000,000 | 562,000,000 |
Prepaid expenses | 130,000,000 | 62,000,000 |
Other current assets | 807,000,000 | 630,000,000 |
Current assets of discontinued operations and held-for-sale businesses | 57,000,000 | 2,034,000,000 |
Total current assets | 5,015,000,000 | 6,398,000,000 |
Property, Plant and Equipment: | ||
Land | 449,000,000 | 502,000,000 |
Electric generation, distribution assets and other | 25,242,000,000 | 24,119,000,000 |
Accumulated depreciation | (8,227,000,000) | (7,942,000,000) |
Construction in progress | 3,932,000,000 | 3,617,000,000 |
Property, plant and equipment, net | 21,396,000,000 | 20,296,000,000 |
Other Assets: | ||
Investments in and advances to affiliates | 1,114,000,000 | 1,197,000,000 |
Debt service reserves and other deposits | 467,000,000 | 565,000,000 |
Goodwill | 1,059,000,000 | 1,059,000,000 |
Other intangible assets, net of accumulated amortization of $457 and $441, respectively | 436,000,000 | 366,000,000 |
Deferred income taxes | 97,000,000 | 130,000,000 |
Service concession assets, net of accumulated amortization of $0 and $206, respectively | 0 | 1,360,000,000 |
Notes, Loans and Financing Receivable, Gross, Noncurrent | 1,423,000,000 | 0 |
Other noncurrent assets | 1,514,000,000 | 1,741,000,000 |
Total other assets | 6,110,000,000 | 6,418,000,000 |
TOTAL ASSETS | 32,521,000,000 | 33,112,000,000 |
CURRENT LIABILITIES | ||
Accounts payable | 1,329,000,000 | 1,371,000,000 |
Accrued interest | 191,000,000 | 228,000,000 |
Accrual for Taxes Other than Income Taxes, Current | 250,000,000 | 252,000,000 |
Accrued and other liabilities | 962,000,000 | 980,000,000 |
Non-recourse debt, including $479 and $1,012, respectively, related to variable interest entities | 1,659,000,000 | 2,164,000,000 |
Current liabilities of discontinued operations and held-for-sale businesses | 8,000,000 | 1,033,000,000 |
Total current liabilities | 4,399,000,000 | 6,028,000,000 |
NONCURRENT LIABILITIES | ||
Non-recourse debt, including $2,922 and $1,358 respectively, related to variable interest entities | 13,986,000,000 | 13,176,000,000 |
Recourse debt | 3,650,000,000 | 4,625,000,000 |
Deferred income taxes | 1,280,000,000 | 1,006,000,000 |
Other noncurrent liabilities | 2,723,000,000 | 2,595,000,000 |
Total noncurrent liabilities | 21,639,000,000 | 21,402,000,000 |
Commitments and Contingencies (see Notes 11 and 12) | ||
Redeemable stock of subsidiaries | 879,000,000 | 837,000,000 |
THE AES CORPORATION STOCKHOLDERS’ EQUITY | ||
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 817,203,691 issued and 662,298,096 outstanding at December 31, 2018 and 816,312,913 issued and 660,388,128 outstanding at December 31, 2017) | 8,000,000 | 8,000,000 |
Additional paid-in capital | 8,154,000,000 | 8,501,000,000 |
Accumulated deficit | (1,005,000,000) | (2,276,000,000) |
Accumulated other comprehensive loss | (2,071,000,000) | (1,876,000,000) |
Treasury stock, at cost (154,905,595 and 155,924,785 shares at December 31, 2018 and 2017, respectively) | (1,878,000,000) | (1,892,000,000) |
Total AES Corporation stockholders’ equity | 3,208,000,000 | 2,465,000,000 |
NONCONTROLLING INTERESTS | 2,396,000,000 | 2,380,000,000 |
Total equity | 5,604,000,000 | 4,845,000,000 |
TOTAL LIABILITIES AND EQUITY | $ 32,521,000,000 | $ 33,112,000,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 23 | $ 10 |
Other intangible assets, accumulated amortization | 457 | 441 |
Service Concession Asset, Accumulated Depreciation | $ 0 | $ 206 |
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) | 817,203,691 | 816,312,913 |
Common stock, shares outstanding (in shares) | 662,298,096 | 660,388,128 |
Treasury stock, shares (in shares) | 154,905,595 | 155,924,785 |
Variable Interest Entity [Line Items] | ||
Non-recourse debt - current balance at variable interest entities | $ 1,659 | $ 2,164 |
Non-recourse debt - noncurrent, balance at variable interest entities | 13,986 | 13,176 |
Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Non-recourse debt - current balance at variable interest entities | 479 | 1,012 |
Non-recourse debt - noncurrent, balance at variable interest entities | $ 2,922 | $ 1,358 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | $ 10,736 | $ 10,530 | $ 10,281 |
Cost of Goods and Services Sold | 8,163 | 8,065 | 7,898 |
Operating margin | 2,573 | 2,465 | 2,383 |
General and administrative expenses | (192) | (215) | (194) |
Interest expense | (1,056) | (1,170) | (1,134) |
Interest income | 310 | 244 | 245 |
Loss on extinguishment of debt | (188) | (68) | (13) |
Other expense | (58) | (58) | (80) |
Other income | 72 | 120 | 64 |
Gain (loss) on disposal and sale of business interests | 984 | (52) | 29 |
Asset impairment expense | (208) | (537) | (1,096) |
Foreign currency transaction gains (losses) | (72) | 42 | (15) |
Other non-operating expense | (147) | 0 | (2) |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 2,018 | 771 | 187 |
Income tax expense | (708) | (990) | (32) |
Net equity in earnings of affiliates | 39 | 71 | 36 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 1,349 | (148) | 191 |
Income (loss) from operations of discontinued businesses, net of income tax benefit (expense) of $(2), $(21), and $229, respectively | (9) | (18) | 151 |
Gain (loss) from disposal and impairments of discontinued businesses, net of income tax benefit (expense) of $(44), $0, and $266, respectively | 225 | (611) | (1,119) |
NET INCOME (LOSS) | 1,565 | (777) | (777) |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | (364) | (359) | (211) |
Less: Loss (income) from discontinued operations attributable to noncontrolling interests | 2 | (25) | (142) |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | 1,203 | (1,161) | (1,130) |
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS: | |||
Income (loss) from continuing operations, net of tax | 985 | (507) | (20) |
Income (loss) from discontinued operations, net of tax | 218 | (654) | (1,110) |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ 1,203 | $ (1,161) | $ (1,130) |
BASIC EARNINGS PER SHARE: | |||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ 1.49 | $ (0.77) | $ (0.04) |
Income (loss) from discontinued operations attributable to The AES Corporation common stockholders, net of tax | 0.33 | (0.99) | (1.68) |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | 1.82 | (1.76) | (1.72) |
DILUTED EARNINGS PER SHARE: | |||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | 1.48 | (0.77) | (0.04) |
Income (loss) from discontinued operations attributable to The AES Corporation common stockholders, net of tax | 0.33 | (0.99) | (1.68) |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | 1.81 | (1.76) | (1.72) |
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | $ 0.53 | $ 0.49 | $ 0.45 |
Electricity, Generation [Member] | |||
Revenues | $ 7,797 | $ 7,421 | $ 6,971 |
Cost of Goods and Services Sold | 5,690 | 5,415 | 5,059 |
Electric Distribution [Member] | |||
Revenues | 2,939 | 3,109 | 3,310 |
Cost of Goods and Services Sold | $ 2,473 | $ 2,650 | $ 2,839 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Income from operations of discontinued businesses, income tax expense (benefit) | $ (2) | $ (21) | $ 229 |
Gain (loss) from disposal and impairment of discontinued businesses, income tax expense (benefit) | $ (44) | $ 0 | $ 266 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) Attributable to Parent | $ 1,203 | $ (1,161) | $ (1,130) |
NET INCOME (LOSS) | 1,565 | (777) | (777) |
Foreign currency translation activity: | |||
Foreign currency translation adjustments, net of income tax benefit of $2, $17, and $1, respectively | (161) | (9) | 189 |
Reclassification to earnings, net of $0 income tax for all periods | (21) | 643 | 992 |
Total foreign currency translation adjustments | (182) | 634 | 1,181 |
Derivative activity: | |||
Change in derivative fair value, net of income tax benefit (expense) of $27, $10 and $(7), respectively | (67) | (12) | 5 |
Reclassification to earnings, net of income tax expense of $24, $1 and $8, respectively | 93 | 50 | 37 |
Total change in fair value of derivatives | 26 | 38 | 42 |
Pension activity: | |||
Change in pension adjustments due to prior service cost, net of income tax benefit (expense) of $1, $(1), and $(6) respectively | (2) | 2 | 11 |
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax benefit of $1, $6, and $106, respectively | (1) | (21) | (208) |
Reclassification to earnings, net of income tax expense of $2, $135, and $3 respectively | 8 | 266 | 10 |
Total pension adjustments | 5 | 247 | (187) |
OTHER COMPREHENSIVE INCOME (LOSS) | (151) | 919 | 1,036 |
COMPREHENSIVE INCOME | 1,414 | 142 | 259 |
Less: Comprehensive income attributable to noncontrolling interests | (425) | (390) | (262) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ 989 | $ (248) | $ (3) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, income tax | $ (2) | $ (17) | $ (1) |
Foreign currency, reclassification to earnings, income tax benefit (expense) | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 27 | 10 | (7) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (24) | (1) | (8) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax | 1 | (1) | (6) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | 1 | 6 | 106 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | $ (2) | $ (135) | $ (3) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Treasury Stock | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | IPALCO Enterprises, Inc. [Member]Retained Earnings (Accumulated Deficit) | |
Beginning Balance at Dec. 31, 2015 | $ 8 | $ (1,837) | $ 8,718 | $ 143 | $ (3,883) | $ 3,022 | |||
Beginning Balance (Shares) at Dec. 31, 2015 | 815.8 | 149 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | $ (777) | $ 0 | $ 0 | 0 | (1,130) | 0 | 353 | ||
Total foreign currency translation adjustment, net of income tax | 1,181 | 0 | 0 | 0 | 0 | 1,109 | 72 | ||
Total change in derivative fair value, net of income tax | 42 | 0 | 0 | 0 | 0 | 30 | 12 | ||
Total pension adjustments, net of income tax | (187) | 0 | 0 | 0 | 0 | (12) | (175) | ||
OTHER COMPREHENSIVE INCOME (LOSS) | 1,036 | 1,127 | (91) | ||||||
Disposition of business interests (2) | [1] | 0 | 0 | 0 | 0 | 0 | (2) | ||
Distributions to noncontrolling interests | 0 | 0 | (10) | 0 | 0 | (430) | |||
Contributions from noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 60 | |||
Dividends declared on common stock | $ 0 | $ 0 | (226) | (71) | 0 | 0 | |||
Purchase of treasury stock (shares) | 0 | 8.7 | |||||||
Purchase of treasury stock | $ 0 | $ (79) | 0 | 0 | 0 | 0 | |||
Issuance and exercise of stock-based compensation benefit plans (Shares) | 0.3 | (0.8) | |||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | $ 0 | $ 12 | 11 | 0 | 0 | 0 | |||
Sale of subsidiary shares to noncontrolling interests | 0 | 0 | 84 | 0 | 17 | $ (84) | |||
Acquisition of subsidiary shares from noncontrolling interests | 0 | 0 | 2 | 0 | 0 | 17 | |||
Fair value adjustment (1) | [2] | 0 | 0 | 17 | (4) | 0 | (17) | ||
Ending Balance at Dec. 31, 2016 | $ 8 | $ (1,904) | 8,592 | (1,146) | (2,756) | 2,906 | |||
Ending Balance (Shares) at Dec. 31, 2016 | 816.1 | 156.9 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Temporary Equity, Net Income | $ 0 | $ 0 | 0 | 0 | 0 | 11 | |||
Net income (loss) | (777) | 0 | 0 | 0 | (1,161) | 0 | 384 | ||
Total foreign currency translation adjustment, net of income tax | 634 | 0 | 0 | 0 | 0 | 661 | (27) | ||
Total change in derivative fair value, net of income tax | 38 | 0 | 0 | 0 | 0 | 23 | 15 | ||
Total pension adjustments, net of income tax | 247 | 0 | 0 | 0 | 0 | 229 | 18 | ||
OTHER COMPREHENSIVE INCOME (LOSS) | 919 | 913 | 6 | ||||||
Cumulative effect of a change in accounting principle (3) | [3] | 0 | 0 | 0 | 31 | 0 | 0 | ||
Disposition of business interests (2) | [1] | 0 | 0 | 0 | 0 | 0 | (666) | ||
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (426) | |||
Contributions from noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 11 | |||
Dividends declared on common stock | $ 0 | $ 0 | (324) | 0 | 0 | 0 | |||
Issuance and exercise of stock-based compensation benefit plans (Shares) | 0.2 | (1) | |||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | $ 0 | $ 12 | 5 | 0 | 0 | 0 | |||
Sale of subsidiary shares to noncontrolling interests | 0 | 0 | 13 | 7 | 83 | 0 | |||
Acquisition of subsidiary shares from noncontrolling interests | 0 | 0 | (240) | 0 | (40) | (68) | |||
Fair value adjustment (1) | [2] | 0 | 0 | (25) | 0 | 0 | 0 | ||
Ending Balance at Dec. 31, 2017 | 4,845 | $ 8 | $ (1,892) | 8,501 | (2,276) | (1,876) | 2,380 | ||
Ending Balance (Shares) at Dec. 31, 2017 | 816.3 | 155.9 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Temporary Equity, Net Income | (14) | $ 0 | $ 0 | 0 | 0 | 0 | 14 | ||
Net income (loss) | 1,565 | 0 | 0 | 0 | 1,203 | 0 | 360 | ||
Total foreign currency translation adjustment, net of income tax | (182) | 0 | 0 | 0 | 0 | (235) | 53 | ||
Total change in derivative fair value, net of income tax | 26 | 0 | 0 | 0 | 0 | 14 | 10 | ||
Total pension adjustments, net of income tax | 5 | 0 | 0 | 0 | 0 | 7 | (2) | ||
OTHER COMPREHENSIVE INCOME (LOSS) | $ (151) | (214) | 61 | ||||||
Disposition of business interests (2) | [1] | 0 | 0 | 0 | 0 | 0 | (250) | ||
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (343) | |||
Contributions from noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 9 | |||
Dividends declared on common stock | $ 0 | $ 0 | (348) | 0 | 0 | 0 | |||
Purchase of treasury stock (shares) | 0 | ||||||||
Issuance and exercise of stock-based compensation benefit plans (Shares) | 0.9 | (1) | |||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | $ 0 | $ 14 | 8 | 0 | 0 | 0 | |||
Sale of subsidiary shares to noncontrolling interests | 0 | 0 | (3) | 0 | 98 | $ 0 | |||
Acquisition of subsidiary shares from noncontrolling interests | 0 | ||||||||
Fair value adjustment (1) | [2] | 0 | 0 | (4) | 0 | 0 | 0 | ||
Ending Balance at Dec. 31, 2018 | $ 5,604 | $ 8 | $ (1,878) | 8,154 | (1,005) | (2,071) | 2,396 | ||
Ending Balance (Shares) at Dec. 31, 2018 | 817.2 | 154.9 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Temporary Equity, Net Income | $ 2 | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [3] | $ 0 | $ 0 | $ 0 | $ 68 | $ 19 | $ 81 | ||
[1] | See Note 23 —Held-for-Sale and Dispositions | ||||||||
[2] | Adjustment to the carrying amount of noncontrolling interest and redeemable stock of subsidiaries to fair value. | ||||||||
[3] | See Note 1 — General and Summary of Significant Accounting Policies |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
OPERATING ACTIVITIES: | |||
Net income (loss) | $ 1,565 | $ (777) | $ (777) |
Adjustments to net income (loss): | |||
Depreciation and amortization | 1,003 | 1,169 | 1,176 |
Loss (gain) on disposal and sale of business interests | (984) | 52 | (29) |
Impairment expenses | 355 | 537 | 1,098 |
Deferred income taxes | 313 | 672 | (793) |
Provisions for contingencies | 14 | 34 | 48 |
Loss on extinguishment of debt | 188 | 68 | 20 |
Loss on sale and disposal of assets | 27 | 43 | 38 |
Net loss (gain) from disposal and impairments of discontinued businesses | (269) | 611 | 1,383 |
Other | 317 | 160 | 180 |
Changes in operating assets and liabilities: | |||
(Increase) decrease in accounts receivable | (206) | (177) | 237 |
(Increase) decrease in inventory | (36) | (28) | 42 |
(Increase) decrease in prepaid expenses and other current assets | (22) | 107 | 870 |
(Increase) decrease in other assets | (32) | (295) | (251) |
Increase (decrease) in accounts payable and other current liabilities | 62 | 163 | (619) |
Increase (decrease) in income tax payables, net and other tax payables | (7) | 53 | (199) |
Increase (decrease) in other liabilities | 55 | 112 | 473 |
Net cash provided by operating activities | 2,343 | 2,504 | 2,897 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (2,121) | (2,177) | (2,345) |
Acquisitions of business interests, net of cash and restricted cash acquired | (66) | (609) | (52) |
Proceeds from the sale of business interests, net of cash and restricted cash sold | 2,020 | 108 | 538 |
Sale of short-term investments | 1,302 | 3,540 | 4,904 |
Payments for Advance to Affiliate | (145) | (89) | (6) |
Purchase of short-term investments | (1,411) | (3,310) | (5,151) |
Other investing | (84) | (62) | (24) |
Net cash used in investing activities | (505) | (2,599) | (2,136) |
FINANCING ACTIVITIES: | |||
Borrowings under the revolving credit facilities | 1,865 | 2,156 | 1,465 |
Repayments under the revolving credit facilities | (2,238) | (1,742) | (1,433) |
Issuance of recourse debt | 1,000 | 1,025 | 500 |
Repayments of recourse debt | (1,933) | (1,353) | (808) |
Issuance of non-recourse debt | 1,928 | 3,222 | 2,978 |
Repayments of non-recourse debt | (1,411) | (2,360) | (2,666) |
Payments for financing fees | (39) | (100) | (105) |
Distributions to noncontrolling interests | (340) | (424) | (476) |
Contributions from noncontrolling interests and redeemable security holders | 43 | 73 | 190 |
Proceeds from the sale of redeemable stock of subsidiaries | 0 | 0 | 134 |
Dividends paid on AES common stock | (344) | (317) | (290) |
Payments for financed capital expenditures | (275) | (179) | (113) |
Purchase of treasury stock | 0 | 0 | (79) |
Proceeds from sales to noncontrolling interests, net of transaction costs | 0 | 94 | 0 |
Other financing | 101 | (52) | (44) |
Net cash provided by (used in) financing activities | (1,643) | 43 | (747) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (54) | 8 | 37 |
(Increase) decrease in cash, cash equivalents and restricted cash of discontinued operations and held-for-sale businesses | 74 | (128) | (42) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 215 | (172) | 9 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning | 1,788 | 1,960 | 1,951 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending | 2,003 | 1,788 | 1,960 |
SUPPLEMENTAL DISCLOSURES: | |||
Cash payments for interest, net of amounts capitalized | 1,003 | 1,196 | 1,273 |
Cash payments for income taxes, net of refunds | 370 | 377 | 487 |
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 16 | 0 | 0 |
Noncash or Part Noncash Acquisition, Debt Assumed | 119 | 0 | 0 |
Non-cash contributions of assets and liabilities for the Fluence transaction (see Note 7) | 90 | 86 | 174 |
NonCash Restructuring and Recapitalization | 0 | 279 | 0 |
Non-Cash Long Term Receivables | 0 | 75 | 0 |
Fluence [Member] | Non-cash [Member] | |||
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Contribution of Property | 20 | 0 | 0 |
Distributed Energy [Member] | |||
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | $ 23 | $ 0 | $ 0 |
General and Summary of Signific
General and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The AES Corporation is a holding company (the "Parent Company") that, through its subsidiaries and affiliates, (collectively, "AES" or "the Company") operates a geographically diversified portfolio of electricity generation and distribution businesses. Generally, the liabilities of individual operating entities are non-recourse to the Parent Company and are isolated to the operating entities. Most of our operating entities are structured as limited liability entities, which limit the liability of shareholders. The structure is generally the same regardless of whether a subsidiary is consolidated under a voting or variable interest model. The preparation of these consolidated financial statements is in conformity with accounting principles generally accepted in the United States of America ("US GAAP"). PRINCIPLES OF CONSOLIDATION — The consolidated financial statements of the Company include the accounts of The AES Corporation and its controlled subsidiaries. Furthermore, VIEs in which the Company has an ownership interest and is the primary beneficiary, thus controlling the VIE, have been consolidated. Intercompany transactions and balances are eliminated in consolidation. Investments in entities where the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. NONCONTROLLING INTERESTS — Noncontrolling interests are classified as a separate component of equity in the Consolidated Balance Sheets and Consolidated Statements of Changes in Equity. Additionally, net income and comprehensive income attributable to noncontrolling interests are reflected separately from consolidated net income and comprehensive income on the Consolidated Statements of Operations and Consolidated Statements of Changes in Equity. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and noncontrolling interests (unless the transaction qualified as a sale of in-substance real estate). Losses continue to be attributed to the noncontrolling interests, even when the noncontrolling interests' basis has been reduced to zero. Equity securities with redemption features that are not solely within the control of the issuer are classified outside of permanent equity. Generally, initial measurement will be at fair value. Subsequent measurement and classification vary depending on whether the instrument is probable of becoming redeemable. When the equity instrument is not probable of becoming redeemable, subsequent allocation of income and dividends is classified in permanent equity. For those securities where it is probable that the instrument will become redeemable or that are currently redeemable, AES recognizes changes in the fair value at each accounting period against retained earnings or additional paid-in-capital in the absence of retained earnings, subject to the floor of the initial fair value. Further, the allocation of income and dividends, as well as the adjustment to fair value, is classified outside permanent equity. Instruments that are mandatorily redeemable are classified as a liability. EQUITY METHOD INVESTMENTS — Investments in entities over which the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting and reported in Investments in and advances to affiliates on the Consolidated Balance Sheets. The Company’s proportionate share of the net income or loss of these companies is included in our results of operations. The Company utilizes the cumulative earning approach to determine whether distributions received from equity method investees are returns on investment or returns of investment. The Company discontinues the application of the equity method when an investment is reduced to zero and the Company is not otherwise committed to provide further financial support to the investee. The Company resumes the application of the equity method accounting to the extent that net income is greater than the share of net losses not previously recorded. Upon acquiring the investment, we determine the fair value of the identifiable assets and assumed liabilities and the basis difference between each fair value and the carrying amount of the corresponding asset or liability in the financial statements of the investee. The AES share of the amortization of the basis difference is recognized in Net equity in earnings of affiliates in the Consolidated Statements of Operations over the life of the asset or liability. The Company periodically assesses if impairment indicators exist at our equity method investments. When an impairment is observed, any excess of the carrying amount over its estimated fair value is recognized as impairment expense when the loss in value is deemed other-than-temporary and included in Other non-operating expense in the Consolidated Statements of Operations. BUSINESS INTERESTS — Acquisitions and disposals of business interests are generally transactions pertaining to legal entities, which may be accounted for as a consolidated business, an asset, or an equity method investment. Losses on sales of business interests are limited to the impairment of long-lived assets as of the date of execution of the sales agreement. Any additional gains/(losses) on sales are recognized in Gain (loss) on disposal and sale of business interests in the Consolidated Statement of Operations upon completion of the sale. ALLOCATION OF EARNINGS — Certain of the Company's businesses are subject to profit-sharing arrangements where the allocation of cash distributions and the sharing of tax benefits are not based on fixed ownership percentages. These arrangements exist for certain U.S. renewable generation partnerships to designate different allocations of value among investors, where the allocations change in form or percentage over the life of the partnership. For these businesses, the Company uses the hypothetical liquidation at book value (“HLBV”) method when it is a reasonable approximation of the profit-sharing arrangement. The HLBV method calculates the proceeds that would be attributable to each partner based on the liquidation provisions of the respective operating partnership agreement if the partnership was to be liquidated at book value at the balance sheet date. Each partner’s share of income in the period is equal to the change in the amount of net equity they are legally able to claim based on a hypothetical liquidation of the entity at the end of a reporting period compared to the beginning of that period, adjusted for any capital transactions. The HLBV method is used both to allocate the equity earnings attributable to AES when the Company accounts for the renewable business as an equity method investment and to calculate the earnings attributable to noncontrolling interest when the business is consolidated by AES. Where, prior to the commencement of operating activities for a respective renewable energy facility, HLBV results in an immediate decrease in the hypothetical liquidation proceeds attributable to the tax equity investor due to the recognition of ITCs or other adjustments as required by the U.S. Internal Revenue Code, the Company records the impact (sometimes referred to as the ‘Day one gain’) to income in the same period. USE OF ESTIMATES — US GAAP requires the Company to make estimates and assumptions that affect the asset and liability balances reported as of the date of the consolidated financial statements, as well as the revenues and expenses recognized during the reporting period. Actual results could differ from those estimates. Items subject to such estimates and assumptions include: the carrying amount and estimated useful lives of long-lived assets; asset retirement obligations; impairment of goodwill, long-lived assets and equity method investments; valuation allowances for receivables and deferred tax assets; the recoverability of regulatory assets; regulatory liabilities; the fair value of financial instruments; the fair value of assets and liabilities acquired as business combinations or as asset acquisitions by variable interest entities; the measurement of equity method investments or noncontrolling interest using the HLBV method for certain renewable generation partnerships; the determination of whether a sale of noncontrolling interests is considered to be a sale of in-substance real estate (as opposed to an equity transaction); pension liabilities; environmental liabilities; the impact of U.S. tax reform; and potential litigation claims and settlements. HELD-FOR-SALE DISPOSAL GROUPS — A disposal group classified as held-for-sale is reflected on the balance sheet at the lower of its carrying amount or estimated fair value less cost to sell. A loss is recognized if the carrying amount of the disposal group exceeds its estimated fair value less cost to sell. This loss is limited to the carrying value of long-lived assets until the completion of the sale, at which point, any additional loss is recognized. If the fair value of the disposal group subsequently exceeds the carrying amount while the disposal group is still held-for-sale, any impairment expense previously recognized will be reversed up to the lesser of the previously recognized expense or the subsequent excess. Assets and liabilities related to a disposal group classified as held-for-sale are segregated in the current balance sheet in the period in which the disposal group is classified as held-for-sale. Assets and liabilities of held-for-sale disposal groups are classified as current when they are expected to be disposed of within twelve months. Transactions between the held-for-sale disposal group and businesses that are expected to continue to exist after the disposal are not eliminated to appropriately reflect the continuing operations and balances held-for-sale. See Note 23 — Held-for-Sale and Dispositions for further information. DISCONTINUED OPERATIONS — Discontinued operations reporting occurs only when the disposal of a business or a group of businesses represents a strategic shift that has (or will have) a major effect on the Company's operations and financial results. The Company reports financial results for discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations. Prior period amounts in the Consolidated Statements of Operations and Consolidated Balance Sheets are retrospectively revised to reflect the businesses determined to be discontinued operations. The cash flows of businesses that are determined to be discontinued operations are included within the relevant categories within operating, investing and financing activities on the face of the Consolidated Statements of Cash Flows. Transactions between the businesses determined to be discontinued operations and businesses that are expected to continue to exist after the disposal are not eliminated to appropriately reflect the continuing operations and balances held-for-sale. The results of discontinued operations include any gain or loss recognized on closing or adjustment of the carrying amount to fair value less cost to sell, including gains or losses associated with noncontrolling interests upon completion of the disposal transaction. Adjustments related to components previously reported as discontinued operations under prior accounting guidance are presented as discontinued operations in the current period even if the disposed-of component to which the adjustments are related would not meet the criteria for presentation as a discontinued operation under current guidance. See Note 22 — Discontinued Operations for further information. FAIR VALUE — Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly, hypothetical transaction between market participants at the measurement date, or exit price. The Company applies the fair value measurement accounting guidance to financial assets and liabilities in determining the fair value of investments in marketable debt and equity securities, included in the Consolidated Balance Sheet line items Short-term investments and Other noncurrent assets ; derivative assets, included in Other current assets and Other noncurrent assets ; and, derivative liabilities, included in Accrued and other liabilities (current) and Other noncurrent liabilities . The Company applies the fair value measurement guidance to nonfinancial assets and liabilities upon the acquisition of a business or an asset acquisition by a variable interest entity, or in conjunction with the measurement of an asset retirement obligation or a potential impairment loss on an asset group or goodwill. When determining the fair value measurements for assets and liabilities required to be reflected at their fair values, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the assets or liabilities, such as inherent risk, transfer restrictions and risk of nonperformance. The Company is prohibited from including transaction costs and any adjustments for blockage factors in determining fair value. In determining fair value measurements, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. Assets and liabilities are categorized within a fair value hierarchy based upon the lowest level of input that is significant to the fair value measurement: • Level 1: Quoted prices in active markets for identical assets or liabilities; • Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities. Any transfers between all levels within the fair value hierarchy levels are recognized at the end of the reporting period. CASH AND CASH EQUIVALENTS — The Company considers unrestricted cash on hand, cash balances not restricted as to withdrawal or usage, deposits in banks, certificates of deposit and short-term marketable securities with original maturities of three months or less to be cash and cash equivalents. RESTRICTED CASH AND DEBT SERVICE RESERVES — Cash balances restricted as to withdrawal or usage, primarily via contract, are considered restricted cash. The following table provides a summary of cash, cash equivalents, and restricted cash amounts reported on the Consolidated Balance Sheets that reconcile to the total of such amounts as shown on the Consolidated Statements of Cash Flows (in millions): December 31, 2018 December 31, 2017 Cash and cash equivalents $ 1,166 $ 949 Restricted cash 370 274 Debt service reserves and other deposits 467 565 Cash, Cash Equivalents and Restricted Cash $ 2,003 $ 1,788 INVESTMENTS IN MARKETABLE SECURITIES — The Company's marketable investments are primarily unsecured debentures, certificates of deposit, government debt securities and money market funds. Short-term investments consist of marketable equity securities and debt securities with original maturities in excess of three months with remaining maturities of less than one year. Marketable debt securities where the Company has both the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Remaining marketable debt securities are classified as available-for-sale or trading and are carried at fair value. Unrealized gains or losses on available-for-sale debt securities are reflected in AOCL, a separate component of equity, and the Consolidated Statements of Operations, respectively. Unrealized gains or losses on equity investments are reported in Other income . Interest and dividends on investments are reported in Interest income and Other income , respectively. Gains and losses on sales of investments are determined using the specific identification method. ACCOUNTS AND NOTES RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS — Accounts and notes receivable are carried at amortized cost. The Company periodically assesses the collectability of accounts receivable, considering factors such as historical collection experience, the age of accounts receivable and other currently available evidence supporting collectability, and records an allowance for doubtful accounts for the estimated uncollectible amount as appropriate. Certain of our businesses charge interest on accounts receivable. Interest income is recognized on an accrual basis. When collection of such interest is not reasonably assured, interest income is recognized as cash is received. Individual accounts and notes receivable are written off when they are no longer deemed collectible. INVENTORY — Inventory primarily consists of fuel and other raw materials used to generate power, and operational spare parts and supplies used to maintain power generation and distribution facilities. Inventory is carried at lower of cost or net realizable value. Cost is the sum of the purchase price and expenditures incurred to bring the inventory to its existing location. Inventory is primarily valued using the average cost method. Generally, if it is expected fuel inventory will not be recovered through revenue earned from power generation, an impairment is recognized to reflect the fuel at market value. The carrying amount of spare parts and supplies is typically reduced only in instances where the items are considered obsolete. LONG-LIVED ASSETS — Long-lived assets include property, plant and equipment, assets under capital leases and intangible assets subject to amortization (i.e., finite-lived intangible assets). Property, plant and equipment — Property, plant and equipment are stated at cost, net of accumulated depreciation. The cost of renewals and improvements that extend the useful life of property, plant and equipment are capitalized. Construction progress payments, engineering costs, insurance costs, salaries, interest and other costs directly relating to construction in progress are capitalized during the construction period, provided the completion of the construction project is deemed probable, or expensed at the time construction completion is determined to no longer be probable. The continued capitalization of such costs is subject to risks related to successful completion, including those related to government approvals, site identification, financing, construction permitting and contract compliance. Construction-in-progress balances are transferred to electric generation and distribution assets when an asset group is ready for its intended use. Government subsidies, liquidated damages recovered for construction delays, and income tax credits are recorded as a reduction to property, plant and equipment and reflected in cash flows from investing activities. Maintenance and repairs are charged to expense as incurred. Depreciation, after consideration of salvage value and asset retirement obligations, is computed using the straight-line method over the estimated useful lives of the assets, which are determined on a composite or component basis. Capital spare parts, including rotable spare parts, are included in electric generation and distribution assets. If the spare part is considered a component, it is depreciated over its useful life after the part is placed in service. If the spare part is deemed part of a composite asset, the part is depreciated over the composite useful life even when being held as a spare part. Certain of the Company's subsidiaries operate under concession contracts. Certain estimates are utilized to determine depreciation expense for the subsidiaries, including the useful lives of the property, plant and equipment and the amounts to be recovered at the end of the concession contract. The amounts to be recovered under these concession contracts are based on estimates that are inherently uncertain and actual amounts recovered may differ from those estimates. These concession contracts are not within the scope of ASC 853— Service Concession Arrangements . Intangible Assets Subject to Amortization — Finite-lived intangible assets are amortized over their useful lives which range from 1 – 50 years and are included in the Consolidated Balance Sheet line item Other intangible assets. The Company accounts for purchased emission allowances as intangible assets and records an expense when they are utilized or sold. Granted emission allowances are valued at zero. Impairment of Long-lived Assets — When circumstances indicate the carrying amount of long-lived assets in a held-for-use asset group may not be recoverable, the Company evaluates the assets for potential impairment using internal projections of undiscounted cash flows resulting from the use and eventual disposal of the assets. Events or changes in circumstances that may necessitate a recoverability evaluation include, but are not limited to, adverse changes in the regulatory environment, unfavorable changes in power prices or fuel costs, increased competition due to additional capacity in the grid, technological advancements, declining trends in demand, or an expectation it is more likely than not that the asset will be disposed of before the end of its previously estimated useful life. If the carrying amount of the assets exceeds the undiscounted cash flows, an impairment expense is recognized for the amount by which the carrying amount of the asset group exceeds its fair value (subject to the carrying amount not being reduced below fair value for any individual long-lived asset that is determinable without undue cost and effort). An impairment expense for certain assets may be reduced by the establishment of a regulatory asset if recovery through approved rates is probable. SERVICE CONCESSION ASSETS — Service concession assets are stated at cost, net of accumulated amortization, in accordance with ASC 853. Service concession assets represent the cost of all infrastructure to be transferred to the public-sector entity grantors at the end of the concession. These costs primarily represent construction progress payments, engineering costs, insurance costs, salaries, interest and other costs directly relating to construction of the service concession infrastructure. Government subsidies, liquidated damages recovered for construction delays and income tax credits are recorded as a reduction to Service Concession Assets. Service concession assets are amortized and recognized in earnings as a cost of goods sold as infrastructure construction revenue is recognized. Services provided under concession arrangements are recognized on a straight line basis. Effective January 1, 2018, the Company derecognized the service concession assets and recognized a loan receivable under ASC 606. See further detail in the new accounting pronouncements discussion below. DEBT ISSUANCE COSTS — Costs incurred in connection with the issuance of long-term debt are deferred and presented as a direct reduction from the face amount of that debt and amortized over the related financing period using the effective interest method. Debt issuance costs related to a line-of-credit or revolving credit facility are deferred and presented as an asset and amortized over the related financing period. Make-whole payments in connection with early debt retirements are classified as cash flows used in financing activities. GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS — The Company evaluates goodwill and indefinite-lived intangible assets for impairment on an annual basis and whenever events or changes in circumstances necessitate an evaluation for impairment. The Company's annual impairment testing date is October 1. Goodwill — Goodwill represents the excess of the purchase price of the business acquisition over the fair value of identifiable net assets acquired. Goodwill resulting from an acquisition is assigned to the reporting units that are expected to benefit from the synergies of the acquisition. Generally, each AES business with a goodwill balance constitutes a reporting unit as they are not similar to other businesses in a segment nor are they reported to segment management together with other businesses. Goodwill is evaluated for impairment either under the qualitative assessment option or the quantitative test option to determine the fair value of the reporting unit. If goodwill is determined to be impaired, an impairment loss measured at the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill, is recorded. Indefinite-Lived Intangible Assets — The Company's indefinite-lived intangible assets primarily include land-use rights and water rights. Indefinite-lived intangible assets are evaluated for impairment either under the qualitative assessment option or the two-step quantitative test. If the carrying amount of an intangible asset being tested for impairment exceeds its fair value, the excess is recognized as impairment expense. ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES — Accounts payable consists of amounts due to trade creditors related to the Company's core business operations. These payables include amounts owed to vendors and suppliers for items such as energy purchased for resale, fuel, maintenance, inventory and other raw materials. Other accrued liabilities include items such as income taxes, regulatory liabilities, legal contingencies and employee-related costs, including payroll, and benefits. REGULATORY ASSETS AND LIABILITIES — The Company recognizes assets and liabilities that result from regulated ratemaking processes. Regulatory assets generally represent incurred costs which have been deferred due to the probable future recovery via customer rates. Generally, returns earned on regulatory assets are reflected in the Consolidated Statement of Operations within Interest Income . Regulatory liabilities generally represent obligations to refund customers. Management continually assesses whether regulatory assets are probable of future recovery and regulatory liabilities are probable of future payment by considering factors such as applicable regulatory changes, recent rate orders applicable to other regulated entities, and the status of any pending or potential deregulation legislation. If future recovery of costs previously deferred ceases to be probable, the related regulatory assets are written off and recognized in income from continuing operations. PENSION AND OTHER POSTRETIREMENT PLANS — The Company recognizes in its Consolidated Balance Sheets an asset or liability reflecting the funded status of pension and other postretirement plans with current-year changes in actuarial gains or losses recognized in AOCL, except for those plans at certain of the Company's regulated utilities that can recover portions of their pension and postretirement obligations through future rates. All plan assets are recorded at fair value. AES follows the measurement date provisions of the accounting guidance, which require a year-end measurement date of plan assets and obligations for all defined benefit plans. INCOME TAXES — Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities, and their respective income tax basis. The Company establishes a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company's tax positions are evaluated under a more likely than not recognition threshold and measurement analysis before they are recognized for financial statement reporting. Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid within one year. The Company's policy for interest and penalties related to income tax exposures is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statements of Operations. The Company has elected to treat GILTI as an expense in the period in which the tax is accrued. Accordingly, no deferred tax assets or liabilities are recorded related to GILTI. ASSET RETIREMENT OBLIGATIONS — The Company records the fair value of a liability for a legal obligation to retire an asset in the period in which the obligation is incurred. When a new liability is recognized, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the obligation, the Company eliminates the liability and, based on the actual cost to retire, may incur a gain or loss. FOREIGN CURRENCY TRANSLATION — A business's functional currency is the currency of the primary economic environment in which the business operates and is generally the currency in which the business generates and expends cash. Subsidiaries and affiliates whose functional currency is a currency other than the U.S. dollar translate their assets and liabilities into U.S. dollars at the current exchange rates in effect at the end of the fiscal period. Adjustments arising from the translation of the balance sheet of such subsidiaries are included in AOCL. The revenue and expense accounts of such subsidiaries and affiliates are translated into U.S. dollars at the average exchange rates for the period. Gains and losses on intercompany foreign currency transactions that are long-term in nature and which the Company does not intend to settle in the foreseeable future, are also recognized in AOCL. Gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in determining net income. Accumulated foreign currency translation adjustments are reclassified from AOCL to net income only when realized upon sale or upon complete or substantially complete liquidation of the investment in a foreign entity. The accumulated adjustments are included in carrying amounts in impairment assessments where the Company has committed to a plan that will cause the accumulated adjustments to be reclassified to earnings. REVENUE RECOGNITION — Revenue is earned from the sale of electricity from our utilities and the production and sale of electricity and capacity from our generation facilities. Revenue is recognized upon the transfer of control of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Revenue is recorded net of any taxes assessed on and collected from customers, which are remitted to the governmental authorities. Utilities — Our utilities sell electricity directly to end-users, such as homes and businesses, and bill customers directly. The majority of our utility contracts have a single performance obligation, as the promises to transfer energy, capacity, and other distribution and/or transmission services are not distinct. Additionally, as the performance obligation is satisfied over time as energy is delivered, and the same method is used to measure progress, the performance obligation meets the criteria to be considered a series. Utility revenue is classified as regulated on the Consolidated Statements of Operations. In exchange for the right to sell or distribute electricity in a service territory, our utility businesses are subject to government regulation. This regulation sets the framework for the prices (“tariffs”) that our utilities are allowed to charge customers for electricity. Since tariffs are determined by the regulator, the price that our utilities have the right to bill corresponds directly with the value to the customer of the utility's performance completed in each period. The Company also has some month-to-month contracts. Revenue under these contracts is recognized using an output method measured by the MWh delivered each month, which best depicts th |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
INVENTORY | INVENTORY Inventory is valued primarily using the average-cost method. The following table summarizes the Company's inventory balances as of the dates indicated (in millions): December 31, 2018 2017 Fuel and other raw materials $ 300 $ 284 Spare parts and supplies 277 278 Total $ 577 $ 562 |
Property Plant and Equipment
Property Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The following table summarizes the components of the electric generation and distribution assets and other property, plant and equipment (in millions) with their estimated useful lives (in years). The amounts are stated net of all prior asset impairment losses recognized. December 31, Estimated Useful Life 2018 2017 Electric generation and distribution facilities 7-40 $ 22,875 $ 21,529 Other buildings 5-72 1,651 1,971 Furniture, fixtures and equipment 3-25 310 284 Other 5-44 406 335 Total electric generation and distribution assets and other 25,242 24,119 Accumulated depreciation (8,227 ) (7,942 ) Net electric generation and distribution assets and other $ 17,015 $ 16,177 The following table summarizes depreciation expense (including the amortization of assets recorded under capital leases and the amortization of asset retirement obligations) and interest capitalized during development and construction on qualifying assets for the periods indicated (in millions): Years Ended December 31, 2018 2017 2016 Depreciation expense $ 960 $ 1,005 $ 1,002 Interest capitalized during development and construction 199 139 118 Property, plant and equipment, net of accumulated depreciation, of $11 billion and $10 billion was mortgaged, pledged or subject to liens as of December 31, 2018 and 2017 , respectively, including assets classified as held-for-sale. The following table summarizes regulated and non-regulated generation and distribution property, plant and equipment and accumulated depreciation as of the dates indicated (in millions): December 31, 2018 2017 Regulated generation, distribution assets and other, gross $ 8,959 $ 8,093 Regulated accumulated depreciation (3,504 ) (3,357 ) Regulated generation, distribution assets and other, net 5,455 4,736 Non-regulated generation, distribution assets and other, gross 16,283 16,026 Non-regulated accumulated depreciation (4,723 ) (4,585 ) Non-regulated generation, distribution assets and other, net 11,560 11,441 Net electric generation, distribution assets and other $ 17,015 $ 16,177 The following table presents amounts recognized related to asset retirement obligations for the periods indicated (in millions): 2018 2017 Balance at January 1 $ 368 $ 357 Additional liabilities incurred 19 1 Liabilities settled (14 ) (21 ) Accretion expense 18 16 Change in estimated cash flows 24 25 Other — (10 ) Balance at December 31 $ 415 $ 368 The Company's asset retirement obligations include active ash landfills, water treatment basins and the removal or dismantlement of certain plants and equipment. The $24 million increase in estimated cash flows in 2018 is primarily due to an increase of $55 million in estimated ash pond closure costs and revised closure dates associated with an EPA rule regulating CCR at IPL and an increase in coal pile remediation costs at DPL. These were partially offset by a decrease of $32 million due to reductions in estimated closure costs associated with ash ponds and landfills at DPL resulting in a reduction to Cost of Sales on the Consolidated Statements of Operations. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2018 | |
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. Because these amounts are estimates and based on hypothetical transactions to sell assets or transfer liabilities, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Valuation Techniques — The fair value measurement accounting guidance describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach, (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on current market expectations of the return on those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. The Company measures its investments and derivatives at fair value on a recurring basis. Additionally, in connection with annual or event-driven impairment evaluations, certain nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis. These include long-lived tangible assets (i.e., property, plant and equipment), goodwill and intangible assets (e.g., sales concessions, land use rights and water rights, etc.). In general, the Company determines the fair value of investments and derivatives using the market approach and the income approach, respectively. In the nonrecurring measurements of nonfinancial assets and liabilities, all three approaches are considered; however, the value estimated under the income approach is often the most representative of fair value. Investments — The Company's investments measured at fair value generally consist of marketable debt and equity securities. Equity securities are either measured at fair value using quoted market prices or based on comparisons to market data obtained for similar assets. Debt securities primarily consist of unsecured debentures and certificates of deposit held by our Brazilian subsidiaries. Returns and pricing on these instruments are generally indexed to the market interest rates in Brazil. Debt securities are measured at fair value based on comparisons to market data obtained for similar assets. Derivatives — Derivatives are measured at fair value using quoted market prices or the income approach utilizing volatilities, spot and forward benchmark interest rates (such as LIBOR and EURIBOR), foreign exchange rates, credit data, and commodity prices, as applicable. When significant inputs are not observable, the Company uses relevant techniques to determine the inputs, such as regression analysis or prices for similarly traded instruments available in the market. The Company's methodology to fair value its derivatives is to start with any observable inputs; however, in certain instances the published forward rates or prices may not extend through the remaining term of the contract and management must make assumptions to extrapolate the curve, which necessitates the use of unobservable inputs, such as proxy commodity prices or historical settlements to forecast forward prices. Specifically, where there is limited forward curve data with respect to foreign exchange contracts, beyond the traded points, the Company utilizes the interest rate differential approach to construct the remaining portion of the forward curve. Similarly, in certain instances, the spread that reflects the credit or nonperformance risk is unobservable requiring the use of proxy yield curves of similar credit quality. To determine the fair value of a derivative, cash flows are discounted using the relevant spot benchmark interest rate. The Company then makes a credit valuation adjustment ("CVA"), as applicable, by further discounting the cash flows for nonperformance or credit risk based on the observable or estimated debt spread of the Company's subsidiary or its counterparty and the tenor of the respective derivative instrument. The CVA for potential future scenarios in which the derivative is in an asset position is based on the counterparty's credit ratings, credit default swap spreads, and debt spreads, as available. The CVA for potential future scenarios in which the derivative is in a liability position is based on the Parent Company's or the subsidiary's current debt spread. In the absence of readily obtainable credit information, the Parent Company's or the subsidiary's estimated credit rating (based on applying a standard industry model to historical financial information and then considering other relevant information) and spreads of comparably rated entities or the respective country's debt spreads are used as a proxy. All derivative instruments are analyzed individually and are subject to unique risk exposures. The fair value hierarchy of an asset or a liability is based on the level of significance of the input assumptions. An input assumption is considered significant if it affects the fair value by at least 10%. Assets and liabilities are classified as Level 3 when the use of unobservable inputs is significant. When the use of unobservable inputs is insignificant, assets and liabilities are classified as Level 2. Transfers between Level 3 and Level 2 are determined as of the end of the reporting period and result from changes in significance of unobservable inputs used to calculate the CVA. Debt — Recourse and non-recourse debt are carried at amortized cost. The fair value of recourse debt is estimated based on quoted market prices. The fair value of non-recourse debt is estimated based upon interest rates and other features of the loan. In general, the carrying amount of variable rate debt is a close approximation of its fair value. For fixed rate loans, the fair value is estimated using quoted market prices or discounted cash flow ("DCF") analyses. The fair value of recourse and non-recourse debt excludes accrued interest at the valuation date. The fair value was determined using available market information as of December 31, 2018 . The Company is not aware of any factors that would significantly affect the fair value amounts subsequent to December 31, 2018 . Nonrecurring measurements — For nonrecurring measurements derived using the income approach, fair value is generally determined using valuation models based on the principles of DCF. The income approach is most often used in the impairment evaluation of long-lived tangible assets, equity method investments, goodwill, and intangible assets. Where the use of market observable data is limited or not available for certain input assumptions, the Company develops its own estimates using a variety of techniques such as regression analysis and extrapolations. Depending on the complexity of a valuation, an independent valuation firm may be engaged to assist management in the valuation process. For nonrecurring measurements derived using the market approach, recent market transactions involving the sale of identical or similar assets are considered. The use of this approach is limited because it is often difficult to identify sale transactions of identical or similar assets. This approach is used in impairment evaluations of certain intangible assets. Otherwise, it is used to corroborate the fair value determined under the income approach. For nonrecurring measurements derived using the cost approach, fair value is typically based upon a replacement cost approach. This approach involves a considerable amount of judgment, which is why its use is limited to the measurement of long-lived tangible assets. Like the market approach, this approach is also used to corroborate the fair value determined under the income approach. Fair Value Considerations — In determining fair value, the Company considers the source of observable market data inputs, liquidity of the instrument, the credit risk of the counterparty and the risk of the Company's or its counterparty's nonperformance. The conditions and criteria used to assess these factors are: Sources of market assumptions — The Company derives most of its market assumptions from market efficient data sources (e.g., Bloomberg and Reuters). To determine fair value, where market data is not readily available, management uses comparable market sources and empirical evidence to develop its own estimates of market assumptions. Market liquidity — The Company evaluates market liquidity based on whether the financial or physical instrument, or the underlying asset, is traded in an active or inactive market. An active market exists if the prices are fully transparent to market participants, can be measured by market bid and ask quotes, the market has a relatively large proportion of trading volume as compared to the Company's current trading volume and the market has a significant number of market participants that will allow the market to rapidly absorb the quantity of assets traded without significantly affecting the market price. Another factor the Company considers when determining whether a market is active or inactive is the presence of government or regulatory controls over pricing that could make it difficult to establish a market-based price when entering into a transaction. Nonperformance risk — Nonperformance risk refers to the risk that an obligation will not be fulfilled and affects the value at which a liability is transferred or an asset is sold. Nonperformance risk includes, but may not be limited to, the Company or its counterparty's credit and settlement risk. Nonperformance risk adjustments are dependent on credit spreads, letters of credit, collateral, other arrangements available and the nature of master netting arrangements. The Company is party to various interest rate swaps and options; foreign currency options and forwards; and derivatives and embedded derivatives, which subject the Company to nonperformance risk. The financial and physical instruments held at the subsidiary level are generally non-recourse to the Parent Company. Nonperformance risk on the investments held by the Company is incorporated in the fair value derived from quoted market data to mark the investments to fair value. Recurring Measurements — The following table presents, by level within the fair value hierarchy, as described in Note 1 — General and Summary of Significant Accounting Policies , 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 were determined based on the nature and risk of the security and are consistent with how the Company manages, monitors and measures its marketable securities: December 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets DEBT SECURITIES: Available-for-sale: Unsecured debentures $ — $ 5 $ — $ 5 $ — $ 207 $ — $ 207 Certificates of deposit — 243 — 243 — 153 — 153 Total debt securities — 248 — 248 — 360 — 360 EQUITY SECURITIES: Mutual funds 19 49 — 68 20 52 — 72 Total equity securities 19 49 — 68 20 52 — 72 DERIVATIVES: Interest rate derivatives — 28 1 29 — 15 — 15 Cross-currency derivatives — 6 — 6 — 29 — 29 Foreign currency derivatives — 18 199 217 — 29 240 269 Commodity derivatives — 6 4 10 — 30 5 35 Total derivatives — assets — 58 204 262 — 103 245 348 TOTAL ASSETS $ 19 $ 355 $ 204 $ 578 $ 20 $ 515 $ 245 $ 780 Liabilities DERIVATIVES: Interest rate derivatives $ — $ 67 $ 141 $ 208 $ — $ 111 $ 151 $ 262 Cross-currency derivatives — 5 — 5 — 3 — 3 Foreign currency derivatives — 41 — 41 — 30 — 30 Commodity derivatives — 3 — 3 — 19 1 20 Total derivatives — liabilities — 116 141 257 — 163 152 315 TOTAL LIABILITIES $ — $ 116 $ 141 $ 257 $ — $ 163 $ 152 $ 315 As of December 31, 2018 , all AFS debt securities had stated maturities within one year. For the years ended December 31, 2018 , 2017 , and 2016 , no other-than-temporary impairment 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 sale of AFS securities for the periods indicated (in millions): Year Ended December 31, 2018 2017 2016 Gross proceeds from sale of AFS securities (1) $ 1,403 $ 1,398 $ 1,726 _____________________________ (1) Proceeds include $119 million of non-cash proceeds from non-convertible debentures at Guaimbê Solar Complex. See Note 24 —Acquisitions for further information. Any Level 1 derivative instruments are exchange-traded commodity futures for which the pricing is observable in active markets, and as such, these are not expected to transfer to other levels. There have been no transfers between Level 1 and Level 2. The following tables present a reconciliation of net derivative assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2018 and 2017 presented net by type of derivative. 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 (in millions). Year Ended December 31, 2018 Interest Rate Foreign Currency Commodity Total Balance at January 1 $ (151 ) $ 240 $ 4 $ 93 Total realized and unrealized gains (losses): Included in earnings 22 (14 ) (1 ) 7 Included in other comprehensive income — derivative activity (8 ) — — (8 ) Included in regulatory (assets) liabilities — — 5 5 Settlements 14 (27 ) (4 ) (17 ) Transfers of assets/(liabilities), net into Level 3 (8 ) — — (8 ) Transfers of (assets)/liabilities, net out of Level 3 (9 ) — — (9 ) Balance at December 31 $ (140 ) $ 199 $ 4 $ 63 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 $ 29 $ (41 ) $ (1 ) $ (13 ) Year Ended December 31, 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 ) 21 1 21 Included in other comprehensive income — derivative activity (23 ) — — (23 ) Included in regulatory (assets) liabilities — — 10 10 Settlements 36 (36 ) (12 ) (12 ) Transfers of assets/(liabilities), net into Level 3 (4 ) — — (4 ) Transfers of (assets)/liabilities, net out of Level 3 20 — — 20 Balance at December 31 $ (151 ) $ 240 $ 4 $ 93 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 $ 7 $ (15 ) $ 1 $ (7 ) The following table summarizes the significant unobservable inputs used for the Level 3 derivative assets (liabilities) as of December 31, 2018 (in millions, except range amounts): Type of Derivative Fair Value Unobservable Input Amount or Range (Weighted Average) Interest rate $ (140 ) Subsidiaries’ credit spreads 1.8% - 5.3% (3.7%) Foreign currency: Argentine peso 199 Argentine peso to U.S. dollar currency exchange rate after one year 52.7 - 142.6 (96.1) Commodity: Other 4 Total $ 63 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 their then-latest available carrying amount. The following table summarizes major categories of assets and liabilities measured at fair value on a nonrecurring basis during the period and their level within the fair value hierarchy (in millions): Year Ended December 31, 2018 Measurement Date Carrying Amount (1) Fair Value Pre-tax Loss Assets Level 1 Level 2 Level 3 Dispositions and held-for-sale businesses: Shady Point 12/31/2018 $ 211 $ — $ — $ 30 $ 157 Long-lived assets held and used: (2) Nejapa 12/31/2018 42 — — 5 37 Equity method investments: Guacolda 10/01/2018 354 — — 209 144 Elsta 09/30/2018 19 — 16 — 3 Year Ended December 31, 2017 Measurement Date Carrying Amount (1) Fair Value Pre-tax Loss Assets Level 1 Level 2 Level 3 Long-lived assets held and used: (2) Laurel Mountain 12/31/2017 $ 154 $ — $ — $ 33 $ 121 Kilroot 12/31/2017 69 — — 20 37 DPL 02/28/2017 77 — — 11 66 Other Various 18 — — — 18 Dispositions and held-for-sale businesses: DPL Peaker Assets 12/31/2017 346 — 237 — 109 Kazakhstan Hydroelectric (3) 06/30/2017 190 — 92 — 92 Kazakhstan CHPs 03/31/2017 171 — 29 — 94 _____________________________ (1) Represents the carrying values at the dates of initial measurement, before fair value adjustment. (2) See Note 20 — Asset Impairment Expense for further information. (3) Per the Company's policy, pre-tax loss is limited to the impairment of long-lived assets. Any additional loss will be recognized on completion of the sale. Upon disposal of Kazakhstan HPPs, the Company incurred an additional pre-tax loss on disposal of $33 million . See Note 20 — Asset Impairment Expense and Note 23 — Held-for-Sale and Dispositions for further information. The following table summarizes the significant unobservable inputs used in the Level 3 measurement of long-lived assets held and used measured on a nonrecurring basis during the year ended December 31, 2018 (in millions, except range amounts): December 31, 2018 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Long-lived assets held and used: Nejapa 5 Discounted cash flow Annual revenue growth -70% to -1% (-15%) Pre-tax operating margin 37% to 82% (59%) Weighted-average cost of capital 12 % Equity method invesments: Guacolda 209 Discounted cash flow Annual dividend growth -70% to 467% (48%) Weighted-average cost of equity 10 % Total $ 214 When determining the fair value of the Shady Point held-for-sale asset group, the Company used the market approach based on prices and unobservable inputs from transactions involving comparable assets as the inputs for the Level 3 nonrecurring measurement. Financial Instruments not Measured at Fair Value in the Consolidated Balance Sheets The following table presents 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 Consolidated Balance Sheets as of the periods indicated, but for which fair value is disclosed (in millions). December 31, 2018 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 100 $ 209 $ — $ — $ 209 Liabilities: Non-recourse debt 15,645 16,225 — 13,524 2,701 Recourse debt 3,655 3,621 — 3,621 — December 31, 2017 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 163 $ 217 $ — $ 6 $ 211 Liabilities: Non-recourse debt 15,340 15,890 — 13,350 2,540 Recourse debt 4,630 4,920 — 4,920 — _____________________________ (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 Consolidated Balance Sheets. The fair value and carrying amount of these receivables exclude VAT of $16 million and $31 million as of December 31, 2018 and 2017 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES 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 December 31, 2018 , 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) $ 4,584 2044 Cross-currency Swaps (Chilean Unidad de Fomento and Chilean peso) 344 2029 Foreign Currency: Argentine peso 68 2026 Chilean peso 270 2021 Colombian peso 117 2021 Brazilian real 23 2019 Others, primarily with weighted average remaining maturities of a year or less 112 2021 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 the periods indicated (in millions): Fair Value December 31, 2018 December 31, 2017 Assets Designated Not Designated Total Designated Not Designated Total Interest rate derivatives $ 29 $ — $ 29 $ 15 $ — $ 15 Cross-currency derivatives 6 — 6 29 — 29 Foreign currency derivatives — 217 217 8 261 269 Commodity derivatives — 10 10 5 30 35 Total assets $ 35 $ 227 $ 262 $ 57 $ 291 $ 348 Liabilities Interest rate derivatives $ 205 $ 3 $ 208 $ 125 $ 137 $ 262 Cross-currency derivatives 5 — 5 3 — 3 Foreign currency derivatives 28 13 41 1 29 30 Commodity derivatives — 3 3 9 11 20 Total liabilities $ 238 $ 19 $ 257 $ 138 $ 177 $ 315 December 31, 2018 December 31, 2017 Fair Value Assets Liabilities Assets Liabilities Current $ 75 $ 51 $ 84 $ 211 Noncurrent 187 206 264 104 Total $ 262 $ 257 $ 348 $ 315 As of December 31, 2018, all derivative instruments subject to credit risk-related contingent features were in an asset position. Credit Risk-Related Contingent Features (1) December 31, 2017 Present value of liabilities subject to collateralization $ 15 Cash collateral held by third parties or in escrow 9 _____________________________ (1) Based on the credit rating of certain subsidiaries Earnings and Other Comprehensive Income (Loss) — The following table presents the pre-tax gains (losses) recognized in AOCL and earnings related to all derivative instruments for the periods indicated (in millions): Years Ended December 31, 2018 2017 2016 Effective portion of cash flow hedges Gains (losses) recognized in AOCL Interest rate derivatives $ (16 ) $ (66 ) $ (35 ) Cross-currency derivatives (26 ) 31 21 Foreign currency derivatives (52 ) (5 ) (4 ) Commodity derivatives — 18 30 Total $ (94 ) $ (22 ) $ 12 Gains (losses) reclassified from AOCL to earnings Interest rate derivatives $ (52 ) $ (82 ) $ (101 ) Cross-currency derivatives (43 ) 34 8 Foreign currency derivatives (16 ) (20 ) (8 ) Commodity derivatives (6 ) 17 56 Total $ (117 ) $ (51 ) $ (45 ) Loss reclassified from AOCL to earnings due to discontinuance of hedge accounting (1) $ — $ (13 ) $ — Gain (losses) recognized in earnings related to Ineffective portion of cash flow hedges $ (7 ) $ 3 $ (1 ) Not designated as hedging instruments: Foreign currency derivatives 148 1 19 Commodity derivatives and other 25 14 (16 ) Total $ 173 $ 15 $ 3 _____________________________ (1) Cash flow hedge was discontinued because it was probable the forecasted transaction will not occur. AOCL is expected to decrease pre-tax income from continuing operations for the twelve months ended December 31, 2019 by $59 million |
Financing Receivables
Financing Receivables | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
FINANCING RECEIVABLES | FINANCING RECEIVABLES Receivables with contractual maturities of greater than one year are considered financing receivables, primarily related to amended agreements or government resolutions due from CAMMESA. The following table presents financing receivables by country as of the dates indicated (in millions): December 31, 2018 2017 Argentina $ 93 $ 177 Panama 14 — Other 9 17 Total $ 116 $ 194 Argentina Collection of the principal and interest on these receivables is subject to various business risks and uncertainties, including, but not limited to, the continued 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 if collectability is reasonably assured. The Company's collection estimates are based on assumptions it believes to be reasonable, but are inherently uncertain. Actual future cash flows could differ from these estimates. The decrease in Argentina financing receivables was primarily due to planned collections and unfavorable FX impacts. FONINVEMEM Agreements — As a result of energy market reforms in 2004 and 2010, AES Argentina entered into three agreements with the Argentine government, referred to as the FONINVEMEM Agreements, to contribute a portion of their accounts receivable into a fund for financing the construction of combined cycle and gas-fired plants. These receivables accrue interest and are collected in monthly installments over 10 years once the related plant begins operations. In addition, AES Argentina receives an ownership interest in these newly built plants once the receivables have been fully repaid. The FONINVEMEM receivables are denominated in Argentine pesos, but indexed to U.S. dollars, which represents a foreign currency derivative. Due to differences between spot rates, used to remeasure the receivables, and discounted forward rates, used to value the foreign currency derivative, these two items will not perfectly offset over the life of the receivable. Once settled, the foreign currency derivative will offset the accumulated unrealized foreign currency losses resulting from the devaluation of the FONINVEMEM receivable. As of December 31, 2018 and 2017 , the amount of the foreign currency-related derivative assets associated with the FONINVEMEM financing receivables that were excluded from the table above had a fair value of $199 million and $240 million , respectively. The receivables under the FONINVEMEM Agreements have been actively collected since the related plants commenced operations in 2010 and 2016. In assessing the collectability of the receivables under these agreements, the Company also considers historic collection evidence in accordance with the agreements. Other Agreements — |
Investments In and Advances To
Investments In and Advances To Affiliates | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS IN AND ADVANCES TO AFFILIATES | INVESTMENTS IN AND ADVANCES TO AFFILIATES The following table summarizes the relevant effective equity ownership interest and carrying values for the Company's investments accounted for under the equity method as of the periods indicated: December 31, 2018 2017 2018 2017 Affiliate Country Carrying Value (in millions) Ownership Interest % sPower United States $ 515 $ 508 50 % 50 % OPGC (1) India 293 269 49 % 49 % Guacolda (2) Chile 209 357 33 % 33 % Other affiliates (3) Various 97 63 Total $ 1,114 $ 1,197 _____________________________ (1) OPGC has one coal-fired project under development which is an expansion of our existing OPGC business. The project started construction in April 2014 and is expected to begin operations in 2019. (2) The Company's ownership in Guacolda is held through AES Gener, a 67% -owned consolidated subsidiary. AES Gener owns 50% of Guacolda, resulting in an AES effective ownership in Guacolda of 33% . (3) Includes Fluence, Simple Energy, Bosforo, Elsta, Distributed Energy equity method investments, and others. Guacolda — In October 2018, an other-than-temporary impairment was identified at Guacolda primarily as a result of increased renewable generation in Chile lowering energy prices, impacting management's ability to re-contract Guacolda's generation after expiration of existing PPAs. A calculation of the fair value of Gener's investment in Guacolda was required to evaluate whether there was a loss in the carrying value of the investment. Based on management's estimate of fair value of $209 million , the Company recognized an other-than-temporary impairment of $144 million in Other non-operating expense . The Guacolda equity method investment is reported in the South America SBU reportable segment. Distributed Energy — In December 2018, Distributed Energy acquired the remaining equity interest in a partnership holding various solar projects for consideration of $23 million . This transaction resulted in a loss of $5 million , reported in Other expense in the Consolidated Statement of Operations. The projects, previously recorded as equity method investments, have been consolidated. See Note 24 —Acquisitions for further discussion. Simple Energy — In April 2018, the Company invested $35 million in Simple Energy, a provider of utility-branded marketplaces and omni-channel instant rebates. As the Company does not control Simple Energy, the investment is accounted for as an equity method investment and is reported as part of Corporate and Other. Fluence — On January 1, 2018, Siemens and AES closed on the creation of the Fluence joint venture with each party holding a 50% ownership interest. The Company contributed $7 million in cash and $20 million in non-cash assets from the AES Advancion energy storage development business as consideration for the transaction, and received an equity interest in Fluence with a fair value of $50 million . See Note 23 —Held-for-Sale and Dispositions for further discussion. Fluence is a global energy storage technology and services company. As the Company does not control Fluence, the investment is accounted for as an equity method investment. The Fluence equity method investment is reported as part of Corporate and Other. sPower — In February 2017, the Company and Alberta Investment Management Corporation (“AIMCo”) entered into an agreement to acquire FTP Power LLC (“sPower”). In July 2017, AES closed on the acquisition of its 48% ownership interest in sPower for $461 million . In November 2017, AES acquired an additional 2% ownership interest in sPower for $19 million . As the Company does not control sPower, it is accounted for as an equity method investment. The sPower portfolio includes solar and wind projects in operation, under construction, and in development located in the United States. The sPower equity method investment is reported in the US and Utilities SBU reportable segment. AES Barry Ltd. — The Company holds a 100% ownership interest in AES Barry Ltd. ("Barry"), a dormant entity in the U.K. that disposed of its generation and other operating assets. Due to a debt agreement, no material financial or operating decisions can be made without the banks' consent, and the Company does not control Barry. As of December 31, 2018 and 2017 , other long-term liabilities included $43 million and $45 million related to this debt agreement. Summarized Financial Information — The following tables summarize financial information of the Company's 50%-or-less-owned affiliates and majority-owned unconsolidated subsidiaries that are accounted for using the equity method (in millions): 50%-or-less Owned Affiliates Majority-Owned Unconsolidated Subsidiaries Years ended December 31, 2018 2017 2016 2018 2017 2016 Revenue $ 962 $ 762 $ 586 $ 40 $ 16 $ 23 Operating margin 135 165 145 3 5 9 Net income (loss) 14 72 64 (3 ) (15 ) (2 ) December 31, 2018 2017 2018 2017 Current assets $ 558 $ 418 $ 89 $ 70 Noncurrent assets 5,918 5,372 41 102 Current liabilities 546 633 35 10 Noncurrent liabilities 3,309 2,629 122 147 Stockholders' equity 2,622 2,527 (27 ) 15 At December 31, 2018 , retained earnings included $236 million related to the undistributed earnings of the Company's 50%-or-less owned affiliates. Distributions received from these affiliates were $42 million , $69 million , and $24 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. As of December 31, 2018 , the underlying equity in the net assets of our equity affiliates exceeded the aggregate carrying amount of our investments in equity affiliates by $49 million |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill — The following table summarizes the carrying amount of goodwill by reportable segment for the years ended December 31, 2018 and 2017 (in millions): US and Utilities South America MCAC Eurasia Total Balance as of December 31, 2017 Goodwill $ 2,786 $ 868 $ 16 $ 122 $ 3,792 Accumulated impairment losses (2,611 ) — — (122 ) (2,733 ) Net balance 175 868 16 — 1,059 Balance as of December 31, 2018 Goodwill 2,786 868 16 122 3,792 Accumulated impairment losses (2,611 ) — — (122 ) (2,733 ) Net balance $ 175 $ 868 $ 16 $ — $ 1,059 Other Intangible Assets — The following table summarizes the balances comprising Other intangible assets in the accompanying Consolidated Balance Sheets (in millions) as of the periods indicated: December 31, 2018 December 31, 2017 Gross Balance Accumulated Amortization Net Balance Gross Balance Accumulated Amortization Net Balance Subject to Amortization Internal-use software $ 467 $ (344 ) $ 123 $ 416 $ (330 ) $ 86 Contracts 137 (24 ) 113 92 (21 ) 71 Project development rights 93 (1 ) 92 57 (1 ) 56 Contractual payment rights (1) 57 (44 ) 13 65 (47 ) 18 Emissions allowances (2) 15 — 15 — — — Other (3) 78 (44 ) 34 98 (42 ) 56 Subtotal 847 (457 ) 390 728 (441 ) 287 Indefinite-Lived Intangible Assets Land use rights 21 — 21 45 — 45 Water rights 20 — 20 20 — 20 Other 5 — 5 14 — 14 Subtotal 46 — 46 79 — 79 Total $ 893 $ (457 ) $ 436 $ 807 $ (441 ) $ 366 _____________________________ (1) Represent legal rights to receive system reliability payments from the regulator. (2) Acquired or purchased emissions allowances are finite-lived intangible assets that are expensed when utilized and included in net income for the year. (3) Includes management rights, sales concessions, renewable energy credits and incentives, and other individually insignificant intangible assets. During the fourth quarter of 2018, the Company recognized an asset impairment of $23 million on gas extraction rights at Nejapa. See Note 20 — Asset Impairment Expense for further information. The following tables summarize other intangible assets acquired during the periods indicated (in millions): December 31, 2018 Amount Subject to Amortization/Indefinite-Lived Weighted Average Amortization Period (in years) Amortization Method Internal-use software $ 67 Subject to Amortization 6 Straight-line Contracts 50 Subject to Amortization 24 Straight-line Project development rights 35 Subject to Amortization 23 Straight-line Emissions allowances 16 Subject to Amortization Various As utilized Other 11 Various N/A N/A Total $ 179 December 31, 2017 Amount Subject to Amortization/Indefinite-Lived Weighted Average Amortization Period (in years) Amortization Method Project Development Rights $ 53 Subject to Amortization 30 Straight-line Contracts 34 Subject to Amortization 25 Straight-line Internal-use software 17 Subject to Amortization 7 Straight-line Other 8 Various N/A N/A Total $ 112 The following table summarizes the estimated amortization expense by intangible asset category for 2019 through 2023 : (in millions) 2019 2020 2021 2022 2023 Internal-use software $ 33 $ 28 $ 19 $ 13 $ 7 Contracts 4 4 4 4 4 Other 8 8 6 6 6 Total $ 45 $ 40 $ 29 $ 23 $ 17 Intangible asset amortization expense was $47 million , $34 million and $37 million for the years ended December 31, 2018 , 2017 and 2016 |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Regulated Operations [Abstract] | |
REGULATORY ASSETS AND LIABILITIES | REGULATORY ASSETS AND LIABILITIES The Company has recorded regulatory assets and liabilities (in millions) that it expects to pass through to its customers in accordance with, and subject to, regulatory provisions as follows: December 31, 2018 2017 Recovery/Refund Period REGULATORY ASSETS Current regulatory assets: El Salvador energy pass through costs recovery $ 87 $ 59 Quarterly Other 69 60 Various Total current regulatory assets 156 119 Noncurrent regulatory assets: IPL and DPL defined benefit pension obligations (1) 283 298 Various IPL deferred Midwest ISO costs 88 102 8 years IPL environmental costs 89 48 Various Other 87 94 Various Total noncurrent regulatory assets 547 542 TOTAL REGULATORY ASSETS $ 703 $ 661 REGULATORY LIABILITIES Current regulatory liabilities: Overcollection of costs to be passed back to customers $ 83 $ 14 1 year Other 3 3 Various Total current regulatory liabilities 86 17 Noncurrent regulatory liabilities: IPL and DPL accrued costs of removal and ARO's 847 830 Over life of assets IPL and DPL income taxes payable to customers through rates 246 243 Various Other 53 6 Various Total noncurrent regulatory liabilities 1,146 1,079 TOTAL REGULATORY LIABILITIES $ 1,232 $ 1,096 _____________________________ (1) Past expenditures on which the Company earns a rate of return . Our regulatory assets primarily consist of costs that are generally non-controllable, such as purchased electricity, energy transmission, the difference between actual fuel costs and the fuel costs recovered in the tariffs, and other sector costs. These costs are recoverable or refundable as defined by the laws and regulations in our markets. Our regulatory assets also include defined pension and postretirement benefit obligations equal to the previously unrecognized actuarial gains and losses and prior services costs that are expected to be recovered through future rates. Other current and noncurrent regulatory assets primarily consist of: • Demand charges at DPL; • Unamortized premiums reacquired or redeemed on long-term debt at IPL and DPL, which are amortized over the lives of the original issuances; and • Costs to comply with environmental regulations. Our regulatory liabilities primarily consist of obligations for removal costs which do not have an associated legal retirement obligation. Our regulatory liabilities also include deferred income taxes associated with the reduction of the U.S. federal income tax rate which will be passed through to our regulated customers via a decrease in future retail rates, see Note 21 — Income Taxes for further information. In the accompanying Consolidated Balance Sheets the current regulatory assets and liabilities are reflected in Other current assets and Accrued and other liabilities , respectively, and the noncurrent regulatory assets and liabilities are reflected in Other noncurrent assets and Other noncurrent liabilities , respectively. The regulatory assets and liabilities primarily related to the US and Utilities SBU as of December 31, 2018 and December 31, 2017 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT NON-RECOURSE DEBT — The following table summarizes the carrying amount and terms of non-recourse debt at our subsidiaries as of the periods indicated (in millions): NON-RECOURSE DEBT Weighted Average Interest Rate Maturity December 31, 2018 2017 Variable Rate: Bank loans 4.46% 2019 – 2050 $ 2,600 $ 2,488 Notes and bonds 3.89% 2020 – 2030 821 900 Debt to (or guaranteed by) multilateral, export credit agencies or development banks (1) 3.56% 2023 – 2034 3,292 3,668 Fixed Rate: Bank loans 4.62% 2019 – 2040 1,684 993 Notes and bonds 5.85% 2019 – 2073 7,346 7,388 Debt to (or guaranteed by) multilateral, export credit agencies or development banks (1) 5.45% 2023 – 2034 246 271 Other 5.87% 2023 – 2061 24 26 Unamortized (discount) premium & debt issuance (costs), net (368 ) (394 ) Subtotal $ 15,645 $ 15,340 Less: Current maturities (1,659 ) (2,164 ) Noncurrent maturities $ 13,986 $ 13,176 _____________________________ (1) Multilateral loans include loans funded and guaranteed by bilaterals, multilaterals, development banks and other similar institutions. The interest rate on variable rate debt represents the total of a variable component that is based on changes in an interest rate index and of a fixed component. The Company has interest rate swaps and option agreements in an aggregate notional principal amount of approximately $3.9 billion on non-recourse debt outstanding at December 31, 2018 . These agreements economically fix the variable component of the interest rates on the portion of the variable rate debt being hedged so that the total interest rate on that debt has been fixed at rates ranging from approximately 2.24% to 8.00% . Non-recourse debt as of December 31, 2018 is scheduled to reach maturity as shown below (in millions): December 31, Annual Maturities 2019 $ 1,697 2020 1,458 2021 1,601 2022 1,530 2023 1,316 Thereafter 8,411 Unamortized (discount) premium & debt issuance (costs), net (368 ) Total $ 15,645 As of December 31, 2018 , AES subsidiaries with facilities under construction had a total of approximately $811 million of committed but unused credit facilities available to fund construction and other related costs. Excluding these facilities under construction, AES subsidiaries had approximately $1.8 billion in various unused committed credit lines to support their working capital, debt service reserves and other business needs. These credit lines can be used for borrowings, letters of credit, or a combination of these uses. Significant transactions — During the year ended December 31, 2018 , the Company's subsidiaries had the following significant debt transactions: Subsidiary Transaction Period Issuances Repayments Gain (Loss) on Extinguishment of Debt Southland (1) Q1, Q2, Q3, Q4 $ 757 $ — $ — Tietê Q1 385 (231 ) — Alto Maipo Q2 104 — — DPL Q2 — (106 ) (6 ) Gener Q3 — (104 ) (7 ) Angamos Q3 — (98 ) — IPALCO Q4 105 (89 ) — Total $ 1,351 $ (628 ) $ (13 ) _____________________________ (1) Issuances relate to the June 2017, long-term non-recourse debt financing to fund the Southland re-powering construction projects. AES Argentina — In February 2017, AES Argentina 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 Covenants, Restrictions and Defaults — The terms of the Company's non-recourse debt include certain financial and nonfinancial covenants. These covenants are limited to subsidiary activity and vary among the subsidiaries. These covenants may include, but are not limited to, maintenance of certain reserves and financial ratios, minimum levels of working capital and limitations on incurring additional indebtedness. As of December 31, 2018 and 2017 , approximately $627 million and $642 million , respectively, of restricted cash was maintained in accordance with certain covenants of the non-recourse debt agreements, and these amounts were included within Restricted cash and Debt service reserves and other deposits in the accompanying Consolidated Balance Sheets. Various lender and governmental provisions restrict the ability of certain of the Company's subsidiaries to transfer their net assets to the Parent Company. Such restricted net assets of subsidiaries amounted to approximately $2.9 billion at December 31, 2018 . The following table summarizes the Company's subsidiary non-recourse debt in default (in millions) as of December 31, 2018 . Due to the defaults, these amounts are included in the current portion of non-recourse debt: Primary Nature December 31, 2018 Subsidiary Default Net Assets AES Puerto Rico Covenant $ 317 $ 139 AES Ilumina (Puerto Rico) Covenant 34 17 Total $ 351 (1) _____________________________ (1) This does not include $483 million of non-recourse debt at Colon, one of the Company’s subsidiaries in Panama, that has been classified as current. Colon is currently in compliance with all provisions of its financing agreements, but does not expect to complete a required contract assignment to the lenders by the March 31, 2019 deadline. The Company is working with the lenders to modify the loan agreement to amend the requirement of this technical covenant in 2019. If this amendment is executed, the debt will be re-classified as noncurrent. The above defaults are not payment defaults. All of the subsidiary non-recourse defaults were triggered by failure to comply with covenants and/or 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. The AES Corporation's recourse debt agreements include cross-default clauses that will trigger if a subsidiary or group of subsidiaries for which the non-recourse debt is in default provides more than 20% of the Parent Company's total cash distributions from businesses for the four most recently completed fiscal quarters. As of December 31, 2018 , 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. RECOURSE DEBT — The following table summarizes the carrying amount and terms of recourse debt of the Company as of the periods indicated (in millions): Interest Rate Final Maturity December 31, 2018 December 31, 2017 Senior Unsecured Note 8.00% 2020 $ — $ 228 Senior Unsecured Note 4.00% 2021 500 — Senior Unsecured Note 7.38% 2021 — 690 Drawings on secured credit facility LIBOR + 2.00% 2021 — 207 Senior Secured Term Loan LIBOR + 1.75% 2022 366 521 Senior Unsecured Note 4.88% 2023 713 713 Senior Unsecured Note 4.50% 2023 500 — Senior Unsecured Note 5.50% 2024 63 738 Senior Unsecured Note 5.50% 2025 544 573 Senior Unsecured Note 6.00% 2026 500 500 Senior Unsecured Note 5.13% 2027 500 500 Unamortized (discount) premium & debt issuance (costs), net (31 ) (40 ) Subtotal $ 3,655 $ 4,630 Less: Current maturities (5 ) (5 ) Noncurrent maturities $ 3,650 $ 4,625 The following table summarizes the principal amounts due under our recourse debt for the next five years and thereafter (in millions): December 31, Net Principal Amounts Due 2019 $ 5 2020 5 2021 505 2022 350 2023 1,213 Thereafter 1,608 Unamortized (discount) premium & debt issuance (costs), net (31 ) Total recourse debt $ 3,655 In December 2018, the Company prepaid $150 million aggregate principal of its existing senior secured term loan due in 2022 . As a result of the transaction, the Company recognized a loss on extinguishment of debt of $1 million . In March 2018, the Company purchased via tender offers $671 million aggregate principal of its existing 5.50% senior unsecured notes due in 2024 and $29 million of its existing 5.50% senior unsecured notes due in 2025 . As a result of these transactions, the Company recognized a loss on extinguishment of debt of $44 million . In March 2018, the Company issued $500 million aggregate principal of 4.00% senior notes due in 2021 and $500 million of 4.50% senior notes due in 2023 . The Company used the proceeds from these issuances to purchase via tender offer in full the $228 million balance of its 8.00% senior notes due in 2020 and the $690 million balance of its 7.375% senior notes due in 2021 . As a result of these transactions, the Company recognized a loss on extinguishment of debt of $125 million . In August 2017, the Company issued $500 million aggregate principal amount of 5.125% senior notes due in 2027 . The Company used these proceeds to redeem at par $240 million aggregate principal of its existing LIBOR + 3.00% senior unsecured notes due in 2019 and purchased $217 million of its existing 8.00% senior unsecured notes due in 2020 . As a result of the latter transactions, the Company recognized a loss on extinguishment of debt of $36 million . 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 loss on extinguishment of debt of $6 million . 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 . Recourse Debt Covenants and Guarantees — The Company's obligations under the senior secured credit facility and senior secured term loan are, subject to certain exceptions, secured by (i) all of the capital stock of domestic subsidiaries owned directly by the Company and 65% of the capital stock of certain foreign subsidiaries owned directly or indirectly by the Company; and (ii) certain intercompany receivables, certain intercompany notes and certain intercompany tax sharing agreements. The senior secured credit facility and senior secured term loan are subject to mandatory prepayment under certain circumstances, including the sale of certain assets. In such a situation, the net cash proceeds from the sale must be applied pro rata to repay the term loan, if any, using 60% of net cash proceeds, reduced to 50% when and if the Parent Company's recourse debt to cash flow ratio is less than 5:1 . The lenders have the option to waive their pro rata redemption. The senior secured credit facility contains customary covenants and restrictions on the Company's ability to engage in certain activities, including, but not limited to, limitations on other indebtedness, liens, investments and guarantees; limitations on restricted payments such as shareholder dividends and equity repurchases; restrictions on mergers and acquisitions, sales of assets, leases, transactions with affiliates and off-balance sheet or derivative arrangements; and other financial reporting requirements. The senior secured credit facility also contains financial covenants, evaluated quarterly, requiring the Company to maintain a minimum ratio of adjusted operating cash flow to interest charges on recourse debt of 1.3 times and a maximum ratio of recourse debt to adjusted operating cash flow of 7.5 times. The terms of the Company's senior unsecured notes and senior secured term loan contain certain covenants including limitations on the Company's ability to incur liens or enter into sale and leaseback transactions. TERM CONVERTIBLE TRUST SECURITIES — In 1999, AES Trust III, a wholly-owned special purpose business trust and a VIE, issued approximately 10.35 million of $50 par value TECONS with a quarterly coupon payment of $0.844 for total proceeds of $517 million and concurrently purchased $517 million of 6.75% Junior Subordinated Convertible Debentures due 2029 (the "6.75% Debentures") issued by AES. AES, at its option, may redeem the 6.75% Debentures which would result in the required redemption of the TECONS issued by AES Trust III for $50 per TECON. As of December 31, 2016, the sole assets of AES Trust III were the 6.75% Debentures. In June 2017, the Company redeemed the 6.75% |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | COMMITMENTS LEASES — The Company enters into long-term non-cancelable lease arrangements which, for accounting purposes, are classified as either operating or capital leases. Operating leases primarily include certain transmission lines, office rental and site leases. Operating lease rental expense for the years ended December 31, 2018 , 2017 , and 2016 was $51 million , $61 million and $61 million , respectively. Capital leases primarily include transmission lines, vehicles, offices, and other operating equipment. Capital leases are recognized in Property, Plant and Equipment within Electric generation, distribution assets and other . The gross value of the capital lease assets as of December 31, 2018 and 2017 was $13 million and $27 million , respectively. The following table shows the future minimum lease payments under operating and capital leases for continuing operations together with the present value of the net minimum lease payments under capital leases as of December 31, 2018 for 2019 through 2023 and thereafter (in millions): Future Commitments for December 31, Capital Leases Operating Leases 2019 $ 1 $ 74 2020 1 38 2021 1 25 2022 1 26 2023 1 25 Thereafter 7 455 Total $ 12 $ 643 Less: Imputed interest (6 ) Present value of total minimum lease payments $ 6 CONTRACTS — The Company enters into long-term contracts for construction projects, maintenance and service, transmission of electricity, operations services and purchases of electricity and fuel. In general, these contracts are subject to variable quantities or prices and are terminable only in limited circumstances. The following table shows the future minimum commitments for continuing operations under these contracts as of December 31, 2018 for 2019 through 2023 and thereafter as well as actual purchases under these contracts for the years ended December 31, 2018 , 2017 , and 2016 (in millions): Actual purchases during the year ended December 31, Electricity Purchase Contracts Fuel Purchase Contracts Other Purchase Contracts 2016 $ 420 $ 1,790 $ 817 2017 747 1,619 1,945 2018 827 1,838 1,671 Future commitments for the year ending December 31, 2019 $ 786 $ 1,494 $ 1,375 2020 602 1,027 681 2021 371 882 336 2022 234 575 561 2023 393 463 213 Thereafter 5,187 1,734 778 Total $ 7,573 $ 6,175 $ 3,944 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES Guarantees and Letters of Credit — 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 expects to fulfill within the normal course of business. The expiration dates of these guarantees vary from less than one year to more than 16 years . The following table summarizes the Parent Company's contingent contractual obligations as of December 31, 2018 . 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. There were no obligations made by the Parent Company for the direct benefit of the lenders associated with the non-recourse debt of its businesses. Contingent Contractual Obligations Amount (in millions) Number of Agreements Maximum Exposure Range for Each Agreement (in millions) Guarantees and commitments $ 685 33 $0 — 157 Letters of credit under the unsecured credit facility 368 10 $1 — 247 Letters of credit under the senior secured credit facility 78 23 $0 — 49 Asset sale related indemnities (1) 27 1 $27 Total $ 1,158 67 _____________________________ (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 year ended December 31, 2018 , the Company paid letter of credit fees ranging from 1% to 3% per annum on the outstanding amounts of letters of credit. Environmental — The Company periodically reviews its obligations as they relate to compliance with environmental laws, including site restoration and remediation. For the periods ended December 31, 2018 and 2017 , the Company had recognized liabilities of $5 million for projected environmental remediation costs. Due to the uncertainties associated with environmental assessment and remediation activities, future costs of compliance or remediation could be higher or lower than the amount currently accrued. Moreover, where no 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 December 31, 2018 . In aggregate, the Company estimates the range of potential losses related to environmental matters, where estimable, to be up to $17 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 recognized aggregate liabilities for all claims of approximately $53 million and $50 million as of December 31, 2018 and 2017 , respectively. These amounts are reported on the Consolidated Balance Sheets within Accrued and other liabilities and Other noncurrent liabilities . A significant portion of these accrued liabilities relate to regulatory matters and commercial disputes in international jurisdictions. 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 December 31, 2018 . The material contingencies where a loss is reasonably possible primarily include disputes with offtakers, suppliers and EPC contractors; alleged breaches of contract; alleged violation of laws and regulations; income tax and non-income tax matters with tax authorities; and regulatory matters. In aggregate, the Company estimates the range of potential losses, where estimable, related to these reasonably possible material contingencies to be between $79 million and $439 million |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
BENEFIT PLANS | BENEFIT PLANS Defined Contribution Plan — The Company sponsors four defined contribution plans ("the DC Plans"). Two plans cover U.S. non-union employees; one for Parent Company and certain US and Utilities SBU business employees, and one for DPL employees. The remaining two plans include union and non-union employees at IPL and union employees at DPL. The DC Plans are qualified under section 401 of the Internal Revenue Code. Most U.S. employees of the Company are eligible to participate in the appropriate plan except for those employees who are covered by a collective bargaining agreement, unless such agreement specifically provides that the employee is considered an eligible employee under a plan. Within the DC Plans, the Company provides matching contributions in addition to other non-matching contributions. Participants are fully vested in their own contributions. The Company's contributions vest over various time periods ranging from immediate up to five years . For the years ended December 31, 2018 , 2017 and 2016 , costs for defined contribution plans were approximately $21 million , $23 million and $15 million , respectively. Defined Benefit Plans — Certain of the Company's subsidiaries have defined benefit pension plans covering substantially all of their respective employees ("the DB Plans"). Pension benefits are based on years of credited service, age of the participant, and average earnings. Of the 30 active DB Plans as of December 31, 2018 , five are at U.S. subsidiaries and the remaining plans are at foreign subsidiaries . The following table reconciles the Company's funded status, both domestic and foreign, as of the periods indicated (in millions): 2018 2017 U.S. Foreign U.S. Foreign CHANGE IN PROJECTED BENEFIT OBLIGATION: Benefit obligation as of January 1 $ 1,257 $ 470 $ 1,188 $ 411 Service cost 15 12 13 10 Interest cost 40 22 41 22 Employee contributions — 1 — 1 Plan amendments 10 — 1 (1 ) Plan curtailments — — 3 — Plan settlements — (21 ) — (2 ) Benefits paid (105 ) (17 ) (71 ) (22 ) Plan combinations — (4 ) — — Actuarial (gain) loss (99 ) (8 ) 82 29 Effect of foreign currency exchange rate changes — (38 ) — 22 Benefit obligation as of December 31 $ 1,118 $ 417 $ 1,257 $ 470 CHANGE IN PLAN ASSETS: Fair value of plan assets as of January 1 $ 1,127 $ 455 $ 1,044 $ 402 Actual return on plan assets (35 ) 6 141 31 Employer contributions 39 21 13 18 Employee contributions — 1 — 1 Plan settlements — (21 ) — (2 ) Benefits paid (105 ) (17 ) (71 ) (22 ) Effect of foreign currency exchange rate changes — (35 ) — 27 Fair value of plan assets as of December 31 $ 1,026 $ 410 $ 1,127 $ 455 RECONCILIATION OF FUNDED STATUS Funded status as of December 31 $ (92 ) $ (7 ) $ (130 ) $ (15 ) The following table summarizes the amounts recognized on the Consolidated Balance Sheets related to the funded status of the DB Plans, both domestic and foreign, as of the periods indicated (in millions): December 31, 2018 2017 Amounts Recognized on the Consolidated Balance Sheets U.S. Foreign U.S. Foreign Noncurrent assets $ — $ 64 $ — $ 69 Accrued benefit liability—current — (6 ) — (6 ) Accrued benefit liability—noncurrent (92 ) (65 ) (130 ) (78 ) Net amount recognized at end of year $ (92 ) $ (7 ) $ (130 ) $ (15 ) The following table summarizes the Company's U.S. and foreign accumulated benefit obligation as of the periods indicated (in millions): December 31, 2018 2017 U.S. Foreign U.S. Foreign Accumulated Benefit Obligation $ 1,101 $ 376 $ 1,236 $ 433 Information for pension plans with an accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 1,118 $ 89 $ 1,257 $ 109 Accumulated benefit obligation 1,101 79 1,236 97 Fair value of plan assets 1,026 33 1,127 33 Information for pension plans with a projected benefit obligation in excess of plan assets: Projected benefit obligation $ 1,118 $ 220 $ 1,257 $ 238 Fair value of plan assets 1,026 150 1,127 154 The following table summarizes the significant weighted average assumptions used in the calculation of benefit obligation and net periodic benefit cost, both domestic and foreign, as of the periods indicated: December 31, 2018 2017 U.S. Foreign U.S. Foreign Benefit Obligation: Discount rate 4.35 % 5.63 % 3.67 % 5.23 % Rate of compensation increase 3.34 % 4.79 % 3.34 % 4.65 % Periodic Benefit Cost: Discount rate 3.67 % 5.23 % (1) 4.28 % 5.83 % (1) Expected long-term rate of return on plan assets 5.73 % 3.94 % 6.67 % 5.30 % Rate of compensation increase 3.34 % 4.65 % 3.34 % 4.86 % _____________________________ (1) Includes an inflation factor that is used to calculate future periodic benefit cost, but is not used to calculate the benefit obligation. The Company establishes its estimated long-term return on plan assets considering various factors, which include the targeted asset allocation percentages, historic returns, and expected future returns. The measurement of pension obligations, costs, and liabilities is dependent on a variety of assumptions. These assumptions include estimates of the present value of projected future pension payments to all plan participants, taking into consideration the likelihood of potential future events such as salary increases and demographic experience. These assumptions may have an effect on the amount and timing of future contributions. The assumptions used in developing the required estimates include the following key factors: discount rates; salary growth; retirement rates; inflation; expected return on plan assets; and mortality rates. The effects of actual results differing from the Company's assumptions are accumulated and amortized over future periods and, therefore, generally affect the Company's recognized expense in such future periods. Unrecognized gains or losses are amortized using the “corridor approach,” under which the net gain or loss in excess of 10% of the greater of the projected benefit obligation or the market-related value of the assets, if applicable, is amortized. Sensitivity of the Company's pension funded status to the indicated increase or decrease in the discount rate and long-term rate of return on plan assets assumptions is shown below. Note that these sensitivities may be asymmetric and are specific to the base conditions at year-end 2018 . They also may not be additive, so the impact of changing multiple factors simultaneously cannot be calculated by combining the individual sensitivities shown. The funded status as of December 31, 2018 is affected by the assumptions as of that date. Pension expense for 2018 is affected by the December 31, 2017 assumptions. The impact on pension expense from a one percentage point change in these assumptions is shown in the following table (in millions): Increase of 1% in the discount rate $ (12 ) Decrease of 1% in the discount rate 12 Increase of 1% in the long-term rate of return on plan assets (16 ) Decrease of 1% in the long-term rate of return on plan assets 16 The following table summarizes the components of the net periodic benefit cost, both domestic and foreign, for the years indicated (in millions): December 31, 2018 2017 2016 Components of Net Periodic Benefit Cost: U.S. Foreign U.S. Foreign U.S. Foreign Service cost $ 15 $ 12 $ 13 $ 10 $ 13 $ 9 Interest cost 40 22 41 23 42 21 Expected return on plan assets (64 ) (17 ) (69 ) (21 ) (68 ) (19 ) Amortization of prior service cost 5 — 6 — 7 (1 ) Amortization of net loss 18 3 18 2 18 2 Curtailment loss recognized 1 — 4 — 4 — Settlement loss recognized — 4 — — — — Total pension cost $ 15 $ 24 $ 13 $ 14 $ 16 $ 12 The following table summarizes the amounts reflected in AOCL, including AOCL attributable to noncontrolling interests, on the Consolidated Balance Sheet as of December 31, 2018 , that have not yet been recognized as components of net periodic benefit cost (in millions): December 31, 2018 Accumulated Other Comprehensive Income (Loss) U.S. Foreign Prior service cost $ (4 ) $ 1 Unrecognized net actuarial loss (19 ) (76 ) Total $ (23 ) $ (75 ) The following table summarizes the Company's target allocation for 2018 and pension plan asset allocation, both domestic and foreign, as of the periods indicated: Percentage of Plan Assets as of December 31, Target Allocations 2018 2017 Asset Category U.S. Foreign U.S. Foreign U.S. Foreign Equity securities 20% 3% 16.85 % 3.75 % 31.90 % 4.61 % Debt securities 78% 94% 80.20 % 93.57 % 64.53 % 93.10 % Real estate 2% —% 2.35 % 0.44 % 3.20 % 0.44 % Other —% 3% 0.60 % 2.24 % 0.37 % 1.85 % Total pension assets 100.00 % 100.00 % 100.00 % 100.00 % The U.S. DB Plans seek to achieve the following long-term investment objectives: • maintenance of sufficient income and liquidity to pay retirement benefits and other lump sum payments; • long-term rate of return in excess of the annualized inflation rate; • long-term rate of return, net of relevant fees, that meets or exceeds the assumed actuarial rate; and • long-term competitive rate of return on investments, net of expenses, that equals or exceeds various benchmark rates. The asset allocation is reviewed periodically to determine a suitable asset allocation which seeks to manage risk through portfolio diversification and takes into account the above-stated objectives, in conjunction with current funding levels, cash flow conditions and economic and industry trends. The following table summarizes the Company's U.S. DB Plan assets by category of investment and level within the fair value hierarchy as of the periods indicated (in millions): December 31, 2018 December 31, 2017 U.S. Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Equity securities: Mutual funds $ 173 $ — $ — $ 173 $ 359 $ — $ — $ 359 Debt securities: Government debt securities 170 — — 170 135 — — 135 Mutual funds (1) 653 — — 653 593 — — 593 Real estate: Real estate — 24 — 24 — 36 — 36 Other: Cash and cash equivalents 6 — — 6 4 — — 4 Total plan assets $ 1,002 $ 24 $ — $ 1,026 $ 1,091 $ 36 $ — $ 1,127 _____________________________ (1) Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment. The investment strategy of the foreign DB Plans seeks to maximize return on investment while minimizing risk. The assumed asset allocation has less exposure to equities in order to closely match market conditions and near term forecasts. The following table summarizes the Company's foreign DB plan assets by category of investment and level within the fair value hierarchy as of the periods indicated (in millions): December 31, 2018 December 31, 2017 Foreign Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Equity securities: Mutual funds $ 14 $ — $ — $ 14 $ 20 $ — $ — $ 20 Private equity — — 1 1 — — 1 1 Debt securities: Government debt securities 13 — — 13 11 — — 11 Mutual funds (1) 287 84 — 371 323 90 — 413 Real estate: Real estate — — 2 2 — — 2 2 Other: Cash and cash equivalents 2 — — 2 — — — — Other assets 1 — 6 7 1 — 7 8 Total plan assets $ 317 $ 84 $ 9 $ 410 $ 355 $ 90 $ 10 $ 455 _____________________________ (1) Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment. The following table summarizes the estimated cash flows for U.S. and foreign expected employer contributions and expected future benefit payments, both domestic and foreign (in millions): U.S. Foreign Expected employer contribution in 2019 $ 9 $ 14 Expected benefit payments for fiscal year ending: 2019 69 23 2020 70 21 2021 72 23 2022 72 24 2023 73 25 2024 - 2028 367 155 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Equity | EQUITY Equity Transactions with Noncontrolling Interests Distributed Energy — In 2018, Distributed Energy, through multiple transactions, sold noncontrolling interests in multiple project companies to tax equity partners. These transactions resulted in a $98 million increase to noncontrolling interest. Distributed Energy is reported in the US and Utilities SBU reportable segment. Alto Maipo — In March 2017, AES Gener 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 for a de minimis payment, 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 South America SBU reportable segment. Dominican Republic — In September 2017, Linda Group acquired 5% of our Dominican Republic business for $60 million , pre-tax. This transaction resulted in a net increase of $25 million to the Company’s additional paid-in-capital and noncontrolling interest, respectively. No gain or loss was recognized in net income as the sale was not considered a sale of in-substance real estate. As the Company maintained control after the sale, our businesses in the Dominican Republic continue to be consolidated by the Company within the MCAC SBU reportable segment. The following table summarizes the net income attributable to The AES Corporation and all transfers (to) from noncontrolling interests for the periods indicated (in millions): December 31, 2018 2017 2016 Net income (loss) attributable to The AES Corporation $ 1,203 $ (1,161 ) $ (1,130 ) Transfers from noncontrolling interest: Increase (decrease) in The AES Corporation's paid-in capital for sale of subsidiary shares (3 ) 13 84 Additional paid-in-capital, IPALCO shares, transferred to redeemable stock of subsidiaries (1) — — (84 ) Increase (decrease) in The AES Corporation's paid-in-capital for purchase of subsidiary shares — 240 (2 ) Net transfers (to) from noncontrolling interest (3 ) 253 (2 ) Change from net income (loss) attributable to The AES Corporation and transfers (to) from noncontrolling interests $ 1,200 $ (908 ) $ (1,132 ) _____________________________ (1) See Note 17 — Redeemable stock of subsidiaries for further information on increase in paid-in-capital transferred to redeemable stock of subsidiaries. Accumulated Other Comprehensive Loss — The changes in AOCL by component, net of tax and noncontrolling interests, for the periods indicated were as follows (in millions): Foreign currency translation adjustment, net Derivative gains (losses), net Unfunded pension obligations, net Total Balance at December 31, 2016 $ (2,147 ) $ (323 ) $ (286 ) $ (2,756 ) Other comprehensive income (loss) before reclassifications 18 (14 ) (19 ) (15 ) Amount reclassified to earnings 643 37 248 928 Other comprehensive income $ 661 $ 23 $ 229 $ 913 Reclassification from NCI due to Alto Maipo Restructuring — (33 ) — (33 ) Balance at December 31, 2017 $ (1,486 ) $ (333 ) $ (57 ) $ (1,876 ) Other comprehensive income (loss) before reclassifications $ (214 ) $ (64 ) $ — $ (278 ) Amount reclassified to earnings (21 ) 78 7 64 Other comprehensive income (loss) $ (235 ) $ 14 $ 7 $ (214 ) Cumulative effect of a change in accounting principle — 19 — 19 Balance at December 31, 2018 $ (1,721 ) $ (300 ) $ (50 ) $ (2,071 ) 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 Consolidated Statements of Operations: Details About December 31, AOCL Components Affected Line Item in the Consolidated Statements of Operations 2018 2017 2016 Foreign currency translation adjustments, net Gain (loss) on disposal and sale of business interests $ 19 $ (188 ) $ — Net loss from disposal and impairments of discontinued operations 2 (455 ) (992 ) Net income (loss) attributable to The AES Corporation $ 21 $ (643 ) $ (992 ) Derivative gains (losses), net Non-regulated revenue $ (6 ) $ 25 $ 111 Non-regulated cost of sales (3 ) (12 ) (57 ) Interest expense (49 ) (79 ) (107 ) Foreign currency transaction gains (59 ) 15 8 Income from continuing operations before taxes and equity in earnings of affiliates (117 ) (51 ) (45 ) Income tax expense 24 1 8 Income (loss) from continuing operations (93 ) (50 ) (37 ) Less: (Income) loss from continuing operations attributable to noncontrolling interests 15 13 9 Net income (loss) attributable to The AES Corporation $ (78 ) $ (37 ) $ (28 ) Amortization of defined benefit pension actuarial losses, net Non-regulated cost of sales — 1 — General and administrative expenses — (1 ) (1 ) Other expense (6 ) — (1 ) Income from continuing operations before taxes and equity in earnings of affiliates (6 ) — (2 ) Income tax expense 2 — 3 Income from continuing operations (4 ) — 1 Net loss from disposal and impairments of discontinued operations (2 ) (266 ) (11 ) Net income (loss) (6 ) (266 ) (10 ) Less: (Income) loss from continuing operations attributable to noncontrolling interests (1 ) — 9 Add: Loss from discontinued operations attributable to noncontrolling interests — 18 — Net income (loss) attributable to The AES Corporation $ (7 ) $ (248 ) $ (1 ) Total reclassifications for the period, net of income tax and noncontrolling interests $ (64 ) $ (928 ) $ (1,021 ) — The Parent Company paid dividends of $0.13 per outstanding share to its common stockholders during the first, second, third and fourth quarters of 2018 for dividends declared in December 2017 , February, July and October 2018 , respectively. On December 7, 2018, the Board of Directors declared a quarterly common stock dividend of $0.1365 per share payable on February 15, 2019 to shareholders of record at the close of business on February 1, 2019. Stock Repurchase Program — No shares were repurchased in 2018 . The cumulative repurchases from the commencement of the Program in July 2010 through December 31, 2018 totaled 154.3 million shares for a total cost of $1.9 billion , at an average price per share of $12.12 (including a nominal amount of commissions). As of December 31, 2018 , $264 million remained available for repurchase under the Program. The common stock repurchased has been classified as treasury stock and accounted for using the cost method. A total of 154,905,595 and 155,924,785 shares were held as treasury stock at December 31, 2018 and 2017 |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT AND GEOGRAPHIC INFORMATION | SEGMENTS AND GEOGRAPHIC INFORMATION 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 mainly organized by geographic regions which provides a socio-political-economic understanding of our business. During the first quarter of 2018, the Andes and Brazil SBUs were merged in order to leverage scale and are now reported together as part of the South America SBU. Further, the Puerto Rico and El Salvador businesses, formerly part of the MCAC SBU, were combined with the US SBU, which is now reported as the US and Utilities SBU. The management reporting structure is organized by four SBUs led by our President and Chief Executive Officer: US and Utilities, South America, MCAC, and Eurasia SBUs. Using the accounting guidance on segment reporting, the Company determined that its four operating segments are aligned with its four reportable segments corresponding to its SBUs. All prior period results have been retrospectively revised to reflect the new segment reporting structure. Corporate and Other — The results of the Fluence and Simple Energy equity affiliates are included in "Corporate and Other". Also included are the results of the AES self-insurance company and corporate overhead costs which are not directly associated with the operations of our four reportable segments, and 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 pre-tax 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 and equity securities; (b) unrealized foreign currency gains or losses; (c) gains, losses, benefits and costs associated with dispositions and acquisitions of business interests, including early plant closures; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt; and (f) costs directly associated with a major restructuring program, including, but not limited to, workforce reduction efforts, relocations and office consolidation . 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 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 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): Total Revenue Year Ended December 31, 2018 2017 2016 US and Utilities SBU $ 4,230 $ 4,162 $ 4,330 South America SBU 3,533 3,252 2,956 MCAC SBU 1,728 1,519 1,274 Eurasia SBU 1,255 1,590 1,670 Corporate and Other 41 35 77 Eliminations (51 ) (28 ) (26 ) Total Revenue $ 10,736 $ 10,530 $ 10,281 Reconciliation from Income from Continuing Operations before Taxes and Equity in Earnings of Affiliates: Total Adjusted PTC Year Ended December 31, 2018 2017 2016 Income from continuing operations before taxes and equity in earnings of affiliates $ 2,018 $ 771 $ 187 Add: Net equity earnings in affiliates 39 71 36 Less: Income from continuing operations before taxes, attributable to noncontrolling interests (509 ) (521 ) (354 ) Pre-tax contribution 1,548 321 (131 ) Unrealized derivative losses (gains) 33 (3 ) (9 ) Unrealized foreign currency losses (gains) 51 (59 ) 22 Disposition/acquisition losses (gains) (934 ) 123 6 Impairment expense 307 542 933 Loss on extinguishment of debt 180 62 29 Restructuring costs — 31 — Total Adjusted PTC $ 1,185 $ 1,017 $ 850 Total Adjusted PTC Year Ended December 31, 2018 2017 2016 US and Utilities SBU $ 511 $ 424 $ 392 South America SBU 519 446 428 MCAC SBU 300 277 222 Eurasia SBU 222 290 283 Corporate, Other and Eliminations (367 ) (420 ) (475 ) Total Adjusted PTC $ 1,185 $ 1,017 $ 850 Total Assets Depreciation and Amortization Capital Expenditures Year Ended December 31, 2018 2017 2016 2018 2017 2016 2018 2017 2016 US and Utilities SBU $ 12,286 $ 11,548 $ 10,815 $ 449 $ 487 $ 519 $ 1,373 $ 905 $ 858 South America SBU 10,941 11,126 10,487 300 301 251 662 477 569 MCAC SBU 4,462 4,087 3,680 141 122 117 302 435 431 Eurasia SBU 4,538 6,002 5,777 99 127 149 51 — 211 — 279 Discontinued operations — 86 4,936 — 123 128 — 315 303 Corporate, Other and Eliminations 294 263 429 14 9 12 8 13 18 Total $ 32,521 $ 33,112 $ 36,124 $ 1,003 $ 1,169 $ 1,176 $ 2,396 $ 2,356 $ 2,458 Interest Income Interest Expense Year Ended December 31, 2018 2017 2016 2018 2017 2016 US and Utilities SBU $ 10 $ 5 $ 4 $ 287 $ 315 $ 299 South America SBU 92 95 95 283 297 247 MCAC SBU 20 13 7 124 111 100 Eurasia SBU 186 130 139 145 167 179 Corporate, Other and Eliminations 2 1 — 217 280 309 Total $ 310 $ 244 $ 245 $ 1,056 $ 1,170 $ 1,134 Investments in and Advances to Affiliates Net Equity in Earnings of Affiliates Year Ended December 31, 2018 2017 2016 2018 2017 2016 US and Utilities SBU $ 538 $ 535 $ 23 $ 35 $ 41 $ 9 South America SBU 213 358 363 15 28 15 MCAC SBU 5 (5 ) (1 ) (7 ) (4 ) (2 ) Eurasia SBU 293 307 236 14 9 13 Corporate, Other and Eliminations 65 2 — (18 ) (3 ) 1 Total $ 1,114 $ 1,197 $ 621 $ 39 $ 71 $ 36 The following table presents information, by country, about the Company's consolidated operations for each of the three years ended December 31, 2018 , 2017 , and 2016 , and as of December 31, 2018 and 2017 (in millions). Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located. Total Revenue Property, Plant & Equipment, net Year Ended December 31, 2018 2017 2016 2018 2017 United States (1) $ 3,462 $ 3,487 $ 3,790 $ 8,731 $ 7,968 Non-U.S.: Chile 2,087 1,944 1,707 5,453 5,066 Dominican Republic 884 826 614 903 935 El Salvador 768 686 601 334 340 Brazil 527 541 450 1,287 1,286 Argentina 487 435 359 234 223 Panama 438 338 312 1,777 1,615 Colombia 428 332 437 302 332 Bulgaria 426 367 334 1,183 1,290 Mexico 399 352 342 666 687 United Kingdom 390 328 337 90 108 Vietnam (2) 245 278 340 2 2 Jordan 95 95 136 418 431 Philippines (3) 93 449 401 — — Kazakhstan — 67 103 — — Other Non-U.S. 7 5 18 16 13 Total Non-U.S. 7,274 7,043 6,491 12,665 12,328 Total $ 10,736 $ 10,530 $ 10,281 $ 21,396 $ 20,296 _____________________________ (1) Includes Puerto Rico revenues of $257 million , $247 million and $301 million for the years ended December 31, 2018, 2017 and 2016, respectively, and property, plant & equipment of $553 million and $565 million as of December 31, 2018 and 2017, respectively. (2) The Mong Duong II power project is operated under a build, operate and transfer contract. Future expected payments for the construction performance obligation are recognized in Loan receivable on the Consolidated Balance Sheets. See Note 18— Revenue for further information. (3) The Masinloc property, plant and equipment was classified as held-for-sale as of December 31, 2017, and deconsolidated upon completion of the sale in March 2018. See Note 23— Held-For-Sale and Dispositions |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION RESTRICTED STOCK Restricted Stock Units — The Company issues RSUs under its long-term compensation plan. The RSUs are generally granted based upon a percentage of the participant's base salary. The units have a three -year vesting schedule and vest in one-third increments over the three -year period. In all circumstances, RSUs granted by AES do not entitle the holder the right, or obligate AES, to settle the RSU in cash or other assets of AES. For the years ended December 31, 2018 , 2017 , and 2016 , RSUs issued had a grant date fair value equal to the closing price of the Company's stock on the grant date. The Company does not discount the grant date fair values to reflect any post-vesting restrictions. RSUs granted to employees during the years ended December 31, 2018 , 2017 , and 2016 had grant date fair values per RSU of $10.55 , $11.93 and $9.42 , respectively. The following table summarizes the components of the Company's stock-based compensation related to its employee RSUs recognized in the Company's consolidated financial statements (in millions): December 31, 2018 2017 2016 RSU expense before income tax $ 11 $ 17 $ 14 Tax benefit (2 ) (4 ) (4 ) RSU expense, net of tax $ 9 $ 13 $ 10 Total value of RSUs converted (1) $ 10 $ 10 $ 7 Total fair value of RSUs vested $ 16 $ 15 $ 13 _____________________________ (1) Amount represents fair market value on the date of conversion. Cash was not used to settle RSUs or compensation cost capitalized as part of the cost of an asset for the years ended December 31, 2018 , 2017 , and 2016 . As of December 31, 2018 , total unrecognized compensation cost related to RSUs of $10 million is expected to be recognized over a weighted average period of approximately 1.7 years. There were no modifications to RSU awards during the year ended December 31, 2018 . A summary of the activity of RSUs for the year ended December 31, 2018 follows (RSUs in thousands): RSUs Weighted Average Grant Date Fair Values Weighted Average Remaining Vesting Term Nonvested at December 31, 2017 2,966 $ 11.02 Vested (1,428 ) 11.05 Forfeited and expired (528 ) 10.95 Granted 913 10.55 Nonvested at December 31, 2018 1,923 $ 10.80 1.4 Vested and expected to vest at December 31, 2018 1,782 $ 10.79 The Company initially recognizes compensation cost on the estimated number of instruments for which the requisite service is expected to be rendered. In 2018 , AES has estimated a weighted average forfeiture rate of 9.35% for RSUs granted in 2018 . This estimate will be revised if subsequent information indicates that the actual number of instruments forfeited is likely to differ from previous estimates. Based on the estimated forfeiture rate, the Company expects to expense $9 million on a straight-line basis over a three -year period. The following table summarizes the RSUs that vested and were converted during the periods indicated (RSUs in thousands): Year Ended December 31, 2018 2017 2016 RSUs vested during the year 1,428 1,337 1,063 RSUs converted during the year, net of shares withheld for taxes 950 865 705 Shares withheld for taxes 478 472 358 OTHER SHARE BASED COMPENSATION The Company has three other share-based award programs. The Company has recorded expenses of $20 million , $8 million and $10 million for 2018 , 2017 and 2016 , respectively, related to these programs. Stock options — AES grants options to purchase shares of common stock under stock option plans to non-employee directors. Under the terms of the plans, the Company may issue options to purchase shares of the Company's common stock at a price equal to 100% of the market price at the date the option is granted. Stock options issued in 2017 and 2018 have a three -year vesting schedule and vest in one-third increments over the three -year period. The stock options have a contractual term of 10 years . In all circumstances, stock options granted by AES do not entitle the holder the right, or obligate AES, to settle the stock option in cash or other assets of AES. Performance Stock Units — In 2016 , 2017 and 2018 , the Company issued PSUs to officers under its long-term compensation plan. PSUs are stock units which include performance conditions. Performance conditions are based on the Company's Proportional Free Cash Flow targets for 2016 , 2017 and 2018 . The performance conditions determine the vesting and final share equivalent per PSU and can result in earning an award payout range of 0% to 200% , depending on the achievement. The Company believes that it is probable that the performance condition will be met and will continue to be evaluated throughout the performance period. In all circumstances, PSUs granted by AES do not entitle the holder the right, or obligate AES, to settle the stock units in cash or other assets of AES. Performance Cash Units — In 2016 , 2017 and 2018 , the Company issued PCUs to its officers under its long-term compensation plan. The value of these units is dependent on the market condition of total stockholder return on AES common stock as compared to the total stockholder return of the Standard and Poor's 500 Utilities Sector Index, Standard and Poor's 500 Index and MSCI Emerging Market Index over a three |
Redeemable Stock of Subsidiarie
Redeemable Stock of Subsidiaries | 12 Months Ended |
Dec. 31, 2018 | |
Temporary Equity [Abstract] | |
REDEEMABLE STOCK OF SUBSIDIARES | REDEEMABLE STOCK OF SUBSIDIARIES The following table is a reconciliation of changes in redeemable stock of subsidiaries (in millions): December 31, 2018 2017 Balance at the beginning of the period $ 837 $ 782 Contributions from holders of redeemable stock of subsidiaries 34 50 Net income (loss) attributable to redeemable stock of subsidiaries 2 (14 ) Fair value adjustment 4 25 Other comprehensive income (loss) attributable to redeemable stock of subsidiaries 2 (2 ) Acquisition and reclassification of stock of subsidiaries — (4 ) Balance at the end of the period $ 879 $ 837 The following table summarizes the Company's redeemable stock of subsidiaries balances as of the periods indicated (in millions): December 31, 2018 2017 IPALCO common stock $ 618 $ 618 Colon quotas (1) 201 159 IPL preferred stock 60 60 Total redeemable stock of subsidiaries $ 879 $ 837 _____________________________ (1) Characteristics of quotas are similar to common stock. Colon — Our partner in Colon made capital contributions of $34 million and $50 million during the year ended December 31, 2018 and 2017 , 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. IPL — IPL had $60 million of cumulative preferred stock outstanding at December 31, 2018 and 2017 , which represent five series of preferred stock. The total annual dividend requirements were approximately $3 million at December 31, 2018 and 2017 . Certain series of the preferred stock were redeemable solely at the option of the issuer at prices between $100 and $118 per share. Holders of the preferred stock are entitled to elect a majority of IPL's board of directors if IPL has not paid dividends to its preferred stockholders for four consecutive quarters. Based on the preferred stockholders' ability to elect a majority of IPL's board of directors in this circumstance, the redemption of the preferred shares is considered to be not solely within the control of the issuer and the preferred stock is considered temporary equity. IPALCO — As part of a purchase agreement executed in 2014, CDPQ had an option to invest $349 million in IPALCO through 2016 in exchange for a 17.65% equity stake. In March 2016, CDPQ exercised the remaining option by investing $134 million in IPALCO, which resulted in CDPQ's combined direct and indirect interest in IPALCO of 30% . The Company 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, with no impact to the ownership structure of the investment. Any subsequent |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue [Abstract] | |
Revenue from Contract with Customer [Text Block] | The following table presents our revenue from contracts with customers and other revenue for the year ended December 31, 2018 (in millions): Year Ended December 31, 2018 US and Utilities SBU South America SBU MCAC SBU Eurasia SBU Corporate, Other and Eliminations Total Regulated Revenue Revenue from contracts with customers $ 2,885 $ — $ — $ — $ — $ 2,885 Other regulated revenue 54 — — — — 54 Total regulated revenue $ 2,939 $ — $ — $ — $ — $ 2,939 Non-Regulated Revenue Revenue from contracts with customers $ 972 $ 3,529 $ 1,642 $ 943 $ (11 ) $ 7,075 Other non-regulated revenue (1) 319 4 86 312 1 722 Total non-regulated revenue $ 1,291 $ 3,533 $ 1,728 $ 1,255 $ (10 ) $ 7,797 Total revenue $ 4,230 $ 3,533 $ 1,728 $ 1,255 $ (10 ) $ 10,736 _____________________________ (1) Other non-regulated revenue primarily includes lease and derivative revenue not accounted for under ASC 606. Contract Balances — The timing of revenue recognition, billings, and cash collections results in accounts receivable and contract liabilities. Accounts receivable represent unconditional rights to consideration and consist of both billed amounts and unbilled amounts typically resulting from sales under long-term contracts when revenue recognized exceeds the amount billed to the customer. We bill both generation and utilities customers on a contractually agreed-upon schedule, typically at periodic intervals (e.g., monthly). The calculation of revenue earned but not yet billed is based on the number of days not billed in the month, the estimated amount of energy delivered during those days and the estimated average price per customer class for that month. Our contract liabilities consist of deferred revenue which is classified as current or noncurrent based on the timing of when we expect to recognize revenue. The current portion of our contract liabilities is reported in Accrued and other liabilities and the noncurrent portion is reported in Other noncurrent liabilities on the Consolidated Balance Sheets. The contract liabilities from contracts with customers were $109 million and $131 million as of December 31, 2018 and January 1, 2018, respectively. Of the $131 million of contract liabilities reported at January 1, 2018, $36 million was recognized as revenue during the period ended December 31, 2018 . A significant financing arrangement exists for our Mong Duong plant in Vietnam. The plant was constructed under a build, operate, and transfer contract and will be transferred to the Vietnamese government after the completion of a 25 year PPA. The performance obligation to construct the facility was substantially completed in 2015. Approximately $1.4 billion of contract consideration related to the construction, but not yet collected through the 25 year PPA, was reflected as a loan receivable as of December 31, 2018 . Remaining Performance Obligations — The transaction price allocated to remaining performance obligations represents future consideration for unsatisfied (or partially unsatisfied) performance obligations at the end of the reporting period. As of December 31, 2018 , the aggregate amount of transaction price allocated to remaining performance obligations was $15 million |
Other Income and Expense
Other Income and Expense | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME AND EXPENSE | OTHER INCOME AND EXPENSE Other Income — 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. The components are summarized as follows (in millions): Year Ended December 31, 2018 2017 2016 Gain on remeasurement of contingent consideration (1) $ 32 $ — $ — Allowance for funds used during construction (US Utilities) 8 26 29 Gain on sale of assets 4 1 4 Legal settlements (2) — 60 — Other 28 33 31 Total other income $ 72 $ 120 $ 64 _____________________________ (1) Related to the amendment of the Oahu purchase agreement. See Note 24 — Acquisitions for further information. (2) In December 2016, the Company and YPF entered into a settlement 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 Expense — 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): Year Ended December 31, 2018 2017 2016 Loss on sale and disposal of assets (1) $ 30 $ 28 $ 12 Non-service pension and other postretirement costs 10 1 3 Allowance for other receivables (2) 7 — 52 Water rights write-off — 19 6 Other 11 10 7 Total other expense $ 58 $ 58 $ 80 _____________________________ (1) In September 2018, the Company recorded a $20 million loss due to damage associated with a lightning incident at the Andres facility in the Dominican Republic. (2) |
Asset Impairment Expense
Asset Impairment Expense | 12 Months Ended |
Dec. 31, 2018 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
ASSET IMPAIRMENT EXPENSE | ASSET IMPAIRMENT EXPENSE Year ended December 31, (in millions) 2018 2017 2016 Shady Point $ 157 $ — $ — Nejapa 37 — — DPL — 175 859 Laurel Mountain — 121 — Kazakhstan Hydroelectric — 92 — Kazakhstan CHPs — 94 — Kilroot — 37 — Buffalo Gap II — — 159 Buffalo Gap I — — 77 Other 14 18 1 Total $ 208 $ 537 $ 1,096 Shady Point — In December 2018, the Company entered into an agreement to sell Shady Point, a coal-fired generation facility in the U.S. Due first to the uncertainty around future cash flows, and then upon meeting the held-for-sale criteria, the Company performed an impairment analysis of the Shady Point asset group in the second, third and fourth quarter of 2018, resulting in the recognition of total asset impairment expense of $157 million for the year ended December 31, 2018. Using the market approach, the asset group was determined to have a fair value of $30 million as of December 31, 2018. The sale is subject to regulatory approval and is expected to close during the second half of 2019. See Note 23 — Held-for-Sale and Dispositions for further information. Shady Point is reported in the US and Utilities SBU reportable segment. Nejapa — During the fourth quarter of 2018, the Company tested the recoverability of its long-lived assets at Nejapa, a landfill gas plant in El Salvador. Decreased production as a result of the landfill owner´s failure to perform improvements necessary to continue extracting gas from the landfill was identified as an impairment indicator. The Company determined that the carrying amount was not recoverable. The asset group, consisting of property, plant, and equipment and intangible assets, was determined to have a fair value of $5 million using the income approach. As a result, the Company recognized an asset impairment expense of $37 million as of December 31, 2018. Nejapa is reported in the US and Utilities SBU reportable segment. DPL — In March 2017, the Board of Directors of DPL approved the retirement of the DPL operated and co-owned Stuart coal-fired and diesel-fired generating units, and the Killen coal-fired generating unit and combustion turbine on or before June 1, 2018. The Company performed an impairment analysis and determined that the carrying amounts of the facilities were not recoverable. The Stuart and Killen asset groups were determined to have fair values of $3 million and $8 million , respectively, using the income approach. As a result, the Company recognized total asset impairment expense of $66 million . The Stuart and Killen units were retired in May 2018. Prior to their retirement, Stuart and Killen were reported in the US and Utilities SBU reportable segment. In December 2017, DPL entered into an agreement for the sale of six of its combustion turbine and diesel-fired generation facilities and related assets ("DPL peaker assets"). Upon meeting the held-for-sale criteria, the Company performed an impairment analysis and determined that the carrying value of the asset group of $346 million was greater than its fair value less costs to sell of $237 million . As a result, the Company recognized asset impairment expense of $109 million . DPL completed the sale of the peaker assets in March 2018. Prior to their sale, the DPL peaker assets were reported in the US and Utilities SBU reportable segment. See Note 23 — Held-for-Sale and Dispositions for further information. 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 regarding ESP 2, 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 an 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 total asset impairment expense of $235 million . DPL is reported in the US and Utilities SBU reportable segment. During the fourth quarter of 2016, the Company tested the recoverability of its long-lived coal-fired generation assets and one gas-fired peaking plant at DPL. Uncertainty around the useful life of Stuart and Killen related to the Company’s ESP proceedings and lower forward dark spreads and capacity prices were collectively determined to be an impairment indicator for these assets. Market information indicating a significant decrease in the fair value of Zimmer and Miami Fort was determined to be an indicator of impairment for these assets. The lower forward dark spreads and capacity prices, along with the indicators at the other coal-fired facilities, collectively, resulted in an indicator of impairment for the Conesville asset group. For the gas-fired peaking plant, significant incremental capital expenditures relative to its fair value, and an impairment charge taken at this facility in the second quarter of 2016, were collectively determined to be impairment indicators for this asset. The Company performed an impairment analysis for each of these asset groups and determined that their carrying amounts were not recoverable. The Stuart, Killen, Miami Fort, Zimmer, Conesville and the gas-fired peaking plant asset groups were determined to have fair values of $57 million , $43 million , $36 million , $24 million , $1 million and $2 million , respectively, using the market approach for Miami Fort and Zimmer and the income approach for the remaining asset groups. As a result, the Company recognized total asset impairment expense of $624 million . DPL is reported in the US and Utilities SBU reportable segment. Laurel Mountain — During the fourth quarter of 2017, the Company tested the recoverability of its long-lived assets at Laurel Mountain, a wind farm in the U.S. Impairment indicators were identified based on a decline in forward pricing. The Company determined that the carrying amount was not recoverable. The Laurel Mountain asset group was determined to have a fair value of $33 million using the income approach. As a result, the Company recognized an asset impairment expense of $121 million . Laurel Mountain is reported in the US and Utilities SBU reportable segment. Kilroot — During the fourth quarter of 2017, the Company tested the recoverability of its long-lived assets at Kilroot, a coal and oil-fired plant in Northern Ireland, as Kilroot was not successful in bidding its coal units into the December 2017 capacity auction for the newly implemented I-SEM market. The Company determined that the carrying amount of the asset group was not recoverable. The Kilroot asset group was determined to have a fair value of $20 million using the income approach. As a result, the Company recognized an asset impairment expense of $37 million , which was limited to the carrying value of the coal units. Kilroot is reported in the Eurasia SBU reportable segment. Kazakhstan Hydroelectric — In April 2017, the Republic of Kazakhstan stated the concession agreements 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. Upon meeting the held-for-sale criteria in the second quarter of 2017, the Company performed an impairment analysis and determined the carrying value of the asset group of $190 million , which included cumulative translation losses of $100 million , was greater than its fair value less costs to sell of $92 million . As a result, the Company recognized asset impairment expense of $92 million limited to the carrying value of the long-lived assets. The Company completed the transfer of the plants in October 2017. Prior to their transfer, the Kazakhstan hydroelectric plants were reported in the Eurasia SBU reportable segment. See Note 23 — Held-for-Sale and Dispositions for further information. 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. Upon meeting the held-for-sale criteria in the first quarter of 2017, the Company performed an impairment analysis and determined that the carrying value of the asset group of $171 million , which included cumulative translation losses of $92 million , was greater than its fair value less costs to sell of $29 million . As a result, the Company recognized asset impairment expense of $94 million limited to the carrying value of the long-lived assets. The Company completed the sale of its interest in the Kazakhstan CHP plants in April 2017. Prior to their sale, the plants were reported in the Eurasia SBU reportable segment. See Note 23 — Held-for-Sale and Dispositions for further information. Buffalo Gap I — During 2016, the Company tested the recoverability of its long-lived assets at Buffalo Gap I. Low wind production during 2016 resulted in management lowering future expectations of production and therefore future forecasted revenues. As such this was determined to be an impairment indicator. The Company determined that the carrying amount of the asset group was not recoverable. The Buffalo Gap I asset group was determined to have a fair value of $36 million using the income approach. As a result, the Company recognized asset impairment expense of $77 million ( $23 million attributable to AES). Buffalo Gap I is reported in the US and Utilities SBU reportable segment. Buffalo Gap II — During 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 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES U.S. Tax Reform — In 2017, the U.S. enacted the Tax Cuts and Jobs Act (the “TCJA”). The TCJA significantly changed U.S. corporate income tax law. Among other changes effective in 2017, the TCJA required companies to pay a one-time tax on certain unrepatriated earnings of foreign subsidiaries. Many other changes took effect in 2018, including a limit on the deductibility of interest expense and a new regime for taxing certain earnings of foreign subsidiaries. The Company recognized the income tax effects of the TCJA in accordance with Staff Accounting Bulletin No. 118 (“SAB 118”) which provides SEC guidance on the application of ASC 740, Income Taxes , in the reporting period in which the TCJA was signed into law. Accordingly, the Company’s 2017 financial statements reflected provisional amounts for those impacts for which the accounting under ASC 740 was incomplete, but a reasonable estimate could be determined. As of December 31, 2018, the Company's accounting for the initial impacts of the TCJA are complete under SAB 118. For the year ended December 31, 2018 the Company increased its estimate of the one-time transition tax by $194 million to $869 million . The estimated tax expense recognized for the year ended December 31, 2017 relating to the remeasurement of deferred tax assets and liabilities from an income tax rate of 35% to 21% , decreased $77 million , resulting in a total remeasurement benefit of $38 million . Argentine Tax Reform — In December 2017, the Argentine government enacted reforms to its income tax laws that resulted in a decrease to statutory income tax rates for our Argentine businesses from 35% to 30% in 2018-2019 and to 25% for 2020 and future years. The impact of remeasuring deferred taxes to account for the enacted change in future applicable income tax rates was recognized as income tax benefit in the fourth quarter of 2017, resulting in a decrease of $21 million to consolidated income tax expense. Chilean Tax Reform — In February 2016, the Chilean government enacted further reforms to its income tax laws that resulted in an increase to statutory income tax rates for most of our Chilean businesses from 25% to 25.5% in 2017 and to 27% for 2018 and future years. The impact of remeasuring deferred taxes to account for the enacted change in future applicable income tax rates was recognized as a discrete income tax expense in the first quarter of 2016, resulting in an increase of $26 million to consolidated income tax expense. Income Tax Provision — The following table summarizes the expense for income taxes on continuing operations for the periods indicated (in millions): December 31, 2018 2017 2016 Federal: Current $ 7 $ — $ 2 Deferred 186 545 (361 ) State: Current 2 — 1 Deferred 5 1 (4 ) Foreign: Current 378 335 318 Deferred 130 109 76 Total $ 708 $ 990 $ 32 Effective and Statutory Rate Reconciliation — The following table summarizes a reconciliation of the U.S. statutory federal income tax rate to the Company's effective tax rate as a percentage of income from continuing operations before taxes for the periods indicated: December 31, 2018 2017 2016 Statutory Federal tax rate 21 % 35 % 35 % State taxes, net of Federal tax benefit 2 % (7 )% (18 )% Taxes on foreign earnings 9 % — % (46 )% Valuation allowance (2 )% 10 % 10 % Uncertain tax positions — % — % 4 % Noncontrolling Interest on Buffalo Gap impairments — % — % 31 % Change in tax law 6 % 90 % 12 % Other—net (1 )% — % (11 )% Effective tax rate 35 % 128 % 17 % For 2018, the 6% change in tax law item relates primarily to changes in estimate under SAB 118 of the impacts of adoption of the TCJA. The Company recognized tax expense of $194 million related to revised estimates of the one-time transition tax in accordance with proposed regulations issued by the U.S. Treasury in 2018. The adjustment was due in large part to the approach the proposed regulations adopted to determine the fair value of our interests in publicly traded subsidiaries. The Company also recognized tax benefit of $77 million related to revised estimates of deferred tax remeasurement. Included in the 9% taxes on foreign earnings item is $124 million of U.S. GILTI tax expense related to foreign subsidiaries, including the sale of our interest in Masinloc. For 2017, the 90% change in tax law item relates primarily to the impact of U.S. and Argentina tax reform. The impact of the U.S one-time transition tax and remeasurement of deferred taxes represents 88% and 5% , respectively, which is partially offset by the tax benefit resulting from Argentina tax reform representing 3% . For 2016, the 31% Buffalo Gap impairments item relates to the amounts of impairment allocated to noncontrolling interest which is nondeductible. Income Tax Receivables and Payables — The current income taxes receivable and payable are included in Other Current Assets and Accrued and Other Liabilities , respectively, on the accompanying Consolidated Balance Sheets. The noncurrent income taxes receivable and payable are included in Other Noncurrent Assets and Other Noncurrent Liabilities, respectively, on the accompanying Consolidated Balance Sheets. The following table summarizes the income taxes receivable and payable as of the periods indicated (in millions): December 31, 2018 2017 Income taxes receivable—current $ 163 $ 147 Income taxes receivable—noncurrent 8 — Total income taxes receivable $ 171 $ 147 Income taxes payable—current $ 210 $ 129 Income taxes payable—noncurrent 7 17 Total income taxes payable $ 217 $ 146 Deferred Income Taxes — Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and (b) operating loss and tax credit carryforwards. These items are stated at the enacted tax rates that are expected to be in effect when taxes are actually paid or recovered. As of December 31, 2018 , the Company had federal net operating loss carryforwards for tax return purposes of approximately $1.1 billion expiring in years 2033 to 2036. The Company also had federal general business tax credit carryforwards of approximately $22 million expiring primarily from 2021 to 2038, and federal alternative minimum tax credits of approximately $15 million that may be fully recovered by 2021 under the TCJA. Additionally, the Company had state net operating loss carryforwards as of December 31, 2018 of approximately $8.5 billion expiring in years 2019 to 2038. As of December 31, 2018 , the Company had foreign net operating loss carryforwards of approximately $2.4 billion that expire at various times beginning in 2019 and some of which carry forward without expiration, and tax credits available in foreign jurisdictions of approximately $14 million , $13 million of which expire in 2021 and $1 million of which expire in years 2024 to 2029. Valuation allowances decreased $120 million during 2018 to $868 million at December 31, 2018 . This net decrease was primarily the result of valuation allowance activity at certain of our Brazil subsidiaries and U.S. states. Valuation allowances increased $112 million during 2017 to $988 million at December 31, 2017 . This net increase was primarily the result of valuation allowance activity at certain of our Brazil subsidiaries. The Company believes that it is more likely than not that the net deferred tax assets as shown below will be realized when future taxable income is generated through the reversal of existing taxable temporary differences and income that is expected to be generated by businesses that have long-term contracts or a history of generating taxable income. The following table summarizes deferred tax assets and liabilities, as of the periods indicated (in millions): December 31, 2018 2017 Differences between book and tax basis of property $ (1,418 ) $ (1,424 ) Other taxable temporary differences (243 ) (143 ) Total deferred tax liability (1,661 ) (1,567 ) Operating loss carryforwards 1,066 1,439 Capital loss carryforwards 52 63 Bad debt and other book provisions 62 66 Tax credit carryforwards 55 51 Other deductible temporary differences 111 60 Total gross deferred tax asset 1,346 1,679 Less: valuation allowance (868 ) (988 ) Total net deferred tax asset 478 691 Net deferred tax (liability) $ (1,183 ) $ (876 ) The Company considers undistributed earnings of certain foreign subsidiaries to be indefinitely reinvested outside of the U.S. Except for the one-time transition tax in the U.S., no taxes have been recorded with respect to our indefinitely reinvested earnings in accordance with the relevant accounting guidance for income taxes. Should the earnings be remitted as dividends, the Company may be subject to additional foreign withholding and state income taxes. Under the TCJA, future distributions from foreign subsidiaries will generally be subject to a federal dividends received deduction in the U.S. As of December 31, 2018, the cumulative amount of U.S. GAAP foreign un-remitted earnings upon which additional income taxes have not been provided is approximately $4 billion . It is not practicable to estimate the amount of any additional taxes which may be payable on the undistributed earnings. Income from operations in certain countries is subject to reduced tax rates as a result of satisfying specific commitments regarding employment and capital investment. The Company's income tax benefits related to the tax status of these operations are estimated to be $35 million , $26 million and $20 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The per share effect of these benefits after noncontrolling interests was $0.04 , $0.03 and $0.02 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Included in the Company's income tax benefits is the benefit related to our operations in Vietnam, which is estimated to be $19 million , $13 million and $15 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The per share effect of these benefits related to our operations in Vietnam after noncontrolling interest was $0.01 , $0.01 and $0.01 for the years ended December 31, 2018, 2017 and 2016, respectively. The following table shows the income (loss) from continuing operations, before income taxes, net equity in earnings of affiliates and noncontrolling interests, for the periods indicated (in millions): December 31, 2018 2017 2016 U.S. $ (218 ) $ (511 ) $ (1,305 ) Non-U.S. 2,236 1,282 1,492 Total $ 2,018 $ 771 $ 187 Uncertain Tax Positions — Uncertain tax positions have been classified as noncurrent income tax liabilities unless they are expected to be paid within one year. The Company's policy for interest and penalties related to income tax exposures is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statements of Operations. The following table shows the total amount of gross accrued income taxes related to interest and penalties included in the Consolidated Balance Sheets for the periods indicated (in millions): December 31, 2018 2017 Interest related $ 4 $ 7 Penalties related — — The following table shows the expense/(benefit) related to interest and penalties on unrecognized tax benefits for the periods indicated (in millions): December 31, 2018 2017 2016 Total expense (benefit) for interest related to unrecognized tax benefits $ (3 ) $ 1 $ 2 Total expense for penalties related to unrecognized tax benefits — — — We are potentially subject to income tax audits in numerous jurisdictions in the U.S. and internationally until the applicable statute of limitations expires. Tax audits by their nature are often complex and can require several years to complete. The following is a summary of tax years potentially subject to examination in the significant tax and business jurisdictions in which we operate: Jurisdiction Tax Years Subject to Examination Argentina 2012-2018 Brazil 2013-2018 Chile 2015-2018 Colombia 2016-2018 Dominican Republic 2016-2018 El Salvador 2016-2018 Netherlands 2014-2018 Panama 2015-2018 United Kingdom 2012-2018 United States (Federal) 2015-2018 As of December 31, 2018 , 2017 and 2016 , the total amount of unrecognized tax benefits was $463 million , $348 million and $352 million , respectively. The total amount of unrecognized tax benefits that would benefit the effective tax rate as of December 31, 2018 , 2017 and 2016 is $446 million , $332 million and $332 million , respectively, of which $33 million , $29 million and $24 million , respectively, would be in the form of tax attributes that would warrant a full valuation allowance. Further, the total amount of unrecognized tax benefit that would benefit the effective tax rate as of 2018 would be reduced by approximately $161 million of tax expense related to remeasurement from 35% to 21% . The total amount of unrecognized tax benefits anticipated to result in a net decrease to unrecognized tax benefits within 12 months of December 31, 2018 is estimated to be between $0 million and $10 million , primarily relating to statute of limitation lapses and tax exam settlements. The following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the periods indicated (in millions): 2018 2017 2016 Balance at January 1 $ 348 $ 352 $ 364 Additions for current year tax positions 2 — 2 Additions for tax positions of prior years 146 2 1 Reductions for tax positions of prior years (26 ) (5 ) (1 ) Settlements — — (13 ) Lapse of statute of limitations (7 ) (1 ) (1 ) Balance at December 31 $ 463 $ 348 $ 352 The Company and certain of its subsidiaries are currently under examination by the relevant taxing authorities for various tax years. The Company regularly assesses the potential outcome of these examinations in each of the taxing jurisdictions when determining the adequacy of the amount of unrecognized tax benefit recorded. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, we believe we have appropriately accrued for our uncertain tax benefits. However, audit outcomes and the timing of audit settlements and future events that would impact our previously recorded unrecognized tax benefits and the range of anticipated increases or decreases in unrecognized tax benefits are subject to significant uncertainty. It is possible that the ultimate outcome of current or future examinations may exceed our provision for current unrecognized tax benefits in amounts that could be material, but cannot be estimated as of December 31, 2018 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS AND HELD-FOR-SALE BUSINESSES | DISCONTINUED OPERATIONS 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, to reduce the Company's exposure to the Brazilian distribution market. The disposals of Sul and Eletropaulo were completed in October 2016 and June 2018, respectively. Eletropaulo — In November 2017, Eletropaulo converted its preferred shares into ordinary shares and transitioned the listing of those shares to the Novo Mercado, which is a listing segment of the Brazilian stock exchange with the highest standards of corporate governance. Upon conversion of the preferred shares into ordinary shares, AES no longer controlled Eletropaulo, but maintained significant influence over the business. As a result, the Company deconsolidated Eletropaulo. After deconsolidation, the Company's 17% ownership interest was reflected as an equity method investment. The Company recorded an after-tax loss on deconsolidation of $611 million , which primarily consisted of $455 million related to cumulative translation losses and $243 million related to pension losses reclassified from AOCL. In December 2017, all the remaining criteria were met for Eletropaulo to qualify as a discontinued operation. Therefore, its results of operations and financial position were reported as such in the consolidated financial statements for all periods presented. In June 2018, the Company completed the sale of its entire 17% ownership interest in Eletropaulo through a bidding process hosted by the Brazilian securities regulator, CVM. Gross proceeds of $340 million were received at our subsidiary in Brazil, subject to the payment of taxes. Upon disposal of Eletropaulo, the Company recorded a pre-tax gain on sale of $243 million (after-tax $199 million ). Excluding the gain on sale, Eletropaulo's pre-tax loss attributable to AES was immaterial for the year ended December 31, 2018. Eletropaulo's pre-tax loss attributable to AES, including the loss on deconsolidation, for the years ended December 31, 2017 and 2016 was $633 million and $192 million , respectively. Prior to its classification as discontinued operations, Eletropaulo was reported in the South America SBU reportable segment. Sul — The Company executed an agreement for the sale of Sul, a wholly-owned subsidiary, in June 2016. The results of operations and financial position of Sul are reported as discontinued operations in the consolidated financial statements for all periods presented. Upon meeting the held-for-sale criteria, the Company recognized an after-tax loss of $382 million comprised of a pre-tax impairment charge of $783 million , offset by a tax benefit of $266 million related to the impairment of the Sul long lived assets and a tax benefit of $135 million for deferred taxes related to the investment in Sul. Prior to the impairment charge, the carrying value of the Sul asset group of $1.6 billion was greater than its approximate fair value less costs to sell. However, the impairment charge was limited to the carrying value of the long lived assets of the Sul disposal group. On October 31, 2016 , the Company completed the sale of Sul and received final proceeds less costs to sell of $484 million , excluding contingent consideration. Upon disposal of Sul, the Company incurred an additional after-tax loss on sale of $737 million . The cumulative impact to earnings of the impairment and loss on sale was $1.1 billion . This includes the reclassification of approximately $1 billion of cumulative translation losses resulting in a net reduction to the Company’s stockholders’ equity of $92 million . Sul’s pre-tax loss attributable to AES for the year ended December 31, 2016 was $1.4 billion . Prior to its classification as discontinued operations, Sul was reported in the South America SBU reportable segment. Borsod — In 2011, Borsod, which held two coal and biomass-fired generation plants in Hungary, filed for liquidation and was deconsolidated with its historical operating results reflected in discontinued operations under prior accounting guidance. In October 2018, the liquidation was completed and the Company recognized a deferred gain of $26 million , primarily comprised of a $20 million write-off of cumulative translation balances. Prior to its liquidation, Borsod was reported in the Eurasia SBU reportable segment. The following table summarizes the carrying amounts of the major classes of assets and liabilities of discontinued operations at December 31, 2017 : (in millions) December 31, 2017 Assets of discontinued operations and held-for-sale businesses: Investments in and advances to affiliates (1) $ 86 Total assets of discontinued operations 86 Other assets of businesses classified as held-for-sale (2) 1,948 Total assets of discontinued operations and held-for-sale businesses $ 2,034 Liabilities of discontinued operations and held-for-sale businesses: Other liabilities of businesses classified as held-for-sale (2) 1,033 Total liabilities of discontinued operations and held-for-sale businesses $ 1,033 _____________________________ (1) Represents the Company's 17% ownership interest in Eletropaulo. (2) Masinloc, Eletrica Santiago, and the DPL peaker assets were classified as held-for-sale as of December 31, 2017. See Note 23 — Held-for-Sale and Dispositions for further information. Excluding the gain on sale of Eletropaulo and deferred gain on liquidation of Borsod, income from discontinued operations and cash flows from operating and investing activities of discontinued operations were immaterial for the year ended December 31, 2018. The following table summarizes the major line items constituting losses from discontinued operations for the periods indicated (in millions): December 31, 2017 2016 Income (loss) from discontinued operations, net of tax: Revenue — regulated $ 3,320 $ 4,036 Cost of sales (3,151 ) (3,954 ) Other income and expense items that are not major (1) (166 ) (160 ) Income (loss) from operations of discontinued businesses 3 (78 ) Loss from disposal and impairments of discontinued businesses (611 ) (1,385 ) Income (loss) from discontinued operations (608 ) (1,463 ) Less: Net income attributable to noncontrolling interests (25 ) (142 ) Income (loss) from discontinued operations attributable to The AES Corporation (633 ) (1,605 ) Income tax benefit (expense) (21 ) 495 Loss from discontinued operations, net of tax $ (654 ) $ (1,110 ) _____________________________ (1) Includes a loss contingency recognized by our equity method investment in discontinued operations. The following table summarizes the operating and investing cash flows from discontinued operations for the periods indicated (in millions): December 31, 2017 2016 Cash flows provided by operating activities of discontinued operations $ 164 $ 529 Cash flows used in investing activities of discontinued operations (288 ) (368 ) |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | Held-for-Sale Shady Point — In December 2018, the Company entered into an agreement to sell Shady Point, a U.S. coal-fired generating facility, for $30 million , subject to customary purchase price adjustments. The sale is subject to regulatory approval and is expected to close during the second half of 2019. As of December 31, 2018 , Shady Point was classified as held-for-sale, but did not meet the criteria to be reported as discontinued operations. Shady Point's carrying value as of December 31, 2018 was $30 million . Excluding impairment charges, pre-tax income attributable to AES was $19 million in each of the years ended December 31, 2018 , 2017 and 2016 . Shady Point is reported in the US and Utilities SBU reportable segment. See Note 20 —Asset Impairment Expense for further information. Redondo Beach — In October 2018, the Company entered into an agreement to sell land held by AES Redondo Beach, a gas-fired generating facility in California. The sale is expected to close during the first half of 2019. As of December 31, 2018 , the $24 million carrying value of the land held by Redondo Beach was classified as held-for-sale. Redondo Beach is reported in the US and Utilities SBU reportable segment. Dispositions CTNG — In December 2018, AES Gener completed the sale of CTNG, an entity that holds transmission lines in Chile, for $225 million , subject to customary post-closing adjustments, resulting in a pre-tax gain on sale of $129 million . The sale did not meet the criteria to be reported as discontinued operations. Prior to its sale, CTNG was reported in the South America SBU reportable segment. Electrica Santiago — In May 2018, AES Gener completed the sale of Electrica Santiago for total consideration of $287 million , resulting in a pre-tax gain on sale of $69 million after post-closing adjustments. Electrica Santiago consisted of four gas and diesel-fired generation plants in Chile. The sale did not meet the criteria to be reported as discontinued operations. Prior to its sale, Electrica Santiago was reported in the South America SBU reportable segment. Stuart and Killen — In May 2018, DPL retired the co-owned Stuart coal-fired and diesel-fired generating units, and the Killen coal-fired generating unit and combustion turbine. Prior to their retirement, Stuart and Killen were reported in the US and Utilities SBU reportable segment. See Note 20 —Asset Impairment Expense for further information. Masinloc — In March 2018, the Company completed the sale of its entire 51% equity interest in Masinloc for cash proceeds of $1.05 billion , resulting in a pre-tax gain on sale of $772 million after post-closing adjustments, subject to U.S. income tax. Masinloc consisted of a coal-fired generation plant in operation, a coal-fired generation plant under construction and an energy storage facility all located in the Philippines. The sale did not meet the criteria to be reported as discontinued operations. Prior to its sale, Masinloc was reported in the Eurasia SBU reportable segment. In 2014, the Company completed the sale of 45% of its ownership interest in Masinloc for $436 million , including $23 million of consideration that was contingent upon the achievement of certain tax restructuring efficiencies. In December 2017, the related contingency expired and the $23 million of contingent consideration was recognized as a gain in Gain (loss) on disposal and sale of business interests in the Consolidated Statement of Operations. DPL peaker assets — In March 2018, DPL completed the sale of six of its combustion turbine and diesel-fired generation facilities and related assets ("DPL peaker assets") for total proceeds of $239 million , inclusive of estimated working capital and subject to customary post-closing adjustments, resulting in a loss on sale of $2 million . The sale did not meet the criteria to be reported as discontinued operations. Prior to their sale, the DPL peaker assets were reported in the US and Utilities SBU reportable segment. Beckjord facility — In February 2018, DPL transferred its interest in Beckjord, a coal-fired generation facility retired in 2014, including its obligations to remediate the facility and its site. The transfer resulted in cash expenditures of $15 million , inclusive of disposal charges, and a loss on disposal of $12 million . Prior to the transfer, Beckjord was reported in the US and Utilities SBU reportable segment. Advancion Energy Storage — In January 2018, the Company deconsolidated the AES Advancion energy storage development business and contributed it to the Fluence joint venture, resulting in a gain on sale of $23 million . See Note 7 —Investments in and Advances to Affiliates for further discussion. Prior to the transfer, the AES Advancion energy storage development business was reported as part of Corporate and Other. Zimmer and Miami Fort — In December 2017, DPL and AES Ohio Generation completed the sale of Zimmer and Miami Fort, two coal-fired generating plants, for net proceeds of $70 million , resulting in a gain on sale of $13 million . The sale did not meet the criteria to be reported as discontinued operations. Prior to their sale, Zimmer and Miami Fort were reported in the US and Utilities SBU reportable segment. Kazakhstan Hydroelectric — Affiliates of the Company (the “Affiliates”) previously operated Shulbinsk HPP and Ust-Kamenogorsk HPP (the “HPPs”), two hydroelectric plants in Kazakhstan, under a concession agreement with the Republic of Kazakhstan (“RoK”). In April 2017, the RoK initiated the process to transfer these plants back to the RoK. The RoK indicated that arbitration would be necessary to determine the correct Return Share Transfer Payment ("RST") and, rather than paying the Affiliates, deposited the RST into an escrow account. In exchange, the Affiliates transferred 100% of the shares in the HPPs to the RoK, under protest and with a full reservation of rights. The Company recorded a loss on disposal of $33 million in the fourth quarter of 2017. In February 2018, the Affiliates initiated the arbitration process in international court to recover at least $75 million of the RST placed in escrow, based on the September 30, 2017 RST calculation. As of December 31, 2018 , the arbitration proceedings are ongoing, and additional losses are not considered probable at this time. However, additional losses may be incurred if some or all of the disputed consideration is not paid by the RoK via a mutually acceptable settlement, or upon any unfavorable decision rendered by the arbiter. The transfer did not meet the criteria to be reported as discontinued operations. Prior to their transfer, the Kazakhstan HPPs were reported in the Eurasia SBU reportable segment. See Note 20 — Asset Impairment Expense for further information. 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 Company recognized a pre-tax loss on sale of $49 million , primarily related to cumulative translation losses. The sale did not meet the criteria to be reported as discontinued operations. Prior to their sale, the Kazakhstan CHP plants were reported in the Eurasia SBU reportable segment. See Note 20 — Asset Impairment Expense for further information. UK Wind — During 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 accounting guidance, UK Wind was deconsolidated and a loss on deconsolidation of $20 million was recorded to Gain (loss) on disposal and sale of business interests in the Consolidated Statement of Operations to write off the Company’s noncontrolling interest in the project. The UK Wind projects were reported in the Eurasia SBU reportable segment. DPLER — In January 2016, the Company completed the sale of DPLER, a competitive retail marketer selling electricity to customers in Ohio, and recognized a gain on sale of $49 million . Proceeds of $76 million were received in December 2015. DPLER did not meet the criteria to be reported as a discontinued operation. DPLER's results were therefore reflected within continuing operations in the Consolidated Statements of Operations. Prior to its sale, DPLER was reported in the US and Utilities SBU reportable segment. Kelanitissa — In January 2016, the Company completed the sale of its interest in Kelanitissa, a diesel-fired generation plant in Sri Lanka, for $18 million , resulting in a loss on sale of $5 million . The sale did not meet the criteria to be reported as discontinued operations. Kelanitissa's results were therefore reflected within continuing operations in the Consolidated Statements of Operations. Prior to its sale, Kelanitissa was reported in the Eurasia SBU reportable segment. Jordan — In February 2016, the Company completed the sale of 40% of its interest in a wholly-owned subsidiary in Jordan that 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 pre-tax 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 business interests, net of cash and restricted cash sold on the Consolidated Statement of Cash Flows for the period ended December 31, 2016. After completion of the sale, the Company has a 36% economic interest in Jordan IPP4 and continues to manage and operate the plant. As the Company maintained control after the sale, Jordan IPP4 continues to be consolidated by the Company within the Eurasia SBU reportable segment. Excluding any impairment charge or gain/loss on sale, pre-tax income (loss) attributable to AES of disposed businesses was as follows (in millions): Year Ended December 31, 2018 2017 2016 Masinloc $ 9 $ 103 $ 103 Stuart and Killen (1)(2) 77 17 — DPL peaker assets 7 17 20 Zimmer and Miami Fort — 26 (14 ) Kazakhstan Hydroelectric — 33 34 Kazakhstan CHPs — 13 12 Other 14 9 11 Total $ 107 $ 218 $ 166 _____________________________ (1) The Company entered into contracts to buy back all open capacity years for Stuart and Killen at prices lower than the PJM capacity revenue prices. As such, the Company continues to earn capacity margin. (2) Reductions in the asset retirement obligations for ash ponds and landfills at Stuart and Killen in 2018 resulted in a $32 million reduction to cost of sales. See Note 3 — Property, Plant and Equipment Distributed Energy — In December 2018, Distributed Energy acquired the outstanding noncontrolling interest in a partnership holding various solar projects from its tax equity partner for $23 million of consideration in a non-cash transaction through the assumption of debt, increasing the Company's ownership to 100% . The partnership was previously classified as an equity method investment. The transaction was accounted for as an asset acquisition, therefore the Company remeasured the equity investment at fair value and recognized a loss of $5 million in Other expense in the Consolidated Statement of Operations. The fair value of the investment, along with the consideration transferred, plus transaction costs, were allocated to the individual assets acquired and liabilities assumed based on their relative fair values. Distributed Energy is reported in the US and Utilities SBU reportable segment. In September 2016, Distributed Energy acquired the equity interest of various projects held by multiple partnerships for approximately $43 million . These partnerships were previously classified as equity method investments. In accordance with the accounting guidance for business combinations, the Company recorded the opening balance sheets of the acquired businesses based on the purchase price allocation as of the acquisition date. Oahu — In November 2018, AES Oahu amended a 2017 agreement to acquire 100% of Na Pua Makani Power Partners, a partnership designed to develop and hold a wind project in Hawaii. The fair value of the initial consideration was $53 million , of which $48 million was contingent on meeting predefined development milestones. The transaction was accounted for as an acquisition of a variable interest entity that did not meet the definition of a business, therefore the assets acquired and liabilities assumed were recorded at their fair values, which equaled the fair value of the consideration. As a result of the amendment, the Company paid $11 million in 2018 and the contingent consideration was reduced to $5 million , resulting in a $32 million gain on remeasurement of contingent consideration recorded in Other income in the Consolidated Statement of Operations. AES Oahu is reported in the US and Utilities SBU reportable segment. Guaimbê Solar Complex — In September 2018, AES Tietê completed the acquisition of the Guaimbê Solar Complex (“Guaimbê”) from Cobra do Brasil for $152 million , subject to post-closing adjustments, comprised of the exchange of $119 million of non-convertible debentures in project financing and additional cash consideration of $33 million . The transaction was accounted for as an asset acquisition, therefore the consideration transferred, plus transaction costs, were allocated to the individual assets acquired and liabilities assumed based on their relative fair values. Any differences arising from post-closing adjustments will be allocated accordingly. Guaimbê is reported in the South America SBU reportable segment. Alto Sertão II — In August 2017, the Company completed the acquisition of the Alto Sertão II Wind Complex (“Alto Sertão II”) from Renova Energia S.A. for $179 million , plus the assumption of $346 million of non-recourse debt. At closing, the Company made a cash payment of $143 million , which excluded holdbacks related to indemnifications. In September 2018, an additional $12 million was paid to settle a portion of the remaining indemnification liability. In the first quarter of 2018, the Company finalized the purchase price allocation related to the acquisition of Alto Sertão II. There were no significant adjustments made to the preliminary purchase price allocation recorded in the third quarter of 2017 when the acquisition was completed. The assets acquired and liabilities assumed at the acquisition date were recorded at fair value, including a contingent liability for earn-out payments of $18 million |
Acquisitions Acquisitions
Acquisitions Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Held-for-Sale Shady Point — In December 2018, the Company entered into an agreement to sell Shady Point, a U.S. coal-fired generating facility, for $30 million , subject to customary purchase price adjustments. The sale is subject to regulatory approval and is expected to close during the second half of 2019. As of December 31, 2018 , Shady Point was classified as held-for-sale, but did not meet the criteria to be reported as discontinued operations. Shady Point's carrying value as of December 31, 2018 was $30 million . Excluding impairment charges, pre-tax income attributable to AES was $19 million in each of the years ended December 31, 2018 , 2017 and 2016 . Shady Point is reported in the US and Utilities SBU reportable segment. See Note 20 —Asset Impairment Expense for further information. Redondo Beach — In October 2018, the Company entered into an agreement to sell land held by AES Redondo Beach, a gas-fired generating facility in California. The sale is expected to close during the first half of 2019. As of December 31, 2018 , the $24 million carrying value of the land held by Redondo Beach was classified as held-for-sale. Redondo Beach is reported in the US and Utilities SBU reportable segment. Dispositions CTNG — In December 2018, AES Gener completed the sale of CTNG, an entity that holds transmission lines in Chile, for $225 million , subject to customary post-closing adjustments, resulting in a pre-tax gain on sale of $129 million . The sale did not meet the criteria to be reported as discontinued operations. Prior to its sale, CTNG was reported in the South America SBU reportable segment. Electrica Santiago — In May 2018, AES Gener completed the sale of Electrica Santiago for total consideration of $287 million , resulting in a pre-tax gain on sale of $69 million after post-closing adjustments. Electrica Santiago consisted of four gas and diesel-fired generation plants in Chile. The sale did not meet the criteria to be reported as discontinued operations. Prior to its sale, Electrica Santiago was reported in the South America SBU reportable segment. Stuart and Killen — In May 2018, DPL retired the co-owned Stuart coal-fired and diesel-fired generating units, and the Killen coal-fired generating unit and combustion turbine. Prior to their retirement, Stuart and Killen were reported in the US and Utilities SBU reportable segment. See Note 20 —Asset Impairment Expense for further information. Masinloc — In March 2018, the Company completed the sale of its entire 51% equity interest in Masinloc for cash proceeds of $1.05 billion , resulting in a pre-tax gain on sale of $772 million after post-closing adjustments, subject to U.S. income tax. Masinloc consisted of a coal-fired generation plant in operation, a coal-fired generation plant under construction and an energy storage facility all located in the Philippines. The sale did not meet the criteria to be reported as discontinued operations. Prior to its sale, Masinloc was reported in the Eurasia SBU reportable segment. In 2014, the Company completed the sale of 45% of its ownership interest in Masinloc for $436 million , including $23 million of consideration that was contingent upon the achievement of certain tax restructuring efficiencies. In December 2017, the related contingency expired and the $23 million of contingent consideration was recognized as a gain in Gain (loss) on disposal and sale of business interests in the Consolidated Statement of Operations. DPL peaker assets — In March 2018, DPL completed the sale of six of its combustion turbine and diesel-fired generation facilities and related assets ("DPL peaker assets") for total proceeds of $239 million , inclusive of estimated working capital and subject to customary post-closing adjustments, resulting in a loss on sale of $2 million . The sale did not meet the criteria to be reported as discontinued operations. Prior to their sale, the DPL peaker assets were reported in the US and Utilities SBU reportable segment. Beckjord facility — In February 2018, DPL transferred its interest in Beckjord, a coal-fired generation facility retired in 2014, including its obligations to remediate the facility and its site. The transfer resulted in cash expenditures of $15 million , inclusive of disposal charges, and a loss on disposal of $12 million . Prior to the transfer, Beckjord was reported in the US and Utilities SBU reportable segment. Advancion Energy Storage — In January 2018, the Company deconsolidated the AES Advancion energy storage development business and contributed it to the Fluence joint venture, resulting in a gain on sale of $23 million . See Note 7 —Investments in and Advances to Affiliates for further discussion. Prior to the transfer, the AES Advancion energy storage development business was reported as part of Corporate and Other. Zimmer and Miami Fort — In December 2017, DPL and AES Ohio Generation completed the sale of Zimmer and Miami Fort, two coal-fired generating plants, for net proceeds of $70 million , resulting in a gain on sale of $13 million . The sale did not meet the criteria to be reported as discontinued operations. Prior to their sale, Zimmer and Miami Fort were reported in the US and Utilities SBU reportable segment. Kazakhstan Hydroelectric — Affiliates of the Company (the “Affiliates”) previously operated Shulbinsk HPP and Ust-Kamenogorsk HPP (the “HPPs”), two hydroelectric plants in Kazakhstan, under a concession agreement with the Republic of Kazakhstan (“RoK”). In April 2017, the RoK initiated the process to transfer these plants back to the RoK. The RoK indicated that arbitration would be necessary to determine the correct Return Share Transfer Payment ("RST") and, rather than paying the Affiliates, deposited the RST into an escrow account. In exchange, the Affiliates transferred 100% of the shares in the HPPs to the RoK, under protest and with a full reservation of rights. The Company recorded a loss on disposal of $33 million in the fourth quarter of 2017. In February 2018, the Affiliates initiated the arbitration process in international court to recover at least $75 million of the RST placed in escrow, based on the September 30, 2017 RST calculation. As of December 31, 2018 , the arbitration proceedings are ongoing, and additional losses are not considered probable at this time. However, additional losses may be incurred if some or all of the disputed consideration is not paid by the RoK via a mutually acceptable settlement, or upon any unfavorable decision rendered by the arbiter. The transfer did not meet the criteria to be reported as discontinued operations. Prior to their transfer, the Kazakhstan HPPs were reported in the Eurasia SBU reportable segment. See Note 20 — Asset Impairment Expense for further information. 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 Company recognized a pre-tax loss on sale of $49 million , primarily related to cumulative translation losses. The sale did not meet the criteria to be reported as discontinued operations. Prior to their sale, the Kazakhstan CHP plants were reported in the Eurasia SBU reportable segment. See Note 20 — Asset Impairment Expense for further information. UK Wind — During 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 accounting guidance, UK Wind was deconsolidated and a loss on deconsolidation of $20 million was recorded to Gain (loss) on disposal and sale of business interests in the Consolidated Statement of Operations to write off the Company’s noncontrolling interest in the project. The UK Wind projects were reported in the Eurasia SBU reportable segment. DPLER — In January 2016, the Company completed the sale of DPLER, a competitive retail marketer selling electricity to customers in Ohio, and recognized a gain on sale of $49 million . Proceeds of $76 million were received in December 2015. DPLER did not meet the criteria to be reported as a discontinued operation. DPLER's results were therefore reflected within continuing operations in the Consolidated Statements of Operations. Prior to its sale, DPLER was reported in the US and Utilities SBU reportable segment. Kelanitissa — In January 2016, the Company completed the sale of its interest in Kelanitissa, a diesel-fired generation plant in Sri Lanka, for $18 million , resulting in a loss on sale of $5 million . The sale did not meet the criteria to be reported as discontinued operations. Kelanitissa's results were therefore reflected within continuing operations in the Consolidated Statements of Operations. Prior to its sale, Kelanitissa was reported in the Eurasia SBU reportable segment. Jordan — In February 2016, the Company completed the sale of 40% of its interest in a wholly-owned subsidiary in Jordan that 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 pre-tax 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 business interests, net of cash and restricted cash sold on the Consolidated Statement of Cash Flows for the period ended December 31, 2016. After completion of the sale, the Company has a 36% economic interest in Jordan IPP4 and continues to manage and operate the plant. As the Company maintained control after the sale, Jordan IPP4 continues to be consolidated by the Company within the Eurasia SBU reportable segment. Excluding any impairment charge or gain/loss on sale, pre-tax income (loss) attributable to AES of disposed businesses was as follows (in millions): Year Ended December 31, 2018 2017 2016 Masinloc $ 9 $ 103 $ 103 Stuart and Killen (1)(2) 77 17 — DPL peaker assets 7 17 20 Zimmer and Miami Fort — 26 (14 ) Kazakhstan Hydroelectric — 33 34 Kazakhstan CHPs — 13 12 Other 14 9 11 Total $ 107 $ 218 $ 166 _____________________________ (1) The Company entered into contracts to buy back all open capacity years for Stuart and Killen at prices lower than the PJM capacity revenue prices. As such, the Company continues to earn capacity margin. (2) Reductions in the asset retirement obligations for ash ponds and landfills at Stuart and Killen in 2018 resulted in a $32 million reduction to cost of sales. See Note 3 — Property, Plant and Equipment Distributed Energy — In December 2018, Distributed Energy acquired the outstanding noncontrolling interest in a partnership holding various solar projects from its tax equity partner for $23 million of consideration in a non-cash transaction through the assumption of debt, increasing the Company's ownership to 100% . The partnership was previously classified as an equity method investment. The transaction was accounted for as an asset acquisition, therefore the Company remeasured the equity investment at fair value and recognized a loss of $5 million in Other expense in the Consolidated Statement of Operations. The fair value of the investment, along with the consideration transferred, plus transaction costs, were allocated to the individual assets acquired and liabilities assumed based on their relative fair values. Distributed Energy is reported in the US and Utilities SBU reportable segment. In September 2016, Distributed Energy acquired the equity interest of various projects held by multiple partnerships for approximately $43 million . These partnerships were previously classified as equity method investments. In accordance with the accounting guidance for business combinations, the Company recorded the opening balance sheets of the acquired businesses based on the purchase price allocation as of the acquisition date. Oahu — In November 2018, AES Oahu amended a 2017 agreement to acquire 100% of Na Pua Makani Power Partners, a partnership designed to develop and hold a wind project in Hawaii. The fair value of the initial consideration was $53 million , of which $48 million was contingent on meeting predefined development milestones. The transaction was accounted for as an acquisition of a variable interest entity that did not meet the definition of a business, therefore the assets acquired and liabilities assumed were recorded at their fair values, which equaled the fair value of the consideration. As a result of the amendment, the Company paid $11 million in 2018 and the contingent consideration was reduced to $5 million , resulting in a $32 million gain on remeasurement of contingent consideration recorded in Other income in the Consolidated Statement of Operations. AES Oahu is reported in the US and Utilities SBU reportable segment. Guaimbê Solar Complex — In September 2018, AES Tietê completed the acquisition of the Guaimbê Solar Complex (“Guaimbê”) from Cobra do Brasil for $152 million , subject to post-closing adjustments, comprised of the exchange of $119 million of non-convertible debentures in project financing and additional cash consideration of $33 million . The transaction was accounted for as an asset acquisition, therefore the consideration transferred, plus transaction costs, were allocated to the individual assets acquired and liabilities assumed based on their relative fair values. Any differences arising from post-closing adjustments will be allocated accordingly. Guaimbê is reported in the South America SBU reportable segment. Alto Sertão II — In August 2017, the Company completed the acquisition of the Alto Sertão II Wind Complex (“Alto Sertão II”) from Renova Energia S.A. for $179 million , plus the assumption of $346 million of non-recourse debt. At closing, the Company made a cash payment of $143 million , which excluded holdbacks related to indemnifications. In September 2018, an additional $12 million was paid to settle a portion of the remaining indemnification liability. In the first quarter of 2018, the Company finalized the purchase price allocation related to the acquisition of Alto Sertão II. There were no significant adjustments made to the preliminary purchase price allocation recorded in the third quarter of 2017 when the acquisition was completed. The assets acquired and liabilities assumed at the acquisition date were recorded at fair value, including a contingent liability for earn-out payments of $18 million |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
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 from continuing operations for the years ended December 31, 2018 , 2017 and 2016 , where income represents the numerator and weighted-average shares represent the denominator. Year Ended December 31, 2018 2017 2016 (in millions, except per share data) Income Shares $ per Share Loss Shares $ per Share Loss Shares $ per Share BASIC EARNINGS (LOSS) PER SHARE Income (loss) from continuing operations attributable to The AES Corporation common stockholders (1) $ 985 662 $ 1.49 $ (507 ) 660 $ (0.77 ) $ (25 ) 660 $ (0.04 ) EFFECT OF DILUTIVE SECURITIES Restricted stock units — 3 (0.01 ) — — — — — — DILUTED EARNINGS (LOSS) PER SHARE $ 985 665 $ 1.48 $ (507 ) 660 $ (0.77 ) $ (25 ) 660 $ (0.04 ) _____________________________ (1) Loss from continuing operations, net of tax, of $20 million less the $5 million adjustment to retained earnings to record the DP&L redeemable preferred stock at its redemption value as of December 31, 2016 . The calculation of diluted earnings per share excluded stock awards and convertible debentures which would be anti-dilutive. The calculation of diluted earnings per share excluded 2 million , 7 million and 8 million stock awards outstanding for the years ended December 31, 2018 , 2017 and 2016 , respectively, that could potentially dilute basic earnings per share in the future. Additionally, for the year ended December 31, 2016 , all 15 million convertible debentures were excluded from the earnings per share calculation. The Company redeemed all of its existing convertible debentures in June 2017. For the years ended December 31, 2017 and 2016, respectively, the calculation of diluted earnings per share also excluded 4 million and 5 million outstanding restricted stock units that could potentially dilute earnings per share in the future because their impact would be anti-dilutive given the loss from continuing operations. Had the Company generated income, 2 million |
Risks and Uncertainties
Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
RISKS AND UNCERTAINTIES | RISKS AND UNCERTAINTIES AES is a diversified power generation and utility company organized into four market-oriented SBUs. See additional discussion of the Company's principal markets in Note 15 — Segment and Geographic Information . Within our four SBUs, we have two primary lines of business: generation and utilities. The generation line of business uses a wide range of fuels and technologies to generate electricity such as coal, gas, hydro, wind, solar and biomass. Our utilities business comprises businesses that transmit, distribute, and in certain circumstances, generate power. In addition, the Company has operations in the renewables area. These efforts include projects primarily in wind and solar. Operating and Economic Risks — The Company operates in several developing economies where macroeconomic conditions are usually more volatile than developed economies. Deteriorating market conditions often expose the Company to the risk of decreased earnings and cash flows due to, among other factors, adverse fluctuations in the commodities and foreign currency spot markets. Additionally, credit markets around the globe continue to tighten their standards, which could impact our ability to finance growth projects through access to capital markets. Currently, the Company has a below-investment grade rating from Standard & Poor's of BB+, Fitch of BB+, and Moody's of Ba1. This could affect the Company's ability to finance new and/or existing development projects at competitive interest rates. As of December 31, 2018 , the Company had $1.2 billion of unrestricted cash and cash equivalents. During 2018 , 68% of our revenue was generated outside the U.S. and a significant portion of our international operations is conducted in developing countries. We continue to invest in several developing countries to expand our existing platform and operations. International operations, particularly the operation, financing and development of projects in developing countries, entail significant risks and uncertainties, including, without limitation: • economic, social and political instability in any particular country or region; • inability to economically hedge energy prices; • volatility in commodity prices; • adverse changes in currency exchange rates; • government restrictions on converting currencies or repatriating funds; • unexpected changes in foreign laws, regulatory framework, or in trade, monetary or fiscal policies; • high inflation and monetary fluctuations; • restrictions on imports of coal, oil, gas or other raw materials required by our generation businesses to operate; • threatened or consummated expropriation or nationalization of our assets by foreign governments; • unwillingness of governments, government agencies, similar organizations or other counterparties to honor their commitments; • unwillingness of governments, government agencies, courts or similar bodies to enforce contracts that are economically advantageous to subsidiaries of the Company and economically unfavorable to counterparties, against such counterparties, whether such counterparties are governments or private parties; • inability to obtain access to fair and equitable political, regulatory, administrative and legal systems; • adverse changes in government tax policy; • difficulties in enforcing our contractual rights, enforcing judgments, or obtaining a just result in local jurisdictions; and • potentially adverse tax consequences of operating in multiple jurisdictions. Any of these factors, individually or in combination with others, could materially and adversely affect our business, results of operations and financial condition. In addition, our Latin American operations experience volatility in revenue and earnings which have caused and are expected to cause significant volatility in our results of operations and cash flows. The volatility is caused by regulatory and economic difficulties, political instability, indexation of certain PPAs to fuel prices, and currency fluctuations being experienced in many of these countries. This volatility reduces the predictability and enhances the uncertainty associated with cash flows from these businesses. Our inability to predict, influence or respond appropriately to changes in law or regulatory schemes, including any inability to obtain reasonable increases in tariffs or tariff adjustments for increased expenses, could adversely impact our results of operations or our ability to meet publicly announced projections or analysts' expectations. Furthermore, changes in laws or regulations or changes in the application or interpretation of regulatory provisions in jurisdictions where we operate, particularly our utility businesses where electricity tariffs are subject to regulatory review or approval, could adversely affect our business, including, but not limited to: • changes in the determination, definition or classification of costs to be included as reimbursable or pass-through costs; • changes in the definition or determination of controllable or noncontrollable costs; • adverse changes in tax law; • changes in the definition of events which may or may not qualify as changes in economic equilibrium; • changes in the timing of tariff increases; • other changes in the regulatory determinations under the relevant concessions; or • changes in environmental regulations, including regulations relating to GHG emissions in any of our businesses. Any of the above events may result in lower margins for the affected businesses, which can adversely affect our results of operations. Foreign Currency Risks — AES operates businesses in many foreign countries and such operations could be impacted by significant fluctuations in foreign currency exchange rates. Fluctuations in currency exchange rate between U.S. dollar and the following currencies could create significant fluctuations in earnings and cash flows: the Argentine peso, the Brazilian real, the Dominican Republic peso, the Euro, the Chilean peso, the Colombian peso, and the Philippine peso. Concentrations — Due to the geographical diversity of its operations, the Company does not have any significant concentration of customers or sources of fuel supply. Several of the Company's generation businesses rely on PPAs with one or a limited number of customers for the majority of, and in some cases all of, the relevant businesses' output over the term of the PPAs. However, no single customer accounted for 10% or more of total revenue in 2018 , 2017 or 2016 . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Certain of our businesses in Panama and the Dominican Republic are partially owned by governments either directly or through state-owned institutions. In the ordinary course of business, these businesses enter into energy purchase and sale transactions, and transmission agreements with other state-owned institutions which are controlled by such governments. At two of our generation businesses in Mexico, the offtakers exercise significant influence, but not control, through representation on these businesses' Boards of Directors. These offtakers are also required to hold a nominal ownership interest in such businesses. In Chile, we provide capacity and energy under contractual arrangements to our investment which is accounted for under the equity method of accounting. Additionally, the Company provides certain support and management services to several of its affiliates under various agreements. The Company's Consolidated Statements of Operations included the following transactions with related parties for the periods indicated (in millions): Years Ended December 31, 2018 2017 2016 Revenue—Non-Regulated $ 1,533 $ 1,297 $ 1,100 Cost of Sales—Non-Regulated 342 220 210 Interest income 14 8 4 Interest expense 54 36 39 The following table summarizes the balances receivable from and payable to related parties included in the Company's Consolidated Balance Sheets as of the periods indicated (in millions): December 31, 2018 2017 Receivables from related parties $ 371 $ 250 Accounts and notes payable to related parties 754 727 The Company entered into an equity transaction with our related party, Linda Group, see Note 14 — Equity |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Quarterly Financial Data — The following tables summarize the unaudited quarterly Condensed Consolidated Statements of Operations for the Company for 2018 and 2017 (amounts in millions, except per share data). Amounts have been restated to reflect discontinued operations in all periods presented and reflect all adjustments necessary in the opinion of management for a fair statement of the results for interim periods. Quarter Ended 2018 Mar 31 Jun 30 Sep 30 Dec 31 Revenue $ 2,740 $ 2,537 $ 2,837 $ 2,622 Operating margin 656 600 671 646 Income from continuing operations, net of tax (1) 778 224 192 155 Income (loss) from discontinued operations, net of tax (2) (1 ) 192 (1 ) 26 Net income $ 777 $ 416 $ 191 $ 181 Net income attributable to The AES Corporation $ 684 $ 290 $ 101 $ 128 Basic earnings per share: Income from continuing operations attributable to The AES Corporation common stockholders, net of tax $ 1.04 $ 0.15 $ 0.15 $ 0.15 Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax — 0.29 — 0.04 Net income attributable to The AES Corporation common stockholders $ 1.04 $ 0.44 $ 0.15 $ 0.19 Diluted earnings per share: Income from continuing operations attributable to The AES Corporation common stockholders, net of tax $ 1.03 $ 0.15 $ 0.15 $ 0.15 Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax — 0.29 — 0.04 Net income attributable to The AES Corporation common stockholders $ 1.03 $ 0.44 $ 0.15 $ 0.19 Dividends declared per common share $ 0.13 $ — $ 0.13 $ 0.27 Quarter Ended 2017 Mar 31 Jun 30 Sep 30 Dec 31 Revenue $ 2,581 $ 2,613 $ 2,693 $ 2,643 Operating margin 557 623 640 645 Income (loss) from continuing operations, net of tax (3) 97 142 235 (622 ) Income (loss) from discontinued operations, net of tax (4) 1 8 26 (664 ) Net income (loss) $ 98 $ 150 $ 261 $ (1,286 ) Net income (loss) attributable to The AES Corporation $ (24 ) $ 53 $ 152 $ (1,342 ) Basic earnings (loss) per share: Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax $ (0.04 ) $ 0.08 $ 0.22 $ (1.03 ) Income (loss) from discontinued operations attributable to The AES Corporation common stockholders, net of tax — — 0.01 (1.00 ) Net income (loss) attributable to The AES Corporation common stockholders $ (0.04 ) $ 0.08 $ 0.23 $ (2.03 ) Diluted earnings per share: Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax $ (0.04 ) $ 0.08 $ 0.22 $ (1.03 ) Income (loss) from discontinued operations attributable to The AES Corporation common stockholders, net of tax — — 0.01 (1.00 ) Net income (loss) attributable to The AES Corporation common stockholders $ (0.04 ) $ 0.08 $ 0.23 $ (2.03 ) Dividends declared per common share $ 0.12 $ — $ 0.12 $ 0.25 _____________________________ (1) Includes pre-tax gains on sales of business interests of $788 million , $89 million and $128 million , in the first, second and fourth quarters of 2018 , respectively, and pre-tax losses of $21 million in the third quarter of 2018 (See Note 23 — Held-for-Sale and Dispositions ), pre-tax impairment expense of $92 million , $74 million and $42 million , in the second, third and fourth quarters of 2018 , respectively (See Note 20 — Asset Impairment Expense ), other-than-temporary impairment of Guacolda of $144 million in the fourth quarter of 2018 (See Note 7 — Investments in and Advances to Affiliates ), SAB 118 charges to finalize the provisional estimate of one-time transition tax on foreign earnings of $33 million and $161 million in the third and fourth quarters of 2018 , respectively, and a SAB 118 income tax benefit to finalize the provisional estimate of remeasurement of deferred tax assets and liabilities to the lower corporate tax rate of $77 million in the fourth quarter of 2018 (See Note 21 — Income Taxes ). (2) Includes gain on sale of Eletropaulo of $199 million in the second quarter of 2018 (See Note 22 — Discontinued Operations ). (3) Includes provisional tax expense related to a one-time transition tax on foreign earnings of $675 million and the remeasurement of deferred tax assets and liabilities to the lower corporate tax rate of $39 million in the fourth quarter of 2017 (See Note 21 — Income Taxes ), pre-tax impairment expense of $168 million , $90 million and $277 million , in the first, second and fourth quarters of 2017 , respectively (See Note 20 — Asset Impairment Expense ), and pre-tax losses on sales of business interests of $48 million in second quarter of 2017 (See Note 23 — Held-for-Sale and Dispositions ). (4) Includes loss on deconsolidation of Eletropaulo of $611 million in the fourth quarter of 2017 (See Note 22 — Discontinued Operations |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Parent | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT | THE AES CORPORATION SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT BALANCE SHEETS December 31, 2018 2017 (in millions) ASSETS Current Assets: Cash and cash equivalents $ 19 $ 10 Accounts and notes receivable from subsidiaries 285 143 Prepaid expenses and other current assets 31 27 Total current assets 335 180 Investment in and advances to subsidiaries and affiliates 6,834 8,239 Office Equipment: Cost 27 27 Accumulated depreciation (19 ) (18 ) Office equipment, net 8 9 Other Assets: Other intangible assets, net of accumulated amortization 3 3 Deferred financing costs, net of accumulated amortization of $4 and $2, respectively 4 5 Deferred income taxes 24 289 Other assets 2 2 Total other assets 33 299 Total assets $ 7,210 $ 8,727 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 15 $ 18 Accounts and notes payable to subsidiaries 74 381 Accrued and other liabilities 206 246 Senior notes payable—current portion 5 5 Total current liabilities 300 650 Long-term Liabilities: Senior notes payable 3,650 4,625 Accounts and notes payable to subsidiaries 28 967 Other long-term liabilities 24 20 Total long-term liabilities 3,702 5,612 Stockholders' equity: Common stock 8 8 Additional paid-in capital 8,154 8,501 Accumulated deficit (1,005 ) (2,276 ) Accumulated other comprehensive loss (2,071 ) (1,876 ) Treasury stock (1,878 ) (1,892 ) Total stockholders' equity 3,208 2,465 Total liabilities and equity $ 7,210 $ 8,727 SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT STATEMENTS OF OPERATIONS For the Years Ended December 31, 2018 2017 2016 (in millions) Revenue from subsidiaries and affiliates $ 36 $ 28 $ 14 Equity in earnings of subsidiaries and affiliates 1,909 630 (615 ) Interest income 39 49 19 General and administrative expenses (142 ) (158 ) (144 ) Other income 25 5 7 Other expense — (554 ) (65 ) Loss on extinguishment of debt (171 ) (92 ) (14 ) Interest expense (220 ) (317 ) (344 ) Income (loss) before income taxes 1,476 (409 ) (1,142 ) Income tax benefit (expense) (273 ) (752 ) 12 Net income (loss) $ 1,203 $ (1,161 ) $ (1,130 ) SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT STATEMENTS OF COMPREHENSIVE INCOME (LOSS) YEARS ENDED DECEMBER 31, 2018 , 2017 , AND 2016 2018 2017 2016 (in millions) NET INCOME (LOSS) $ 1,203 $ (1,161 ) $ (1,130 ) Foreign currency translation activity: Foreign currency translation adjustments, net of income tax benefit of $2, $11 and $1, respectively (214 ) 18 117 Reclassification to earnings, net of $0 income tax for all periods (21 ) 643 992 Total foreign currency translation adjustments, net of tax (235 ) 661 1,109 Derivative activity: Change in derivative fair value, net of income tax benefit (expense) of $16, $13 and $(5), respectively (64 ) (14 ) 2 Reclassification to earnings, net of income tax benefit (expense) of $(13), $1 and $1, respectively 78 37 28 Total change in fair value of derivatives, net of tax 14 23 30 Pension activity: Prior service cost for the period, net of income tax expense of $1, $1 and $5, respectively (2 ) 1 9 Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax benefit (expense) of $(1), $6 and $10, respectively 2 (20 ) (22 ) Reclassification of earnings, net of income tax benefit (expense) of $(2), $(126) and $2, respectively 7 248 1 Total change in unfunded pension obligation 7 229 (12 ) OTHER COMPREHENSIVE INCOME (LOSS) (214 ) 913 1,127 COMPREHENSIVE INCOME (LOSS) $ 989 $ (248 ) $ (3 ) SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2018 2017 2016 (in millions) Net cash provided by operating activities $ 409 $ 148 $ 818 Investing Activities: Proceeds from the sale of business interests, net of expenses 1,222 — — Investment in and net advances to subsidiaries (216 ) (339 ) (650 ) Return of capital 242 243 247 Additions to property, plant and equipment (13 ) (13 ) (12 ) Net cash provided by (used in) investing activities 1,235 (109 ) (415 ) Financing Activities: (Repayments) Borrowings under the revolver, net (207 ) 207 — Borrowings of notes payable and other coupon bearing securities 1,000 1,025 500 Repayments of notes payable and other coupon bearing securities (1,933 ) (1,353 ) (808 ) Loans from (Repayments to) subsidiaries (143 ) 309 183 Purchase of treasury stock — — (79 ) Proceeds from issuance of common stock 7 1 1 Common stock dividends paid (344 ) (317 ) (290 ) Payments for deferred financing costs (11 ) (12 ) (12 ) Distributions to noncontrolling interests — — (2 ) Other financing (5 ) (7 ) (3 ) Net cash used in financing activities (1,636 ) (147 ) (510 ) Effect of exchange rate changes on cash 1 6 1 Increase (Decrease) in cash and cash equivalents 9 (102 ) (106 ) Cash and cash equivalents, beginning 10 112 218 Cash and cash equivalents, ending $ 19 $ 10 $ 112 Supplemental Disclosures: Cash payments for interest, net of amounts capitalized $ 232 $ 282 $ 296 Cash payments for income taxes, net of refunds $ 10 $ 2 $ 6 NOTES TO SCHEDULE I 1. Application of Significant Accounting Principles The Schedule I Condensed Financial Information of the Parent includes the accounts of The AES Corporation (the “Parent Company”) and certain holding companies. ACCOUNTING FOR SUBSIDIARIES AND AFFILIATES — The Parent Company has accounted for the earnings of its subsidiaries on the equity method in the financial information. INCOME TAXES — Positions taken on the Parent Company's income tax return which satisfy a more-likely-than-not threshold will be recognized in the financial statements. The income tax expense or benefit computed for the Parent Company reflects the tax assets and liabilities on a stand-alone basis and the effect of filing a consolidated U.S. income tax return with certain other affiliated companies as well as effects of U.S. tax law reform enacted in 2017. ACCOUNTS AND NOTES RECEIVABLE FROM SUBSIDIARIES December 31, Interest Rate Maturity 2018 2017 Senior Unsecured Note 8.00% 2020 $ — $ 228 Senior Unsecured Note 7.38% 2021 — 690 Drawings on secured credit facility LIBOR + 2.00% 2021 — 207 Senior Unsecured Note 4.00% 2021 500 — Senior Secured Term Loan LIBOR + 1.75% 2022 366 521 Senior Unsecured Note 4.50% 2023 500 — Senior Unsecured Note 4.88% 2023 713 713 Senior Unsecured Note 5.50% 2024 63 738 Senior Unsecured Note 5.50% 2025 544 573 Senior Unsecured Note 6.00% 2026 500 500 Senior Unsecured Note 5.13% 2027 500 500 Unamortized (discounts)/premiums & debt issuance (costs) (31 ) (40 ) Subtotal $ 3,655 $ 4,630 Less: Current maturities (5 ) (5 ) Total $ 3,650 $ 4,625 FUTURE MATURITIES OF RECOURSE DEBT — As of December 31, 2018 scheduled maturities are presented in the following table (in millions): December 31, Annual Maturities 2019 $ 5 2020 5 2021 505 2022 350 2023 1,213 Thereafter 1,608 Unamortized (discount)/premium & debt issuance (costs) (31 ) Total debt $ 3,655 Cash dividends received from consolidated subsidiaries were $1.9 billion , $1.2 billion and $1 billion for the years ended December 31, 2018 , 2017 , and 2016 , respectively. For the year ended December 31, 2018, $1.2 billion of the dividends paid to the Parent Company are derived from the sale of business interests and are classified as an investing activity for cash flow purposes. All other dividends are classified as operating activities. There were no cash dividends received from affiliates accounted for by the equity method for the years ended December 31, 2018 , 2017 , and 2016 GUARANTEES — In connection with certain of its project financing, acquisition and power purchase 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. These obligations and commitments, excluding those collateralized by letter of credit and other obligations discussed below, were limited as of December 31, 2018 by the terms of the agreements, to an aggregate of approximately $712 million , representing 34 agreements with individual exposures ranging up to $157 million . These amounts exclude 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. LETTERS OF CREDIT — At December 31, 2018 , the Parent Company had $78 million in letters of credit outstanding under the senior secured credit facility, representing 23 agreements with individual exposures up to $49 million , and $368 million in letters of credit outstanding under the senior unsecured credit facility, representing 10 agreements with individual exposures ranging from $1 million to $247 million . During 2018 , the Parent Company paid letter of credit fees ranging from 1% to 3% |
General and Summary of Signif_2
General and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
PRINCIPLES OF CONSOLIDATION | PRINCIPLES OF CONSOLIDATION — The consolidated financial statements of the Company include the accounts of The AES Corporation and its controlled subsidiaries. Furthermore, VIEs in which the Company has an ownership interest and is the primary beneficiary, thus controlling the VIE, have been consolidated. Intercompany transactions and balances are eliminated in consolidation. Investments in entities where the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. |
USE OF ESTIMATES | USE OF ESTIMATES — US GAAP requires the Company to make estimates and assumptions that affect the asset and liability balances reported as of the date of the consolidated financial statements, as well as the revenues and expenses recognized during the reporting period. Actual results could differ from those estimates. Items subject to such estimates and assumptions include: the carrying amount and estimated useful lives of long-lived assets; asset retirement obligations; impairment of goodwill, long-lived assets and equity method investments; valuation allowances for receivables and deferred tax assets; the recoverability of regulatory assets; regulatory liabilities; the fair value of financial instruments; the fair value of assets and liabilities acquired as business combinations or as asset acquisitions by variable interest entities; the measurement of equity method investments or noncontrolling interest using the HLBV method for certain renewable generation partnerships; the determination of whether a sale of noncontrolling interests is considered to be a sale of in-substance real estate (as opposed to an equity transaction); pension liabilities; environmental liabilities; the impact of U.S. tax reform; and potential litigation claims and settlements. |
Held-for-sale and Disposal Groups [Policy Text Block] | HELD-FOR-SALE DISPOSAL GROUPS — A disposal group classified as held-for-sale is reflected on the balance sheet at the lower of its carrying amount or estimated fair value less cost to sell. A loss is recognized if the carrying amount of the disposal group exceeds its estimated fair value less cost to sell. This loss is limited to the carrying value of long-lived assets until the completion of the sale, at which point, any additional loss is recognized. If the fair value of the disposal group subsequently exceeds the carrying amount while the disposal group is still held-for-sale, any impairment expense previously recognized will be reversed up to the lesser of the previously recognized expense or the subsequent excess. Assets and liabilities related to a disposal group classified as held-for-sale are segregated in the current balance sheet in the period in which the disposal group is classified as held-for-sale. Assets and liabilities of held-for-sale disposal groups are classified as current when they are expected to be disposed of within twelve months. Transactions between the held-for-sale disposal group and businesses that are expected to continue to exist after the disposal are not eliminated to appropriately reflect the continuing operations and balances held-for-sale. See Note 23 — Held-for-Sale and Dispositions |
DISCONTINUED OPERATIONS AND RECLASSIFICATIONS | DISCONTINUED OPERATIONS — Discontinued operations reporting occurs only when the disposal of a business or a group of businesses represents a strategic shift that has (or will have) a major effect on the Company's operations and financial results. The Company reports financial results for discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations. Prior period amounts in the Consolidated Statements of Operations and Consolidated Balance Sheets are retrospectively revised to reflect the businesses determined to be discontinued operations. The cash flows of businesses that are determined to be discontinued operations are included within the relevant categories within operating, investing and financing activities on the face of the Consolidated Statements of Cash Flows. Transactions between the businesses determined to be discontinued operations and businesses that are expected to continue to exist after the disposal are not eliminated to appropriately reflect the continuing operations and balances held-for-sale. The results of discontinued operations include any gain or loss recognized on closing or adjustment of the carrying amount to fair value less cost to sell, including gains or losses associated with noncontrolling interests upon completion of the disposal transaction. Adjustments related to components previously reported as discontinued operations under prior accounting guidance are presented as discontinued operations in the current period even if the disposed-of component to which the adjustments are related would not meet the criteria for presentation as a discontinued operation under current guidance. See Note 22 — Discontinued Operations |
FAIR VALUE | FAIR VALUE — Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly, hypothetical transaction between market participants at the measurement date, or exit price. The Company applies the fair value measurement accounting guidance to financial assets and liabilities in determining the fair value of investments in marketable debt and equity securities, included in the Consolidated Balance Sheet line items Short-term investments and Other noncurrent assets ; derivative assets, included in Other current assets and Other noncurrent assets ; and, derivative liabilities, included in Accrued and other liabilities (current) and Other noncurrent liabilities . The Company applies the fair value measurement guidance to nonfinancial assets and liabilities upon the acquisition of a business or an asset acquisition by a variable interest entity, or in conjunction with the measurement of an asset retirement obligation or a potential impairment loss on an asset group or goodwill. When determining the fair value measurements for assets and liabilities required to be reflected at their fair values, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the assets or liabilities, such as inherent risk, transfer restrictions and risk of nonperformance. The Company is prohibited from including transaction costs and any adjustments for blockage factors in determining fair value. In determining fair value measurements, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. Assets and liabilities are categorized within a fair value hierarchy based upon the lowest level of input that is significant to the fair value measurement: • Level 1: Quoted prices in active markets for identical assets or liabilities; • Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities. |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS — The Company considers unrestricted cash on hand, cash balances not restricted as to withdrawal or usage, deposits in banks, certificates of deposit and short-term marketable securities with original maturities of three months or less to be cash and cash equivalents. |
RESTRICTED CASH AND DEBT SERVICE RESERVES | RESTRICTED CASH AND DEBT SERVICE RESERVES — Cash balances restricted as to withdrawal or usage, primarily via contract, are considered restricted cash. The following table provides a summary of cash, cash equivalents, and restricted cash amounts reported on the Consolidated Balance Sheets that reconcile to the total of such amounts as shown on the Consolidated Statements of Cash Flows (in millions): December 31, 2018 December 31, 2017 Cash and cash equivalents $ 1,166 $ 949 Restricted cash 370 274 Debt service reserves and other deposits 467 565 Cash, Cash Equivalents and Restricted Cash $ 2,003 $ 1,788 |
INVESTMENTS IN MARKETABLE SECURITIES | INVESTMENTS IN MARKETABLE SECURITIES — The Company's marketable investments are primarily unsecured debentures, certificates of deposit, government debt securities and money market funds. Short-term investments consist of marketable equity securities and debt securities with original maturities in excess of three months with remaining maturities of less than one year. Marketable debt securities where the Company has both the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Remaining marketable debt securities are classified as available-for-sale or trading and are carried at fair value. Unrealized gains or losses on available-for-sale debt securities are reflected in AOCL, a separate component of equity, and the Consolidated Statements of Operations, respectively. Unrealized gains or losses on equity investments are reported in Other income . Interest and dividends on investments are reported in Interest income and Other income , respectively. Gains and losses on sales of investments are determined using the specific identification method. |
ACCOUNTS AND NOTES RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS | ACCOUNTS AND NOTES RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS — Accounts and notes receivable are carried at amortized cost. The Company periodically assesses the collectability of accounts receivable, considering factors such as historical collection experience, the age of accounts receivable and other currently available evidence supporting collectability, and records an allowance for doubtful accounts for the estimated uncollectible amount as appropriate. Certain of our businesses charge interest on accounts receivable. Interest income is recognized on an accrual basis. When collection of such interest is not reasonably assured, interest income is recognized as cash is received. Individual accounts and notes receivable are written off when they are no longer deemed collectible. |
INVENTORY | INVENTORY — Inventory primarily consists of fuel and other raw materials used to generate power, and operational spare parts and supplies used to maintain power generation and distribution facilities. Inventory is carried at lower of cost or net realizable value. Cost is the sum of the purchase price and expenditures incurred to bring the inventory to its existing location. Inventory is primarily valued using the average cost method. Generally, if it is expected fuel inventory will not be recovered through revenue earned from power generation, an impairment is recognized to reflect the fuel at market value. The carrying amount of spare parts and supplies is typically reduced only in instances where the items are considered obsolete. |
LONG-LIVED ASSETS | LONG-LIVED ASSETS — Long-lived assets include property, plant and equipment, assets under capital leases and intangible assets subject to amortization (i.e., finite-lived intangible assets). Property, plant and equipment — Property, plant and equipment are stated at cost, net of accumulated depreciation. The cost of renewals and improvements that extend the useful life of property, plant and equipment are capitalized. Construction progress payments, engineering costs, insurance costs, salaries, interest and other costs directly relating to construction in progress are capitalized during the construction period, provided the completion of the construction project is deemed probable, or expensed at the time construction completion is determined to no longer be probable. The continued capitalization of such costs is subject to risks related to successful completion, including those related to government approvals, site identification, financing, construction permitting and contract compliance. Construction-in-progress balances are transferred to electric generation and distribution assets when an asset group is ready for its intended use. Government subsidies, liquidated damages recovered for construction delays, and income tax credits are recorded as a reduction to property, plant and equipment and reflected in cash flows from investing activities. Maintenance and repairs are charged to expense as incurred. Depreciation, after consideration of salvage value and asset retirement obligations, is computed using the straight-line method over the estimated useful lives of the assets, which are determined on a composite or component basis. Capital spare parts, including rotable spare parts, are included in electric generation and distribution assets. If the spare part is considered a component, it is depreciated over its useful life after the part is placed in service. If the spare part is deemed part of a composite asset, the part is depreciated over the composite useful life even when being held as a spare part. Certain of the Company's subsidiaries operate under concession contracts. Certain estimates are utilized to determine depreciation expense for the subsidiaries, including the useful lives of the property, plant and equipment and the amounts to be recovered at the end of the concession contract. The amounts to be recovered under these concession contracts are based on estimates that are inherently uncertain and actual amounts recovered may differ from those estimates. These concession contracts are not within the scope of ASC 853— Service Concession Arrangements |
INTANGIBLE ASSETS SUBJECT TO AMORTIZATION | Intangible Assets Subject to Amortization — Finite-lived intangible assets are amortized over their useful lives which range from 1 – 50 years and are included in the Consolidated Balance Sheet line item Other intangible assets. |
IMPAIRMENT OF LONG-LIVED ASSETS | Impairment of Long-lived Assets — When circumstances indicate the carrying amount of long-lived assets in a held-for-use asset group may not be recoverable, the Company evaluates the assets for potential impairment using internal projections of undiscounted cash flows resulting from the use and eventual disposal of the assets. Events or changes in circumstances that may necessitate a recoverability evaluation include, but are not limited to, adverse changes in the regulatory environment, unfavorable changes in power prices or fuel costs, increased competition due to additional capacity in the grid, technological advancements, declining trends in demand, or an expectation it is more likely than not that the asset will be disposed of before the end of its previously estimated useful life. If the carrying amount of the assets exceeds the undiscounted cash flows, an impairment expense is recognized for the amount by which the carrying amount of the asset group exceeds its fair value (subject to the carrying amount not being reduced below fair value for any individual long-lived asset that is determinable without undue cost and effort). An impairment expense for certain assets may be reduced by the establishment of a regulatory asset if recovery through approved rates is probable. |
DEFERRED FINANCING COSTS | DEBT ISSUANCE COSTS — Costs incurred in connection with the issuance of long-term debt are deferred and presented as a direct reduction from the face amount of that debt and amortized over the related financing period using the effective interest method. Debt issuance costs related to a line-of-credit or revolving credit facility are deferred and presented as an asset and amortized over the related financing period. Make-whole payments in connection with early debt retirements are classified as cash flows used in financing activities. |
EQUITY METHOD INVESTMENTS | EQUITY METHOD INVESTMENTS — Investments in entities over which the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting and reported in Investments in and advances to affiliates on the Consolidated Balance Sheets. The Company’s proportionate share of the net income or loss of these companies is included in our results of operations. The Company utilizes the cumulative earning approach to determine whether distributions received from equity method investees are returns on investment or returns of investment. The Company discontinues the application of the equity method when an investment is reduced to zero and the Company is not otherwise committed to provide further financial support to the investee. The Company resumes the application of the equity method accounting to the extent that net income is greater than the share of net losses not previously recorded. Upon acquiring the investment, we determine the fair value of the identifiable assets and assumed liabilities and the basis difference between each fair value and the carrying amount of the corresponding asset or liability in the financial statements of the investee. The AES share of the amortization of the basis difference is recognized in Net equity in earnings of affiliates in the Consolidated Statements of Operations over the life of the asset or liability. The Company periodically assesses if impairment indicators exist at our equity method investments. When an impairment is observed, any excess of the carrying amount over its estimated fair value is recognized as impairment expense when the loss in value is deemed other-than-temporary and included in Other non-operating expense |
GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS | GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS — The Company evaluates goodwill and indefinite-lived intangible assets for impairment on an annual basis and whenever events or changes in circumstances necessitate an evaluation for impairment. The Company's annual impairment testing date is October 1. Goodwill — Goodwill represents the excess of the purchase price of the business acquisition over the fair value of identifiable net assets acquired. Goodwill resulting from an acquisition is assigned to the reporting units that are expected to benefit from the synergies of the acquisition. Generally, each AES business with a goodwill balance constitutes a reporting unit as they are not similar to other businesses in a segment nor are they reported to segment management together with other businesses. Goodwill is evaluated for impairment either under the qualitative assessment option or the quantitative test option to determine the fair value of the reporting unit. If goodwill is determined to be impaired, an impairment loss measured at the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill, is recorded. Indefinite-Lived Intangible Assets |
ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES | ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES — Accounts payable consists of amounts due to trade creditors related to the Company's core business operations. These payables include amounts owed to |
REGULATORY ASSETS AND LIABILITIES | REGULATORY ASSETS AND LIABILITIES — The Company recognizes assets and liabilities that result from regulated ratemaking processes. Regulatory assets generally represent incurred costs which have been deferred due to the probable future recovery via customer rates. Generally, returns earned on regulatory assets are reflected in the Consolidated Statement of Operations within Interest Income |
PENSION AND OTHER POSTRETIREMENT PLANS | PENSION AND OTHER POSTRETIREMENT PLANS — The Company recognizes in its Consolidated Balance Sheets an asset or liability reflecting the funded status of pension and other postretirement plans with current-year changes in actuarial gains or losses recognized in AOCL, except for those plans at certain of the Company's regulated utilities that can recover portions of their pension and postretirement obligations through future rates. All plan assets are recorded at fair value. AES follows the measurement date provisions of the accounting guidance, which require a year-end measurement date of plan assets and obligations for all defined benefit plans. |
INCOME TAXES | INCOME TAXES — Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities, and their respective income tax basis. The Company establishes a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company's tax positions are evaluated under a more likely than not recognition threshold and measurement analysis before they are recognized for financial statement reporting. Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid within one year. The Company's policy for interest and penalties related to income tax exposures is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statements of Operations. |
ASSET RETIREMENT OBLIGATIONS | ASSET RETIREMENT OBLIGATIONS — The Company records the fair value of a liability for a legal obligation to retire an asset in the period in which the obligation is incurred. When a new liability is recognized, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the obligation, the Company eliminates the liability and, based on the actual cost to retire, may incur a gain or loss. |
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS — Noncontrolling interests are classified as a separate component of equity in the Consolidated Balance Sheets and Consolidated Statements of Changes in Equity. Additionally, net income and comprehensive income attributable to noncontrolling interests are reflected separately from consolidated net income and comprehensive income on the Consolidated Statements of Operations and Consolidated Statements of Changes in Equity. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and noncontrolling interests (unless the transaction qualified as a sale of in-substance real estate). Losses continue to be attributed to the noncontrolling interests, even when the noncontrolling interests' basis has been reduced to zero. |
FOREIGN CURRENCY TRANSLATION | FOREIGN CURRENCY TRANSLATION — A business's functional currency is the currency of the primary economic environment in which the business operates and is generally the currency in which the business generates and expends cash. Subsidiaries and affiliates whose functional currency is a currency other than the U.S. dollar translate their assets and liabilities into U.S. dollars at the current exchange rates in effect at the end of the fiscal period. Adjustments arising from the translation of the balance sheet of such subsidiaries are included in AOCL. The revenue and expense accounts of such subsidiaries and affiliates are translated into U.S. dollars at the average exchange rates for the period. Gains and losses on intercompany foreign currency transactions that are long-term in nature and which the Company does not intend to settle in the foreseeable future, are also recognized in AOCL. Gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in determining net income. Accumulated foreign currency translation adjustments are reclassified from AOCL to net income only when realized upon sale or upon complete or substantially complete liquidation of the investment in a foreign entity. The accumulated adjustments are included in carrying amounts in impairment assessments where the Company has committed to a plan that will cause the accumulated adjustments to be reclassified to earnings |
REVENUE RECOGNITION | REVENUE RECOGNITION — Revenue is earned from the sale of electricity from our utilities and the production and sale of electricity and capacity from our generation facilities. Revenue is recognized upon the transfer of control of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Revenue is recorded net of any taxes assessed on and collected from customers, which are remitted to the governmental authorities. Utilities — Our utilities sell electricity directly to end-users, such as homes and businesses, and bill customers directly. The majority of our utility contracts have a single performance obligation, as the promises to transfer energy, capacity, and other distribution and/or transmission services are not distinct. Additionally, as the performance obligation is satisfied over time as energy is delivered, and the same method is used to measure progress, the performance obligation meets the criteria to be considered a series. Utility revenue is classified as regulated on the Consolidated Statements of Operations. In exchange for the right to sell or distribute electricity in a service territory, our utility businesses are subject to government regulation. This regulation sets the framework for the prices (“tariffs”) that our utilities are allowed to charge customers for electricity. Since tariffs are determined by the regulator, the price that our utilities have the right to bill corresponds directly with the value to the customer of the utility's performance completed in each period. The Company also has some month-to-month contracts. Revenue under these contracts is recognized using an output method measured by the MWh delivered each month, which best depicts the transfer of goods or services to the customer, at the approved tariff. The Company has businesses where it sells and purchases power to and from ISOs and RTOs. Our utility businesses generally purchase power to satisfy the demand of customers that is not contracted through separate PPAs. In these instances, the Company accounts for these transactions on a net hourly basis because the transactions are settled on a net hourly basis. In limited situations, a utility customer may choose to receive generation services from a third-party provider, in which case the Company may serve as a billing agent for the provider and recognize revenue on a net basis. Generation — Most of our generation fleet sells electricity under contracts to customers such as utilities, industrial users, and other intermediaries. Our generation contracts, based on specific facts and circumstances, can have one or more performance obligations as the promise to transfer energy, capacity, and other services may or may not be distinct depending on the nature of the market and terms of the contract. As the performance obligations are generally satisfied over time and use the same method to measure progress, the performance obligations meet the criteria to be considered a series. In measuring progress toward satisfaction of a performance obligation, the Company applies the "right to invoice" practical expedient when available, and recognizes revenue in the amount to which the Company has a right to consideration from a customer that corresponds directly with the value of the performance completed to date. Revenue from generation businesses is classified as non-regulated on the Consolidated Statements of Operations. For contracts determined to have multiple performance obligations, we allocate revenue to each performance obligation based on its relative standalone selling price using a market or expected cost plus margin approach. Additionally, the Company allocates variable consideration to one or more, but not all, distinct goods or services that form part of a single performance obligation when (1) the variable consideration relates specifically to the efforts to transfer the distinct good or service and (2) the variable consideration depicts the amount to which the Company expects to be entitled in exchange for transferring the promised good or service to the customer. Revenue from generation contracts is recognized using an output method, as energy and capacity delivered best depicts the transfer of goods or services to the customer. Performance obligations including energy or ancillary services (such as operations and maintenance and dispatch services) are generally measured by the MWh delivered. Capacity, which is a stand-ready obligation to deliver energy when required by the customer, is measured using MWs. In certain contracts, if plant availability exceeds a contractual target, the Company may receive a performance bonus payment, or if the plant availability falls below a guaranteed minimum target, we may incur a non-availability penalty. Such bonuses or penalties represent a form of variable consideration and are estimated and recognized when it is probable that there will not be a significant reversal. In assessing whether variable quantities are considered variable consideration or an option to acquire additional goods and services, the Company evaluates the nature of the promise and the legally enforceable rights in the contract. In some contracts, such as requirement contracts, the legally enforceable rights merely give the customer a right to purchase additional goods and services which are distinct. In these contracts, the customer's action results in a new obligation, and the variable quantities are considered an option. When energy or capacity is sold or purchased in the spot market or to ISOs, the Company assesses the facts and circumstances to determine gross versus net presentation of spot revenues and purchases. Generally, the nature of the performance obligation is to sell surplus energy or capacity above contractual commitments, or to purchase energy or capacity to satisfy deficits. Generally, on an hourly basis, a generator is either a net seller or a net buyer in terms of the amount of energy or capacity transacted with the ISO. In these situations, the Company recognizes revenue for the hours where the generator is a net seller and cost of sales for the hours where the generator is a net buyer. Certain generation contracts contain operating leases where capacity payments are generally considered lease elements. In such cases, the allocation between the lease and non-lease elements is made at the inception of the lease following the guidance in ASC 840. Minimum lease payments from such contracts are recognized as revenue on a straight-line basis over the lease term whereas contingent rentals are recognized when earned. The transaction price allocated to a construction performance obligation is recognized as revenue over time as construction activity occurs, with revenue being fully recognized upon completion of construction. These contracts may include a difference in timing between revenue recognition and the collection of cash receipts, which may be collected over the term of the entire arrangement. The timing difference could result in a significant financing component for the construction performance obligation if determined to be a material component of the transaction price. The Company accounts for a significant financing component under the effective interest rate method, recognizing a long-term receivable for the expected future payments related to the construction performance obligation in the Loan Receivable |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION — The Company grants share-based compensation in the form of stock options, restricted stock units, performance stock units, and performance cash units. The expense is based on the grant-date fair value of the equity or liability instrument issued and is recognized on a straight-line basis over the requisite service period, net of estimated forfeitures. The Company uses a Black-Scholes option pricing model to estimate the fair value of stock options granted to its employees. |
GENERAL AND ADMINISTRATIVE EXPENSES | GENERAL AND ADMINISTRATIVE EXPENSES — General and administrative expenses include corporate and other expenses related to corporate staff functions and initiatives, primarily executive management, finance, legal, human resources and information systems, which are not directly allocable to our business segments. Additionally, all costs associated with corporate business development efforts are classified as general and administrative expenses. |
DERIVATIVES AND HEDGING ACTIVITIES | DERIVATIVES AND HEDGING ACTIVITIES — Under the accounting standards for derivatives and hedging, the Company recognizes all contracts that meet the definition of a derivative, except those designated as normal purchase or normal sale at inception, as either assets or liabilities in the Consolidated Balance Sheets and measures those instruments at fair value. See Note 4 — Fair Value and Fair value in this section for additional discussion regarding the determination of fair value. PPAs and fuel supply agreements are evaluated to assess if they contain either a derivative or an embedded derivative requiring separate valuation and accounting. Generally, these agreements do not meet the definition of a derivative, often due to the inability to be net settled. On a quarterly basis, we evaluate the markets for commodities to be delivered under these agreements to determine if facts and circumstances have changed such that the agreements could be net settled and meet the definition of a derivative. The Company typically designates its derivative instruments as cash flow hedges if they meet the criteria specified in ASC 815, Derivatives and Hedging . The Company enters into interest rate swap agreements in order to hedge the variability of expected future cash interest payments. Foreign currency contracts are used to reduce risks arising from the change in fair value of certain foreign currency denominated assets and liabilities. The objective of these practices is to minimize the impact of foreign currency fluctuations on operating results. The Company also enters into commodity contracts to economically hedge price variability inherent in electricity sales arrangements. The objectives of the commodity contracts are to minimize the impact of variability in spot electricity prices and stabilize estimated revenue streams. The Company does not use derivative instruments for speculative purposes. For our hedges, changes in fair value that are considered highly effective are deferred in AOCL and are recognized into earnings as the hedged transactions affect earnings. Any ineffectiveness is recognized in earnings immediately. If a derivative is no longer highly effective, hedge accounting will be discontinued prospectively. For cash flow hedges of forecasted transactions, AES estimates the future cash flows of the forecasted transactions and evaluates the probability of the occurrence and timing of such transactions. |
DERIVATIVES OFFSETTING FAIR VALUE AMOUNTS | The Company has elected not to offset net derivative positions in the financial statements. |
NEW ACCOUNTING PRONOUNCEMENTS ADOPTED | NEW ACCOUNTING PRONOUNCEMENTS — The following table provides a brief description of recent accounting pronouncements that had an impact on the Company’s consolidated financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or did not have a 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 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract This standard aligns the accounting for implementation costs incurred for a cloud computing arrangement that is a service with the requirement for capitalizing implementation costs associated with developing or obtaining internal-use software. October 1, 2018 The Company elected to early-adopt this standard on a prospective basis, effective for fiscal year 2018. The adoption of this standard did not have a material impact on the financial statements. 2018-14, Compensation— Retirement Benefits — Defined Benefit Plans — General (Subtopic 715-20): Disclosure Framework This standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Transition method: retrospective. Early adoption elected, January 1, 2018 Impact limited to changes in financial statement disclosures. 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 costs associated with defined benefit and other postretirement 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 and prospective for the change in capitalization. January 1, 2018 For the year ended December 31, 2017 and 2016, $1 million and $3 million of non-service costs associated with defined benefit and other postretirement plans were reclassified from Costs of Sales to Other Expense, respectively. 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets This standard clarifies the scope and application of ASC 610-20 on the sale, transfer, and derecognition of nonfinancial assets and in substance nonfinancial assets to non-customers, including partial sales. It also provides guidance on how gains and losses on transfers of nonfinancial assets and in substance nonfinancial assets to non-customers are recognized. The standard also clarifies that the derecognition of businesses is under the scope of ASC 810. The standard must be adopted concurrently with ASC 606, however an entity will not have to apply the same transition method as ASC 606. Transition method: modified retrospective. January 1, 2018 Following adoption of ASU 2017-01, fewer transactions are expected to meet the definition of a business under the scope of ASC 810 and will fall under the scope under this standard. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment This standard simplifies the accounting for goodwill impairments by removing the requirement to calculate the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if it had been acquired in a business combination. Instead, it requires that an entity record an impairment charge based on the amount by which a reporting unit's carrying amount exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. October 1, 2018 In anticipation of our annual goodwill process, the Company early-adopted this standard to ease the administrative burden for the measurement of any potential goodwill impairment losses. There was no impact to the financial statements upon adoption of the standard. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business The standard requires an entity to first evaluate whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that threshold is met, the set is not a business. As a second step, at least one substantive process should exist to be considered a business. Transition method: prospective. January 1, 2018 Some acquisitions and dispositions are expected to now fall under a different accounting model. This will reduce the number of transactions that are accounted for as business combinations and therefore future acquired goodwill. 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 For the years ended December 31, 2017 and 2016, cash provided by operating activities increased by $15 million and $13 million, respectively, cash used in investing activities decreased by $150 million and increased by $28 million, respectively, and cash provided by financing activities was unchanged. 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The standard significantly revises an entity’s accounting related to (1) classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosures of financial instruments. Transition method: modified retrospective. Prospective for equity investments without readily determinable fair value. January 1, 2018 No material impact upon adoption of the standard. 2014-09, 2015-14, 2016-08, 2016-10, 2016-12, 2016-20, 2017-10, 2017-13, Revenue from Contracts with Customers (Topic 606) See discussion of the ASU below. January 1, 2018 See impact upon adoption of the standard below. On January 1, 2018, the Company adopted ASU 2014-09, "Revenue from Contracts with Customers," and its subsequent corresponding updates ("ASC 606"). Under this standard, 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. The Company applied the modified retrospective method of adoption to the contracts that were not completed as of January 1, 2018. Results for reporting periods beginning January 1, 2018 are presented under ASC 606, while prior period amounts were not adjusted and continue to be reported in accordance with the previous revenue recognition standard. For contracts that were modified before January 1, 2018, the Company reflected the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price. The cumulative effect to our January 1, 2018 Consolidated Balance Sheet resulting from the adoption of ASC 606 was as follows (in millions): Consolidated Balance Sheet Balance at December 31, 2017 Adjustments Due to ASC 606 Balance at January 1, 2018 Assets Other current assets $ 630 $ 61 $ 691 Deferred income taxes 130 (24 ) 106 Service concession assets, net 1,360 (1,360 ) — Loan receivable — 1,490 1,490 Equity Accumulated deficit (2,276 ) 67 (2,209 ) Accumulated other comprehensive loss (1,876 ) 19 (1,857 ) Noncontrolling interest 2,380 81 2,461 The Mong Duong II power plant in Vietnam is the primary driver of changes in revenue recognition under the new standard. This plant is operated under a build, operate, and transfer contract and will be transferred to the Vietnamese government after the completion of a 25-year PPA. Under the previous revenue recognition standard, construction costs were deferred to a service concession asset, which was expensed in proportion to revenue recognized for the construction element over the term of the PPA. Under ASC 606, construction revenue and associated costs are recognized as construction activity occurs. As construction of the plant was substantially completed in 2015, revenues and costs associated with the construction were recognized through retained earnings, and the service concession asset was derecognized. A loan receivable was recognized for the future expected payments for the construction performance obligation. As the payments for the construction performance obligation occur over a 25-year term, a significant financing element was determined to exist which is accounted for under the effective interest rate method. The other performance obligation to operate and maintain the facility is measured based on the capacity made available. The impact to our Consolidated Balance Sheet as of December 31, 2018 resulting from the adoption of ASC 606 as compared to the previous revenue recognition standard was as follows (in millions): December 31, 2018 Consolidated Balance Sheet As Reported Balances Without Adoption of ASC 606 Adoption Impact Assets Other current assets $ 807 $ 741 $ 66 Deferred income taxes 97 122 (25 ) Service concession assets, net — 1,261 (1,261 ) Loan receivable 1,423 — 1,423 TOTAL ASSETS 32,521 32,318 203 Equity Accumulated deficit (1,005 ) (1,112 ) 107 Accumulated other comprehensive loss (2,071 ) (2,088 ) 17 Noncontrolling interest 2,396 2,317 79 TOTAL LIABILITIES AND EQUITY 32,521 32,318 203 The impact to our Consolidated Statement of Operations for the year ended December 31, 2018 resulting from the adoption of ASC 606 as compared to the previous revenue recognition standard was as follows (in millions): Year Ended December 31, 2018 Consolidated Statement of Operations As Reported Balances Without Adoption of ASC 606 Adoption Impact Total revenue $ 10,736 $ 10,800 $ (64 ) Total cost of sales (8,163 ) (8,207 ) 44 Operating margin 2,573 2,593 (20 ) Interest income 310 252 58 Other Income 72 70 2 Income from continuing operations before taxes and equity in earnings of affiliates 2,018 1,978 40 INCOME FROM CONTINUING OPERATIONS 1,349 1,309 40 NET INCOME 1,565 1,525 40 NET INCOME ATTRIBUTABLE TO THE AES CORPORATION 1,203 1,163 40 New Accounting Pronouncements Issued But Not Yet Effective — The following table provides a brief description of recent accounting pronouncements that could have a material impact on the Company’s consolidated financial statements once adopted. 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 Issued But Not Yet Effective ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from AOCI This amendment allows a reclassification of the stranded tax effects resulting from the implementation of the Tax Cuts and Jobs Act from AOCI to retained earnings. Because this amendment only relates to the reclassification of the income tax effects of the Tax Cuts and Jobs Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. January 1, 2019. Early adoption is permitted. The Company does not expect any impact on its consolidated financial statements upon adoption of the standard on January 1, 2019. 2017-12, Derivatives and Hedging (Topic 815): Targeted improvements to Accounting for Hedging Activities The standard updates the hedge accounting model to expand the ability to hedge nonfinancial and financial risk components, reduce complexity, and ease certain documentation and assessment requirements. When facts and circumstances are the same as at the previous quantitative test, a subsequent quantitative effectiveness test is not required. The standard also eliminates the requirement to separately measure and report hedge ineffectiveness. For cash flow hedges, this means that the entire change in the fair value of a hedging instrument will be recorded in other comprehensive income and amounts deferred will be reclassified to earnings in the same income statement line as the hedged item in the period in which it settles. Transition method: modified retrospective with the cumulative effect adjustment recorded to the opening balance of retained earnings as of the initial application date. Prospective for presentation and disclosures. January 1, 2019. 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. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking "expected loss" model that generally will result in the earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses as it is done today, except that the losses will be recognized as an allowance rather than a reduction in the amortized cost of the securities. 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, 2018-01, 2018-10, 2018-11, 2018-20 Leases (Topic 842) See discussion of the ASU below. January 1, 2019. Early adoption is permitted. The Company will adopt the standard on January 1, 2019; see below for the evaluation of the impact of its adoption on the consolidated financial statements. |
ACCOUNTING PRONOUNCEMENTS ISSUED BUT NOT YET EFFECTIVE | New Accounting Pronouncements Issued But Not Yet Effective — The following table provides a brief description of recent accounting pronouncements that could have a material impact on the Company’s consolidated financial statements once adopted. 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 Issued But Not Yet Effective ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from AOCI This amendment allows a reclassification of the stranded tax effects resulting from the implementation of the Tax Cuts and Jobs Act from AOCI to retained earnings. Because this amendment only relates to the reclassification of the income tax effects of the Tax Cuts and Jobs Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. January 1, 2019. Early adoption is permitted. The Company does not expect any impact on its consolidated financial statements upon adoption of the standard on January 1, 2019. 2017-12, Derivatives and Hedging (Topic 815): Targeted improvements to Accounting for Hedging Activities The standard updates the hedge accounting model to expand the ability to hedge nonfinancial and financial risk components, reduce complexity, and ease certain documentation and assessment requirements. When facts and circumstances are the same as at the previous quantitative test, a subsequent quantitative effectiveness test is not required. The standard also eliminates the requirement to separately measure and report hedge ineffectiveness. For cash flow hedges, this means that the entire change in the fair value of a hedging instrument will be recorded in other comprehensive income and amounts deferred will be reclassified to earnings in the same income statement line as the hedged item in the period in which it settles. Transition method: modified retrospective with the cumulative effect adjustment recorded to the opening balance of retained earnings as of the initial application date. Prospective for presentation and disclosures. January 1, 2019. 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. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking "expected loss" model that generally will result in the earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses as it is done today, except that the losses will be recognized as an allowance rather than a reduction in the amortized cost of the securities. 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, 2018-01, 2018-10, 2018-11, 2018-20 Leases (Topic 842) See discussion of the ASU below. January 1, 2019. Early adoption is permitted. The Company will adopt the standard on January 1, 2019; see below for the evaluation of the impact of its adoption on the consolidated financial statements. ASU 2016-02 and its subsequent corresponding updates require lessees to recognize assets and liabilities for most leases, and recognize expenses in a manner similar to the current accounting method. For lessors, the guidance modifies the lease classification criteria and the accounting for sales-type and direct financing leases. The guidance also eliminates current real estate-specific provisions. The standard must be adopted using a modified retrospective approach. The FASB has provided an optional transition method, which the Company has elected, that allows entities to continue to apply the guidance in ASC 840 Leases to the comparative periods presented in the year of adoption. Under this transition method, the Company will apply the transition provisions starting on January 1, 2019. The Company has elected to apply a package of practical expedients that allow lessees and lessors not to reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases, and (3) whether initial direct costs for any expired or existing leases qualify for capitalization under ASC 842. These three practical expedients must be elected as a package and must be consistently applied to all leases. The Company has also elected to apply an optional transition practical expedient for land easements that allows an entity to continue applying its current accounting policy for all land easements that exist before the standard’s effective date that were not previously accounted for under ASC 840. The Company established a task force focused on the identification of contracts that are under the scope of the new standard and the assessment and measurement of their corresponding right-of-use assets and related liabilities. Additionally, the implementation team has been working on the configuration of a lease accounting tool that will support the implementation and the subsequent accounting. The implementation team has also evaluated changes to our business processes, systems and controls to support recognition and disclosure under the new standard. Under ASC 842, it is expected that fewer contracts will contain a lease. However, due to the elimination of the real estate-specific guidance and changes to certain lessor classification criteria, more leases will qualify as sales-type leases and direct financing leases. Under these two models, a lessor will derecognize the asset and will recognize a lease receivable. According to ASC 842, the lease receivable includes the fair value of the plant after the contract period but does not include any variable payments such as margin on the sale of energy. Therefore, the lease receivable could be significantly different than the carrying amount of the underlying asset at lease commencement. In such circumstances, the difference between the initially recognized lease receivable and the carrying amount of the underlying asset is recognized as a gain/loss at lease commencement. The primary expected impact as of the effective date is the recognition of approximately $300 million |
SEGMENTS AND GEOGRAPHIC INFORMATION | 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 mainly organized by geographic regions which provides a socio-political-economic understanding of our business. During the first quarter of 2018, the Andes and Brazil SBUs were merged in order to leverage scale and are now reported together as part of the South America SBU. Further, the Puerto Rico and El Salvador businesses, formerly part of the MCAC SBU, were combined with the US SBU, which is now reported as the US and Utilities SBU. The management reporting structure is organized by four SBUs led by our President and Chief Executive Officer: US and Utilities, South America, MCAC, and Eurasia SBUs. Using the accounting guidance on segment reporting, the Company determined that its four operating segments are aligned with its four reportable segments corresponding to its SBUs. All prior period results have been retrospectively revised to reflect the new segment reporting structure. Corporate and Other — The results of the Fluence and Simple Energy equity affiliates are included in "Corporate and Other". Also included are the results of the AES self-insurance company and corporate overhead costs which are not directly associated with the operations of our four reportable segments, and 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 pre-tax 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 and equity securities; (b) unrealized foreign currency gains or losses; (c) gains, losses, benefits and costs associated with dispositions and acquisitions of business interests, including early plant closures; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt; and (f) costs directly associated with a major restructuring program, including, but not limited to, workforce reduction efforts, relocations and office consolidation . 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 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 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. |
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. |
Contingencies Contingencies (Po
Contingencies Contingencies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Loss Contingencies [Line Items] | |
Commitments and Contingencies, Policy [Policy Text Block] | 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 recognized aggregate liabilities for all claims of approximately $53 million and $50 million as of December 31, 2018 and 2017 , respectively. These amounts are reported on the Consolidated Balance Sheets within Accrued and other liabilities and Other noncurrent liabilities |
Segments and Geographic Informa
Segments and Geographic Information Segments and Geographic Information (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | 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 mainly organized by geographic regions which provides a socio-political-economic understanding of our business. During the first quarter of 2018, the Andes and Brazil SBUs were merged in order to leverage scale and are now reported together as part of the South America SBU. Further, the Puerto Rico and El Salvador businesses, formerly part of the MCAC SBU, were combined with the US SBU, which is now reported as the US and Utilities SBU. The management reporting structure is organized by four SBUs led by our President and Chief Executive Officer: US and Utilities, South America, MCAC, and Eurasia SBUs. Using the accounting guidance on segment reporting, the Company determined that its four operating segments are aligned with its four reportable segments corresponding to its SBUs. All prior period results have been retrospectively revised to reflect the new segment reporting structure. Corporate and Other — The results of the Fluence and Simple Energy equity affiliates are included in "Corporate and Other". Also included are the results of the AES self-insurance company and corporate overhead costs which are not directly associated with the operations of our four reportable segments, and 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 pre-tax 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 and equity securities; (b) unrealized foreign currency gains or losses; (c) gains, losses, benefits and costs associated with dispositions and acquisitions of business interests, including early plant closures; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt; and (f) costs directly associated with a major restructuring program, including, but not limited to, workforce reduction efforts, relocations and office consolidation . 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 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 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 Revenue from Contracts
Revenue Revenue from Contracts with Customers, Contract Balances (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue [Abstract] | |
Contract with Customer, Asset and Liability [Table Text Block] | Contract Balances — The timing of revenue recognition, billings, and cash collections results in accounts receivable and contract liabilities. Accounts receivable represent unconditional rights to consideration and consist of both billed amounts and unbilled amounts typically resulting from sales under long-term contracts when revenue recognized exceeds the amount billed to the customer. We bill both generation and utilities customers on a contractually agreed-upon schedule, typically at periodic intervals (e.g., monthly). The calculation of revenue earned but not yet billed is based on the number of days not billed in the month, the estimated amount of energy delivered during those days and the estimated average price per customer class for that month. Our contract liabilities consist of deferred revenue which is classified as current or noncurrent based on the timing of when we expect to recognize revenue. The current portion of our contract liabilities is reported in Accrued and other liabilities and the noncurrent portion is reported in Other noncurrent liabilities on the Consolidated Balance Sheets. The contract liabilities from contracts with customers were $109 million and $131 million as of December 31, 2018 and January 1, 2018, respectively. Of the $131 million of contract liabilities reported at January 1, 2018, $36 million was recognized as revenue during the period ended December 31, 2018 . A significant financing arrangement exists for our Mong Duong plant in Vietnam. The plant was constructed under a build, operate, and transfer contract and will be transferred to the Vietnamese government after the completion of a 25 year PPA. The performance obligation to construct the facility was substantially completed in 2015. Approximately $1.4 billion of contract consideration related to the construction, but not yet collected through the 25 year PPA, was reflected as a loan receivable as of December 31, 2018 |
Revenue Remaining Performance O
Revenue Remaining Performance Obligations (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Remaining Performance Obligations [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Remaining Performance Obligations — The transaction price allocated to remaining performance obligations represents future consideration for unsatisfied (or partially unsatisfied) performance obligations at the end of the reporting period. As of December 31, 2018 , the aggregate amount of transaction price allocated to remaining performance obligations was $15 million |
Income Taxes Income Taxes (Poli
Income Taxes Income Taxes (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax, Policy [Policy Text Block] | INCOME TAXES — Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities, and their respective income tax basis. The Company establishes a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company's tax positions are evaluated under a more likely than not recognition threshold and measurement analysis before they are recognized for financial statement reporting. Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid within one year. The Company's policy for interest and penalties related to income tax exposures is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statements of Operations. |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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. |
General and Summary of Signif_3
General and Summary of Significant Accounting Policies Effect of Change in Estimate (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Change in Accounting Estimate [Line Items] | |
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 an impact on the Company’s consolidated financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or did not have a 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 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract This standard aligns the accounting for implementation costs incurred for a cloud computing arrangement that is a service with the requirement for capitalizing implementation costs associated with developing or obtaining internal-use software. October 1, 2018 The Company elected to early-adopt this standard on a prospective basis, effective for fiscal year 2018. The adoption of this standard did not have a material impact on the financial statements. 2018-14, Compensation— Retirement Benefits — Defined Benefit Plans — General (Subtopic 715-20): Disclosure Framework This standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Transition method: retrospective. Early adoption elected, January 1, 2018 Impact limited to changes in financial statement disclosures. 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 costs associated with defined benefit and other postretirement 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 and prospective for the change in capitalization. January 1, 2018 For the year ended December 31, 2017 and 2016, $1 million and $3 million of non-service costs associated with defined benefit and other postretirement plans were reclassified from Costs of Sales to Other Expense, respectively. 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets This standard clarifies the scope and application of ASC 610-20 on the sale, transfer, and derecognition of nonfinancial assets and in substance nonfinancial assets to non-customers, including partial sales. It also provides guidance on how gains and losses on transfers of nonfinancial assets and in substance nonfinancial assets to non-customers are recognized. The standard also clarifies that the derecognition of businesses is under the scope of ASC 810. The standard must be adopted concurrently with ASC 606, however an entity will not have to apply the same transition method as ASC 606. Transition method: modified retrospective. January 1, 2018 Following adoption of ASU 2017-01, fewer transactions are expected to meet the definition of a business under the scope of ASC 810 and will fall under the scope under this standard. 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment This standard simplifies the accounting for goodwill impairments by removing the requirement to calculate the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if it had been acquired in a business combination. Instead, it requires that an entity record an impairment charge based on the amount by which a reporting unit's carrying amount exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. October 1, 2018 In anticipation of our annual goodwill process, the Company early-adopted this standard to ease the administrative burden for the measurement of any potential goodwill impairment losses. There was no impact to the financial statements upon adoption of the standard. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business The standard requires an entity to first evaluate whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, and if that threshold is met, the set is not a business. As a second step, at least one substantive process should exist to be considered a business. Transition method: prospective. January 1, 2018 Some acquisitions and dispositions are expected to now fall under a different accounting model. This will reduce the number of transactions that are accounted for as business combinations and therefore future acquired goodwill. 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 For the years ended December 31, 2017 and 2016, cash provided by operating activities increased by $15 million and $13 million, respectively, cash used in investing activities decreased by $150 million and increased by $28 million, respectively, and cash provided by financing activities was unchanged. 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities The standard significantly revises an entity’s accounting related to (1) classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosures of financial instruments. Transition method: modified retrospective. Prospective for equity investments without readily determinable fair value. January 1, 2018 No material impact upon adoption of the standard. 2014-09, 2015-14, 2016-08, 2016-10, 2016-12, 2016-20, 2017-10, 2017-13, Revenue from Contracts with Customers (Topic 606) See discussion of the ASU below. January 1, 2018 See impact upon adoption of the standard below. On January 1, 2018, the Company adopted ASU 2014-09, "Revenue from Contracts with Customers," and its subsequent corresponding updates ("ASC 606"). Under this standard, 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. The Company applied the modified retrospective method of adoption to the contracts that were not completed as of January 1, 2018. Results for reporting periods beginning January 1, 2018 are presented under ASC 606, while prior period amounts were not adjusted and continue to be reported in accordance with the previous revenue recognition standard. For contracts that were modified before January 1, 2018, the Company reflected the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price. The cumulative effect to our January 1, 2018 Consolidated Balance Sheet resulting from the adoption of ASC 606 was as follows (in millions): Consolidated Balance Sheet Balance at December 31, 2017 Adjustments Due to ASC 606 Balance at January 1, 2018 Assets Other current assets $ 630 $ 61 $ 691 Deferred income taxes 130 (24 ) 106 Service concession assets, net 1,360 (1,360 ) — Loan receivable — 1,490 1,490 Equity Accumulated deficit (2,276 ) 67 (2,209 ) Accumulated other comprehensive loss (1,876 ) 19 (1,857 ) Noncontrolling interest 2,380 81 2,461 The Mong Duong II power plant in Vietnam is the primary driver of changes in revenue recognition under the new standard. This plant is operated under a build, operate, and transfer contract and will be transferred to the Vietnamese government after the completion of a 25-year PPA. Under the previous revenue recognition standard, construction costs were deferred to a service concession asset, which was expensed in proportion to revenue recognized for the construction element over the term of the PPA. Under ASC 606, construction revenue and associated costs are recognized as construction activity occurs. As construction of the plant was substantially completed in 2015, revenues and costs associated with the construction were recognized through retained earnings, and the service concession asset was derecognized. A loan receivable was recognized for the future expected payments for the construction performance obligation. As the payments for the construction performance obligation occur over a 25-year term, a significant financing element was determined to exist which is accounted for under the effective interest rate method. The other performance obligation to operate and maintain the facility is measured based on the capacity made available. The impact to our Consolidated Balance Sheet as of December 31, 2018 resulting from the adoption of ASC 606 as compared to the previous revenue recognition standard was as follows (in millions): December 31, 2018 Consolidated Balance Sheet As Reported Balances Without Adoption of ASC 606 Adoption Impact Assets Other current assets $ 807 $ 741 $ 66 Deferred income taxes 97 122 (25 ) Service concession assets, net — 1,261 (1,261 ) Loan receivable 1,423 — 1,423 TOTAL ASSETS 32,521 32,318 203 Equity Accumulated deficit (1,005 ) (1,112 ) 107 Accumulated other comprehensive loss (2,071 ) (2,088 ) 17 Noncontrolling interest 2,396 2,317 79 TOTAL LIABILITIES AND EQUITY 32,521 32,318 203 The impact to our Consolidated Statement of Operations for the year ended December 31, 2018 resulting from the adoption of ASC 606 as compared to the previous revenue recognition standard was as follows (in millions): Year Ended December 31, 2018 Consolidated Statement of Operations As Reported Balances Without Adoption of ASC 606 Adoption Impact Total revenue $ 10,736 $ 10,800 $ (64 ) Total cost of sales (8,163 ) (8,207 ) 44 Operating margin 2,573 2,593 (20 ) Interest income 310 252 58 Other Income 72 70 2 Income from continuing operations before taxes and equity in earnings of affiliates 2,018 1,978 40 INCOME FROM CONTINUING OPERATIONS 1,349 1,309 40 NET INCOME 1,565 1,525 40 NET INCOME ATTRIBUTABLE TO THE AES CORPORATION 1,203 1,163 40 New Accounting Pronouncements Issued But Not Yet Effective — The following table provides a brief description of recent accounting pronouncements that could have a material impact on the Company’s consolidated financial statements once adopted. 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 Issued But Not Yet Effective ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from AOCI This amendment allows a reclassification of the stranded tax effects resulting from the implementation of the Tax Cuts and Jobs Act from AOCI to retained earnings. Because this amendment only relates to the reclassification of the income tax effects of the Tax Cuts and Jobs Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. January 1, 2019. Early adoption is permitted. The Company does not expect any impact on its consolidated financial statements upon adoption of the standard on January 1, 2019. 2017-12, Derivatives and Hedging (Topic 815): Targeted improvements to Accounting for Hedging Activities The standard updates the hedge accounting model to expand the ability to hedge nonfinancial and financial risk components, reduce complexity, and ease certain documentation and assessment requirements. When facts and circumstances are the same as at the previous quantitative test, a subsequent quantitative effectiveness test is not required. The standard also eliminates the requirement to separately measure and report hedge ineffectiveness. For cash flow hedges, this means that the entire change in the fair value of a hedging instrument will be recorded in other comprehensive income and amounts deferred will be reclassified to earnings in the same income statement line as the hedged item in the period in which it settles. Transition method: modified retrospective with the cumulative effect adjustment recorded to the opening balance of retained earnings as of the initial application date. Prospective for presentation and disclosures. January 1, 2019. 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. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking "expected loss" model that generally will result in the earlier recognition of allowance for losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses as it is done today, except that the losses will be recognized as an allowance rather than a reduction in the amortized cost of the securities. 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, 2018-01, 2018-10, 2018-11, 2018-20 Leases (Topic 842) See discussion of the ASU below. January 1, 2019. Early adoption is permitted. The Company will adopt the standard on January 1, 2019; see below for the evaluation of the impact of its adoption on the consolidated financial statements. |
Schedule of Change in Accounting Estimate [Table Text Block] | . |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory Balance By Type | The following table summarizes the Company's inventory balances as of the dates indicated (in millions): December 31, 2018 2017 Fuel and other raw materials $ 300 $ 284 Spare parts and supplies 277 278 Total $ 577 $ 562 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Pland and Equipment with Useful Life Classification | The following table summarizes the components of the electric generation and distribution assets and other property, plant and equipment (in millions) with their estimated useful lives (in years). The amounts are stated net of all prior asset impairment losses recognized. December 31, Estimated Useful Life 2018 2017 Electric generation and distribution facilities 7-40 $ 22,875 $ 21,529 Other buildings 5-72 1,651 1,971 Furniture, fixtures and equipment 3-25 310 284 Other 5-44 406 335 Total electric generation and distribution assets and other 25,242 24,119 Accumulated depreciation (8,227 ) (7,942 ) Net electric generation and distribution assets and other $ 17,015 $ 16,177 |
Interest Capitalized During Development And Construction | The following table summarizes depreciation expense (including the amortization of assets recorded under capital leases and the amortization of asset retirement obligations) and interest capitalized during development and construction on qualifying assets for the periods indicated (in millions): Years Ended December 31, 2018 2017 2016 Depreciation expense $ 960 $ 1,005 $ 1,002 Interest capitalized during development and construction 199 139 118 |
Net Asset Value Of Regulated And Non-Regulated Assets And Accumulated Depreciation | The following table summarizes regulated and non-regulated generation and distribution property, plant and equipment and accumulated depreciation as of the dates indicated (in millions): December 31, 2018 2017 Regulated generation, distribution assets and other, gross $ 8,959 $ 8,093 Regulated accumulated depreciation (3,504 ) (3,357 ) Regulated generation, distribution assets and other, net 5,455 4,736 Non-regulated generation, distribution assets and other, gross 16,283 16,026 Non-regulated accumulated depreciation (4,723 ) (4,585 ) Non-regulated generation, distribution assets and other, net 11,560 11,441 Net electric generation, distribution assets and other $ 17,015 $ 16,177 |
Schedule of Change in Asset Retirement Obligation | The following table presents amounts recognized related to asset retirement obligations for the periods indicated (in millions): 2018 2017 Balance at January 1 $ 368 $ 357 Additional liabilities incurred 19 1 Liabilities settled (14 ) (21 ) Accretion expense 18 16 Change in estimated cash flows 24 25 Other — (10 ) Balance at December 31 $ 415 $ 368 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Significant unobservable inputs, recurring | The following table summarizes the significant unobservable inputs used for the Level 3 derivative assets (liabilities) as of December 31, 2018 (in millions, except range amounts): Type of Derivative Fair Value Unobservable Input Amount or Range (Weighted Average) Interest rate $ (140 ) Subsidiaries’ credit spreads 1.8% - 5.3% (3.7%) Foreign currency: Argentine peso 199 Argentine peso to U.S. dollar currency exchange rate after one year 52.7 - 142.6 (96.1) Commodity: Other 4 Total $ 63 |
Derivatives Level 3 Rollforward Table | The following tables present a reconciliation of net derivative assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2018 and 2017 presented net by type of derivative. 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 (in millions). Year Ended December 31, 2018 Interest Rate Foreign Currency Commodity Total Balance at January 1 $ (151 ) $ 240 $ 4 $ 93 Total realized and unrealized gains (losses): Included in earnings 22 (14 ) (1 ) 7 Included in other comprehensive income — derivative activity (8 ) — — (8 ) Included in regulatory (assets) liabilities — — 5 5 Settlements 14 (27 ) (4 ) (17 ) Transfers of assets/(liabilities), net into Level 3 (8 ) — — (8 ) Transfers of (assets)/liabilities, net out of Level 3 (9 ) — — (9 ) Balance at December 31 $ (140 ) $ 199 $ 4 $ 63 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 $ 29 $ (41 ) $ (1 ) $ (13 ) Year Ended December 31, 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 ) 21 1 21 Included in other comprehensive income — derivative activity (23 ) — — (23 ) Included in regulatory (assets) liabilities — — 10 10 Settlements 36 (36 ) (12 ) (12 ) Transfers of assets/(liabilities), net into Level 3 (4 ) — — (4 ) Transfers of (assets)/liabilities, net out of Level 3 20 — — 20 Balance at December 31 $ (151 ) $ 240 $ 4 $ 93 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 $ 7 $ (15 ) $ 1 $ (7 ) |
Financial instruments not measured at fair value in the condensed consolidated balance sheets | The following table presents 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 Consolidated Balance Sheets as of the periods indicated, but for which fair value is disclosed (in millions). December 31, 2018 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 100 $ 209 $ — $ — $ 209 Liabilities: Non-recourse debt 15,645 16,225 — 13,524 2,701 Recourse debt 3,655 3,621 — 3,621 — December 31, 2017 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 163 $ 217 $ — $ 6 $ 211 Liabilities: Non-recourse debt 15,340 15,890 — 13,350 2,540 Recourse debt 4,630 4,920 — 4,920 — _____________________________ (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 Consolidated Balance Sheets. The fair value and carrying amount of these receivables exclude VAT of $16 million and $31 million as of December 31, 2018 and 2017 |
Significant unobservable inputs, nonrecurring | The following table summarizes the significant unobservable inputs used in the Level 3 measurement of long-lived assets held and used measured on a nonrecurring basis during the year ended December 31, 2018 (in millions, except range amounts): December 31, 2018 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Long-lived assets held and used: Nejapa 5 Discounted cash flow Annual revenue growth -70% to -1% (-15%) Pre-tax operating margin 37% to 82% (59%) Weighted-average cost of capital 12 % Equity method invesments: Guacolda 209 Discounted cash flow Annual dividend growth -70% to 467% (48%) Weighted-average cost of equity 10 % Total $ 214 |
Fair value hierarchy for nonrecurring measurements table | The following table summarizes major categories of assets and liabilities measured at fair value on a nonrecurring basis during the period and their level within the fair value hierarchy (in millions): Year Ended December 31, 2018 Measurement Date Carrying Amount (1) Fair Value Pre-tax Loss Assets Level 1 Level 2 Level 3 Dispositions and held-for-sale businesses: Shady Point 12/31/2018 $ 211 $ — $ — $ 30 $ 157 Long-lived assets held and used: (2) Nejapa 12/31/2018 42 — — 5 37 Equity method investments: Guacolda 10/01/2018 354 — — 209 144 Elsta 09/30/2018 19 — 16 — 3 Year Ended December 31, 2017 Measurement Date Carrying Amount (1) Fair Value Pre-tax Loss Assets Level 1 Level 2 Level 3 Long-lived assets held and used: (2) Laurel Mountain 12/31/2017 $ 154 $ — $ — $ 33 $ 121 Kilroot 12/31/2017 69 — — 20 37 DPL 02/28/2017 77 — — 11 66 Other Various 18 — — — 18 Dispositions and held-for-sale businesses: DPL Peaker Assets 12/31/2017 346 — 237 — 109 Kazakhstan Hydroelectric (3) 06/30/2017 190 — 92 — 92 Kazakhstan CHPs 03/31/2017 171 — 29 — 94 _____________________________ (1) Represents the carrying values at the dates of initial measurement, before fair value adjustment. (2) See Note 20 — Asset Impairment Expense for further information. (3) Per the Company's policy, pre-tax loss is limited to the impairment of long-lived assets. Any additional loss will be recognized on completion of the sale. Upon disposal of Kazakhstan HPPs, the Company incurred an additional pre-tax loss on disposal of $33 million . See Note 20 — Asset Impairment Expense and Note 23 — Held-for-Sale and Dispositions |
Fair value hierarchy for recurring measurements table | The following table presents, by level within the fair value hierarchy, as described in Note 1 — General and Summary of Significant Accounting Policies , 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 were determined based on the nature and risk of the security and are consistent with how the Company manages, monitors and measures its marketable securities: December 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets DEBT SECURITIES: Available-for-sale: Unsecured debentures $ — $ 5 $ — $ 5 $ — $ 207 $ — $ 207 Certificates of deposit — 243 — 243 — 153 — 153 Total debt securities — 248 — 248 — 360 — 360 EQUITY SECURITIES: Mutual funds 19 49 — 68 20 52 — 72 Total equity securities 19 49 — 68 20 52 — 72 DERIVATIVES: Interest rate derivatives — 28 1 29 — 15 — 15 Cross-currency derivatives — 6 — 6 — 29 — 29 Foreign currency derivatives — 18 199 217 — 29 240 269 Commodity derivatives — 6 4 10 — 30 5 35 Total derivatives — assets — 58 204 262 — 103 245 348 TOTAL ASSETS $ 19 $ 355 $ 204 $ 578 $ 20 $ 515 $ 245 $ 780 Liabilities DERIVATIVES: Interest rate derivatives $ — $ 67 $ 141 $ 208 $ — $ 111 $ 151 $ 262 Cross-currency derivatives — 5 — 5 — 3 — 3 Foreign currency derivatives — 41 — 41 — 30 — 30 Commodity derivatives — 3 — 3 — 19 1 20 Total derivatives — liabilities — 116 141 257 — 163 152 315 TOTAL LIABILITIES $ — $ 116 $ 141 $ 257 $ — $ 163 $ 152 $ 315 |
Available-for-sale Securities [Table Text Block] | The following table presents gross proceeds from sale of AFS securities for the periods indicated (in millions): Year Ended December 31, 2018 2017 2016 Gross proceeds from sale of AFS securities (1) $ 1,403 $ 1,398 $ 1,726 _____________________________ (1) Proceeds include $119 million of non-cash proceeds from non-convertible debentures at Guaimbê Solar Complex. See Note 24 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate 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 December 31, 2018 , 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) $ 4,584 2044 Cross-currency Swaps (Chilean Unidad de Fomento and Chilean peso) 344 2029 Foreign Currency: Argentine peso 68 2026 Chilean peso 270 2021 Colombian peso 117 2021 Brazilian real 23 2019 Others, primarily with weighted average remaining maturities of a year or less 112 2021 |
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 the periods indicated (in millions): Fair Value December 31, 2018 December 31, 2017 Assets Designated Not Designated Total Designated Not Designated Total Interest rate derivatives $ 29 $ — $ 29 $ 15 $ — $ 15 Cross-currency derivatives 6 — 6 29 — 29 Foreign currency derivatives — 217 217 8 261 269 Commodity derivatives — 10 10 5 30 35 Total assets $ 35 $ 227 $ 262 $ 57 $ 291 $ 348 Liabilities Interest rate derivatives $ 205 $ 3 $ 208 $ 125 $ 137 $ 262 Cross-currency derivatives 5 — 5 3 — 3 Foreign currency derivatives 28 13 41 1 29 30 Commodity derivatives — 3 3 9 11 20 Total liabilities $ 238 $ 19 $ 257 $ 138 $ 177 $ 315 December 31, 2018 December 31, 2017 Fair Value Assets Liabilities Assets Liabilities Current $ 75 $ 51 $ 84 $ 211 Noncurrent 187 206 264 104 Total $ 262 $ 257 $ 348 $ 315 As of December 31, 2018, all derivative instruments subject to credit risk-related contingent features were in an asset position. Credit Risk-Related Contingent Features (1) December 31, 2017 Present value of liabilities subject to collateralization $ 15 Cash collateral held by third parties or in escrow 9 _____________________________ (1) |
Gain Loss In Accumulated Other Comprehensive Income And Earnings On Effective Portion Of Qualifying Cash Flow Hedges Table | The following table presents the pre-tax gains (losses) recognized in AOCL and earnings related to all derivative instruments for the periods indicated (in millions): Years Ended December 31, 2018 2017 2016 Effective portion of cash flow hedges Gains (losses) recognized in AOCL Interest rate derivatives $ (16 ) $ (66 ) $ (35 ) Cross-currency derivatives (26 ) 31 21 Foreign currency derivatives (52 ) (5 ) (4 ) Commodity derivatives — 18 30 Total $ (94 ) $ (22 ) $ 12 Gains (losses) reclassified from AOCL to earnings Interest rate derivatives $ (52 ) $ (82 ) $ (101 ) Cross-currency derivatives (43 ) 34 8 Foreign currency derivatives (16 ) (20 ) (8 ) Commodity derivatives (6 ) 17 56 Total $ (117 ) $ (51 ) $ (45 ) Loss reclassified from AOCL to earnings due to discontinuance of hedge accounting (1) $ — $ (13 ) $ — Gain (losses) recognized in earnings related to Ineffective portion of cash flow hedges $ (7 ) $ 3 $ (1 ) Not designated as hedging instruments: Foreign currency derivatives 148 1 19 Commodity derivatives and other 25 14 (16 ) Total $ 173 $ 15 $ 3 |
Financing Receivables (Tables)
Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Financing Receivables | The following table presents financing receivables by country as of the dates indicated (in millions): December 31, 2018 2017 Argentina $ 93 $ 177 Panama 14 — Other 9 17 Total $ 116 $ 194 |
Investments In and Advances T_2
Investments In and Advances To Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Ownership Interest And Carrying Values Of Investments Accounted For Under The Equity Method | The following table summarizes the relevant effective equity ownership interest and carrying values for the Company's investments accounted for under the equity method as of the periods indicated: December 31, 2018 2017 2018 2017 Affiliate Country Carrying Value (in millions) Ownership Interest % sPower United States $ 515 $ 508 50 % 50 % OPGC (1) India 293 269 49 % 49 % Guacolda (2) Chile 209 357 33 % 33 % Other affiliates (3) Various 97 63 Total $ 1,114 $ 1,197 _____________________________ (1) OPGC has one coal-fired project under development which is an expansion of our existing OPGC business. The project started construction in April 2014 and is expected to begin operations in 2019. (2) The Company's ownership in Guacolda is held through AES Gener, a 67% -owned consolidated subsidiary. AES Gener owns 50% of Guacolda, resulting in an AES effective ownership in Guacolda of 33% . (3) |
Investments In and Advances to Affiliates Financial Information | The following tables summarize financial information of the Company's 50%-or-less-owned affiliates and majority-owned unconsolidated subsidiaries that are accounted for using the equity method (in millions): 50%-or-less Owned Affiliates Majority-Owned Unconsolidated Subsidiaries Years ended December 31, 2018 2017 2016 2018 2017 2016 Revenue $ 962 $ 762 $ 586 $ 40 $ 16 $ 23 Operating margin 135 165 145 3 5 9 Net income (loss) 14 72 64 (3 ) (15 ) (2 ) December 31, 2018 2017 2018 2017 Current assets $ 558 $ 418 $ 89 $ 70 Noncurrent assets 5,918 5,372 41 102 Current liabilities 546 633 35 10 Noncurrent liabilities 3,309 2,629 122 147 Stockholders' equity 2,622 2,527 (27 ) 15 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table summarizes the carrying amount of goodwill by reportable segment for the years ended December 31, 2018 and 2017 (in millions): US and Utilities South America MCAC Eurasia Total Balance as of December 31, 2017 Goodwill $ 2,786 $ 868 $ 16 $ 122 $ 3,792 Accumulated impairment losses (2,611 ) — — (122 ) (2,733 ) Net balance 175 868 16 — 1,059 Balance as of December 31, 2018 Goodwill 2,786 868 16 122 3,792 Accumulated impairment losses (2,611 ) — — (122 ) (2,733 ) Net balance $ 175 $ 868 $ 16 $ — $ 1,059 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets | The following table summarizes the balances comprising Other intangible assets in the accompanying Consolidated Balance Sheets (in millions) as of the periods indicated: December 31, 2018 December 31, 2017 Gross Balance Accumulated Amortization Net Balance Gross Balance Accumulated Amortization Net Balance Subject to Amortization Internal-use software $ 467 $ (344 ) $ 123 $ 416 $ (330 ) $ 86 Contracts 137 (24 ) 113 92 (21 ) 71 Project development rights 93 (1 ) 92 57 (1 ) 56 Contractual payment rights (1) 57 (44 ) 13 65 (47 ) 18 Emissions allowances (2) 15 — 15 — — — Other (3) 78 (44 ) 34 98 (42 ) 56 Subtotal 847 (457 ) 390 728 (441 ) 287 Indefinite-Lived Intangible Assets Land use rights 21 — 21 45 — 45 Water rights 20 — 20 20 — 20 Other 5 — 5 14 — 14 Subtotal 46 — 46 79 — 79 Total $ 893 $ (457 ) $ 436 $ 807 $ (441 ) $ 366 _____________________________ (1) Represent legal rights to receive system reliability payments from the regulator. (2) Acquired or purchased emissions allowances are finite-lived intangible assets that are expensed when utilized and included in net income for the year. (3) Includes management rights, sales concessions, renewable energy credits and incentives, and other individually insignificant intangible assets. During the fourth quarter of 2018, the Company recognized an asset impairment of $23 million on gas extraction rights at Nejapa. See Note 20 — Asset Impairment Expense |
Schedule of Acquired Intangible Assets By Major Class | The following tables summarize other intangible assets acquired during the periods indicated (in millions): December 31, 2018 Amount Subject to Amortization/Indefinite-Lived Weighted Average Amortization Period (in years) Amortization Method Internal-use software $ 67 Subject to Amortization 6 Straight-line Contracts 50 Subject to Amortization 24 Straight-line Project development rights 35 Subject to Amortization 23 Straight-line Emissions allowances 16 Subject to Amortization Various As utilized Other 11 Various N/A N/A Total $ 179 December 31, 2017 Amount Subject to Amortization/Indefinite-Lived Weighted Average Amortization Period (in years) Amortization Method Project Development Rights $ 53 Subject to Amortization 30 Straight-line Contracts 34 Subject to Amortization 25 Straight-line Internal-use software 17 Subject to Amortization 7 Straight-line Other 8 Various N/A N/A Total $ 112 |
Schedule of Expected Amortization Expense | The following table summarizes the estimated amortization expense by intangible asset category for 2019 through 2023 : (in millions) 2019 2020 2021 2022 2023 Internal-use software $ 33 $ 28 $ 19 $ 13 $ 7 Contracts 4 4 4 4 4 Other 8 8 6 6 6 Total $ 45 $ 40 $ 29 $ 23 $ 17 |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Regulated Operations [Abstract] | |
Regulatory Assets and Liabilities | The Company has recorded regulatory assets and liabilities (in millions) that it expects to pass through to its customers in accordance with, and subject to, regulatory provisions as follows: December 31, 2018 2017 Recovery/Refund Period REGULATORY ASSETS Current regulatory assets: El Salvador energy pass through costs recovery $ 87 $ 59 Quarterly Other 69 60 Various Total current regulatory assets 156 119 Noncurrent regulatory assets: IPL and DPL defined benefit pension obligations (1) 283 298 Various IPL deferred Midwest ISO costs 88 102 8 years IPL environmental costs 89 48 Various Other 87 94 Various Total noncurrent regulatory assets 547 542 TOTAL REGULATORY ASSETS $ 703 $ 661 REGULATORY LIABILITIES Current regulatory liabilities: Overcollection of costs to be passed back to customers $ 83 $ 14 1 year Other 3 3 Various Total current regulatory liabilities 86 17 Noncurrent regulatory liabilities: IPL and DPL accrued costs of removal and ARO's 847 830 Over life of assets IPL and DPL income taxes payable to customers through rates 246 243 Various Other 53 6 Various Total noncurrent regulatory liabilities 1,146 1,079 TOTAL REGULATORY LIABILITIES $ 1,232 $ 1,096 _____________________________ (1) Past expenditures on which the Company earns a rate of return |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Non-recourse debt [Table Text Block] | During the year ended December 31, 2018 , the Company's subsidiaries had the following significant debt transactions: Subsidiary Transaction Period Issuances Repayments Gain (Loss) on Extinguishment of Debt Southland (1) Q1, Q2, Q3, Q4 $ 757 $ — $ — Tietê Q1 385 (231 ) — Alto Maipo Q2 104 — — DPL Q2 — (106 ) (6 ) Gener Q3 — (104 ) (7 ) Angamos Q3 — (98 ) — IPALCO Q4 105 (89 ) — Total $ 1,351 $ (628 ) $ (13 ) _____________________________ (1) |
Carrying Amount and Terms of Non-Recourse Debt | The following table summarizes the carrying amount and terms of non-recourse debt at our subsidiaries as of the periods indicated (in millions): NON-RECOURSE DEBT Weighted Average Interest Rate Maturity December 31, 2018 2017 Variable Rate: Bank loans 4.46% 2019 – 2050 $ 2,600 $ 2,488 Notes and bonds 3.89% 2020 – 2030 821 900 Debt to (or guaranteed by) multilateral, export credit agencies or development banks (1) 3.56% 2023 – 2034 3,292 3,668 Fixed Rate: Bank loans 4.62% 2019 – 2040 1,684 993 Notes and bonds 5.85% 2019 – 2073 7,346 7,388 Debt to (or guaranteed by) multilateral, export credit agencies or development banks (1) 5.45% 2023 – 2034 246 271 Other 5.87% 2023 – 2061 24 26 Unamortized (discount) premium & debt issuance (costs), net (368 ) (394 ) Subtotal $ 15,645 $ 15,340 Less: Current maturities (1,659 ) (2,164 ) Noncurrent maturities $ 13,986 $ 13,176 _____________________________ (1) |
Schedule For Maturity For Non-Recourse Debt | Non-recourse debt as of December 31, 2018 is scheduled to reach maturity as shown below (in millions): December 31, Annual Maturities 2019 $ 1,697 2020 1,458 2021 1,601 2022 1,530 2023 1,316 Thereafter 8,411 Unamortized (discount) premium & debt issuance (costs), net (368 ) Total $ 15,645 |
Debt In Default Table | The following table summarizes the Company's subsidiary non-recourse debt in default (in millions) as of December 31, 2018 . Due to the defaults, these amounts are included in the current portion of non-recourse debt: Primary Nature December 31, 2018 Subsidiary Default Net Assets AES Puerto Rico Covenant $ 317 $ 139 AES Ilumina (Puerto Rico) Covenant 34 17 Total $ 351 (1) _____________________________ (1) This does not include $483 million |
Schedule of Recourse Debt Detail | The following table summarizes the carrying amount and terms of recourse debt of the Company as of the periods indicated (in millions): Interest Rate Final Maturity December 31, 2018 December 31, 2017 Senior Unsecured Note 8.00% 2020 $ — $ 228 Senior Unsecured Note 4.00% 2021 500 — Senior Unsecured Note 7.38% 2021 — 690 Drawings on secured credit facility LIBOR + 2.00% 2021 — 207 Senior Secured Term Loan LIBOR + 1.75% 2022 366 521 Senior Unsecured Note 4.88% 2023 713 713 Senior Unsecured Note 4.50% 2023 500 — Senior Unsecured Note 5.50% 2024 63 738 Senior Unsecured Note 5.50% 2025 544 573 Senior Unsecured Note 6.00% 2026 500 500 Senior Unsecured Note 5.13% 2027 500 500 Unamortized (discount) premium & debt issuance (costs), net (31 ) (40 ) Subtotal $ 3,655 $ 4,630 Less: Current maturities (5 ) (5 ) Noncurrent maturities $ 3,650 $ 4,625 December 31, Interest Rate Maturity 2018 2017 Senior Unsecured Note 8.00% 2020 $ — $ 228 Senior Unsecured Note 7.38% 2021 — 690 Drawings on secured credit facility LIBOR + 2.00% 2021 — 207 Senior Unsecured Note 4.00% 2021 500 — Senior Secured Term Loan LIBOR + 1.75% 2022 366 521 Senior Unsecured Note 4.50% 2023 500 — Senior Unsecured Note 4.88% 2023 713 713 Senior Unsecured Note 5.50% 2024 63 738 Senior Unsecured Note 5.50% 2025 544 573 Senior Unsecured Note 6.00% 2026 500 500 Senior Unsecured Note 5.13% 2027 500 500 Unamortized (discounts)/premiums & debt issuance (costs) (31 ) (40 ) Subtotal $ 3,655 $ 4,630 Less: Current maturities (5 ) (5 ) Total $ 3,650 $ 4,625 |
Schedule of Future Maturities of Recourse Debt | The following table summarizes the principal amounts due under our recourse debt for the next five years and thereafter (in millions): December 31, Net Principal Amounts Due 2019 $ 5 2020 5 2021 505 2022 350 2023 1,213 Thereafter 1,608 Unamortized (discount) premium & debt issuance (costs), net (31 ) Total recourse debt $ 3,655 2018 scheduled maturities are presented in the following table (in millions): December 31, Annual Maturities 2019 $ 5 2020 5 2021 505 2022 350 2023 1,213 Thereafter 1,608 Unamortized (discount)/premium & debt issuance (costs) (31 ) Total debt $ 3,655 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases of Lessee Disclosure | The following table shows the future minimum lease payments under operating and capital leases for continuing operations together with the present value of the net minimum lease payments under capital leases as of December 31, 2018 for 2019 through 2023 and thereafter (in millions): Future Commitments for December 31, Capital Leases Operating Leases 2019 $ 1 $ 74 2020 1 38 2021 1 25 2022 1 26 2023 1 25 Thereafter 7 455 Total $ 12 $ 643 Less: Imputed interest (6 ) Present value of total minimum lease payments $ 6 |
Electricity Purchase Contract Commitment | The following table shows the future minimum commitments for continuing operations under these contracts as of December 31, 2018 for 2019 through 2023 and thereafter as well as actual purchases under these contracts for the years ended December 31, 2018 , 2017 , and 2016 (in millions): Actual purchases during the year ended December 31, Electricity Purchase Contracts Fuel Purchase Contracts Other Purchase Contracts 2016 $ 420 $ 1,790 $ 817 2017 747 1,619 1,945 2018 827 1,838 1,671 Future commitments for the year ending December 31, 2019 $ 786 $ 1,494 $ 1,375 2020 602 1,027 681 2021 371 882 336 2022 234 575 561 2023 393 463 213 Thereafter 5,187 1,734 778 Total $ 7,573 $ 6,175 $ 3,944 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Contractual Obligations | The following table summarizes the Parent Company's contingent contractual obligations as of December 31, 2018 . 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. There were no obligations made by the Parent Company for the direct benefit of the lenders associated with the non-recourse debt of its businesses. Contingent Contractual Obligations Amount (in millions) Number of Agreements Maximum Exposure Range for Each Agreement (in millions) Guarantees and commitments $ 685 33 $0 — 157 Letters of credit under the unsecured credit facility 368 10 $1 — 247 Letters of credit under the senior secured credit facility 78 23 $0 — 49 Asset sale related indemnities (1) 27 1 $27 Total $ 1,158 67 _____________________________ (1) |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Net Funded Status | The following table reconciles the Company's funded status, both domestic and foreign, as of the periods indicated (in millions): 2018 2017 U.S. Foreign U.S. Foreign CHANGE IN PROJECTED BENEFIT OBLIGATION: Benefit obligation as of January 1 $ 1,257 $ 470 $ 1,188 $ 411 Service cost 15 12 13 10 Interest cost 40 22 41 22 Employee contributions — 1 — 1 Plan amendments 10 — 1 (1 ) Plan curtailments — — 3 — Plan settlements — (21 ) — (2 ) Benefits paid (105 ) (17 ) (71 ) (22 ) Plan combinations — (4 ) — — Actuarial (gain) loss (99 ) (8 ) 82 29 Effect of foreign currency exchange rate changes — (38 ) — 22 Benefit obligation as of December 31 $ 1,118 $ 417 $ 1,257 $ 470 CHANGE IN PLAN ASSETS: Fair value of plan assets as of January 1 $ 1,127 $ 455 $ 1,044 $ 402 Actual return on plan assets (35 ) 6 141 31 Employer contributions 39 21 13 18 Employee contributions — 1 — 1 Plan settlements — (21 ) — (2 ) Benefits paid (105 ) (17 ) (71 ) (22 ) Effect of foreign currency exchange rate changes — (35 ) — 27 Fair value of plan assets as of December 31 $ 1,026 $ 410 $ 1,127 $ 455 RECONCILIATION OF FUNDED STATUS Funded status as of December 31 $ (92 ) $ (7 ) $ (130 ) $ (15 ) |
Schedule of Amounts Recognized in Balance Sheet | The following table summarizes the amounts recognized on the Consolidated Balance Sheets related to the funded status of the DB Plans, both domestic and foreign, as of the periods indicated (in millions): December 31, 2018 2017 Amounts Recognized on the Consolidated Balance Sheets U.S. Foreign U.S. Foreign Noncurrent assets $ — $ 64 $ — $ 69 Accrued benefit liability—current — (6 ) — (6 ) Accrued benefit liability—noncurrent (92 ) (65 ) (130 ) (78 ) Net amount recognized at end of year $ (92 ) $ (7 ) $ (130 ) $ (15 ) |
Schedule of Accumulated and Projected Benefit Obligations | The following table summarizes the Company's U.S. and foreign accumulated benefit obligation as of the periods indicated (in millions): December 31, 2018 2017 U.S. Foreign U.S. Foreign Accumulated Benefit Obligation $ 1,101 $ 376 $ 1,236 $ 433 Information for pension plans with an accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 1,118 $ 89 $ 1,257 $ 109 Accumulated benefit obligation 1,101 79 1,236 97 Fair value of plan assets 1,026 33 1,127 33 Information for pension plans with a projected benefit obligation in excess of plan assets: Projected benefit obligation $ 1,118 $ 220 $ 1,257 $ 238 Fair value of plan assets 1,026 150 1,127 154 |
Schedule of Assumptions Used | The following table summarizes the significant weighted average assumptions used in the calculation of benefit obligation and net periodic benefit cost, both domestic and foreign, as of the periods indicated: December 31, 2018 2017 U.S. Foreign U.S. Foreign Benefit Obligation: Discount rate 4.35 % 5.63 % 3.67 % 5.23 % Rate of compensation increase 3.34 % 4.79 % 3.34 % 4.65 % Periodic Benefit Cost: Discount rate 3.67 % 5.23 % (1) 4.28 % 5.83 % (1) Expected long-term rate of return on plan assets 5.73 % 3.94 % 6.67 % 5.30 % Rate of compensation increase 3.34 % 4.65 % 3.34 % 4.86 % _____________________________ (1) |
Impact Of One Percent Change In Assumptions | The impact on pension expense from a one percentage point change in these assumptions is shown in the following table (in millions): Increase of 1% in the discount rate $ (12 ) Decrease of 1% in the discount rate 12 Increase of 1% in the long-term rate of return on plan assets (16 ) Decrease of 1% in the long-term rate of return on plan assets 16 |
Schedule of Net Benefit Costs | The following table summarizes the components of the net periodic benefit cost, both domestic and foreign, for the years indicated (in millions): December 31, 2018 2017 2016 Components of Net Periodic Benefit Cost: U.S. Foreign U.S. Foreign U.S. Foreign Service cost $ 15 $ 12 $ 13 $ 10 $ 13 $ 9 Interest cost 40 22 41 23 42 21 Expected return on plan assets (64 ) (17 ) (69 ) (21 ) (68 ) (19 ) Amortization of prior service cost 5 — 6 — 7 (1 ) Amortization of net loss 18 3 18 2 18 2 Curtailment loss recognized 1 — 4 — 4 — Settlement loss recognized — 4 — — — — Total pension cost $ 15 $ 24 $ 13 $ 14 $ 16 $ 12 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | The following table summarizes the amounts reflected in AOCL, including AOCL attributable to noncontrolling interests, on the Consolidated Balance Sheet as of December 31, 2018 , that have not yet been recognized as components of net periodic benefit cost (in millions): December 31, 2018 Accumulated Other Comprehensive Income (Loss) U.S. Foreign Prior service cost $ (4 ) $ 1 Unrecognized net actuarial loss (19 ) (76 ) Total $ (23 ) $ (75 ) |
Target / Actual Allocation Of Pension Plan Asset | The following table summarizes the Company's target allocation for 2018 and pension plan asset allocation, both domestic and foreign, as of the periods indicated: Percentage of Plan Assets as of December 31, Target Allocations 2018 2017 Asset Category U.S. Foreign U.S. Foreign U.S. Foreign Equity securities 20% 3% 16.85 % 3.75 % 31.90 % 4.61 % Debt securities 78% 94% 80.20 % 93.57 % 64.53 % 93.10 % Real estate 2% —% 2.35 % 0.44 % 3.20 % 0.44 % Other —% 3% 0.60 % 2.24 % 0.37 % 1.85 % Total pension assets 100.00 % 100.00 % 100.00 % 100.00 % |
Schedule of Allocation of Plan Assets | The asset allocation is reviewed periodically to determine a suitable asset allocation which seeks to manage risk through portfolio diversification and takes into account the above-stated objectives, in conjunction with current funding levels, cash flow conditions and economic and industry trends. The following table summarizes the Company's U.S. DB Plan assets by category of investment and level within the fair value hierarchy as of the periods indicated (in millions): December 31, 2018 December 31, 2017 U.S. Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Equity securities: Mutual funds $ 173 $ — $ — $ 173 $ 359 $ — $ — $ 359 Debt securities: Government debt securities 170 — — 170 135 — — 135 Mutual funds (1) 653 — — 653 593 — — 593 Real estate: Real estate — 24 — 24 — 36 — 36 Other: Cash and cash equivalents 6 — — 6 4 — — 4 Total plan assets $ 1,002 $ 24 $ — $ 1,026 $ 1,091 $ 36 $ — $ 1,127 _____________________________ (1) |
Fair Value Of Plan Assets By Category / Level (Foreign) | The investment strategy of the foreign DB Plans seeks to maximize return on investment while minimizing risk. The assumed asset allocation has less exposure to equities in order to closely match market conditions and near term forecasts. The following table summarizes the Company's foreign DB plan assets by category of investment and level within the fair value hierarchy as of the periods indicated (in millions): December 31, 2018 December 31, 2017 Foreign Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Equity securities: Mutual funds $ 14 $ — $ — $ 14 $ 20 $ — $ — $ 20 Private equity — — 1 1 — — 1 1 Debt securities: Government debt securities 13 — — 13 11 — — 11 Mutual funds (1) 287 84 — 371 323 90 — 413 Real estate: Real estate — — 2 2 — — 2 2 Other: Cash and cash equivalents 2 — — 2 — — — — Other assets 1 — 6 7 1 — 7 8 Total plan assets $ 317 $ 84 $ 9 $ 410 $ 355 $ 90 $ 10 $ 455 _____________________________ (1) |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following table summarizes the estimated cash flows for U.S. and foreign expected employer contributions and expected future benefit payments, both domestic and foreign (in millions): U.S. Foreign Expected employer contribution in 2019 $ 9 $ 14 Expected benefit payments for fiscal year ending: 2019 69 23 2020 70 21 2021 72 23 2022 72 24 2023 73 25 2024 - 2028 367 155 |
Scheduled Cash Flows For Employer Contributions And Expected Future Benefit Payments | The following table summarizes the estimated cash flows for U.S. and foreign expected employer contributions and expected future benefit payments, both domestic and foreign (in millions): U.S. Foreign Expected employer contribution in 2019 $ 9 $ 14 Expected benefit payments for fiscal year ending: 2019 69 23 2020 70 21 2021 72 23 2022 72 24 2023 73 25 2024 - 2028 367 155 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Net Income Attributable to Parent And Transfers To From Noncontrolling Interests [Text Block] | The following table summarizes the net income attributable to The AES Corporation and all transfers (to) from noncontrolling interests for the periods indicated (in millions): December 31, 2018 2017 2016 Net income (loss) attributable to The AES Corporation $ 1,203 $ (1,161 ) $ (1,130 ) Transfers from noncontrolling interest: Increase (decrease) in The AES Corporation's paid-in capital for sale of subsidiary shares (3 ) 13 84 Additional paid-in-capital, IPALCO shares, transferred to redeemable stock of subsidiaries (1) — — (84 ) Increase (decrease) in The AES Corporation's paid-in-capital for purchase of subsidiary shares — 240 (2 ) Net transfers (to) from noncontrolling interest (3 ) 253 (2 ) Change from net income (loss) attributable to The AES Corporation and transfers (to) from noncontrolling interests $ 1,200 $ (908 ) $ (1,132 ) _____________________________ (1) See Note 17 — Redeemable stock of subsidiaries |
Components of Accumulated Other Comprehensive Income | The changes in AOCL by component, net of tax and noncontrolling interests, for the periods indicated were as follows (in millions): Foreign currency translation adjustment, net Derivative gains (losses), net Unfunded pension obligations, net Total Balance at December 31, 2016 $ (2,147 ) $ (323 ) $ (286 ) $ (2,756 ) Other comprehensive income (loss) before reclassifications 18 (14 ) (19 ) (15 ) Amount reclassified to earnings 643 37 248 928 Other comprehensive income $ 661 $ 23 $ 229 $ 913 Reclassification from NCI due to Alto Maipo Restructuring — (33 ) — (33 ) Balance at December 31, 2017 $ (1,486 ) $ (333 ) $ (57 ) $ (1,876 ) Other comprehensive income (loss) before reclassifications $ (214 ) $ (64 ) $ — $ (278 ) Amount reclassified to earnings (21 ) 78 7 64 Other comprehensive income (loss) $ (235 ) $ 14 $ 7 $ (214 ) Cumulative effect of a change in accounting principle — 19 — 19 Balance at December 31, 2018 $ (1,721 ) $ (300 ) $ (50 ) $ (2,071 ) |
Reclassification 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 Consolidated Statements of Operations: Details About December 31, AOCL Components Affected Line Item in the Consolidated Statements of Operations 2018 2017 2016 Foreign currency translation adjustments, net Gain (loss) on disposal and sale of business interests $ 19 $ (188 ) $ — Net loss from disposal and impairments of discontinued operations 2 (455 ) (992 ) Net income (loss) attributable to The AES Corporation $ 21 $ (643 ) $ (992 ) Derivative gains (losses), net Non-regulated revenue $ (6 ) $ 25 $ 111 Non-regulated cost of sales (3 ) (12 ) (57 ) Interest expense (49 ) (79 ) (107 ) Foreign currency transaction gains (59 ) 15 8 Income from continuing operations before taxes and equity in earnings of affiliates (117 ) (51 ) (45 ) Income tax expense 24 1 8 Income (loss) from continuing operations (93 ) (50 ) (37 ) Less: (Income) loss from continuing operations attributable to noncontrolling interests 15 13 9 Net income (loss) attributable to The AES Corporation $ (78 ) $ (37 ) $ (28 ) Amortization of defined benefit pension actuarial losses, net Non-regulated cost of sales — 1 — General and administrative expenses — (1 ) (1 ) Other expense (6 ) — (1 ) Income from continuing operations before taxes and equity in earnings of affiliates (6 ) — (2 ) Income tax expense 2 — 3 Income from continuing operations (4 ) — 1 Net loss from disposal and impairments of discontinued operations (2 ) (266 ) (11 ) Net income (loss) (6 ) (266 ) (10 ) Less: (Income) loss from continuing operations attributable to noncontrolling interests (1 ) — 9 Add: Loss from discontinued operations attributable to noncontrolling interests — 18 — Net income (loss) attributable to The AES Corporation $ (7 ) $ (248 ) $ (1 ) Total reclassifications for the period, net of income tax and noncontrolling interests $ (64 ) $ (928 ) $ (1,021 ) |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables present financial information by segment for the periods indicated (in millions): Total Revenue Year Ended December 31, 2018 2017 2016 US and Utilities SBU $ 4,230 $ 4,162 $ 4,330 South America SBU 3,533 3,252 2,956 MCAC SBU 1,728 1,519 1,274 Eurasia SBU 1,255 1,590 1,670 Corporate and Other 41 35 77 Eliminations (51 ) (28 ) (26 ) Total Revenue $ 10,736 $ 10,530 $ 10,281 Reconciliation from Income from Continuing Operations before Taxes and Equity in Earnings of Affiliates: Total Adjusted PTC Year Ended December 31, 2018 2017 2016 Income from continuing operations before taxes and equity in earnings of affiliates $ 2,018 $ 771 $ 187 Add: Net equity earnings in affiliates 39 71 36 Less: Income from continuing operations before taxes, attributable to noncontrolling interests (509 ) (521 ) (354 ) Pre-tax contribution 1,548 321 (131 ) Unrealized derivative losses (gains) 33 (3 ) (9 ) Unrealized foreign currency losses (gains) 51 (59 ) 22 Disposition/acquisition losses (gains) (934 ) 123 6 Impairment expense 307 542 933 Loss on extinguishment of debt 180 62 29 Restructuring costs — 31 — Total Adjusted PTC $ 1,185 $ 1,017 $ 850 Total Adjusted PTC Year Ended December 31, 2018 2017 2016 US and Utilities SBU $ 511 $ 424 $ 392 South America SBU 519 446 428 MCAC SBU 300 277 222 Eurasia SBU 222 290 283 Corporate, Other and Eliminations (367 ) (420 ) (475 ) Total Adjusted PTC $ 1,185 $ 1,017 $ 850 Total Assets Depreciation and Amortization Capital Expenditures Year Ended December 31, 2018 2017 2016 2018 2017 2016 2018 2017 2016 US and Utilities SBU $ 12,286 $ 11,548 $ 10,815 $ 449 $ 487 $ 519 $ 1,373 $ 905 $ 858 South America SBU 10,941 11,126 10,487 300 301 251 662 477 569 MCAC SBU 4,462 4,087 3,680 141 122 117 302 435 431 Eurasia SBU 4,538 6,002 5,777 99 127 149 51 — 211 — 279 Discontinued operations — 86 4,936 — 123 128 — 315 303 Corporate, Other and Eliminations 294 263 429 14 9 12 8 13 18 Total $ 32,521 $ 33,112 $ 36,124 $ 1,003 $ 1,169 $ 1,176 $ 2,396 $ 2,356 $ 2,458 Interest Income Interest Expense Year Ended December 31, 2018 2017 2016 2018 2017 2016 US and Utilities SBU $ 10 $ 5 $ 4 $ 287 $ 315 $ 299 South America SBU 92 95 95 283 297 247 MCAC SBU 20 13 7 124 111 100 Eurasia SBU 186 130 139 145 167 179 Corporate, Other and Eliminations 2 1 — 217 280 309 Total $ 310 $ 244 $ 245 $ 1,056 $ 1,170 $ 1,134 Investments in and Advances to Affiliates Net Equity in Earnings of Affiliates Year Ended December 31, 2018 2017 2016 2018 2017 2016 US and Utilities SBU $ 538 $ 535 $ 23 $ 35 $ 41 $ 9 South America SBU 213 358 363 15 28 15 MCAC SBU 5 (5 ) (1 ) (7 ) (4 ) (2 ) Eurasia SBU 293 307 236 14 9 13 Corporate, Other and Eliminations 65 2 — (18 ) (3 ) 1 Total $ 1,114 $ 1,197 $ 621 $ 39 $ 71 $ 36 |
Revenue And PP&E By Country | The following table presents information, by country, about the Company's consolidated operations for each of the three years ended December 31, 2018 , 2017 , and 2016 , and as of December 31, 2018 and 2017 (in millions). Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located. Total Revenue Property, Plant & Equipment, net Year Ended December 31, 2018 2017 2016 2018 2017 United States (1) $ 3,462 $ 3,487 $ 3,790 $ 8,731 $ 7,968 Non-U.S.: Chile 2,087 1,944 1,707 5,453 5,066 Dominican Republic 884 826 614 903 935 El Salvador 768 686 601 334 340 Brazil 527 541 450 1,287 1,286 Argentina 487 435 359 234 223 Panama 438 338 312 1,777 1,615 Colombia 428 332 437 302 332 Bulgaria 426 367 334 1,183 1,290 Mexico 399 352 342 666 687 United Kingdom 390 328 337 90 108 Vietnam (2) 245 278 340 2 2 Jordan 95 95 136 418 431 Philippines (3) 93 449 401 — — Kazakhstan — 67 103 — — Other Non-U.S. 7 5 18 16 13 Total Non-U.S. 7,274 7,043 6,491 12,665 12,328 Total $ 10,736 $ 10,530 $ 10,281 $ 21,396 $ 20,296 _____________________________ (1) Includes Puerto Rico revenues of $257 million , $247 million and $301 million for the years ended December 31, 2018, 2017 and 2016, respectively, and property, plant & equipment of $553 million and $565 million as of December 31, 2018 and 2017, respectively. (2) The Mong Duong II power project is operated under a build, operate and transfer contract. Future expected payments for the construction performance obligation are recognized in Loan receivable on the Consolidated Balance Sheets. See Note 18— Revenue for further information. (3) The Masinloc property, plant and equipment was classified as held-for-sale as of December 31, 2017, and deconsolidated upon completion of the sale in March 2018. See Note 23— Held-For-Sale and Dispositions |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share Based Compensation Summary of Financial Statement Components Restricted Stock Units Without Market Conditions | The following table summarizes the components of the Company's stock-based compensation related to its employee RSUs recognized in the Company's consolidated financial statements (in millions): December 31, 2018 2017 2016 RSU expense before income tax $ 11 $ 17 $ 14 Tax benefit (2 ) (4 ) (4 ) RSU expense, net of tax $ 9 $ 13 $ 10 Total value of RSUs converted (1) $ 10 $ 10 $ 7 Total fair value of RSUs vested $ 16 $ 15 $ 13 _____________________________ (1) |
Schedule of Share Based Compensation Restricted Stock Units Without Market Conditions Activity Table | A summary of the activity of RSUs for the year ended December 31, 2018 follows (RSUs in thousands): RSUs Weighted Average Grant Date Fair Values Weighted Average Remaining Vesting Term Nonvested at December 31, 2017 2,966 $ 11.02 Vested (1,428 ) 11.05 Forfeited and expired (528 ) 10.95 Granted 913 10.55 Nonvested at December 31, 2018 1,923 $ 10.80 1.4 Vested and expected to vest at December 31, 2018 1,782 $ 10.79 |
Schedule of Share Based Compensation Restricted Stock Units Without Market Condition Vested And Converted | The following table summarizes the RSUs that vested and were converted during the periods indicated (RSUs in thousands): Year Ended December 31, 2018 2017 2016 RSUs vested during the year 1,428 1,337 1,063 RSUs converted during the year, net of shares withheld for taxes 950 865 705 Shares withheld for taxes 478 472 358 |
Redeemable Stock of Subsidiar_2
Redeemable Stock of Subsidiaries Redeemable Stock of Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | The following table summarizes the Company's redeemable stock of subsidiaries balances as of the periods indicated (in millions): December 31, 2018 2017 IPALCO common stock $ 618 $ 618 Colon quotas (1) 201 159 IPL preferred stock 60 60 Total redeemable stock of subsidiaries $ 879 $ 837 _____________________________ (1) December 31, 2018 2017 Balance at the beginning of the period $ 837 $ 782 Contributions from holders of redeemable stock of subsidiaries 34 50 Net income (loss) attributable to redeemable stock of subsidiaries 2 (14 ) Fair value adjustment 4 25 Other comprehensive income (loss) attributable to redeemable stock of subsidiaries 2 (2 ) Acquisition and reclassification of stock of subsidiaries — (4 ) Balance at the end of the period $ 879 $ 837 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents our revenue from contracts with customers and other revenue for the year ended December 31, 2018 (in millions): Year Ended December 31, 2018 US and Utilities SBU South America SBU MCAC SBU Eurasia SBU Corporate, Other and Eliminations Total Regulated Revenue Revenue from contracts with customers $ 2,885 $ — $ — $ — $ — $ 2,885 Other regulated revenue 54 — — — — 54 Total regulated revenue $ 2,939 $ — $ — $ — $ — $ 2,939 Non-Regulated Revenue Revenue from contracts with customers $ 972 $ 3,529 $ 1,642 $ 943 $ (11 ) $ 7,075 Other non-regulated revenue (1) 319 4 86 312 1 722 Total non-regulated revenue $ 1,291 $ 3,533 $ 1,728 $ 1,255 $ (10 ) $ 7,797 Total revenue $ 4,230 $ 3,533 $ 1,728 $ 1,255 $ (10 ) $ 10,736 _____________________________ (1) |
Other Income and Expense (Table
Other Income and Expense (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Components of Other Income | The components are summarized as follows (in millions): Year Ended December 31, 2018 2017 2016 Gain on remeasurement of contingent consideration (1) $ 32 $ — $ — Allowance for funds used during construction (US Utilities) 8 26 29 Gain on sale of assets 4 1 4 Legal settlements (2) — 60 — Other 28 33 31 Total other income $ 72 $ 120 $ 64 |
Components of Other Expense | The components are summarized as follows (in millions): Year Ended December 31, 2018 2017 2016 Loss on sale and disposal of assets (1) $ 30 $ 28 $ 12 Non-service pension and other postretirement costs 10 1 3 Allowance for other receivables (2) 7 — 52 Water rights write-off — 19 6 Other 11 10 7 Total other expense $ 58 $ 58 $ 80 _____________________________ (1) In September 2018, the Company recorded a $20 million loss due to damage associated with a lightning incident at the Andres facility in the Dominican Republic. (2) |
Asset Impairment Expense (Table
Asset Impairment Expense (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset | Year ended December 31, (in millions) 2018 2017 2016 Shady Point $ 157 $ — $ — Nejapa 37 — — DPL — 175 859 Laurel Mountain — 121 — Kazakhstan Hydroelectric — 92 — Kazakhstan CHPs — 94 — Kilroot — 37 — Buffalo Gap II — — 159 Buffalo Gap I — — 77 Other 14 18 1 Total $ 208 $ 537 $ 1,096 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income from Continuing Operations before taxes and equity in earnings of affiliates [Table Text Block] | The following table shows the income (loss) from continuing operations, before income taxes, net equity in earnings of affiliates and noncontrolling interests, for the periods indicated (in millions): December 31, 2018 2017 2016 U.S. $ (218 ) $ (511 ) $ (1,305 ) Non-U.S. 2,236 1,282 1,492 Total $ 2,018 $ 771 $ 187 |
Income Tax Expense On Continuing Operations | The following table summarizes the expense for income taxes on continuing operations for the periods indicated (in millions): December 31, 2018 2017 2016 Federal: Current $ 7 $ — $ 2 Deferred 186 545 (361 ) State: Current 2 — 1 Deferred 5 1 (4 ) Foreign: Current 378 335 318 Deferred 130 109 76 Total $ 708 $ 990 $ 32 |
Reconciliation Of US Federal Income Tax Rates And AES Effective Tax Rate For The Current And Two Prior Years | The following table summarizes a reconciliation of the U.S. statutory federal income tax rate to the Company's effective tax rate as a percentage of income from continuing operations before taxes for the periods indicated: December 31, 2018 2017 2016 Statutory Federal tax rate 21 % 35 % 35 % State taxes, net of Federal tax benefit 2 % (7 )% (18 )% Taxes on foreign earnings 9 % — % (46 )% Valuation allowance (2 )% 10 % 10 % Uncertain tax positions — % — % 4 % Noncontrolling Interest on Buffalo Gap impairments — % — % 31 % Change in tax law 6 % 90 % 12 % Other—net (1 )% — % (11 )% Effective tax rate 35 % 128 % 17 % |
Schedule Of Income Tax Payable And Receivable | The following table summarizes the income taxes receivable and payable as of the periods indicated (in millions): December 31, 2018 2017 Income taxes receivable—current $ 163 $ 147 Income taxes receivable—noncurrent 8 — Total income taxes receivable $ 171 $ 147 Income taxes payable—current $ 210 $ 129 Income taxes payable—noncurrent 7 17 Total income taxes payable $ 217 $ 146 |
Summary Of Deferred Tax Assets And Liabilities | The following table summarizes deferred tax assets and liabilities, as of the periods indicated (in millions): December 31, 2018 2017 Differences between book and tax basis of property $ (1,418 ) $ (1,424 ) Other taxable temporary differences (243 ) (143 ) Total deferred tax liability (1,661 ) (1,567 ) Operating loss carryforwards 1,066 1,439 Capital loss carryforwards 52 63 Bad debt and other book provisions 62 66 Tax credit carryforwards 55 51 Other deductible temporary differences 111 60 Total gross deferred tax asset 1,346 1,679 Less: valuation allowance (868 ) (988 ) Total net deferred tax asset 478 691 Net deferred tax (liability) $ (1,183 ) $ (876 ) |
Uncertain Tax Positions [Table Text Block] | The following table shows the total amount of gross accrued income taxes related to interest and penalties included in the Consolidated Balance Sheets for the periods indicated (in millions): December 31, 2018 2017 Interest related $ 4 $ 7 Penalties related — — The following table shows the expense/(benefit) related to interest and penalties on unrecognized tax benefits for the periods indicated (in millions): December 31, 2018 2017 2016 Total expense (benefit) for interest related to unrecognized tax benefits $ (3 ) $ 1 $ 2 Total expense for penalties related to unrecognized tax benefits — — — |
Tax Years Potentially Subject To Examination And Jurisdictions | The following is a summary of tax years potentially subject to examination in the significant tax and business jurisdictions in which we operate: Jurisdiction Tax Years Subject to Examination Argentina 2012-2018 Brazil 2013-2018 Chile 2015-2018 Colombia 2016-2018 Dominican Republic 2016-2018 El Salvador 2016-2018 Netherlands 2014-2018 Panama 2015-2018 United Kingdom 2012-2018 United States (Federal) 2015-2018 |
Unrecognized Tax Benefits | The following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the periods indicated (in millions): 2018 2017 2016 Balance at January 1 $ 348 $ 352 $ 364 Additions for current year tax positions 2 — 2 Additions for tax positions of prior years 146 2 1 Reductions for tax positions of prior years (26 ) (5 ) (1 ) Settlements — — (13 ) Lapse of statute of limitations (7 ) (1 ) (1 ) Balance at December 31 $ 463 $ 348 $ 352 |
Discontinued Operations and Hel
Discontinued Operations and Held-For-Sale Businesses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table summarizes the carrying amounts of the major classes of assets and liabilities of discontinued operations at December 31, 2017 : (in millions) December 31, 2017 Assets of discontinued operations and held-for-sale businesses: Investments in and advances to affiliates (1) $ 86 Total assets of discontinued operations 86 Other assets of businesses classified as held-for-sale (2) 1,948 Total assets of discontinued operations and held-for-sale businesses $ 2,034 Liabilities of discontinued operations and held-for-sale businesses: Other liabilities of businesses classified as held-for-sale (2) 1,033 Total liabilities of discontinued operations and held-for-sale businesses $ 1,033 _____________________________ (1) Represents the Company's 17% ownership interest in Eletropaulo. (2) Masinloc, Eletrica Santiago, and the DPL peaker assets were classified as held-for-sale as of December 31, 2017. See Note 23 — Held-for-Sale and Dispositions losses from discontinued operations for the periods indicated (in millions): December 31, 2017 2016 Income (loss) from discontinued operations, net of tax: Revenue — regulated $ 3,320 $ 4,036 Cost of sales (3,151 ) (3,954 ) Other income and expense items that are not major (1) (166 ) (160 ) Income (loss) from operations of discontinued businesses 3 (78 ) Loss from disposal and impairments of discontinued businesses (611 ) (1,385 ) Income (loss) from discontinued operations (608 ) (1,463 ) Less: Net income attributable to noncontrolling interests (25 ) (142 ) Income (loss) from discontinued operations attributable to The AES Corporation (633 ) (1,605 ) Income tax benefit (expense) (21 ) 495 Loss from discontinued operations, net of tax $ (654 ) $ (1,110 ) _____________________________ (1) Year Ended December 31, 2018 2017 2016 Masinloc $ 9 $ 103 $ 103 Stuart and Killen (1)(2) 77 17 — DPL peaker assets 7 17 20 Zimmer and Miami Fort — 26 (14 ) Kazakhstan Hydroelectric — 33 34 Kazakhstan CHPs — 13 12 Other 14 9 11 Total $ 107 $ 218 $ 166 _____________________________ (1) The Company entered into contracts to buy back all open capacity years for Stuart and Killen at prices lower than the PJM capacity revenue prices. As such, the Company continues to earn capacity margin. (2) Reductions in the asset retirement obligations for ash ponds and landfills at Stuart and Killen in 2018 resulted in a $32 million reduction to cost of sales. See Note 3 — Property, Plant and Equipment |
Operating and Investing cash flow impact for discontinued operations [Table Text Block] | The following table summarizes the operating and investing cash flows from discontinued operations for the periods indicated (in millions): December 31, 2017 2016 Cash flows provided by operating activities of discontinued operations $ 164 $ 529 Cash flows used in investing activities of discontinued operations (288 ) (368 ) |
Held-For-Sale Businesses and Di
Held-For-Sale Businesses and Dispositions Held-For-Sale Businesses and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Held-For-Sale Businesses and Dispositions [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table summarizes the carrying amounts of the major classes of assets and liabilities of discontinued operations at December 31, 2017 : (in millions) December 31, 2017 Assets of discontinued operations and held-for-sale businesses: Investments in and advances to affiliates (1) $ 86 Total assets of discontinued operations 86 Other assets of businesses classified as held-for-sale (2) 1,948 Total assets of discontinued operations and held-for-sale businesses $ 2,034 Liabilities of discontinued operations and held-for-sale businesses: Other liabilities of businesses classified as held-for-sale (2) 1,033 Total liabilities of discontinued operations and held-for-sale businesses $ 1,033 _____________________________ (1) Represents the Company's 17% ownership interest in Eletropaulo. (2) Masinloc, Eletrica Santiago, and the DPL peaker assets were classified as held-for-sale as of December 31, 2017. See Note 23 — Held-for-Sale and Dispositions losses from discontinued operations for the periods indicated (in millions): December 31, 2017 2016 Income (loss) from discontinued operations, net of tax: Revenue — regulated $ 3,320 $ 4,036 Cost of sales (3,151 ) (3,954 ) Other income and expense items that are not major (1) (166 ) (160 ) Income (loss) from operations of discontinued businesses 3 (78 ) Loss from disposal and impairments of discontinued businesses (611 ) (1,385 ) Income (loss) from discontinued operations (608 ) (1,463 ) Less: Net income attributable to noncontrolling interests (25 ) (142 ) Income (loss) from discontinued operations attributable to The AES Corporation (633 ) (1,605 ) Income tax benefit (expense) (21 ) 495 Loss from discontinued operations, net of tax $ (654 ) $ (1,110 ) _____________________________ (1) Year Ended December 31, 2018 2017 2016 Masinloc $ 9 $ 103 $ 103 Stuart and Killen (1)(2) 77 17 — DPL peaker assets 7 17 20 Zimmer and Miami Fort — 26 (14 ) Kazakhstan Hydroelectric — 33 34 Kazakhstan CHPs — 13 12 Other 14 9 11 Total $ 107 $ 218 $ 166 _____________________________ (1) The Company entered into contracts to buy back all open capacity years for Stuart and Killen at prices lower than the PJM capacity revenue prices. As such, the Company continues to earn capacity margin. (2) Reductions in the asset retirement obligations for ash ponds and landfills at Stuart and Killen in 2018 resulted in a $32 million reduction to cost of sales. See Note 3 — Property, Plant and Equipment |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 from continuing operations for the years ended December 31, 2018 , 2017 and 2016 , where income represents the numerator and weighted-average shares represent the denominator. Year Ended December 31, 2018 2017 2016 (in millions, except per share data) Income Shares $ per Share Loss Shares $ per Share Loss Shares $ per Share BASIC EARNINGS (LOSS) PER SHARE Income (loss) from continuing operations attributable to The AES Corporation common stockholders (1) $ 985 662 $ 1.49 $ (507 ) 660 $ (0.77 ) $ (25 ) 660 $ (0.04 ) EFFECT OF DILUTIVE SECURITIES Restricted stock units — 3 (0.01 ) — — — — — — DILUTED EARNINGS (LOSS) PER SHARE $ 985 665 $ 1.48 $ (507 ) 660 $ (0.77 ) $ (25 ) 660 $ (0.04 ) _____________________________ (1) Loss from continuing operations, net of tax, of $20 million less the $5 million adjustment to retained earnings to record the DP&L redeemable preferred stock at its redemption value as of December 31, 2016 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The Company's Consolidated Statements of Operations included the following transactions with related parties for the periods indicated (in millions): Years Ended December 31, 2018 2017 2016 Revenue—Non-Regulated $ 1,533 $ 1,297 $ 1,100 Cost of Sales—Non-Regulated 342 220 210 Interest income 14 8 4 Interest expense 54 36 39 |
Schedule of Related Party Receivables Payables | The following table summarizes the balances receivable from and payable to related parties included in the Company's Consolidated Balance Sheets as of the periods indicated (in millions): December 31, 2018 2017 Receivables from related parties $ 371 $ 250 Accounts and notes payable to related parties 754 727 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following tables summarize the unaudited quarterly Condensed Consolidated Statements of Operations for the Company for 2018 and 2017 (amounts in millions, except per share data). Amounts have been restated to reflect discontinued operations in all periods presented and reflect all adjustments necessary in the opinion of management for a fair statement of the results for interim periods. Quarter Ended 2018 Mar 31 Jun 30 Sep 30 Dec 31 Revenue $ 2,740 $ 2,537 $ 2,837 $ 2,622 Operating margin 656 600 671 646 Income from continuing operations, net of tax (1) 778 224 192 155 Income (loss) from discontinued operations, net of tax (2) (1 ) 192 (1 ) 26 Net income $ 777 $ 416 $ 191 $ 181 Net income attributable to The AES Corporation $ 684 $ 290 $ 101 $ 128 Basic earnings per share: Income from continuing operations attributable to The AES Corporation common stockholders, net of tax $ 1.04 $ 0.15 $ 0.15 $ 0.15 Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax — 0.29 — 0.04 Net income attributable to The AES Corporation common stockholders $ 1.04 $ 0.44 $ 0.15 $ 0.19 Diluted earnings per share: Income from continuing operations attributable to The AES Corporation common stockholders, net of tax $ 1.03 $ 0.15 $ 0.15 $ 0.15 Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax — 0.29 — 0.04 Net income attributable to The AES Corporation common stockholders $ 1.03 $ 0.44 $ 0.15 $ 0.19 Dividends declared per common share $ 0.13 $ — $ 0.13 $ 0.27 Quarter Ended 2017 Mar 31 Jun 30 Sep 30 Dec 31 Revenue $ 2,581 $ 2,613 $ 2,693 $ 2,643 Operating margin 557 623 640 645 Income (loss) from continuing operations, net of tax (3) 97 142 235 (622 ) Income (loss) from discontinued operations, net of tax (4) 1 8 26 (664 ) Net income (loss) $ 98 $ 150 $ 261 $ (1,286 ) Net income (loss) attributable to The AES Corporation $ (24 ) $ 53 $ 152 $ (1,342 ) Basic earnings (loss) per share: Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax $ (0.04 ) $ 0.08 $ 0.22 $ (1.03 ) Income (loss) from discontinued operations attributable to The AES Corporation common stockholders, net of tax — — 0.01 (1.00 ) Net income (loss) attributable to The AES Corporation common stockholders $ (0.04 ) $ 0.08 $ 0.23 $ (2.03 ) Diluted earnings per share: Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax $ (0.04 ) $ 0.08 $ 0.22 $ (1.03 ) Income (loss) from discontinued operations attributable to The AES Corporation common stockholders, net of tax — — 0.01 (1.00 ) Net income (loss) attributable to The AES Corporation common stockholders $ (0.04 ) $ 0.08 $ 0.23 $ (2.03 ) Dividends declared per common share $ 0.12 $ — $ 0.12 $ 0.25 _____________________________ (1) Includes pre-tax gains on sales of business interests of $788 million , $89 million and $128 million , in the first, second and fourth quarters of 2018 , respectively, and pre-tax losses of $21 million in the third quarter of 2018 (See Note 23 — Held-for-Sale and Dispositions ), pre-tax impairment expense of $92 million , $74 million and $42 million , in the second, third and fourth quarters of 2018 , respectively (See Note 20 — Asset Impairment Expense ), other-than-temporary impairment of Guacolda of $144 million in the fourth quarter of 2018 (See Note 7 — Investments in and Advances to Affiliates ), SAB 118 charges to finalize the provisional estimate of one-time transition tax on foreign earnings of $33 million and $161 million in the third and fourth quarters of 2018 , respectively, and a SAB 118 income tax benefit to finalize the provisional estimate of remeasurement of deferred tax assets and liabilities to the lower corporate tax rate of $77 million in the fourth quarter of 2018 (See Note 21 — Income Taxes ). (2) Includes gain on sale of Eletropaulo of $199 million in the second quarter of 2018 (See Note 22 — Discontinued Operations ). (3) Includes provisional tax expense related to a one-time transition tax on foreign earnings of $675 million and the remeasurement of deferred tax assets and liabilities to the lower corporate tax rate of $39 million in the fourth quarter of 2017 (See Note 21 — Income Taxes ), pre-tax impairment expense of $168 million , $90 million and $277 million , in the first, second and fourth quarters of 2017 , respectively (See Note 20 — Asset Impairment Expense ), and pre-tax losses on sales of business interests of $48 million in second quarter of 2017 (See Note 23 — Held-for-Sale and Dispositions ). (4) Includes loss on deconsolidation of Eletropaulo of $611 million in the fourth quarter of 2017 (See Note 22 — Discontinued Operations |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information of Parent (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Details [Line Items] | |
Schedule of Recourse Debt Detail | The following table summarizes the carrying amount and terms of recourse debt of the Company as of the periods indicated (in millions): Interest Rate Final Maturity December 31, 2018 December 31, 2017 Senior Unsecured Note 8.00% 2020 $ — $ 228 Senior Unsecured Note 4.00% 2021 500 — Senior Unsecured Note 7.38% 2021 — 690 Drawings on secured credit facility LIBOR + 2.00% 2021 — 207 Senior Secured Term Loan LIBOR + 1.75% 2022 366 521 Senior Unsecured Note 4.88% 2023 713 713 Senior Unsecured Note 4.50% 2023 500 — Senior Unsecured Note 5.50% 2024 63 738 Senior Unsecured Note 5.50% 2025 544 573 Senior Unsecured Note 6.00% 2026 500 500 Senior Unsecured Note 5.13% 2027 500 500 Unamortized (discount) premium & debt issuance (costs), net (31 ) (40 ) Subtotal $ 3,655 $ 4,630 Less: Current maturities (5 ) (5 ) Noncurrent maturities $ 3,650 $ 4,625 December 31, Interest Rate Maturity 2018 2017 Senior Unsecured Note 8.00% 2020 $ — $ 228 Senior Unsecured Note 7.38% 2021 — 690 Drawings on secured credit facility LIBOR + 2.00% 2021 — 207 Senior Unsecured Note 4.00% 2021 500 — Senior Secured Term Loan LIBOR + 1.75% 2022 366 521 Senior Unsecured Note 4.50% 2023 500 — Senior Unsecured Note 4.88% 2023 713 713 Senior Unsecured Note 5.50% 2024 63 738 Senior Unsecured Note 5.50% 2025 544 573 Senior Unsecured Note 6.00% 2026 500 500 Senior Unsecured Note 5.13% 2027 500 500 Unamortized (discounts)/premiums & debt issuance (costs) (31 ) (40 ) Subtotal $ 3,655 $ 4,630 Less: Current maturities (5 ) (5 ) Total $ 3,650 $ 4,625 |
Junior Subordinated Notes Payable | December 31, Interest Rate Maturity 2018 2017 Senior Unsecured Note 8.00% 2020 $ — $ 228 Senior Unsecured Note 7.38% 2021 — 690 Drawings on secured credit facility LIBOR + 2.00% 2021 — 207 Senior Unsecured Note 4.00% 2021 500 — Senior Secured Term Loan LIBOR + 1.75% 2022 366 521 Senior Unsecured Note 4.50% 2023 500 — Senior Unsecured Note 4.88% 2023 713 713 Senior Unsecured Note 5.50% 2024 63 738 Senior Unsecured Note 5.50% 2025 544 573 Senior Unsecured Note 6.00% 2026 500 500 Senior Unsecured Note 5.13% 2027 500 500 Unamortized (discounts)/premiums & debt issuance (costs) (31 ) (40 ) Subtotal $ 3,655 $ 4,630 Less: Current maturities (5 ) (5 ) Total $ 3,650 $ 4,625 |
Future Maturities of Debt | The following table summarizes the principal amounts due under our recourse debt for the next five years and thereafter (in millions): December 31, Net Principal Amounts Due 2019 $ 5 2020 5 2021 505 2022 350 2023 1,213 Thereafter 1,608 Unamortized (discount) premium & debt issuance (costs), net (31 ) Total recourse debt $ 3,655 2018 scheduled maturities are presented in the following table (in millions): December 31, Annual Maturities 2019 $ 5 2020 5 2021 505 2022 350 2023 1,213 Thereafter 1,608 Unamortized (discount)/premium & debt issuance (costs) (31 ) Total debt $ 3,655 |
General and Summary of Signif_4
General and Summary of Significant Accounting Policies (Finite Lived Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 1 year |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 50 years |
General and Summary of Signif_5
General and Summary of Significant Accounting Policies New Accounting Pronouncements Adopted (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | Jan. 01, 2018 | Dec. 31, 2015 | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||
Operating Lease, Right-of-Use Asset | $ 300 | ||||||||||||||||||||
Revenues | $ 2,622 | $ 2,837 | $ 2,537 | $ 2,740 | $ 2,643 | $ 2,693 | $ 2,613 | $ 2,581 | $ 10,736 | $ 10,530 | $ 10,281 | ||||||||||
Cost of Goods and Services Sold | (8,163) | (8,065) | (7,898) | ||||||||||||||||||
Gross Profit | 646 | 671 | 600 | 656 | 645 | 640 | 623 | 557 | 2,573 | 2,465 | 2,383 | ||||||||||
Interest income | 310 | 244 | 245 | ||||||||||||||||||
Other Income | 72 | 120 | 64 | ||||||||||||||||||
Other Assets, Current | 807 | 630 | 807 | 630 | $ 691 | ||||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 97 | 130 | 97 | 130 | 106 | ||||||||||||||||
Service Concession Assets | 0 | 1,360 | 0 | 1,360 | 0 | ||||||||||||||||
Notes, Loans and Financing Receivable, Gross, Noncurrent | 1,423 | 0 | 1,423 | 0 | 1,490 | ||||||||||||||||
Assets | 32,521 | 33,112 | 32,521 | 33,112 | 36,124 | ||||||||||||||||
Retained Earnings (Accumulated Deficit) | (1,005) | (2,276) | (1,005) | (2,276) | (2,209) | ||||||||||||||||
Cash and Cash Equivalents, at Carrying Value | 1,166 | 949 | 1,166 | 949 | |||||||||||||||||
Restricted Cash and Cash Equivalents, Current | 370 | 274 | 370 | 274 | |||||||||||||||||
Other Comprehensive Income (Loss), Effect of Change in Accounting Principle, Net of Taxes | (151) | 919 | 1,036 | ||||||||||||||||||
Debt service reserves and other deposits | 467 | 565 | 467 | 565 | |||||||||||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 2,003 | 1,788 | 2,003 | 1,788 | 1,960 | $ 1,951 | |||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,071) | (1,876) | (2,071) | (1,876) | (2,756) | (1,857) | |||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 2,396 | 2,380 | 2,396 | 2,380 | 2,461 | ||||||||||||||||
Liabilities and Equity | 32,521 | 33,112 | 32,521 | 33,112 | |||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 2,018 | 771 | 187 | ||||||||||||||||||
Income (Loss) from Continuing Operations, net of Tax | 155 | [1] | 192 | [1] | 224 | [1] | 778 | [1] | (622) | [2] | 235 | 142 | [2] | 97 | [2] | 1,349 | (148) | 191 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 181 | 191 | 416 | 777 | (1,286) | 261 | 150 | 98 | 1,565 | (777) | (777) | ||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | 128 | $ 101 | $ 290 | $ 684 | (1,342) | $ 152 | $ 53 | $ (24) | 1,203 | $ (1,161) | $ (1,130) | ||||||||||
Balance Without the Adoption of ASC 606 [Member] | |||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||
Revenues | 10,800 | ||||||||||||||||||||
Cost of Goods and Services Sold | (8,207) | ||||||||||||||||||||
Gross Profit | 2,593 | ||||||||||||||||||||
Interest income | 252 | ||||||||||||||||||||
Other Income | 70 | ||||||||||||||||||||
Other Assets, Current | 741 | 741 | |||||||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 122 | 122 | |||||||||||||||||||
Service Concession Assets | 1,261 | 1,261 | |||||||||||||||||||
Notes, Loans and Financing Receivable, Gross, Noncurrent | 0 | 0 | |||||||||||||||||||
Assets | 32,318 | 32,318 | |||||||||||||||||||
Retained Earnings (Accumulated Deficit) | (1,112) | (1,112) | |||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,088) | (2,088) | |||||||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 2,317 | 2,317 | |||||||||||||||||||
Liabilities and Equity | 32,318 | 32,318 | |||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 1,978 | ||||||||||||||||||||
Income (Loss) from Continuing Operations, net of Tax | 1,309 | ||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 1,525 | ||||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | 1,163 | ||||||||||||||||||||
ASC 606 Impact [Member] | |||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||
Revenues | (64) | ||||||||||||||||||||
Cost of Goods and Services Sold | 44 | ||||||||||||||||||||
Gross Profit | (20) | ||||||||||||||||||||
Interest income | 58 | ||||||||||||||||||||
Other Income | 2 | ||||||||||||||||||||
Other Assets, Current | 66 | 66 | 61 | ||||||||||||||||||
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | (25) | (25) | (24) | ||||||||||||||||||
Service Concession Assets | (1,261) | (1,261) | (1,360) | ||||||||||||||||||
Notes, Loans and Financing Receivable, Gross, Noncurrent | 1,423 | 1,423 | 1,490 | ||||||||||||||||||
Assets | 203 | 203 | |||||||||||||||||||
Retained Earnings (Accumulated Deficit) | 107 | 107 | 67 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 17 | 17 | 19 | ||||||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 79 | 79 | $ 81 | ||||||||||||||||||
Liabilities and Equity | $ 203 | 203 | |||||||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 40 | ||||||||||||||||||||
Income (Loss) from Continuing Operations, net of Tax | 40 | ||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 40 | ||||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ 40 | ||||||||||||||||||||
Other Expense [Member] | Accounting Standards Update 2017-07 [Member] | |||||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Description of Prior-period Information Retrospectively Adjusted | 1 | 3 | |||||||||||||||||||
Inc (Dec) in Cash provided by Operating Actitvities [Domain] | Accounting Standards Update 2016-18 [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 | 15 | $ 15 | $ 13 | ||||||||||||||||||
Dec (Inc) In Net Cash Used by Investing Activities [Domain] | Accounting Standards Update 2016-18 [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 | 150 | 150 | (28) | ||||||||||||||||||
Dec (Inc) In Net Cash Used by Financing Activities [Domain] | Accounting Standards Update 2016-18 [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 | $ 0 | $ 0 | $ 0 | ||||||||||||||||||
[1] | Includes pre-tax gains on sales of business interests of $788 million , $89 million and $128 million , in the first, second and fourth quarters of 2018 , respectively, and pre-tax losses of $21 million in the third quarter of 2018 (See Note 23 — Held-for-Sale and Dispositions ), pre-tax impairment expense of $92 million , $74 million and $42 million , in the second, third and fourth quarters of 2018 , respectively (See Note 20 — Asset Impairment Expense ), other-than-temporary impairment of Guacolda of $144 million in the fourth quarter of 2018 (See Note 7 — Investments in and Advances to Affiliates ), SAB 118 charges to finalize the provisional estimate of one-time transition tax on foreign earnings of $33 million and $161 million in the third and fourth quarters of 2018 , respectively, and a SAB 118 income tax benefit to finalize the provisional estimate of remeasurement of deferred tax assets and liabilities to the lower corporate tax rate of $77 million in the fourth quarter of 2018 (See Note 21 — Income Taxes | ||||||||||||||||||||
[2] | Includes provisional tax expense related to a one-time transition tax on foreign earnings of $675 million and the remeasurement of deferred tax assets and liabilities to the lower corporate tax rate of $39 million in the fourth quarter of 2017 (See Note 21 — Income Taxes ), pre-tax impairment expense of $168 million , $90 million and $277 million , in the first, second and fourth quarters of 2017 , respectively (See Note 20 — Asset Impairment Expense ), and pre-tax losses on sales of business interests of $48 million in second quarter of 2017 (See Note 23 — Held-for-Sale and Dispositions |
Inventory (Details)
Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Fuel and other raw materials | $ 300 | $ 284 |
Spare parts and supplies | 277 | 278 |
Total | $ 577 | $ 562 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Components of PP&E) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | $ 25,242 | $ 24,119 |
Accumulated depreciation | (8,227) | (7,942) |
Property, Plant and Equipment, Net | 17,015 | 16,177 |
Property Plant And Equipment Net Of Accumulated Depreciation Mortgaged Pledged Or Subject To Liens | 11,000 | 10,000 |
Electric generation and distribution facilities | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | $ 22,875 | 21,529 |
Electric generation and distribution facilities | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 7 years | |
Electric generation and distribution facilities | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 40 years | |
Other buildings | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | $ 1,651 | 1,971 |
Other buildings | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 5 years | |
Other buildings | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 72 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | $ 310 | 284 |
Furniture and Fixtures [Member] | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Furniture and Fixtures [Member] | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 25 years | |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | $ 406 | $ 335 |
Other | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 5 years | |
Other | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 44 years |
Property, Plant and Equipment_3
Property, Plant and Equipment (Depreciation Expense, Software Amortization and Capitalized Interest) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 960 | $ 1,005 | $ 1,002 |
Interest capitalized during development and construction | 199 | 139 | $ 118 |
Property plant and equipment, net of accumulated depreciation mortgaged, pledged or subject to liens | $ 11,000 | $ 10,000 |
Property, Plant and Equipment_4
Property, Plant and Equipment (Regulated and Non-Regulated Generation and Distribution PP&E) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | $ 25,242 | $ 24,119 |
Accumulated depreciation | (8,227) | (7,942) |
Net electric generation and distribution assets and other | 17,015 | 16,177 |
Regulated Operation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | 8,959 | 8,093 |
Accumulated depreciation | (3,504) | (3,357) |
Net electric generation and distribution assets and other | 5,455 | 4,736 |
Unregulated Operation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | 16,283 | 16,026 |
Accumulated depreciation | (4,723) | (4,585) |
Net electric generation and distribution assets and other | $ 11,560 | $ 11,441 |
Property, Plant and Equipment_5
Property, Plant and Equipment (Asset Retirement Obligations) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Asset Retirement Obligation, Revision of Estimate | $ 24 | $ 25 |
Beginning balance | 368 | 357 |
Additional liabilities incurred | 19 | 1 |
Asset Retirement Obligation, Other [Line Items] | 0 | (10) |
Liabilities settled | (14) | (21) |
Accretion expense | 18 | 16 |
Ending balance | 415 | $ 368 |
IPL Subsidiary [Member] | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Asset Retirement Obligation, Revision of Estimate | 55 | |
DPL Subsidiary [Member] | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Asset Retirement Obligation, Revision of Estimate | $ (32) |
Fair Value (Recurring Measureme
Fair Value (Recurring Measurements) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Gain (Loss) on Disposition of Business | $ 128 | $ (21) | $ 89 | $ 788 | $ (48) | $ 984 | $ (52) | $ 29 | |
Noncash or Part Noncash Acquisition, Debt Assumed | 119 | 0 | 0 | ||||||
Proceeds from Sale of Available-for-sale Securities | 1,403 | [1] | 1,398 | $ 1,726 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 578 | 578 | 780 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 257 | 257 | 315 | ||||||
Level 1 | |||||||||
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 | 20 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | 0 | ||||||
Level 2 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 355 | 355 | 515 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 116 | 116 | 163 | ||||||
Level 3 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 204 | 204 | 245 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 141 | 141 | 152 | ||||||
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 | 262 | 262 | 348 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 257 | 257 | 315 | ||||||
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, Liability Value | 3 | 3 | 20 | ||||||
Derivative [Member] | Interest rate derivatives | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 208 | 208 | 262 | ||||||
Derivative [Member] | Cross-currency derivatives | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 5 | 5 | 3 | ||||||
Derivative [Member] | Foreign currency derivatives | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 41 | 41 | 30 | ||||||
Derivative [Member] | Level 1 | |||||||||
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 Reconciliation, Recurring Basis, Liability Value | 0 | 0 | 0 | ||||||
Derivative [Member] | Level 1 | 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, Liability Value | 0 | 0 | 0 | ||||||
Derivative [Member] | Level 1 | Interest rate derivatives | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | 0 | ||||||
Derivative [Member] | Level 1 | Cross-currency derivatives | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | 0 | ||||||
Derivative [Member] | Level 1 | Foreign currency derivatives | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | 0 | ||||||
Derivative [Member] | Level 2 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 58 | 58 | 103 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 116 | 116 | 163 | ||||||
Derivative [Member] | Level 2 | 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, Liability Value | 3 | 3 | 19 | ||||||
Derivative [Member] | Level 2 | Interest rate derivatives | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 67 | 67 | 111 | ||||||
Derivative [Member] | Level 2 | Cross-currency derivatives | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 5 | 5 | 3 | ||||||
Derivative [Member] | Level 2 | Foreign currency derivatives | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 41 | 41 | 30 | ||||||
Derivative [Member] | Level 3 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 204 | 204 | 245 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 141 | 141 | 152 | ||||||
Derivative [Member] | Level 3 | 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, Liability Value | 0 | 0 | 1 | ||||||
Derivative [Member] | Level 3 | Interest rate derivatives | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 141 | 141 | 151 | ||||||
Derivative [Member] | Level 3 | Cross-currency derivatives | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | 0 | ||||||
Derivative [Member] | Level 3 | Foreign currency derivatives | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | 0 | ||||||
Other debt securities | 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 | 5 | 5 | 207 | ||||||
Other debt securities | Available-for-sale Securities [Member] | Level 1 | |||||||||
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 | ||||||
Other debt securities | Available-for-sale Securities [Member] | Level 2 | |||||||||
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 | 207 | ||||||
Other debt securities | Available-for-sale Securities [Member] | Level 3 | |||||||||
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 | ||||||
Commodity Contract [Member] | 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 | 10 | 10 | 35 | ||||||
Commodity Contract [Member] | Derivative [Member] | Level 1 | |||||||||
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 | ||||||
Commodity Contract [Member] | Derivative [Member] | Level 2 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 6 | 6 | 30 | ||||||
Commodity Contract [Member] | Derivative [Member] | Level 3 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 4 | 4 | 5 | ||||||
Certificates of Deposit [Member] | 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 | 243 | 243 | 153 | ||||||
Certificates of Deposit [Member] | Available-for-sale Securities [Member] | Level 1 | |||||||||
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 | ||||||
Certificates of Deposit [Member] | Available-for-sale Securities [Member] | Level 2 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 243 | 243 | 153 | ||||||
Certificates of Deposit [Member] | Available-for-sale Securities [Member] | Level 3 | |||||||||
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 | ||||||
Debt securities | 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 | 248 | 248 | 360 | ||||||
Debt securities | Available-for-sale Securities [Member] | Level 1 | |||||||||
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 | ||||||
Debt securities | Available-for-sale Securities [Member] | Level 2 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 248 | 248 | 360 | ||||||
Debt securities | Available-for-sale Securities [Member] | Level 3 | |||||||||
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 | ||||||
Equity Funds [Member] | 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 | 68 | 68 | 72 | ||||||
Equity Funds [Member] | Available-for-sale Securities [Member] | Level 1 | |||||||||
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 | 20 | ||||||
Equity Funds [Member] | Available-for-sale Securities [Member] | Level 2 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 49 | 49 | 52 | ||||||
Equity Funds [Member] | Available-for-sale Securities [Member] | Level 3 | |||||||||
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 | ||||||
Equity securities | 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 | 68 | 68 | 72 | ||||||
Equity securities | Available-for-sale Securities [Member] | Level 1 | |||||||||
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 | 20 | ||||||
Equity securities | Available-for-sale Securities [Member] | Level 2 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 49 | 49 | 52 | ||||||
Equity securities | Available-for-sale Securities [Member] | Level 3 | |||||||||
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 | ||||||
Foreign currency derivatives | 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 | 217 | 217 | 269 | ||||||
Foreign currency derivatives | Derivative [Member] | Level 1 | |||||||||
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 | ||||||
Foreign currency derivatives | Derivative [Member] | Level 2 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 18 | 18 | 29 | ||||||
Foreign currency derivatives | Derivative [Member] | Level 3 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 199 | 199 | 240 | ||||||
Cross-currency derivatives | 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 | 6 | 6 | 29 | ||||||
Cross-currency derivatives | Derivative [Member] | Level 1 | |||||||||
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 | ||||||
Cross-currency derivatives | Derivative [Member] | Level 2 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 6 | 6 | 29 | ||||||
Cross-currency derivatives | Derivative [Member] | Level 3 | |||||||||
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 | ||||||
Interest rate derivatives | 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 | 29 | 29 | 15 | ||||||
Interest rate derivatives | Derivative [Member] | Level 1 | |||||||||
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 | ||||||
Interest rate derivatives | Derivative [Member] | Level 2 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 28 | 28 | 15 | ||||||
Interest rate derivatives | Derivative [Member] | Level 3 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 1 | $ 1 | $ 0 | ||||||
[1] | Proceeds include $119 million of non-cash proceeds from non-convertible debentures at Guaimbê Solar Complex. See Note 24 |
Fair Value (Level 3 Reconciliat
Fair Value (Level 3 Reconciliation) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Assets Liabilities Value | $ 63 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 7 | $ 21 | |
Included in regulatory (assets) liabilities | 5 | 10 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (17) | (12) | |
Fair Value, Net Derivative Liability Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | (8) | (4) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 20 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers out of Level 3 | (9) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 63 | 93 | $ 81 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (13) | (7) | |
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, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 1 | (1) | |
Included in regulatory (assets) liabilities | 5 | 10 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 4 | 12 | |
Fair Value, Net Derivative Liability Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers out of Level 3 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 4 | 4 | 5 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (1) | 1 | |
Foreign Exchange 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, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 14 | (21) | |
Included in regulatory (assets) liabilities | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 27 | 36 | |
Fair Value, Net Derivative Liability Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers out of Level 3 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 199 | 240 | 255 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (41) | (15) | |
Interest Rate Contract | |||
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 Earnings | (22) | 1 | |
Included in regulatory (assets) liabilities | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (14) | (36) | |
Fair Value, Net Derivative Liability Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | (8) | (4) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 20 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers out of Level 3 | (9) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (140) | (151) | $ (179) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 29 | 7 | |
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) | (8) | (23) | |
Other comprehensive income - Derivative activity [Member] | 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, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |
Other comprehensive income - Derivative activity [Member] | Foreign Exchange 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, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |
Other comprehensive income - Derivative activity [Member] | Interest Rate Contract | |||
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) | $ 8 | $ 23 | |
Argentina, Pesos | Minimum [Member] | Foreign Exchange Contract [Member] | |||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Derivative, Forward Exchange Rate | 0.5269 | ||
Argentina, Pesos | Maximum [Member] | Foreign Exchange Contract [Member] | |||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Derivative, Forward Exchange Rate | 1.4256 | ||
Argentina, Pesos | Weighted Average [Member] | Foreign Exchange Contract [Member] | |||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Derivative, Forward Exchange Rate | 0.9610 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information) (Details) - Measurement Input, Entity Credit Risk [Member] - Interest Rate Contract | 12 Months Ended |
Dec. 31, 2018 | |
Minimum | |
Fair Value Inputs Quantitative Information [Line Items] | |
Fair Value Measurement Inputs, Nonrecurring | 2.00% |
Maximum | |
Fair Value Inputs Quantitative Information [Line Items] | |
Fair Value Measurement Inputs, Nonrecurring | 5.00% |
Weighted Average | |
Fair Value Inputs Quantitative Information [Line Items] | |
Fair Value Measurement Inputs, Nonrecurring | 4.00% |
Fair Value (Nonrecurring Measur
Fair Value (Nonrecurring Measurements) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2016 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | $ 42,000,000 | $ 74,000,000 | $ 92,000,000 | $ 277,000,000 | $ 90,000,000 | $ 168,000,000 | $ 208,000,000 | $ 537,000,000 | $ 1,096,000,000 | ||||
Other non-operating expense | 147,000,000 | 0 | 2,000,000 | ||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | (611,000,000) | $ (1,385,000,000) | |||||||||||
Shady Point [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 30,000,000 | 30,000,000 | |||||||||||
Nejapa [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 5,000,000 | 5,000,000 | |||||||||||
Sul Subsidiary [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 1,600,000,000 | ||||||||||||
Estimate of Fair Value Measurement [Member] | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 214,000,000 | 214,000,000 | |||||||||||
Long Lived Assets Held And Used [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | [1] | 18,000,000 | |||||||||||
Long Lived Assets Held And Used [Member] | DPL Peaking Generation [Domain] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 5,000,000 | 2,000,000 | 2,000,000 | ||||||||||
Long Lived Assets Held And Used [Member] | Laurel Mountain [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | [1] | 121,000,000 | |||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 33,000,000 | 33,000,000 | |||||||||||
Long Lived Assets Held And Used [Member] | Kilroot [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | [1] | 37,000,000 | |||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 20,000,000 | 20,000,000 | |||||||||||
Long Lived Assets Held And Used [Member] | DPL Subsidiary | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | [1] | 66,000,000 | |||||||||||
Long Lived Assets Held And Used [Member] | Buffalo Gap [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 36,000,000 | 36,000,000 | |||||||||||
Long Lived Assets Held And Used [Member] | buffalo gap II [Member] [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 92,000,000 | 92,000,000 | |||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Laurel Mountain [Member] | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Laurel Mountain [Member] | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Laurel Mountain [Member] | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 33,000,000 | 33,000,000 | ||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Kilroot [Member] | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Kilroot [Member] | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Kilroot [Member] | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 20,000,000 | 20,000,000 | ||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | DPL Subsidiary | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | DPL Subsidiary | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | DPL Subsidiary | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 5,000,000 | 11,000,000 | [1] | 5,000,000 | 11,000,000 | [1] | |||||||
Long Lived Assets Held And Used [Member] | Reported Value Measurement [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1],[2] | 18,000,000 | 18,000,000 | ||||||||||
Long Lived Assets Held And Used [Member] | Reported Value Measurement [Member] | Laurel Mountain [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1],[2] | 154,000,000 | 154,000,000 | ||||||||||
Long Lived Assets Held And Used [Member] | Reported Value Measurement [Member] | Kilroot [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1],[2] | 69,000,000 | 69,000,000 | ||||||||||
Long Lived Assets Held And Used [Member] | Reported Value Measurement [Member] | DPL Subsidiary | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1],[2] | $ 77,000,000 | $ 77,000,000 | ||||||||||
Long Lived Assets Held For Sale [Member] | Shady Point [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | [1] | 157,000,000 | |||||||||||
Long Lived Assets Held For Sale [Member] | Nejapa [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | [1] | 37,000,000 | |||||||||||
Long Lived Assets Held For Sale [Member] | guacolda [Member] | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 209,000,000 | 209,000,000 | |||||||||||
Long Lived Assets Held For Sale [Member] | Elsta [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | [1] | 3,000,000 | |||||||||||
Long Lived Assets Held For Sale [Member] | DPL Peaking Generation [Domain] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | [1] | 109,000,000 | |||||||||||
Long Lived Assets Held For Sale [Member] | Kazakhstan [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | [1] | 94,000,000 | |||||||||||
Long Lived Assets Held For Sale [Member] | Kazakhstan Hydro [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | [1],[3] | 92,000,000 | |||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | Shady Point [Member] | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | Shady Point [Member] | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | Shady Point [Member] | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 30,000,000 | 30,000,000 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | Nejapa [Member] | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | Nejapa [Member] | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | Nejapa [Member] | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 5,000,000 | 5,000,000 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | guacolda [Member] | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | guacolda [Member] | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | Elsta [Member] | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | Elsta [Member] | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 16,000,000 | 16,000,000 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | Elsta [Member] | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | DPL Peaking Generation [Domain] | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | DPL Peaking Generation [Domain] | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 237,000,000 | 237,000,000 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | DPL Peaking Generation [Domain] | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | Kazakhstan [Member] | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | Kazakhstan [Member] | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 29,000,000 | 29,000,000 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | Kazakhstan [Member] | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | Kazakhstan Hydro [Member] | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | Kazakhstan Hydro [Member] | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 92,000,000 | 92,000,000 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | Kazakhstan Hydro [Member] | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 0 | 0 | ||||||||||
Long Lived Assets Held For Sale [Member] | Reported Value Measurement [Member] | Shady Point [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1],[2] | 211,000,000 | 211,000,000 | ||||||||||
Long Lived Assets Held For Sale [Member] | Reported Value Measurement [Member] | Nejapa [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1],[2] | 42,000,000 | 42,000,000 | ||||||||||
Long Lived Assets Held For Sale [Member] | Reported Value Measurement [Member] | guacolda [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1],[2] | 354,000,000 | 354,000,000 | ||||||||||
Long Lived Assets Held For Sale [Member] | Reported Value Measurement [Member] | Elsta [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1],[2] | 19,000,000 | 19,000,000 | ||||||||||
Long Lived Assets Held For Sale [Member] | Reported Value Measurement [Member] | DPL Peaking Generation [Domain] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1],[2] | 346,000,000 | 346,000,000 | ||||||||||
Long Lived Assets Held For Sale [Member] | Reported Value Measurement [Member] | Kazakhstan [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1],[2] | 171,000,000 | 171,000,000 | ||||||||||
Long Lived Assets Held For Sale [Member] | Reported Value Measurement [Member] | Kazakhstan Hydro [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1],[2] | $ 190,000,000 | $ 190,000,000 | ||||||||||
Discontinued Operations, Held-for-sale [Member] | Sul Subsidiary [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | $ 783,000,000 | ||||||||||||
[1] | See Note 20 — Asset Impairment Expense | ||||||||||||
[2] | Represents the carrying values at the dates of initial measurement, before fair value adjustment. | ||||||||||||
[3] | Per the Company's policy, pre-tax loss is limited to the impairment of long-lived assets. Any additional loss will be recognized on completion of the sale. Upon disposal of Kazakhstan HPPs, the Company incurred an additional pre-tax loss on disposal of $33 million . See Note 20 — Asset Impairment Expense and Note 23 — Held-for-Sale and Dispositions |
Fair Value (Nonrecurring Unobse
Fair Value (Nonrecurring Unobservable Inputs) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Assets Liabilities Value | $ 63,000,000 | ||
Laurel Mountain [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Assets Carrying Amount Disclosure Nonrecurring | 30,000,000 | ||
Kilroot [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Assets Carrying Amount Disclosure Nonrecurring | 5,000,000 | ||
Fair Value | Level 3 | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Assets Carrying Amount Disclosure Nonrecurring | $ 214,000,000 | ||
Long Lived Assets Held And Used [Member] | Buffalo Gap [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Assets Carrying Amount Disclosure Nonrecurring | $ 36,000,000 | ||
Long Lived Assets Held And Used [Member] | buffalo gap II [Member] [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Assets Carrying Amount Disclosure Nonrecurring | 92,000,000 | ||
Long Lived Assets Held And Used [Member] | Fair Value | Level 3 | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Assets Carrying Amount Disclosure Nonrecurring | [1] | $ 0 | |
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Minimum | DPL Subsidiary | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | (70.00%) | ||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Minimum | Kilroot [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | (70.00%) | ||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Maximum | DPL Subsidiary | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | 467.00% | ||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Maximum | Kilroot [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | (1.00%) | ||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Weighted Average | DPL Subsidiary | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | 48.00% | ||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Weighted Average | Kilroot [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | (15.00%) | ||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Minimum | DPL Subsidiary | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | 0.00% | ||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Minimum | Kilroot [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | 37.00% | ||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Maximum | DPL Subsidiary | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | 0.00% | ||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Maximum | Kilroot [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | 82.00% | ||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Weighted Average | DPL Subsidiary | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | 0.00% | ||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Weighted Average | Kilroot [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | 59.00% | ||
Measurement Input, Discount Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Weighted Average | DPL Subsidiary | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | 10.00% | ||
Measurement Input, Discount Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Weighted Average | Kilroot [Member] | |||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | 12.00% | ||
[1] | See Note 20 — Asset Impairment Expense |
Fair Value (Instruments Not Mea
Fair Value (Instruments Not Measured at Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
ASSETS | |||
Non-Recourse Debt | $ 15,645 | $ 15,340 | |
Liabilities [Abstract] | |||
Recourse debt | 3,655 | 4,630 | |
Carrying Amount | |||
ASSETS | |||
Accounts receivable - noncurrent | [1] | 100 | 163 |
Non-Recourse Debt | 15,645 | 15,340 | |
Liabilities [Abstract] | |||
Recourse debt | 3,655 | 4,630 | |
Fair Value | |||
ASSETS | |||
Accounts receivable - noncurrent | [1] | 209 | 217 |
Non-Recourse Debt | 16,225 | 15,890 | |
Liabilities [Abstract] | |||
Recourse debt | 3,621 | 4,920 | |
Value added tax | 16 | 31 | |
Fair Value | Level 1 | |||
ASSETS | |||
Accounts receivable - noncurrent | [1] | 0 | 0 |
Non-Recourse Debt | 0 | 0 | |
Liabilities [Abstract] | |||
Recourse debt | 0 | 0 | |
Fair Value | Level 2 | |||
ASSETS | |||
Accounts receivable - noncurrent | [1] | 0 | 6 |
Non-Recourse Debt | 13,524 | 13,350 | |
Liabilities [Abstract] | |||
Recourse debt | 3,621 | 4,920 | |
Fair Value | Level 3 | |||
ASSETS | |||
Accounts receivable - noncurrent | [1] | 209 | 211 |
Non-Recourse Debt | 2,701 | 2,540 | |
Liabilities [Abstract] | |||
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 Consolidated Balance Sheets. The fair value and carrying amount of these receivables exclude VAT of $16 million and $31 million as of December 31, 2018 and 2017 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Outstanding Derivative Notionals and Terms by Type) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Derivative [Line Items] | |
Derivative, notional amount | $ 3,900 |
Libor and Euribor [Member] | Interest Rate Contract | |
Derivative [Line Items] | |
Derivative, notional amount | 4,584 |
Argentina, Pesos | Foreign Exchange Contract [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | 68 |
Chilean Peso CLP [Member] | Foreign Exchange Contract [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | 270 |
Colombian Peso COP [Member] | Foreign Exchange Contract [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | 117 |
Other unspecified currency [Domain] | Foreign Exchange Contract [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | 112 |
Euro Member Countries, Euro | Foreign Exchange Contract [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | 23 |
Unidad de Fomento (funds code) | Cross Currency Interest Rate Contract [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | $ 344 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Foreign Currency Derivatives) (Details) $ in Billions | Dec. 31, 2018USD ($) |
Derivative [Line Items] | |
Derivative, notional amount | $ 3.9 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Assets and LIabilities - Designated vs. Not Designated Hedging Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | $ 262 | $ 348 |
Total liability derivatives | 257 | 315 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 35 | 57 |
Total liability derivatives | 238 | 138 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 227 | 291 |
Total liability derivatives | 19 | 177 |
Interest Rate Contract | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 29 | 15 |
Total liability derivatives | 208 | 262 |
Interest Rate Contract | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 29 | 15 |
Total liability derivatives | 205 | 125 |
Interest Rate Contract | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 0 | 0 |
Total liability derivatives | 3 | 137 |
Cross Currency Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 6 | 29 |
Total liability derivatives | 5 | 3 |
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 6 | 29 |
Total liability derivatives | 5 | 3 |
Cross Currency Interest Rate Contract [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 0 | 0 |
Total liability derivatives | 0 | 0 |
Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 217 | 269 |
Total liability derivatives | 41 | 30 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 0 | 8 |
Total liability derivatives | 28 | 1 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 217 | 261 |
Total liability derivatives | 13 | 29 |
Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 10 | 35 |
Total liability derivatives | 3 | 20 |
Commodity Contract [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 0 | 5 |
Total liability derivatives | 0 | 9 |
Commodity Contract [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 10 | 30 |
Total liability derivatives | $ 3 | $ 11 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities (Assets and Liabilities - Current vs. Noncurrent Derivative instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | $ 75 | $ 84 |
Derivative Liability, Current | 51 | 211 |
Derivative Asset, Noncurrent | 187 | 264 |
Derivative Liability, Noncurrent | 206 | 104 |
Total asset derivatives | 262 | 348 |
Total liability derivatives | $ 257 | 315 |
Contracts Subject To Netting Arrangements | ||
Derivatives, Fair Value [Line Items] | ||
Total liability derivatives | 15 | |
Collateral Already Posted, Aggregate Fair Value | $ 9 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Effective Portion of Cash Flow Hedges) (Details) - Cash Flow Hedging - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in AOCL, Effective Portion | $ (94) | $ (22) | $ 12 |
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (117) | (51) | (45) |
Gain (Loss) on Derivative Instruments, Net, Pretax | 173 | 15 | 3 |
Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in AOCL, Effective Portion | (16) | (66) | (35) |
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (52) | (82) | (101) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | (7) | 3 | (1) |
AOCI before tax expected increase (decrease) next 12 months | 59 | ||
Loss on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring | 0 | (13) | 0 |
Cross Currency Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in AOCL, Effective Portion | (26) | 31 | 21 |
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (43) | 34 | 8 |
Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in AOCL, Effective Portion | (52) | (5) | (4) |
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (16) | (20) | (8) |
Gain (Loss) on Derivative Instruments, Net, Pretax | 148 | 1 | 19 |
Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in AOCL, Effective Portion | 0 | 18 | 30 |
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (6) | 17 | 56 |
Gain (Loss) on Derivative Instruments, Net, Pretax | $ 25 | $ 14 | $ (16) |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Ineffective Portion of Cash Flow Hedges) (Details) - Cash Flow Hedging - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (117) | $ (51) | $ (45) |
Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (52) | (82) | (101) |
Gain (Losses) Recognized in Earnings, Ineffective Portion | (7) | 3 | (1) |
Accumulated Other Comprehensive Income Loss Before Tax Expected Increase Decrease Next Twelve Months | (59) | ||
Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (16) | (20) | (8) |
Cross Currency Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (43) | $ 34 | $ 8 |
Financing Receivables (Details)
Financing Receivables (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)agreement | Dec. 31, 2017USD ($) | |
Schedule of Financing Receivables [Line Items] | ||
Financing receivable | $ 116 | $ 194 |
Number of Foninvemem Agreements | agreement | 3 | |
Foninvemem Agreement, collection period | 10 years | |
ARGENTINA | ||
Schedule of Financing Receivables [Line Items] | ||
Financing receivable | $ 93 | $ 177 |
Derivative Assets, Gross | 240 | |
PANAMA | ||
Schedule of Financing Receivables [Line Items] | ||
Financing receivable | 14 | 0 |
Brazil | ||
Schedule of Financing Receivables [Line Items] | ||
Financing receivable | $ 9 | $ 17 |
Investments In and Advances T_3
Investments In and Advances To Affiliates - Effective Equity Ownership Interest and Carrying Values (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Investments in and Advances to Affiliates [Line Items] | ||||
Investments in and advances to affiliates | $ 1,114,000,000 | $ 1,197,000,000 | $ 621,000,000 | |
Equity Method Investment, Other than Temporary Impairment | 144,000,000 | |||
sPower [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investments in and advances to affiliates | $ 515,000,000 | $ 508,000,000 | ||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||
Gener Subsidiary [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 67.00% | |||
Barry | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 100.00% | |||
Other Long-term Debt | $ 43,000,000 | $ 45,000,000 | ||
Guacolda Affiliate [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investments in and advances to affiliates | [1] | $ 209,000,000 | $ 357,000,000 | |
Equity Method Investment, Ownership Percentage | [1] | 33.00% | 33.00% | |
OPGC | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investments in and advances to affiliates | [2] | $ 293,000,000 | $ 269,000,000 | |
Equity Method Investment, Ownership Percentage | [2] | 49.00% | 49.00% | |
Other Affiliates [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Investments in and advances to affiliates | $ 97,000,000 | $ 63,000,000 | ||
Gener Subsidiary [Member] | Guacolda Affiliate [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
[1] | The Company's ownership in Guacolda is held through AES Gener, a 67% -owned consolidated subsidiary. AES Gener owns 50% of Guacolda, resulting in an AES effective ownership in Guacolda of 33% | |||
[2] | OPGC has one coal-fired project under development which is an expansion of our existing OPGC business. The project started construction in April 2014 and is expected to begin operations in 2019. |
Investments In and Advances T_4
Investments In and Advances To Affiliates - Summary of Financial Information of Affiliates & Subsidiaries (Details) - USD ($) | Apr. 09, 2018 | Jan. 01, 2018 | Nov. 15, 2017 | Jul. 25, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 16, 2016 |
Investments in and Advances to Affiliates [Line Items] | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (1,857,000,000) | $ (2,071,000,000) | $ (2,071,000,000) | $ (1,876,000,000) | $ (2,756,000,000) | ||||||||
Investments in and advances to affiliates | 1,114,000,000 | 1,114,000,000 | 1,197,000,000 | 621,000,000 | |||||||||
Gain (Loss) on Disposition of Business | $ 128,000,000 | $ (21,000,000) | $ 89,000,000 | $ 788,000,000 | $ (48,000,000) | 984,000,000 | (52,000,000) | 29,000,000 | |||||
Equity Method Investment, Other than Temporary Impairment | 144,000,000 | ||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | 66,000,000 | 609,000,000 | 52,000,000 | ||||||||||
Proceeds from the sale of business interests, net of cash and restricted cash sold | 2,020,000,000 | 108,000,000 | 538,000,000 | ||||||||||
Net equity in earnings of affiliates | $ 39,000,000 | 71,000,000 | 36,000,000 | ||||||||||
Barry | |||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | 100.00% | |||||||||||
Distributed Energy [Member] | |||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 23,000,000 | ||||||||||||
Business Combination, Equity Interest in Acquiree, Remeasurement Gain (Loss) | $ 5,000,000 | 5,000,000 | |||||||||||
Business Combination, Consideration Transferred | $ 43,000,000 | ||||||||||||
Simple Energy [Member] | |||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 35,000,000 | ||||||||||||
Fluence [Member] | |||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | ||||||||||||
Payments to Acquire Interest in Joint Venture | $ 7,000,000 | ||||||||||||
Business Combination, Consideration Transferred | 50,000,000 | ||||||||||||
sPower [Member] | |||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 2.00% | 48.00% | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 19,000,000 | $ 461,000,000 | |||||||||||
Non-cash [Member] | Fluence [Member] | |||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||
Contribution of Property | $ 20,000,000 | 20,000,000 | $ 0 | $ 0 | |||||||||
Fair Value, Inputs, Level 3 [Member] | Long Lived Assets Held For Sale [Member] | guacolda [Member] | |||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 209,000,000 | $ 209,000,000 |
Investments In and Advances T_5
Investments In and Advances To Affiliates - Summarized Financial Information (Details) - USD ($) $ in Millions | Nov. 15, 2017 | Jul. 25, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Revenue | $ 2,622 | $ 2,837 | $ 2,537 | $ 2,740 | $ 2,643 | $ 2,693 | $ 2,613 | $ 2,581 | $ 10,736 | $ 10,530 | $ 10,281 | |||
Operating margin | 646 | 671 | 600 | 656 | 645 | 640 | 623 | 557 | 2,573 | 2,465 | 2,383 | |||
Net income (loss) | 181 | $ 191 | $ 416 | $ 777 | (1,286) | $ 261 | $ 150 | $ 98 | 1,565 | (777) | (777) | |||
Assets, Current | 5,015 | 6,398 | 5,015 | 6,398 | ||||||||||
Liabilities, Current | 4,399 | 6,028 | 4,399 | 6,028 | ||||||||||
Liabilities, Noncurrent | 21,639 | 21,402 | 21,639 | 21,402 | ||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 2,396 | 2,380 | 2,396 | 2,380 | $ 2,461 | |||||||||
Stockholders' Equity Attributable to Parent | 3,208 | 2,465 | 3,208 | 2,465 | ||||||||||
Undistributed Earnings Of Minority Owned Affiliates Included In Retained Earnings | 236 | 236 | ||||||||||||
Distributions Received From Minority Owned Affiliates | 42 | 69 | 24 | |||||||||||
Basis Difference Between Carrying Amount And Investment | 49 | 49 | ||||||||||||
Minority Owned Affiliates | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Revenue | 962 | 762 | 586 | |||||||||||
Operating margin | 135 | 165 | 145 | |||||||||||
Net income (loss) | 14 | 72 | 64 | |||||||||||
Assets, Current | 558 | 418 | 558 | 418 | ||||||||||
Assets, Noncurrent | 5,918 | 5,372 | 5,918 | 5,372 | ||||||||||
Liabilities, Current | 546 | 633 | 546 | 633 | ||||||||||
Liabilities, Noncurrent | 3,309 | 2,629 | 3,309 | 2,629 | ||||||||||
Stockholders' Equity Attributable to Parent | 2,622 | 2,527 | 2,622 | 2,527 | ||||||||||
Majority Owned Affiliates | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Revenue | 40 | 16 | 23 | |||||||||||
Operating margin | 3 | 5 | 9 | |||||||||||
Net income (loss) | (3) | (15) | $ (2) | |||||||||||
Assets, Current | 89 | 70 | 89 | 70 | ||||||||||
Assets, Noncurrent | 41 | 102 | 41 | 102 | ||||||||||
Liabilities, Current | 35 | 10 | 35 | 10 | ||||||||||
Liabilities, Noncurrent | 122 | 147 | 122 | 147 | ||||||||||
Stockholders' Equity Attributable to Parent | $ (27) | $ 15 | $ (27) | $ 15 | ||||||||||
sPower [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 19 | $ 461 |
Total Other Non-Operating Expen
Total Other Non-Operating Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Other Nonoperating Income (Expense) [Line Items] | |||
Equity Method Investment, Other than Temporary Impairment | $ 144 | ||
Other Nonoperating Expense | $ (147) | $ 0 | $ (2) |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Goodwill Roll Forward) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill [Roll Forward] | ||
Goodwill | $ 3,792 | $ 3,792 |
Accumulated impairment losses | (2,733) | (2,733) |
Net balance | 1,059 | 1,059 |
Operating Segments [Member] | UNITED STATES | ||
Goodwill [Roll Forward] | ||
Goodwill | 2,786 | 2,786 |
Accumulated impairment losses | (2,611) | (2,611) |
Net balance | 175 | 175 |
Operating Segments [Member] | ANDES [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 868 | 868 |
Accumulated impairment losses | 0 | 0 |
Net balance | 868 | 868 |
Operating Segments [Member] | MCAC [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 16 | 16 |
Accumulated impairment losses | 0 | 0 |
Net balance | 16 | 16 |
Operating Segments [Member] | EURASIA [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 122 | 122 |
Accumulated impairment losses | (122) | (122) |
Net balance | $ 0 | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | $ 847 | $ 728 | |
Accumulated Amortization | (457) | (441) | |
Net Balance | 390 | 287 | |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 46 | 79 | |
Indefinite- lived intangible assets, Amortization | 0 | 0 | |
Intangible Assets, Gross | 893 | 807 | |
Intangible Assets, Net | 436 | 366 | |
Land Use Rights [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 21 | 45 | |
Indefinite- lived intangible assets, Amortization | 0 | 0 | |
Water rights | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 20 | 20 | |
Indefinite- lived intangible assets, Amortization | 0 | 0 | |
Other | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 5 | 14 | |
Indefinite- lived intangible assets, Amortization | 0 | 0 | |
Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 467 | 416 | |
Accumulated Amortization | (344) | (330) | |
Net Balance | 123 | 86 | |
Contractual payment rights | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 57 | 65 | |
Accumulated Amortization | (44) | (47) | |
Net Balance | [1] | 13 | 18 |
Emission allowances [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 15 | 0 | |
Accumulated Amortization | 0 | 0 | |
Net Balance | [2] | 15 | 0 |
Project Development Rights [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 93 | 57 | |
Accumulated Amortization | (1) | (1) | |
Net Balance | 92 | 56 | |
Contracts | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 137 | 92 | |
Accumulated Amortization | (24) | (21) | |
Net Balance | 113 | 71 | |
Other | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 78 | 98 | |
Accumulated Amortization | (44) | (42) | |
Net Balance | [3] | $ 34 | $ 56 |
[1] | Represent legal rights to receive system reliability payments from the regulator. | ||
[2] | Acquired or purchased emissions allowances are finite-lived intangible assets that are expensed when utilized and included in net income for the year. | ||
[3] | Includes management rights, sales concessions, renewable energy credits and incentives, and other individually insignificant intangible assets. During the fourth quarter of 2018, the Company recognized an asset impairment of $23 million on gas extraction rights at Nejapa. See Note 20 — Asset Impairment Expense |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Intangible Assets Acquired) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 179 | $ 112 |
Computer Software, Intangible Asset [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 67 | $ 17 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | 7 years |
Other Intangible Assets [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 8 | |
Other intangible assets acquired | $ 11 | |
Contracts | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 50 | $ 34 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 24 years | 25 years |
Project Development Rights [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 35 | $ 53 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 23 years | 30 years |
Emission allowances [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 16 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Expected Amortization Expense) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,019 | $ 45 |
2,020 | 40 |
2,021 | 29 |
2,022 | 23 |
2,023 | 17 |
Computer Software, Intangible Asset [Member] | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,019 | 33 |
2,020 | 28 |
2,021 | 19 |
2,022 | 13 |
2,023 | 7 |
Contract-Based Intangible Assets [Member] | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,019 | 4 |
2,020 | 4 |
2,021 | 4 |
2,022 | 4 |
2,023 | 4 |
Other | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,019 | 8 |
2,020 | 8 |
2,021 | 6 |
2,022 | 6 |
2,023 | $ 6 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | |||
Amortization of Intangible Assets | $ 47 | $ 34 | $ 37 |
Goodwill | 1,059 | 1,059 | |
Goodwill | 3,792 | $ 3,792 | |
Long Lived Assets Held And Used [Member] | Nejapa [Member] | |||
Goodwill [Line Items] | |||
Impairment of Intangible Assets, Finite-lived | $ 23 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 47 | $ 34 | $ 37 |
Long Lived Assets Held And Used [Member] | Nejapa [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of Intangible Assets, Finite-lived | $ 23 |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Current Regulatory Assets | $ 156 | $ 119 | |
Total Non Current Regulatory Assets | $ 547 | 542 | |
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 8 years | ||
TOTAL REGULATORY ASSETS | $ 703 | 661 | |
Total Current Regulatory Liabilities | $ 86 | 17 | |
Remaining Recovery Period of Regulatory Liabilities | 1 year | ||
Total Non Current Regulatory Liabilities | $ 1,146 | 1,079 | |
TOTAL REGULATORY LIABILITIES | 1,232 | 1,096 | |
Overcollection of Costs [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Current Regulatory Liabilities | 83 | 14 | |
Deferred Income Tax Charge [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Non Current Regulatory Liabilities | 246 | 243 | |
Asset Retirement Obligation Costs | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Non Current Regulatory Liabilities | 847 | 830 | |
Other Regulatory Liabilities | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Current Regulatory Liabilities | 3 | 3 | |
Total Non Current Regulatory Liabilities | 53 | 6 | |
El Salvador Tariff Recoveries | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Current Regulatory Assets | 87 | 59 | |
Pension Costs | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Non Current Regulatory Assets | [1] | 283 | 298 |
Deferred Midwest Independent Service Operator Costs | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Non Current Regulatory Assets | 88 | 102 | |
Environmental Restoration Costs [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Non Current Regulatory Assets | 89 | 48 | |
Other Regulatory Assets | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Current Regulatory Assets | 69 | 60 | |
Total Non Current Regulatory Assets | $ 87 | $ 94 | |
[1] | Past expenditures on which the Company earns a rate of return. |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities Regulatory Assets and Liabilities - by Reportable Segment (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Assets | $ 703 | $ 661 |
Regulatory Liabilities | $ 1,232 | $ 1,096 |
Debt (Non-Recourse Debt Carryin
Debt (Non-Recourse Debt Carrying Amounts and Terms) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 28, 2017 | |
Debt Instrument [Line Items] | ||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (368,000,000) | $ (394,000,000) | ||
Non-Recourse Debt | 15,645,000,000 | 15,340,000,000 | ||
Non-recourse Debt Current Maturities | (1,659,000,000) | (2,164,000,000) | ||
Non-recourse debt - noncurrent, balance at variable interest entities | 13,986,000,000 | 13,176,000,000 | ||
Derivative, notional amount | $ 3,900,000,000 | |||
Interest rate swap, fixed minimum interest rate | 2.24% | |||
Interest rate swap, fixed maximum interest rate | 8.00% | |||
Variable Rate Debt | Bank loans | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 4.46% | |||
Variable Rate Debt | Notes and bonds | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 3.89% | |||
Variable Rate Debt | Debt to (or guaranteed by) multilateral, export credit agencies or development banks | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | [1] | 3.56% | ||
Fixed Rate Debt | Bank loans | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 4.62% | |||
Fixed Rate Debt | Notes and bonds | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 5.85% | |||
Fixed Rate Debt | Debt to (or guaranteed by) multilateral, export credit agencies or development banks | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | [1] | 5.45% | ||
Fixed Rate Debt | Other | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Interest Rate | 5.87% | |||
Nonrecourse Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,351,000,000 | |||
Other | Fixed Rate Debt | ||||
Debt Instrument [Line Items] | ||||
Non-Recourse Debt | 24,000,000 | 26,000,000 | ||
Debt to (or guaranteed by) multilateral, export credit agencies or development banks | Variable Rate Debt | ||||
Debt Instrument [Line Items] | ||||
Non-Recourse Debt | [1] | 3,292,000,000 | 3,668,000,000 | |
Debt to (or guaranteed by) multilateral, export credit agencies or development banks | Fixed Rate Debt | ||||
Debt Instrument [Line Items] | ||||
Non-Recourse Debt | [1] | 246,000,000 | 271,000,000 | |
Notes and bonds | Variable Rate Debt | ||||
Debt Instrument [Line Items] | ||||
Non-Recourse Debt | 821,000,000 | 900,000,000 | ||
Notes and bonds | Fixed Rate Debt | ||||
Debt Instrument [Line Items] | ||||
Non-Recourse Debt | 7,346,000,000 | 7,388,000,000 | ||
Bank loans | Variable Rate Debt | ||||
Debt Instrument [Line Items] | ||||
Non-Recourse Debt | 2,600,000,000 | 2,488,000,000 | ||
Bank loans | Fixed Rate Debt | ||||
Debt Instrument [Line Items] | ||||
Non-Recourse Debt | 1,684,000,000 | $ 993,000,000 | ||
AES Argentina [Member] | Nonrecourse Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 0 | $ 75,000,000 | ||
AES Argentina [Member] | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 300,000,000 | |||
AES Southland [Domain] | Nonrecourse Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 104,000,000 | |||
[1] | Multilateral loans include loans funded and guaranteed by bilaterals, multilaterals, development banks and other similar institutions. |
Debt (Non-Recourse Debt Maturit
Debt (Non-Recourse Debt Maturity Schedule) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Details [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (368,000,000) | $ (394,000,000) |
Non Recourse Debt Total | 15,645,000,000 | $ 15,340,000,000 |
Nonrecourse Debt [Member] | ||
Debt Details [Line Items] | ||
Debt Instrument, Face Amount | 1,351,000,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,458,000,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,601,000,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,530,000,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,316,000,000 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 8,411,000,000 | |
Nonrecourse Debt [Member] | ||
Debt Details [Line Items] | ||
Non-Recourse Debt | 1,697,000,000 | |
AES Southland [Domain] | Nonrecourse Debt [Member] | ||
Debt Details [Line Items] | ||
Debt Instrument, Face Amount | $ 104,000,000 |
Debt (Subsidiary Non-Recourse D
Debt (Subsidiary Non-Recourse Debt in Default or Accelerated) (Details) $ in Millions | Dec. 31, 2018USD ($) | |
Debt Details [Line Items] | ||
Debt defaults at risk of causing cross default | 0 | |
Debt default amount | $ 351 | [1] |
AES Puerto Rico | ||
Debt Details [Line Items] | ||
Net assets | 139 | |
AES Puerto Rico | Covenant Violation | ||
Debt Details [Line Items] | ||
Debt default amount | 317 | |
Colon [Domain] | Covenant Violation | ||
Debt Details [Line Items] | ||
Debt default amount | 483 | |
Sul Subsidiary [Member] | Covenant Violation | ||
Debt Details [Line Items] | ||
Debt default amount | 34 | |
Net assets | $ 17 | |
[1] | This does not include $483 million |
Debt (Non-recourse Debt Narrati
Debt (Non-recourse Debt Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 01, 2017 | Feb. 28, 2017 | ||
Debt Instrument [Line Items] | |||||||
Materiality threshold for cash distribution from business to Parent | 20.00% | ||||||
Construction line of credit facility remaining borrowing capacity | $ 811,000,000 | ||||||
Other line of credit remaining borrowing capacity | 1,800,000,000 | ||||||
Loss on extinguishment of debt | 188,000,000 | $ 68,000,000 | $ 13,000,000 | ||||
Restricted cash and debt service reserves | 627,000,000 | 642,000,000 | |||||
Restricted net assets | 2,900,000,000 | ||||||
Non-Recourse Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | 1,351,000,000 | ||||||
Repayments of long-term debt | (628,000,000) | ||||||
Loss on extinguishment of debt | (13,000,000) | ||||||
Non-Recourse Debt | AES Tiete [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | 385,000,000 | ||||||
Repayments of long-term debt | (231,000,000) | ||||||
Loss on extinguishment of debt | 0 | ||||||
Non-Recourse Debt | Gener Subsidiary [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | 0 | ||||||
Repayments of long-term debt | (106,000,000) | ||||||
Loss on extinguishment of debt | 6,000,000 | ||||||
Non-Recourse Debt | AES Argentina [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | 0 | $ 75,000,000 | |||||
Repayments of long-term debt | (104,000,000) | ||||||
Loss on extinguishment of debt | 7,000,000 | ||||||
Non-Recourse Debt | IPALCO Enterprises, Inc. [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | [1] | 757,000,000 | |||||
Repayments of long-term debt | 0 | ||||||
Loss on extinguishment of debt | 0 | ||||||
Non-Recourse Debt | AES Southland [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | 104,000,000 | ||||||
Repayments of long-term debt | 0 | ||||||
Loss on extinguishment of debt | 0 | ||||||
Non-Recourse Debt | MCAC | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | 105,000,000 | ||||||
Repayments of long-term debt | (89,000,000) | ||||||
Loss on extinguishment of debt | 0 | ||||||
Non-Recourse Debt | Los Mina [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | 0 | ||||||
Repayments of long-term debt | (98,000,000) | ||||||
Loss on extinguishment of debt | $ 0 | ||||||
Unsecured Debt [Member] | AES Argentina [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ (65,000,000) | ||||||
5.125% Senior Notes Due 2017 [Member] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 500,000,000 | ||||||
5.125% Senior Notes Due 2027 [Member] | Unsecured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | ||||||
8.0% Senior Notes Due 2020 [Domain] | Unsecured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | 8.00% | ||||
Loss on extinguishment of debt | $ 47,000,000 | ||||||
4.5% Senior Notes Due 2023 [Domain] [Domain] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 500,000,000 | ||||||
4.5% Senior Notes Due 2023 [Domain] [Domain] | Unsecured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||||
4.0% Senior Notes Due 2021 [Domain] [Domain] | Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 500,000,000 | ||||||
4.0% Senior Notes Due 2021 [Domain] [Domain] | Unsecured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||
[1] | Issuances relate to the June 2017, long-term non-recourse debt financing to fund the Southland re-powering construction projects. |
Debt (Recourse Debt Carrying Am
Debt (Recourse Debt Carrying Amount and Terms) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Recourse Debt Total | $ 3,655 | $ 4,630 |
Recourse Debt Current | (5) | (5) |
Recourse Debt Non Current | $ 3,650 | $ 4,625 |
Revolving Credit Facility [Member] | Recourse Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% | 2.00% |
Senior Secured Term Loan due 2022 [Member] | Recourse Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.75% | 1.75% |
Unamortized (discount) premium & debt issuance (costs), net | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | $ (31) | |
Parent Company [Member] | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | $ 3,655 | |
Parent Company [Member] | 8.00% Senior Unsecured Note Due 2017 | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 8.00% | |
Parent Company [Member] | Senior Unsecured Note LIBOR plus 3% due 2019 | Recourse Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.00% | 3.00% |
Parent Company [Member] | 8.00% Senior Unsecured Note Due 2020 | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 8.00% | |
Parent Company [Member] | 8.00% Senior Unsecured Note Due 2020 | Recourse Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | $ 0 | $ 228 |
Parent Company [Member] | 4.0% Senior Notes Due 2021 [Domain] [Domain] | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.00% | |
Recourse Debt Total | $ 500 | 0 |
Parent Company [Member] | 7.375% Senior Notes Due 2021 [Member] [Member] | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 7.38% | |
Recourse Debt Total | $ 0 | 690 |
Parent Company [Member] | Revolving Credit Facility [Member] | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | 0 | 207 |
Parent Company [Member] | Senior Secured Term Loan due 2022 [Member] | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | $ 366 | 521 |
Parent Company [Member] | 4.875% Senior Notes Due 2023 [Member] [Member] | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.88% | |
Recourse Debt Total | $ 713 | 713 |
Parent Company [Member] | 4.5% Senior Notes Due 2023 [Domain] [Domain] | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.50% | |
Recourse Debt Total | $ 500 | 0 |
Parent Company [Member] | 4.88% Senior Unsecured Note Due 2023 | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.88% | |
Parent Company [Member] | 5.50% Senior Unsecured Note Due 2024 | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.50% | |
Recourse Debt Total | $ 63 | 738 |
Parent Company [Member] | 5.50% Unsecured senior notes due 2025 [Domain] | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.50% | |
Recourse Debt Total | $ 544 | 573 |
Parent Company [Member] | 6.00% senior notes due 2026 [Domain] | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 6.00% | |
Recourse Debt Total | $ 500 | 500 |
Parent Company [Member] | 5.125% Senior Notes Due 2027 [Member] | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.13% | |
Recourse Debt Total | $ 500 | 500 |
Parent Company [Member] | Unamortized (discount) premium & debt issuance (costs), net | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | $ (31) | $ (40) |
Debt (Recourse Debt Net Princip
Debt (Recourse Debt Net Principal Amounts Due Over Five Years) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Details [Line Items] | ||
Recourse Debt Total | $ 3,655 | $ 4,630 |
Unamortized (discounts)/premiums & debt issuance (costs) | ||
Debt Details [Line Items] | ||
Recourse Debt Total | (31) | |
Parent Company [Member] | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 3,655 | |
Parent Company [Member] | 2018 | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 5 | |
Parent Company [Member] | 2019 | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 5 | |
Parent Company [Member] | 2020 | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 505 | |
Parent Company [Member] | 2021 | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 350 | |
Parent Company [Member] | 2022 | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 1,213 | |
Parent Company [Member] | Thereafter | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 1,608 | |
Parent Company [Member] | Unamortized (discounts)/premiums & debt issuance (costs) | ||
Debt Details [Line Items] | ||
Recourse Debt Total | $ (31) | $ (40) |
Debt (Recourse Debt Narrative)
Debt (Recourse Debt Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 01, 2017 | |
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 188 | $ 68 | $ 13 | ||||
8.0% Senior Notes Due 2020 [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Debt terminated amount | $ 24 | 228 | |||||
7.375% Senior Notes Due 2021 [Member] [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt terminated amount | $ 276 | 690 | |||||
5.5% Senior Notes Due 2024 [Member] [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt terminated amount | 671 | ||||||
5.5% Senior Notes Due 2025 [Member] [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt terminated amount | 29 | ||||||
LIBOR 2.00% Senior Notes Due in 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 6 | ||||||
Senior Notes [Member] | 4.5% Senior Notes Due 2023 [Domain] [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | 500 | ||||||
Senior Notes [Member] | 5.125% Senior Notes Due 2017 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 500 | 500 | |||||
Senior Notes [Member] | 8.0% Senior Notes Due 2020 [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Debt terminated amount | 217 | ||||||
Senior Notes [Member] | Senior Unsecured Note LIBOR plus 3% due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Debt terminated amount | 240 | ||||||
Senior Notes [Member] | 4.0% Senior Notes Due 2021 [Domain] [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 500 | ||||||
Senior Notes [Member] | 5.5% Senior Notes Due 2024 [Member] [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.50% | ||||||
Senior Notes [Member] | 5.5% Senior Notes Due 2025 [Member] [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.50% | ||||||
Senior Notes [Member] | LIBOR 2.00% Senior Notes Due in 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt terminated amount | 517 | ||||||
Debt face amount | $ 525 | $ 525 | |||||
Recourse Debt | |||||||
Recourse Debt Covenants and Guarantees: | |||||||
Percentage of capital stock of foreign subsidiaries securing obligations | 65.00% | ||||||
Covenants, sale of guarantor or its subsidiaries percentage of proceeds used to repay debt | 60.00% | ||||||
Covenants, sale of guarantor or its subsidiaries percentage of proceeds used to repay debt if debt to cash flow is less than 5 | 50.00% | ||||||
Minimum ratio of operating cash flow to interest charges | 1.3 | ||||||
Maximum ratio of debt to cash flow | 7.5 | ||||||
Unsecured Debt [Member] | 4.5% Senior Notes Due 2023 [Domain] [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 4.50% | ||||||
Unsecured Debt [Member] | 5.125% Senior Notes Due 2027 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.125% | ||||||
Unsecured Debt [Member] | 8.0% Senior Notes Due 2020 [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 8.00% | 8.00% | 8.00% | 8.00% | |||
Loss on extinguishment of debt | $ 47 | ||||||
Unsecured Debt [Member] | Senior Unsecured Note LIBOR plus 3% due 2019 | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 36 | ||||||
Unsecured Debt [Member] | 7.375% Senior Notes Due 2021 [Member] [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 7.375% | 7.375% | |||||
Unsecured Debt [Member] | 4.0% Senior Notes Due 2021 [Domain] [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 4.00% | ||||||
Unsecured Debt [Member] | Recourse Debt | Senior Secured Term Loan due 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 150 | ||||||
Loss on extinguishment of debt | 1 | ||||||
Unsecured Debt [Member] | Recourse Debt | 4.0% Senior Notes Due 2021 [Domain] [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | 125 | ||||||
Unsecured Debt [Member] | Recourse Debt | 5.5% Senior Notes Due 2024 [Member] [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | 44 | ||||||
Parent Company [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 171 | $ 92 | $ 14 |
Debt (Term Convertible Trust Se
Debt (Term Convertible Trust Securities) (Details) $ / shares in Units, security in Thousands, $ in Millions | 24 Months Ended | |
Dec. 31, 2000USD ($) | Dec. 31, 1999USD ($)security$ / shares | |
Debt Disclosure [Abstract] | ||
Term convertible preferred securities issued by special purpose business trust | security | 10,350 | |
Current redemption value of term convertible preferred securities issued by special purpose business trust | $ / shares | $ 50 | |
Term convertible preferred securities issued by special purpose business trust par per share | $ / shares | $ 0.844 | |
Term convertible preferred securities issued by special purpose business trust total proceeds | $ | $ 517 | |
Junior subordinated convertible debentures purchased with proceeds from issuance of term convertible preferred securities | $ | $ 517 | |
Term convertible preferred securities dividend rate | 6.75% |
Commitments (Leases, Future Min
Commitments (Leases, Future Minimum Payments Due) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Future Commitments for Capital Leases: | |
2,019 | $ 1 |
2,020 | 1 |
2,021 | 1 |
2,022 | 1 |
2,023 | 1 |
Thereafter | 7 |
Total | 12 |
Less: Imputed interest | (6) |
Present value of total minimum lease payments | 6 |
Future Commitments for Operating Leases: | |
2,019 | 74 |
2,020 | 38 |
2,021 | 25 |
2,022 | 26 |
2,023 | 25 |
Thereafter | 455 |
Total | $ 643 |
Commitments (Long-Term Purchase
Commitments (Long-Term Purchase Commitments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Electricity Purchase Contracts | |||
Long-Term Purchase Commitment [Line Items] | |||
Purchases Under Long Term Contracts | $ 827 | $ 747 | $ 420 |
Purchase Obligation, Due in Next Twelve Months | 786 | ||
Purchase Obligation, Due in Second Year | 602 | ||
Purchase Obligation, Due in Third Year | 371 | ||
Purchase Obligation, Due in Fourth Year | 234 | ||
Purchase Obligation, Due in Fifth Year | 393 | ||
Future Commitments Thereafter | 5,187 | ||
Future Commitments Total | 7,573 | ||
Fuel Purchase Contracts | |||
Long-Term Purchase Commitment [Line Items] | |||
Purchases Under Long Term Contracts | 1,838 | 1,619 | 1,790 |
Purchase Obligation, Due in Next Twelve Months | 1,494 | ||
Purchase Obligation, Due in Second Year | 1,027 | ||
Purchase Obligation, Due in Third Year | 882 | ||
Purchase Obligation, Due in Fourth Year | 575 | ||
Purchase Obligation, Due in Fifth Year | 463 | ||
Future Commitments Thereafter | 1,734 | ||
Future Commitments Total | 6,175 | ||
Other Purchase Contracts | |||
Long-Term Purchase Commitment [Line Items] | |||
Purchases Under Long Term Contracts | 1,671 | $ 1,945 | $ 817 |
Purchase Obligation, Due in Next Twelve Months | 1,375 | ||
Purchase Obligation, Due in Second Year | 681 | ||
Purchase Obligation, Due in Third Year | 336 | ||
Purchase Obligation, Due in Fourth Year | 561 | ||
Purchase Obligation, Due in Fifth Year | 213 | ||
Future Commitments Thereafter | 778 | ||
Future Commitments Total | $ 3,944 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Leases, Operating [Abstract] | |||
Operating Lease, Expense | $ 51 | $ 61 | $ 61 |
Leases Capital [Abstract] | |||
Capital leased assets, gross | $ 13 | $ 27 |
Contingencies (Loss Contingenci
Contingencies (Loss Contingencies) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)agreement | Dec. 31, 2017USD ($) | |
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,158 | |
Number of Agreements | agreement | 67 | |
Guarantees [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 685 | |
Number of Agreements | 33 | |
Environmental Remediation Contingency [Domain] | ||
Environmental Contingencies | ||
Liability recorded for projected environmental remediation costs | $ 5 | |
Indemnification Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 27 | |
Number of Agreements | 1 | |
Litigation | ||
Litigation Contingencies | ||
Aggregate reserves for claims deemed both probable and reasonably estimable | $ 53 | $ 50 |
Parent Company [Member] | Guarantees [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 712 | |
Number of Agreements | 34 | |
Unsecured Debt [Member] | Financial Standby Letter of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 368 | |
Number of Agreements | 10 | |
Secured Debt [Member] | Financial Standby Letter of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 78 | |
Number of Agreements | 23 | |
Minimum [Member] | Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.00% | |
Minimum [Member] | Guarantee Obligations [Member] | ||
Environmental Contingencies | ||
Loss Contingency, Estimate of Possible Loss | $ 0 | |
Minimum [Member] | Litigation | ||
Environmental Contingencies | ||
Loss Contingency, Estimate of Possible Loss | 79 | |
Minimum [Member] | Unsecured Debt [Member] | Financial Standby Letter of Credit [Member] | ||
Environmental Contingencies | ||
Loss Contingency, Estimate of Possible Loss | 1 | |
Minimum [Member] | Secured Debt [Member] | Financial Standby Letter of Credit [Member] | ||
Environmental Contingencies | ||
Loss Contingency, Estimate of Possible Loss | $ 0 | |
Maximum [Member] | Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 3.00% | |
Maximum [Member] | Environmental Remediation Contingency [Domain] | ||
Environmental Contingencies | ||
Loss Contingency, Estimate of Possible Loss | $ 17 | |
Maximum [Member] | Indemnification Agreement [Member] | ||
Environmental Contingencies | ||
Loss Contingency, Estimate of Possible Loss | 27 | |
Maximum [Member] | Guarantee Obligations [Member] | ||
Environmental Contingencies | ||
Loss Contingency, Estimate of Possible Loss | 157 | |
Maximum [Member] | Litigation | ||
Environmental Contingencies | ||
Loss Contingency, Estimate of Possible Loss | 439 | |
Maximum [Member] | Unsecured Debt [Member] | Financial Standby Letter of Credit [Member] | ||
Environmental Contingencies | ||
Loss Contingency, Estimate of Possible Loss | 247 | |
Maximum [Member] | Secured Debt [Member] | Financial Standby Letter of Credit [Member] | ||
Environmental Contingencies | ||
Loss Contingency, Estimate of Possible Loss | $ 49 |
Benefit Plans (Narrative) (Deta
Benefit Plans (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)plan | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, number of plans | 4 | ||
Defined contribution plan, award vesting period | 5 years | ||
Defined contribution plan contributions | $ | $ 21 | $ 23 | $ 15 |
Defined benefit plan, number of plans disclosure | 30 | ||
U.S. Non-Union Number of Defined Contribution Plans | 2 | ||
Parent Company Number of Defined Contribution Plans | 1 | ||
IPL Number of Non-Union and Union Defined Contribution Plans | 1 | ||
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, number of plans disclosure | 5 |
Benefit Plans (Net Funded Statu
Benefit Plans (Net Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ (17) | $ (22) | |
Defined Benefit Plan, Benefit Obligation, Business Combination | 4 | 0 | |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 1 | 1 | |
CHANGE IN PROJECTED BENEFIT OBLIGATION: | |||
Benefit obligation, beginning period | 470 | 411 | |
Service cost | 12 | 10 | $ 9 |
Interest cost | 22 | 23 | 21 |
Defined Benefit Plan, Benefit Obligation, Interest cost | 22 | 22 | |
Plan amendments | 0 | (1) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 21 | 2 | |
Actuarial (gain) loss | 8 | (29) | |
Effect of foreign currency exchange rate changes | (38) | 22 | |
Benefit obligation, ending period | 417 | 470 | 411 |
CHANGE IN PLAN ASSETS: | |||
Fair value of plan assets, beginning period | 455 | 402 | |
Actual return on plan assets | 6 | 31 | |
Employer contributions | 21 | 18 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | (21) | (2) | |
Effect of foreign currency exchange rate changes | (35) | 27 | |
Fair value of plan assets, ending period | 410 | 455 | 402 |
Funded status as of December 31 | (7) | (15) | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 1 | 1 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (17) | (22) | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Business Combination | 0 | 0 | |
CHANGE IN PROJECTED BENEFIT OBLIGATION: | |||
Benefit obligation, beginning period | 1,257 | 1,188 | |
Service cost | 15 | 13 | 13 |
Interest cost | 40 | 41 | 42 |
Plan amendments | 10 | 1 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 0 | 3 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 0 | |
Actuarial (gain) loss | 99 | (82) | |
Effect of foreign currency exchange rate changes | 0 | 0 | |
Benefit obligation, ending period | 1,118 | 1,257 | 1,188 |
CHANGE IN PLAN ASSETS: | |||
Fair value of plan assets, beginning period | 1,127 | 1,044 | |
Actual return on plan assets | (35) | 141 | |
Employer contributions | 39 | 13 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 0 | |
Effect of foreign currency exchange rate changes | 0 | 0 | |
Fair value of plan assets, ending period | 1,026 | 1,127 | $ 1,044 |
Funded status as of December 31 | (92) | (130) | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | $ (105) | $ (71) |
Benefit Plans (Amounts Recogniz
Benefit Plans (Amounts Recognized in the Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Foreign Plan [Member] | ||
AMOUNTS RECOGNIZED ON THE CONSOLIDATED BALANCE SHEETS | ||
Noncurrent assets | $ 64 | $ 69 |
Accrued benefit liability—current | (6) | (6) |
Accrued benefit liability—noncurrent | (65) | (78) |
Net amount recognized at end of year | (7) | (15) |
UNITED STATES | ||
AMOUNTS RECOGNIZED ON THE CONSOLIDATED BALANCE SHEETS | ||
Noncurrent assets | 0 | 0 |
Accrued benefit liability—current | 0 | 0 |
Accrued benefit liability—noncurrent | (92) | (130) |
Net amount recognized at end of year | $ (92) | $ (130) |
Benefit Plans (Accumulated Bene
Benefit Plans (Accumulated Benefit Obligation) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated Benefit Obligation | $ 376 | $ 433 |
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 89 | 109 |
Accumulated benefit obligation | 79 | 97 |
Fair value of plan assets | 33 | 33 |
Information for pension plans with a projected benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 220 | 238 |
Fair value of plan assets | 150 | 154 |
UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated Benefit Obligation | 1,101 | 1,236 |
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 1,118 | 1,257 |
Accumulated benefit obligation | 1,101 | 1,236 |
Fair value of plan assets | 1,026 | 1,127 |
Information for pension plans with a projected benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 1,118 | 1,257 |
Fair value of plan assets | $ 1,026 | $ 1,127 |
Benefit Plans Benefit Plans (We
Benefit Plans Benefit Plans (Weighted Average Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2018Rate | Dec. 31, 2017Rate | ||
Foreign Plan [Member] | |||
Benefit Obligation: | |||
Discount rate | 5.63% | 5.23% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | [1] | 5.23% | 5.83% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.94% | 5.30% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.65% | 4.86% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.79% | 4.65% | |
UNITED STATES | |||
Benefit Obligation: | |||
Discount rate | 4.35% | 3.67% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.67% | 4.28% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.73% | 6.67% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.34% | 3.34% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.34% | 3.34% | |
[1] | Includes an inflation factor that is used to calculate future periodic benefit cost, but is not used to calculate the benefit obligation |
Benefit Plans (Impact of One Po
Benefit Plans (Impact of One Point Change in Assumptions) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Defined Benefit Plan Assumptions Sensitivity To Changes [Abstract] | |
Increase of 1% in the discount rate | $ (12) |
Decrease of 1% in the discount rate | 12 |
Increase of 1% in the long-term rate of return on plan assets | (16) |
Decrease of 1% in the long-term rate of return on plan assets | $ 16 |
Benefit Plans (Net Periodic Ben
Benefit Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Foreign Plan [Member] | |||
Components of Net Periodic Benefit Cost: | |||
Service cost | $ 12 | $ 10 | $ 9 |
Interest cost | 22 | 23 | 21 |
Expected return on plan assets | (17) | (21) | (19) |
Amortization of prior service cost | 0 | 0 | (1) |
Amortization of net loss | 3 | 2 | 2 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | 0 | 0 |
Settlement loss recognized | 4 | 0 | 0 |
Total pension cost | 24 | 14 | 12 |
UNITED STATES | |||
Components of Net Periodic Benefit Cost: | |||
Service cost | 15 | 13 | 13 |
Interest cost | 40 | 41 | 42 |
Expected return on plan assets | (64) | (69) | (68) |
Amortization of prior service cost | 5 | 6 | 7 |
Amortization of net loss | 18 | 18 | 18 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 1 | 4 | 4 |
Settlement loss recognized | 0 | 0 | 0 |
Total pension cost | $ 15 | $ 13 | $ 16 |
Benefit Plans (Accumulated Othe
Benefit Plans (Accumulated Other Comprehensive Income (Loss)) (Details) $ in Millions | Dec. 31, 2018USD ($) |
UNITED STATES | |
Accumulated Other Comprehensive Income (Loss) | |
Prior service cost | $ (4) |
Unrecognized net actuarial loss | (19) |
Total | (23) |
Foreign Plan [Member] | |
Accumulated Other Comprehensive Income (Loss) | |
Prior service cost | 1 |
Unrecognized net actuarial loss | (76) |
Total | $ (75) |
Benefit Plans (Plan Asset Alloc
Benefit Plans (Plan Asset Allocations) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 410,000,000 | $ 455,000,000 | $ 402,000,000 |
Percentage of Plan Assets | 100.00% | 100.00% | |
Foreign Plan [Member] | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations | 3.00% | ||
Percentage of Plan Assets | 3.75% | 4.61% | |
Foreign Plan [Member] | Debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations | 94.00% | ||
Percentage of Plan Assets | 93.57% | 93.10% | |
Foreign Plan [Member] | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 2,000,000 | $ 2,000,000 | |
Target Allocations | 0.00% | ||
Percentage of Plan Assets | 0.44% | 0.44% | |
Foreign Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 2,000,000 | $ 0 | |
Foreign Plan [Member] | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations | 3.00% | ||
Percentage of Plan Assets | 2.24% | 1.85% | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 1,026,000,000 | $ 1,127,000,000 | $ 1,044,000,000 |
Percentage of Plan Assets | 100.00% | 100.00% | |
UNITED STATES | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations | 20.00% | ||
Percentage of Plan Assets | 16.85% | 31.90% | |
UNITED STATES | Debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations | 78.00% | ||
Percentage of Plan Assets | 80.20% | 64.53% | |
UNITED STATES | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 24,000,000 | $ 36,000,000 | |
Target Allocations | 2.00% | ||
Percentage of Plan Assets | 2.35% | 3.20% | |
UNITED STATES | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 6,000,000 | $ 4,000,000 | |
UNITED STATES | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations | 0.00% | ||
Percentage of Plan Assets | 0.60% | 0.37% | |
Fair Value, Inputs, Level 1 [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 317,000,000 | $ 355,000,000 | |
Fair Value, Inputs, Level 1 [Member] | Foreign Plan [Member] | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Foreign Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,000,000 | 0 | |
Fair Value, Inputs, Level 1 [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,002,000,000 | 1,091,000,000 | |
Fair Value, Inputs, Level 1 [Member] | UNITED STATES | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | UNITED STATES | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 6,000,000 | 4,000,000 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 84,000,000 | 90,000,000 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Plan [Member] | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 24,000,000 | 36,000,000 | |
Fair Value, Inputs, Level 2 [Member] | UNITED STATES | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 24,000,000 | 36,000,000 | |
Fair Value, Inputs, Level 2 [Member] | UNITED STATES | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 9,000,000 | 10,000,000 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Plan [Member] | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,000,000 | 2,000,000 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | UNITED STATES | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | UNITED STATES | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 |
Benefit Plans (Fair Value of Pl
Benefit Plans (Fair Value of Plan Assets) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Foreign Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | $ 410,000,000 | $ 455,000,000 | $ 402,000,000 | |
Foreign Plan [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 317,000,000 | 355,000,000 | ||
Foreign Plan [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 84,000,000 | 90,000,000 | ||
Foreign Plan [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 9,000,000 | 10,000,000 | ||
Foreign Plan [Member] | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 14,000,000 | 20,000,000 | ||
Foreign Plan [Member] | Mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 14,000,000 | 20,000,000 | ||
Foreign Plan [Member] | Mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 1,000,000 | 1,000,000 | ||
Foreign Plan [Member] | Private equity | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Private equity | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Private equity | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 1,000,000 | 1,000,000 | ||
Foreign Plan [Member] | Government debt securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 13,000,000 | 11,000,000 | ||
Foreign Plan [Member] | Government debt securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 13,000,000 | 11,000,000 | ||
Foreign Plan [Member] | Government debt securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Government debt securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [1] | 371,000,000 | 413,000,000 | |
Foreign Plan [Member] | Mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 287,000,000 | 323,000,000 | ||
Foreign Plan [Member] | Mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 84,000,000 | 90,000,000 | ||
Foreign Plan [Member] | Mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 2,000,000 | 2,000,000 | ||
Foreign Plan [Member] | Real estate | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Real estate | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Real estate | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 2,000,000 | 2,000,000 | ||
Foreign Plan [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 2,000,000 | 0 | ||
Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 2,000,000 | 0 | ||
Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Other assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 7,000,000 | 8,000,000 | ||
Foreign Plan [Member] | Other assets | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 1,000,000 | 1,000,000 | ||
Foreign Plan [Member] | Other assets | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Other assets | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 6,000,000 | 7,000,000 | ||
UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 1,026,000,000 | 1,127,000,000 | $ 1,044,000,000 | |
UNITED STATES | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 1,002,000,000 | 1,091,000,000 | ||
UNITED STATES | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 24,000,000 | 36,000,000 | ||
UNITED STATES | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
UNITED STATES | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 173,000,000 | 359,000,000 | ||
UNITED STATES | Mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 173,000,000 | 359,000,000 | ||
UNITED STATES | Mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
UNITED STATES | Mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
UNITED STATES | Government debt securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 170,000,000 | 135,000,000 | ||
UNITED STATES | Government debt securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 170,000,000 | 135,000,000 | ||
UNITED STATES | Government debt securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
UNITED STATES | Government debt securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
UNITED STATES | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [2] | 653,000,000 | 593,000,000 | |
UNITED STATES | Mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 653,000,000 | 593,000,000 | ||
UNITED STATES | Mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
UNITED STATES | Mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
UNITED STATES | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 24,000,000 | 36,000,000 | ||
UNITED STATES | Real estate | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
UNITED STATES | Real estate | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 24,000,000 | 36,000,000 | ||
UNITED STATES | Real estate | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
UNITED STATES | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 6,000,000 | 4,000,000 | ||
UNITED STATES | Cash and Cash Equivalents [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 6,000,000 | 4,000,000 | ||
UNITED STATES | Cash and Cash Equivalents [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
UNITED STATES | Cash and Cash Equivalents [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | $ 0 | $ 0 | ||
[1] | Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment | |||
[2] | Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment |
Benefit Plans (Expected Future
Benefit Plans (Expected Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contribution in 2019 | $ 14 |
Expected benefit payments for fiscal year ending: | |
2,017 | 23 |
2,018 | 21 |
2,019 | 23 |
2,020 | 24 |
2,021 | 25 |
2024 - 2028 | 155 |
UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contribution in 2019 | 9 |
Expected benefit payments for fiscal year ending: | |
2,017 | 69 |
2,018 | 70 |
2,019 | 72 |
2,020 | 72 |
2,021 | 73 |
2024 - 2028 | $ 367 |
Equity (Transactions with Nonco
Equity (Transactions with Noncontrolling Interests) (Details) - USD ($) $ in Millions | Sep. 28, 2017 | Feb. 18, 2016 | Feb. 28, 2015 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 20, 2018 | Jan. 01, 2018 | Jun. 25, 2014 |
Noncontrolling Interest [Line Items] | |||||||||||||||||
Gain (Loss) on Disposition of Business | $ 128 | $ (21) | $ 89 | $ 788 | $ (48) | $ 984 | $ (52) | $ 29 | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 6.70% | ||||||||||||||||
Stockholders' Equity Attributable to Parent | 3,208 | 3,208 | 2,465 | ||||||||||||||
Additional Paid in Capital | 8,154 | 8,154 | 8,501 | ||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (2,071) | (2,071) | (1,876) | (2,756) | $ (1,857) | ||||||||||||
Distributed Energy [Member] | |||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||
Sale of subsidiary shares to noncontrolling interests | 98 | ||||||||||||||||
Alto Maipo [Member] | |||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||
Gain (Loss) on Disposition of Business | $ 0 | ||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 40.00% | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 62.00% | ||||||||||||||||
Stockholders' Equity Attributable to Parent | $ 196 | ||||||||||||||||
Additional Paid in Capital | 229 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (33) | $ (33) | |||||||||||||||
Masinloc Subsidiary [Member] | |||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||
Divestiture of Businesses, Portion Contingent Upon Achievement of Certain Restructuring Efficiencies | $ 23 | ||||||||||||||||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 100.00% | 51.00% | 45.00% | ||||||||||||||
Dominican Republic | |||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||
Gain (Loss) on Disposition of Business | $ 0 | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5.00% | ||||||||||||||||
Proceeds from divestiture of business | $ 60 | ||||||||||||||||
Gain on Disposition of Stock in Subsidiary, Recorded to APIC | $ 25 | ||||||||||||||||
IPP4 [Member] | |||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 36.00% | ||||||||||||||||
Jordan [Member] | |||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 21 | ||||||||||||||||
Gain (Loss) on Disposition of Business | $ 4 | ||||||||||||||||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 40.00% | ||||||||||||||||
Acquire additional shares through 2016 | |||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||
Investment Options, acquisition percentage | 17.65% | ||||||||||||||||
Additional Paid-in Capital [Member] | |||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||
Sale of subsidiary shares to noncontrolling interests | (3) | $ 13 | 84 | ||||||||||||||
Retained Earnings (Accumulated Deficit) | IPALCO Enterprises, Inc. [Member] | |||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||
Sale of subsidiary shares to noncontrolling interests | $ 84 | 0 | 0 | (84) | |||||||||||||
Noncontrolling Interest [Member] | |||||||||||||||||
Noncontrolling Interest [Line Items] | |||||||||||||||||
Sale of subsidiary shares to noncontrolling interests | $ 98 | $ 83 | $ 17 |
Equity Equity - Net Income (Los
Equity Equity - Net Income (Loss) Attributable to The AES Corporation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | ||||||||||||
Net Income (Loss) Attributable to Parent | $ 128 | $ 101 | $ 290 | $ 684 | $ (1,342) | $ 152 | $ 53 | $ (24) | $ 1,203 | $ (1,161) | $ (1,130) | |
Transfers from the noncontrolling interest: | ||||||||||||
Net transfers (to) from noncontrolling interest | (3) | 253 | (2) | |||||||||
Change from net income (loss) attributable to The AES Corporation and transfers (to) from noncontrolling interests | 1,200 | (908) | (1,132) | |||||||||
Additional Paid-in Capital [Member] | ||||||||||||
Transfers from the noncontrolling interest: | ||||||||||||
Increase (decrease) in The AES Corporation's paid-in capital for sale of subsidiary shares | (3) | 13 | 84 | |||||||||
Increase (decrease) in The AES Corporation's paid-in-capital for purchase of subsidiary shares | 0 | (240) | 2 | |||||||||
Retained Earnings [Member] | ||||||||||||
Transfers from the noncontrolling interest: | ||||||||||||
Increase (decrease) in The AES Corporation's paid-in-capital for purchase of subsidiary shares | 0 | 0 | ||||||||||
IPALCO Enterprises, Inc. [Member] | Retained Earnings [Member] | ||||||||||||
Transfers from the noncontrolling interest: | ||||||||||||
Increase (decrease) in The AES Corporation's paid-in capital for sale of subsidiary shares | $ 84 | $ 0 | $ 0 | $ (84) |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Beginning Balance | $ (1,486) | $ (2,147) | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax, Beginning Balance | (333) | (323) | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax, Beginning Balance | (57) | (286) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (1,876) | (2,756) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (278) | (15) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 64 | 928 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (182) | 634 | $ 1,181 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (26) | (38) | (42) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 5 | 247 | (187) | |
Other Comprehensive Income (Loss), Net of Tax | (151) | 919 | 1,036 | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Ending Balance | (1,721) | (1,486) | (2,147) | |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax, Ending Balance | (300) | (333) | (323) | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax, Ending Balance | (50) | (57) | (286) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (2,071) | (1,876) | (2,756) | |
Available-for-Sale securities, net | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (214) | 18 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (21) | 643 | ||
Derivative gains (losses), net | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (64) | (14) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 78 | 37 | ||
Unfunded pension obligations, net | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax, Beginning Balance | 0 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | (19) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 7 | 248 | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax, Ending Balance | 0 | |||
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (235) | 661 | 1,109 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (14) | (23) | (30) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 7 | 229 | (12) | |
Other Comprehensive Income (Loss), Net of Tax | (214) | 913 | $ 1,127 | |
Cumulative Effect of New Accounting Principle in Period of Adoption | [1] | 19 | ||
Alto Maipo [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Beginning Balance | 0 | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax, Beginning Balance | (33) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (33) | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Ending Balance | 0 | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax, Ending Balance | (33) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | $ (33) | |||
ASC 606 Impact [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 19 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | 17 | |||
ASC 606 Impact [Member] | Available-for-Sale securities, net | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | |||
ASC 606 Impact [Member] | Derivative gains (losses), net | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | $ 19 | |||
[1] | See Note 1 — General and Summary of Significant Accounting Policies |
Equity (Reclassifications Out o
Equity (Reclassifications Out of AOCL) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||
Gain (Loss) on Disposition of Business | $ 128 | $ (21) | $ 89 | $ 788 | $ (48) | $ 984 | $ (52) | $ 29 | ||||||||||
Cost of Goods and Services Sold | 8,163 | 8,065 | 7,898 | |||||||||||||||
General and administrative expenses | 192 | 215 | 194 | |||||||||||||||
Other Expenses | (58) | (58) | (80) | |||||||||||||||
Interest expense | (1,056) | (1,170) | (1,134) | |||||||||||||||
Foreign currency transaction gains | (72) | 42 | (15) | |||||||||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | 2,018 | 771 | 187 | |||||||||||||||
Income tax expense | (708) | (990) | (32) | |||||||||||||||
Net equity in earnings of affiliates | 39 | 71 | 36 | |||||||||||||||
Income (loss) from continuing operations | 155 | [1] | 192 | [1] | 224 | [1] | 778 | [1] | $ (622) | [2] | $ 235 | 142 | [2] | $ 97 | [2] | 1,349 | (148) | 191 |
Net loss from disposal and impairments of discontinued operations | 225 | (611) | (1,119) | |||||||||||||||
Net income (loss) | 181 | 191 | 416 | 777 | (1,286) | 261 | 150 | 98 | 1,565 | (777) | (777) | |||||||
Less: (Income) from continuing operations attributable to noncontrolling interests | 364 | 359 | 211 | |||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 2 | (25) | (142) | |||||||||||||||
Net income attributable to The AES Corporation | $ 128 | $ 101 | $ 290 | $ 684 | $ (1,342) | $ 152 | $ 53 | $ (24) | 1,203 | (1,161) | (1,130) | |||||||
Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||
Net income attributable to The AES Corporation | (64) | (928) | (1,021) | |||||||||||||||
Available-for-Sale securities, net | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||
Gain (Loss) on Disposition of Business | 19 | (188) | 0 | |||||||||||||||
Net loss from disposal and impairments of discontinued operations | 2 | (455) | (992) | |||||||||||||||
Net income attributable to The AES Corporation | 21 | (643) | (992) | |||||||||||||||
Derivative gains (losses), net | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (6) | 25 | 111 | |||||||||||||||
Cost of Goods and Services Sold | (3) | (12) | 57 | |||||||||||||||
Interest expense | (49) | (79) | (107) | |||||||||||||||
Foreign currency transaction gains | (59) | 15 | 8 | |||||||||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | (117) | (51) | (45) | |||||||||||||||
Income tax expense | 24 | 1 | 8 | |||||||||||||||
Income (loss) from continuing operations | (93) | (50) | (37) | |||||||||||||||
Less: (Income) from continuing operations attributable to noncontrolling interests | 15 | 13 | 9 | |||||||||||||||
Net income attributable to The AES Corporation | (78) | (37) | (28) | |||||||||||||||
Amortization of defined benefit pension actuarial losses, net | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||||
Cost of Goods and Services Sold | 0 | 1 | 0 | |||||||||||||||
General and administrative expenses | 0 | (1) | (1) | |||||||||||||||
Other Expenses | (6) | 0 | (1) | |||||||||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | (6) | 0 | (2) | |||||||||||||||
Income tax expense | 2 | 0 | 3 | |||||||||||||||
Income (loss) from continuing operations | (4) | 0 | 1 | |||||||||||||||
Net loss from disposal and impairments of discontinued operations | (2) | (266) | (11) | |||||||||||||||
Net income (loss) | (6) | (266) | (10) | |||||||||||||||
Less: (Income) from continuing operations attributable to noncontrolling interests | (1) | 0 | 9 | |||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 18 | 0 | |||||||||||||||
Net income attributable to The AES Corporation | $ (7) | $ (248) | $ (1) | |||||||||||||||
[1] | Includes pre-tax gains on sales of business interests of $788 million , $89 million and $128 million , in the first, second and fourth quarters of 2018 , respectively, and pre-tax losses of $21 million in the third quarter of 2018 (See Note 23 — Held-for-Sale and Dispositions ), pre-tax impairment expense of $92 million , $74 million and $42 million , in the second, third and fourth quarters of 2018 , respectively (See Note 20 — Asset Impairment Expense ), other-than-temporary impairment of Guacolda of $144 million in the fourth quarter of 2018 (See Note 7 — Investments in and Advances to Affiliates ), SAB 118 charges to finalize the provisional estimate of one-time transition tax on foreign earnings of $33 million and $161 million in the third and fourth quarters of 2018 , respectively, and a SAB 118 income tax benefit to finalize the provisional estimate of remeasurement of deferred tax assets and liabilities to the lower corporate tax rate of $77 million in the fourth quarter of 2018 (See Note 21 — Income Taxes | |||||||||||||||||
[2] | Includes provisional tax expense related to a one-time transition tax on foreign earnings of $675 million and the remeasurement of deferred tax assets and liabilities to the lower corporate tax rate of $39 million in the fourth quarter of 2017 (See Note 21 — Income Taxes ), pre-tax impairment expense of $168 million , $90 million and $277 million , in the first, second and fourth quarters of 2017 , respectively (See Note 20 — Asset Impairment Expense ), and pre-tax losses on sales of business interests of $48 million in second quarter of 2017 (See Note 23 — Held-for-Sale and Dispositions |
Equity Equity (Dividends) (Deta
Equity Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 07, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 |
Subsequent Event [Line Items] | |||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.13 | $ 0.13 | $ 0.13 | $ 0.13 | |||||||||
Dividends declared on common stock (per share amount) | $ 0.1365 | $ 0.27 | $ 0.13 | $ 0 | $ 0.13 | $ 0.25 | $ 0.12 | $ 0 | $ 0.12 | $ 0.53 | $ 0.49 | $ 0.45 | |
Treasury Stock, Value, Acquired, Cost Method | $ 1,900 | ||||||||||||
Payments for Repurchase of Common Stock | $ 0 | $ 0 | $ 79 | ||||||||||
Acquisition of treasury stock (shares) | 0 | 154,300,000 | |||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 12.12 | ||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 264 | $ 264 | $ 264 | ||||||||||
Treasury stock, shares (in shares) | 154,905,595 | 155,924,785 | 154,905,595 | 155,924,785 | 154,905,595 |
Equity Equity (Stock Repurchase
Equity Equity (Stock Repurchases) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 102 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 264 | $ 264 | ||
Treasury Stock, Shares | 154,905,595 | 155,924,785 | 154,905,595 | |
Acquisition of treasury stock (shares) | 0 | 154,300,000 | ||
Payments for Repurchase of Common Stock | $ 0 | $ 0 | $ 79 | |
Treasury Stock Acquired, Average Cost Per Share | $ 12.12 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 1,900 |
Equity Deconsolidation (Details
Equity Deconsolidation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (Loss) on Disposition of Business | $ 128 | $ (21) | $ 89 | $ 788 | $ (48) | $ 984 | $ (52) | $ 29 |
Segment and Geographic Inform_3
Segment and Geographic Information (Details) | 12 Months Ended |
Dec. 31, 2018businesssegment | |
Segment Reporting Information [Line Items] | |
Number of SBUs | business | 4 |
Number of Operating Segments | 4 |
Number of Reportable Segments | 4 |
Segments and Geographic Infor_2
Segments and Geographic Information Segment and Geographic Information ( Revenue by Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | $ 2,622 | $ 2,837 | $ 2,537 | $ 2,740 | $ 2,643 | $ 2,693 | $ 2,613 | $ 2,581 | $ 10,736 | $ 10,530 | $ 10,281 |
US and Utilities SBU | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 4,230 | ||||||||||
South America [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 3,533 | ||||||||||
MCAC [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 1,728 | ||||||||||
EURASIA [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 1,255 | ||||||||||
Corporate, Other and Eliminations | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | (10) | ||||||||||
Corporate, Non-Segment [Member] | Corporate, Other and Eliminations | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 41 | 35 | 77 | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | (51) | (28) | (26) | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 10,736 | 10,530 | 10,281 | ||||||||
Operating Segments [Member] | US and Utilities SBU | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 4,230 | 4,162 | 4,330 | ||||||||
Operating Segments [Member] | South America [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 3,533 | 3,252 | 2,956 | ||||||||
Operating Segments [Member] | MCAC [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 1,728 | 1,519 | 1,274 | ||||||||
Operating Segments [Member] | EURASIA [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | $ 1,255 | $ 1,590 | $ 1,670 |
Segments and Geographic Infor_3
Segments and Geographic Information Segment and Geographic Information (Adjusted Pre-Tax Contributions & Reconcilliation of Income Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment Reporting Information Adjusted Pretax Contribution | $ 1,185 | $ 1,017 | $ 850 |
Reconciliation To Income From Continuing Operations Before Taxes | |||
Unrealized derivative losses (gains) | (33) | 3 | 9 |
Unrealized foreign currency losses (gains) | (51) | 59 | (22) |
Disposition/acquisition losses (gains) | 934 | (123) | (6) |
Impairment expense | (307) | (542) | (933) |
Loss on extinguishment of debt | (180) | (62) | (29) |
One time restructuring costs | 0 | 31 | 0 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 2,018 | 771 | 187 |
Net equity in earnings of affiliates | 39 | 71 | 36 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (509) | (521) | (354) |
Pre-tax contribution | 1,548 | 321 | (131) |
Operating Segments | US and Utilities SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment Reporting Information Adjusted Pretax Contribution | 511 | 424 | 392 |
Reconciliation To Income From Continuing Operations Before Taxes | |||
Net equity in earnings of affiliates | 35 | 41 | 9 |
Operating Segments | Andes SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment Reporting Information Adjusted Pretax Contribution | 519 | 446 | 428 |
Reconciliation To Income From Continuing Operations Before Taxes | |||
Net equity in earnings of affiliates | 15 | 28 | 15 |
Operating Segments | MCAC SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment Reporting Information Adjusted Pretax Contribution | 300 | 277 | 222 |
Reconciliation To Income From Continuing Operations Before Taxes | |||
Net equity in earnings of affiliates | (7) | (4) | (2) |
Operating Segments | EURASIA [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment Reporting Information Adjusted Pretax Contribution | 222 | 290 | 283 |
Reconciliation To Income From Continuing Operations Before Taxes | |||
Net equity in earnings of affiliates | 14 | 9 | 13 |
Corporate, Non-Segment [Member] | Corporate, Other and Eliminations | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment Reporting Information Adjusted Pretax Contribution | (367) | (420) | (475) |
Reconciliation To Income From Continuing Operations Before Taxes | |||
Net equity in earnings of affiliates | $ (18) | $ (3) | $ 1 |
Segments and Geographic Infor_4
Segments and Geographic Information Segment and Geographic Information (Assets, Depreciation and Amortization and Capital Expenditures ) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Total Assets | $ 32,521 | $ 33,112 | $ 36,124 |
Depreciation and Amortization | 1,003 | 1,169 | 1,176 |
Capital Expenditures | 2,396 | 2,356 | 2,458 |
Interest Income | 310 | 244 | 245 |
Interest Expense | 1,056 | 1,170 | 1,134 |
Investments in and Advances to Affiliates | 1,114 | 1,197 | 621 |
Net Equity in Earnings of Affiliates | 39 | 71 | 36 |
Operating Segments [Member] | US and Utilities SBU | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 12,286 | 11,548 | 10,815 |
Depreciation and Amortization | 449 | 487 | 519 |
Capital Expenditures | 1,373 | 905 | 858 |
Interest Income | 10 | 5 | 4 |
Interest Expense | 287 | 315 | 299 |
Investments in and Advances to Affiliates | 538 | 535 | 23 |
Net Equity in Earnings of Affiliates | 35 | 41 | 9 |
Operating Segments [Member] | Andes SBU | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 10,941 | 11,126 | 10,487 |
Depreciation and Amortization | 300 | 301 | 251 |
Capital Expenditures | 662 | 477 | 569 |
Interest Income | 92 | 95 | 95 |
Interest Expense | 283 | 297 | 247 |
Investments in and Advances to Affiliates | 213 | 358 | 363 |
Net Equity in Earnings of Affiliates | 15 | 28 | 15 |
Operating Segments [Member] | MCAC SBU | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 4,462 | 4,087 | 3,680 |
Depreciation and Amortization | 141 | 122 | 117 |
Capital Expenditures | 302 | 435 | 431 |
Interest Income | 20 | 13 | 7 |
Interest Expense | 124 | 111 | 100 |
Investments in and Advances to Affiliates | 5 | (5) | (1) |
Net Equity in Earnings of Affiliates | (7) | (4) | (2) |
Operating Segments [Member] | EURASIA [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 4,538 | 6,002 | 5,777 |
Depreciation and Amortization | 99 | 127 | 149 |
Capital Expenditures | 51 | 211 | 279 |
Interest Income | 186 | 130 | 139 |
Interest Expense | 145 | 167 | 179 |
Investments in and Advances to Affiliates | 293 | 307 | 236 |
Net Equity in Earnings of Affiliates | 14 | 9 | 13 |
Segment Reconciling Items [Member] | Assets held-for-sale | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 0 | 86 | 4,936 |
Depreciation and Amortization | 0 | 123 | 128 |
Capital Expenditures | 0 | 315 | 303 |
Corporate, Non-Segment [Member] | Corporate, Other and Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 294 | 263 | 429 |
Depreciation and Amortization | 14 | 9 | 12 |
Capital Expenditures | 8 | 13 | 18 |
Interest Income | 2 | 1 | 0 |
Interest Expense | 217 | 280 | 309 |
Investments in and Advances to Affiliates | 65 | 2 | 0 |
Net Equity in Earnings of Affiliates | $ (18) | $ (3) | $ 1 |
Segments and Geographic Infor_5
Segments and Geographic Information Segment and Geographic Information (Revenue and Assets by Country) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | $ 2,622 | $ 2,837 | $ 2,537 | $ 2,740 | $ 2,643 | $ 2,693 | $ 2,613 | $ 2,581 | $ 10,736 | $ 10,530 | $ 10,281 | |
Property, plant and equipment, net | 21,396 | 20,296 | 21,396 | 20,296 | ||||||||
UNITED STATES | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | [1] | 3,462 | 3,487 | 3,790 | ||||||||
Property, plant and equipment, net | [1] | 8,731 | 7,968 | 8,731 | 7,968 | |||||||
Total Non-U.S. | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 7,274 | 7,043 | 6,491 | |||||||||
Property, plant and equipment, net | 12,665 | 12,328 | 12,665 | 12,328 | ||||||||
Brazil | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 527 | 541 | 450 | |||||||||
Property, plant and equipment, net | 1,287 | 1,286 | 1,287 | 1,286 | ||||||||
CHILE | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 2,087 | 1,944 | 1,707 | |||||||||
Property, plant and equipment, net | 5,453 | 5,066 | 5,453 | 5,066 | ||||||||
Dominican Republic | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 884 | 826 | 614 | |||||||||
Property, plant and equipment, net | 903 | 935 | 903 | 935 | ||||||||
El Salvador | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 768 | 686 | 601 | |||||||||
Property, plant and equipment, net | 334 | 340 | 334 | 340 | ||||||||
Colombia | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 428 | 332 | 437 | |||||||||
Property, plant and equipment, net | 302 | 332 | 302 | 332 | ||||||||
PHILIPPINES | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | [2] | 93 | 449 | 401 | ||||||||
Property, plant and equipment, net | [2] | 0 | 0 | 0 | 0 | |||||||
ARGENTINA | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 487 | 435 | 359 | |||||||||
Property, plant and equipment, net | 234 | 223 | 234 | 223 | ||||||||
Vietnam | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | [3] | 245 | 278 | 340 | ||||||||
Property, plant and equipment, net | [3] | 2 | 2 | 2 | 2 | |||||||
Mexico | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 399 | 352 | 342 | |||||||||
Property, plant and equipment, net | 666 | 687 | 666 | 687 | ||||||||
UNITED KINGDOM | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 390 | 328 | 337 | |||||||||
Property, plant and equipment, net | 90 | 108 | 90 | 108 | ||||||||
BULGARIA | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 426 | 367 | 334 | |||||||||
Property, plant and equipment, net | 1,183 | 1,290 | 1,183 | 1,290 | ||||||||
Panama | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 438 | 338 | 312 | |||||||||
Property, plant and equipment, net | 1,777 | 1,615 | 1,777 | 1,615 | ||||||||
Puerto Rico | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | [1] | 257 | 247 | 301 | ||||||||
Property, plant and equipment, net | [1] | 553 | 565 | 553 | 565 | |||||||
JORDAN | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 95 | 95 | 136 | |||||||||
Property, plant and equipment, net | 418 | 431 | 418 | 431 | ||||||||
KAZAKHSTAN | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 0 | 67 | 103 | |||||||||
Property, plant and equipment, net | 0 | 0 | 0 | 0 | ||||||||
Other Non-U.S. | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 7 | 5 | $ 18 | |||||||||
Property, plant and equipment, net | $ 16 | $ 13 | $ 16 | $ 13 | ||||||||
[1] | Includes Puerto Rico revenues of $257 million , $247 million and $301 million for the years ended December 31, 2018, 2017 and 2016, respectively, and property, plant & equipment of $553 million and $565 million | |||||||||||
[2] | The Masinloc property, plant and equipment was classified as held-for-sale as of December 31, 2017, and deconsolidated upon completion of the sale in March 2018. See Note 23— Held-For-Sale and Dispositions | |||||||||||
[3] | The Mong Duong II power project is operated under a build, operate and transfer contract. Future expected payments for the construction performance obligation are recognized in Loan receivable on the Consolidated Balance Sheets. See Note 18— Revenue |
Share-Based Compensation (Stock
Share-Based Compensation (Stock Option Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax compensation expense | $ 20 | $ 8 | $ 10 |
Share-Based Compensation (Sto_2
Share-Based Compensation (Stock Option Activity) (Details) - Stock Options | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Option Grant Price As Percent Of Market Price | 100.00% |
Weighted Average Exercise Price (in dollars per share): | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Share-Based Compensation (RSU C
Share-Based Compensation (RSU Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pretax compensation expense | $ 20 | $ 8 | $ 10 | |
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pretax compensation expense | 11 | 17 | 14 | |
Tax benefit | (2) | (4) | (4) | |
compensation expense, net of tax | 9 | 13 | 10 | |
Total value of RSUs converted | [1] | 10 | 10 | 7 |
Total fair value of RSUs vested | $ 16 | $ 15 | $ 13 | |
[1] | Amount represents fair market value on the date of conversion. |
Share-Based Compensation (RSU A
Share-Based Compensation (RSU Activity) (Details) - RSUs - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Estimated Forfeiture Rate Non Officers | 9.35% | ||
Period of straight-line expense, 2015 RSU's | 3 years | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | ||
RSUs (Number of Shares): | |||
Nonvested at beginning of period | 2,966 | ||
Vested | (1,428) | (1,337) | (1,063) |
Forfeited and expired | (528) | ||
Granted | 913 | ||
Nonvested at end of period | 1,923 | 2,966 | |
Vested and expected to vest at end of period | 1,782 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 10 | ||
Weighted Average Grant Date Fair Value (in dollars per share): | |||
Nonvested at beginning of period | $ 11.02 | ||
Vested | 11.05 | ||
Forfeited and expired | 10.95 | ||
Granted | 10.55 | ||
Nonvested at end of period | 10.80 | $ 11.02 | |
Vested and expected to vest at end of period | $ 10.79 | ||
Nonvested at end of period, weighted average remaining vesting term | 1 year 4 months 24 days | ||
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Related To Current Current Year Grants Per Year | $ 9 |
Share-Based Compensation (RSUs
Share-Based Compensation (RSUs Vested and Converted) (Details) - RSUs - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs vested during the year | 1,428 | 1,337 | 1,063 |
RSUs converted during the year, net of shares withheld for taxes | 950 | 865 | 705 |
Shares withheld for taxes | 478 | 472 | 358 |
Share-Based Compensation (PSU C
Share-Based Compensation (PSU Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
PSU expense before income tax | $ 20 | $ 8 | $ 10 |
Share-Based Compensation (PSU A
Share-Based Compensation (PSU Activity) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Performance Cash Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Rule, Measurement Period | 3 years |
Minimum [Member] | PSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Award Payout Range | 0.00% |
Maximum [Member] | PSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Award Payout Range | 200.00% |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax compensation expense | $ 20 | $ 8 | $ 10 |
Performance Cash Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance stock units vesting rule measurement period | 3 years | ||
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Estimated Forfeiture Rate Non Officers | 9.35% | ||
Period of straight-line expense, 2014 RSU's | 3 years | ||
Pretax compensation expense | $ 11 | $ 17 | $ 14 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 10 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 10.80 | $ 11.02 | |
Weighted Average Grant Date Fair Value | $ 10.55 | ||
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Related To Current Current Year Grants Per Year | $ 9 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option grant price as percent of market price | 100.00% | ||
Stock option contractual term | 10 years | ||
Weighted Average [Member] | RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 10.55 | $ 11.93 | $ 9.42 |
Minimum | PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Award Payout Range | 0.00% | ||
Maximum | PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Award Payout Range | 200.00% |
Redeemable Stock of Subsidiar_3
Redeemable Stock of Subsidiaries (Narrative) (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Feb. 28, 2015USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2018USD ($)seriesquarter$ / shares | Dec. 31, 2017USD ($)quarter$ / shares | Dec. 31, 2016USD ($) | Mar. 31, 2017 | Sep. 30, 2016USD ($) | ||
Temporary Equity [Line Items] | ||||||||||
Temporary Equity, Accretion to Redemption Value | $ 4 | $ 25 | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 6.70% | |||||||||
Temporary equity carrying amount | 879 | 837 | $ 782 | |||||||
Temporary Equity, Other Changes | 34 | 50 | ||||||||
Temporary Equity, Net Income | 2 | (14) | ||||||||
Colon [Domain] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity carrying amount | [1] | 201 | 159 | |||||||
Temporary Equity, Other Changes | 34 | 50 | ||||||||
IPALCO Enterprises, Inc. [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | 30.00% | ||||||||
Temporary equity carrying amount | 618 | 618 | ||||||||
Temporary Equity, Stock Issued During Period, Value, New Issues | $ 134 | |||||||||
Temporary Equity, Other Changes | $ 24 | |||||||||
IPL Subsidiary | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity carrying amount | $ 60 | 60 | ||||||||
Number of preferred stock series | series | 5 | |||||||||
Temporary equity annual dividend requirement | $ 3 | $ 3 | ||||||||
Number of consecutive quarters without paid dividends to invoke board of directors election rule | quarter | 4 | 4 | ||||||||
IPL Subsidiary | Minimum | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity, redemption price per share | $ / shares | $ 100 | $ 100 | ||||||||
IPL Subsidiary | Maximum | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary equity, redemption price per share | $ / shares | $ 118 | $ 118 | ||||||||
DPL Subsidiary | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary Equity, Accretion to Redemption Value | 5 | |||||||||
Retained Earnings [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary Equity, Net Income | $ 0 | 0 | ||||||||
Retained Earnings [Member] | IPALCO Enterprises, Inc. [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Sale of subsidiary shares to noncontrolling interests | $ 84 | $ 0 | 0 | (84) | ||||||
Additional Paid-in Capital [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Sale of subsidiary shares to noncontrolling interests | (3) | 13 | 84 | |||||||
Temporary Equity, Net Income | 0 | $ 0 | ||||||||
Redeemable Preferred Stock [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary Equity Reclassification | 0 | $ (4) | ||||||||
Acquire additional shares through 2016 [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Investment Options, acquisition percentage | 17.65% | |||||||||
Acquire additional shares through 2016 [Member] | IPALCO Enterprises, Inc. [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Sale Agreement, Buyer Option To Purchase Ownership Interest, Sales Price | $ 349 | |||||||||
Other Comprehensive Income (Loss) [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Temporary Equity, Other Changes | $ 2 | $ (2) | ||||||||
[1] | Characteristics of quotas are similar to common stock. |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | $ 2,622 | $ 2,837 | $ 2,537 | $ 2,740 | $ 2,643 | $ 2,693 | $ 2,613 | $ 2,581 | $ 10,736 | $ 10,530 | $ 10,281 | |
Regulated Revenue [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 2,885 | |||||||||||
Other non-606 revenue | 54 | |||||||||||
Revenues | 2,939 | |||||||||||
Non-regulated revenue [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 7,075 | |||||||||||
Other non-606 revenue | [1] | 722 | ||||||||||
Revenues | 7,797 | |||||||||||
US and Utilities [Domain] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 4,230 | |||||||||||
US and Utilities [Domain] | Regulated Revenue [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 2,885 | |||||||||||
Other non-606 revenue | 54 | |||||||||||
Revenues | 2,939 | |||||||||||
US and Utilities [Domain] | Non-regulated revenue [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 972 | |||||||||||
Other non-606 revenue | [1] | 319 | ||||||||||
Revenues | 1,291 | |||||||||||
South America [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 3,533 | |||||||||||
South America [Member] | Regulated Revenue [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | |||||||||||
Other non-606 revenue | 0 | |||||||||||
Revenues | 0 | |||||||||||
South America [Member] | Non-regulated revenue [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 3,529 | |||||||||||
Other non-606 revenue | [1] | 4 | ||||||||||
Revenues | 3,533 | |||||||||||
MCAC [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 1,728 | |||||||||||
MCAC [Member] | Regulated Revenue [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | |||||||||||
Other non-606 revenue | 0 | |||||||||||
Revenues | 0 | |||||||||||
MCAC [Member] | Non-regulated revenue [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 1,642 | |||||||||||
Other non-606 revenue | [1] | 86 | ||||||||||
Revenues | 1,728 | |||||||||||
EURASIA [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | 1,255 | |||||||||||
EURASIA [Member] | Regulated Revenue [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | |||||||||||
Other non-606 revenue | 0 | |||||||||||
Revenues | 0 | |||||||||||
EURASIA [Member] | Non-regulated revenue [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 943 | |||||||||||
Other non-606 revenue | [1] | 312 | ||||||||||
Revenues | 1,255 | |||||||||||
Corporate Other And Other Eliminations [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenues | (10) | |||||||||||
Corporate Other And Other Eliminations [Member] | Regulated Revenue [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | |||||||||||
Other non-606 revenue | 0 | |||||||||||
Revenues | 0 | |||||||||||
Corporate Other And Other Eliminations [Member] | Non-regulated revenue [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | (11) | |||||||||||
Other non-606 revenue | [1] | 1 | ||||||||||
Revenues | $ (10) | |||||||||||
[1] | Other non-regulated revenue primarily includes lease and derivative revenue not accounted for under ASC 606. |
Revenue Contract Balances (Deta
Revenue Contract Balances (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Revenue [Abstract] | |||
Contract with Customer, Liability | $ 109 | $ 131 | |
Contract with Customer, Liability, Revenue Recognized | 36 | ||
Notes, Loans and Financing Receivable, Gross, Noncurrent | $ 1,423 | $ 1,490 | $ 0 |
Revenue Remaining Performance_2
Revenue Remaining Performance Obligations (Details) $ in Millions | Dec. 31, 2018USD ($) |
Remaining Performance Obligations [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 15 |
Other Income and Expense (Nonop
Other Income and Expense (Nonoperating Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Liquidation Basis of Accounting, Remeasurement, Gain (Loss) on Asset | $ 0 | $ 0 | ||
Total other income | $ 72 | 120 | 64 | |
Other Income [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Litigation Settlement, Amount Awarded from Other Party | 0 | 60 | [1] | 0 |
Public Utilities, Allowance for Funds Used During Construction, Additions | 8 | 26 | 29 | |
Gain (Loss) on Disposition of Other Assets | 4 | 1 | 4 | |
Other | 28 | 33 | 31 | |
Total other income | $ 72 | $ 120 | $ 64 | |
[1] | In December 2016, the Company and YPF entered into a settlement 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 $60 million |
Other Income and Expense (Other
Other Income and Expense (Other Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Schedule of other operating expense [Line Items] | |||||
Gain (Loss) on Disposition of Assets | $ (27) | $ (43) | $ (38) | ||
Allowance for other receivables | 7 | 0 | 52 | [1] | |
Loss On Sale And Disposal Of Assets | 30 | [2] | 28 | 12 | |
Water Rights Write-Off | 0 | 19 | 6 | ||
Other | 11 | 10 | 7 | ||
Defined Benefit Plan, Other Cost (Credit) | 10 | 1 | 3 | ||
Other Expenses | 58 | $ 58 | $ 80 | ||
Other Expense [Member] | |||||
Schedule of other operating expense [Line Items] | |||||
Gain (Loss) on Disposition of Assets | $ 20 | ||||
[1] | During the fourth quarter of 2016, we recognized a full allowance on a non-trade receivable in the MCAC SBU as a result of payment delays and discussions with the counterparty. The allowance was related to certain reimbursements the Company was expecting in connection with a legal matter. | ||||
[2] | In September 2018, the Company recorded a $20 million |
Asset Impairment Expense (Impai
Asset Impairment Expense (Impairment of Long-Lived Assets Held and Used by Asset) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Impairment Expense [Line Items] | |||||||||
Asset impairment expense | $ (42) | $ (74) | $ (92) | $ (277) | $ (90) | $ (168) | $ (208) | $ (537) | $ (1,096) |
Impairment of Long-Lived Assets Held-for-use | 208 | 537 | 1,096 | ||||||
Shady Point [Member] | |||||||||
Asset Impairment Expense [Line Items] | |||||||||
Impairment of Long-Lived Assets Held-for-use | 157 | 0 | 0 | ||||||
Nejapa [Member] | |||||||||
Asset Impairment Expense [Line Items] | |||||||||
Impairment of Long-Lived Assets Held-for-use | 37 | 0 | 0 | ||||||
DPL Subsidiary [Member] | |||||||||
Asset Impairment Expense [Line Items] | |||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 175 | 859 | ||||||
Laurel Mountain [Member] | |||||||||
Asset Impairment Expense [Line Items] | |||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 121 | 0 | ||||||
Kazakhstan Hydro [Member] | |||||||||
Asset Impairment Expense [Line Items] | |||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 92 | 0 | ||||||
Kazakhstan [Member] | |||||||||
Asset Impairment Expense [Line Items] | |||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 94 | 0 | ||||||
Kilroot [Member] | |||||||||
Asset Impairment Expense [Line Items] | |||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 37 | 0 | ||||||
buffalo gap II [Member] [Member] | |||||||||
Asset Impairment Expense [Line Items] | |||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 159 | ||||||
Buffalo Gap I | |||||||||
Asset Impairment Expense [Line Items] | |||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 77 | ||||||
Other | |||||||||
Asset Impairment Expense [Line Items] | |||||||||
Impairment of Long-Lived Assets Held-for-use | $ 14 | $ 18 | $ 1 |
Asset Impairment Expense (Narra
Asset Impairment Expense (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 208 | $ 537 | $ 1,096 | ||||||||||
Other Asset Impairment Charges | $ 42 | $ 74 | $ 92 | $ 277 | $ 90 | $ 168 | 208 | 537 | 1,096 | ||||
Shady Point [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | 157 | 0 | 0 | ||||||||||
Assets carrying amount | 30 | 30 | |||||||||||
Nejapa [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | 37 | 0 | 0 | ||||||||||
Assets carrying amount | 5 | 5 | |||||||||||
Laurel Mountain [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 121 | 0 | ||||||||||
Kazakhstan Hydro [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 92 | 0 | ||||||||||
Kazakhstan [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 94 | 0 | ||||||||||
Buffalo Gap I | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 77 | ||||||||||
DPL Subsidiary [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 175 | 859 | ||||||||||
buffalo gap II [Member] [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 159 | ||||||||||
Kilroot [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 37 | $ 0 | ||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Kazakhstan Hydro [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 92 | ||||||||||||
Assets carrying amount | 190 | ||||||||||||
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses) | $ 100 | ||||||||||||
Fair Value Less Costs To Sell | $ 92 | ||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Kazakhstan [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 94 | ||||||||||||
Assets carrying amount | 171 | ||||||||||||
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses) | 92 | ||||||||||||
Fair Value Less Costs To Sell | $ 29 | ||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | DPL Peaking Generation [Domain] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 109 | ||||||||||||
Assets carrying amount | 346 | 346 | |||||||||||
Fair Value Less Costs To Sell | 237 | 237 | |||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | DPL Subsidiary [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 66 | ||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Stuart Station [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 3 | 3 | |||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Killen Station [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 8 | 8 | |||||||||||
Long Lived Assets Held And Used [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Other Asset Impairment Charges | [1] | 18 | |||||||||||
Long Lived Assets Held And Used [Member] | Parent Company [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 49 | $ 23 | |||||||||||
Long Lived Assets Held And Used [Member] | Laurel Mountain [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | 121 | ||||||||||||
Other Asset Impairment Charges | [1] | 121 | |||||||||||
Assets carrying amount | 33 | 33 | |||||||||||
Long Lived Assets Held And Used [Member] | Buffalo Gap I | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | 77 | ||||||||||||
Assets carrying amount | 36 | 36 | |||||||||||
Long Lived Assets Held And Used [Member] | Miami Fort [Domain] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 36 | 36 | |||||||||||
Long Lived Assets Held And Used [Member] | Zimmer Station [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 24 | 24 | |||||||||||
Long Lived Assets Held And Used [Member] | DPL Peaking Generation [Domain] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 2 | $ 5 | 2 | ||||||||||
Long Lived Assets Held And Used [Member] | DPL Subsidiary [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | 235 | 624 | |||||||||||
Other Asset Impairment Charges | [1] | 66 | |||||||||||
Long Lived Assets Held And Used [Member] | buffalo gap II [Member] [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | 159 | ||||||||||||
Assets carrying amount | 92 | 92 | |||||||||||
Long Lived Assets Held And Used [Member] | Stuart Station [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 57 | 57 | |||||||||||
Long Lived Assets Held And Used [Member] | Killen Station [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 43 | $ 84 | 43 | ||||||||||
Long Lived Assets Held And Used [Member] | Kilroot [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | 37 | ||||||||||||
Other Asset Impairment Charges | [1] | 37 | |||||||||||
Assets carrying amount | $ 20 | $ 20 | |||||||||||
Long Lived Assets Held And Used [Member] | Conesville DP&L | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | $ 1 | $ 1 | |||||||||||
[1] | See Note 20 — Asset Impairment Expense |
Income Taxes (Components of Inc
Income Taxes (Components of Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Federal: | |||
Current | $ 7 | $ 0 | $ 2 |
Deferred | 186 | 545 | (361) |
State: | |||
Current | 2 | 0 | 1 |
Deferred | 5 | 1 | (4) |
Foreign: | |||
Current | 378 | 335 | 318 |
Deferred | 130 | 109 | 76 |
Total | $ 708 | $ 990 | $ 32 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory Federal tax rate | 21.00% | 35.00% | 35.00% |
State taxes, net of Federal tax benefit | 2.00% | (7.00%) | (18.00%) |
Taxes on foreign earnings | 9.00% | 0.00% | (46.00%) |
Valuation allowance | (2.00%) | 10.00% | 10.00% |
Uncertain tax positions | 0.00% | 0.00% | 4.00% |
Noncontrolling Interest on Buffalo Gap impairments | 0.00% | 0.00% | 31.00% |
Change in tax law | 6.00% | 90.00% | 12.00% |
Income Tax Expense (Benefit) | $ 708 | $ 990 | $ 32 |
Other—net | (1.00%) | 0.00% | (11.00%) |
Effective tax rate | 35.00% | 128.00% | 17.00% |
Non-US [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income Tax Expense (Benefit) | $ 35 | $ 26 | $ 20 |
Income Taxes (Income Tax Payabl
Income Taxes (Income Tax Payables and Income Tax Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Income taxes receivable—current | $ 163 | $ 147 |
Income Taxes Receivable, Noncurrent | 8 | 0 |
Total income taxes receivable | 171 | 147 |
Income taxes payable—current | 210 | 129 |
Income taxes payable—noncurrent | 7 | 17 |
Total income taxes payable | $ 217 | $ 146 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Liabilities: | ||
Differences between book and tax basis of property | $ (1,418) | $ (1,424) |
Other taxable temporary differences | (243) | (143) |
Deferred Tax Liabilities, Gross | (1,661) | (1,567) |
Deferred Tax Assets: | ||
Operating loss carryforwards | 1,066 | 1,439 |
Capital loss carryforwards | 52 | 63 |
Bad debt and other book provisions | 62 | 66 |
Tax credit carryforwards | 55 | 51 |
Other deductible temporary differences | 111 | 60 |
Total gross deferred tax asset | 1,346 | 1,679 |
Less: valuation allowance | (868) | (988) |
Total net deferred tax asset | 478 | 691 |
Total deferred tax liability | $ (1,183) | $ (876) |
Income Taxes (Income (Loss) fro
Income Taxes (Income (Loss) from Continuing Operations Before Income Tax) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
U.S. | $ (218) | $ (511) | $ (1,305) |
Non-U.S. | 2,236 | 1,282 | 1,492 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | $ 2,018 | $ 771 | $ 187 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 4 | $ 7 | |
Unrecognized Tax Benefits, Period Increase (Decrease) | $ (3) | $ 1 | $ 2 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 35.00% |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 446 | $ 332 | $ 332 |
Effective Income Tax Rate Reconciliation, Percent | 35.00% | 128.00% | 17.00% |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 348 | $ 352 | $ 364 |
Additions for current year tax positions | 2 | 0 | 2 |
Additions for tax positions of prior years | 146 | 2 | 1 |
Reductions for tax positions of prior years | (26) | (5) | (1) |
Settlements | 0 | 0 | (13) |
Lapse of statute of limitations | (7) | (1) | (1) |
Ending balance | 463 | 348 | 352 |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | 0 | |
Unrecognized Tax Benefits, Income Tax Penalties Expense | $ 0 | $ 0 | $ 0 |
UNITED STATES | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 161 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosures [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 6.00% | 90.00% | 12.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | (2.00%) | 10.00% | 10.00% | ||
Effective Income Tax Rate Reconciliation Withholding Tax Reversals | 0.00% | 0.00% | 31.00% | ||
Deferred Tax Liabilities, Undistributed Foreign Earnings | $ 0 | ||||
Undistributed Earnings of Foreign Subsidiaries | $ 4,000,000,000 | ||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 9.00% | 0.00% | (46.00%) | ||
Effective tax rate | 35.00% | 128.00% | 17.00% | ||
Increase (decrease) in valuation allowance | $ (120,000,000) | $ 112,000,000 | |||
Valuation allowance | (868,000,000) | (988,000,000) | |||
Income tax expense | $ (708,000,000) | $ (990,000,000) | $ (32,000,000) | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 35.00% | ||
Tax benefits related to tax status of operations in countries subject to reduced tax rates per share (in dollars per share) | $ 0.04 | $ 0.03 | $ 0.02 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued: | |||||
Interest on income taxes accrued | $ 4,000,000 | $ 7,000,000 | |||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | 0 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense: | |||||
Unrecognized Tax Benefits, Income Tax Penalties Expense | 0 | 0 | $ 0 | ||
Uncertain Tax Positions Additional Disclosures: | |||||
Unrecognized tax benefits | 463,000,000 | 348,000,000 | 352,000,000 | $ 364,000,000 | |
Unrecognized tax benefits that would impact effective tax rate | 446,000,000 | 332,000,000 | 332,000,000 | ||
Unrecognized tax benefits that would impact effective tax rate portion with attributes warranting full valuation allowance | 33,000,000 | 29,000,000 | 24,000,000 | ||
Unrecognized Tax benefits Anticipated To Result In Ne Decrease of Unrecognized Tax Benefits WIthin 12 Months of Balance Sheet Date Minimum | 0 | ||||
Unrecognized tax benefits anticipated to result in net decrease of unrecognized tax benefits within 12 months, maximum | 10,000,000 | ||||
Federal | |||||
Income Tax Disclosures [Line Items] | |||||
Operating loss carryforwards | 1,100,000,000 | ||||
State and Local Jurisdiction | |||||
Income Tax Disclosures [Line Items] | |||||
Operating loss carryforwards | 8,500,000,000 | ||||
Foreign Tax Authority | |||||
Income Tax Disclosures [Line Items] | |||||
Operating loss carryforwards | 2,400,000,000 | ||||
General Business Tax Credit Carryforward | |||||
Income Tax Disclosures [Line Items] | |||||
Tax credit carryforward | 22,000,000 | ||||
Federal Alternative Minimum Tax | |||||
Income Tax Disclosures [Line Items] | |||||
Tax credit carryforward | 15,000,000 | ||||
Foreign Jurisdictions | |||||
Income Tax Disclosures [Line Items] | |||||
Tax credit carryforward | 14,000,000 | ||||
2021 Expiration | Foreign Jurisdictions | |||||
Income Tax Disclosures [Line Items] | |||||
Tax credit carryforward | 13,000,000 | ||||
Year 2023 to 2028 [Member] | Foreign Jurisdictions | |||||
Income Tax Disclosures [Line Items] | |||||
Tax credit carryforward | 1,000,000 | ||||
Non-US [Member] | |||||
Income Tax Disclosures [Line Items] | |||||
Income tax expense | (35,000,000) | (26,000,000) | (20,000,000) | ||
VIET NAM | |||||
Income Tax Disclosures [Line Items] | |||||
Income tax expense | $ (19,000,000) | $ (13,000,000) | $ (15,000,000) | ||
Tax benefits related to tax status of operations in countries subject to reduced tax rates per share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Chilean tax reform Member [Member] | |||||
Income Tax Disclosures [Line Items] | |||||
Effective tax rate | 25.00% | 27.00% | 25.50% | ||
Other Tax Expense (Benefit) | $ 26,000,000 |
Discontinued Operations and H_2
Discontinued Operations and Held-For-Sale Businesses (Schedule of Disposal Groups, Including Discontinued Operations) (Details) - USD ($) $ in Millions | Oct. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | $ 164 | $ 529 | |||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 3,320 | 4,036 | |||||||||||
Income tax expense | $ 2 | 21 | (229) | ||||||||||
Income (loss) from operations of discontinued businesses, after income tax | (9) | (18) | 151 | ||||||||||
Net loss from disposal and impairments of discontinued businesses, after income tax | 225 | (611) | (1,119) | ||||||||||
Disposal Group, Including Discontinued Operation, Assets | $ 2,034 | 2,034 | |||||||||||
Disposal Group, Including Discontinued Operation, Liabilities | 1,033 | 1,033 | |||||||||||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | (3,151) | (3,954) | |||||||||||
Disposal Group, Including Discontinued Operation, Other Expense | (166) | [1] | (160) | ||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (608) | (1,463) | |||||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | (21) | 495 | |||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 218 | (654) | (1,110) | ||||||||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | (288) | (368) | |||||||||||
Asset Impairment Charges | 355 | 537 | 1,098 | ||||||||||
Other Asset Impairment Charges | $ 42 | $ 74 | $ 92 | 277 | $ 90 | $ 168 | $ 208 | 537 | 1,096 | ||||
Eletropaulo Subsidiary [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Net loss from disposal and impairments of discontinued businesses, after income tax | $ 199 | ||||||||||||
Disposal Group, Including Discontinued Operations, Investments in and Advances to Affiliates | [2] | 86 | 86 | ||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (633) | (192) | |||||||||||
Sul Subsidiary [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Net loss from disposal and impairments of discontinued businesses, after income tax | $ 737 | $ 382 | 1,100 | ||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $ (1,400) | ||||||||||||
Discontinued Operations [Member] | Eletropaulo Subsidiary [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Disposal Group, Including Discontinued Operation, Assets | 86 | 86 | |||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Disposal Group, Including Discontinued Operation, Assets | [3] | 1,948 | 1,948 | ||||||||||
Disposal Group, Including Discontinued Operation, Liabilities | [3] | $ 1,033 | $ 1,033 | ||||||||||
Discontinued Operations, Held-for-sale [Member] | Sul Subsidiary [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Other Asset Impairment Charges | $ 783 | ||||||||||||
[1] | Includes a loss contingency recognized by our equity method investment in discontinued operations. | ||||||||||||
[2] | Represents the Company's 17% | ||||||||||||
[3] | Masinloc, Eletrica Santiago, and the DPL peaker assets were classified as held-for-sale as of December 31, 2017. See Note 23 — Held-for-Sale and Dispositions |
Discontinued Operations and H_3
Discontinued Operations and Held-For-Sale Businesses (Narrative) (Details) - USD ($) $ in Millions | Oct. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | $ 164 | $ 529 | |||||||||||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | (288) | (368) | |||||||||||||
Disposal Group, Including Discontinued Operation, Revenue | 3,320 | 4,036 | |||||||||||||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | (3,151) | (3,954) | |||||||||||||
Asset Impairment Charges | $ 355 | 537 | 1,098 | ||||||||||||
Net loss from disposal and impairments of discontinued operations | (225) | 611 | 1,119 | ||||||||||||
Other Asset Impairment Charges | $ 42 | $ 74 | $ 92 | $ 277 | $ 90 | $ 168 | 208 | 537 | 1,096 | ||||||
Income (Loss) from Continuing Operations Attributable to Parent | (985) | 507 | 20 | ||||||||||||
Impairment Expense Pre Tax Total | (611) | (1,385) | |||||||||||||
Disposal Group, Including Discontinued Operation, Other Expense | (166) | [1] | (160) | ||||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax | 3 | (78) | |||||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (608) | (1,463) | |||||||||||||
Income (loss) on discontinued operations, before tax, attributable to Noncontrolling interest | (25) | (142) | |||||||||||||
Income (loss) from discontinued operations, before income tax, attributable to parent | (633) | (1,605) | |||||||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | (21) | 495 | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 218 | (654) | (1,110) | ||||||||||||
Borsod [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Discontinued Operation Deferred Gain on Disposal | 26 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses) | $ 20 | ||||||||||||||
Eletropaulo Subsidiary [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Discontinued Operation, Equity Method Investment Retained after Disposal, Ownership Interest after Disposal | 17.00% | ||||||||||||||
Deconsolidation, Gain (Loss), Amount | $ (611) | ||||||||||||||
Net loss from disposal and impairments of discontinued operations | (199) | ||||||||||||||
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses) | (455) | ||||||||||||||
Disposal Group, Including Discontinued Operation, Pension Gains (Losses) | (243) | ||||||||||||||
Impairment Expense Pre Tax Total | $ 243 | ||||||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $ (633) | (192) | |||||||||||||
Sul Subsidiary [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Net loss from disposal and impairments of discontinued operations | $ (737) | $ (382) | (1,100) | ||||||||||||
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses) | $ 1,000 | ||||||||||||||
Reduction in Stockholders equity due to sale of business | 92 | ||||||||||||||
Assets carrying amount | 1,600 | ||||||||||||||
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal | 266 | ||||||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $ (1,400) | ||||||||||||||
Eletropaulo Subsidiary [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Proceeds from divestiture of business | $ 340 | ||||||||||||||
Sul Subsidiary [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal | 135 | ||||||||||||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | $ 484 | ||||||||||||||
Discontinued Operations, Held-for-sale [Member] | Sul Subsidiary [Member] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||
Other Asset Impairment Charges | $ 783 | ||||||||||||||
[1] | Includes a loss contingency recognized by our equity method investment in discontinued operations. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Details) - USD ($) $ in Millions | Apr. 07, 2017 | Feb. 18, 2016 | Jan. 27, 2016 | Jan. 01, 2016 | Jun. 25, 2014 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 20, 2018 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Gain (Loss) on Disposition of Business | $ 128 | $ (21) | $ 89 | $ 788 | $ (48) | $ 984 | $ (52) | $ 29 | ||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 2,020 | 108 | 538 | |||||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | (985) | 507 | 20 | |||||||||||||||
Dispositions and Held-for-Sales Businesses | ||||||||||||||||||
Proceeds from Sale of Ownership Interests | 0 | 94 | 0 | |||||||||||||||
Asset Retirement Obligation, Revision of Estimate | 24 | 25 | ||||||||||||||||
Jordan [Member] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Gain (Loss) on Disposition of Business | $ 4 | |||||||||||||||||
Dispositions and Held-for-Sales Businesses | ||||||||||||||||||
Ownership interest sold | 40.00% | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 21 | |||||||||||||||||
Masinloc Subsidiary [Member] | ||||||||||||||||||
Dispositions and Held-for-Sales Businesses | ||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 436 | |||||||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Shady Point [Member] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | 19 | |||||||||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 30 | |||||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 30 | 30 | ||||||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Redondo Beach [Member] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 24 | 24 | ||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | 107 | 218 | 166 | |||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | DPL Subsidiary [Member] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | 77 | [1],[2] | 17 | 0 | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Compania Transmisora del Norte Grande [Member] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Gain (Loss) on Disposition of Business | 129 | |||||||||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 225 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Beckjord Facility [Member] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Asset Retirement Obligation, Cash Paid to Settle | 15 | |||||||||||||||||
Dispositions and Held-for-Sales Businesses | ||||||||||||||||||
Pre-tax gain on disposal | (12) | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Electrica Santiago (Gener ESSA) [Member] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Gain (Loss) on Disposition of Business | 69 | |||||||||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 287 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | DPL Peaking Generation [Domain] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | 7 | 17 | 20 | |||||||||||||||
Gain (Loss) on Disposition of Business | (2) | |||||||||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 239 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Masinloc Subsidiary [Member] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | 9 | 103 | 103 | |||||||||||||||
Gain (Loss) on Disposition of Business | 772 | |||||||||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 1,050 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Zimmer and Miami Fort [Member] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | 0 | 26 | (14) | |||||||||||||||
Gain (Loss) on Disposition of Business | $ 13 | |||||||||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 70 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Kazakhstan Hydro [Member] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | 0 | 33 | 34 | |||||||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 75 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | UK Wind Projects | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Gain (Loss) on Disposition of Business | $ (20) | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Kelanitissa [Member] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Gain (Loss) on Disposition of Business | $ (5) | |||||||||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 18 | |||||||||||||||||
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] | ||||||||||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | 0 | 13 | 12 | |||||||||||||||
Gain (Loss) on Disposition of Business | $ (49) | |||||||||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 24 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | DPLER [Member] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Gain (Loss) on Disposition of Business | $ 49 | |||||||||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 76 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Other Subsidiaries [Member] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | 14 | $ 9 | 11 | |||||||||||||||
Disposal Group, Not Discontinued Operations [Member] | Advancion Energy Storage [Member] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Gain (Loss) on Disposition of Business | $ 23 | |||||||||||||||||
IPP4 [Member] | ||||||||||||||||||
Dispositions and Held-for-Sales Businesses | ||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 36.00% | 36.00% | ||||||||||||||||
Masinloc Subsidiary [Member] | ||||||||||||||||||
Dispositions and Held-for-Sales Businesses | ||||||||||||||||||
Ownership interest sold | 45.00% | 100.00% | 100.00% | 51.00% | ||||||||||||||
Divestiture of Businesses, Portion Contingent Upon Achievement of Certain Restructuring Efficiencies | $ 23 | |||||||||||||||||
Kazakhstan Hydro [Member] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | $ 92 | $ 0 | |||||||||||||||
Kazakhstan Hydro [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Kazakhstan Hydro [Member] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Gain (Loss) on Disposition of Business | $ (33) | |||||||||||||||||
DPL Subsidiary [Member] | ||||||||||||||||||
Dispositions and Held-for-Sales Businesses | ||||||||||||||||||
Asset Retirement Obligation, Revision of Estimate | (32) | |||||||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | DPL Peaking Generation [Domain] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 109 | |||||||||||||||||
Fair Value Less Costs To Sell | 237 | 237 | ||||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 346 | 346 | ||||||||||||||||
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] | ||||||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | 92 | |||||||||||||||||
Fair Value Less Costs To Sell | 92 | 92 | ||||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 190 | $ 190 | ||||||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | DPL Subsidiary [Member] | ||||||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | $ 66 | |||||||||||||||||
[1] | Reductions in the asset retirement obligations for ash ponds and landfills at Stuart and Killen in 2018 resulted in a $32 million reduction to cost of sales. See Note 3 — Property, Plant and Equipment | |||||||||||||||||
[2] | The Company entered into contracts to buy back all open capacity years for Stuart and Killen at prices lower than the PJM capacity revenue prices. As such, the Company continues to earn capacity margin. |
Acquisitions Acquistions (Detai
Acquisitions Acquistions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 16, 2016 | Nov. 01, 2018 | Mar. 31, 2018 | ||
Business Acquisition [Line Items] | ||||||||||||
Liquidation Basis of Accounting, Remeasurement, Gain (Loss) on Asset | $ 0 | $ 0 | ||||||||||
Distributed Energy [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Combination, Consideration Transferred | $ 43,000,000 | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 23,000,000 | |||||||||||
Business Combination, Ownership Percentage in Acquiree | 100.00% | 100.00% | ||||||||||
Business Combination, Equity Interest in Acquiree, Remeasurement Gain (Loss) | $ 5,000,000 | $ 5,000,000 | ||||||||||
Alto Sertao II [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Combination, Consideration Transferred | $ 179,000,000 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 346,000,000 | |||||||||||
Business Combination, Contingent Consideration, Liability | $ 18,000,000 | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 143,000,000 | |||||||||||
Payment for Contingent Consideration Liability, Financing Activities | $ 12,000,000 | |||||||||||
Bauru Solar Complex [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Asset Acquisition, Purchase Price | $ 152,000,000 | |||||||||||
Project Financing Disbursed | 119,000,000 | |||||||||||
Asset Acquisition, Consideration Transferred | $ 33,000,000 | |||||||||||
Na Pua Makani Power Partners [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||
Business Combination, Consideration Transferred | 11,000,000 | $ 53,000,000 | ||||||||||
Business Combination, Contingent Consideration | $ 5,000,000 | $ 48,000,000 | ||||||||||
Liquidation Basis of Accounting, Remeasurement, Gain (Loss) on Asset | [1] | $ 32,000,000 | ||||||||||
[1] | Related to the amendment of the Oahu purchase agreement. See Note 24 — Acquisitions |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Class of Stock [Line Items] | ||||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 985 | $ (507) | $ (20) | |||||||||
Income (loss) from continuing operations, after Adjustment to Retained Earnings, Basic Earnings | [1] | $ (25) | ||||||||||
Weighted Average Number of Shares Outstanding, Basic (in shares) | 662 | 660 | 660 | |||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.15 | $ 0.15 | $ 0.15 | $ 1.04 | $ (1.03) | $ 0.22 | $ 0.08 | $ (0.04) | $ 1.49 | $ (0.77) | $ (0.04) | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in shares) | 3 | 0 | 0 | |||||||||
Weighted Average Number of Shares Outstanding, Diluted (in shares) | 665 | 660 | 660 | |||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.15 | $ 0.15 | $ 0.15 | $ 1.03 | $ (1.03) | $ 0.22 | $ 0.08 | $ (0.04) | $ 1.48 | $ (0.77) | $ (0.04) | |
Income (loss) from continuing operations, after Adjustment to Retained Earnings, Diluted Earnings | [1] | $ (25) | ||||||||||
Temporary Equity, Accretion to Redemption Value | $ 4 | $ 25 | ||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 0 | $ 0 | $ 0 | |||||||||
Dilutive Securities Effect On Basic EPS, dilutive Restricted Stock Units, per diluted share | $ (0.01) | $ 0 | $ 0 | |||||||||
DPL Subsidiary [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Temporary Equity, Accretion to Redemption Value | $ 5 | |||||||||||
[1] | Loss from continuing operations, net of tax, of $20 million less the $5 million adjustment to retained earnings to record the DP&L redeemable preferred stock at its redemption value as of December 31, 2016 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 2 | 7 | 8 |
Convertible Debt Securities [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 15 | ||
RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 4 | 5 | |
Weighted Average [Member] | RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 2 | 2 |
Risks And Uncertainties (Detail
Risks And Uncertainties (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018USD ($)businesssegment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | ||
Unusual Risk or Uncertainty [Line Items] | |||||
Number of SBUs | business | 4 | ||||
Number of strategic business units | segment | 4 | ||||
Segment Reporting, Additional Information about Entity's Reportable Segments | business | 2 | ||||
Cash and Cash Equivalents, at Carrying Value | $ 1,166 | $ 949 | |||
Percentage of Total Revenue Non-U.S. | 68.00% | ||||
Cash and cash equivalents | $ 2,003 | 1,788 | $ 1,960 | $ 1,951 | |
Investment in and advances to subsidiaries and affiliates | 1,114 | $ 1,197 | $ 621 | ||
Debt Default Amount | [1] | $ 351 | |||
Percentage of total revenues from a single customer (less than) | 10.00% | ||||
Cash and Cash Equivalents [Member] | |||||
Unusual Risk or Uncertainty [Line Items] | |||||
Cash and Cash Equivalents, at Carrying Value | $ 1,200 | ||||
[1] | This does not include $483 million |
Related Party Transactions (Sch
Related Party Transactions (Schedule of related Party Transactions) (Details) - Affiliated Entity - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Interest Income | $ 14 | $ 8 | $ 4 |
Interest expense | 54 | 36 | 39 |
Electricity, Generation [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue—Non-Regulated | 1,533 | 1,297 | 1,100 |
Cost of Sales—Non-Regulated | $ 342 | $ 220 | $ 210 |
Related Party Transactions (S_2
Related Party Transactions (Schedule of Related Party Receivables Payables) (Details) - Affiliated Entity - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Receivables from Related Parties | $ 371 | $ 250 |
Accounts and notes payable to related parties | $ 754 | $ 727 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 07, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||||
Gain (Loss) on Disposition of Business | $ 128 | $ (21) | $ 89 | $ 788 | $ (48) | $ 984 | $ (52) | $ 29 | |||||||||||
Other Asset Impairment Charges | 42 | 74 | 92 | $ 277 | 90 | $ 168 | 208 | 537 | 1,096 | ||||||||||
Revenues | 2,622 | 2,837 | 2,537 | 2,740 | 2,643 | $ 2,693 | 2,613 | 2,581 | 10,736 | 10,530 | 10,281 | ||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||
Operating margin | 646 | 671 | 600 | 656 | 645 | 640 | 623 | 557 | 2,573 | 2,465 | 2,383 | ||||||||
Income (Loss) from Continuing Operations, net of Tax | 155 | [1] | 192 | [1] | 224 | [1] | 778 | [1] | (622) | [2] | 235 | 142 | [2] | 97 | [2] | 1,349 | (148) | 191 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 26 | (1) | 192 | [3] | (1) | (664) | [4] | 26 | 8 | 1 | |||||||||
NET INCOME (LOSS) | 181 | 191 | 416 | 777 | (1,286) | 261 | 150 | 98 | 1,565 | (777) | (777) | ||||||||
Net Income (Loss) Attributable to Parent | $ 128 | $ 101 | $ 290 | $ 684 | $ (1,342) | $ 152 | $ 53 | $ (24) | $ 1,203 | $ (1,161) | $ (1,130) | ||||||||
Basic earnings per share: | |||||||||||||||||||
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ 0.15 | $ 0.15 | $ 0.15 | $ 1.04 | $ (1.03) | $ 0.22 | $ 0.08 | $ (0.04) | $ 1.49 | $ (0.77) | $ (0.04) | ||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0.04 | 0 | 0.29 | 0 | (1) | 0.01 | 0 | 0 | 0.33 | (0.99) | (1.68) | ||||||||
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | 0.19 | 0.15 | 0.44 | 1.04 | (2.03) | 0.23 | 0.08 | (0.04) | 1.82 | (1.76) | (1.72) | ||||||||
Diluted earnings per share: | |||||||||||||||||||
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax | 0.15 | 0.15 | 0.15 | 1.03 | (1.03) | 0.22 | 0.08 | (0.04) | 1.48 | (0.77) | (0.04) | ||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.04 | 0 | 0.29 | 0 | (1) | 0.01 | 0 | 0 | 0.33 | (0.99) | (1.68) | ||||||||
Earnings Per Share, Diluted | 0.19 | 0.15 | 0.44 | 1.03 | (2.03) | 0.23 | 0.08 | (0.04) | 1.81 | (1.76) | (1.72) | ||||||||
Dividends declared per common share | $ 0.1365 | $ 0.27 | $ 0.13 | $ 0 | $ 0.13 | $ 0.25 | $ 0.12 | $ 0 | $ 0.12 | $ 0.53 | $ 0.49 | $ 0.45 | |||||||
Equity Method Investment, Other than Temporary Impairment | $ 144 | ||||||||||||||||||
Income Tax Expense (Benefit) | 708 | $ 990 | $ 32 | ||||||||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 225 | $ (611) | $ (1,119) | ||||||||||||||||
UNITED STATES | |||||||||||||||||||
Diluted earnings per share: | |||||||||||||||||||
Income Tax Expense (Benefit) | $ 675 | 869 | |||||||||||||||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (38) | ||||||||||||||||||
Eletropaulo Subsidiary [Member] | |||||||||||||||||||
Diluted earnings per share: | |||||||||||||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 199 | ||||||||||||||||||
Deconsolidation, Gain (Loss), Amount | (611) | ||||||||||||||||||
Change in Accounting Estimate, Type [Domain] | UNITED STATES | |||||||||||||||||||
Diluted earnings per share: | |||||||||||||||||||
Income Tax Expense (Benefit) | $ 161 | $ 33 | |||||||||||||||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (77) | $ 39 | |||||||||||||||||
[1] | Includes pre-tax gains on sales of business interests of $788 million , $89 million and $128 million , in the first, second and fourth quarters of 2018 , respectively, and pre-tax losses of $21 million in the third quarter of 2018 (See Note 23 — Held-for-Sale and Dispositions ), pre-tax impairment expense of $92 million , $74 million and $42 million , in the second, third and fourth quarters of 2018 , respectively (See Note 20 — Asset Impairment Expense ), other-than-temporary impairment of Guacolda of $144 million in the fourth quarter of 2018 (See Note 7 — Investments in and Advances to Affiliates ), SAB 118 charges to finalize the provisional estimate of one-time transition tax on foreign earnings of $33 million and $161 million in the third and fourth quarters of 2018 , respectively, and a SAB 118 income tax benefit to finalize the provisional estimate of remeasurement of deferred tax assets and liabilities to the lower corporate tax rate of $77 million in the fourth quarter of 2018 (See Note 21 — Income Taxes | ||||||||||||||||||
[2] | Includes provisional tax expense related to a one-time transition tax on foreign earnings of $675 million and the remeasurement of deferred tax assets and liabilities to the lower corporate tax rate of $39 million in the fourth quarter of 2017 (See Note 21 — Income Taxes ), pre-tax impairment expense of $168 million , $90 million and $277 million , in the first, second and fourth quarters of 2017 , respectively (See Note 20 — Asset Impairment Expense ), and pre-tax losses on sales of business interests of $48 million in second quarter of 2017 (See Note 23 — Held-for-Sale and Dispositions | ||||||||||||||||||
[3] | Includes gain on sale of Eletropaulo of $199 million in the second quarter of 2018 (See Note 22 — Discontinued Operations | ||||||||||||||||||
[4] | Includes loss on deconsolidation of Eletropaulo of $611 million in the fourth quarter of 2017 (See Note 22 — Discontinued Operations |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information of Parent (Balance Sheet) (Details) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||||||
Cash and cash equivalents | $ 1,166,000,000 | $ 949,000,000 | ||||
Restricted cash | 370,000,000 | 274,000,000 | ||||
Total current assets | 5,015,000,000 | 6,398,000,000 | ||||
Investment in and advances to subsidiaries and affiliates | 1,114,000,000 | 1,197,000,000 | $ 621,000,000 | |||
Office Equipment: | ||||||
Cost | 25,242,000,000 | 24,119,000,000 | ||||
Accumulated depreciation | (8,227,000,000) | (7,942,000,000) | ||||
Property, plant and equipment, net | 21,396,000,000 | 20,296,000,000 | ||||
Other Assets: | ||||||
Deferred income taxes | 97,000,000 | $ 106,000,000 | 130,000,000 | |||
Other assets | 1,514,000,000 | 1,741,000,000 | ||||
Total other assets | 6,110,000,000 | 6,418,000,000 | ||||
TOTAL ASSETS | 32,521,000,000 | 33,112,000,000 | 36,124,000,000 | |||
Current Liabilities: | ||||||
Accounts payable | 1,329,000,000 | 1,371,000,000 | ||||
Accrued and other liabilities | 962,000,000 | 980,000,000 | ||||
Total current liabilities | 4,399,000,000 | 6,028,000,000 | ||||
Long-term Liabilities: | ||||||
Other long-term liabilities | 2,723,000,000 | 2,595,000,000 | ||||
Total noncurrent liabilities | 21,639,000,000 | 21,402,000,000 | ||||
Stockholders' equity: | ||||||
Common stock | 8,000,000 | $ 13.05 | 8,000,000 | |||
Additional paid-in capital | 8,154,000,000 | 8,501,000,000 | ||||
Accumulated deficit | (1,005,000,000) | (2,209,000,000) | (2,276,000,000) | |||
Accumulated other comprehensive loss | (2,071,000,000) | $ (1,857,000,000) | (1,876,000,000) | (2,756,000,000) | ||
Treasury stock | (1,878,000,000) | (1,892,000,000) | ||||
Total AES Corporation stockholders’ equity | 3,208,000,000 | 2,465,000,000 | ||||
TOTAL LIABILITIES AND EQUITY | 32,521,000,000 | 33,112,000,000 | ||||
Parent Company [Member] | ||||||
Current Assets: | ||||||
Cash and cash equivalents | 19,000,000 | 10,000,000 | $ 112,000,000 | $ 218,000,000 | ||
Accounts and notes receivable from subsidiaries | 285,000,000 | 143,000,000 | ||||
Prepaid expenses and other current assets | 31,000,000 | 27,000,000 | ||||
Total current assets | 335,000,000 | 180,000,000 | ||||
Investment in and advances to subsidiaries and affiliates | 6,834,000,000 | 8,239,000,000 | ||||
Office Equipment: | ||||||
Cost | 27,000,000 | 27,000,000 | ||||
Accumulated depreciation | (19,000,000) | (18,000,000) | ||||
Property, plant and equipment, net | 8,000,000 | 9,000,000 | ||||
Other Intangible Assets, Net | 3,000,000 | 3,000,000 | ||||
Other Assets: | ||||||
Deferred financing costs, net of accumulated amortization of $4 and $2, respectively | 4,000,000 | 5,000,000 | ||||
Deferred income taxes | 24,000,000 | 289,000,000 | ||||
Other assets | 2,000,000 | 2,000,000 | ||||
Total other assets | 33,000,000 | 299,000,000 | ||||
TOTAL ASSETS | 7,210,000,000 | 8,727,000,000 | ||||
Current Liabilities: | ||||||
Accounts payable | 15,000,000 | 18,000,000 | ||||
Accounts and notes payable to subsidiaries | 74,000,000 | 381,000,000 | ||||
Accrued and other liabilities | 206,000,000 | 246,000,000 | ||||
Senior notes payable—current portion | 5,000,000 | 5,000,000 | ||||
Total current liabilities | 300,000,000 | 650,000,000 | ||||
Long-term Liabilities: | ||||||
Senior notes payable | 3,650,000,000 | 4,625,000,000 | ||||
Accounts and notes payable to subsidiaries | 28,000,000 | 967,000,000 | ||||
Other long-term liabilities | 24,000,000 | 20,000,000 | ||||
Total noncurrent liabilities | 3,702,000,000 | 5,612,000,000 | ||||
Stockholders' equity: | ||||||
Common stock | 8,000,000 | 8,000,000 | ||||
Additional paid-in capital | 8,154,000,000 | 8,501,000,000 | ||||
Accumulated deficit | (1,005,000,000) | (2,276,000,000) | ||||
Accumulated other comprehensive loss | (2,071,000,000) | (1,876,000,000) | ||||
Treasury stock | (1,878,000,000) | (1,892,000,000) | ||||
Total AES Corporation stockholders’ equity | 3,208,000,000 | 2,465,000,000 | ||||
TOTAL LIABILITIES AND EQUITY | $ 7,210,000,000 | $ 8,727,000,000 |
Schedule I - Condensed Financ_4
Schedule I - Condensed Financial Information of Parent (Balance Sheet Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Deferred financing costs, accumulated amortization | $ 4 | $ 2 |
Schedule I - Condensed Financ_5
Schedule I - Condensed Financial Information of Parent Schedule I - Condensed Financial Information of Parent (Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest income | $ 310 | $ 244 | $ 245 | ||||||||
General and administrative expenses | (192) | (215) | (194) | ||||||||
Other income | 72 | 120 | 64 | ||||||||
Other expense | (58) | (58) | (80) | ||||||||
Loss on extinguishment of debt | (188) | (68) | (13) | ||||||||
Interest expense | (1,056) | (1,170) | (1,134) | ||||||||
Income (loss) before income taxes | (509) | (521) | (354) | ||||||||
Income tax benefit (expense) | (708) | (990) | (32) | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ 128 | $ 101 | $ 290 | $ 684 | $ (1,342) | $ 152 | $ 53 | $ (24) | 1,203 | (1,161) | (1,130) |
Parent Company | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenue from subsidiaries and affiliates | 36 | 28 | 14 | ||||||||
Equity in earnings of subsidiaries and affiliates | 1,909 | 630 | (615) | ||||||||
Interest income | 39 | 49 | 19 | ||||||||
General and administrative expenses | (142) | (158) | (144) | ||||||||
Other income | 25 | 5 | 7 | ||||||||
Other expense | 0 | (554) | (65) | ||||||||
Loss on extinguishment of debt | (171) | (92) | (14) | ||||||||
Interest expense | (220) | (317) | (344) | ||||||||
Income (loss) before income taxes | 1,476 | (409) | (1,142) | ||||||||
Income tax benefit (expense) | (273) | (752) | 12 | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ 1,203 | $ (1,161) | $ (1,130) |
Schedule I - Condensed Financ_6
Schedule I - Condensed Financial Information of Parent (Statement of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ 128 | $ 101 | $ 290 | $ 684 | $ (1,342) | $ 152 | $ 53 | $ (24) | $ 1,203 | $ (1,161) | $ (1,130) |
Foreign currency translation activity: | |||||||||||
Foreign currency translation adjustments, net of income tax benefit of $2, $11 and $1, respectively | (161) | (9) | 189 | ||||||||
Reclassification to earnings, net of $0 income tax for all periods | (21) | 643 | 992 | ||||||||
Total foreign currency translation adjustments | (182) | 634 | 1,181 | ||||||||
Derivative activity: | |||||||||||
Change in derivative fair value, net of income tax benefit (expense) of $16, $13 and $(5), respectively | (67) | (12) | 5 | ||||||||
Reclassification to earnings, net of income tax benefit (expense) of $(13), $1 and $1, respectively | 93 | 50 | 37 | ||||||||
Total change in fair value of derivatives | 26 | 38 | 42 | ||||||||
Pension activity: | |||||||||||
Prior service cost for the period, net of income tax expense of $1, $1 and $5, respectively | (2) | 2 | 11 | ||||||||
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax benefit (expense) of $(1), $6 and $10, respectively | (1) | (21) | (208) | ||||||||
Reclassification of earnings, net of income tax benefit (expense) of $(2), $(126) and $2, respectively | 8 | 266 | 10 | ||||||||
Total pension adjustments | 5 | 247 | (187) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | (151) | 919 | 1,036 | ||||||||
COMPREHENSIVE INCOME (LOSS) | 1,414 | 142 | 259 | ||||||||
Parent Company | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | 1,203 | (1,161) | (1,130) | ||||||||
Foreign currency translation activity: | |||||||||||
Foreign currency translation adjustments, net of income tax benefit of $2, $11 and $1, respectively | (214) | 18 | 117 | ||||||||
Reclassification to earnings, net of $0 income tax for all periods | (21) | 643 | 992 | ||||||||
Total foreign currency translation adjustments | (235) | 661 | 1,109 | ||||||||
Derivative activity: | |||||||||||
Change in derivative fair value, net of income tax benefit (expense) of $16, $13 and $(5), respectively | (64) | (14) | 2 | ||||||||
Reclassification to earnings, net of income tax benefit (expense) of $(13), $1 and $1, respectively | 78 | 37 | 28 | ||||||||
Total change in fair value of derivatives | 14 | 23 | 30 | ||||||||
Pension activity: | |||||||||||
Prior service cost for the period, net of income tax expense of $1, $1 and $5, respectively | (2) | 1 | 9 | ||||||||
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax benefit (expense) of $(1), $6 and $10, respectively | 2 | (20) | (22) | ||||||||
Reclassification of earnings, net of income tax benefit (expense) of $(2), $(126) and $2, respectively | 7 | 248 | 1 | ||||||||
Total pension adjustments | 7 | 229 | (12) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | (214) | 913 | 1,127 | ||||||||
COMPREHENSIVE INCOME (LOSS) | $ 989 | $ (248) | $ (3) |
Schedule I - Condensed Financ_7
Schedule I - Condensed Financial Information of Parent (Statement of Comprehensive Income Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||
Foreign currency translation adjustments, income tax benefit (expense) | $ (2) | $ (17) | $ (1) |
Foreign currency, reclassification to earnings, income tax benefit (expense) | 0 | 0 | 0 |
Change in derivative fair value, income tax benefit (expense) | (27) | (10) | 7 |
Derivative reclassification to earnings, income tax benefit (expense) | 24 | 1 | 8 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax | (1) | 1 | 6 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | (1) | (6) | (106) |
Pension, amortization of net actuarial loss, income tax benefit (expense) | 2 | 135 | 3 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Foreign currency translation adjustments, income tax benefit (expense) | 2 | 11 | 1 |
Foreign currency, reclassification to earnings, income tax benefit (expense) | 0 | 0 | 0 |
Change in derivative fair value, income tax benefit (expense) | 16 | 13 | (5) |
Derivative reclassification to earnings, income tax benefit (expense) | (13) | 1 | 1 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax | (1) | (1) | (5) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | (1) | 6 | 10 |
Pension, amortization of net actuarial loss, income tax benefit (expense) | $ (2) | $ (126) | $ 2 |
Schedule I - Condensed Financ_8
Schedule I - Condensed Financial Information of Parent (Statement of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 2,343 | $ 2,504 | $ 2,897 |
Investing Activities: | |||
Purchase of short term investments, net | (66) | (609) | (52) |
Net cash used in investing activities | (505) | (2,599) | (2,136) |
Financing Activities: | |||
(Repayments) Borrowings under the revolver, net | 1,865 | 2,156 | 1,465 |
Purchase of treasury stock | 0 | 0 | (79) |
Common stock dividends paid | (344) | (317) | (290) |
Payments for deferred financing costs | (39) | (100) | (105) |
Payments to Noncontrolling Interests | (340) | (424) | (476) |
Proceeds from (Payments for) Other Financing Activities | 101 | (52) | (44) |
Net cash provided by (used in) financing activities | (1,643) | 43 | (747) |
Effect of exchange rate changes on cash | (54) | 8 | 37 |
Cash and cash equivalents, beginning | 949 | ||
Cash and cash equivalents, ending | 1,166 | 949 | |
SUPPLEMENTAL DISCLOSURES: | |||
Cash payments for interest, net of amounts capitalized | (1,003) | (1,196) | (1,273) |
Cash payments for income taxes, net of refunds | (370) | (377) | (487) |
Parent Company [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 409 | 148 | 818 |
Investing Activities: | |||
Expenses related to asset sales, net of proceeds | 1,222 | 0 | 0 |
Investment in and net advances to subsidiaries | (216) | (339) | (650) |
Return of capital | 242 | 243 | 247 |
Additions to property, plant and equipment | (13) | (13) | (12) |
Net cash used in investing activities | 1,235 | (109) | (415) |
Financing Activities: | |||
(Repayments) Borrowings under the revolver, net | (207) | 207 | 0 |
Borrowings of notes payable and other coupon bearing securities | 1,000 | 1,025 | 500 |
Repayments of notes payable and other coupon bearing securities | (1,933) | (1,353) | (808) |
Loans from (Repayments to) subsidiaries | (143) | 309 | 183 |
Purchase of treasury stock | 0 | 0 | (79) |
Proceeds from issuance of common stock | 7 | 1 | 1 |
Common stock dividends paid | (344) | (317) | (290) |
Payments for deferred financing costs | (11) | (12) | (12) |
Payments to Noncontrolling Interests | 0 | 0 | (2) |
Proceeds from (Payments for) Other Financing Activities | (5) | (7) | (3) |
Net cash provided by (used in) financing activities | (1,636) | (147) | (510) |
Effect of exchange rate changes on cash | 1 | 6 | 1 |
Total increase (decrease) in cash, cash equivalents and restricted cash | 9 | (102) | (106) |
Cash and cash equivalents, beginning | 10 | 112 | 218 |
Cash and cash equivalents, ending | 19 | 10 | 112 |
SUPPLEMENTAL DISCLOSURES: | |||
Cash payments for interest, net of amounts capitalized | 232 | 282 | 296 |
Cash payments for income taxes, net of refunds | $ 10 | $ 2 | $ 6 |
Schedule I - Condensed Financ_9
Schedule I - Condensed Financial Information of Parent (Senior Notes and Junior Subordinated Notes) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | $ 3,655 | $ 4,630 |
Less: Current maturities | (5) | (5) |
Recourse Debt Non Current | 3,650 | $ 4,625 |
Unamortized (discounts)/premiums & debt issuance (costs) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | $ (31) | |
Recourse Debt | LIBOR | Senior Secured Term Loan due 2022 [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Basis spread on variable rate | 1.75% | 1.75% |
Recourse Debt | LIBOR | Revolving Credit Facility [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Basis spread on variable rate | 2.00% | 2.00% |
Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | $ 3,655 | |
Parent Company | Unamortized (discounts)/premiums & debt issuance (costs) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | (31) | $ (40) |
Parent Company | Recourse Debt | Senior Secured Term Loan due 2022 [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | $ 366 | 521 |
Parent Company | Recourse Debt | 4.5% Senior Notes Due 2023 [Domain] [Domain] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 4.50% | |
Recourse Debt Total | $ 500 | 0 |
Parent Company | Recourse Debt | 4.875% Senior Notes Due 2023 [Member] [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 4.88% | |
Recourse Debt Total | $ 713 | 713 |
Parent Company | Recourse Debt | Revolving Credit Facility [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | $ 0 | 207 |
Parent Company | Recourse Debt | 4.0% Senior Notes Due 2021 [Domain] [Domain] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 4.00% | |
Recourse Debt Total | $ 500 | 0 |
Parent Company | Recourse Debt | 8.00% Senior Unsecured Note Due 2017 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 8.00% | |
Parent Company | Recourse Debt | 8.00% Senior Unsecured Note Due 2020 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 8.00% | |
Parent Company | Recourse Debt | 7.38% Senior Unsecured Note Due 2021 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 7.38% | |
Parent Company | Recourse Debt | 5.50% Senior Unsecured Note Due 2024 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 5.50% | |
Recourse Debt Total | $ 63 | 738 |
Parent Company | Recourse Debt | 5.50% Unsecured senior notes due 2025 [Domain] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 5.50% | |
Recourse Debt Total | $ 544 | 573 |
Parent Company | Recourse Debt | 6.00% senior notes due 2026 [Domain] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 6.00% | |
Recourse Debt Total | $ 500 | $ 500 |
Parent Company | Recourse Debt | LIBOR | Senior Unsecured Note LIBOR plus 3% due 2019 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Basis spread on variable rate | 3.00% | 3.00% |
Parent Company | Recourse Debt | LIBOR | 8.00% Senior Unsecured Note Due 2020 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | $ 0 | $ 228 |
Parent Company | Recourse Debt Excluding Junior Subordinated Debt | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 3,655 | 4,630 |
Recourse Debt Non Current | 3,650 | $ 4,625 |
Debt Maturity Year One [Member] | Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 5 | |
Debt Maturity Year Two [Member] | Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 5 | |
Debt Maturity Year Three [Member] | Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 505 | |
Debt Maturity Year Four [Member] | Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 350 | |
Debt Maturity Year Five [Member] | Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 1,213 | |
Debt Maturity Thereafter [Member] | Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | $ 1,608 |
Schedule I - Condensed Finan_10
Schedule I - Condensed Financial Information of Parent (Dividends from Subsidiaries and Affiliates) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 2,020 | $ 108 | $ 538 |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Consolidated Subsidiaries | 1,900 | $ 1,200 | $ 1,000 |
Parent Company [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 1,200 |
Schedule I - Condensed Finan_11
Schedule I - Condensed Financial Information of Parent (Guarantees and Letters of Credit) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)agreement | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations number of agreements | agreement | 67 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,158 |
Guarantees [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations number of agreements | 33 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 685 |
Guarantees [Member] | Parent Company | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations number of agreements | 34 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 712 |
Standby Letters of Credit [Member] | Minimum | |
Condensed Financial Statements, Captions [Line Items] | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.00% |
Standby Letters of Credit [Member] | Maximum | |
Condensed Financial Statements, Captions [Line Items] | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 3.00% |
Guarantee Obligations [Member] | Minimum | |
Condensed Financial Statements, Captions [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 0 |
Guarantee Obligations [Member] | Maximum | |
Condensed Financial Statements, Captions [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 157 |
Unsecured Debt [Member] | Financial Standby Letter of Credit [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations number of agreements | 10 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 368 |
Unsecured Debt [Member] | Financial Standby Letter of Credit [Member] | Minimum | |
Condensed Financial Statements, Captions [Line Items] | |
Loss Contingency, Estimate of Possible Loss | 1 |
Unsecured Debt [Member] | Financial Standby Letter of Credit [Member] | Maximum | |
Condensed Financial Statements, Captions [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 247 |
Secured Debt [Member] | Financial Standby Letter of Credit [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations number of agreements | 23 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 78 |
Secured Debt [Member] | Financial Standby Letter of Credit [Member] | Minimum | |
Condensed Financial Statements, Captions [Line Items] | |
Loss Contingency, Estimate of Possible Loss | 0 |
Secured Debt [Member] | Financial Standby Letter of Credit [Member] | Maximum | |
Condensed Financial Statements, Captions [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 49 |
Uncategorized Items - a2018form
Label | Element | Value |
ARGENTINA | ||
Income Tax Expense (Benefit) | us-gaap_IncomeTaxExpenseBenefit | $ 21,000,000 |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | us-gaap_EffectiveIncomeTaxRateReconciliationRepatriationOfForeignEarnings | 3.00% |
Effective Income Tax Rate Reconciliation, Percent | us-gaap_EffectiveIncomeTaxRateContinuingOperations | 35.00% |
UNITED STATES | ||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | us-gaap_EffectiveIncomeTaxRateReconciliationRepatriationOfForeignEarnings | 88.00% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance | 5.00% |
FY 2018 - 2019 [Member] | ARGENTINA | ||
Effective Income Tax Rate Reconciliation, Percent | us-gaap_EffectiveIncomeTaxRateContinuingOperations | 30.00% |
FY 2020 and beyond [Member] | ARGENTINA | ||
Effective Income Tax Rate Reconciliation, Percent | us-gaap_EffectiveIncomeTaxRateContinuingOperations | 25.00% |
Tax Reform [Domain] | UNITED STATES | ||
Income Tax Expense (Benefit) | us-gaap_IncomeTaxExpenseBenefit | $ 194,000,000 |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | us-gaap_IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability | 77,000,000 |
Tax Reform [Domain] | Non-US [Member] | UNITED STATES | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | us-gaap_IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability | $ 124,000,000 |