Document And Entity Information
Document And Entity Information - $ / shares | 3 Months Ended | ||
Mar. 31, 2021 | May 03, 2021 | Dec. 31, 2020 | |
Document Information [Line Items] | |||
City Area Code | (703) | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 4300 Wilson Boulevard | ||
Entity Tax Identification Number | 54-1163725 | ||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2021 | ||
Entity File Number | 1-12291 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | Q1 | ||
Entity Registrant Name | THE AES CORPORATION | ||
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 | 666,257,334 | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Entity Address, Postal Zip Code | 22203 | ||
Entity Address, City or Town | Arlington, | ||
Entity Address, State or Province | VA | ||
Local Phone Number | 522-1315 | ||
Document Transition Report | false | ||
Document Quarterly Report | true | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | AES | ||
Entity Listing, Description | NYSE | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
corporate units | |||
Document Information [Line Items] | |||
Trading Symbol | AESC | ||
Entity Listing, Description | NYSE | ||
Title of 12(b) Security | Corporate Units |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,886 | $ 1,089 |
Restricted cash | 325 | 297 |
Short-term investments | 187 | 335 |
Accounts receivable, net of allowance for doubtful accounts of $11 and $13, respectively | 1,342 | 1,300 |
Inventory | 446 | 461 |
Prepaid expenses | 105 | 102 |
Other current assets, net of allowance of $0 | 728 | 726 |
Current held-for-sale assets | 1,218 | 1,104 |
Total current assets | 6,237 | 5,414 |
Property, Plant and Equipment: | ||
Land | 404 | 417 |
Electric generation, distribution assets and other | 25,660 | 26,707 |
Accumulated depreciation | (8,342) | (8,472) |
Construction in progress | 4,776 | 4,174 |
Property, plant and equipment, net | 22,498 | 22,826 |
Other Assets: | ||
Investments in and advances to affiliates | 785 | 835 |
Debt service reserves and other deposits | 395 | 441 |
Goodwill | 1,146 | 1,061 |
Other intangible assets, net of accumulated amortization of $343 and $330, respectively | 797 | 827 |
Deferred income taxes | 235 | 288 |
Other noncurrent assets, net of allowance of $20 and $21, respectively | 1,878 | 1,660 |
Noncurrent assets of held-for-sale businesses | 1,232 | 1,251 |
Total other assets | 6,468 | 6,363 |
TOTAL ASSETS | 35,203 | 34,603 |
CURRENT LIABILITIES | ||
Accounts payable | 832 | 1,156 |
Accrued interest | 227 | 191 |
Accrued non-income taxes | 286 | 257 |
Deferred Income | 299 | 438 |
Accrued and other liabilities | 1,173 | 1,223 |
Non Recourse Debt Current | 1,505 | 1,430 |
Current held-for-sale liabilities | 699 | 667 |
Total current liabilities | 5,021 | 5,362 |
NONCURRENT LIABILITIES | ||
Recourse debt | 3,365 | 3,446 |
Non Recourse Debt Non Current | 15,014 | 15,005 |
Deferred income taxes | 1,136 | 1,100 |
Other noncurrent liabilities | 3,110 | 3,241 |
Noncurrent held-for-sale liabilities | 856 | 857 |
Total noncurrent liabilities | 23,481 | 23,649 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 1,033 | 872 |
THE AES CORPORATION STOCKHOLDERS’ EQUITY | ||
Preferred Stock, Value, Issued | 1,043 | 0 |
Common Stock, Value, Issued | 8 | 8 |
Additional paid-in capital | 7,241 | 7,561 |
Accumulated deficit | (828) | (680) |
Accumulated other comprehensive loss | (2,237) | (2,397) |
Treasury Stock, Value | (1,850) | (1,858) |
Total AES Corporation stockholders’ equity | 3,377 | 2,634 |
NONCONTROLLING INTERESTS | 2,291 | 2,086 |
Total equity | 5,668 | 4,720 |
TOTAL LIABILITIES AND EQUITY | $ 35,203 | $ 34,603 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 11 | $ 13 |
Common stock, shares authorized (in shares) | 1,200,000,000 | 1,200,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Issued | 1,043,050 | |
Preferred Stock, Shares Authorized | 50,000,000 | |
Accounts receivable, net of allowance for doubtful accounts of $11 and $13, respectively | $ 11 | $ 13 |
Other Current Assets, Allowance | 0 | |
Other intangible assets, net of accumulated amortization of $343 and $330, respectively | 343 | 330 |
Other Noncurrent Assets, Allowance | $ 20 | $ 21 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 818,616,804 | 818,398,654 |
Common stock, shares outstanding (in shares) | 666,257,334 | 665,370,128 |
Treasury stock, shares (in shares) | 152,359,470 | 153,028,526 |
Variable Interest Entity [Line Items] | ||
Non Recourse Debt Current | $ 1,505 | $ 1,430 |
Non-recourse debt, including $3,945 and $3,918, respectively, related to variable interest entities | 15,014 | 15,005 |
Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Non Recourse Debt Current | 346 | 336 |
Non-recourse debt, including $3,945 and $3,918, respectively, related to variable interest entities | $ 3,945 | $ 3,918 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Total Revenue | $ 2,635 | $ 2,338 |
Cost of Goods and Services Sold | (1,971) | (1,831) |
Operating margin | 664 | 507 |
General and administrative expenses | (46) | (38) |
Interest expense | (190) | (233) |
Interest income | 68 | 70 |
Loss on extinguishment of debt | (1) | (1) |
Other expense | (16) | (4) |
Other income | 43 | 45 |
Loss on disposal and sale of business interests | (5) | 0 |
Asset impairment expense | (473) | (6) |
Foreign currency transaction gains (losses) | (35) | (24) |
Other non-operating expense | 0 | (44) |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 9 | 320 |
Income tax expense | (8) | (89) |
Net equity in losses of affiliates | (30) | (2) |
NET INCOME (LOSS) | (29) | 229 |
Less: Net income attributable to noncontrolling interests and redeemable stock of subsidiaries | (119) | (85) |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ (148) | $ 144 |
BASIC EARNINGS PER SHARE: | ||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ (0.22) | $ 0.22 |
DILUTED EARNINGS PER SHARE: | ||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ (0.22) | $ 0.22 |
DILUTED SHARES OUTSTANDING | 666 | 668 |
Electric Transmission [Member] | ||
Total Revenue | $ 707 | $ 712 |
Cost of Goods and Services Sold | (582) | (592) |
Electricity, Generation [Member] | ||
Total Revenue | 1,928 | 1,626 |
Cost of Goods and Services Sold | $ (1,389) | $ (1,239) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME (LOSS) | $ (29) | $ 229 |
Foreign currency translation activity: | ||
Foreign currency translation adjustments, net of $0 income tax for all periods | (69) | (152) |
Reclassification to earnings, net of $0 income tax for all periods | 0 | 0 |
Total foreign currency translation adjustments | (69) | (152) |
Derivative activity: | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 243 | (448) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 23 | 32 |
Total change in fair value of derivatives | 266 | (416) |
Pension activity: | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 1 | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 0 | 0 |
Total pension adjustments | 1 | 0 |
OTHER COMPREHENSIVE INCOME (LOSS) | 198 | (568) |
COMPREHENSIVE INCOME (LOSS) | 169 | (339) |
Less: Comprehensive loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries | (151) | 21 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ 18 | $ (318) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | $ 0 | $ 0 |
OCI, Foreign Currency Transaction and Translation Gain (Loss), Arising During Period, Tax | 0 | 0 |
Change in derivative fair value, net of income tax benefit (expense) of $(67) and $133, respectively | (67) | 133 |
Reclassification to earnings, net of income tax expense of $7 and $8, respectively | (7) | (8) |
Pension, Reclassifications to Earnings, Net of Income Tax (expense) benefit | 0 | 0 |
Change in pension adjustments due to net actuarial gain (loss) for the period, income tax (expense) benefit | $ 1 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING ACTIVITIES: | ||
Net income (loss) | $ (29) | $ 229 |
Adjustments to net income (loss): | ||
Depreciation and amortization | 275 | 268 |
Loss on disposal and sale of business interests | 5 | 0 |
Impairment expense | 473 | 50 |
Deferred income taxes | 21 | 2 |
Loss on extinguishment of debt | 1 | 1 |
Gain on sale and disposal of assets | (20) | (42) |
Loss of affiliates, net of dividends | (36) | (8) |
Other | 77 | 0 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | (79) | (40) |
(Increase) decrease in inventory | 14 | 23 |
(Increase) decrease in prepaid expenses and other current assets | 22 | (23) |
(Increase) decrease in other assets | 31 | (79) |
Increase (decrease) in accounts payable and other current liabilities | (337) | (99) |
Increase (decrease) in income tax payables, net and other tax payables | (92) | 36 |
Increase (decrease) in deferred income | (142) | 29 |
Increase (decrease) in other liabilities | (3) | 10 |
Net cash provided by operating activities | 253 | 373 |
INVESTING ACTIVITIES: | ||
Capital expenditures | (432) | (576) |
Acquisitions of business interests, net of cash and restricted cash acquired | 0 | (10) |
Proceeds from the sale of assets | 0 | 15 |
Sale of short-term investments | 257 | 254 |
Purchase of short-term investments | (130) | (277) |
Contributions and loans to equity affiliates | (64) | (115) |
Other investing | (18) | (26) |
Net cash used in investing activities | (387) | (735) |
FINANCING ACTIVITIES: | ||
Borrowings under the revolving credit facilities | 792 | 1,194 |
Repayments under the revolving credit facilities | (793) | (315) |
Issuance of recourse debt | 7 | 0 |
Repayments of recourse debt | (7) | (18) |
Issuance of non-recourse debt | 307 | 406 |
Repayments of non-recourse debt | (320) | (92) |
Payments for financing fees | (5) | (5) |
Distributions to noncontrolling interests | (17) | (22) |
Acquisitions of noncontrolling interests | (13) | 0 |
Contributions from noncontrolling interests | 94 | 0 |
Issuance of preferred stock | 1,017 | 0 |
Dividends paid on AES common stock | (100) | (95) |
Payments for financed capital expenditures | (1) | (10) |
Other financing | 32 | (13) |
Net cash provided by financing activities | 993 | 1,030 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (22) | (32) |
Net Cash Change Of Discontinued And Held For Sale Businesses | (58) | 2 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 779 | 638 |
Cash, cash equivalents and restricted cash, beginning | 1,827 | 1,572 |
Cash, cash equivalents and restricted cash, ending | 2,606 | 2,210 |
SUPPLEMENTAL DISCLOSURES: | ||
Cash payments for interest, net of amounts capitalized | 167 | 163 |
Cash payments for income taxes, net of refunds | 50 | 52 |
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Non-cash consideration transferred for the Clean Energy transaction (see Note 18) | 119 | 0 |
Dividends declared but not yet paid | $ 101 | $ 95 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity Statement - USD ($) $ 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] | Preferred Stock | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | [2] | Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock, Common [Member] | [2] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | [2] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | [2] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | [2] | Cumulative Effect, Period of Adoption, Adjustment [Member]Noncontrolling Interest [Member] | [2] | Cumulative Effect, Period of Adoption, Adjustment [Member]Preferred Stock | ||||||
Beginning Balance (Shares) at Dec. 31, 2019 | 817,800,000 | 153,900,000 | 0 | ||||||||||||||||||||||||
Beginning Balance at Dec. 31, 2019 | $ 8 | $ (1,867) | $ 7,776 | $ (692) | $ (2,229) | $ 2,233 | $ 0 | ||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||
Net income (loss) | $ 229 | 0 | 0 | 0 | 144 | 0 | 82 | 0 | |||||||||||||||||||
Total foreign currency translation adjustment, net of income tax | (152) | 0 | 0 | 0 | 0 | (96) | (56) | 0 | |||||||||||||||||||
Total change in derivative fair value, net of income tax | (416) | 0 | 0 | 0 | 0 | (366) | (25) | 0 | |||||||||||||||||||
Total pension adjustments, net of income tax | 0 | ||||||||||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | $ (568) | (462) | (81) | ||||||||||||||||||||||||
Fair Value Adjustment | 0 | [1] | 0 | [1] | (7) | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 0 | ||||||||||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (33) | 0 | ||||||||||||||||||||
Acquisition of subsidiary shares from noncontrolling interests | 0 | 0 | 2 | 0 | (1) | (8) | 0 | ||||||||||||||||||||
Sales to noncontrolling interests | 0 | 0 | (1) | 0 | 0 | 1 | 0 | ||||||||||||||||||||
Dividends declared on common stock | $ 0 | $ 0 | (95) | 0 | 0 | 0 | $ 0 | ||||||||||||||||||||
Issuance and exercise of stock-based compensation benefit plans (Shares) | 100,000 | (800,000) | 0 | ||||||||||||||||||||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | $ 0 | $ (9) | (11) | 0 | 0 | 0 | $ 0 | ||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.1433 | ||||||||||||||||||||||||||
Ending Balance (Shares) at Mar. 31, 2020 | 817,900,000 | 153,100,000 | 0 | ||||||||||||||||||||||||
Ending Balance at Mar. 31, 2020 | $ 8 | $ (1,858) | 7,664 | (583) | (2,692) | 2,178 | $ 0 | $ (16) | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | $ 0 | $ 0 | $ 0 | $ (35) | $ 0 | $ 0 | |||||||||||||||||||||
Stockholders' Equity Attributable to Parent | $ 2,634 | ||||||||||||||||||||||||||
Preferred Stock, Value, Issued | 0 | ||||||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | (680) | ||||||||||||||||||||||||||
Beginning Balance (Shares) at Dec. 31, 2020 | 818,400,000 | 153,000,000 | 0 | ||||||||||||||||||||||||
Beginning Balance at Dec. 31, 2020 | 4,720 | $ 8 | $ (1,858) | 7,561 | (680) | (2,397) | 2,086 | $ 0 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||
Net income (loss) | (29) | 0 | 0 | 0 | (148) | 0 | 119 | 0 | |||||||||||||||||||
Total foreign currency translation adjustment, net of income tax | (69) | 0 | 0 | 0 | 0 | (53) | (16) | 0 | |||||||||||||||||||
Total change in derivative fair value, net of income tax | 266 | 0 | 0 | 0 | 0 | 219 | 27 | 0 | |||||||||||||||||||
Total pension adjustments, net of income tax | 1 | 0 | 0 | 0 | 0 | 0 | (1) | 0 | |||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | $ 198 | 166 | 12 | ||||||||||||||||||||||||
Fair Value Adjustment | 0 | [3] | 0 | [3] | 33 | [3] | 0 | [3] | 0 | [3] | 0 | [3] | 0 | ||||||||||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (17) | 0 | ||||||||||||||||||||
Acquisition of subsidiary shares from noncontrolling interests | 0 | 0 | (5) | 0 | (6) | (3) | 0 | ||||||||||||||||||||
Contributions from noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 94 | 0 | ||||||||||||||||||||
Sales to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Dividends declared on common stock | $ 0 | $ 0 | (101) | 0 | 0 | 0 | $ 0 | ||||||||||||||||||||
Issuance and exercise of stock-based compensation benefit plans (Shares) | 200,000 | (700,000) | 0 | ||||||||||||||||||||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | $ 0 | $ (8) | (12) | 0 | 0 | 0 | $ 0 | ||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.1505 | ||||||||||||||||||||||||||
Ending Balance (Shares) at Mar. 31, 2021 | 818,600,000 | 152,300,000 | 1,000,000 | ||||||||||||||||||||||||
Ending Balance at Mar. 31, 2021 | $ 5,668 | $ 8 | $ (1,850) | 7,241 | (828) | (2,237) | 2,291 | $ 1,043 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||
Stockholders' Equity Attributable to Parent | $ 3,377 | ||||||||||||||||||||||||||
Preferred Stock, Shares Issued | 1,043,050 | 1,000,000 | |||||||||||||||||||||||||
Preferred Stock, Value, Issued | $ 1,043 | $ 1,043 | |||||||||||||||||||||||||
Proceeds from Issuance of Convertible Preferred Stock | $ 0 | $ 0 | $ (235) | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||
Stockholders' Equity Attributable to Parent | $ (828) | ||||||||||||||||||||||||||
[1] | Adjustment to record the redeemable stock of Colon at fair value | ||||||||||||||||||||||||||
[2] | See Note 1 —Financial Statement Presentation—New Accounting Pronouncements in Item 8. —Financial Statements and Supplementary Data of our 2020 Form 10-K for further information. | ||||||||||||||||||||||||||
[3] | Adjustment to record the redeemable stock of Colon at fair value. |
Financial Statement Presentatio
Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 are not necessarily indicative of expected results for the year ending December 31, 2021. The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the 2020 audited consolidated financial statements and notes thereto, which are included in the 2020 Form 10-K filed with the SEC on February 24, 2021 (the “2020 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, 2021 December 31, 2020 Cash and cash equivalents $ 1,886 $ 1,089 Restricted cash 325 297 Debt service reserves and other deposits 395 441 Cash, Cash Equivalents, and Restricted Cash $ 2,606 $ 1,827 ASC 326 - Financial Instruments - Credit Losses - The following table represents the rollforward of the allowance for credit losses for the period indicated (in millions): Three Months Ended March 31, 2021 Accounts Receivables (1) Mong Duong Loan Receivable (2) Argentina Receivables Other Total CECL Reserve Balance at beginning of period $ 9 $ 32 $ 20 $ 1 $ 62 Current Period Provision — — 1 — 1 Write-offs charged against allowance (3) — — — (3) Foreign Exchange — — (1) — (1) CECL Reserve Balance at end of period $ 6 $ 32 $ 20 $ 1 $ 59 Three Months Ended March 31, 2020 Accounts Receivables (1) Mong Duong Loan Receivable (2) Argentina Receivables Other Total CECL Reserve Balance at beginning of period $ 4 $ 34 $ 29 $ 1 $ 68 Current Period Provision 2 — 1 — 3 Write-offs charged against allowance (1) — — — (1) Foreign Exchange — — (2) — (2) CECL Reserve Balance at end of period $ 5 $ 34 $ 28 $ 1 $ 68 (1) Excludes operating lease receivable allowances and contractual dispute allowances of $5 million and $15 million as of March 31, 2021 and March 31, 2020, respectively. Those reserves are not in scope under ASC 326. (2) Mong Duong Loan Receivable credit losses allowance was reclassified to held-for-sale assets on the Consolidated Balance Sheet as of March 31, 2021. New Accounting Pronouncements Adopted in 2021 — The Company assessed and determined that the new accounting pronouncements adopted did not have a material impact on the Company’s consolidated financial statements. 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 2020-06, Debt - Debt with conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Equity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Equity’s Own Equity The amendments in this update affect entities that issue convertible instruments and/or contracts indexed to and potentially settled in an entity’s own equity. The new ASU eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. For fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2020-04 and 2021-01, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in these updates provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference to LIBOR or another reference rate expected to be discontinued by reference rate reform, and clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. These amendments are effective for a limited period of time (March 12, 2020 - December 31, 2022). Effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORY | INVENTORY The following table summarizes the Company’s inventory balances as of the periods indicated (in millions): March 31, 2021 December 31, 2020 Fuel and other raw materials $ 214 $ 223 Spare parts and supplies 232 238 Total $ 446 $ 461 |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE The fair value of current financial assets and liabilities, debt service reserves, and other deposits approximate their reported carrying amounts. The estimated fair values of the Company’s assets and liabilities have been determined using available market information. Because these amounts are estimates and based on hypothetical transactions to sell assets or transfer liabilities, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. For further information on our valuation techniques and policies, see Note 5— Fair Value in Item 8.— Financial Statements and Supplementary Data of our 2020 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 were determined based on the nature and risk of the security and are consistent with how the Company manages, monitors, and measures its marketable securities: March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets DEBT SECURITIES: Available-for-sale: Unsecured debentures $ — $ — $ — $ — $ — $ 21 $ — $ 21 Certificates of deposit — 151 — 151 — 238 — 238 Total debt securities — 151 — 151 — 259 — 259 EQUITY SECURITIES: Mutual funds 29 15 — 44 28 51 — 79 Total equity securities 29 15 — 44 28 51 — 79 DERIVATIVES: Interest rate derivatives — 87 1 88 — 13 — 13 Cross-currency derivatives — 7 5 12 — 5 — 5 Foreign currency derivatives — 21 98 119 — 15 146 161 Commodity derivatives — 28 1 29 — 8 2 10 Total derivatives — assets — 143 105 248 — 41 148 189 TOTAL ASSETS $ 29 $ 309 $ 105 $ 443 $ 28 $ 351 $ 148 $ 527 Liabilities DERIVATIVES: Interest rate derivatives $ — $ 173 $ 167 $ 340 $ — $ 374 $ 236 $ 610 Cross-currency derivatives — 2 8 10 — 2 2 4 Foreign currency derivatives — 23 — 23 — 43 — 43 Commodity derivatives — 82 — 82 — 22 — 22 Total derivatives — liabilities — 280 175 455 — 441 238 679 TOTAL LIABILITIES $ — $ 280 $ 175 $ 455 $ — $ 441 $ 238 $ 679 As of March 31, 2021, all available-for-sale debt securities had stated maturities within one year. There were no other-than-temporary impairments of marketable securities during the three months ended March 31, 2021. Credit-related impairments are recognized in earnings under ASC 326. 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 available-for-sale securities during the periods indicated (in millions): Three Months Ended March 31, 2021 2020 Gross proceeds from sale of available-for-sale securities $ 245 $ 258 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, 2021 and 2020 (presented net by type of derivative in millions). Transfers between Level 3 and Level 2 principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment. Three Months Ended March 31, 2021 Interest Rate Cross Currency Foreign Currency Commodity Total Balance at January 1 $ (236) $ (2) $ 146 $ 2 $ (90) Total realized and unrealized gains (losses): Included in earnings 2 (1) (29) — (28) Included in other comprehensive income — derivative activity 37 — (10) — 27 Settlements 12 — (9) (1) 2 Transfers of (assets)/liabilities, net out of Level 3 19 — — — 19 Balance at March 31 $ (166) $ (3) $ 98 $ 1 $ (70) Total gains for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period $ 2 $ — $ (39) $ — $ (37) Three Months Ended March 31, 2020 Interest Rate Cross Currency Foreign Currency Commodity Total Balance at January 1 $ (184) $ (11) $ 94 $ (1) $ (102) Total realized and unrealized gains (losses): Included in earnings 2 — 12 1 15 Included in other comprehensive income — derivative activity (53) (18) 7 — (64) Settlements 1 — (14) — (13) Transfers of assets (liabilities), net into Level 3 (35) — — — (35) Balance at March 31 $ (269) $ (29) $ 99 $ — $ (199) Total gains for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period $ — $ — $ 4 $ 1 $ 5 The following table summarizes the significant unobservable inputs used for Level 3 derivative assets (liabilities) as of March 31, 2021 (in millions, except range amounts): Type of Derivative Fair Value Unobservable Input Amount or Range (Weighted Average) Interest rate $ (166) Subsidiaries’ credit spreads 0.6% - 3.3% (3.3%) Cross-currency (3) Subsidiaries’ credit spreads 3.6 % Foreign currency: Argentine peso 98 Argentine peso to U.S. dollar currency exchange rate after one year 93 - 640 (286) Commodity: Other 1 Total $ (70) For interest rate derivatives and foreign currency derivatives, increases (decreases) in the estimates of the Company’s own credit spreads would decrease (increase) the value of the derivatives in a liability position. For foreign currency derivatives, increases (decreases) in the estimate of the above exchange rate would increase (decrease) the value of the derivative. Nonrecurring Measurements The Company measures fair value using the applicable fair value measurement guidance. Impairment expense, shown as pre-tax loss below, is measured by comparing the fair value at the evaluation date to the then-latest available carrying amount and is included in Asset impairment expense or Other non-operating expense, as applicable , on the Condensed Consolidated Statements of Operations. The following table summarizes our major categories of assets measured at fair value on a nonrecurring basis and their level within the fair value hierarchy (in millions): Measurement Date Carrying Amount Fair Value Pre-tax Loss Three Months Ended March 31, 2021 Level 1 Level 2 Level 3 Long-lived assets held and used Puerto Rico 03/31/2021 $ 548 $ — $ — $ 73 $ 475 Measurement Date Carrying Amount (1) Fair Value Pre-tax Loss Three Months Ended March 31, 2020 Level 1 Level 2 Level 3 Equity method investments: OPGC 3/31/2020 $ 195 $ — $ — $ 152 $ 43 _____________________________ (1) Represents the carrying values at the dates of measurement, before fair value adjustment and excluding $115 million of cumulative translation adjustment balance. The following table summarizes the significant unobservable inputs used in the Level 3 measurement of long-lived assets held and used measured on a nonrecurring basis during the three months ended March 31, 2021 (in millions, except range amounts): Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Long-lived assets held and used: Puerto Rico $ 73 Discounted cash flow Annual revenue growth (80)% to 8% Annual variable margin 37% to 97% Weighted-average cost of capital 18.2% Total $ 73 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 the periods indicated, but for which fair value is disclosed: March 31, 2021 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 100 $ 187 $ — $ — $ 187 Liabilities: Non-recourse debt 16,429 17,783 4 14,790 2,989 Recourse debt 3,365 3,438 — 3,438 — December 31, 2020 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 97 $ 197 $ — $ — $ 197 Liabilities: Non-recourse debt 16,354 18,403 5 15,301 3,097 Recourse debt 3,446 3,677 — 3,677 — _____________________________ (1) These amounts primarily relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and amounts impacted by the Stabilization Fund enacted by the Chilean government, 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 $3 million and $4 million as of March 31, 2021 and December 31, 2020, respectively. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES For further information on the Company’s derivative and hedge accounting policies, see Note 1— General and Summary of Significant Accounting Policies — Derivative Instruments and Hedging Activities of Item 8.— Financial Statements and Supplementary Data in the 2020 Form 10-K. Volume of Activity — The following tables present the Company’s maximum notional (in millions) over the remaining contractual period by type of derivative as of March 31, 2021, regardless of whether they are in qualifying cash flow hedging relationships, and the dates through which the maturities for each type of derivative range: Interest Rate and Foreign Currency Derivatives Maximum Notional Translated to USD Latest Maturity Interest rate (LIBOR and EURIBOR) $ 5,110 2059 Cross-currency swaps (Chilean Unidad de Fomento and Brazilian Real) 260 2028 Foreign Currency: Argentine peso 5 2026 Chilean peso 41 2023 Colombian peso 137 2023 Euro 112 2023 Mexican Peso 89 2021 Brazilian Real 65 2022 Others, primarily with weighted average remaining maturities of a year or less 3 2022 Commodity Derivatives Maximum Notional Latest Maturity Natural Gas (in MMBtu) 104 2029 Power (in MWhs) 7 2043 Coal (in Tons or Metric Tons) 8 2027 Accounting and Reporting — Assets and Liabilities — The following tables present the fair value of assets and liabilities related to the Company’s derivative instruments as of the periods indicated (in millions): Fair Value March 31, 2021 December 31, 2020 Assets Designated Not Designated Total Designated Not Designated Total Interest rate derivatives $ 86 $ 2 $ 88 $ 13 $ — $ 13 Cross-currency derivatives 12 — 12 5 — 5 Foreign currency derivatives 29 90 119 40 121 161 Commodity derivatives 2 27 29 2 8 10 Total assets $ 129 $ 119 $ 248 $ 60 $ 129 $ 189 Liabilities Interest rate derivatives $ 332 $ 8 $ 340 $ 506 $ 104 $ 610 Cross-currency derivatives 10 — 10 4 — 4 Foreign currency derivatives 4 19 23 8 35 43 Commodity derivatives — 82 82 — 22 22 Total liabilities $ 346 $ 109 $ 455 $ 518 $ 161 $ 679 March 31, 2021 December 31, 2020 Fair Value Assets Liabilities Assets Liabilities Current $ 72 $ 166 $ 51 $ 236 Noncurrent 176 289 138 443 Total $ 248 $ 455 $ 189 $ 679 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, 2021 2020 Cash flow hedges Gains (losses) recognized in AOCL Interest rate derivatives $ 309 $ (530) Cross-currency derivatives 2 (39) Foreign currency derivatives (1) (12) Total $ 310 $ (581) Losses reclassified from AOCL into earnings Interest rate derivatives $ (24) $ (15) Cross-currency derivatives (1) (17) Foreign currency derivatives (3) (8) Commodity derivatives (2) — Total $ (30) $ (40) Loss reclassified from AOCL to earnings due to impairment of assets $ (4) $ — Gains (losses) recognized in earnings related to Not designated as hedging instruments: Interest rate derivatives $ 60 $ — Foreign currency derivatives (11) 40 Commodity derivatives and other (93) 6 Total $ (44) $ 46 AOCL is expected to decrease pre-tax income from continuing operations for the three months ended March 31, 2022 by $85 million, primarily due to interest rate derivatives. |
Financing Receivables
Financing Receivables | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
FINANCING RECEIVABLES | FINANCING RECEIVABLES Receivables with contractual maturities of greater than one year are considered financing receivables. The following table presents financing receivables by country as of the dates indicated (in millions): March 31, 2021 December 31, 2020 Gross Receivable Allowance Net Receivable Gross Receivable Allowance Net Receivable Argentina $ 46 $ 8 $ 38 $ 48 $ 9 $ 39 Chile 38 — 38 31 — 31 Other 27 — 27 31 — 31 Total $ 111 $ 8 $ 103 $ 110 $ 9 $ 101 Chile — AES Gener has recorded noncurrent receivables pertaining to revenues recognized on regulated energy contracts that were impacted by the Stabilization Fund created by the Chilean government in October 2019, in conjunction with the Tariff Stabilization Law. Historically, the government updated the prices for these contracts every six months to reflect the indexation the contracts have to exchange rates and commodities prices. The Stabilization Fund does not allow the pass-through of these contractual indexation updates to customers beyond the pricing in effect at July 1, 2019, until new lower-cost renewable contracts are incorporated into pricing in 2023. Consequently, costs incurred in excess of the July 1, 2019 price will be accumulated and borne by generators. AES Gener executed an agreement in December 2020 for the sale of the receivables generated pursuant the Tariff Stabilization Law, of which $55 million was collected in 2021. Argentina — Collection of the principal and interest on these receivables is subject to various business risks and uncertainties, including, but not limited to, the operation of power plants which generate cash for payments of these receivables, regulatory changes that could impact the timing and amount of collections, and economic conditions in Argentina. The Company monitors these risks, including the credit ratings of the Argentine government, on a quarterly basis to assess the collectability of these receivables. The Company accrues interest on these receivables once the recognition criteria have been met. The Company’s collection estimates are based on assumptions that it believes to be reasonable, but are inherently uncertain. Actual future cash flows could differ from these estimates. |
Investment In and Advances To A
Investment In and Advances To Affiliates | 3 Months Ended |
Mar. 31, 2021 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 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, Three Months Ended March 31, 2021 2020 Revenue $ 506 $ 370 Operating margin (loss) 32 55 Net loss (17) (11) sPower — On February 1, 2021, the Company substantially completed the merger of the sPower and AES Distributed Energy development platforms to form AES Clean Energy Development, a consolidated entity, which will serve as the development vehicle for all future renewable projects in the U.S. Since the sPower development platform was carved-out of AES’ existing equity method investment, this transaction resulted in a $77 million decrease in the carrying value of the sPower investment. See Note 18 —Acquisitions for further information. As the Company still does not control sPower after the transaction, it continues to be accounted for as an equity method investment and is reported in the US and Utilities SBU reportable segment. Guacolda — In September 2020, Guacolda management reviewed the recoverability of the Guacolda asset group and determined the undiscounted cash flows did not exceed the carrying amount. Impairment indicators were identified primarily as a result of inability to re-contract Guacolda’s generation after expiration of its existing PPAs driven by lower energy prices in Chile and reduced forecasted cash flows resulting from decarbonization initiatives of the Chilean Government. Guacolda recognized a long-lived asset impairment at the investee level, which negatively impacted the Company's Net equity in losses of affiliates by $127 million. As a result, the Company’s basis in its investment in Guacolda was reduced to zero and the equity method of accounting was suspended. As of March 31, 2021, the Company has not recognized $95 million of equity method losses which were in excess of the Company’s carrying amount. In February 2021, AES Gener entered into an agreement to sell its 50% ownership interest in Guacolda for $34 million. The sale is subject to regulatory approval and is expected to close in the second quarter of 2021. The Guacolda equity method investment is reported in the South America SBU reportable segment. OPGC — In March 2020, an other-than-temporary impairment was identified at OPGC primarily due to the estimated market value of the Company's investment and the economic slowdown. A calculation of the fair value of the Company’s investment in OPGC was required to evaluate whether there was a loss in the carrying value of the investment. Based on management’s estimate of fair value of $152 million, the Company recognized an other-than-temporary impairment of $43 million in Other non-operating expense . |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Recourse Debt During the first quarter of 2020, the Company drew $840 million on revolving lines of credit at the Parent Company, of which approximately $250 million was used to enhance our liquidity position due to the uncertain economic conditions surrounding the COVID-19 pandemic, and the remaining $590 million was used for other general corporate purposes. The entire $250 million related to the COVID-19 pandemic was repaid during the second quarter of 2020. Non-Recourse Debt During the three months ended March 31, 2021, the Company’s subsidiaries had the following significant debt transactions: Subsidiary Transaction Period Issuances AES Brasil Q1 140 Non-Recourse Debt in Default — The following table summarizes the Company’s subsidiary non-recourse debt in default (in millions) as of March 31, 2021. Due to the defaults, these amounts are included in the current portion of non-recourse debt: Subsidiary Primary Nature of Default Debt in Default Net Assets AES Puerto Rico Covenant $ 238 $ (207) AES Ilumina (Puerto Rico) Covenant 31 24 AES Jordan Solar Covenant 7 4 Total $ 276 The above defaults are not payment defaults. In Puerto Rico, 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. |
Contingencies and Commitments
Contingencies and Commitments | 3 Months Ended |
Mar. 31, 2021 | |
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 no more than 15 years. The following table summarizes the Parent Company’s contingent contractual obligations as of March 31, 2021. Amounts presented in the following table represent the Parent Company’s current undiscounted exposure to guarantees and the range of maximum undiscounted potential exposure. The maximum exposure is not reduced by the amounts, if any, that could be recovered under the recourse or collateralization provisions in the guarantees. Contingent Contractual Obligations Amount (in millions) Number of Agreements Maximum Exposure Range for Each Agreement (in millions) Guarantees and commitments $ 1,776 73 $0 — 400 Letters of credit under the unsecured credit facilities 114 22 $0 — 56 Letters of credit under the revolving credit facility 84 23 $0 — 62 Surety bond 1 1 $1 Total $ 1,975 119 During the three months ended March 31, 2021, 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 of the periods ended March 31, 2021 and December 31, 2020, the Company 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, 2021. In aggregate, the Company estimates the range of potential losses related to environmental matters, where estimable, to be up to $11 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 $27 million and $28 million as of March 31, 2021 and December 31, 2020, 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, 2021. 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 $253 million and $940 million. The amounts considered reasonably possible do not include the amounts accrued, as discussed above. These material contingencies do not include income tax-related contingencies which are considered part of our uncertain tax positions. Tietê GSF Settlement — In December 2020, ANEEL published a regulation establishing the terms and conditions for compensation to Tietê for the non-hydrological risk charged to hydro generators through the incorrect application of the GSF mechanism from 2013 until 2018. In accordance with the regulation, this compensation will be in the form of a concession extension period of 2.7 years. As a result, the previously recognized contingent liabilities related to GSF payments were updated to reflect the Company's best estimate for the fair value of compensation to be received from the concession extension offered in conjunction with the regulation. This compensation was estimated to have a fair value of $184 million, and was recorded as a reversal of Non-Regulated Cost of Sales on the Consolidated Statements of Operations for the year ended December 31, 2020. The concession extension also met the criteria for recognition as a definite-lived intangible asset, which will be amortized from the date of the agreement until the end of the new concession period. The value of the concession extension was based on a preliminary time-value equivalent calculation made by the CCEE and subsequent adjustments requested by Tietê, which was determined to be fair value. In March 2021, the CCEE’s final calculation of fair value was $190 million and the Company recognized an additional reversal of Non-Regulated Cost of Sales of $6 million. Both the concession extension period and its equivalent asset value are subject to a final agreement between ANEEL and AES. |
Leases (Notes)
Leases (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Lessor, Lease, Description [Line Items] | |
Leases of Lessor Disclosure [Text Block] | LEASES LESSOR — The Company has operating leases for certain generation contracts that contain provisions to provide capacity to a customer, which is a stand-ready obligation to deliver energy when required by the customer. Capacity receipts 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. Lease receipts from such contracts are recognized as lease revenue on a straight-line basis over the lease term, whereas variable lease receipts are recognized when earned. The following table presents lease revenue from operating leases in which the Company is the lessor for the periods indicated (in millions): Three Months Ended March 31, Operating Lease Income 2021 2020 Total Lease Revenue $ 143 $ 135 Less: Variable Lease Revenue 14 11 Total Non-Variable Lease Revenue $ 129 $ 124 The following table presents the underlying gross assets and accumulated depreciation of operating leases included in Property, Plant and Equipment for the periods indicated (in millions): Property, Plant and Equipment March 31, 2021 December 31, 2020 Gross Assets $ 2,588 $ 3,103 Accumulated Depreciation (773) (1,011) Net Assets (1) $ 1,815 $ 2,092 _______________________________ (1) The decrease in net assets is primarily related to the asset impairment at Puerto Rico. See Note 15— Asset Impairment Expense for further information. 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. The Company has not recognized any early terminations as of March 31, 2021. Certain leases may provide for variable lease payments based on usage or index-based (e.g., the U.S. Consumer Price Index) adjustments to lease payments. The following table shows the future lease receipts as of March 31, 2021 for the remainder of 2021 through 2025 and thereafter (in millions): Future Cash Receipts for Sales-Type Leases (1) Operating Leases 2021 $ 15 $ 361 2022 20 467 2023 20 404 2024 20 404 2025 20 405 Thereafter 309 1,032 Total $ 404 $ 3,073 Less: Imputed interest (184) Present value of total lease receipts $ 220 _______________________________ (1) The sales-type lease receivable balance is primarily related to AES Energy Storage Alamitos project that commenced in January 2021. Battery Storage Lease Arrangements — The Company is constructing and operating projects that pair BESS with solar energy systems, which allows the project more flexibility on when to provide energy to the grid. The Company will enter into PPAs for the full output of the facility that allow customers the ability to determine when to charge and discharge the BESS. These arrangements include both lease and non-lease elements under ASC 842, with the BESS component constituting a sales-type lease. Upon commencement of the lease, the book value of the leased asset is removed from the balance sheet and a net investment in sales-type lease is recognized based on the present value of fixed payments under the contract and the residual value of the underlying asset. Due to the variable nature of lease payments under these contracts, the Company recorded losses at commencement of sales-type leases of $13 million for the three months ended March 31, 2021. These amounts are recognized in Other expense in the Consolidated Statement of Operations. See Note 14— Other Income and Expense for further information. The Company recognized lease income on sales-type leases through interest income of $4 million for the three months ended March 31, 2021. |
Redeemable Stocks of Subsidiari
Redeemable Stocks of Subsidiaries (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 December 31, 2020 IPALCO common stock $ 618 $ 618 Colon quotas (1) 180 194 AES Clean Energy Development common stock 175 — AES Indiana preferred stock 60 60 Total redeemable stock of subsidiaries $ 1,033 $ 872 _____________________________ (1) Characteristics of quotas are similar to common stock. AES Clean Energy Development — On February 1, 2021, the Company substantially completed the merger of the sPower and AES Distributed Energy development platforms to form AES Clean Energy Development, which will serve as the development vehicle for all future renewable projects in the U.S. As part of the transaction, AlMCo, our existing partner in the sPower equity method investment, received a 25% minority ownership interest in the newly formed entity along with certain partnership rights, though not currently in effect, that would enable AIMCo to exit in the future. As a result, the minority ownership interest is considered temporary equity. Any subsequent changes in the redemption value of the exit rights will be recognized in permanent equity. See Note 18 —Acquisitions for further information. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
EQUITY | EQUITY Equity Units In March 2021, the Company issued 10,430,500 Equity Units with a total notional value of $1,043 million. Each Equity Unit has a stated amount of $100 and was initially issued as a Corporate Unit, consisting of a forward stock purchase contract (“2024 Purchase Contracts”) and a 10% undivided beneficial ownership interest in one share of 0% Series A Cumulative Perpetual Convertible Preferred Stock, with a liquidation preference of $1,000 per share (“Series A Preferred Stock”). The Company received approximately $1 billion proceeds from the Equity Units, net of underwriting costs and commissions, before offering expenses, and issued 1,043,050 shares of Series A Preferred Stock, recording $1,043 million in preferred stock on the Condensed Consolidated Balance Sheet. The proceeds will be used for the development of the AES renewable businesses, U.S. utility businesses, LNG infrastructure, and for other developments determined by management. Convertible Preferred Stock — The Series A Preferred Stock will initially not bear any dividends and the liquidation preference of the convertible preferred stock will not accrete. The Series A Preferred Stock has no maturity date, and will remain outstanding unless converted by holders or redeemed by the Company. Holders of the shares of the convertible preferred stock will have limited voting rights. The Series A Preferred Stock is pledged as collateral to support holders’ purchase obligations under the 2024 Purchase Contracts and can be remarketed. In connection with any successful remarketing, the Company may increase the dividend rate increase the conversion rate, and modify the earliest redemption date for the convertible preferred stock. After any successful remarketing in connection with which the dividend rate on the convertible preferred stock is increased, the Company will pay cumulative dividends on the convertible preferred stock, if declared by the board of directors, quarterly in arrears from the applicable remarketing settlement date. Holders of Corporate Units may create Treasury Units or Cash Settled Units from their Corporate Units as provided in the Purchase Contract Agreement by substituting Treasury securities or cash, respectively, for the Convertible Preferred Stock comprising a part of the Corporate Units. Prior to February 15, 2024, the Series A Preferred Stock may be converted at the option of the holder only under limited circumstances in connection with a fundamental change, as defined in the certificate of designations of the Series A Preferred Stock. On and after February 15, 2024, the Series A Preferred Stock may be converted freely at the option of the holder. The conversion rate is initially 31.5428 shares of common stock per one share of Series A Preferred Stock, which is equivalent to an initial conversion price of approximately $31.70 per share of common stock. Upon conversion, the Company will deliver in respect of each $1,000 liquidation preference of the Series A Preferred Stock being converted (i) one share of the Company’s Series B Preferred Stock or, solely with respect to conversions in connection with a redemption, up to $1,000 in cash and (ii) shares of common stock, if any, in respect of any conversion value in excess of the liquidation preference of the preferred stock being converted. The Company may not redeem the Series A Preferred Stock prior to March 22, 2024. At the election of the Company, on or after March 22, 2024, the Company may redeem for cash, all or any portion of the outstanding shares of the Series A Preferred Stock at a redemption price equal to 100% of the liquidation preference, plus any accumulated and unpaid dividends. 2024 Purchase Contracts — The 2024 Purchase Contracts obligate the holders to purchase, on February 15, 2024, for a price of $100 in cash, a maximum number of 57,215,465 shares of the Company’s common stock (subject to customary anti-dilution adjustments). The 2024 Purchase Contract holders may elect to settle their obligation early, in cash. The Series A Preferred Stock is pledged as collateral to guarantee the holders’ obligations to purchase common stock under the terms of the 2024 Purchase Contracts. The initial settlement rate determining the number of shares that each holder must purchase will not exceed the maximum settlement rate of 3.864, determined over a market value averaging period preceding February 15, 2024. The settlement rate will be calculated using an initial reference price of $25.88, equal to the last reported sale price of the Company’s common stock on March 4, 2021. If the applicable market value of the Company’s common stock is less than or equal to the reference price, the settlement rate will be the maximum settlement rate; and if the applicable market value of common stock is greater than the reference price, the settlement rate will be a number of shares of the Company’s common stock equal to $100 divided by the applicable market value. Upon settlement of the 2024 Purchase Contracts, the Company expects to receive additional cash proceeds of $1 billion. The Company will pay the holders of the 2024 Purchase Contracts quarterly payments (“Contract Adjustment Payments”) at a rate of 6.875% per annum, payable quarterly in arrears on February 15, May 15, August 15, and November 15, commencing on May 15, 2021. The $205 million present value of the Contract Adjustment Payments reduced additional paid-in capital at inception. As each quarterly Contract Adjustment Payment is made, the related liability is reduced and the difference between the cash payment and the present value will accrete to interest expense, approximately $5 million over the three-year term. The holders can settle the purchase contracts early, for cash, subject to certain exceptions and conditions in the prospectus supplement. Upon early settlement of any purchase contracts, the Company will deliver the number of shares of its common stock equal to 85% of the number of shares of common stock that would have otherwise been deliverable. Equity Transactions with Noncontrolling Interests AES Gener — On December 29, 2020, AES Gener commenced a preemptive rights offering for its existing shareholders to subscribe for up to 1.98 billion of newly issued shares to fund its renewable growth program. The period ended on February 5, 2021 and Inversiones Cachagua SpA, an AES subsidiary, subscribed for 1.35 billion shares at a cost of $205 million, increasing AES’ indirect beneficial interest in AES Gener from 67% to 67.1%. The noncontrolling interest holders subscribed for 629 million shares, resulting in additional capital contributions of $94 million. AES Gener is reported in the South America SBU reportable segment. AES Brasil — In August 2020, AES Holding Brasil Ltda. (“AHB”) committed to migrate AES Tietê to the Novo Mercado, which is a listing segment of the Brazilian stock exchange that requires equity capital to be composed only of common shares. On December 18, 2020, the AES Tietê board approved a proposal for the corporate reorganization and exchange of shares issued by AES Tietê with newly issued shares of AES Brasil, a formerly wholly-owned entity of AES Tietê, with the intent to list AES Brasil on Novo Mercado as the 100% shareholder of AES Tietê. The reorganization and the exchange of shares was completed on March 26, 2021, and the shares issued by AES Brasil started trading on Novo Mercado on March 29, 2021. The Company maintains majority representation on AES Brasil’s board of directors, and as such, continues to consolidate AES Brasil’s results in the South America SBU reportable segment. During the first quarter of 2021, through multiple transactions, AHB acquired an additional 1.2% ownership in AES Brasil for $13 million. These transactions increased the Company’s economic interest in AES Brasil to 45.3% and resulted in a $10 million decrease in Parent Company Stockholder’s Equity due to a decrease in additional paid-in-capital of $4 million and the reclassification of accumulated other comprehensive losses from NCI to AOCL of $6 million. AES Brasil is reported in the South America SBU reportable segment. 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, 2021 (in millions): Foreign currency translation adjustment, net Unrealized derivative gains (losses), net Unfunded pension obligations, net Total Balance at the beginning of the period $ (1,644) $ (699) $ (54) $ (2,397) Other comprehensive income (loss) before reclassifications (53) 202 — 149 Amount reclassified to earnings — 17 — 17 Other comprehensive income (loss) (53) 219 — 166 Reclassification from NCI due to share repurchases (5) — (1) (6) Balance at the end of the period $ (1,702) $ (480) $ (55) $ (2,237) 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, 2021 2020 Derivative gains (losses), net Non-regulated cost of sales (1) (1) Interest expense (16) (16) Asset impairment expense (4) — Foreign currency transaction gains (losses) (3) (23) Income (loss) from continuing operations before taxes and equity in earnings of affiliates (24) (40) Income tax benefit (expense) 7 8 Net equity in earnings (losses) of affiliates (6) — Income (loss) from continuing operations (23) (32) Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries 6 6 Net income (loss) attributable to The AES Corporation $ (17) $ (26) Total reclassifications for the period, net of income tax and noncontrolling interests $ (17) $ (26) Common Stock Dividends — The Parent Company paid dividends of $0.1505 per outstanding share to its common stockholders during the first quarter of 2021 for dividends declared in December 2020. On February 19, 2021, the Board of Directors declared a quarterly common stock dividend of $0.1505 per share payable on May 14, 2021, to shareholders of record at the close of business on April 30, 2021. |
Segments
Segments | 3 Months Ended |
Mar. 31, 2021 | |
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 — Included in “Corporate and Other” are the results of the AES self-insurance company and certain equity affiliates, 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, and gains and losses recognized at commencement of sales-type leases; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt; and (f) net gains at Angamos, one of our businesses in the South America SBU, associated with the early contract terminations with Minera Escondida and Minera Spence. 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 2021 2020 US and Utilities SBU $ 949 $ 971 South America SBU 884 712 MCAC SBU 535 432 Eurasia SBU 270 225 Corporate and Other 24 28 Eliminations (27) (30) Total Revenue $ 2,635 $ 2,338 Three Months Ended March 31, Total Adjusted PTC 2021 2020 Income from continuing operations before taxes and equity in earnings of affiliates $ 9 $ 320 Add: Net equity in earnings (losses) of affiliates (30) (2) Less: Income from continuing operations before taxes, attributable to noncontrolling interests (163) (119) Pre-tax contribution (184) 199 Unrealized derivative and equity securities losses (gains) 69 (16) Unrealized foreign currency losses (gains) 6 9 Disposition/acquisition losses (gains) (15) 1 Impairment losses 475 53 Loss on extinguishment of debt 6 4 Net gains from early contract terminations at Angamos (110) — Total Adjusted PTC $ 247 $ 250 Three Months Ended March 31, Total Adjusted PTC 2021 2020 US and Utilities SBU $ 44 $ 71 South America SBU 88 119 MCAC SBU 61 78 Eurasia SBU 51 44 Corporate and Other (7) (58) Eliminations 10 (4) Total Adjusted PTC $ 247 $ 250 Total Assets March 31, 2021 December 31, 2020 US and Utilities SBU $ 14,483 $ 14,464 South America SBU 11,343 11,329 MCAC SBU 4,934 4,847 Eurasia SBU 3,603 3,621 Corporate and Other 840 342 Total Assets $ 35,203 $ 34,603 |
Revenue (Notes)
Revenue (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 US and Utilities SBU South America SBU MCAC SBU Eurasia SBU Corporate, Other and Eliminations Total Regulated Revenue Revenue from contracts with customers $ 698 $ — $ — $ — $ — $ 698 Other regulated revenue 9 — — — — 9 Total regulated revenue 707 — — — — 707 Non-Regulated Revenue Revenue from contracts with customers 224 883 510 209 (3) 1,823 Other non-regulated revenue (1) 18 1 25 61 — 105 Total non-regulated revenue 242 884 535 270 (3) 1,928 Total revenue $ 949 $ 884 $ 535 $ 270 $ (3) $ 2,635 Three Months Ended March 31, 2020 US and Utilities SBU South America SBU MCAC SBU Eurasia SBU Corporate, Other and Eliminations Total Regulated Revenue Revenue from contracts with customers $ 703 $ — $ — $ — $ — $ 703 Other regulated revenue 9 — — — — 9 Total regulated revenue 712 — — — — 712 Non-Regulated Revenue Revenue from contracts with customers 163 711 408 171 (2) 1,451 Other non-regulated revenue (1) 96 1 24 54 — 175 Total non-regulated revenue 259 712 432 225 (2) 1,626 Total revenue $ 971 $ 712 $ 432 $ 225 $ (2) $ 2,338 _______________________________ (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 $376 million and $531 million as of March 31, 2021 and December 31, 2020, respectively. During the three months ended March 31, 2021 and 2020, we recognized revenue of $183 million and $10 million, respectively, that was included in the corresponding contract liability balance at the beginning of the periods. In August 2020, AES Gener reached an agreement with Minera Escondida and Minera Spence to early terminate two PPAs of the Angamos coal-fired plant in Chile, further accelerating AES Gener's decarbonization strategy. As a result of the termination payment, Angamos recognized a contract liability of $655 million, of which $55 million will be derecognized each month through the end of the remaining performance obligation in August 2021. As of March 31, 2021, the remaining contract liability is $219 million. 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. As of March 31, 2021, approximately $1.3 billion of contract consideration related to the construction, but not yet collected through the 25 year PPA, was reflected as a loan receivable, net of CECL reserve of $32 million. Mong Duong met the held-for-sale criteria and the loan receivable balance was reclassified to held-for-sale assets as of March 31, 2021. Of the loan receivable balance, $83 million was classified as Current held-for-sale assets and $1.2 billion was classified as Noncurrent held-for-sale assets on the Consolidated Balance Sheet. |
Other Income and Expense
Other Income and Expense | 3 Months Ended |
Mar. 31, 2021 | |
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, 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, 2021 2020 Other Income Gain on remeasurement to acquisition-date fair value (1) $ 36 $ — Gain on sale of assets (2) — 43 Other 7 2 Total other income $ 43 $ 45 Other Expense Loss on commencement of sales-type leases (3) $ 13 $ — Loss on sale and disposal of assets 3 1 Other — 3 Total other expense $ 16 $ 4 _____________________________ (1) Related to the remeasurement of our existing equity interest in sPower’s development platform as part of the step acquisition to form AES Clean Energy Development. See Note 18 —Acquisitions for further information. (2) Primarily associated with the gain on sale of Redondo Beach land at Southland. See Note 17 —Held-for-Sale and Dispositions for further information. (3) Related to a loss recognized at commencement of a sales-type lease at AES Distributed Energy. See Note 9— Leases for further information. |
Asset Impairment Expense
Asset Impairment Expense | 3 Months Ended |
Mar. 31, 2021 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
ASSET IMPAIRMENT EXPENSE | ASSET IMPAIRMENT EXPENSE The following table presents our asset impairment expense for the periods indicated (in millions): Three Months Ended March 31, 2021 2020 Puerto Rico $ 475 $ — Other (2) 6 Total $ 473 $ 6 Puerto Rico — New factors arose in the first quarter of 2021 associated with the economic costs and operational and reputational risks of disposal of coal combustion residuals off island. In addition, new legislative initiatives surrounding the prohibition of coal generation assets in Puerto Rico were introduced. Collectively, these factors along with management’s decision on how to best achieve our stated decarbonization goals resulted in an indicator of impairment at our asset group in Puerto Rico. As such, management performed a recoverability test in accordance with ASC 360 and concluded that Puerto Rico’s undiscounted cash flows did not exceed the carrying value of the asset group. The fair value of the asset group was determined to be $73 million, resulting in a pre-tax impairment loss of approximately $475 million. Puerto Rico is reported in the US and Utilities SBU reportable segment. |
Income Taxes (Notes)
Income Taxes (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [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 rate for the three months ended March 31, 2021 and 2020 were 89% and 28%, respectively. The difference between the Company’s effective tax rates for the 2021 and 2020 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, nondeductible expenses, and valuation allowance. The impact of foreign currency devaluation in Mexico was approximately $19 million of discrete tax benefit for the three months ended March 31, 2020. |
Held-for-Sale and Dispositions
Held-for-Sale and Dispositions (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSITIONS AND HELD-FOR-SALE BUSINESSES | HELD-FOR-SALE AND DISPOSITIONS Held-for-Sale AES Tietê Inova Soluções — In February 2021, the Company signed an agreement to sell its ownership in AES Inova Soluções, an investment platform in distributed solar generation, for $18 million. The sale is expected to close in the second quarter of 2021. On a consolidated basis, the carrying value of the investment held-for-sale as of March 31, 2021 was $14 million. Pre-tax income attributable to AES was immaterial for the three months ended March 31, 2021 and March 31, 2020, respectively. AES Tietê Inova Soluções is reported in the South America SBU reportable segment. Mong Duong — In December 2020, the Company entered into an agreement to sell its entire 51% ownership interest in Mong Duong, a coal-fired plant in Vietnam, and 51% equity interest in Mong Duong Finance Holdings B.V, an SPV accounted for as an equity affiliate. The sale is subject to regulatory approval and is expected to close in early 2022. As of March 31, 2021, the Mong Duong plant and SPV were classified as held-for-sale, but did not meet the criteria to be reported as discontinued operations. On a consolidated basis, the carrying value of the plant and SPV held-for-sale as of March 31, 2021 was $503 million. Mong Duong is reported in the Eurasia SBU reportable segment. Estrella del Mar I — The Estrella del Mar I power barge met the held-for-sale criteria as of December 31, 2020, but did not meet criteria to be reported as discontinued operations. On a consolidated basis, the carrying value of the power barge held-for-sale as of March 31, 2021 was $16 million. Estrella del Mar I is reported in the MCAC SBU reportable segment. Itabo — In June 2020, the Company entered into an agreement to sell its 43% ownership interest in Itabo, a coal-fired plant and gas turbine in Dominican Republic, for $101 million. On April 8, 2021, the Company completed the sale for $88 million, reflecting dividends distributed by Itabo and customary adjustments. As of March 31, 2021, Itabo was classified as held-for-sale, but did not meet the criteria to be reported as discontinued operations. On a consolidated basis, the carrying value of the Itabo facility held-for-sale as of March 31, 2021 was $201 million. Itabo is reported in the MCAC SBU reportable segment. Jordan — In November 2020, the Company signed an agreement to sell 26% ownership interest in IPP1 and IPP4 for $58 million. The sale is expected to close in the second quarter of 2021. After completion of the sale, the Company will retain a 10% ownership interest in IPP1 and IPP4, which will be accounted for as an equity method investment. As of March 31, 2021, the generation plants were classified as held-for-sale, but do not meet the criteria to be reported as discontinued operations. On a consolidated basis, the carrying value of the plants held-for-sale as of March 31, 2021 was $159 million. Jordan is reported in the Eurasia SBU reportable segment. Excluding any impairment charges, pre-tax income attributable to AES of businesses held-for-sale was as follows: Three Months Ended March 31, (in millions) 2021 2020 Mong Duong 15 15 Itabo 6 11 Jordan 5 5 Estrella Del Mar I — 3 Total $ 26 $ 34 Dispositions Redondo Beach Land — In March 2020, the Company completed the sale of land held by AES Redondo Beach, a gas-fired generating facility in California. The land’s carrying value was $24 million, resulting in a pre-tax gain on sale of $41 million, reported in Other income on the Condensed Consolidated Statement of Operations. AES Redondo Beach will lease back the land from the purchaser for the remainder of the generation facility’s useful life. Redondo Beach is reported in the US and Utilities SBU reportable segment. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS AES Clean Energy Development — On February 1, 2021, the Company substantially completed the merger of the sPower and AES Distributed Energy development platforms to form AES Clean Energy Development, which will serve as the development vehicle for all future renewable projects in the U.S. As part of the transaction, AES acquired an additional 25% ownership interest in the sPower development platform from AIMCo, our existing partner in the sPower equity method investment, in exchange for a 25% ownership interest in specifically identified development entities of Distributed Energy, certain future exit rights in the new partnership, and $7 million of cash. The sPower development platform was carved-out of AES’ existing equity method investment. AES’ basis in the portion of assets transferred was $77 million, and the contribution to AES Clean Energy Development resulted in a corresponding decrease in the carrying value of the sPower investment. See Note 6 —Investments in and Advances to Affiliates for further information. The sPower development assets transferred were remeasured at their acquisition-date fair values, resulting in the recognition of a $36 million million gain, recorded in Other income on the Condensed Consolidated Statement of Operations. The Company recorded $81 million in Goodwill as of the acquisition date, representing the difference between the fair value of the consideration transferred, the noncontrolling interest in the sPower development platform, and the acquisition-date fair value of the Company’s previously held equity interest and the fair value of the identifiable assets acquired and liabilities assumed. The Company has recorded preliminary amounts for the purchase price allocation; however, the Company may continue to make adjustments pertaining to the valuation of the transaction, certain development project assets, and associated deferred taxes during the measurement period. Subsequent to the closing of the transaction, AES holds a 75% ownership interest in AES Clean Energy Development. AIMCo holds the remaining 25% minority interest along with certain partnership rights, though currently not in effect, that would enable AIMCo to exit in the future. AIMCo’s minority interest is recorded as temporary equity in Redeemable stock of subsidiaries on the Condensed Consolidated Balance Sheet. See Note 10 —Redeemable Stock of Subsidiaries for further information. AES Clean Energy Development is reported in the US and Utilities SBU reportable segment. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 and 2020, where income represents the numerator and weighted average shares represent the denominator. Three Months Ended March 31, 2021 2020 (in millions, except per share data) Loss Shares $ per Share Income Shares $ per Share BASIC EARNINGS (LOSS) PER SHARE Income (loss) from continuing operations attributable to The AES Corporation common stockholders $ (148) 666 $ (0.22) $ 144 664 $ 0.22 EFFECT OF DILUTIVE SECURITIES Stock options — — — — 1 — Restricted stock units — — — — 3 — DILUTED EARNINGS (LOSS) PER SHARE $ (148) 666 $ (0.22) $ 144 668 $ 0.22 The calculation of diluted earnings per share excluded 1 million outstanding stock awards for the three months ended March 31, 2020, which would be anti-dilutive. These stock awards could potentially dilute basic earnings per share in the future. For the three months ended March 31, 2021, the calculation of diluted earnings per share excluded 5 million outstanding stock awards because their impact would be anti-dilutive given the loss from continuing operations. These stock awards could potentially dilute basic earnings per share in the future. Had the Company generated income, 4 million potential shares of common stock related to the stock awards would have been included in diluted weighted-average shares outstanding. As described in Note 11 —Equity , the Company issued $1,043 million in Equity Units in March 2021, consisting of $1,043 million of Series A Preferred Stock and the 2024 Purchase Contracts. Prior to February 15, 2024, the Series A Preferred Stock may be converted at the option of the holder only in connection with a fundamental change. On and after February 15, 2024, the Series A Preferred Stock may be converted freely at the option of the holder. Upon conversion, the Company will deliver to the holder with respect to each share of Series A Preferred Stock being converted (i) a share of our Series B Preferred Stock, or, solely with respect to conversions in connection with a redemption, cash and (ii) shares of our common stock, if any, in respect of any conversion value in excess of the liquidation preference of the preferred stock being converted. The conversion rate is initially 31.5428 shares of common stock per one share of Series A Preferred Stock, which is equivalent to an initial conversion price of approximately $31.70 per share of common stock. The Series A Preferred Stock is excluded from the denominator of the diluted earnings per share calculation on the basis that the Series A Preferred Stock will be settled in cash except to the extent that the conversion value exceeds its liquidation preference. Therefore, before any redemption or conversion, the shares of common stock that would be required to settle the applicable conversion value in excess of the liquidation preference, if the Company elects to settle such excess in shares of common stock, would be included in the denominator of diluted earnings per share in periods in which they are dilutive. The shares related to the convertible preferred stock were anti-dilutive during March 2021. |
Risks and Uncertainties (Notes)
Risks and Uncertainties (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Unusual Risks and Uncertainties [Table Text Block] | RISKS AND UNCERTAINTIES COVID-19 Pandemic — The COVID-19 pandemic has severely impacted global economic activity, including electricity and energy consumption, and caused significant volatility and negative pressure in financial markets. The magnitude and duration of the COVID-19 pandemic is unknown at this time and may have material and adverse effects on our results of operations, financial condition, and cash flows in future periods. Mountain View — In April 2021, a triggering event for potential impairment related to re-powering the site was identified for the Mountain View Power Partners generation facility. The impairment analysis is ongoing, and the carrying amount of the fixed assets is approximately $75 million as of March 31, 2021. There was no impact to the consolidated financial statements as of March 31, 2021 as a result of the identification of this triggering event. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS Itabo — On April 8, 2021, the Company completed the sale of its 43% ownership interest in Itabo, a coal-fired plant and gas turbine in Dominican Republic, for $88 million. See Note 17 —Held-for-Sale and Dispositions for further information. Cubico Wind Complex Acquisition — On April 30, 2021, AES Brasil completed the acquisition of the Cubico Wind Complex and the Santos Wind Complex for $109 million, subject to customary working capital adjustments. The transaction was financed through AES Brasil, and will be reported in the South America SBU. |
Financial Statement Presentat_2
Financial Statement Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | Consolidation — In this Quarterly Report, the terms “AES,” “the Company,” “us” or “we” refer to the consolidated entity, including its subsidiaries and affiliates. The terms “The AES Corporation” or “the Parent Company” refer only to the publicly held holding company, The AES Corporation, excluding its subsidiaries and affiliates. Furthermore, VIEs in which the Company has a variable interest have been consolidated where the Company is the primary beneficiary. Investments in which the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. All intercompany transactions and balances have been eliminated in consolidation. |
Basis of Presentation and Significant Accounting Policies [Text Block] | Interim Financial Presentation — The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with GAAP, as contained in the FASB ASC, for interim financial information and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for annual fiscal reporting periods. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, comprehensive income, changes in equity, and cash flows. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of expected results for the year ending December 31, 2021. The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the 2020 audited consolidated financial statements and notes thereto, which are included in the 2020 Form 10-K filed with the SEC on February 24, 2021 (the “2020 Form 10-K”). |
Contingencies and Commitments C
Contingencies and Commitments Contingencies and Commitments (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies, Policy [Policy Text Block] | The Company is involved in certain claims, suits and legal proceedings in the normal course of business. The Company accrues for litigation and claims when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. |
Leases (Policies)
Leases (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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 receipts 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. |
Segments Segments (Policies)
Segments Segments (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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 — Included in “Corporate and Other” are the results of the AES self-insurance company and certain equity affiliates, 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, and gains and losses recognized at commencement of sales-type leases; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt; and (f) net gains at Angamos, one of our businesses in the South America SBU, associated with the early contract terminations with Minera Escondida and Minera Spence. 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 |
Earnings Per Share EPS Policy (
Earnings Per Share EPS Policy (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements Adopted | New Accounting Pronouncements Adopted in 2021 — The Company assessed and determined that the new accounting pronouncements adopted did not have a material impact on the Company’s consolidated financial statements. |
New Accounting Pronouncements Issued | 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 2020-06, Debt - Debt with conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Equity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Equity’s Own Equity The amendments in this update affect entities that issue convertible instruments and/or contracts indexed to and potentially settled in an entity’s own equity. The new ASU eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. For fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2020-04 and 2021-01, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in these updates provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference to LIBOR or another reference rate expected to be discontinued by reference rate reform, and clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. These amendments are effective for a limited period of time (March 12, 2020 - December 31, 2022). Effective for all entities as of March 12, 2020 through December 31, 2022. 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, 2021 | |
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, 2021 December 31, 2020 Cash and cash equivalents $ 1,886 $ 1,089 Restricted cash 325 297 Debt service reserves and other deposits 395 441 Cash, Cash Equivalents, and Restricted Cash $ 2,606 $ 1,827 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 December 31, 2020 Fuel and other raw materials $ 214 $ 223 Spare parts and supplies 232 238 Total $ 446 $ 461 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
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 were determined based on the nature and risk of the security and are consistent with how the Company manages, monitors, and measures its marketable securities: March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets DEBT SECURITIES: Available-for-sale: Unsecured debentures $ — $ — $ — $ — $ — $ 21 $ — $ 21 Certificates of deposit — 151 — 151 — 238 — 238 Total debt securities — 151 — 151 — 259 — 259 EQUITY SECURITIES: Mutual funds 29 15 — 44 28 51 — 79 Total equity securities 29 15 — 44 28 51 — 79 DERIVATIVES: Interest rate derivatives — 87 1 88 — 13 — 13 Cross-currency derivatives — 7 5 12 — 5 — 5 Foreign currency derivatives — 21 98 119 — 15 146 161 Commodity derivatives — 28 1 29 — 8 2 10 Total derivatives — assets — 143 105 248 — 41 148 189 TOTAL ASSETS $ 29 $ 309 $ 105 $ 443 $ 28 $ 351 $ 148 $ 527 Liabilities DERIVATIVES: Interest rate derivatives $ — $ 173 $ 167 $ 340 $ — $ 374 $ 236 $ 610 Cross-currency derivatives — 2 8 10 — 2 2 4 Foreign currency derivatives — 23 — 23 — 43 — 43 Commodity derivatives — 82 — 82 — 22 — 22 Total derivatives — liabilities — 280 175 455 — 441 238 679 TOTAL LIABILITIES $ — $ 280 $ 175 $ 455 $ — $ 441 $ 238 $ 679 |
Marketable Securities [Table Text Block] | The following table presents gross proceeds from the sale of available-for-sale securities during the periods indicated (in millions): Three Months Ended March 31, 2021 2020 Gross proceeds from sale of available-for-sale securities $ 245 $ 258 |
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, 2021 and 2020 (presented net by type of derivative in millions). Transfers between Level 3 and Level 2 principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment. Three Months Ended March 31, 2021 Interest Rate Cross Currency Foreign Currency Commodity Total Balance at January 1 $ (236) $ (2) $ 146 $ 2 $ (90) Total realized and unrealized gains (losses): Included in earnings 2 (1) (29) — (28) Included in other comprehensive income — derivative activity 37 — (10) — 27 Settlements 12 — (9) (1) 2 Transfers of (assets)/liabilities, net out of Level 3 19 — — — 19 Balance at March 31 $ (166) $ (3) $ 98 $ 1 $ (70) Total gains for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period $ 2 $ — $ (39) $ — $ (37) Three Months Ended March 31, 2020 Interest Rate Cross Currency Foreign Currency Commodity Total Balance at January 1 $ (184) $ (11) $ 94 $ (1) $ (102) Total realized and unrealized gains (losses): Included in earnings 2 — 12 1 15 Included in other comprehensive income — derivative activity (53) (18) 7 — (64) Settlements 1 — (14) — (13) Transfers of assets (liabilities), net into Level 3 (35) — — — (35) Balance at March 31 $ (269) $ (29) $ 99 $ — $ (199) Total gains for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period $ — $ — $ 4 $ 1 $ 5 |
Derivative Assets, Significant unobservable inputs | The following table summarizes the significant unobservable inputs used for Level 3 derivative assets (liabilities) as of March 31, 2021 (in millions, except range amounts): Type of Derivative Fair Value Unobservable Input Amount or Range (Weighted Average) Interest rate $ (166) Subsidiaries’ credit spreads 0.6% - 3.3% (3.3%) Cross-currency (3) Subsidiaries’ credit spreads 3.6 % Foreign currency: Argentine peso 98 Argentine peso to U.S. dollar currency exchange rate after one year 93 - 640 (286) Commodity: Other 1 Total $ (70) The following table summarizes the significant unobservable inputs used in the Level 3 measurement of long-lived assets held and used measured on a nonrecurring basis during the three months ended March 31, 2021 (in millions, except range amounts): Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Long-lived assets held and used: Puerto Rico $ 73 Discounted cash flow Annual revenue growth (80)% to 8% Annual variable margin 37% to 97% Weighted-average cost of capital 18.2% Total $ 73 |
Fair value hierarchy for nonrecurring measurements table | The following table summarizes our major categories of assets measured at fair value on a nonrecurring basis and their level within the fair value hierarchy (in millions): Measurement Date Carrying Amount Fair Value Pre-tax Loss Three Months Ended March 31, 2021 Level 1 Level 2 Level 3 Long-lived assets held and used Puerto Rico 03/31/2021 $ 548 $ — $ — $ 73 $ 475 Measurement Date Carrying Amount (1) Fair Value Pre-tax Loss Three Months Ended March 31, 2020 Level 1 Level 2 Level 3 Equity method investments: OPGC 3/31/2020 $ 195 $ — $ — $ 152 $ 43 _____________________________ (1) Represents the carrying values at the dates of measurement, before fair value adjustment and excluding $115 million of cumulative translation adjustment balance. |
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 the periods indicated, but for which fair value is disclosed: March 31, 2021 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 100 $ 187 $ — $ — $ 187 Liabilities: Non-recourse debt 16,429 17,783 4 14,790 2,989 Recourse debt 3,365 3,438 — 3,438 — December 31, 2020 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 97 $ 197 $ — $ — $ 197 Liabilities: Non-recourse debt 16,354 18,403 5 15,301 3,097 Recourse debt 3,446 3,677 — 3,677 — _____________________________ (1) These amounts primarily relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and amounts impacted by the Stabilization Fund enacted by the Chilean government, 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 $3 million and $4 million as of March 31, 2021 and December 31, 2020, respectively. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate And Cross Currency Derivatives By Type Table | The following tables present the Company’s maximum notional (in millions) over the remaining contractual period by type of derivative as of March 31, 2021, regardless of whether they are in qualifying cash flow hedging relationships, and the dates through which the maturities for each type of derivative range: Interest Rate and Foreign Currency Derivatives Maximum Notional Translated to USD Latest Maturity Interest rate (LIBOR and EURIBOR) $ 5,110 2059 Cross-currency swaps (Chilean Unidad de Fomento and Brazilian Real) 260 2028 Foreign Currency: Argentine peso 5 2026 Chilean peso 41 2023 Colombian peso 137 2023 Euro 112 2023 Mexican Peso 89 2021 Brazilian Real 65 2022 Others, primarily with weighted average remaining maturities of a year or less 3 2022 Commodity Derivatives Maximum Notional Latest Maturity Natural Gas (in MMBtu) 104 2029 Power (in MWhs) 7 2043 Coal (in Tons or Metric Tons) 8 2027 |
Derivative Assets Liabilities At Fair Value Net By Balance Sheet Classification And Type Table | The following tables present the fair value of assets and liabilities related to the Company’s derivative instruments as of the periods indicated (in millions): Fair Value March 31, 2021 December 31, 2020 Assets Designated Not Designated Total Designated Not Designated Total Interest rate derivatives $ 86 $ 2 $ 88 $ 13 $ — $ 13 Cross-currency derivatives 12 — 12 5 — 5 Foreign currency derivatives 29 90 119 40 121 161 Commodity derivatives 2 27 29 2 8 10 Total assets $ 129 $ 119 $ 248 $ 60 $ 129 $ 189 Liabilities Interest rate derivatives $ 332 $ 8 $ 340 $ 506 $ 104 $ 610 Cross-currency derivatives 10 — 10 4 — 4 Foreign currency derivatives 4 19 23 8 35 43 Commodity derivatives — 82 82 — 22 22 Total liabilities $ 346 $ 109 $ 455 $ 518 $ 161 $ 679 March 31, 2021 December 31, 2020 Fair Value Assets Liabilities Assets Liabilities Current $ 72 $ 166 $ 51 $ 236 Noncurrent 176 289 138 443 Total $ 248 $ 455 $ 189 $ 679 |
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, 2021 2020 Cash flow hedges Gains (losses) recognized in AOCL Interest rate derivatives $ 309 $ (530) Cross-currency derivatives 2 (39) Foreign currency derivatives (1) (12) Total $ 310 $ (581) Losses reclassified from AOCL into earnings Interest rate derivatives $ (24) $ (15) Cross-currency derivatives (1) (17) Foreign currency derivatives (3) (8) Commodity derivatives (2) — Total $ (30) $ (40) Loss reclassified from AOCL to earnings due to impairment of assets $ (4) $ — Gains (losses) recognized in earnings related to Not designated as hedging instruments: Interest rate derivatives $ 60 $ — Foreign currency derivatives (11) 40 Commodity derivatives and other (93) 6 Total $ (44) $ 46 |
Financing Receivables (Tables)
Financing Receivables (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Financing Receivables Table | The following table presents financing receivables by country as of the dates indicated (in millions): March 31, 2021 December 31, 2020 Gross Receivable Allowance Net Receivable Gross Receivable Allowance Net Receivable Argentina $ 46 $ 8 $ 38 $ 48 $ 9 $ 39 Chile 38 — 38 31 — 31 Other 27 — 27 31 — 31 Total $ 111 $ 8 $ 103 $ 110 $ 9 $ 101 |
Investments In and Advances To
Investments In and Advances To Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, Three Months Ended March 31, 2021 2020 Revenue $ 506 $ 370 Operating margin (loss) 32 55 Net loss (17) (11) |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Non-recourse debt [Table Text Block] | During the three months ended March 31, 2021, the Company’s subsidiaries had the following significant debt transactions: Subsidiary Transaction Period Issuances AES Brasil Q1 140 |
Debt In Default | — The following table summarizes the Company’s subsidiary non-recourse debt in default (in millions) as of March 31, 2021. Due to the defaults, these amounts are included in the current portion of non-recourse debt: Subsidiary Primary Nature of Default Debt in Default Net Assets AES Puerto Rico Covenant $ 238 $ (207) AES Ilumina (Puerto Rico) Covenant 31 24 AES Jordan Solar Covenant 7 4 Total $ 276 |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021. Amounts presented in the following table represent the Parent Company’s current undiscounted exposure to guarantees and the range of maximum undiscounted potential exposure. The maximum exposure is not reduced by the amounts, if any, that could be recovered under the recourse or collateralization provisions in the guarantees. Contingent Contractual Obligations Amount (in millions) Number of Agreements Maximum Exposure Range for Each Agreement (in millions) Guarantees and commitments $ 1,776 73 $0 — 400 Letters of credit under the unsecured credit facilities 114 22 $0 — 56 Letters of credit under the revolving credit facility 84 23 $0 — 62 Surety bond 1 1 $1 Total $ 1,975 119 |
Leases (Tables)
Leases (Tables) | 3 Months Ended | |
Mar. 31, 2021 | ||
Leases [Abstract] | ||
Operating Lease, Lease Income [Table Text Block] | The following table presents lease revenue from operating leases in which the Company is the lessor for the periods indicated (in millions): Three Months Ended March 31, Operating Lease Income 2021 2020 Total Lease Revenue $ 143 $ 135 Less: Variable Lease Revenue 14 11 Total Non-Variable Lease Revenue $ 129 $ 124 | |
Sales-type Lease, Lease Income [Table Text Block] | The following table shows the future lease receipts as of March 31, 2021 for the remainder of 2021 through 2025 and thereafter (in millions): Future Cash Receipts for Sales-Type Leases (1) Operating Leases 2021 $ 15 $ 361 2022 20 467 2023 20 404 2024 20 404 2025 20 405 Thereafter 309 1,032 Total $ 404 $ 3,073 Less: Imputed interest (184) Present value of total lease receipts $ 220 _______________________________ (1) The sales-type lease receivable balance is primarily related to AES Energy Storage Alamitos project that commenced in January 2021. | [1] |
Property, Plant, and Equipment, Lessor Asset under Operating Lease | The following table presents the underlying gross assets and accumulated depreciation of operating leases included in Property, Plant and Equipment for the periods indicated (in millions): Property, Plant and Equipment March 31, 2021 December 31, 2020 Gross Assets $ 2,588 $ 3,103 Accumulated Depreciation (773) (1,011) Net Assets (1) $ 1,815 $ 2,092 _______________________________ (1) The decrease in net assets is primarily related to the asset impairment at Puerto Rico. See Note 15— Asset Impairment Expense for further information. | [2] |
[1] | The sales-type lease receivable balance is primarily related to AES Energy Storage Alamitos project that commenced in January 2021. | |
[2] | The decrease in net assets is primarily related to the asset impairment at Puerto Rico. See Note 15— Asset Impairment Expense for further information. |
Redeemable Stocks of Subsidia_2
Redeemable Stocks of Subsidiaries (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 December 31, 2020 IPALCO common stock $ 618 $ 618 Colon quotas (1) 180 194 AES Clean Energy Development common stock 175 — AES Indiana preferred stock 60 60 Total redeemable stock of subsidiaries $ 1,033 $ 872 _____________________________ (1) Characteristics of quotas are similar to common stock. |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 (in millions): Foreign currency translation adjustment, net Unrealized derivative gains (losses), net Unfunded pension obligations, net Total Balance at the beginning of the period $ (1,644) $ (699) $ (54) $ (2,397) Other comprehensive income (loss) before reclassifications (53) 202 — 149 Amount reclassified to earnings — 17 — 17 Other comprehensive income (loss) (53) 219 — 166 Reclassification from NCI due to share repurchases (5) — (1) (6) Balance at the end of the period $ (1,702) $ (480) $ (55) $ (2,237) |
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, 2021 2020 Derivative gains (losses), net Non-regulated cost of sales (1) (1) Interest expense (16) (16) Asset impairment expense (4) — Foreign currency transaction gains (losses) (3) (23) Income (loss) from continuing operations before taxes and equity in earnings of affiliates (24) (40) Income tax benefit (expense) 7 8 Net equity in earnings (losses) of affiliates (6) — Income (loss) from continuing operations (23) (32) Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries 6 6 Net income (loss) attributable to The AES Corporation $ (17) $ (26) Total reclassifications for the period, net of income tax and noncontrolling interests $ (17) $ (26) |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 2021 2020 US and Utilities SBU $ 949 $ 971 South America SBU 884 712 MCAC SBU 535 432 Eurasia SBU 270 225 Corporate and Other 24 28 Eliminations (27) (30) Total Revenue $ 2,635 $ 2,338 Three Months Ended March 31, Total Adjusted PTC 2021 2020 Income from continuing operations before taxes and equity in earnings of affiliates $ 9 $ 320 Add: Net equity in earnings (losses) of affiliates (30) (2) Less: Income from continuing operations before taxes, attributable to noncontrolling interests (163) (119) Pre-tax contribution (184) 199 Unrealized derivative and equity securities losses (gains) 69 (16) Unrealized foreign currency losses (gains) 6 9 Disposition/acquisition losses (gains) (15) 1 Impairment losses 475 53 Loss on extinguishment of debt 6 4 Net gains from early contract terminations at Angamos (110) — Total Adjusted PTC $ 247 $ 250 Three Months Ended March 31, Total Adjusted PTC 2021 2020 US and Utilities SBU $ 44 $ 71 South America SBU 88 119 MCAC SBU 61 78 Eurasia SBU 51 44 Corporate and Other (7) (58) Eliminations 10 (4) Total Adjusted PTC $ 247 $ 250 Total Assets March 31, 2021 December 31, 2020 US and Utilities SBU $ 14,483 $ 14,464 South America SBU 11,343 11,329 MCAC SBU 4,934 4,847 Eurasia SBU 3,603 3,621 Corporate and Other 840 342 Total Assets $ 35,203 $ 34,603 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 US and Utilities SBU South America SBU MCAC SBU Eurasia SBU Corporate, Other and Eliminations Total Regulated Revenue Revenue from contracts with customers $ 698 $ — $ — $ — $ — $ 698 Other regulated revenue 9 — — — — 9 Total regulated revenue 707 — — — — 707 Non-Regulated Revenue Revenue from contracts with customers 224 883 510 209 (3) 1,823 Other non-regulated revenue (1) 18 1 25 61 — 105 Total non-regulated revenue 242 884 535 270 (3) 1,928 Total revenue $ 949 $ 884 $ 535 $ 270 $ (3) $ 2,635 Three Months Ended March 31, 2020 US and Utilities SBU South America SBU MCAC SBU Eurasia SBU Corporate, Other and Eliminations Total Regulated Revenue Revenue from contracts with customers $ 703 $ — $ — $ — $ — $ 703 Other regulated revenue 9 — — — — 9 Total regulated revenue 712 — — — — 712 Non-Regulated Revenue Revenue from contracts with customers 163 711 408 171 (2) 1,451 Other non-regulated revenue (1) 96 1 24 54 — 175 Total non-regulated revenue 259 712 432 225 (2) 1,626 Total revenue $ 971 $ 712 $ 432 $ 225 $ (2) $ 2,338 |
Other Income and Expense (Table
Other Income and Expense (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of other Income and other expense [Table Text Block] | The components are summarized as follows (in millions): Three Months Ended March 31, 2021 2020 Other Income Gain on remeasurement to acquisition-date fair value (1) $ 36 $ — Gain on sale of assets (2) — 43 Other 7 2 Total other income $ 43 $ 45 Other Expense Loss on commencement of sales-type leases (3) $ 13 $ — Loss on sale and disposal of assets 3 1 Other — 3 Total other expense $ 16 $ 4 |
Asset Impairment Expense (Table
Asset Impairment Expense (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset [Table Text Block] | The following table presents our asset impairment expense for the periods indicated (in millions): Three Months Ended March 31, 2021 2020 Puerto Rico $ 475 $ — Other (2) 6 Total $ 473 $ 6 |
Held-for-Sale and Disposition_2
Held-for-Sale and Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | Excluding any impairment charges, pre-tax income attributable to AES of businesses held-for-sale was as follows: Three Months Ended March 31, (in millions) 2021 2020 Mong Duong 15 15 Itabo 6 11 Jordan 5 5 Estrella Del Mar I — 3 Total $ 26 $ 34 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 and 2020, where income represents the numerator and weighted average shares represent the denominator. Three Months Ended March 31, 2021 2020 (in millions, except per share data) Loss Shares $ per Share Income Shares $ per Share BASIC EARNINGS (LOSS) PER SHARE Income (loss) from continuing operations attributable to The AES Corporation common stockholders $ (148) 666 $ (0.22) $ 144 664 $ 0.22 EFFECT OF DILUTIVE SECURITIES Stock options — — — — 1 — Restricted stock units — — — — 3 — DILUTED EARNINGS (LOSS) PER SHARE $ (148) 666 $ (0.22) $ 144 668 $ 0.22 |
Financial Statement Presentat_5
Financial Statement Presentation New Accounting Pronouncement Adopted (Details) - USD ($) | 3 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Jan. 01, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 1,886,000,000 | $ 1,089,000,000 | ||||
Restricted Cash and Cash Equivalents, Current | 325,000,000 | 297,000,000 | ||||
Debt service reserves and other deposits | 395,000,000 | 441,000,000 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 2,606,000,000 | $ 2,210,000,000 | 1,827,000,000 | $ 1,572,000,000 | ||
Accounts Receivable, Allowance for Credit Loss, Current | 11,000,000 | 13,000,000 | ||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (3,000,000) | (1,000,000) | ||||
Financing Receivable, Allowance for Credit Loss | 8,000,000 | $ 9,000,000 | ||||
Accounts and Financing Receivable, Allowance for Credit Loss | 59,000,000 | 68,000,000 | $ 62,000,000 | $ 68,000,000 | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 1,000,000 | 3,000,000 | ||||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (1,000,000) | (2,000,000) | ||||
Allowance for Doubtful Accounts, Premiums and Other Receivables | 5,000,000 | 15,000,000 | ||||
Accounts Receivable [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Accounts Receivable, Allowance for Credit Loss, Current | 6,000,000 | 5,000,000 | 9,000,000 | 4,000,000 | ||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 0 | 2,000,000 | ||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (3,000,000) | (1,000,000) | ||||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 0 | 0 | ||||
Mong Duong Subsidiary [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 32,000,000 | |||||
Accounts and Financing Receivable, Allowance for Credit Loss | 32,000,000 | 34,000,000 | 32,000,000 | 34,000,000 | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 0 | 0 | ||||
AES Argentina [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Financing Receivable, Allowance for Credit Loss | 20,000,000 | 28,000,000 | 20,000,000 | 29,000,000 | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 1,000,000 | 1,000,000 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (1,000,000) | (2,000,000) | ||||
Other Entity [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 0 | 0 | ||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | ||||
Accounts Receivable, Allowance for Credit Loss, Noncurrent | 1,000,000 | 1,000,000 | $ 1,000,000 | $ 1,000,000 | ||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | $ 0 | $ 0 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Fuel and other raw materials | $ 214 | $ 223 |
Spare parts and supplies | 232 | 238 |
Total | $ 446 | $ 461 |
Fair Value (Recurring Measureme
Fair Value (Recurring Measurements) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other Asset Impairment Charges | $ 473 | $ 6 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (70) | (199) | $ (90) | $ (102) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 443 | 527 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 455 | 679 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (28) | 15 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 2 | (13) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | (35) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 19 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (37) | 5 | ||
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 | (166) | (269) | (236) | (184) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 2 | 2 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 12 | 1 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | (35) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 19 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 2 | 0 | ||
Cross 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 | (3) | (29) | (2) | (11) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (1) | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 0 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | 0 | ||
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 | 98 | 99 | 146 | 94 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (29) | 12 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (9) | (14) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 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) | (39) | 4 | ||
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 | 1 | 0 | 2 | $ (1) |
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 | (1) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | 1 | ||
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 | 29 | 28 | ||
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 | 309 | 351 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 280 | 441 | ||
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 | 105 | 148 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 175 | 238 | ||
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 | 0 | 21 | ||
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 | 0 | 21 | ||
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 | 44 | |||
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 | 29 | |||
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 | 15 | |||
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] | 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 | 151 | 259 | ||
Available-for-sale Securities [Member] | Debt Securities [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | ||
Available-for-sale Securities [Member] | Debt Securities [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 151 | 259 | ||
Available-for-sale Securities [Member] | Debt Securities [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | ||
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 | 151 | 238 | ||
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 | 151 | 238 | ||
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 | 79 | |||
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 | 28 | |||
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 | 51 | |||
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 | |||
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 | 248 | 189 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 455 | 679 | ||
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 | 340 | 610 | ||
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 | 10 | 4 | ||
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 | 23 | 43 | ||
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 | 82 | 22 | ||
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 | 143 | 41 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 280 | 441 | ||
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 | 173 | 374 | ||
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 | 2 | 2 | ||
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 | 23 | 43 | ||
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 | 82 | 22 | ||
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 | 105 | 148 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 175 | 238 | ||
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 | 167 | 236 | ||
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 | 8 | 2 | ||
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 | 88 | 13 | ||
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 | 87 | 13 | ||
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 | 0 | ||
Derivative [Member] | Cross currency derivatives [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 12 | 5 | ||
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 | 7 | 5 | ||
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 | 5 | 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 | 119 | 161 | ||
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 | 21 | 15 | ||
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 | 98 | 146 | ||
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 | 29 | 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 | 28 | 8 | ||
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 | 1 | $ 2 | ||
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) | 27 | (64) | ||
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) | 37 | (53) | ||
Other comprehensive income - Derivative activity [Member] | Cross 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) | (18) | |||
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) | (10) | 7 | ||
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 | ||
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 | 0.60% | |||
Measurement Input, Entity Credit Risk [Member] | Minimum [Member] | Cross currency derivatives [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 3.60% | |||
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 | 3.30% | |||
Measurement Input, Entity Credit Risk [Member] | Maximum [Member] | Cross currency derivatives [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 3.60% | |||
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 | 3.30% | |||
Measurement Input, Entity Credit Risk [Member] | Weighted Average [Member] | Cross currency derivatives [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 3.60% |
Fair Value Investment in Market
Fair Value Investment in Marketable Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Gain Loss On Marketable Securities | ||
Gross proceeds from sales of AFS securities | $ 245 | $ 258 |
Fair Value (Level 3 Reconciliat
Fair Value (Level 3 Reconciliation) (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
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 | $ (70) | $ (199) | $ (90) | $ (102) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (28) | 15 | ||
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 | (13) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | (35) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 19 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (37) | 5 | ||
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) | 27 | (64) | ||
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 | (166) | (269) | (236) | (184) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 2 | 2 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases, Sales, Issues, Settlements [Abstract] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 12 | 1 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | (35) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 19 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 2 | 0 | ||
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) | 37 | (53) | ||
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 | 98 | 99 | 146 | 94 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (29) | 12 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases, Sales, Issues, Settlements [Abstract] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (9) | (14) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 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) | (39) | 4 | ||
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) | (10) | 7 | ||
Cross 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 | (3) | (29) | (2) | (11) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (1) | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | |||
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 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | 0 | ||
Cross 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) | (18) | |||
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 | 1 | 0 | $ 2 | $ (1) |
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 | (1) | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | 0 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | 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 | ||
Minimum [Member] | Interest Rate Contract [Member] | Measurement Input, Entity Credit Risk [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases, Sales, Issues, Settlements [Abstract] | ||||
Fair Value Measurement Inputs, Nonrecurring | 0.60% | |||
Minimum [Member] | Cross currency derivatives [Member] | Measurement Input, Entity Credit Risk [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases, Sales, Issues, Settlements [Abstract] | ||||
Fair Value Measurement Inputs, Nonrecurring | 3.60% | |||
Minimum [Member] | Foreign Exchange | Argentina, Pesos | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Derivative, Forward Exchange Rate | 93 | |||
Maximum [Member] | Interest Rate Contract [Member] | Measurement Input, Entity Credit Risk [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases, Sales, Issues, Settlements [Abstract] | ||||
Fair Value Measurement Inputs, Nonrecurring | 3.30% | |||
Maximum [Member] | Cross currency derivatives [Member] | Measurement Input, Entity Credit Risk [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases, Sales, Issues, Settlements [Abstract] | ||||
Fair Value Measurement Inputs, Nonrecurring | 3.60% | |||
Maximum [Member] | Foreign Exchange | Argentina, Pesos | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Derivative, Forward Exchange Rate | 640 | |||
Weighted Average [Member] | Interest Rate Contract [Member] | Measurement Input, Entity Credit Risk [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases, Sales, Issues, Settlements [Abstract] | ||||
Fair Value Measurement Inputs, Nonrecurring | 3.30% | |||
Weighted Average [Member] | Cross currency derivatives [Member] | Measurement Input, Entity Credit Risk [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Purchases, Sales, Issues, Settlements [Abstract] | ||||
Fair Value Measurement Inputs, Nonrecurring | 3.60% | |||
Weighted Average [Member] | Foreign Exchange | Argentina, Pesos | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Derivative, Forward Exchange Rate | 286 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ (70) | $ (90) | $ (199) | $ (102) |
Interest Rate Contract [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (166) | (236) | (269) | (184) |
Foreign Exchange Contract [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 98 | 146 | 99 | 94 |
Cross currency derivatives [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (3) | (2) | (29) | (11) |
Commodity Contract [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 1 | $ 2 | $ 0 | $ (1) |
Measurement Input, Entity Credit Risk [Member] | Interest Rate Contract [Member] | Minimum [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 0.60% | |||
Measurement Input, Entity Credit Risk [Member] | Interest Rate Contract [Member] | Maximum [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 3.30% | |||
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 | 3.30% | |||
Measurement Input, Entity Credit Risk [Member] | Cross currency derivatives [Member] | Minimum [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 3.60% | |||
Measurement Input, Entity Credit Risk [Member] | Cross currency derivatives [Member] | Maximum [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 3.60% | |||
Measurement Input, Entity Credit Risk [Member] | Cross currency derivatives [Member] | Weighted Average [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 3.60% |
Fair Value (Nonrecurring Measur
Fair Value (Nonrecurring Measurements) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Asset Impairment Charges | $ 473 | $ 6 | |
AES Puerto Rico | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Carrying Amount Disclosure Nonrecurring | 73 | ||
Long Lived Assets Held And Used [Member] | OPGC [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Asset Impairment Charges | 43 | ||
Long Lived Assets Held And Used [Member] | AES Puerto Rico | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Asset Impairment Charges | 475 | ||
Long Lived Assets Held And Used [Member] | Fair Value [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Carrying Amount Disclosure Nonrecurring | 73 | ||
Long Lived Assets Held And Used [Member] | Fair Value [Member] | OPGC [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Carrying Amount Disclosure Nonrecurring | 195 | ||
Cumulative Translation Adjustment, Net of Tax, Period Increase (Decrease) | $ 115 | ||
Long Lived Assets Held And Used [Member] | Fair Value [Member] | OPGC [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Carrying Amount Disclosure Nonrecurring | 0 | ||
Long Lived Assets Held And Used [Member] | Fair Value [Member] | OPGC [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Carrying Amount Disclosure Nonrecurring | 0 | ||
Long Lived Assets Held And Used [Member] | Fair Value [Member] | OPGC [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Carrying Amount Disclosure Nonrecurring | $ 152 | ||
Long Lived Assets Held And Used [Member] | Fair Value [Member] | AES Puerto Rico | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Carrying Amount Disclosure Nonrecurring | 548 | ||
Long Lived Assets Held And Used [Member] | Fair Value [Member] | AES Puerto Rico | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Carrying Amount Disclosure Nonrecurring | 0 | ||
Long Lived Assets Held And Used [Member] | Fair Value [Member] | AES Puerto Rico | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Carrying Amount Disclosure Nonrecurring | 0 | ||
Long Lived Assets Held And Used [Member] | Fair Value [Member] | AES Puerto Rico | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Carrying Amount Disclosure Nonrecurring | $ 73 | ||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Maximum [Member] | AES Puerto Rico | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | 8.00% | ||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Minimum [Member] | AES Puerto Rico | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | (80.00%) | ||
Measurement Input, Discount Rate [Member] | Valuation, Income Approach [Member] | Weighted Average [Member] | AES Puerto Rico | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | 18.20% | ||
Measurement Input, Variable Margin | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Maximum [Member] | AES Puerto Rico | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | 97.00% | ||
Measurement Input, Variable Margin | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Minimum [Member] | AES Puerto Rico | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Measurement Inputs, Nonrecurring | 37.00% | ||
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 | 3.30% | ||
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 | 3.30% | ||
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 | 0.60% | ||
Cross currency derivatives [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 | 3.60% | ||
Cross currency derivatives [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 | 3.60% | ||
Cross currency derivatives [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 | 3.60% | ||
Foreign Exchange | Weighted Average [Member] | Argentina, Pesos | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Forward Exchange Rate | 286 | ||
Foreign Exchange | Maximum [Member] | Argentina, Pesos | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Forward Exchange Rate | 640 | ||
Foreign Exchange | Minimum [Member] | Argentina, Pesos | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Forward Exchange Rate | 93 |
Fair Value (Instruments Not Mea
Fair Value (Instruments Not Measured at Fair Value) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | |
Carrying Amount [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Accounts receivable - noncurrent | [1] | $ 100 | $ 97 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Non-recourse debt | 16,429 | 16,354 | |
Recourse debt | 3,365 | 3,446 | |
Fair Value [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Value added tax | 3 | 4 | |
Accounts receivable - noncurrent | [1] | 187 | 197 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Non-recourse debt | 17,783 | 18,403 | |
Recourse debt | 3,438 | 3,677 | |
Level 1 [Member] | Fair Value [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Accounts receivable - noncurrent | 0 | 0 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Non-recourse debt | 4 | 5 | |
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 | 14,790 | 15,301 | |
Recourse debt | 3,438 | 3,677 | |
Level 3 [Member] | Fair Value [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Accounts receivable - noncurrent | [1] | 187 | 197 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Non-recourse debt | 2,989 | 3,097 | |
Recourse debt | $ 0 | $ 0 | |
[1] | These amounts primarily relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and amounts impacted by the Stabilization Fund enacted by the Chilean government, 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 $3 million and $4 million as of March 31, 2021 and December 31, 2020, respectively. |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Part 1 (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Foreign Exchange Contract [Member] | |||
Derivative Tables [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | $ (23,000,000) | $ (43,000,000) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (39,000,000) | $ 4,000,000 | |
Interest Rate Contract [Member] | |||
Derivative Tables [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | (340,000,000) | (610,000,000) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 2,000,000 | 0 | |
Interest Rate Contract [Member] | Libor and Euribor [Member] | |||
Derivative Tables [Line Items] | |||
Derivatives, notional amount | 5,110,000,000 | ||
Cross currency derivatives [Member] | |||
Derivative Tables [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | (10,000,000) | (4,000,000) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | 0 | |
Commodity Contract [Member] | |||
Derivative Tables [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | (82,000,000) | (22,000,000) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | 1,000,000 | |
Derivative Liability, Fair Value, Gross Liability | (455,000,000) | $ (679,000,000) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (37,000,000) | $ 5,000,000 | |
Natural Gas and Natural Gas Liquids [Member] | |||
Derivative Tables [Line Items] | |||
Commodity Contract Asset, Current | 104,000,000 | ||
Energy [Domain] | |||
Derivative Tables [Line Items] | |||
Commodity Contract Asset, Current | 7,000,000 | ||
Coal [Member] | |||
Derivative Tables [Line Items] | |||
Commodity Contract Asset, Current | 8,000,000 | ||
Unidad de Fomento (funds code) | Cross currency derivatives [Member] | |||
Derivative Tables [Line Items] | |||
Derivatives, notional amount | 260,000,000 | ||
Argentina, Pesos | Foreign Exchange Contract [Member] | |||
Derivative Tables [Line Items] | |||
Derivatives, notional amount | 5,000,000 | ||
Chile, Pesos | Foreign Exchange Contract [Member] | |||
Derivative Tables [Line Items] | |||
Derivatives, notional amount | 41,000,000 | ||
Colombia, Pesos | Foreign Exchange Contract [Member] | |||
Derivative Tables [Line Items] | |||
Derivatives, notional amount | 137,000,000 | ||
Mexico, Pesos | Foreign Exchange Contract [Member] | |||
Derivative Tables [Line Items] | |||
Derivatives, notional amount | 112,000,000 | ||
Euro Member Countries, Euro | Foreign Exchange Contract [Member] | |||
Derivative Tables [Line Items] | |||
Derivatives, notional amount | 89,000,000 | ||
Other unspecified currency [Domain] | Foreign Exchange Contract [Member] | |||
Derivative Tables [Line Items] | |||
Derivatives, notional amount | $ 3,000,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Part 2 (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Liabilities | ||
Derivative Liabilities, Gross | $ 455 | $ 679 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 248 | 189 |
Other Current Assets [Member] | ||
Derivatives Fair Value Table [Line Items] | ||
Derivative Asset, Current | 72 | 51 |
Other Current Liabilities [Member] | ||
Derivatives Fair Value Table [Line Items] | ||
Derivative Liability, Current | 166 | 236 |
Other Noncurrent Assets [Member] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Asset, Noncurrent | 176 | 138 |
Other Noncurrent Liabilities [Member] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Liability, Noncurrent | 289 | 443 |
Designated as Hedging Instruments [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 346 | 518 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 129 | 60 |
Not Designated as Hedging Instruments [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 109 | 161 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 119 | 129 |
Interest Rate Contract [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 340 | 610 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 88 | 13 |
Interest Rate Contract [Member] | Designated as Hedging Instruments [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 332 | 506 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 86 | 13 |
Interest Rate Contract [Member] | Not Designated as Hedging Instruments [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 8 | 104 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 2 | 0 |
Cross currency derivatives [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 10 | 4 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 12 | 5 |
Cross currency derivatives [Member] | Designated as Hedging Instruments [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 10 | 4 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 12 | 5 |
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 | 23 | 43 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 119 | 161 |
Foreign Exchange Contract [Member] | Designated as Hedging Instruments [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 4 | 8 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 29 | 40 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instruments [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 19 | 35 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 90 | 121 |
Commodity Contract [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 82 | 22 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | 29 | 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 | 2 | 2 |
Commodity Contract [Member] | Not Designated as Hedging Instruments [Member] | ||
Liabilities | ||
Derivative Liabilities, Gross | 82 | 22 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross | $ 27 | $ 8 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Part 3 (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flow Hedging [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (30) | $ (40) |
Gain Loss By Type Of Derivative Tables | ||
Gain (Losses) Recognized in AOCL | 310 | (581) |
Cash Flow Hedging [Member] | Commodity Contract [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2) | 0 |
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 | (3) | (8) |
Gain Loss By Type Of Derivative Tables | ||
Gain (Losses) Recognized in AOCL | (1) | (12) |
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 | (1) | (17) |
Gain Loss By Type Of Derivative Tables | ||
Gain (Losses) Recognized in AOCL | 2 | (39) |
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 | (85) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (24) | (15) |
Gain Loss By Type Of Derivative Tables | ||
Gain (Losses) Recognized in AOCL | 309 | (530) |
Loss on Cash Flow Hedges due to impairment of assets | (4) | 0 |
Not Designated as Hedging Instrument [Member] | ||
Gain Loss By Type Of Derivative Tables | ||
Gains (Losses) Recognized in Earnings (not designated as hedging instruments) | (44) | 46 |
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) | (93) | 6 |
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) | (11) | 40 |
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) | $ 60 | $ 0 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities Credit Risk-Related Contingent Features (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative, Net Liability Position, Aggregate Fair Value | $ 455 | $ 679 |
Financing Receivables (Details)
Financing Receivables (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable Recorded Investment [Line Items] | ||
Financing receivable | $ 103 | $ 101 |
Financing Receivable, before Allowance for Credit Loss | 111 | 110 |
Financing Receivable, Allowance for Credit Loss | 8 | 9 |
Argentina [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing receivable | 38 | 39 |
Financing Receivable, before Allowance for Credit Loss | 46 | 48 |
Financing Receivable, Allowance for Credit Loss | 8 | 9 |
Chile [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing receivable | 38 | 31 |
Financing Receivable, before Allowance for Credit Loss | 38 | 31 |
Financing Receivable, Allowance for Credit Loss | 0 | 0 |
Other Entity [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing receivable | 27 | 31 |
Financing Receivable, before Allowance for Credit Loss | 27 | 31 |
Financing Receivable, Allowance for Credit Loss | 0 | $ 0 |
AES Gener | ||
Financing Receivable Recorded Investment [Line Items] | ||
Proceeds from Sale and Collection of Receivables | $ 55 |
Investments In and Advances T_2
Investments In and Advances To Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2020 | |
Investments in and Advances to Affiliates [Line Items] | |||
Revenue | $ 2,635 | $ 2,338 | |
Operating margin (loss) | 664 | 507 | |
Gain (Loss) on Disposition of Business | $ (5) | 0 | |
Equity Method Investment, Ownership Percentage | 10.00% | ||
Income (Loss) from Equity Method Investments | $ (30) | (2) | |
Business Acquisition, Percentage of Voting Interests Acquired | 75.00% | ||
Minority Owned Affiliates [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Revenue | $ 506 | 370 | |
Operating margin (loss) | 32 | 55 | |
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | (17) | (11) | |
OPGC [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Equity Method Investments, Fair Value Disclosure | 152 | ||
Equity Method Investment OTTI | 43 | ||
sPower [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Business Combination, Consideration Transferred | $ 77 | ||
Guacolda [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Equity Method Investment, Purchase Price Agreement | $ 34 | ||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Equity Method Investment Long Lived Asset Impairment | $ 127 | ||
Unrecognized Equity Method Loss | $ 95 |
Debt - Recourse Debt (Details)
Debt - Recourse Debt (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | |||
Borrowings under the revolving credit facilities | $ 792 | $ 1,194 | |
Corporate and Other [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings under the revolving credit facilities | 840 | ||
Corporate and Other [Member] | Liquidity [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings under the revolving credit facilities | 250 | ||
Repayments of Debt | $ 250 | ||
Corporate and Other [Member] | Other General [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings under the revolving credit facilities | $ 590 |
Debt - Non-Recourse Debt Narrat
Debt - Non-Recourse Debt Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | ||
Proceeds From Issuance Of Nonrecourse Debt | $ 307 | $ 406 |
Loss on extinguishment of debt | (1) | $ (1) |
AES Brasil [Domain] | Nonrecourse Debt [Member] | ||
Debt Instrument [Line Items] | ||
Proceeds From Issuance Of Nonrecourse Debt | $ 140 |
Debt - Subsidiary Non-recourse
Debt - Subsidiary Non-recourse Debt in Default or Accelerated (Details) $ in Millions | Mar. 31, 2021USD ($) | |
Nonrecourse Debt Default [Line Items] | ||
Debt Default Amount | $ 276 | |
Materiality threshold for cash distribution from business to Parent | 20.00% | |
Debt defaults at risk of causing cross default | 0 | |
Covenant Violation [Member] | AES Puerto Rico | ||
Nonrecourse Debt Default [Line Items] | ||
Debt Default Amount | $ 238 | |
Net Assets | (207) | |
Covenant Violation [Member] | AES llumina [Member] | ||
Nonrecourse Debt Default [Line Items] | ||
Debt Default Amount | 31 | |
Net Assets | (24) | |
Covenant Violation [Member] | JORDAN | ||
Nonrecourse Debt Default [Line Items] | ||
Debt Default Amount | 7 | [1] |
Net Assets | $ (4) | [1] |
[1] | Subsidiary Primary Nature of Default Debt in Default Net Assets AES Puerto Rico Covenant $ 238 $ (207) AES Ilumina (Puerto Rico) Covenant 31 24 AES Jordan Solar Covenant 7 4 Total $ 276 |
Contingencies and Commitments_2
Contingencies and Commitments (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($)agreement | |
Schedule Of Contingent Contractual Obligations [Line Items] | |
The range of expiration dates of guarantees made by the Parent Company | less than one year to no more than 15 years |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,975 |
Number of Agreements | agreement | 119 |
Obligations Number Of Agreements | agreement | 119 |
Guarantee Obligations [Member] | |
Schedule Of Contingent Contractual Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,776 |
Number of Agreements | 73 |
Obligations Number Of Agreements | 73 |
Financial Standby Letter of Credit [Member] | Unsecured Debt [Member] | |
Schedule Of Contingent Contractual Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 114 |
Number of Agreements | 22 |
Obligations Number Of Agreements | 22 |
Financial Standby Letter of Credit [Member] | Secured Debt [Member] | |
Schedule Of Contingent Contractual Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 84 |
Number of Agreements | 23 |
Obligations Number Of Agreements | 23 |
Surety Bond | |
Schedule Of Contingent Contractual Obligations [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1 |
Number of Agreements | 1 |
Obligations Number Of Agreements | 1 |
Minimum [Member] | Guarantee Obligations [Member] | |
Schedule Of Contingent Contractual Obligations [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 0 |
Minimum [Member] | Financial Standby Letter of Credit [Member] | Unsecured Debt [Member] | |
Schedule Of Contingent Contractual Obligations [Line Items] | |
Loss Contingency, Estimate of Possible Loss | 0 |
Minimum [Member] | Financial Standby Letter of Credit [Member] | Secured Debt [Member] | |
Schedule Of Contingent Contractual Obligations [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 0 |
Minimum [Member] | Standby Letters of Credit [Member] | |
Schedule Of Contingent Contractual Obligations [Line Items] | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.00% |
Letter of credit fee percentage paid | 1.00% |
Maximum [Member] | Guarantee Obligations [Member] | |
Schedule Of Contingent Contractual Obligations [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 400 |
Maximum [Member] | Financial Standby Letter of Credit [Member] | Unsecured Debt [Member] | |
Schedule Of Contingent Contractual Obligations [Line Items] | |
Loss Contingency, Estimate of Possible Loss | 56 |
Maximum [Member] | Financial Standby Letter of Credit [Member] | Secured Debt [Member] | |
Schedule Of Contingent Contractual Obligations [Line Items] | |
Loss Contingency, Estimate of Possible Loss | 62 |
Maximum [Member] | Surety Bond | |
Schedule Of Contingent Contractual Obligations [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 1 |
Maximum [Member] | Standby Letters of Credit [Member] | |
Schedule Of Contingent Contractual Obligations [Line Items] | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 3.00% |
Letter of credit fee percentage paid | 3.00% |
Contingencies and Commitments -
Contingencies and Commitments - Loss Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Environmental Contingencies | ||
Liability recorded for projected environmental remediation costs | $ 5 | $ 5 |
AES Tiete [Domain] | ||
Litigation Contingencies | ||
Reversal of Cost of Goods | 6 | 184 |
AES Tiete [Domain] | Compensation from Concession Agreement | ||
Litigation Contingencies | ||
Other Intangible Assets, Net | $ 190 | 184 |
AES Tiete [Domain] | Compensation from Concession Agreement | ||
Litigation Contingencies | ||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 2 years 8 months 12 days | |
Litigation [Member] | ||
Litigation Contingencies | ||
Aggregate reserves for claims deemed both probable and reasonably estimable | $ 27 | $ 28 |
Maximum [Member] | Litigation [Member] | ||
Environmental Contingencies | ||
Loss Contingency, Estimate of Possible Loss | 940 | |
Maximum [Member] | Environmental Issue | ||
Environmental Contingencies | ||
Loss Contingency, Estimate of Possible Loss | 11 | |
Minimum [Member] | Litigation [Member] | ||
Environmental Contingencies | ||
Loss Contingency, Estimate of Possible Loss | $ 253 |
Leases Lessor (Details)
Leases Lessor (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Lessor Disclosure [Abstract] | ||||
Operating Lease, Lease Income | $ 143 | $ 135 | ||
Variable Lease, Income | 14 | 11 | ||
Lease Income | 129 | 124 | ||
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract] | ||||
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, after Year Five | 309 | |||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | 404 | |||
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Five | 20 | |||
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Four | 20 | |||
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Three | 20 | |||
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Two | 20 | |||
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year One | 15 | |||
Sales-type and Direct Financing Leases, Lease Receivables, Gross Difference, Amount [Abstract] | ||||
Sales-type and Direct Financing Leases, Lease Receivable | 220 | |||
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | (184) | |||
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | ||||
Lessor, Operating Lease, Payment to be Received, Year One | 361 | |||
Lessor, Operating Lease, Payment to be Received, Year Two | 467 | |||
Lessor, Operating Lease, Payment to be Received, Year Three | 404 | |||
Lessor, Operating Lease, Payment to be Received, Year Four | 404 | |||
Lessor, Operating Lease, Payment to be Received, Year Five | 405 | |||
Lessor, Operating Lease, Payment to be Received, after Year Five | 1,032 | |||
Lessor, Operating Lease, Payments to be Received | 3,073 | |||
Operating Lease, Risk Strategy, Residual Asset | 8,342 | $ 8,472 | ||
Sales-type and Direct Financing Leases, Profit (Loss) | 13 | [1] | $ 0 | |
Sales-type Lease, Interest Income | 4 | |||
Property, Plant and Equipment [Member] | ||||
Lessor Disclosure [Abstract] | ||||
Operating Lease, Right-of-Use Asset | 2,588 | 3,103 | ||
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | ||||
Operating Lease, Right-of-Use Asset | 2,588 | 3,103 | ||
Accumulated Amortization on PP&E | ||||
Lessor Disclosure [Abstract] | ||||
Operating Lease, Right-of-Use Asset | 773 | 1,011 | ||
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | ||||
Operating Lease, Right-of-Use Asset | 773 | 1,011 | ||
Assets | ||||
Lessor Disclosure [Abstract] | ||||
Operating Lease, Right-of-Use Asset | 1,815 | 2,092 | ||
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | ||||
Operating Lease, Right-of-Use Asset | 1,815 | $ 2,092 | ||
Distributed Energy [Member] | ||||
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | ||||
Sales-type and Direct Financing Leases, Profit (Loss) | $ (13) | |||
[1] | Related to a loss recognized at commencement of a sales-type lease at AES Distributed Energy. See Note 9— Leases for further information. |
Redeemable Stocks of Subsidia_3
Redeemable Stocks of Subsidiaries (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | |
Temporary Equity [Line Items] | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 1,033 | $ 872 | |
AIMco | |||
Temporary Equity [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | ||
Colon [Domain] | |||
Temporary Equity [Line Items] | |||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | [1] | $ 180 | 194 |
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 | |
Clean Energy | |||
Temporary Equity [Line Items] | |||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | $ 175 | $ 0 | |
[1] | Characteristics of quotas are similar to common stock. |
Equity Equity Transactions with
Equity Equity Transactions with Noncontrolling Interests (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Noncontrolling Interest [Line Items] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 75.00% | |
Adjustments to Additional Paid in Capital, Other | $ 4,000,000 | |
Contributions from noncontrolling interests | $ 94,000,000 | $ 0 |
Equity Method Investment, Ownership Percentage | 10.00% | |
AES Brasil [Domain] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 45.30% | |
AES Gener | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 67.10% | |
Sale of Stock, Percentage of Ownership before Transaction | 67.00% | |
AES Gener | ||
Noncontrolling Interest [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 1,980,000,000 | |
Common Stock, Shares Subscribed but Unissued | 1,350,000,000 | |
Investment Owned, at Cost | $ 205,000,000 | |
Contributions from noncontrolling interests | 94,000,000 | |
Other Noncontrolling Interests | 629,000,000 | |
AES Brasil [Domain] | ||
Noncontrolling Interest [Line Items] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent | 0.012 | |
Acquisitions of noncontrolling interests | 13,000,000 | |
Stockholders' Equity, Period Increase (Decrease) | 10,000,000 | |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ 6,000,000 | |
Equity Method Investment, Ownership Percentage | 100.00% |
Equity Accumulated Other Compre
Equity Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 166 | ||
Other Comprehensive Income (Loss), Net of Tax | 198 | $ (568) | |
Unfunded pension obligation, Net of Tax | (55) | $ (54) | |
Foreign currency translation adjustment, Net of Tax | (1,702) | (1,644) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,237) | (2,397) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 149 | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (480) | $ (699) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 17 | ||
Total foreign currency translation adjustment, net of income tax | (69) | (152) | |
Total change in derivative fair value, net of income tax | 266 | (416) | |
Total pension adjustments, net of income tax | 1 | $ 0 | |
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 | 202 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 17 | ||
Total change in derivative fair value, net of income tax | 219 | ||
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 | 0 | ||
Total pension adjustments, net of income tax | 0 | ||
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (53) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ||
Total foreign currency translation adjustment, net of income tax | (53) | ||
Gener Subsidiary [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Foreign currency translation adjustment, Net of Tax | (5) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (6) | ||
Gener Subsidiary [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 0 | ||
Gener Subsidiary [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unfunded pension obligation, Net of Tax | $ (1) |
Equity Reclassifications Out of
Equity Reclassifications Out of AOCL (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Non-regulated cost of sales | $ 1,971 | $ 1,831 |
General and Administrative Expense | (46) | (38) |
Other expense | (16) | (4) |
Interest expense | 190 | 233 |
Loss on disposal and sale of business interests | (5) | 0 |
Impairment expense | (473) | (50) |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 9 | 320 |
Income tax expense | 8 | 89 |
Income (Loss) from Equity Method Investments | (30) | (2) |
Net income (loss) | (29) | 229 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | (148) | 144 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 17 | |
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 | (17) | (26) |
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 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 cost of sales | (1) | (1) |
Interest expense | (16) | (16) |
Impairment expense | (4) | 0 |
Foreign currency transaction gains (losses) | (3) | (23) |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | (24) | (40) |
Income tax expense | 7 | 8 |
Income (Loss) from Equity Method Investments | (6) | 0 |
INCOME FROM CONTINUING OPERATIONS | (23) | (32) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassifications Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries | 6 | 6 |
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 | 17 | |
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 | (17) | $ (26) |
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 | $ 0 |
Equity Common Stock Dividends (
Equity Common Stock Dividends (Details) - $ / shares | Feb. 19, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.1505 | $ 0.1505 | $ 0.1505 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.1505 | $ 0.1505 | $ 0.1433 |
Equity Units (Details)
Equity Units (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 04, 2021 | Dec. 31, 2020 | |
Equity Units Disclosure [Line Items] | ||||
Accretion Expense | $ 5 | |||
Equity Unit, Shares Issued | 10,430,500 | |||
Preferred Stock, Shares Issued | 1,043,050 | |||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | |||
Preferred Stock, Dividend Rate, Percentage | 0.00% | |||
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share | $ 100 | |||
Forward Contract Indexed to Issuer's Equity, Interest Rate | 6.875% | |||
Forward Contract Indexed to Issuer's Equity, Shares | 57,215,465 | |||
Shares Issued, Price Per Share | $ 25.88 | |||
Forward Contract Indexed to Issuer's Equity, Maximum Settlement Rate | 3.864 | |||
Forward Contract Indexed to Equity, Settlement, Cash, Amount | $ 1,000 | |||
Forward Contract Indexed to Issuer's Equity, Present Value of Interest Payments | $ 205 | |||
Preferred Shares Deliverable Upon Early Settlement of Purchase Contracts | 85.00% | |||
Corporate Unit, Notional Value | $ 1,043 | |||
Preferred Stock, Value, Issued | $ 1,043 | $ 0 | ||
Preferred Stock, Convertible, Conversion Price | $ 31.70 | |||
Preferred Stock , Convertible, Initial Conversion Rate | $ 31.5428 | |||
Preferred Stock, Redemption Percentage | 100.00% | |||
Preferred Stock, Beneficial Ownership Interest in One Share | 10.00% | |||
Corporate Equity Unit, Stated Value per Share | $ 100 | |||
Issuance of preferred stock | $ 1,017 | $ 0 | ||
Proceeds from Equity Units, net of underwriting costs and commissions, before offering expenses | $ 1,000 |
Segments (Details)
Segments (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | |||
Total Revenue | $ 2,635 | $ 2,338 | |
Number of strategic business units | segment | 4 | ||
Number of reportable segments | segment | 4 | ||
Adjusted PTC | |||
Adjusted Pretax Contribution | $ 247 | 250 | |
Reconciliation To Income From Continuing Operations Before Taxes | |||
Unrealized derivative losses (gains) | (69) | 16 | |
Unrealized foreign currency transaction losses (gains) | (6) | (9) | |
Disposition/acquisition losses (gains) | 15 | (1) | |
Impairment losses | (475) | (53) | |
Extinguishment of debt losses (gains) | (6) | (4) | |
Gain (Loss) on Contract Termination | (110) | 0 | |
Pretax contribution | (184) | 199 | |
Net equity in losses of affiliates | (30) | (2) | |
Less: Income (loss) from continuing operations before taxes, attributable to noncontrolling interests | 163 | 119 | |
Income (loss) from continuing operations before taxes and equity in earnings of affiliates | 9 | 320 | |
Assets | |||
Total Assets | 35,203 | $ 34,603 | |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | (27) | (30) | |
Adjusted PTC | |||
Adjusted Pretax Contribution | 10 | (4) | |
US and Utilities [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 949 | 971 | |
Adjusted PTC | |||
Adjusted Pretax Contribution | 44 | 71 | |
Assets | |||
Total Assets | 14,483 | 14,464 | |
MCAC [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 535 | 432 | |
MCAC [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 535 | 432 | |
Adjusted PTC | |||
Adjusted Pretax Contribution | 61 | 78 | |
Assets | |||
Total Assets | 4,934 | 4,847 | |
EURASIA [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 270 | 225 | |
EURASIA [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 270 | 225 | |
Adjusted PTC | |||
Adjusted Pretax Contribution | 51 | 44 | |
Assets | |||
Total Assets | 3,603 | 3,621 | |
Corporate Other And Other Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | (3) | (2) | |
Corporate Other And Other Eliminations [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 24 | 28 | |
Adjusted PTC | |||
Adjusted Pretax Contribution | (7) | (58) | |
Assets | |||
Total Assets | 840 | 342 | |
South American SBU | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 884 | 712 | |
South American SBU | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Revenue | 884 | 712 | |
Adjusted PTC | |||
Adjusted Pretax Contribution | 88 | $ 119 | |
Assets | |||
Total Assets | $ 11,343 | $ 11,329 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 2,635 | $ 2,338 | |
Regulated Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Including Assessed Tax | 698 | 703 | |
Other non-606 revenue | 9 | 9 | |
Revenue | 707 | 712 | |
Non-regulated revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Including Assessed Tax | 1,823 | 1,451 | |
Other non-606 revenue | [1] | 105 | 175 |
Revenue | 1,928 | 1,626 | |
US and Utilities [Domain] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 949 | 971 | |
US and Utilities [Domain] | Regulated Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Including Assessed Tax | 698 | 703 | |
Other non-606 revenue | 9 | 9 | |
Revenue | 707 | 712 | |
US and Utilities [Domain] | Non-regulated revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Including Assessed Tax | 224 | 163 | |
Other non-606 revenue | [1] | 18 | 96 |
Revenue | 242 | 259 | |
MCAC [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 535 | 432 | |
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 | |
Revenue | 0 | 0 | |
MCAC [Member] | Non-regulated revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Including Assessed Tax | 510 | 408 | |
Other non-606 revenue | [1] | 25 | 24 |
Revenue | 535 | 432 | |
Eurasia - Generation [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 270 | 225 | |
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 | |
Revenue | 0 | 0 | |
Eurasia - Generation [Member] | Non-regulated revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Including Assessed Tax | 209 | 171 | |
Other non-606 revenue | [1] | 61 | 54 |
Revenue | 270 | 225 | |
Corporate Other And Other Eliminations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | (3) | (2) | |
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 | |
Revenue | 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 | (3) | (2) | |
Other non-606 revenue | [1] | 0 | 0 |
Revenue | (3) | (2) | |
South American SBU | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 884 | 712 | |
South American SBU | Regulated Revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | |
Other non-606 revenue | 0 | 0 | |
Revenue | 0 | 0 | |
South American SBU | Non-regulated revenue [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Including Assessed Tax | 883 | 711 | |
Other non-606 revenue | [1] | 1 | 1 |
Revenue | $ 884 | $ 712 | |
[1] | Other non-regulated revenue primarily includes lease and derivative revenue not accounted for under ASC 606. |
Revenue Contract Balances (Deta
Revenue Contract Balances (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Aug. 31, 2021 | Dec. 31, 2020 | Aug. 31, 2020 | |
Financing Receivable, after Allowance for Credit Loss | $ 103,000,000 | $ 101,000,000 | |||
Financing Receivable, Allowance for Credit Loss | 8,000,000 | 9,000,000 | |||
Contract with Customer, Liability | 376,000,000 | 531,000,000 | |||
Contract with Customer, Liability | 376,000,000 | $ 531,000,000 | |||
Contract with Customer, Liability, Revenue Recognized | 183,000,000 | $ 10,000,000 | |||
Mong Duong Subsidiary [Member] | |||||
Financing Receivable, after Allowance for Credit Loss | 1,300,000,000 | ||||
Financing Receivable, Allowance for Credit Loss | 32,000,000 | ||||
Mong Duong Subsidiary [Member] | Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | |||||
Financing Receivable, after Allowance for Credit Loss, Noncurrent | 1,200,000,000 | ||||
Financing Receivable, after Allowance for Credit Loss, Current | 83,000,000 | ||||
Angamos [Member] | Minera Escondida and Minera Spence [Member] | |||||
Contract with Customer, Liability | 219,000,000 | $ 655,000,000 | |||
Contract with Customer, Liability | $ 219,000,000 | $ 655,000,000 | |||
Angamos [Member] | Minera Escondida and Minera Spence [Member] | Forecast [Member] | |||||
Capitalized Contract Cost, Amortization | $ 55,000,000 |
Revenue Remaining Performance O
Revenue Remaining Performance Obligations (Details) $ in Millions | Mar. 31, 2021USD ($) |
Remaining Performance Obligations [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 11 |
Other Income and Expense - Othe
Other Income and Expense - Other Income (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | |||
Schedule of Other Nonoperating Income [Line Items] | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 36 | [1] | $ 0 | |
Gain (Loss) on Disposition of Other Assets | 20 | 42 | ||
Other Nonoperating Income | 43 | 45 | ||
Other Income [Member] | ||||
Schedule of Other Nonoperating Income [Line Items] | ||||
Gain (Loss) on Disposition of Other Assets | 0 | 43 | [2] | |
Other income | 7 | 2 | ||
Other Nonoperating Income | $ 43 | $ 45 | ||
[1] | Related to the remeasurement of our existing equity interest in sPower’s development platform as part of the step acquisition to form AES Clean Energy Development. See Note 18 —Acquisitions for further information. | |||
[2] | Primarily associated with the gain on sale of Redondo Beach land at Southland. See Note 17 —Held-for-Sale and Dispositions for further information. |
Other Income and Expense - Ot_2
Other Income and Expense - Other Expense (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Schedule of other expense [Line Items] | |||
Sales-type and Direct Financing Leases, Profit (Loss) | $ 13 | [1] | $ 0 |
Other Nonoperating Expense | 0 | 44 | |
Other Expenses | 16 | 4 | |
Other Expense [Member] | |||
Schedule of other expense [Line Items] | |||
Gain (Loss) on Disposition of Assets | 3 | 1 | |
Other Nonoperating Expense | 0 | 3 | |
Other Expenses | $ 16 | $ 4 | |
[1] | Related to a loss recognized at commencement of a sales-type lease at AES Distributed Energy. See Note 9— Leases for further information. |
Asset Impairment Expense (Detai
Asset Impairment Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Asset Impairment Expense [Line Items] | ||
Impairment of Long-Lived Assets Held-for-use | $ 473 | $ 6 |
Other Subsidiaries [Member] | ||
Asset Impairment Expense [Line Items] | ||
Impairment of Long-Lived Assets Held-for-use | 2 | 6 |
AES Puerto Rico | ||
Asset Impairment Expense [Line Items] | ||
Impairment of Long-Lived Assets Held-for-use | 475 | $ 0 |
Assets Carrying Amount Disclosure Nonrecurring | $ 73 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosures [Line Items] | ||
Effective Income Tax Rate Reconciliation, Percent | 89.00% | 28.00% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |
Income Tax Expense (Benefit) | $ 8 | $ 89 |
Gener Subsidiary [Member] | ||
Income Tax Disclosures [Line Items] | ||
Income Tax Expense (Benefit) | $ 0 | |
AES Mexico [Member] | ||
Income Tax Disclosures [Line Items] | ||
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | $ 19 |
Held-for-Sale and Disposition_3
Held-for-Sale and Dispositions Dispositions (Details) - USD ($) $ in Millions | Apr. 08, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (loss) on disposal and sale of businesses interests | $ 5 | $ 0 | |
Equity Method Investment, Ownership Percentage | 10.00% | ||
Disposal Group, Disposed of by 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 | ||
Gain (Loss) on Disposition of Assets | 41 | ||
Disposal Group, Held-for-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 | $ 26 | 34 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Itabo Opco [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 | 6 | 11 | |
Assets Carrying Amount Disclosure Nonrecurring | 201 | ||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 101 | ||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 43.00% | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | AES Tiete Inova Solucoes | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Assets Carrying Amount Disclosure Nonrecurring | $ 14 | ||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 18 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Mong Duong 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 | 15 | 15 | |
Assets Carrying Amount Disclosure Nonrecurring | $ 503 | ||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 51.00% | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Estrella Del Mar I | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | $ 0 | 3 | |
Assets Carrying Amount Disclosure Nonrecurring | 16 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Jordan (IPP1 & IPP4) | |||
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 | 5 | $ 5 | |
Assets Carrying Amount Disclosure Nonrecurring | 159 | ||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 58 | ||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 26.00% | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Mong Duong Financing SPV | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 51.00% | ||
Subsequent Event [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Itabo Opco [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 | $ 88 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Business Acquisition [Line Items] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 75.00% | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 36 | [1] | $ 0 |
Equity Method Investment, Ownership Percentage | 10.00% | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 25.00% | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 81 | ||
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | $ 7 | ||
AIMco | |||
Business Acquisition [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | ||
sPower [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Consideration Transferred | $ 77 | ||
[1] | Related to the remeasurement of our existing equity interest in sPower’s development platform as part of the step acquisition to form AES Clean Energy Development. See Note 18 —Acquisitions for further information. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Preferred Stock , Convertible, Initial Conversion Rate | $ 31.5428 | ||
Preferred Stock, Convertible, Conversion Price | $ 31.70 | ||
Corporate Unit, Notional Value | $ 1,043 | ||
Preferred Stock, Value, Issued | 1,043 | $ 0 | |
BASIC EARNINGS (LOSS) PER SHARE | |||
Income from continuing operations attributable to The AES Corporation common stockholders (Income) | $ (148) | $ 144 | |
Income from continuing operations attributable to The AES Corporation common stockholders (Shares) | 666,000 | 664,000 | |
Income from continuing operations attributable to The AES Corporation common stockholders (Per Share) | $ (0.22) | $ 0.22 | |
DILUTED EARNINGS PER SHARE: | |||
Income from continuing operations, diluted | $ (148) | $ 144 | |
Weighted average number of shares outstanding, diluted | 666,000 | 668,000 | |
Income from continuing operations, per diluted share | $ (0.22) | $ 0.22 | |
Share-based Payment Arrangement, Option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 0 | $ 0 | |
Dilutive Securities Effect On Basic EPS, dilutive Stock Options, per diluted share | $ 0 | $ 0 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 1,000 | |
EFFECT OF DILUTIVE SECURITIES | |||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 0 | $ 0 | |
Dilutive Securities Effect On Basic EPS, dilutive Stock Options, per diluted share | $ 0 | $ 0 | |
Restricted stock units (Shares) | 0 | 1,000 | |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 0 | $ 0 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 3,000 | |
Dilutive Securities Effect On Basic EPS, dilutive Restricted Stock Units, per diluted share | $ 0 | $ 0 | |
EFFECT OF DILUTIVE SECURITIES | |||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 0 | $ 0 | |
Restricted stock units (Shares) | 0 | 3,000 | |
Dilutive Securities Effect On Basic EPS, dilutive Restricted Stock Units, per diluted share | $ 0 | $ 0 | |
Share-based Payment Arrangement [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,000 | 1,000 | |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,000 |
Risks and Uncertainties (Detail
Risks and Uncertainties (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Unusual Risk or Uncertainty [Line Items] | ||
Goodwill | $ 1,146 | $ 1,061 |
Debt Default Amount | 276 | |
Investments in and advances to affiliates | 785 | $ 835 |
AES llumina [Member] | Covenant Violation [Member] | ||
Unusual Risk or Uncertainty [Line Items] | ||
Debt Default Amount | 31 | |
Mountain View Power Partners | Long Lived Assets Held And Used [Member] | ||
Unusual Risk or Uncertainty [Line Items] | ||
Assets Carrying Amount Disclosure Nonrecurring | $ 75 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Apr. 30, 2021USD ($) |
Subsequent Event [Member] | Cubico Wind Complex | |
Subsequent Event [Line Items] | |
Asset Acquisition, Price of Acquisition, Expected | $ 109 |
Uncategorized Items - aes-20210
Label | Element | Value |
Accounting Standards Update 2016-13 [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | $ 39,000,000 |
Accounting Standards Update 2016-02 [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | $ 4,000,000 |