Document And Entity Information
Document And Entity Information - $ / shares | 3 Months Ended | ||
Mar. 31, 2019 | May 01, 2019 | Dec. 31, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Incorporation, State Country Name | Delaware | ||
Entity Address, Address Line One | 4300 Wilson Boulevard Arlington, Virginia | ||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | Q1 | ||
Trading Symbol | AES | ||
Entity Registrant Name | AES CORP | ||
Entity Central Index Key | 0000874761 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding | 663,727,053 | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Entity Listing, Description | New York Stock Exchange | ||
Entity Address, Postal Zip Code | 22203 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,426 | $ 1,166 |
Restricted cash | 519 | 370 |
Short-term investments | 378 | 313 |
Accounts receivable, net of allowance for doubtful accounts of $23 and $23, respectively | 1,564 | 1,595 |
Inventory | 579 | 577 |
Prepaid expenses | 111 | 130 |
Other current assets | 703 | 807 |
Current held-for-sale assets | 575 | 57 |
Total current assets | 5,855 | 5,015 |
Property, Plant and Equipment: | ||
Land | 450 | 449 |
Electric generation, distribution assets and other | 24,844 | 25,242 |
Accumulated depreciation | (8,273) | (8,227) |
Construction in progress | 4,207 | 3,932 |
Property, plant and equipment, net | 21,228 | 21,396 |
Other Assets: | ||
Investments in and advances to affiliates | 1,147 | 1,114 |
Debt service reserves and other deposits | 430 | 467 |
Goodwill | 1,059 | 1,059 |
Other intangible assets, net of accumulated amortization of $467 and $457, respectively | 467 | 436 |
Deferred income taxes | 108 | 97 |
Loan receivable | 1,406 | 1,423 |
Other noncurrent assets | 1,771 | 1,514 |
Total other assets | 6,388 | 6,110 |
TOTAL ASSETS | 33,471 | 32,521 |
CURRENT LIABILITIES | ||
Accounts payable | 1,224 | 1,329 |
Accrued interest | 265 | 191 |
Accrued non-income taxes | 271 | 250 |
Accrued and other liabilities | 914 | 962 |
Non-recourse debt, including $338 and $479, respectively, related to variable interest entities | 1,265 | 1,659 |
Current held-for-sale liabilities | 418 | 8 |
Total current liabilities | 4,357 | 4,399 |
NONCURRENT LIABILITIES | ||
Recourse debt | 3,895 | 3,650 |
Non-recourse debt, including $3,077 and $2,922 respectively, related to variable interest entities | 14,550 | 13,986 |
Deferred income taxes | 1,302 | 1,280 |
Other noncurrent liabilities | 2,828 | 2,723 |
Total noncurrent liabilities | 22,575 | 21,639 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 890 | 879 |
THE AES CORPORATION STOCKHOLDERS’ EQUITY | ||
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 817,593,854 issued and 663,694,956 outstanding at March 31, 2019 and 817,203,691 issued and 662,298,096 outstanding at December 31, 2018) | 8 | 8 |
Additional paid-in capital | 8,039 | 8,154 |
Accumulated deficit | (839) | (1,005) |
Accumulated other comprehensive loss | (2,107) | (2,071) |
Treasury stock, at cost (153,898,898 and 154,905,595 shares at March 31, 2019 and December 31, 2018, respectively) | (1,867) | (1,878) |
Total AES Corporation stockholders’ equity | 3,234 | 3,208 |
NONCONTROLLING INTERESTS | 2,415 | 2,396 |
Total equity | 5,649 | 5,604 |
TOTAL LIABILITIES AND EQUITY | $ 33,471 | $ 32,521 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 23 | $ 23 |
Other intangible assets, accumulated amortization | 467 | 457 |
Service Concession Asset, Accumulated Depreciation | $ 0 | $ 0 |
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) | 817,593,854 | 817,203,691 |
Common stock, shares outstanding (in shares) | 663,694,956 | 662,298,096 |
Treasury stock, shares (in shares) | 153,898,898 | 154,905,595 |
Variable Interest Entity [Line Items] | ||
Non Recourse Debt Non Current | $ 14,550 | $ 13,986 |
Non-recourse debt, including $338 and $479, respectively, related to variable interest entities | 1,265 | 1,659 |
Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Non Recourse Debt Non Current | 3,077 | 2,922 |
Non-recourse debt, including $338 and $479, respectively, related to variable interest entities | $ 338 | $ 479 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Total Revenue | $ 2,650 | $ 2,740 |
Cost of Goods and Services Sold | (2,064) | (2,084) |
Operating margin | 586 | 656 |
General and administrative expenses | (46) | (56) |
Interest expense | (265) | (281) |
Interest income | 79 | 76 |
Loss on extinguishment of debt | (10) | (170) |
Other expense | (12) | (9) |
Other income | 30 | 13 |
Gain (loss) on disposal and sale of business interests | (4) | 788 |
Foreign currency transaction losses | (4) | (19) |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 354 | 998 |
Income tax expense | (115) | (231) |
Net equity in earnings (losses) of affiliates | (6) | 11 |
INCOME FROM CONTINUING OPERATIONS | 233 | 778 |
Loss from operations of discontinued businesses | 0 | (1) |
NET INCOME | 233 | 777 |
Less: Income from continuing operations attributable to noncontrolling interests and redeemable stock of subsidiaries | 79 | 93 |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION | 154 | 684 |
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS: | ||
Income from continuing operations, net of tax | 154 | 685 |
Loss from discontinued operations, net of tax | 0 | (1) |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION | $ 154 | $ 684 |
BASIC EARNINGS PER SHARE: | ||
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ 0.23 | $ 1.04 |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | 0.23 | 1.04 |
DILUTED EARNINGS PER SHARE: | ||
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ 0.23 | $ 1.03 |
DILUTED SHARES OUTSTANDING | 667 | 663 |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ 0.23 | $ 1.03 |
Electric Transmission [Member] | ||
Total Revenue | $ 785 | $ 722 |
Cost of Goods and Services Sold | (635) | (601) |
Electricity, Generation [Member] | ||
Total Revenue | 1,865 | 2,018 |
Cost of Goods and Services Sold | $ (1,429) | $ (1,483) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME | $ 233 | $ 777 |
Foreign currency translation activity: | ||
Foreign currency translation adjustments, net of $0 income tax for all periods | (1) | 25 |
Reclassification to earnings, net of $0 income tax for all periods | 0 | (16) |
Total foreign currency translation adjustments | (1) | 9 |
Derivative activity: | ||
Change in derivative fair value, net of income tax benefit (expense) of $18 and $(15), respectively | (68) | 57 |
Reclassification to earnings, net of income tax benefit (expense) of $(2) and $1, respectively | 10 | 10 |
Total change in fair value of derivatives | (58) | 67 |
Pension activity: | ||
Reclassification to earnings, net of $0 income tax for all periods | 1 | 2 |
Total pension adjustments | 1 | 2 |
OTHER COMPREHENSIVE INCOME (LOSS) | (58) | 78 |
COMPREHENSIVE INCOME | 175 | 855 |
Less: Comprehensive income attributable to noncontrolling interests and redeemable stock of subsidiaries | (53) | (122) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE AES CORPORATION | $ 122 | $ 733 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustments, income tax (expense) benefit | $ 0 | $ 0 |
Foreign currency reclassification to earnings, net of income tax (expense) benefit | 0 | 0 |
Change in derivative fair value, net of income tax (expense) benefit | 18 | (15) |
Derivative reclassification to earnings, net of income tax (expense) benefit | (2) | 1 |
Pension, Reclassifications to Earnings, Net of Income Tax (expense) benefit | $ 0 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING ACTIVITIES: | ||
Net income | $ 233 | $ 777 |
Adjustments to net income: | ||
Depreciation and amortization | 246 | 254 |
Loss (gain) on disposal and sale of business interests | 4 | (788) |
Deferred income taxes | 62 | 180 |
Loss on extinguishment of debt | 10 | 170 |
Loss on sale and disposal of assets | 7 | 2 |
Other | 99 | 72 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | 9 | (39) |
(Increase) decrease in inventory | (18) | (16) |
(Increase) decrease in prepaid expenses and other current assets | 47 | (33) |
(Increase) decrease in other assets | 2 | 19 |
Increase (decrease) in accounts payable and other current liabilities | 25 | (66) |
Increase (decrease) in income tax payables, net and other tax payables | (35) | 0 |
Increase (decrease) in other liabilities | (1) | (17) |
Net cash provided by operating activities | 690 | 515 |
INVESTING ACTIVITIES: | ||
Capital expenditures | (504) | (495) |
Proceeds from the sale of business interests, net of cash and restricted cash sold | 0 | 1,180 |
Sale of short-term investments | 150 | 149 |
Purchase of short-term investments | (220) | (345) |
Contributions to equity affiliates | (90) | (44) |
Other investing | 1 | (29) |
Net cash provided by (used in) investing activities | (663) | 416 |
FINANCING ACTIVITIES: | ||
Borrowings under the revolving credit facilities | 504 | 881 |
Repayments under the revolving credit facilities | (274) | (783) |
Issuance of recourse debt | 0 | 1,000 |
Repayments of recourse debt | (1) | (1,774) |
Issuance of non-recourse debt | 866 | 757 |
Repayments of non-recourse debt | (428) | (510) |
Payments for financing fees | (4) | (14) |
Distributions to noncontrolling interests | (50) | (17) |
Contributions from noncontrolling interests and redeemable security holders | 10 | 11 |
Dividends paid on AES common stock | (90) | (86) |
Payments for financed capital expenditures | (96) | (89) |
Other financing | (35) | (6) |
Net cash provided by (used in) financing activities | 402 | (630) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (4) | 5 |
Net Cash Change Of Discontinued And Held For Sale Businesses | (53) | 74 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 372 | 380 |
Cash, cash equivalents and restricted cash, beginning | 2,003 | 1,788 |
Cash, cash equivalents and restricted cash, ending | 2,375 | 2,168 |
SUPPLEMENTAL DISCLOSURES: | ||
Cash payments for interest, net of amounts capitalized | 169 | 207 |
Cash payments for income taxes, net of refunds | 65 | 71 |
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Dividends declared but not yet paid | 91 | 86 |
Fluence [Member] | Non-cash [Member] | ||
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Non-cash contributions of assets and liabilities for the Fluence transaction | $ 0 | $ 20 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity Statement - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | |
Beginning Balance at Dec. 31, 2017 | $ 8 | $ (1,892) | $ 8,501 | $ (2,276) | $ (1,876) | $ 2,380 | ||
Beginning Balance (Shares) at Dec. 31, 2017 | 816.3 | 155.9 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 777 | $ 0 | $ 0 | 0 | 684 | 0 | 98 | |
Total foreign currency translation adjustment, net of income tax | 9 | 0 | 0 | 0 | 0 | 3 | 6 | |
Total change in derivative fair value, net of income tax | 67 | 0 | 0 | 0 | 0 | 44 | 23 | |
Total pension adjustments, net of income tax | 2 | 0 | 0 | 0 | 0 | 2 | 0 | |
OTHER COMPREHENSIVE INCOME (LOSS) | $ 78 | 49 | 29 | |||||
Fair Value Adjustment | [1] | 0 | 0 | (6) | 0 | 0 | 0 | |
Disposition of business interests | [2] | 0 | 0 | 0 | 0 | 0 | (249) | |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (9) | ||
Contributions from noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 1 | ||
Dividends declared on common stock | $ 0 | $ 0 | (86) | 0 | 0 | 0 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.13 | |||||||
Issuance and exercise of stock-based compensation benefit plans (Shares) | 0 | (1) | ||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | $ 0 | $ (13) | (12) | 0 | 0 | 0 | ||
Sale of subsidiary shares to noncontrolling interests | $ 0 | $ 0 | 0 | 0 | 0 | 1 | ||
Ending Balance (Shares) at Mar. 31, 2018 | 816.3 | 154.9 | ||||||
Ending Balance at Mar. 31, 2018 | $ 8 | $ (1,879) | 8,397 | (1,525) | (1,808) | 2,332 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [3] | 0 | 0 | 0 | 67 | 19 | 81 | |
Beginning Balance at Dec. 31, 2018 | $ 5,604 | $ 8 | $ (1,878) | 8,154 | (1,005) | (2,071) | 2,396 | |
Beginning Balance (Shares) at Dec. 31, 2018 | 817.2 | 154.9 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 233 | $ 0 | $ 0 | 0 | 154 | 0 | 81 | |
Total foreign currency translation adjustment, net of income tax | (1) | 0 | 0 | 0 | 0 | 4 | (5) | |
Total change in derivative fair value, net of income tax | (58) | 0 | 0 | 0 | 0 | (37) | (18) | |
Total pension adjustments, net of income tax | 1 | 0 | 0 | 0 | 0 | 1 | 0 | |
OTHER COMPREHENSIVE INCOME (LOSS) | $ (58) | (32) | (23) | |||||
Fair Value Adjustment | [4] | 0 | 0 | (6) | 0 | 0 | 0 | |
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (40) | ||
Dividends declared on common stock | $ 0 | $ 0 | (91) | 0 | 0 | 0 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.1365 | |||||||
Issuance and exercise of stock-based compensation benefit plans (Shares) | 0.4 | (1) | ||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | $ 0 | $ (11) | (17) | 0 | 0 | 0 | ||
Sale of subsidiary shares to noncontrolling interests | $ 0 | $ 0 | (1) | 0 | 0 | 1 | ||
Ending Balance (Shares) at Mar. 31, 2019 | 817.6 | 153.9 | ||||||
Ending Balance at Mar. 31, 2019 | $ 5,649 | $ 8 | $ (1,867) | 8,039 | (839) | (2,107) | 2,415 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | [5] | $ 0 | $ 0 | $ 0 | $ 12 | $ (4) | $ 0 | |
[1] | (2) Adjustment to record the redeemable stock of Colon at fair value. | |||||||
[2] | (3) See Note 18 —Held-for-Sale and Dispositions | |||||||
[3] | See Note 1 —Financial Statement Presentation—New Accounting Standards Adopted | |||||||
[4] | (2) Adjustment to record the redeemable stock of Colon at fair value. | |||||||
[5] | (1) See Note 1 —Financial Statement Presentation—New Accounting Standards Adopted |
Financial Statement Presentatio
Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
FINANCIAL STATEMENT PRESENTATION | FINANCIAL STATEMENT PRESENTATION Consolidation — In this Quarterly Report the terms “AES,” “the Company,” “us” or “we” refer to the consolidated entity, including its subsidiaries and affiliates. The terms “The AES Corporation” or “the Parent Company” refer only to the publicly held holding company, The AES Corporation, excluding its subsidiaries and affiliates. Furthermore, VIEs in which the Company has a variable interest have been consolidated where the Company is the primary beneficiary. Investments in which the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. All intercompany transactions and balances have been eliminated in consolidation. Interim Financial Presentation — The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with GAAP, as contained in the FASB ASC, for interim financial information and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for annual fiscal reporting periods. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, comprehensive income, changes in equity and cash flows. The results of operations for the three months ended March 31, 2019 , are not necessarily indicative of expected results for the year ending December 31, 2019 . The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the 2018 audited consolidated financial statements and notes thereto, which are included in the 2018 Form 10-K filed with the SEC on February 26, 2019 (the “ 2018 Form 10-K”). Cash, Cash Equivalents, and Restricted Cash — The following table provides a summary of cash, cash equivalents, and restricted cash amounts reported on the Condensed Consolidated Balance Sheet that reconcile to the total of such amounts as shown on the Condensed Consolidated Statements of Cash Flows (in millions): March 31, 2019 December 31, 2018 Cash and cash equivalents $ 1,426 $ 1,166 Restricted cash 519 370 Debt service reserves and other deposits 430 467 Cash, Cash Equivalents, and Restricted Cash $ 2,375 $ 2,003 New Accounting Pronouncements Adopted in 2019 — 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 2018-02, 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 at the election of the filer. 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 The Company has not elected to reclassify any amounts to retained earnings. The Company’s accounting policy for releasing the income tax effects from AOCI occurs on a portfolio basis. 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. 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 The adoption of this standard resulted in a $4 million increase to retained earnings. 2014-09, 2015-14, 2016-08, 2016-10, 2016-12, 2016-20, 2017-10, 2017-13, Revenue from Contracts with Customers (Topic 606) ASC 606 was adopted by sPower on January 1, 2019. sPower was not required to adopt ASC 606 using the public adoption date, as sPower is an equity method investee that meets the definition of a public business entity only by virtue of the inclusion of its summarized financial information in the Company’s SEC filings. Under the previous revenue standard, the payment received by sPower for the transfer of Incentive Tax Credits related to projects was deferred and recognized in revenue over time. Under ASC 606, this payment is recognized at a point in time. January 1, 2019 The adoption of this standard resulted in an $8 million increase to retained earnings attributable to the AES Corporation stockholders’ equity. 2016-02, 2018-01, 2018-10, 2018-11, 2018-20, 2019-01, Leases (Topic 842) See discussion of the ASU below. January 1, 2019 See impact upon adoption of the standard below. On January 1, 2019, the Company adopted ASC 842 Leases and its subsequent corresponding updates (“ASC 842”). Under this standard, lessees are required to recognize assets and liabilities for most leases on the balance sheet, 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 eliminates previous real estate-specific provisions. Under ASC 842, fewer contracts contain a lease. However, due to the elimination of the real estate-specific guidance and changes to certain lessor classification criteria, more leases qualify as sales-type leases and direct financing leases. Under these two models, a lessor derecognizes the asset and recognizes a lease receivable. According to ASC 842, the lease receivable includes the fair value of the asset after the contract period, but does not include 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. During the course of adopting ASC 842, the Company applied various practical expedients including: • The package of practical expedients (applied to all leases) that allowed lessees and lessors not to reassess: a. whether any expired or existing contracts are or contain leases, b. lease classification for any expired or existing leases, and c. whether initial direct costs for any expired or existing leases qualify for capitalization under ASC 842. • The transition practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements, and • The transition practical expedient for lessees that allowed businesses to not separate lease and non-lease components. The Company applied the practical expedient to all classes of underlying assets when valuing right-of-use assets and lease liabilities. Contracts where the Company is the lessor were separated between the lease and non-lease components. The Company applied the modified retrospective method of adoption and elected 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 applied the transition provisions starting at the date of adoption. The cumulative effect of the adoption of ASC 842 on our January 1, 2019 Condensed Consolidated Balance Sheet was as follows (in millions): Condensed Consolidated Balance Sheet Balance at December 31, 2018 Adjustments Due to ASC 842 Balance at January 1, 2019 Assets Other noncurrent assets $ 1,514 $ 253 $ 1,767 Liabilities Accrued and other liabilities 962 27 989 Other noncurrent liabilities 2,723 226 2,949 The primary impact of adoption was due to the recognition of a right-of-use-asset and lease liability for an operating land lease in Panama associated with the Colon LNG power plant and regasification terminal. 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 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. 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. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORY | INVENTORY The following table summarizes the Company’s inventory balances as of the periods indicated (in millions): March 31, 2019 December 31, 2018 Fuel and other raw materials $ 310 $ 300 Spare parts and supplies 269 277 Total $ 579 $ 577 |
Asset Retirement Obligation (No
Asset Retirement Obligation (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation Disclosure [Text Block] | During the three months ended March 31, 2019 , the Company decreased the asset retirement obligation at DPL by $23 million , resulting in a reduction to Cost of Sales |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE The fair value of current financial assets and liabilities, debt service reserves and other deposits approximate their reported carrying amounts. The estimated fair values of the Company’s assets and liabilities have been determined using available market information. By virtue of these amounts being estimates and based on hypothetical transactions to sell assets or transfer liabilities, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. For further information on our valuation techniques and policies, see Note 4— Fair Value in Item 8.— Financial Statements and Supplementary Data of our 2018 Form 10-K. Recurring Measurements — The following table presents, by level within the fair value hierarchy, the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated (in millions). For the Company’s investments in marketable debt securities, the security classes presented are determined based on the nature and risk of the security and are consistent with how the Company manages, monitors and measures its marketable securities: March 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets DEBT SECURITIES: Available-for-sale: Unsecured debentures $ — $ 3 $ — $ 3 $ — $ 5 $ — $ 5 Certificates of deposit — 310 — 310 — 243 — 243 Total debt securities — 313 — 313 — 248 — 248 EQUITY SECURITIES: Mutual funds 21 49 — 70 19 49 — 68 Total equity securities 21 49 — 70 19 49 — 68 DERIVATIVES: Interest rate derivatives — 11 1 12 — 28 1 29 Cross-currency derivatives — 10 — 10 — 6 — 6 Foreign currency derivatives — 23 194 217 — 18 199 217 Commodity derivatives — 11 2 13 — 6 4 10 Total derivatives — assets — 55 197 252 — 58 204 262 TOTAL ASSETS $ 21 $ 417 $ 197 $ 635 $ 19 $ 355 $ 204 $ 578 Liabilities DERIVATIVES: Interest rate derivatives $ — $ 86 $ 183 $ 269 $ — $ 67 $ 141 $ 208 Cross-currency derivatives — 3 — 3 — 5 — 5 Foreign currency derivatives — 28 — 28 — 41 — 41 Commodity derivatives — 7 — 7 — 3 — 3 Total derivatives — liabilities — 124 183 307 — 116 141 257 TOTAL LIABILITIES $ — $ 124 $ 183 $ 307 $ — $ 116 $ 141 $ 257 As of March 31, 2019 , all AFS debt securities had stated maturities within one year. For the three months ended March 31, 2019 and 2018 , no other-than-temporary impairments of marketable securities were recognized in earnings or Other Comprehensive Income . Gains and losses on the sale of investments are determined using the specific-identification method. The following table presents gross proceeds from the sale of AFS securities during the periods indicated (in millions): Three Months Ended March 31, 2019 2018 Gross proceeds from sale of AFS securities $ 148 $ 147 The following tables present a reconciliation of net derivative assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2019 and 2018 (presented net by type of derivative in millions). Transfers between Level 3 and Level 2 are determined as of the end of the reporting period and principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment. Three Months Ended March 31, 2019 Interest Rate Foreign Currency Commodity Total Balance at January 1 $ (140 ) $ 199 $ 4 $ 63 Total realized and unrealized gains (losses): Included in earnings — (5 ) — (5 ) Included in other comprehensive income — derivative activity (36 ) — — (36 ) Included in regulatory (assets) liabilities — — (2 ) (2 ) Settlements 2 — — 2 Transfers of assets/(liabilities), net into Level 3 (9 ) — — (9 ) Transfers of (assets)/liabilities, net out of Level 3 1 — — 1 Balance at March 31 $ (182 ) $ 194 $ 2 $ 14 Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period $ (2 ) $ (5 ) $ 2 $ (5 ) Three Months Ended March 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 14 (6 ) 1 9 Included in other comprehensive income — derivative activity 27 — — 27 Settlements 6 (9 ) (2 ) (5 ) Transfers of assets/(liabilities), net into Level 3 (8 ) — — (8 ) Transfers of assets out of Level 3 (17 ) — — (17 ) Balance at March 31 $ (129 ) $ 225 $ 3 $ 99 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 $ 16 $ (15 ) $ 1 $ 2 The following table summarizes the significant unobservable inputs used for Level 3 derivative assets (liabilities) as of March 31, 2019 (in millions, except range amounts): Type of Derivative Fair Value Unobservable Input Amount or Range (Weighted Average) Interest rate $ (182 ) Subsidiaries’ credit spreads 1.78% - 4.43% (3.70%) Foreign currency: Argentine peso 194 Argentine peso to U.S. dollar currency exchange rate after one year 57 - 105 (85) Commodity: Other 2 Total $ 14 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. Financial Instruments not Measured at Fair Value in the Condensed Consolidated Balance Sheets The following table presents (in millions) the carrying amount, fair value and fair value hierarchy of the Company’s financial assets and liabilities that are not measured at fair value in the Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018 , but for which fair value is disclosed: March 31, 2019 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 93 $ 192 $ — $ — $ 192 Liabilities: Non-recourse debt 15,815 16,588 — 13,704 2,884 Recourse debt 3,900 4,018 — 4,018 — 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 — _____________________________ (1) These amounts primarily relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and are included in Other noncurrent assets in the accompanying Condensed Consolidated Balance Sheets. The fair value and carrying amount of these receivables exclude VAT of $17 million and $16 million as of March 31, 2019 and December 31, 2018 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES For further information on the derivative and hedging accounting policies, see Note 1— General and Summary of Significant Accounting Policies — Derivatives and Hedging Activities of Item 8.— Financial Statements and Supplementary Data in the 2018 Form 10-K. Volume of Activity — The following table presents the Company’s maximum notional (in millions) over the remaining contractual period by type of derivative as of March 31, 2019 , 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) $ 5,154 2044 Cross-currency swaps (Chilean Unidad de Fomento and Chilean peso) 350 2029 Foreign Currency: Argentine peso 51 2026 Chilean peso 239 2021 Colombian peso 242 2022 Brazilian real 12 2019 Others, primarily with weighted average remaining maturities of a year or less 115 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 March 31, 2019 and December 31, 2018 (in millions): Fair Value March 31, 2019 December 31, 2018 Assets Designated Not Designated Total Designated Not Designated Total Interest rate derivatives $ 12 $ — $ 12 $ 29 $ — $ 29 Cross-currency derivatives 10 — 10 6 — 6 Foreign currency derivatives 1 216 217 — 217 217 Commodity derivatives — 13 13 — 10 10 Total assets $ 23 $ 229 $ 252 $ 35 $ 227 $ 262 Liabilities Interest rate derivatives $ 262 $ 7 $ 269 $ 205 $ 3 $ 208 Cross-currency derivatives 3 — 3 5 — 5 Foreign currency derivatives 13 15 28 28 13 41 Commodity derivatives — 7 7 — 3 3 Total liabilities $ 278 $ 29 $ 307 $ 238 $ 19 $ 257 March 31, 2019 December 31, 2018 Fair Value Assets Liabilities Assets Liabilities Current $ 56 $ 44 $ 75 $ 51 Noncurrent 196 263 187 206 Total $ 252 $ 307 $ 262 $ 257 As of March 31, 2019 and December 31, 2018 , all derivative instruments subject to credit risk-related contingent features were in an asset position. 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): Three Months Ended March 31, 2019 2018 Cash flow hedges Gains (losses) recognized in AOCL Interest rate derivatives $ (94 ) $ 47 Cross-currency derivatives 5 19 Foreign currency derivatives 3 6 Total $ (86 ) $ 72 Gains (losses) reclassified from AOCL into earnings Interest rate derivatives $ (8 ) $ (16 ) Cross-currency derivatives 7 10 Foreign currency derivatives (11 ) 1 Commodity derivatives — (4 ) Total $ (12 ) $ (9 ) Gains (losses) recognized in earnings related to Not designated as hedging instruments: Interest rate derivatives $ (2 ) $ — Foreign currency derivatives (5 ) 108 Commodity derivatives and other 2 9 Total $ (5 ) $ 117 AOCL is expected to decrease pre-tax income from continuing operations for the twelve months ended March 31, 2020 by $57 million |
Financing Receivables
Financing Receivables | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
FINANCING RECEIVABLES | FINANCING RECEIVABLES Receivables with contractual maturities of greater than one year are considered financing receivables. The Company’s financing receivables are primarily related to amended agreements or government resolutions that are due from CAMMESA, the administrator of the wholesale electricity market in Argentina. The following table presents financing receivables by country as of the dates indicated (in millions): March 31, 2019 December 31, 2018 Argentina $ 97 $ 93 Other 13 23 Total $ 110 $ 116 Argentina — Collection of the principal and interest on these receivables is subject to various business risks and uncertainties, including, but not limited to, the operation of power plants which generate cash for payments of |
Investment In and Advances To A
Investment In and Advances To Affiliates | 3 Months Ended |
Mar. 31, 2019 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
INVESTMENTS IN AND ADVANCES TO AFFILIATES | INVESTMENTS IN AND ADVANCES TO AFFILIATES Summarized Financial Information — The following table summarizes financial information of the Company’s 50%-or-less-owned affiliates that are accounted for using the equity method (in millions): Three Months Ended March 31, 50%-or-less-Owned Affiliates 2019 2018 Revenue $ 214 $ 206 Operating margin 11 28 Net income (loss) (21 ) 12 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Recourse Debt 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 for the three months ended March 31, 2018 . 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 for the three months ended March 31, 2018 . Non-Recourse Debt During the three months ended March 31, 2019 , the Company’s subsidiaries had the following significant debt transactions: Subsidiary Issuances Repayments Gain (Loss) on Extinguishment of Debt Southland $ 161 $ — $ — Gener 550 (363 ) (10 ) Total $ 711 $ (363 ) $ (10 ) Non-Recourse Debt in Default — The current portion of non-recourse debt includes the following subsidiary debt in default as of March 31, 2019 (in millions). Subsidiary Primary Nature of Default Debt in Default Net Assets AES Puerto Rico Covenant $ 311 $ 151 AES Ilumina (Puerto Rico) Covenant 34 18 Total $ 345 The above defaults are not payment defaults. All of the subsidiary non-recourse debt defaults were triggered by failure to comply with covenants or other requirements contained in the non-recourse debt documents due to the bankruptcy of the offtaker. 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 20% or more of the Parent Company’s total cash distributions from businesses for the four most recently completed fiscal quarters. As of March 31, 2019 , the Company had no |
Contingencies and Commitments
Contingencies and Commitments | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES AND COMMITMENTS | COMMITMENTS AND CONTINGENCIES Guarantees, Letters of Credit and Commitments — In connection with certain project financings, acquisitions and dispositions, power purchases and other agreements, the Parent Company has expressly undertaken limited obligations and commitments, most of which will only be effective or will be terminated upon the occurrence of future events. In the normal course of business, the Parent Company has entered into various agreements, mainly guarantees and letters of credit, to provide financial or performance assurance to third parties on behalf of AES businesses. These agreements are entered into primarily to support or enhance the creditworthiness otherwise achieved by a business on a stand-alone basis, thereby facilitating the availability of sufficient credit to accomplish their intended business purposes. Most of the contingent obligations relate to future performance commitments which the Company or its businesses expect to fulfill within the normal course of business. The expiration dates of these guarantees vary from less than one year to more than 16 years . The following table summarizes the Parent Company’s contingent contractual obligations as of March 31, 2019 . Amounts presented in the following table represent the Parent Company’s current undiscounted exposure to guarantees and the range of maximum undiscounted potential exposure. The maximum exposure is not reduced by the amounts, if any, that could be recovered under the recourse or collateralization provisions in the guarantees. Contingent Contractual Obligations Amount (in millions) Number of Agreements Maximum Exposure Range for Individual Agreements (in millions) Guarantees and commitments $ 633 28 $0 — 157 Letters of credit under the unsecured credit facility 368 6 $1 — 247 Letters of credit under the senior secured credit facility 80 30 $0 — 32 Asset sale related indemnities (1) 27 1 $27 Total $ 1,108 65 _____________________________ (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 three months ended March 31, 2019 , the Company paid letter of credit fees ranging from 1% to 3% per annum on the outstanding amounts of letters of credit. Contingencies Environmental — The Company periodically reviews its obligations as they relate to compliance with environmental laws, including site restoration and remediation. For each period ended March 31, 2019 and December 31, 2018 , 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 March 31, 2019 . In aggregate, the Company estimates the range of potential losses related to environmental matters, where estimable, to be up to $16 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 $55 million and $53 million as of March 31, 2019 and December 31, 2018 , respectively. These amounts are reported on the Condensed Consolidated Balance Sheets within Accrued and other liabilities and Other noncurrent liabilities . A significant portion of these accrued liabilities relate to 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 March 31, 2019 . 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 |
Redeemable Stocks of Subsidiari
Redeemable Stocks of Subsidiaries (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Redeemable Stock of Subsidiaries [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | REDEEMABLE STOCK OF SUBSIDIARIES The following table summarizes the Company’s redeemable stock of subsidiaries balances as of the periods indicated (in millions): March 31, 2019 December 31, 2018 IPALCO common stock $ 618 $ 618 Colon quotas (1) 212 201 IPL preferred stock 60 60 Total redeemable stock of subsidiaries $ 890 $ 879 _____________________________ (1) Characteristics of quotas are similar to common stock. Colon — Our partner in Colon made capital contributions of $10 million during the three months ended March 31, 2019 and 2018 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
EQUITY | EQUITY Accumulated Other Comprehensive Loss — The following table summarizes the changes in AOCL by component, net of tax and NCI, for the three months ended March 31, 2019 (in millions): Foreign currency translation adjustment, net Unrealized derivative gains (losses), net Unfunded pension obligations, net Total Balance at the beginning of the period $ (1,721 ) $ (300 ) $ (50 ) $ (2,071 ) Other comprehensive income (loss) before reclassifications 4 (47 ) — (43 ) Amount reclassified to earnings — 10 1 11 Other comprehensive income (loss) 4 (37 ) 1 (32 ) Cumulative effect of a change in accounting principle — (4 ) — (4 ) Balance at the end of the period $ (1,717 ) $ (341 ) $ (49 ) $ (2,107 ) Reclassifications out of AOCL are presented in the following table. Amounts for the periods indicated are in millions and those in parentheses indicate debits to the Condensed Consolidated Statements of Operations: AOCL Components Affected Line Item in the Condensed Consolidated Statements of Operations Three Months Ended March 31, 2019 2018 Foreign currency translation adjustment, net Gain (loss) on disposal and sale of business interests $ — $ 16 Net income attributable to The AES Corporation $ — $ 16 Unrealized derivative gains (losses), net Non-regulated revenue $ — $ (4 ) Non-regulated cost of sales (9 ) (1 ) Interest expense (8 ) (15 ) Foreign currency transaction losses 5 11 Income from continuing operations before taxes and equity in earnings of affiliates (12 ) (9 ) Income tax expense 2 (1 ) Income from continuing operations (10 ) (10 ) Less: Income from continuing operations attributable to noncontrolling interests and redeemable stock of subsidiaries — 3 Net income attributable to The AES Corporation $ (10 ) $ (7 ) Amortization of defined benefit pension actuarial loss, net Other expense $ (1 ) $ (1 ) Income from continuing operations before taxes and equity in earnings of affiliates (1 ) (1 ) Income from continuing operations (1 ) (1 ) Loss from operations of discontinued businesses — (1 ) Net income (1 ) (2 ) Net income attributable to The AES Corporation $ (1 ) $ (2 ) Total reclassifications for the period, net of income tax and noncontrolling interests $ (11 ) $ 7 Common Stock Dividends — The Parent Company paid dividends of $0.1365 per outstanding share to its common stockholders during the first quarter of 2019 for dividends declared in December 2018. On February 22, 2019, the Board of Directors declared a quarterly common stock dividend of $0.1365 |
Segments
Segments | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENTS | SEGMENTS The segment reporting structure uses the Company’s management reporting structure as its foundation to reflect how the Company manages the businesses internally and is mainly organized by geographic regions, which provides a socio-political-economic understanding of our business. 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. 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 that Adjusted PTC better reflects the underlying business performance of the Company and is the most relevant measure considered in the Company’s internal evaluation of the financial performance of its segments. Additionally, given its large number of businesses and complexity, the Company concluded that Adjusted PTC is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the Company’s results. Revenue and Adjusted PTC are presented before inter-segment eliminations, which includes the effect of intercompany transactions with other segments except for interest, charges for certain management fees, and the write-off of intercompany balances, as applicable. All intra-segment activity has been eliminated within the segment. Inter-segment activity has been eliminated within the total consolidated results. The following tables present financial information by segment for the periods indicated (in millions): Three Months Ended March 31, Total Revenue 2019 2018 US and Utilities SBU $ 1,019 $ 1,027 South America SBU 845 895 MCAC SBU 450 408 Eurasia SBU 339 419 Corporate and Other 9 9 Eliminations (12 ) (18 ) Total Revenue $ 2,650 $ 2,740 Three Months Ended March 31, Total Adjusted PTC 2019 2018 Income from continuing operations before taxes and equity in earnings of affiliates $ 354 $ 998 Add: Net equity in earnings (losses) of affiliates (6 ) 11 Less: Income from continuing operations before taxes, attributable to noncontrolling interests (109 ) (126 ) Pre-tax contribution 239 883 Unrealized derivative and equity securities losses 3 12 Unrealized foreign currency losses (gains) 11 (3 ) Disposition/acquisition losses (gains) 9 (778 ) Impairment expense 2 — Loss on extinguishment of debt 8 171 Restructuring costs — 3 Total Adjusted PTC $ 272 $ 288 Three Months Ended March 31, Total Adjusted PTC 2019 2018 US and Utilities SBU $ 122 $ 120 South America SBU 115 136 MCAC SBU 50 53 Eurasia SBU 56 83 Corporate and Other (72 ) (98 ) Eliminations 1 (6 ) Total Adjusted PTC $ 272 $ 288 Total Assets March 31, 2019 December 31, 2018 US and Utilities SBU $ 12,535 $ 12,286 South America SBU 11,343 10,941 MCAC SBU 4,688 4,462 Eurasia SBU 4,571 4,538 Corporate and Other 334 294 Total Assets $ 33,471 $ 32,521 |
Revenue (Notes)
Revenue (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE The following table presents our revenue from contracts with customers and other revenue for the periods indicated (in millions): Three Months Ended March 31, 2019 US and Utilities SBU South America SBU MCAC SBU Eurasia SBU Corporate, Other and Eliminations Total Regulated Revenue Revenue from contracts with customers $ 778 $ — $ — $ — $ — $ 778 Other regulated revenue 7 — — — — 7 Total regulated revenue 785 — — — — 785 Non-Regulated Revenue Revenue from contracts with customers 173 843 429 267 — 1,712 Other non-regulated revenue (1) 61 2 21 72 (3 ) 153 Total non-regulated revenue 234 845 450 339 (3 ) 1,865 Total revenue $ 1,019 $ 845 $ 450 $ 339 $ (3 ) $ 2,650 Three Months Ended March 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 $ 711 $ — $ — $ — $ — $ 711 Other regulated revenue 11 — — — — 11 Total regulated revenue 722 — — — — 722 Non-Regulated Revenue Revenue from contracts with customers 208 894 387 331 (9 ) 1,811 Other non-regulated revenue (1) 97 1 21 88 — 207 Total non-regulated revenue 305 895 408 419 (9 ) 2,018 Total revenue $ 1,027 $ 895 $ 408 $ 419 $ (9 ) $ 2,740 _______________________ (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. The contract liabilities from contracts with customers were $128 million and $109 million as of March 31, 2019 and December 31, 2018 , respectively. During the three months ended March 31, 2019 and 2018 , we recognized revenue of $3 million and $22 million , respectively, that was included in the corresponding contract liability balance at the beginning of the periods. 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 March 31, 2019 . 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 March 31, 2019 , the aggregate amount of transaction price allocated to remaining performance obligations was $15 million , primarily consisting of fixed consideration for the sale of renewable energy credits (RECs) in long-term contracts in the U.S. We expect to recognize revenue on approximately one-fifth of the remaining performance obligations in 2019, with the remainder recognized thereafter. For further information on our accounting policies concerning contract balances and remaining performance obligations, see Note 18— Revenue in Item 8.— Financial Statements and Supplementary Data of our 2018 |
Other Income and Expense
Other Income and Expense | 3 Months Ended |
Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | OTHER INCOME AND EXPENSE Other income generally includes gains on insurance recoveries in excess of property damage, gains on asset sales and liability extinguishments, favorable judgments on contingencies, gains on contract terminations, allowance for funds used during construction and other income from miscellaneous transactions. Other expense generally includes losses on asset sales and dispositions, losses on legal contingencies, defined benefit plan non- service costs, and losses from other miscellaneous transactions. The components are summarized as follows (in millions): Three Months Ended March 31, 2019 2018 Other Income Gain on insurance proceeds (1) $ 23 $ — Allowance for funds used during construction (US Utilities) 1 5 Other 6 8 Total other income $ 30 $ 13 Other Expense Loss on sale and disposal of assets $ 5 $ 2 Non-service pension and other postretirement costs 4 5 Other 3 2 Total other expense $ 12 $ 9 _____________________________ (1) |
Income Taxes (Notes)
Income Taxes (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES The Company’s provision for income taxes is based on the estimated annual effective tax rate, plus discrete items. The effective tax rates for the three months ended March 31, 2019 and 2018 were 32% and 23% , respectively. The difference between the Company’s effective tax rates for the 2019 and 2018 periods and the U.S. statutory tax rate of 21% related primarily to U.S. taxes on foreign earnings, foreign tax rate differentials, the impacts of foreign currency fluctuations at certain foreign subsidiaries, and nondeductible expenses. In the first quarter of 2019, the U.S. Treasury issued final regulations related to the one-time transition tax which further amended the guidance of the proposed regulations. As a result, we recorded $3 million of discrete tax expense in the first quarter. In the first quarter of 2018, the Company completed the sale of its entire 51% equity interest in Masinloc, resulting in pre-tax gain of approximately $777 million . The sale resulted in approximately $155 million of discrete tax expense in the U.S. under the new GILTI provision, which subjects the earnings of foreign subsidiaries to current U.S. taxation to the extent those earnings exceed an allowable return. See Note 18 —Held-for-Sale and Dispositions |
Dispositions (Notes)
Dispositions (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSITIONS AND HELD-FOR-SALE BUSINESSES | DISCONTINUED OPERATIONSDue to a portfolio evaluation in the first half of 2016, management decided to pursue a strategic shift to reduce the Company's exposure to the Brazilian distribution market. During 2017, Eletropaulo, the Company’s remaining distribution business in Brazil, met the criteria to qualify as a discontinued operation and its results of operations were reported as such. The disposal of Eletropaulo was completed in June 2018. Prior to its classification as discontinued operations, Eletropaulo was reported in the South America SBU reportable segment.HELD-FOR-SALE AND DISPOSITIONS Held-for-Sale Jordan — In February 2019, the Company entered into an agreement to sell its 36% ownership interest in two generation plants, IPP1 and IPP4, and a solar project under construction in Jordan for $86 million , plus capital contributions to the solar project of approximately $5 million . The sale of IPP1 and IPP4 is expected to close during the second quarter of 2019, and the sale of the solar project during the second half of 2019, once construction is completed. As of March 31, 2019 , IPP1 and IPP4 were classified as held-for-sale, but did not meet the criteria to be reported as discontinued operations. The solar project under construction did not meet the held-for-sale criteria. On a consolidated basis, the carrying value of the plants held-for-sale as of March 31, 2019 was $105 million . Pre-tax income attributable to AES was immaterial for the three months ended March 31, 2019 and 2018 . Jordan is reported in the Eurasia SBU reportable segment. 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 March 31, 2019 , 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 March 31, 2019 was $30 million . Pre-tax income attributable to AES was immaterial for the three months ended March 31, 2019 and 2018 . Shady Point is reported in the US and Utilities SBU reportable segment. 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 2019. As of March 31, 2019 , 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 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 $777 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. 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 . Prior to the transfer, the AES Advancion energy storage development business was reported as part of Corporate and Other. There was no pre-tax income attributable to AES for the three months ended March 31, 2019 associated with businesses disposed of during the three months ended March 31, 2018 . Excluding any impairment charges or gain/loss on sale, pre-tax income attributable to AES of disposed businesses for the three months ended March 31, 2018 was as follows: Three Months Ended March 31, (in millions) 2018 Masinloc $ 9 DPL peaker assets 7 Total $ 16 |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">ACQUISITIONS</font></div></div> |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
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 and stock options. The effect of such potential common stock is computed using the treasury stock method. 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 three months ended March 31, 2019 and 2018 , where income represents the numerator and weighted average shares represent the denominator. Three Months Ended March 31, 2019 2018 (in millions, except per share data) Income Shares $ per Share Income Shares $ per Share BASIC EARNINGS PER SHARE Income from continuing operations attributable to The AES Corporation common stockholders $ 154 663 $ 0.23 $ 685 661 $ 1.04 EFFECT OF DILUTIVE SECURITIES Stock options — 1 — — — — Restricted stock units — 3 — — 2 (0.01 ) DILUTED EARNINGS PER SHARE $ 154 667 $ 0.23 $ 685 663 $ 1.03 The calculation of diluted earnings per share excluded stock awards which would be anti-dilutive. The calculation of diluted earnings per share excluded 1 million and 6 million stock awards outstanding for the three months ended March 31, 2019 and 2018 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS Alto Sertão III Acquisition — On April 9, 2019, the Company entered into an agreement to purchase from Renova Energia S.A. the Alto Sertão III Wind Complex as well as a pipeline of wind power projects in development in Brazil for approximately $130 million , subject to certain precedent conditions, customary purchase price adjustments, and the assumption of approximately $250 million of non-recourse debt. The transaction is expected to close in the second half of 2019. Kilroot and Ballylumford Sale — On April 9, 2019, the Company entered into an agreement to sell its entire 100% interest in the Kilroot coal and oil-fired plant and energy storage facility and the Ballylumford gas-fired plant in the United Kingdom for approximately $120 million , subject to customary purchase price adjustments. The sale is subject to approval under EU merger regulations and is expected to close in 2019. The assets did not qualify as held-for-sale as of March 31, 2019. The Company expects to recognize a combined loss on sale and impairment of approximately $200 million in 2019. Kilroot and Ballylumford are reported in the Eurasia SBU reportable segment. sPower — On April 18, 2019, the Company closed on the sale of approximately 48% of its interest in a portfolio of sPower’s operating assets for approximately $170 million , subject to customary purchase price adjustments. After the sale, the Company’s ownership interest in this portfolio of sPower’s operating assets decreased from 50% to approximately 26% |
Discontinued Operations and Hel
Discontinued Operations and Held for sale businesses (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DISCONTINUED OPERATIONSDue to a portfolio evaluation in the first half of 2016, management decided to pursue a strategic shift to reduce the Company's exposure to the Brazilian distribution market. During 2017, Eletropaulo, the Company’s remaining distribution business in Brazil, met the criteria to qualify as a discontinued operation and its results of operations were reported as such. The disposal of Eletropaulo was completed in June 2018. Prior to its classification as discontinued operations, Eletropaulo was reported in the South America SBU reportable segment.HELD-FOR-SALE AND DISPOSITIONS Held-for-Sale Jordan — In February 2019, the Company entered into an agreement to sell its 36% ownership interest in two generation plants, IPP1 and IPP4, and a solar project under construction in Jordan for $86 million , plus capital contributions to the solar project of approximately $5 million . The sale of IPP1 and IPP4 is expected to close during the second quarter of 2019, and the sale of the solar project during the second half of 2019, once construction is completed. As of March 31, 2019 , IPP1 and IPP4 were classified as held-for-sale, but did not meet the criteria to be reported as discontinued operations. The solar project under construction did not meet the held-for-sale criteria. On a consolidated basis, the carrying value of the plants held-for-sale as of March 31, 2019 was $105 million . Pre-tax income attributable to AES was immaterial for the three months ended March 31, 2019 and 2018 . Jordan is reported in the Eurasia SBU reportable segment. 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 March 31, 2019 , 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 March 31, 2019 was $30 million . Pre-tax income attributable to AES was immaterial for the three months ended March 31, 2019 and 2018 . Shady Point is reported in the US and Utilities SBU reportable segment. 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 2019. As of March 31, 2019 , 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 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 $777 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. 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 . Prior to the transfer, the AES Advancion energy storage development business was reported as part of Corporate and Other. There was no pre-tax income attributable to AES for the three months ended March 31, 2019 associated with businesses disposed of during the three months ended March 31, 2018 . Excluding any impairment charges or gain/loss on sale, pre-tax income attributable to AES of disposed businesses for the three months ended March 31, 2018 was as follows: Three Months Ended March 31, (in millions) 2018 Masinloc $ 9 DPL peaker assets 7 Total $ 16 |
Financial Statement Presentat_2
Financial Statement Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | New Accounting Pronouncements Adopted in 2019 — 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 2018-02, 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 at the election of the filer. 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 The Company has not elected to reclassify any amounts to retained earnings. The Company’s accounting policy for releasing the income tax effects from AOCI occurs on a portfolio basis. 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. 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 The adoption of this standard resulted in a $4 million increase to retained earnings. 2014-09, 2015-14, 2016-08, 2016-10, 2016-12, 2016-20, 2017-10, 2017-13, Revenue from Contracts with Customers (Topic 606) ASC 606 was adopted by sPower on January 1, 2019. sPower was not required to adopt ASC 606 using the public adoption date, as sPower is an equity method investee that meets the definition of a public business entity only by virtue of the inclusion of its summarized financial information in the Company’s SEC filings. Under the previous revenue standard, the payment received by sPower for the transfer of Incentive Tax Credits related to projects was deferred and recognized in revenue over time. Under ASC 606, this payment is recognized at a point in time. January 1, 2019 The adoption of this standard resulted in an $8 million increase to retained earnings attributable to the AES Corporation stockholders’ equity. 2016-02, 2018-01, 2018-10, 2018-11, 2018-20, 2019-01, Leases (Topic 842) See discussion of the ASU below. January 1, 2019 See impact upon adoption of the standard below. |
Consolidation | Consolidation — |
Basis of Presentation and Significant Accounting Policies [Text Block] | Interim Financial Presentation — The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with GAAP, as contained in the FASB ASC, for interim financial information and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for annual fiscal reporting periods. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, comprehensive income, changes in equity and cash flows. The results of operations for the three months ended March 31, 2019 , are not necessarily indicative of expected results for the year ending December 31, 2019 . The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the 2018 audited consolidated financial statements and notes thereto, which are included in the 2018 Form 10-K filed with the SEC on February 26, 2019 (the “ 2018 |
Commitments and Contingencies | Litigation — |
Segment Reporting | The segment reporting structure uses the Company’s management reporting structure as its foundation to reflect how the Company manages the businesses internally and is mainly organized by geographic regions, which provides a socio-political-economic understanding of our business. 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. 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 that Adjusted PTC better reflects the underlying business performance of the Company and is the most relevant measure considered in the Company’s internal evaluation of the financial performance of its segments. Additionally, given its large number of businesses and complexity, the Company 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. |
Lessee, Leases [Policy Text Block] | The package of practical expedients (applied to all leases) that allowed lessees and lessors not to reassess: a. whether any expired or existing contracts are or contain leases, b. lease classification for any expired or existing leases, and c. whether initial direct costs for any expired or existing leases qualify for capitalization under ASC 842. • The transition practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements, and • |
Contingencies and Commitments C
Contingencies and Commitments Contingencies and Commitments (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies, Policy [Policy Text Block] | Litigation — |
Leases (Policies)
Leases (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Early Termination [Policy Text Block] | The option to extend or terminate a lease is based on customary early termination provisions in the contract, such as payment defaults, bankruptcy, and lack of performance on energy delivery. |
Separation of Lease and Nonlease Components [Policy Text Block] | Capacity payments are generally considered lease elements as they cover the majority of available output from a facility. The allocation of contract payments between the lease and non-lease elements is made at the inception of the lease. |
Incremental Borrowing Rate [Policy Text Block] | As our leases do not provide an implicit rate, we use the subsidiaries’ incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. |
Short-term Leases [Policy Text Block] | Leases with an initial term of 12 months |
Segments Segments (Policies)
Segments Segments (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | The segment reporting structure uses the Company’s management reporting structure as its foundation to reflect how the Company manages the businesses internally and is mainly organized by geographic regions, which provides a socio-political-economic understanding of our business. 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. 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 that Adjusted PTC better reflects the underlying business performance of the Company and is the most relevant measure considered in the Company’s internal evaluation of the financial performance of its segments. Additionally, given its large number of businesses and complexity, the Company concluded that Adjusted PTC is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the Company’s results. Revenue and Adjusted PTC are presented before inter-segment eliminations, which includes the effect of intercompany transactions with other segments except for interest, charges for certain management fees, and the write-off of intercompany balances, as applicable. All intra-segment activity has been eliminated within the segment. Inter-segment activity has been eliminated within the total consolidated results. |
Earnings Per Share EPS Policy (
Earnings Per Share EPS Policy (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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 and stock options. The effect of such potential common stock is computed using the treasury stock method. |
Financial Statement Presentat_3
Financial Statement Presentation New Accounting Standards (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | New Accounting Pronouncements Adopted in 2019 — 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 2018-02, 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 at the election of the filer. 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 The Company has not elected to reclassify any amounts to retained earnings. The Company’s accounting policy for releasing the income tax effects from AOCI occurs on a portfolio basis. 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. 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 The adoption of this standard resulted in a $4 million increase to retained earnings. 2014-09, 2015-14, 2016-08, 2016-10, 2016-12, 2016-20, 2017-10, 2017-13, Revenue from Contracts with Customers (Topic 606) ASC 606 was adopted by sPower on January 1, 2019. sPower was not required to adopt ASC 606 using the public adoption date, as sPower is an equity method investee that meets the definition of a public business entity only by virtue of the inclusion of its summarized financial information in the Company’s SEC filings. Under the previous revenue standard, the payment received by sPower for the transfer of Incentive Tax Credits related to projects was deferred and recognized in revenue over time. Under ASC 606, this payment is recognized at a point in time. January 1, 2019 The adoption of this standard resulted in an $8 million increase to retained earnings attributable to the AES Corporation stockholders’ equity. 2016-02, 2018-01, 2018-10, 2018-11, 2018-20, 2019-01, Leases (Topic 842) See discussion of the ASU below. January 1, 2019 See impact upon adoption of the standard below. |
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | 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 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. 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. |
Financial Statement Presentat_4
Financial Statement Presentation Cash, Cash Equivalents, and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | Cash, Cash Equivalents, and Restricted Cash — The following table provides a summary of cash, cash equivalents, and restricted cash amounts reported on the Condensed Consolidated Balance Sheet that reconcile to the total of such amounts as shown on the Condensed Consolidated Statements of Cash Flows (in millions): March 31, 2019 December 31, 2018 Cash and cash equivalents $ 1,426 $ 1,166 Restricted cash 519 370 Debt service reserves and other deposits 430 467 Cash, Cash Equivalents, and Restricted Cash $ 2,375 $ 2,003 |
Financial Statement Presentat_5
Financial Statement Presentation Adoption of ASU 606 2018 (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Policy Text Block [Abstract] | |
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | 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 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. 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. |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory Balance By Type | The following table summarizes the Company’s inventory balances as of the periods indicated (in millions): March 31, 2019 December 31, 2018 Fuel and other raw materials $ 310 $ 300 Spare parts and supplies 269 277 Total $ 579 $ 577 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Marketable Securities [Table Text Block] | he following table presents gross proceeds from the sale of AFS securities during the periods indicated (in millions): Three Months Ended March 31, 2019 2018 Gross proceeds from sale of AFS securities $ 148 $ 147 |
Fair value hierarchy for recurring measurements table | The following table presents, by level within the fair value hierarchy, the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated (in millions). For the Company’s investments in marketable debt securities, the security classes presented are determined based on the nature and risk of the security and are consistent with how the Company manages, monitors and measures its marketable securities: March 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets DEBT SECURITIES: Available-for-sale: Unsecured debentures $ — $ 3 $ — $ 3 $ — $ 5 $ — $ 5 Certificates of deposit — 310 — 310 — 243 — 243 Total debt securities — 313 — 313 — 248 — 248 EQUITY SECURITIES: Mutual funds 21 49 — 70 19 49 — 68 Total equity securities 21 49 — 70 19 49 — 68 DERIVATIVES: Interest rate derivatives — 11 1 12 — 28 1 29 Cross-currency derivatives — 10 — 10 — 6 — 6 Foreign currency derivatives — 23 194 217 — 18 199 217 Commodity derivatives — 11 2 13 — 6 4 10 Total derivatives — assets — 55 197 252 — 58 204 262 TOTAL ASSETS $ 21 $ 417 $ 197 $ 635 $ 19 $ 355 $ 204 $ 578 Liabilities DERIVATIVES: Interest rate derivatives $ — $ 86 $ 183 $ 269 $ — $ 67 $ 141 $ 208 Cross-currency derivatives — 3 — 3 — 5 — 5 Foreign currency derivatives — 28 — 28 — 41 — 41 Commodity derivatives — 7 — 7 — 3 — 3 Total derivatives — liabilities — 124 183 307 — 116 141 257 TOTAL LIABILITIES $ — $ 124 $ 183 $ 307 $ — $ 116 $ 141 $ 257 |
Fair Value, Net Derivative Assets (Liabilities) measured on a recurring basis, Unobservable Input Reconciliation Table | The following tables present a reconciliation of net derivative assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2019 and 2018 (presented net by type of derivative in millions). Transfers between Level 3 and Level 2 are determined as of the end of the reporting period and principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment. Three Months Ended March 31, 2019 Interest Rate Foreign Currency Commodity Total Balance at January 1 $ (140 ) $ 199 $ 4 $ 63 Total realized and unrealized gains (losses): Included in earnings — (5 ) — (5 ) Included in other comprehensive income — derivative activity (36 ) — — (36 ) Included in regulatory (assets) liabilities — — (2 ) (2 ) Settlements 2 — — 2 Transfers of assets/(liabilities), net into Level 3 (9 ) — — (9 ) Transfers of (assets)/liabilities, net out of Level 3 1 — — 1 Balance at March 31 $ (182 ) $ 194 $ 2 $ 14 Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period $ (2 ) $ (5 ) $ 2 $ (5 ) |
Derivative Assets, Significant unobservable inputs | Three Months Ended March 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 14 (6 ) 1 9 Included in other comprehensive income — derivative activity 27 — — 27 Settlements 6 (9 ) (2 ) (5 ) Transfers of assets/(liabilities), net into Level 3 (8 ) — — (8 ) Transfers of assets out of Level 3 (17 ) — — (17 ) Balance at March 31 $ (129 ) $ 225 $ 3 $ 99 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 $ 16 $ (15 ) $ 1 $ 2 The following table summarizes the significant unobservable inputs used for Level 3 derivative assets (liabilities) as of March 31, 2019 |
Financial instruments not measured at fair value in the condensed consolidated balance sheets | s The following table presents (in millions) the carrying amount, fair value and fair value hierarchy of the Company’s financial assets and liabilities that are not measured at fair value in the Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018 , but for which fair value is disclosed: March 31, 2019 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 93 $ 192 $ — $ — $ 192 Liabilities: Non-recourse debt 15,815 16,588 — 13,704 2,884 Recourse debt 3,900 4,018 — 4,018 — 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 — _____________________________ (1) These amounts primarily relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and are included in Other noncurrent assets in the accompanying Condensed Consolidated Balance Sheets. The fair value and carrying amount of these receivables exclude VAT of $17 million and $16 million as of March 31, 2019 and December 31, 2018 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate And Cross Currency Derivatives By Type Table | The following table presents the Company’s maximum notional (in millions) over the remaining contractual period by type of derivative as of March 31, 2019 , 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) $ 5,154 2044 Cross-currency swaps (Chilean Unidad de Fomento and Chilean peso) 350 2029 Foreign Currency: Argentine peso 51 2026 Chilean peso 239 2021 Colombian peso 242 2022 Brazilian real 12 2019 Others, primarily with weighted average remaining maturities of a year or less 115 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 March 31, 2019 and December 31, 2018 (in millions): Fair Value March 31, 2019 December 31, 2018 Assets Designated Not Designated Total Designated Not Designated Total Interest rate derivatives $ 12 $ — $ 12 $ 29 $ — $ 29 Cross-currency derivatives 10 — 10 6 — 6 Foreign currency derivatives 1 216 217 — 217 217 Commodity derivatives — 13 13 — 10 10 Total assets $ 23 $ 229 $ 252 $ 35 $ 227 $ 262 Liabilities Interest rate derivatives $ 262 $ 7 $ 269 $ 205 $ 3 $ 208 Cross-currency derivatives 3 — 3 5 — 5 Foreign currency derivatives 13 15 28 28 13 41 Commodity derivatives — 7 7 — 3 3 Total liabilities $ 278 $ 29 $ 307 $ 238 $ 19 $ 257 March 31, 2019 December 31, 2018 Fair Value Assets Liabilities Assets Liabilities Current $ 56 $ 44 $ 75 $ 51 Noncurrent 196 263 187 206 Total $ 252 $ 307 $ 262 $ 257 As of March 31, 2019 and December 31, 2018 |
Gain Loss In Earnings On Ineffective 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): Three Months Ended March 31, 2019 2018 Cash flow hedges Gains (losses) recognized in AOCL Interest rate derivatives $ (94 ) $ 47 Cross-currency derivatives 5 19 Foreign currency derivatives 3 6 Total $ (86 ) $ 72 Gains (losses) reclassified from AOCL into earnings Interest rate derivatives $ (8 ) $ (16 ) Cross-currency derivatives 7 10 Foreign currency derivatives (11 ) 1 Commodity derivatives — (4 ) Total $ (12 ) $ (9 ) Gains (losses) recognized in earnings related to Not designated as hedging instruments: Interest rate derivatives $ (2 ) $ — Foreign currency derivatives (5 ) 108 Commodity derivatives and other 2 9 Total $ (5 ) $ 117 |
Financing Receivables (Tables)
Financing Receivables (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Financing Receivables Table | The following table presents financing receivables by country as of the dates indicated (in millions): March 31, 2019 December 31, 2018 Argentina $ 97 $ 93 Other 13 23 Total $ 110 $ 116 |
Investments In and Advances To
Investments In and Advances To Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Investments In and Advances to Affiliates Financial Information | The following table summarizes financial information of the Company’s 50%-or-less-owned affiliates that are accounted for using the equity method (in millions): Three Months Ended March 31, 50%-or-less-Owned Affiliates 2019 2018 Revenue $ 214 $ 206 Operating margin 11 28 Net income (loss) (21 ) 12 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Non-recourse debt [Table Text Block] | During the three months ended March 31, 2019 , the Company’s subsidiaries had the following significant debt transactions: Subsidiary Issuances Repayments Gain (Loss) on Extinguishment of Debt Southland $ 161 $ — $ — Gener 550 (363 ) (10 ) Total $ 711 $ (363 ) $ (10 ) |
Debt In Default | The current portion of non-recourse debt includes the following subsidiary debt in default as of March 31, 2019 (in millions). Subsidiary Primary Nature of Default Debt in Default Net Assets AES Puerto Rico Covenant $ 311 $ 151 AES Ilumina (Puerto Rico) Covenant 34 18 Total $ 345 |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Contingent Contractual Obligations [Table Text Block] | The following table summarizes the Parent Company’s contingent contractual obligations as of March 31, 2019 . Amounts presented in the following table represent the Parent Company’s current undiscounted exposure to guarantees and the range of maximum undiscounted potential exposure. The maximum exposure is not reduced by the amounts, if any, that could be recovered under the recourse or collateralization provisions in the guarantees. Contingent Contractual Obligations Amount (in millions) Number of Agreements Maximum Exposure Range for Individual Agreements (in millions) Guarantees and commitments $ 633 28 $0 — 157 Letters of credit under the unsecured credit facility 368 6 $1 — 247 Letters of credit under the senior secured credit facility 80 30 $0 — 32 Asset sale related indemnities (1) 27 1 $27 Total $ 1,108 65 _____________________________ (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. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of Lease Assets and Liabilities - Lessee [Table Text Block] | The following table summarizes the amounts recognized on the Condensed Consolidated Balance Sheets related to lease asset and liability balances as of the period indicated (in millions): Consolidated Balance Sheet Classification March 31, 2019 Assets Right-of-use assets — finance leases Electric generation, distribution assets and other $ 4 Right-of-use assets — operating leases Other noncurrent assets 251 Total right-of-use assets $ 255 Liabilities Finance lease liabilities (current) Non-recourse debt (current liabilities) $ 1 Finance lease liabilities (noncurrent) Non-recourse debt (noncurrent liabilities) 6 Total finance lease liabilities 7 Operating lease liabilities (current) Accrued and other liabilities 22 Operating lease liabilities (noncurrent) Other noncurrent liabilities 251 Total operating lease liabilities 273 Total lease liabilities $ 280 |
Weighted-Average Lease Term and Discount Rate [Table Text Block] | The following table summarizes supplemental balance sheet information related to leases as of the period indicated: Lease Term and Discount Rate March 31, 2019 Weighted-average remaining lease term — finance leases 9.6 years Weighted-average remaining lease term — operating leases 21.7 years Weighted-average discount rate — finance leases 11.97 % Weighted-average discount rate — operating leases 7.02 % |
Lease, Cost [Table Text Block] | The following table summarizes the components of lease expense recognized in Cost of Sales on the Condensed Consolidated Statements of Operations for the period indicated (in millions): Components of Lease Cost Three Months Ended March 31, 2019 Operating lease cost $ 13 Variable and short-term lease costs 1 Total lease cost $ 14 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table shows the future minimum lease payments under operating and finance leases for continuing operations together with the present value of the net minimum lease payments as of March 31, 2019 for the remainder of 2019 through 2023 and thereafter (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases 2019 $ 1 $ 27 2020 1 27 2021 1 25 2022 1 26 2023 1 25 Thereafter 7 454 Total 12 584 Less: Imputed interest (5 ) (311 ) Present value of total minimum lease payments $ 7 $ 273 |
Sales-type Lease, Lease Income [Table Text Block] | The following table shows the future minimum lease receipts as of March 31, 2019 for the remainder of 2019 through 2023 and thereafter (in millions): Future Cash Receipts for Sales-Type Leases Operating Leases 2019 $ 2 $ 401 2020 2 511 2021 2 483 2022 2 468 2023 2 401 Thereafter 40 1,742 Total 50 $ 4,006 Less: Imputed interest (28 ) Present value of total minimum lease receipts $ 22 |
Redeemable Stocks of Subsidia_2
Redeemable Stocks of Subsidiaries (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Redeemable Stock of Subsidiaries [Abstract] | |
Temporary Equity [Table Text Block] | The following table summarizes the Company’s redeemable stock of subsidiaries balances as of the periods indicated (in millions): March 31, 2019 December 31, 2018 IPALCO common stock $ 618 $ 618 Colon quotas (1) 212 201 IPL preferred stock 60 60 Total redeemable stock of subsidiaries $ 890 $ 879 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Components Of Accumulated Other Comprehensive Income | The following table summarizes the changes in AOCL by component, net of tax and NCI, for the three months ended March 31, 2019 (in millions): Foreign currency translation adjustment, net Unrealized derivative gains (losses), net Unfunded pension obligations, net Total Balance at the beginning of the period $ (1,721 ) $ (300 ) $ (50 ) $ (2,071 ) Other comprehensive income (loss) before reclassifications 4 (47 ) — (43 ) Amount reclassified to earnings — 10 1 11 Other comprehensive income (loss) 4 (37 ) 1 (32 ) Cumulative effect of a change in accounting principle — (4 ) — (4 ) Balance at the end of the period $ (1,717 ) $ (341 ) $ (49 ) $ (2,107 ) |
Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Income | Reclassifications out of AOCL are presented in the following table. Amounts for the periods indicated are in millions and those in parentheses indicate debits to the Condensed Consolidated Statements of Operations: AOCL Components Affected Line Item in the Condensed Consolidated Statements of Operations Three Months Ended March 31, 2019 2018 Foreign currency translation adjustment, net Gain (loss) on disposal and sale of business interests $ — $ 16 Net income attributable to The AES Corporation $ — $ 16 Unrealized derivative gains (losses), net Non-regulated revenue $ — $ (4 ) Non-regulated cost of sales (9 ) (1 ) Interest expense (8 ) (15 ) Foreign currency transaction losses 5 11 Income from continuing operations before taxes and equity in earnings of affiliates (12 ) (9 ) Income tax expense 2 (1 ) Income from continuing operations (10 ) (10 ) Less: Income from continuing operations attributable to noncontrolling interests and redeemable stock of subsidiaries — 3 Net income attributable to The AES Corporation $ (10 ) $ (7 ) Amortization of defined benefit pension actuarial loss, net Other expense $ (1 ) $ (1 ) Income from continuing operations before taxes and equity in earnings of affiliates (1 ) (1 ) Income from continuing operations (1 ) (1 ) Loss from operations of discontinued businesses — (1 ) Net income (1 ) (2 ) Net income attributable to The AES Corporation $ (1 ) $ (2 ) Total reclassifications for the period, net of income tax and noncontrolling interests $ (11 ) $ 7 |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Revenue By Segment Table | The following tables present financial information by segment for the periods indicated (in millions): Three Months Ended March 31, Total Revenue 2019 2018 US and Utilities SBU $ 1,019 $ 1,027 South America SBU 845 895 MCAC SBU 450 408 Eurasia SBU 339 419 Corporate and Other 9 9 Eliminations (12 ) (18 ) Total Revenue $ 2,650 $ 2,740 Three Months Ended March 31, Total Adjusted PTC 2019 2018 Income from continuing operations before taxes and equity in earnings of affiliates $ 354 $ 998 Add: Net equity in earnings (losses) of affiliates (6 ) 11 Less: Income from continuing operations before taxes, attributable to noncontrolling interests (109 ) (126 ) Pre-tax contribution 239 883 Unrealized derivative and equity securities losses 3 12 Unrealized foreign currency losses (gains) 11 (3 ) Disposition/acquisition losses (gains) 9 (778 ) Impairment expense 2 — Loss on extinguishment of debt 8 171 Restructuring costs — 3 Total Adjusted PTC $ 272 $ 288 Three Months Ended March 31, Total Adjusted PTC 2019 2018 US and Utilities SBU $ 122 $ 120 South America SBU 115 136 MCAC SBU 50 53 Eurasia SBU 56 83 Corporate and Other (72 ) (98 ) Eliminations 1 (6 ) Total Adjusted PTC $ 272 $ 288 Total Assets March 31, 2019 December 31, 2018 US and Utilities SBU $ 12,535 $ 12,286 South America SBU 11,343 10,941 MCAC SBU 4,688 4,462 Eurasia SBU 4,571 4,538 Corporate and Other 334 294 Total Assets $ 33,471 $ 32,521 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contracts with Customers [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents our revenue from contracts with customers and other revenue for the periods indicated (in millions): Three Months Ended March 31, 2019 US and Utilities SBU South America SBU MCAC SBU Eurasia SBU Corporate, Other and Eliminations Total Regulated Revenue Revenue from contracts with customers $ 778 $ — $ — $ — $ — $ 778 Other regulated revenue 7 — — — — 7 Total regulated revenue 785 — — — — 785 Non-Regulated Revenue Revenue from contracts with customers 173 843 429 267 — 1,712 Other non-regulated revenue (1) 61 2 21 72 (3 ) 153 Total non-regulated revenue 234 845 450 339 (3 ) 1,865 Total revenue $ 1,019 $ 845 $ 450 $ 339 $ (3 ) $ 2,650 Three Months Ended March 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 $ 711 $ — $ — $ — $ — $ 711 Other regulated revenue 11 — — — — 11 Total regulated revenue 722 — — — — 722 Non-Regulated Revenue Revenue from contracts with customers 208 894 387 331 (9 ) 1,811 Other non-regulated revenue (1) 97 1 21 88 — 207 Total non-regulated revenue 305 895 408 419 (9 ) 2,018 Total revenue $ 1,027 $ 895 $ 408 $ 419 $ (9 ) $ 2,740 |
Other Income and Expense (Table
Other Income and Expense (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of other Income and other expense [Table Text Block] | Other income generally includes gains on insurance recoveries in excess of property damage, gains on asset sales and liability extinguishments, favorable judgments on contingencies, gains on contract terminations, allowance for funds used during construction and other income from miscellaneous transactions. Other expense generally includes losses on asset sales and dispositions, losses on legal contingencies, defined benefit plan non- service costs, and losses from other miscellaneous transactions. The components are summarized as follows (in millions): Three Months Ended March 31, 2019 2018 Other Income Gain on insurance proceeds (1) $ 23 $ — Allowance for funds used during construction (US Utilities) 1 5 Other 6 8 Total other income $ 30 $ 13 Other Expense Loss on sale and disposal of assets $ 5 $ 2 Non-service pension and other postretirement costs 4 5 Other 3 2 Total other expense $ 12 $ 9 _____________________________ (1) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 three months ended March 31, 2019 and 2018 , where income represents the numerator and weighted average shares represent the denominator. Three Months Ended March 31, 2019 2018 (in millions, except per share data) Income Shares $ per Share Income Shares $ per Share BASIC EARNINGS PER SHARE Income from continuing operations attributable to The AES Corporation common stockholders $ 154 663 $ 0.23 $ 685 661 $ 1.04 EFFECT OF DILUTIVE SECURITIES Stock options — 1 — — — — Restricted stock units — 3 — — 2 (0.01 ) DILUTED EARNINGS PER SHARE $ 154 667 $ 0.23 $ 685 663 $ 1.03 |
Discontinued Operations and H_2
Discontinued Operations and Held for sale businesses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | Held-for-Sale Jordan — In February 2019, the Company entered into an agreement to sell its 36% ownership interest in two generation plants, IPP1 and IPP4, and a solar project under construction in Jordan for $86 million , plus capital contributions to the solar project of approximately $5 million . The sale of IPP1 and IPP4 is expected to close during the second quarter of 2019, and the sale of the solar project during the second half of 2019, once construction is completed. As of March 31, 2019 , IPP1 and IPP4 were classified as held-for-sale, but did not meet the criteria to be reported as discontinued operations. The solar project under construction did not meet the held-for-sale criteria. On a consolidated basis, the carrying value of the plants held-for-sale as of March 31, 2019 was $105 million . Pre-tax income attributable to AES was immaterial for the three months ended March 31, 2019 and 2018 . Jordan is reported in the Eurasia SBU reportable segment. 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 March 31, 2019 , 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 March 31, 2019 was $30 million . Pre-tax income attributable to AES was immaterial for the three months ended March 31, 2019 and 2018 . Shady Point is reported in the US and Utilities SBU reportable segment. 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 2019. As of March 31, 2019 , the $24 million |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Excluding any impairment charges or gain/loss on sale, pre-tax income attributable to AES of disposed businesses for the three months ended March 31, 2018 was as follows: Three Months Ended March 31, (in millions) 2018 Masinloc $ 9 DPL peaker assets 7 Total $ 16 |
Financial Statement Presentat_6
Financial Statement Presentation New Accounting Pronouncement Adopted (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total Revenue | $ 2,650 | $ 2,740 | |||
Cost of Goods and Services Sold | (2,064) | (2,084) | |||
Operating margin | 586 | 656 | |||
Interest income | 79 | 76 | |||
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 354 | 998 | |||
Income tax expense | 115 | 231 | |||
INCOME FROM CONTINUING OPERATIONS | 233 | 778 | |||
NET INCOME | 233 | 777 | |||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | 154 | 684 | |||
Other current assets | 703 | $ 807 | |||
Deferred income taxes | 108 | 97 | |||
Loan receivable | 1,406 | 1,423 | |||
TOTAL ASSETS | 33,471 | 32,521 | |||
Accrued and other liabilities | 914 | $ 989 | 962 | ||
Accumulated deficit | (839) | (1,005) | |||
Accumulated other comprehensive loss | (2,107) | (2,071) | |||
NONCONTROLLING INTERESTS | 2,415 | 2,396 | |||
TOTAL LIABILITIES AND EQUITY | 33,471 | 32,521 | |||
Cash and Cash Equivalents, at Carrying Value | (1,426) | (1,166) | |||
Restricted Cash and Cash Equivalents, Current | (519) | (370) | |||
Debt service reserves and other deposits | 430 | 467 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 2,375 | $ 2,168 | $ 2,003 | $ 1,788 | |
Retained Earnings [Member] | Accounting Standards Update 2017-12 [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 | 4 | ||||
Retained Earnings [Member] | Accounting Standards Update 2014-09 [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 | $ 8 |
Financial Statement Presentat_7
Financial Statement Presentation Adoption of ASU 842 2019 (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other Assets, Noncurrent | $ 1,771 | $ 1,767 | $ 1,514 |
Accrued Liabilities, Current | 914 | 989 | 962 |
Other Liabilities, Noncurrent | $ 2,828 | $ 2,949 | 2,723 |
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other Assets, Noncurrent | 253 | ||
Accrued Liabilities, Current | 27 | ||
Other Liabilities, Noncurrent | $ 226 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Fuel and other raw materials | $ 310 | $ 300 |
Spare parts and supplies | 269 | 277 |
Total | $ 579 | $ 577 |
Asset Retirement Obligation (De
Asset Retirement Obligation (Details) $ in Millions | Mar. 31, 2019USD ($) |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation | $ 23 |
Fair Value (Recurring Measureme
Fair Value (Recurring Measurements) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 14 | $ 99 | $ 63 | $ 93 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 635 | 578 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 307 | 257 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (5) | 9 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 2 | (5) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | (9) | (8) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 1 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (5) | 2 | ||
Fair Value Measurements With Unobservable Inputs Reconciliation Recurring Basis Regulatory Assets Liabilities | (2) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 17 | |||
Interest Rate Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (182) | (129) | (140) | (151) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | 14 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 2 | 6 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | (9) | (8) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 1 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (2) | 16 | ||
Fair Value Measurements With Unobservable Inputs Reconciliation Recurring Basis Regulatory Assets Liabilities | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (17) | |||
Foreign currency derivatives [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 194 | 225 | 199 | 240 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (5) | (6) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | (9) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (5) | (15) | ||
Fair Value Measurements With Unobservable Inputs Reconciliation Recurring Basis Regulatory Assets Liabilities | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||
Commodity Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 2 | 3 | 4 | $ 4 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | 1 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | (2) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 2 | 1 | ||
Fair Value Measurements With Unobservable Inputs Reconciliation Recurring Basis Regulatory Assets Liabilities | (2) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||
Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 21 | 19 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | ||
Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 417 | 355 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 124 | 116 | ||
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 197 | 204 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 183 | 141 | ||
Available-for-sale Securities [Member] | Other Debt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3 | 5 | ||
Available-for-sale Securities [Member] | Other Debt Obligations [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | ||
Available-for-sale Securities [Member] | Other Debt Obligations [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3 | 5 | ||
Available-for-sale Securities [Member] | Other Debt Obligations [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | ||
Available-for-sale Securities [Member] | Mutual Fund [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 | 70 | |||
Available-for-sale Securities [Member] | Mutual Fund [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 21 | |||
Available-for-sale Securities [Member] | Mutual Fund [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 49 | |||
Available-for-sale Securities [Member] | Mutual Fund [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | |||
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 310 | 243 | ||
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | ||
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 310 | 243 | ||
Available-for-sale Securities [Member] | Corporate Debt Securities [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | ||
Available-for-sale Securities [Member] | Equity Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 68 | |||
Available-for-sale Securities [Member] | Equity Funds [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 19 | |||
Available-for-sale Securities [Member] | Equity Funds [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 49 | |||
Available-for-sale Securities [Member] | Equity Funds [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | |||
Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 313 | 248 | ||
Debt Securities [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | ||
Debt Securities [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 313 | 248 | ||
Debt Securities [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | ||
Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 70 | 68 | ||
Equity Securities [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 21 | 19 | ||
Equity Securities [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 49 | 49 | ||
Equity Securities [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | ||
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 | 252 | 262 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 307 | 257 | ||
Derivative [Member] | Interest Rate Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 269 | 208 | ||
Derivative [Member] | Cross currency derivatives [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 3 | 5 | ||
Derivative [Member] | Foreign currency derivatives [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 28 | 41 | ||
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 | 7 | 3 | ||
Derivative [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | ||
Derivative [Member] | Level 1 [Member] | Interest Rate Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | ||
Derivative [Member] | Level 1 [Member] | Cross currency derivatives [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | ||
Derivative [Member] | Level 1 [Member] | Foreign currency derivatives [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | ||
Derivative [Member] | Level 1 [Member] | Commodity Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | ||
Derivative [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 55 | 58 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 124 | 116 | ||
Derivative [Member] | Level 2 [Member] | Interest Rate Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 86 | 67 | ||
Derivative [Member] | Level 2 [Member] | Cross currency derivatives [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 3 | 5 | ||
Derivative [Member] | Level 2 [Member] | Foreign currency derivatives [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 28 | 41 | ||
Derivative [Member] | Level 2 [Member] | Commodity Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 7 | 3 | ||
Derivative [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 197 | 204 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 183 | 141 | ||
Derivative [Member] | Level 3 [Member] | Interest Rate Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 183 | 141 | ||
Derivative [Member] | Level 3 [Member] | Cross currency derivatives [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | ||
Derivative [Member] | Level 3 [Member] | Foreign currency derivatives [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | ||
Derivative [Member] | Level 3 [Member] | Commodity Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | ||
Derivative [Member] | Interest Rate Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 12 | 29 | ||
Derivative [Member] | Interest Rate Contract [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | ||
Derivative [Member] | Interest Rate Contract [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 11 | 28 | ||
Derivative [Member] | Interest Rate Contract [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1 | 1 | ||
Derivative [Member] | Cross currency derivatives [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 10 | 6 | ||
Derivative [Member] | Cross currency derivatives [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | ||
Derivative [Member] | Cross currency derivatives [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 10 | 6 | ||
Derivative [Member] | Cross currency derivatives [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | ||
Derivative [Member] | Foreign currency derivatives [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 217 | 217 | ||
Derivative [Member] | Foreign currency derivatives [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | ||
Derivative [Member] | Foreign currency derivatives [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 23 | 18 | ||
Derivative [Member] | Foreign currency derivatives [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 194 | 199 | ||
Derivative [Member] | Commodity Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 13 | 10 | ||
Derivative [Member] | Commodity Contract [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | ||
Derivative [Member] | Commodity Contract [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 11 | 6 | ||
Derivative [Member] | Commodity Contract [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2 | $ 4 | ||
Other comprehensive income - Derivative activity [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (36) | 27 | ||
Other comprehensive income - Derivative activity [Member] | Interest Rate Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (36) | 27 | ||
Other comprehensive income - Derivative activity [Member] | Foreign currency derivatives [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||
Other comprehensive income - Derivative activity [Member] | Commodity Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | $ 0 | ||
Argentina, Pesos | Foreign currency derivatives [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 194 | |||
Measurement Input, Entity Credit Risk [Member] | Minimum [Member] | Interest Rate Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 2.00% | |||
Measurement Input, Entity Credit Risk [Member] | Maximum [Member] | Interest Rate Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 4.43% | |||
Measurement Input, Entity Credit Risk [Member] | Weighted Average [Member] | Interest Rate Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 4.00% |
Fair Value Investment in Market
Fair Value Investment in Marketable Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Gain Loss On Marketable Securities | ||
Gross proceeds from sales of AFS securities | $ 148 | $ 147 |
Fair Value (Level 3 Reconciliat
Fair Value (Level 3 Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 14 | $ 99 | $ 63 | $ 93 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (5) | 9 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases, Sales, Issues, Settlements [Abstract] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 2 | (5) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | (9) | (8) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 1 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (17) | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (5) | 2 | ||
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) | (36) | 27 | ||
Interest Rate Contract [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (182) | (129) | (140) | (151) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | 14 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases, Sales, Issues, Settlements [Abstract] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 2 | 6 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | (9) | (8) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 1 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 17 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (2) | 16 | ||
Interest Rate Contract [Member] | Other comprehensive income - Derivative activity [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (36) | 27 | ||
Foreign currency derivatives [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 194 | 225 | 199 | 240 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (5) | (6) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases, Sales, Issues, Settlements [Abstract] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | (9) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (5) | (15) | ||
Foreign currency derivatives [Member] | Other comprehensive income - Derivative activity [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||
Commodity Contract [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 2 | 3 | $ 4 | $ 4 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | 1 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases, Sales, Issues, Settlements [Abstract] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | (2) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 2 | 1 | ||
Commodity Contract [Member] | Other comprehensive income - Derivative activity [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ 0 | $ 0 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information) (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 14 | $ 63 | $ 99 | $ 93 |
Interest Rate Contract [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (182) | (140) | (129) | (151) |
Foreign Exchange Contract [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 194 | 199 | 225 | 240 |
Commodity Contract [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 2 | $ 4 | $ 3 | $ 4 |
Argentina, Pesos | Foreign Exchange Contract [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 194 | |||
Argentina, Pesos | Foreign Exchange Contract [Member] | Minimum [Member] | ||||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ||||
Derivative, Forward Exchange Rate | 0.5700 | |||
Argentina, Pesos | Foreign Exchange Contract [Member] | Maximum [Member] | ||||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ||||
Derivative, Forward Exchange Rate | 1.0500 | |||
Argentina, Pesos | Foreign Exchange Contract [Member] | Weighted Average [Member] | ||||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | ||||
Derivative, Forward Exchange Rate | 0.8500 | |||
Measurement Input, Entity Credit Risk [Member] | Interest Rate Contract [Member] | Minimum [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 2.00% | |||
Measurement Input, Entity Credit Risk [Member] | Interest Rate Contract [Member] | Maximum [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 4.43% | |||
Measurement Input, Entity Credit Risk [Member] | Interest Rate Contract [Member] | Weighted Average [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 4.00% |
Fair Value (Nonrecurring Measur
Fair Value (Nonrecurring Measurements) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset Retirement Obligation | $ 23 |
Interest Rate Contract [Member] | Measurement Input, Entity Credit Risk [Member] | Weighted Average [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement Inputs, Nonrecurring | 4.00% |
Interest Rate Contract [Member] | Measurement Input, Entity Credit Risk [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement Inputs, Nonrecurring | 4.43% |
Interest Rate Contract [Member] | Measurement Input, Entity Credit Risk [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement Inputs, Nonrecurring | 2.00% |
Fair Value (Instruments Not Mea
Fair Value (Instruments Not Measured at Fair Value) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Carrying Amount [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Accounts receivable - noncurrent | $ 93 | $ 100 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Non-recourse debt | 15,815 | 15,645 |
Recourse debt | 3,900 | 3,655 |
Fair Value [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Value added tax | 17 | 16 |
Accounts receivable - noncurrent | 192 | 209 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Non-recourse debt | 16,588 | 16,225 |
Recourse debt | 4,018 | 3,621 |
Level 1 [Member] | Fair Value [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Accounts receivable - noncurrent | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Non-recourse debt | 0 | 0 |
Recourse debt | 0 | 0 |
Level 2 [Member] | Fair Value [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Accounts receivable - noncurrent | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Non-recourse debt | 13,704 | 13,524 |
Recourse debt | 4,018 | 3,621 |
Level 3 [Member] | Fair Value [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Accounts receivable - noncurrent | 192 | 209 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Non-recourse debt | 2,884 | 2,701 |
Recourse debt | $ 0 | $ 0 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Part 1 (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Foreign Exchange Contract [Member] | |||
Derivative Tables [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | $ 5 | $ 6 | |
Fair Value Measurements With Unobservable Inputs Reconciliation Recurring Basis Regulatory Assets Liabilities | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 9 | |
Derivative Liability, Fair Value, Gross Liability | (28) | $ (41) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (5) | (15) | |
Interest Rate Contract [Member] | |||
Derivative Tables [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | (14) | |
Fair Value Measurements With Unobservable Inputs Reconciliation Recurring Basis Regulatory Assets Liabilities | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (2) | (6) | |
Derivative Liability, Fair Value, Gross Liability | (269) | (208) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (2) | 16 | |
Interest Rate Contract [Member] | Libor and Euribor [Member] | |||
Derivative Tables [Line Items] | |||
Derivatives, notional amount | 5,154 | ||
Cross currency derivatives [Member] | |||
Derivative Tables [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | (3) | (5) | |
Commodity Contract [Member] | |||
Derivative Tables [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 0 | (1) | |
Fair Value Measurements With Unobservable Inputs Reconciliation Recurring Basis Regulatory Assets Liabilities | (2) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 2 | |
Derivative Liability, Fair Value, Gross Liability | (7) | (3) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 2 | 1 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 5 | (9) | |
Fair Value Measurements With Unobservable Inputs Reconciliation Recurring Basis Regulatory Assets Liabilities | (2) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (2) | 5 | |
Derivative Liability, Fair Value, Gross Liability | (307) | $ (257) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (5) | 2 | |
Unidad de Fomento (funds code) | Cross currency derivatives [Member] | |||
Derivative Tables [Line Items] | |||
Derivatives, notional amount | 350 | ||
Euro EUR [Member] | Foreign Exchange Contract [Member] | |||
Derivative Tables [Line Items] | |||
Derivatives, notional amount | 12 | ||
Argentina, Pesos | Foreign Exchange Contract [Member] | |||
Derivative Tables [Line Items] | |||
Derivatives, notional amount | 51 | ||
Chile, Pesos | Foreign Exchange Contract [Member] | |||
Derivative Tables [Line Items] | |||
Derivatives, notional amount | 239 | ||
Colombia, Pesos | Foreign Exchange Contract [Member] | |||
Derivative Tables [Line Items] | |||
Derivatives, notional amount | 242 | ||
Other unspecified currency [Domain] | Foreign Exchange Contract [Member] | |||
Derivative Tables [Line Items] | |||
Derivatives, notional amount | 115 | ||
Other comprehensive income - Derivative activity [Member] | Foreign Exchange Contract [Member] | |||
Derivative Tables [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |
Other comprehensive income - Derivative activity [Member] | Interest Rate Contract [Member] | |||
Derivative Tables [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (36) | 27 | |
Other comprehensive income - Derivative activity [Member] | Commodity Contract [Member] | |||
Derivative Tables [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |
Other comprehensive income - Derivative activity [Member] | |||
Derivative Tables [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ (36) | $ 27 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Part 2 (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Liabilities | ||
Derivative Liabilities, Gross | $ 307 | $ 257 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 252 | 262 |
Other Current Assets [Member] | ||
Derivatives Fair Value Table [Line Items] | ||
Derivative Asset, Current | 56 | 75 |
Other Current Liabilities [Member] | ||
Derivatives Fair Value Table [Line Items] | ||
Derivative Liability, Current | 44 | 51 |
Other Noncurrent Assets [Member] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Asset, Noncurrent | 196 | 187 |
Other Noncurrent Liabilities [Member] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Liability, Noncurrent | 263 | 206 |
Designated as Hedging Instruments [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 278 | 238 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 23 | 35 |
Not Designated as Hedging Instruments [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 29 | 19 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 229 | 227 |
Interest Rate Contract [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 269 | 208 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 12 | 29 |
Interest Rate Contract [Member] | Designated as Hedging Instruments [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 262 | 205 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 12 | 29 |
Interest Rate Contract [Member] | Not Designated as Hedging Instruments [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 7 | 3 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 0 | 0 |
Cross currency derivatives [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 3 | 5 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 10 | 6 |
Cross currency derivatives [Member] | Designated as Hedging Instruments [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 3 | 5 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 10 | 6 |
Cross currency derivatives [Member] | Not Designated as Hedging Instruments [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 0 | 0 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 0 | 0 |
Foreign Exchange Contract [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 28 | 41 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 217 | 217 |
Foreign Exchange Contract [Member] | Designated as Hedging Instruments [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 13 | 28 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 1 | 0 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instruments [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 15 | 13 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 216 | 217 |
Commodity Contract [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 7 | 3 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 13 | 10 |
Commodity Contract [Member] | Designated as Hedging Instruments [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 0 | 0 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 0 | 0 |
Commodity Contract [Member] | Not Designated as Hedging Instruments [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 7 | 3 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | $ 13 | $ 10 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Part 3 (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flow Hedging [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (12) | $ (9) |
Gain Loss By Type Of Derivative Tables | ||
Gain (Losses) Recognized in AOCL | (86) | 72 |
Cash Flow Hedging [Member] | Commodity Contract [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | (4) |
Cash Flow Hedging [Member] | Foreign currency derivatives [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (11) | 1 |
Gain Loss By Type Of Derivative Tables | ||
Gain (Losses) Recognized in AOCL | 3 | 6 |
Cash Flow Hedging [Member] | Cross currency derivatives [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 7 | 10 |
Gain Loss By Type Of Derivative Tables | ||
Gain (Losses) Recognized in AOCL | 5 | 19 |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Accumulated Other Comprehensive Income Loss Before Tax Expected Increase Decrease Next Twelve Months | 57 | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (8) | (16) |
Gain Loss By Type Of Derivative Tables | ||
Gain (Losses) Recognized in AOCL | (94) | 47 |
Not Designated as Hedging Instrument [Member] | ||
Gain Loss By Type Of Derivative Tables | ||
Gains (Losses) Recognized in Earnings (not designated as hedging instruments) | (5) | 117 |
Not Designated as Hedging Instrument [Member] | Other Contract [Member] | ||
Gain Loss By Type Of Derivative Tables | ||
Gains (Losses) Recognized in Earnings (not designated as hedging instruments) | 2 | 9 |
Not Designated as Hedging Instrument [Member] | Foreign currency derivatives [Member] | ||
Gain Loss By Type Of Derivative Tables | ||
Gains (Losses) Recognized in Earnings (not designated as hedging instruments) | (5) | 108 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Gain Loss By Type Of Derivative Tables | ||
Gains (Losses) Recognized in Earnings (not designated as hedging instruments) | $ (2) | $ 0 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities Credit Risk-Related Contingent Features (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | $ 307 | $ 257 |
Financing Receivables (Details)
Financing Receivables (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable Recorded Investment [Line Items] | ||
Financing receivable | $ 110 | $ 116 |
Argentina [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing receivable | 97 | 93 |
Brazil [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing receivable | $ 23 | |
Other Entity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing receivable | $ 13 |
Investments In and Advances T_2
Investments In and Advances To Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investments in and Advances to Affiliates [Line Items] | ||
Revenue | $ 2,650 | $ 2,740 |
Operating margin | 586 | 656 |
Income (Loss) from Equity Method Investments | (6) | 11 |
Minority Owned Affiliates [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Revenue | 214 | 206 |
Operating margin | 11 | 28 |
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | $ (21) | $ 12 |
Debt - Recourse Debt (Details)
Debt - Recourse Debt (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Debt Instrument [Line Items] | ||
Gain (loss) on extinguishment of debt | $ (10) | $ (170) |
7.375% Senior Notes Due 2021 [Member] [Member] | ||
Debt Instrument [Line Items] | ||
Redeemed notes | 690 | |
5.5% Senior Notes Due 2024 [Member] [Member] | ||
Debt Instrument [Line Items] | ||
Redeemed notes | 671 | |
5.5% Senior Notes Due 2025 [Member] [Member] | ||
Debt Instrument [Line Items] | ||
Redeemed notes | 29 | |
8.0% Senior Notes Due 2020 [Domain] | ||
Debt Instrument [Line Items] | ||
Redeemed notes | 228 | |
Senior Notes [Member] | 4.0% Senior Notes Due 2021 [Domain] [Domain] | ||
Debt Instrument [Line Items] | ||
Issued senior notes | 500 | |
Senior Notes [Member] | 4.5% Senior Notes Due 2023 [Domain] [Domain] | ||
Debt Instrument [Line Items] | ||
Issued senior notes | $ 500 | |
Senior Notes [Member] | 5.5% Senior Notes Due 2024 [Member] [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.50% | |
Senior Notes [Member] | 5.5% Senior Notes Due 2025 [Member] [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 5.50% | |
Unsecured Debt [Member] | 7.375% Senior Notes Due 2021 [Member] [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 7.375% | |
Unsecured Debt [Member] | 4.0% Senior Notes Due 2021 [Domain] [Domain] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.00% | |
Unsecured Debt [Member] | 4.5% Senior Notes Due 2023 [Domain] [Domain] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 4.50% | |
Unsecured Debt [Member] | 8.0% Senior Notes Due 2020 [Domain] | ||
Debt Instrument [Line Items] | ||
Interest rate on senior notes | 8.00% | |
Unsecured Debt [Member] | Recourse Debt [Member] | 4.0% Senior Notes Due 2021 [Domain] [Domain] | ||
Debt Instrument [Line Items] | ||
Gain (loss) on extinguishment of debt | $ (125) | |
Unsecured Debt [Member] | Recourse Debt [Member] | 5.5% Senior Notes Due 2024 [Member] [Member] | ||
Debt Instrument [Line Items] | ||
Gain (loss) on extinguishment of debt | $ (44) |
Debt - Non-Recourse Debt Narrat
Debt - Non-Recourse Debt Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||
Debt defaults at risk of causing cross default | 0 | |
Loss on extinguishment of debt | $ 10 | $ 170 |
Nonrecourse Debt [Member] | ||
Debt Instrument [Line Items] | ||
Loss on extinguishment of debt | 10 | |
Issued new debt | 711 | |
Repayments of Long-term Debt | (363) | |
Nonrecourse Debt [Member] | AES Southland [Domain] | ||
Debt Instrument [Line Items] | ||
Loss on extinguishment of debt | 0 | |
Issued new debt | 161 | |
Repayments of Long-term Debt | 0 | |
Nonrecourse Debt [Member] | AES Tiete [Domain] | ||
Debt Instrument [Line Items] | ||
Loss on extinguishment of debt | 10 | |
Issued new debt | 550 | |
Repayments of Long-term Debt | $ (363) |
Debt - Subsidiary Non-recourse
Debt - Subsidiary Non-recourse Debt in Default or Accelerated (Details) $ in Millions | Mar. 31, 2019USD ($) |
Nonrecourse Debt Default [Line Items] | |
Materiality threshold for cash distribution from business to Parent | 20.00% |
Debt defaults at risk of causing cross default | 0 |
Debt Default Amount | $ 345 |
Covenant Violation [Member] | PUERTO RICO | |
Nonrecourse Debt Default [Line Items] | |
Net Assets | 151 |
Debt Default Amount | 311 |
Covenant Violation [Member] | AES llumina [Member] | |
Nonrecourse Debt Default [Line Items] | |
Net Assets | 18 |
Debt Default Amount | $ 34 |
Contingencies and Commitments_2
Contingencies and Commitments (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($)agreement | Dec. 31, 2018USD ($) | |
Guarantees Letters Of Credit [Abstract] | ||
The range of expiration dates of guarantees made by the Parent Company | less than one year to more than 16 years | |
Contingent Contractual Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,108 | |
Number of Agreements | agreement | 65 | |
Litigation [Member] | ||
Contingent Contractual Obligations [Line Items] | ||
Loss Contingency Accrual | $ 55 | $ 53 |
Environmental Remediation Contingency [Domain] | ||
Contingent Contractual Obligations [Line Items] | ||
Accrual for Environmental Loss Contingencies | 5 | |
Guarantee Obligations [Member] | ||
Contingent Contractual Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 633 | |
Number of Agreements | 28 | |
Indemnification Agreement [Member] | ||
Contingent Contractual Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 27 | |
Number of Agreements | 1 | |
Minimum [Member] | Litigation [Member] | ||
Contingent Contractual Obligations [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 79 | |
Minimum [Member] | Guarantee Obligations [Member] | ||
Contingent Contractual Obligations [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 0 | |
Minimum [Member] | Indemnification Agreement [Member] | ||
Contingent Contractual Obligations [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 27 | |
Minimum [Member] | Standby Letters of Credit [Member] | ||
Contingent Contractual Obligations [Line Items] | ||
Letter of credit fee percentage paid | 1.00% | |
Maximum [Member] | Litigation [Member] | ||
Contingent Contractual Obligations [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 439 | |
Maximum [Member] | Environmental Remediation Contingency [Domain] | ||
Contingent Contractual Obligations [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 16 | |
Maximum [Member] | Guarantee Obligations [Member] | ||
Contingent Contractual Obligations [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 157 | |
Maximum [Member] | Indemnification Agreement [Member] | ||
Contingent Contractual Obligations [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 27 | |
Maximum [Member] | Standby Letters of Credit [Member] | ||
Contingent Contractual Obligations [Line Items] | ||
Letter of credit fee percentage paid | 3.00% | |
Unsecured Debt [Member] | Financial Standby Letter of Credit [Member] | ||
Contingent Contractual Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 368 | |
Number of Agreements | 6 | |
Unsecured Debt [Member] | Minimum [Member] | Financial Standby Letter of Credit [Member] | ||
Contingent Contractual Obligations [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 1 | |
Unsecured Debt [Member] | Maximum [Member] | Financial Standby Letter of Credit [Member] | ||
Contingent Contractual Obligations [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 247 | |
Secured Debt [Member] | Financial Standby Letter of Credit [Member] | ||
Contingent Contractual Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 80 | |
Number of Agreements | 30 | |
Secured Debt [Member] | Minimum [Member] | Financial Standby Letter of Credit [Member] | ||
Contingent Contractual Obligations [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 0 | |
Secured Debt [Member] | Maximum [Member] | Financial Standby Letter of Credit [Member] | ||
Contingent Contractual Obligations [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 32 |
Contingencies and Commitments -
Contingencies and Commitments - Loss Contingencies (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Environmental Remediation Contingency [Domain] | ||
Environmental Contingencies | ||
Liability recorded for projected environmental remediation costs | $ 5 | |
Litigation [Member] | ||
Litigation Contingencies | ||
Aggregate reserves for claims deemed both probable and reasonably estimable | 55 | $ 53 |
Maximum [Member] | Environmental Remediation Contingency [Domain] | ||
Litigation Contingencies | ||
Loss Contingency, Estimate of Possible Loss ( Equal to or less than) | 16 | |
Maximum [Member] | Litigation [Member] | ||
Litigation Contingencies | ||
Loss Contingency, Estimate of Possible Loss ( Equal to or less than) | 439 | |
Minimum [Member] | Litigation [Member] | ||
Litigation Contingencies | ||
Loss Contingency, Estimate of Possible Loss ( Equal to or less than) | $ 79 |
Leases Lessee (Details)
Leases Lessee (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Finance Lease Liabilities, Payments, Due [Abstract] | |
Finance Lease, Liability, Payments, Due | $ 12 |
Finance Lease, Liability, Payments, Due Year Five | 1 |
Finance Lease, Liability, Payments, Due Year Four | 1 |
Finance Lease, Liability, Payments, Due Year Three | 1 |
Finance Lease, Liability, Payments, Due Year Two | 1 |
Finance Lease, Liability, Payments, Due after Year Five | 7 |
Finance Lease, Liability, Payments, Due Next Twelve Months | 1 |
Operating Lease Liabilities, Payments Due [Abstract] | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 454 |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 27 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 25 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 26 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 27 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 25 |
Lessee, Operating Lease, Liability, Payments, Due | 584 |
Assets and Liabilities, Lessee [Abstract] | |
Lease Liability, Operating and Financing | 280 |
Right-of-use Asset, Operating and Financing | 255 |
Operating Lease, Right-of-Use Asset | 251 |
Finance Lease, Right-of-Use Asset | 4 |
Operating Lease, Liability, Current | 22 |
Operating Lease, Liability, Noncurrent | 251 |
Operating Lease, Liability | 273 |
Finance Lease, Liability, Current | 1 |
Finance Lease, Liability, Noncurrent | 6 |
Finance Lease, Liability | $ 7 |
Lease, Cost [Abstract] | |
Operating Lease, Weighted Average Discount Rate, Percent | 7.02% |
Finance Lease, Weighted Average Discount Rate, Percent | 11.97% |
Operating Lease, Weighted Average Remaining Lease Term | 21 years 8 months 12 days |
Finance Lease, Weighted Average Remaining Lease Term | 9 years 7 months 6 days |
Finance Lease, Cost [Abstract] | |
Lease, Cost | $ 14 |
Variable Lease, Cost | 1 |
Operating Lease, Cost | 13 |
Operating Lease Liabilities, Gross Difference, Amount [Abstract] | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (311) |
Finance Lease Liabilities, Gross Difference, Amount [Abstract] | |
Finance Lease, Liability, Undiscounted Excess Amount | (5) |
Operating Lease, Payments | $ 14 |
Lessee, Operating Lease, Term of Contract | 12 months |
Leases Lessor (Details)
Leases Lessor (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lessor Disclosure [Abstract] | |
Operating Lease, Lease Income | $ 153 |
Variable Lease, Income | 25 |
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract] | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Thereafter | 40 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | 50 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Five Years | 2 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years | 2 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Three Years | 2 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Two Years | 2 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Next Twelve Months | 2 |
Sales-type and Direct Financing Leases, Lease Receivables, Gross Difference, Amount [Abstract] | |
Sales-type and Direct Financing Leases, Lease Receivable | 22 |
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | (28) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | 401 |
Lessor, Operating Lease, Payments to be Received, Two Years | 511 |
Lessor, Operating Lease, Payments to be Received, Three Years | 483 |
Lessor, Operating Lease, Payments to be Received, Four Years | 468 |
Lessor, Operating Lease, Payments to be Received, Five Years | 401 |
Lessor, Operating Lease, Payments to be Received, Thereafter | 1,742 |
Lessor, Operating Lease, Payments to be Received | $ 4,006 |
Redeemable Stocks of Subsidia_3
Redeemable Stocks of Subsidiaries (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Temporary Equity [Line Items] | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 890 | $ 879 | ||
Colon [Domain] | ||||
Temporary Equity [Line Items] | ||||
Temporary Equity, Other Charges | 10 | $ 10 | ||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | [1] | 212 | 201 | |
IPALCO Enterprises, Inc. [Member] | ||||
Temporary Equity [Line Items] | ||||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 618 | 618 | ||
IPL Subsidiary [Member] | ||||
Temporary Equity [Line Items] | ||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ 60 | $ 60 | ||
[1] | (1) Characteristics of quotas are similar to common stock. |
Equity Accumulated Other Compre
Equity Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Retained Earnings (Accumulated Deficit) | $ (839) | $ (1,005) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (32) | ||
Other Comprehensive Income (Loss), Net of Tax | (58) | $ 78 | |
Unfunded pension obligation, Net of Tax | (49) | (50) | |
Foreign currency translation adjustment, Net of Tax | (1,717) | (1,721) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,107) | (2,071) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (43) | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (341) | $ (300) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 11 | ||
Total foreign currency translation adjustment, net of income tax | (1) | 9 | |
Total change in derivative fair value, net of income tax | (58) | 67 | |
Total pension adjustments, net of income tax | 1 | $ 2 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (47) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 10 | ||
Total change in derivative fair value, net of income tax | (37) | ||
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | ||
Total pension adjustments, net of income tax | 1 | ||
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 4 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ||
Total foreign currency translation adjustment, net of income tax | 4 | ||
ASC 606 Impact [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (4) | ||
ASC 606 Impact [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (4) | ||
ASC 606 Impact [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | ||
ASC 606 Impact [Member] | Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | $ 0 |
Equity Reclassifications Out of
Equity Reclassifications Out of AOCL (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Non-regulated cost of sales | $ (2,064) | $ (2,084) |
General and Administrative Expense | (46) | (56) |
Other Expenses | (12) | (9) |
Interest expense | (265) | (281) |
Foreign currency transaction losses | (4) | (19) |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 354 | 998 |
Income tax expense | (115) | (231) |
Income (Loss) from Equity Method Investments | (6) | 11 |
INCOME FROM CONTINUING OPERATIONS | 233 | 778 |
Loss from operation of discontinued business | 0 | (1) |
Net income | 233 | 777 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | 154 | 684 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 11 | |
Gain (Loss) on Disposition of Business | (4) | 788 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (11) | 7 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | 0 | 16 |
Gain (Loss) on Disposition of Business | 0 | 16 |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Other Expenses | (1) | (1) |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | (1) | (1) |
INCOME FROM CONTINUING OPERATIONS | (1) | (1) |
Loss from operation of discontinued business | 0 | (1) |
Net income | (1) | (2) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Non-regulated revenue | 0 | (4) |
Non-regulated cost of sales | (9) | (1) |
Interest expense | (8) | (15) |
Foreign currency transaction losses | 5 | 11 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | (12) | (9) |
Income tax expense | 2 | (1) |
INCOME FROM CONTINUING OPERATIONS | (10) | (10) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Less: Income from continuing operations attributable to noncontrolling interests and redeemable stock of subsidiaries | 0 | 3 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 10 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | (10) | (7) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ (1) | $ (2) |
Equity Common Stock Dividends (
Equity Common Stock Dividends (Details) - $ / shares | Feb. 22, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.1365 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.1365 | $ 0.1365 | $ 0.13 |
Segments (Details)
Segments (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019USD ($)segment | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||
Total Revenue | $ 2,650 | $ 2,740 | |
Number of strategic business units | segment | 4 | ||
Number of reportable segments | segment | 4 | ||
Adjusted PTC | |||
Adjusted Pretax Contribution | $ 272 | 288 | |
Reconciliation To Income From Continuing Operations Before Taxes | |||
Unrealized derivative losses (gains) | (3) | (12) | |
Unrealized foreign currency transaction losses (gains) | (11) | 3 | |
Disposition/acquisition losses (gains) | (9) | 778 | |
Impairment losses | (2) | 0 | |
Extinguishment of debt losses (gains) | (8) | (171) | |
Pretax contribution | 239 | 883 | |
Net equity in earnings (losses) of affiliates | (6) | 11 | |
Less: Income (loss) from continuing operations before taxes, attributable to noncontrolling interests | 109 | 126 | |
Income (loss) from continuing operations before taxes and equity in earnings of affiliates | 354 | 998 | |
Restructuring Costs | 0 | 3 | |
Assets | |||
Total Assets | 33,471 | $ 32,521 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 2,650 | 2,740 | |
Adjusted PTC | |||
Adjusted Pretax Contribution | 272 | 288 | |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | (12) | (18) | |
Adjusted PTC | |||
Adjusted Pretax Contribution | 1 | (6) | |
US and Utilities [Member] | |||
Assets | |||
Total Assets | 12,535 | 12,286 | |
US and Utilities [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 1,019 | 1,027 | |
Adjusted PTC | |||
Adjusted Pretax Contribution | 122 | 120 | |
MCAC [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 450 | 408 | |
Assets | |||
Total Assets | 4,688 | 4,462 | |
MCAC [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 450 | 408 | |
Adjusted PTC | |||
Adjusted Pretax Contribution | 50 | 53 | |
EURASIA [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 339 | 419 | |
Assets | |||
Total Assets | 4,571 | 4,538 | |
EURASIA [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 339 | 419 | |
Adjusted PTC | |||
Adjusted Pretax Contribution | 56 | 83 | |
Corporate Other And Other Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | (3) | (9) | |
Assets | |||
Total Assets | 334 | 294 | |
Corporate Other And Other Eliminations [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 9 | 9 | |
Adjusted PTC | |||
Adjusted Pretax Contribution | (72) | (98) | |
South America [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 845 | 895 | |
Assets | |||
Total Assets | 11,343 | $ 10,941 | |
South America [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 845 | 895 | |
Adjusted PTC | |||
Adjusted Pretax Contribution | $ 115 | $ 136 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 2,650 | $ 2,740 |
Regulated Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 778 | 711 |
Other non-606 revenue | 7 | 11 |
Revenues | 785 | 722 |
Non-regulated revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 1,712 | 1,811 |
Other non-606 revenue | 153 | 207 |
Revenues | 1,865 | 2,018 |
US and Utilities [Domain] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 1,019 | 1,027 |
US and Utilities [Domain] | Regulated Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 778 | 711 |
Other non-606 revenue | 7 | 11 |
Revenues | 785 | 722 |
US and Utilities [Domain] | Non-regulated revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 173 | 208 |
Other non-606 revenue | 61 | 97 |
Revenues | 234 | 305 |
South America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 845 | 895 |
South America [Member] | Regulated Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Other non-606 revenue | 0 | 0 |
Revenues | 0 | 0 |
South America [Member] | Non-regulated revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 843 | 894 |
Other non-606 revenue | 2 | 1 |
Revenues | 845 | 895 |
MCAC [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 450 | 408 |
MCAC [Member] | Regulated Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Other non-606 revenue | 0 | 0 |
Revenues | 0 | 0 |
MCAC [Member] | Non-regulated revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 429 | 387 |
Other non-606 revenue | 21 | 21 |
Revenues | 450 | 408 |
Eurasia - Generation [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 339 | 419 |
Eurasia - Generation [Member] | Regulated Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Other non-606 revenue | 0 | 0 |
Revenues | 0 | 0 |
Eurasia - Generation [Member] | Non-regulated revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 267 | 331 |
Other non-606 revenue | 72 | 88 |
Revenues | 339 | 419 |
Corporate Other And Other Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (3) | (9) |
Corporate Other And Other Eliminations [Member] | Regulated Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 |
Other non-606 revenue | 0 | 0 |
Revenues | 0 | 0 |
Corporate Other And Other Eliminations [Member] | Non-regulated revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Including Assessed Tax | 0 | (9) |
Other non-606 revenue | (3) | 0 |
Revenues | $ (3) | $ (9) |
Revenue Contract Balances (Deta
Revenue Contract Balances (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |||
Contract with Customer, Liability | $ 128 | $ 109 | |
Contract with Customer, Liability, Revenue Recognized | 3 | $ 22 | |
Loan receivable | $ 1,406 | $ 1,423 |
Revenue Remaining Performance O
Revenue Remaining Performance Obligations (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Remaining Performance Obligations [Abstract] | ||
Loan receivable | $ 1,406 | $ 1,423 |
Revenue, Remaining Performance Obligation, Amount | $ 15 |
Other Income and Expense - Othe
Other Income and Expense - Other Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Other Nonoperating Income [Line Items] | ||
Other income | $ 30 | $ 13 |
Other Income [Member] | ||
Schedule of Other Nonoperating Income [Line Items] | ||
Insured Event, Gain (Loss) | 23 | 0 |
Public Utilities, Allowance for Funds Used During Construction, Additions | 1 | 5 |
Other Nonoperating Income | 30 | 13 |
Other income | $ 6 | $ 8 |
Other Income and Expense - Ot_2
Other Income and Expense - Other Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of other expense [Line Items] | ||
Gain (Loss) on Disposition of Assets | $ (7) | $ (2) |
Other Expenses | 12 | 9 |
Other Expense [Member] | ||
Schedule of other expense [Line Items] | ||
Gain (Loss) on Disposition of Assets | 5 | 2 |
Defined Benefit Plan, Other Cost (Credit) | 4 | 5 |
Other Nonoperating Expense | 3 | 2 |
Other Expenses | $ 12 | $ 9 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 20, 2018 | |
Income Tax Disclosures [Line Items] | |||
One-time Transition Tax Rate | $ (115) | $ (231) | |
Gain (Loss) on Disposition of Business | $ 4 | $ (788) | |
Effective Income Tax Rate Reconciliation, Percent | 32.00% | 23.00% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 0 | $ 1,180 | |
Masinloc Subsidiary [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||
Income Tax Disclosures [Line Items] | |||
Gain (Loss) on Disposition of Business | 777 | ||
Tax on gain (loss) on disposition of business | 155 | ||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 1,050 | ||
Masinloc Subsidiary [Member] | |||
Income Tax Disclosures [Line Items] | |||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 51.00% | ||
Change in Accounting Estimate, Type [Domain] | UNITED STATES | |||
Income Tax Disclosures [Line Items] | |||
One-time Transition Tax Rate | $ (3) |
Dispositions Dispositions (Deta
Dispositions Dispositions (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from the sale of business interests, net of cash and restricted cash sold | $ 0 | $ 1,180 | |
Gain (loss) on disposal and sale of businesses interests | 4 | (788) | |
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 | 16 | ||
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 | ||
Proceeds from the sale of business interests, net of cash and restricted cash sold | 1,050 | ||
Gain (loss) on disposal and sale of businesses interests | 777 | ||
Tax on gain (loss) on disposition of business | 155 | ||
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 | ||
Proceeds from the sale of business interests, net of cash and restricted cash sold | 239 | ||
Gain (loss) on disposal and sale of businesses interests | (2) | ||
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] | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | (12) | ||
Asset Retirement Obligation, Cash Paid to Settle | (15) | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Jordan [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Assets Carrying Amount Disclosure Nonrecurring | 105 | ||
Proceeds from the sale of business interests, net of cash and restricted cash sold | 86 | ||
Capital Contribution to Project | 5 | ||
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] | |||
Assets Carrying Amount Disclosure Nonrecurring | 30 | ||
Proceeds from the sale of business interests, net of cash and restricted cash sold | $ 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 | ||
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 disposal and sale of businesses interests | $ 23 | ||
Jordan [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 36.00% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
BASIC EARNINGS PER SHARE | ||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders (Income) | $ 154 | $ 685 |
Income (loss) from continuing operations attributable to The AES Corporation common stockholders (Shares) | 663 | 661 |
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ 0.23 | $ 1.04 |
EFFECT OF DILUTIVE SECURITIES | ||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 0 | $ 0 |
Stock options (Shares) | 1 | 0 |
Dilutive Securities Effect On Basic EPS, dilutive Stock Options, per diluted share | $ 0 | $ 0 |
Restricted stock units (Shares) | 3 | 2 |
Dilutive Securities Effect On Basic EPS, dilutive Restricted Stock Units, per diluted share | $ 0 | $ (0.01) |
DILUTED EARNINGS PER SHARE: | ||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.23 | $ 1.03 |
Income Loss From Continuing Operations Diluted | $ 154 | $ 685 |
Weighted Average Number of Shares Outstanding, Diluted | 667 | 663 |
Stock Compensation Plan [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1 | 6 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | Apr. 18, 2019 | Apr. 09, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Subsequent Event [Line Items] | ||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 0 | $ 1,180 | ||
Gain (Loss) on Disposition of Business | $ (4) | $ 788 | ||
Alto Sertao III [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Asset Acquisition, Purchase Price | $ 130 | |||
Non-Recourse Debt | 250 | |||
sPower [Member] | ||||
Subsequent Event [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
sPower [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Equity Method Investment, Ownership Percentage Sold | 48.00% | |||
Proceeds from Sale of Equity Method Investments | $ 170 | |||
Equity Method Investment, Ownership Percentage | 26.00% | |||
Kilroot and Ballylumford [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 120 | |||
Gain (Loss) on Disposition of Business | $ 200 |
Discontinued Operations and H_3
Discontinued Operations and Held for sale businesses (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Mar. 20, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (1,717) | $ (1,721) | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | $ (1) | ||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 0 | 1,180 | ||
Gain (Loss) on Disposition of Business | $ 4 | (788) | ||
DPL Peaking Generation [Domain] | 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] | ||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 239 | |||
Gain (Loss) on Disposition of Business | (2) | |||
Masinloc Subsidiary [Member] | 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] | ||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 1,050 | |||
Gain (Loss) on Disposition of Business | $ 777 | |||
Masinloc Subsidiary [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% |
Risks and Uncertainties (Detail
Risks and Uncertainties (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Unusual Risk or Uncertainty [Line Items] | ||
Debt Default Amount | $ 345 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 1,147 | $ 1,114 |
PUERTO RICO | Covenant Violation [Member] | ||
Unusual Risk or Uncertainty [Line Items] | ||
Debt Default Amount | 311 | |
AES llumina [Member] | Covenant Violation [Member] | ||
Unusual Risk or Uncertainty [Line Items] | ||
Debt Default Amount | $ 34 |