Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 18, 2015 | Jun. 30, 2014 |
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AES | ||
Entity Registrant Name | AES CORP | ||
Entity Central Index Key | 874761 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 702,634,251 | ||
Entity current reporting status | Yes | ||
Entity voluntary filers | No | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Public Float | $10.17 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS | ||
Cash and cash equivalents | $1,539 | $1,642 |
Restricted cash | 283 | 597 |
Short-term investments | 709 | 668 |
Accounts receivable, net of allowance for doubtful accounts of $96 and $134, respectively | 2,709 | 2,363 |
Inventory | 702 | 684 |
Deferred income taxes | 275 | 166 |
Prepaid expenses | 175 | 179 |
Other current assets | 1,434 | 976 |
Current assets of discontinued operations and held-for-sale assets | 0 | 464 |
Total current assets | 7,826 | 7,739 |
Property, Plant and Equipment: | ||
Land | 870 | 922 |
Electric generation, distribution assets and other | 30,459 | 30,596 |
Accumulated depreciation | -9,962 | -9,604 |
Construction in progress | 3,784 | 3,198 |
Property, plant and equipment, net | 25,151 | 25,112 |
Other Assets: | ||
Investments in and advances to affiliates | 537 | 1,010 |
Debt service reserves and other deposits | 411 | 541 |
Goodwill | 1,458 | 1,622 |
Other intangible assets, net of accumulated amortization of $158 and $153, respectively | 281 | 297 |
Deferred income taxes | 662 | 666 |
Other noncurrent assets | 2,640 | 2,170 |
Noncurrent assets of discontinued operations and held-for-sale assets | 0 | 1,254 |
Total other assets | 5,989 | 7,560 |
TOTAL ASSETS | 38,966 | 40,411 |
CURRENT LIABILITIES | ||
Accounts payable | 2,278 | 2,259 |
Accrued interest | 260 | 263 |
Accrued and other liabilities | 2,326 | 2,114 |
Non-recourse debt, including $240 and $267, respectively, related to variable interest entities | 1,982 | 2,062 |
Recourse debt | 151 | 118 |
Current liabilities of discontinued operations and held-for-sale businesses | 0 | 837 |
Total current liabilities | 6,997 | 7,653 |
NONCURRENT LIABILITIES | ||
Non-recourse debt, including $1,030 and $979, respectively, related to variable interest entities | 13,618 | 13,318 |
Recourse debt | 5,107 | 5,551 |
Deferred income taxes | 1,277 | 1,119 |
Pension and other post-retirement liabilities | 1,342 | 1,310 |
Other noncurrent liabilities | 3,222 | 3,299 |
Noncurrent liabilities of discontinued operations and held-for-sale businesses | 0 | 432 |
Total noncurrent liabilities | 24,566 | 25,029 |
Contingencies and Commitments (see Notes 13 and 14) | ||
Cumulative preferred stock of subsidiaries | 78 | 78 |
THE AES CORPORATION STOCKHOLDERS’ EQUITY | ||
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 814,539,146 issued and 703,851,297 outstanding at December 31, 2014 and 813,316,510 issued and 722,508,342 outstanding at December 31, 2013) | 8 | 8 |
Additional paid-in capital | 8,409 | 8,443 |
Retained earnings (accumulated deficit) | 512 | -150 |
Accumulated other comprehensive loss | -3,286 | -2,882 |
Treasury stock, at cost (110,687,849 shares at December 31, 2014 and 90,808,168 shares at December 31, 2013) | -1,371 | -1,089 |
Total AES Corporation stockholders’ equity | 4,272 | 4,330 |
NONCONTROLLING INTERESTS | 3,053 | 3,321 |
Total equity | 7,325 | 7,651 |
TOTAL LIABILITIES AND EQUITY | $38,966 | $40,411 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $96 | $134 |
Other intangible assets, accumulated amortization | 158 | 153 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 1,200,000,000 | 1,200,000,000 |
Common stock, shares issued (in shares) | 814,539,146 | 813,316,510 |
Common stock, shares outstanding (in shares) | 703,851,297 | 722,508,342 |
Treasury stock, shares (in shares) | 110,687,849 | 90,808,168 |
Variable Interest Entity [Line Items] | ||
Non-recourse debt - current balance at variable interest entities | 1,982 | 2,062 |
Non-recourse debt - noncurrent, balance at variable interest entities | 13,618 | 13,318 |
Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Non-recourse debt - current balance at variable interest entities | 240 | 267 |
Non-recourse debt - noncurrent, balance at variable interest entities | $1,030 | $979 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue: | |||
Regulated | $8,874 | $8,056 | $8,977 |
Non-regulated | 8,272 | 7,835 | 8,187 |
Total revenue | 17,146 | 15,891 | 17,164 |
Cost of sales: | |||
Regulated | -7,530 | -6,837 | -7,594 |
Non-regulated | -6,528 | -5,807 | -5,987 |
Total cost of sales | -14,058 | -12,644 | -13,581 |
Operating margin | 3,088 | 3,247 | 3,583 |
General and administrative expenses | -187 | -220 | -274 |
Interest expense | -1,471 | -1,482 | -1,544 |
Interest income | 365 | 275 | 348 |
Loss on extinguishment of debt | -261 | -229 | -8 |
Other expense | -68 | -76 | -82 |
Other income | 124 | 125 | 98 |
Gain on disposal and sale of investments | 358 | 26 | 219 |
Goodwill impairment expense | -164 | -372 | -1,817 |
Asset impairment expense | -91 | -95 | -73 |
Foreign currency transaction gains (losses) | 11 | -22 | -170 |
Other non-operating expense | -128 | -129 | -50 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 1,576 | 1,048 | 230 |
Income tax expense | -419 | -343 | -685 |
Net equity in earnings of affiliates | 19 | 25 | 35 |
INCOME (LOSS) FROM CONTINUING OPERATIONS | 1,176 | 730 | -420 |
Income (loss) from operations of discontinued businesses, net of income tax (benefit) expense of $23, $24, and $26, respectively | 27 | -27 | 47 |
Net gain (loss) from disposal and impairments of discontinued operations, net of income tax (benefit) expense of $4, $(15), and $68, respectively | -56 | -152 | 16 |
NET INCOME (LOSS) | 1,147 | 551 | -357 |
Noncontrolling interests: | |||
Less: (Income) from continuing operations attributable to noncontrolling interests | -387 | -446 | -540 |
Less: (Income) loss from discontinued operations attributable to noncontrolling interests | 9 | 9 | -15 |
Total net income attributable to noncontrolling interests | -378 | -437 | -555 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | 769 | 114 | -912 |
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS: | |||
Income (loss) from continuing operations, net of tax | 789 | 284 | -960 |
Income (loss) from discontinued operations, net of tax | -20 | -170 | 48 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $769 | $114 | ($912) |
BASIC EARNINGS PER SHARE: | |||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | $1.10 | $0.38 | ($1.27) |
Income (loss) from discontinued operations attributable to The AES Corporation common stockholders, net of tax | ($0.03) | ($0.23) | $0.06 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $1.07 | $0.15 | ($1.21) |
DILUTED EARNINGS PER SHARE: | |||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | $1.09 | $0.38 | ($1.27) |
Income (loss) from discontinued operations attributable to The AES Corporation common stockholders, net of tax | ($0.03) | ($0.23) | $0.06 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $1.06 | $0.15 | ($1.21) |
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | $0.25 | $0.17 | $0.08 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Income from operations of discontinued businesses, income tax expense (benefit) | $23 | $24 | $26 |
Gain (loss) from disposal and impairment of discontinued businesses, income tax expense (benefit) | $4 | ($15) | $68 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME (LOSS) | $1,147 | $551 | ($357) |
Foreign currency translation activity: | |||
Foreign currency translation adjustments, net of income tax (expense) benefit of $(7), $10, and $0, respectively | -491 | -375 | -247 |
Reclassification to earnings, net of income tax (expense) benefit of $0, $0 and $0, respectively | -3 | 41 | 37 |
Total foreign currency translation adjustments | -494 | -334 | -210 |
Derivative activity: | |||
Change in derivative fair value, net of income tax (expense) benefit of $72, $(31) and $35, respectively | -358 | 108 | -134 |
Reclassification to earnings, net of income tax (expense) of $(26), $(41) and $(56), respectively | 99 | 139 | 177 |
Total change in fair value of derivatives | -259 | 247 | 43 |
Pension activity: | |||
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax (expense) benefit of $27, $(198), and $300, respectively | -49 | 379 | -588 |
Reclassification to earnings due to amortization of net actuarial loss, net of income tax (expense) of $(7), $(26), and $(15), respectively | 29 | 52 | 24 |
Total pension adjustments | -20 | 431 | -564 |
OTHER COMPREHENSIVE INCOME (LOSS) | -773 | 344 | -731 |
COMPREHENSIVE INCOME (LOSS) | 374 | 895 | -1,088 |
Less: Comprehensive (income) loss attributable to noncontrolling interests | -49 | -743 | 14 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $325 | $152 | ($1,074) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, income tax | ($7) | $10 | $0 |
Foreign currency, reclassification to earnings, income tax | 0 | 0 | 0 |
Change in derivative fair value, income tax | 72 | -31 | 35 |
Derivative reclassification to earnings, income tax | -26 | -41 | -56 |
Pension, net actuarial gain (loss) for the period, income tax | 27 | -198 | 300 |
Pension, amortization of net actuarial loss, income tax | ($7) | ($26) | ($15) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Noncontrolling Interest |
In Millions, except Share data, unless otherwise specified | |||||||
Beginning Balance at Dec. 31, 2011 | $8 | ($489) | $8,507 | $678 | ($2,758) | $3,783 | |
Beginning Balance (Shares) at Dec. 31, 2011 | 807,600,000 | 42,400,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | -357 | -912 | 555 | ||||
Total change in fair value of available-for-sale securities, net of income tax | 0 | ||||||
Total foreign currency translation adjustment, net of income tax | -210 | -90 | -120 | ||||
Total change in derivative fair value, including a reclassification to earnings, net of income tax | 43 | 53 | -10 | ||||
Total pension adjustments, net of income tax | -564 | -125 | -439 | ||||
OTHER COMPREHENSIVE INCOME (LOSS) | -731 | -162 | -569 | ||||
Capital contributions from noncontrolling interests | 30 | ||||||
Distributions to noncontrolling interests | -802 | ||||||
Disposition of businesses | -44 | ||||||
Acquisition of treasury stock | -301 | ||||||
Acquisition of treasury stock (shares) | 24,800,000 | ||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | 10 | 37 | |||||
Issuance of common stock under benefit plans and exercise of stock options, net of income tax (shares) | 3,100,000 | -800,000 | |||||
Dividends declared on common stock | -30 | -30 | |||||
Sale of subsidiary shares to noncontrolling interests | 7 | 5 | |||||
Acquisition of subsidiary shares from noncontrolling interests | 4 | -13 | |||||
Ending Balance at Dec. 31, 2012 | 8 | -780 | 8,525 | -264 | -2,920 | 2,945 | |
Ending Balance (Shares) at Dec. 31, 2012 | 810,700,000 | 66,400,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 551 | 114 | 437 | ||||
Total foreign currency translation adjustment, net of income tax | -334 | -227 | -107 | ||||
Total change in derivative fair value, including a reclassification to earnings, net of income tax | 247 | 174 | 73 | ||||
Total pension adjustments, net of income tax | 431 | 91 | 340 | ||||
OTHER COMPREHENSIVE INCOME (LOSS) | 344 | 38 | 306 | ||||
Capital contributions from noncontrolling interests | 109 | ||||||
Distributions to noncontrolling interests | -553 | ||||||
Disposition of businesses | -13 | ||||||
Acquisition of treasury stock | -322 | ||||||
Acquisition of treasury stock (shares) | 25,300,000 | ||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | 13 | 33 | |||||
Issuance of common stock under benefit plans and exercise of stock options, net of income tax (shares) | 2,600,000 | -900,000 | |||||
Dividends declared on common stock | -125 | 0 | |||||
Sale of subsidiary shares to noncontrolling interests | 16 | 16 | 91 | ||||
Acquisition of subsidiary shares from noncontrolling interests | -6 | -6 | -1 | ||||
Ending Balance at Dec. 31, 2013 | 7,651 | 8 | -1,089 | 8,443 | -150 | -2,882 | 3,321 |
Ending Balance (Shares) at Dec. 31, 2013 | 813,300,000 | 90,800,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 1,147 | 769 | 378 | ||||
Total foreign currency translation adjustment, net of income tax | -494 | -332 | -162 | ||||
Total change in derivative fair value, including a reclassification to earnings, net of income tax | -259 | -108 | -151 | ||||
Total pension adjustments, net of income tax | -20 | -4 | -16 | ||||
OTHER COMPREHENSIVE INCOME (LOSS) | -773 | -444 | -329 | ||||
Balance sheet reclassification related to an equity method investment | 40 | ||||||
Capital contributions from noncontrolling interests | 147 | ||||||
Distributions to noncontrolling interests | -466 | ||||||
Disposition of businesses | -153 | ||||||
Acquisition of treasury stock | -308 | ||||||
Acquisition of treasury stock (shares) | 21,900,246 | 21,900,000 | |||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | 26 | 3 | |||||
Issuance of common stock under benefit plans and exercise of stock options, net of income tax (shares) | 1,200,000 | -2,000,000 | |||||
Dividends declared on common stock | -73 | -107 | |||||
Sale of subsidiary shares to noncontrolling interests | 29 | 29 | 173 | ||||
Acquisition of subsidiary shares from noncontrolling interests | 7 | 7 | -18 | ||||
Ending Balance at Dec. 31, 2014 | $7,325 | $8 | ($1,371) | $8,409 | $512 | ($3,286) | $3,053 |
Ending Balance (Shares) at Dec. 31, 2014 | 814,500,000 | 110,700,000 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parenthetical) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 12, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | ||||||||||||
Dividends declared on common stock (per share amount) | $0.10 | $0.15 | $0.05 | $0.05 | $0 | $0.09 | $0 | $0.08 | $0 | $0.25 | $0.17 | $0.08 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | 54 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
OPERATING ACTIVITIES: | ||||
Net income (loss) | $1,147 | $551 | ($357) | |
Adjustments to net income (loss): | ||||
Depreciation and amortization | 1,245 | 1,294 | 1,394 | |
Gain on sale of businesses | -358 | -26 | -219 | |
Impairment expenses | 383 | 661 | 1,940 | |
Deferred income taxes | 47 | -158 | 162 | |
Provisions for contingencies | -34 | 44 | 47 | |
Loss on the extinguishment of debt | 261 | 229 | 8 | |
(Gain) loss on sale of assets | -20 | 40 | 45 | |
Loss (gain) on disposals and impairments - discontinued operations | 50 | 163 | -84 | |
Other | 92 | -7 | 33 | |
Changes in operating assets and liabilities: | ||||
(Increase) decrease in accounts receivable | -520 | 146 | -241 | |
(Increase) decrease in inventory | -48 | 16 | 24 | |
(Increase) decrease in prepaid expenses and other current assets | -73 | 358 | 120 | |
(Increase) decrease in other assets | -723 | -103 | -589 | |
Increase (decrease) in accounts payable and other current liabilities | -85 | -725 | 330 | |
Increase (decrease) in income tax payables, net and other tax payables | -89 | 95 | -47 | |
Increase (decrease) in other liabilities | 516 | 137 | 335 | |
Net cash provided by operating activities | 1,791 | 2,715 | 2,901 | |
INVESTING ACTIVITIES: | ||||
Capital expenditures | -2,016 | -1,988 | -2,108 | |
Acquisitions, net of cash acquired | -728 | -7 | -20 | |
Proceeds from the sale of businesses, net of cash sold | 1,807 | 170 | 639 | |
Proceeds from the sale of assets | 38 | 62 | 46 | |
Sale of short-term investments | 4,503 | 4,361 | 6,437 | |
Purchase of short-term investments | -4,623 | -4,443 | -5,907 | |
Decrease (increase) in restricted cash, debt service reserves and other assets | 419 | 44 | -15 | |
Affiliate advances and equity investments | -4 | -7 | -89 | |
Proceeds from government grants for asset construction | 0 | 2 | 122 | |
Other investing | -52 | 32 | 0 | |
Net cash used in investing activities | -656 | -1,774 | -895 | |
FINANCING ACTIVITIES: | ||||
Borrowings under revolving credit facilities | 836 | 1,139 | 2,788 | |
Issuance of recourse debt | 1,525 | 750 | 0 | |
Issuance of non-recourse debt | 4,179 | 4,277 | 1,391 | |
Repayments of Short-term Debt | -834 | -1,161 | -3,109 | |
Repayments of recourse debt | -2,117 | -1,210 | -235 | |
Repayments of non-recourse debt | -3,481 | -3,390 | -1,325 | |
Payments for financing fees | -158 | -176 | -40 | |
Distributions to noncontrolling interests | -485 | -557 | -895 | |
Contributions from noncontrolling interests | 226 | 210 | 43 | |
Dividends paid on AES common stock | -144 | -119 | -30 | |
Payments for financed capital expenditures | -528 | -591 | -162 | |
Purchase of treasury stock | -308 | -322 | -301 | -1,300 |
Other financing | 27 | 14 | 8 | |
Net cash used in financing activities | -1,262 | -1,136 | -1,867 | |
Effect of exchange rate changes on cash | -51 | -59 | 5 | |
(Increase) decrease in cash of discontinued and held-for-sale assets | 75 | -4 | 132 | |
Total (decrease) increase in cash and cash equivalents | -103 | -258 | 276 | |
Cash and cash equivalents, beginning | 1,642 | 1,900 | 1,624 | |
Cash and cash equivalents, ending | 1,539 | 1,642 | 1,900 | 1,539 |
SUPPLEMENTAL DISCLOSURES: | ||||
Cash payments for interest, net of amounts capitalized | 1,351 | 1,398 | 1,509 | |
Cash payments for income taxes, net of refunds | 480 | 570 | 647 | |
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||||
Assets received upon sale of subsidiaries | 44 | 0 | 0 | |
Assets acquired through capital lease and other liabilities | 49 | 34 | 12 | |
Dividends Payable | $72 | $54 | $46 | $72 |
General_and_Summary_of_Signifi
General and Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | GENERAL AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
The AES Corporation is a holding company (the “Parent Company”) that through its subsidiaries and affiliates, (collectively, “AES” or “the Company”) operates a geographically diversified portfolio of electricity generation and distribution businesses. Generally, given this holding company structure, the liabilities of the individual operating entities are non-recourse to the parent and are isolated to the operating entities. Most of our operating entities are structured as limited liability entities, which limit the liability of shareholders. The structure is generally the same regardless of whether a subsidiary is consolidated under a voting or interest model. | ||
PRINCIPLES OF CONSOLIDATION—The Consolidated Financial Statements of the Company include the accounts of The AES Corporation and its subsidiaries, which are the entities that it controls. Furthermore, variable interest entities (“VIEs”) in which the Company has a variable interest have been consolidated where the Company is the primary beneficiary and thus controls the VIE. Intercompany transactions and balances are eliminated in consolidation. Investments in common stock where the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. | ||
DP&L, our utility in Ohio, has undivided interests in five generation facilities and numerous transmission facilities. These undivided interests in jointly-owned facilities are accounted for on a pro-rata basis in our consolidated financial statements. Certain expenses, primarily fuel costs for the generating units, are allocated to the joint owners based on their energy usage. The remaining expenses, investments in fuel inventory, plant materials and operating supplies and capital additions are allocated to the joint owners in accordance with their respective ownership interests. | ||
USE OF ESTIMATES—The preparation of these consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires the Company to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Items subject to such estimates and assumptions include: the carrying amount and estimated useful lives of long-lived assets; impairment of goodwill, long-lived assets and equity method investments; valuation allowances for receivables and deferred tax assets; the recoverability of regulatory assets; the estimation of regulatory liabilities; the fair value of financial instruments; the fair value of assets and liabilities acquired in a business combination; the measurement of noncontrolling interest using the hypothetical liquidation at book value (“HLBV”) method for certain wind generation partnerships; the determination of whether a sale of noncontrolling interests is considered to be a sale of in-substance real estate (as opposed to an equity transaction); pension liabilities; environmental liabilities; and potential litigation claims and settlements.5 | ||
DISCONTINUED OPERATIONS AND RECLASSIFICATIONS—Certain prior period amounts in the consolidated financial statements have been reclassified to conform to the current presentation. Effective July 1, 2014, the Company prospectively adopted Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) Reporting discontinued Operations and Disclosures of Disposals of Components of an Entity, which significantly changes the existing accounting guidance on discontinued operations. Under ASU No. 2014-08, only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results will be reported as discontinued operations. Amongst other changes: equity method investments that were previously scoped-out of the discontinued operations accounting guidance are now included in the scope; a business can meet the criteria to be classified as held-for-sale upon acquisition and can be reported in discontinued operations; and components where an entity retains significant continuing involvement or where operations and cash flows will not be eliminated from ongoing operations as a result of a disposal transaction can meet the definition of discontinued operations. Additionally, where summarized amounts are presented on the face of the financial statements, reconciliations of those amounts to major classes of line items are also required. ASU No. 2014-08 requires additional disclosures for individually material components that do not meet the definition of discontinued operations. Under the previous accounting guidance, the UK Wind and Ebute disposals would have met the discontinued operations criteria and would have been reclassified accordingly. See Note 24—Dispositions for further information. | ||
Prior to July 1, 2014, a discontinued operation was a component of the Company that either had been disposed of or was classified as held for sale and where the Company did not expect to have significant cash flows from or significant continuing involvement with the component as of one year after its disposal or sale. A component was comprised of operations and cash flows that could be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company. Before the Company's adoption of ASU No. 2014-08, prior period amounts were retrospectively revised to reflect the businesses determined to be discontinued operations. For components that had been determined to be discontinued operations and held for sale businesses under the old standard, the related cash flows are included within the relevant categories within operating, investing and financing activities. The aggregate amount of cash flows is offset by the net increase or decrease in cash of discontinued and held for sale businesses, which is presented as a separate line item in the Consolidated Statements of Cash Flows. | ||
When an operation is classified as held for sale, the Company recognizes impairment expense, if any, at the consolidated financial statement level which also includes noncontrolling interests. However, any gain or loss on the completion of a disposal transaction is recognized only for the Company's ownership interest. Upon adoption of ASU No. 2014-08 on July 1, 2014, the Company no longer recasts prior period results related to operations classified as held for sale. Prior to July 1, 2014, when reclassifications were made in the current period, the amounts reported in the prior period financial statements were reclassified to conform to the then-current year presentation. The reclassifications related primarily to general and administrative costs at certain of the Company's SBUs that were previously classified as "general and administrative expenses" that were reclassified to "cost of sales." | ||
FAIR VALUE—Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly, hypothetical transaction between market participants at the measurement date, or exit price. The Company applies the fair value measurement accounting guidance to financial assets and liabilities in determining the fair value of investments in marketable debt and equity securities, included in the consolidated balance sheet line items “Short-term investments” and “Other assets (noncurrent)”; derivative assets, included in “Other current assets” and “Other assets (noncurrent)”; and, derivative liabilities, included in “Accrued and other liabilities (current)” and “Other long-term liabilities.” The Company applies the fair value measurement guidance to nonfinancial assets and liabilities upon the acquisition of a business or in conjunction with the measurement of a potential impairment loss on an asset group or goodwill under the accounting guidance for the impairment of long-lived assets or goodwill. | ||
The Company makes assumptions about what market participants would assume in valuing an asset or liability based on the best information available. These factors include nonperformance risk (the risk that the obligation will not be fulfilled) and credit risk of the subsidiary (for liabilities) and of the counterparty (for assets). The Company is prohibited from including transaction costs and any adjustments for blockage factors in determining fair value. The principal or most advantageous market is considered from the perspective of the subsidiary owning the asset or with the liability. | ||
Fair value is based on observable market prices where available. Where they are not available, specific valuation models and techniques are applied depending on what is being fair valued. These models and techniques maximize the use of observable inputs and minimize the use of unobservable inputs. The process involves varying levels of management judgment, the degree of which is dependent on price transparency and complexity. An asset's or liability’s level within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement, where Level 1 is the highest and Level 3 is the lowest. The three levels are defined as follows: | ||
• | Level 1—unadjusted quoted prices in active markets accessible by the Company for identical assets or liabilities. Active markets are those in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
• | Level 2—pricing inputs other than quoted market prices included in Level 1 which are based on observable market data, that are directly or indirectly observable for substantially the full term of the asset or liability. These include quoted market prices for similar assets or liabilities, quoted market prices for identical or similar assets in markets that are not active, adjusted quoted market prices, inputs from observable data such as interest rate and yield curves, volatilities or default rates observable at commonly quoted intervals or inputs derived from observable market data by correlation or other means. | |
• | Level 3—pricing inputs that are unobservable from objective sources. Unobservable inputs are only used to the extent observable inputs are not available. These inputs maintain the concept of an exit price from the perspective of a market participant and reflect assumptions of other market participants. The Company considers all market participant assumptions that are available without unreasonable cost and effort. These are given the lowest priority and are generally used in internally developed methodologies to generate management’s best estimate of the fair value when no observable market data is available. | |
Any transfers between all levels within the fair value hierarchy levels are recognized at the end of the reporting period. | ||
CASH AND CASH EQUIVALENTS—The Company considers unrestricted cash on hand, deposits in banks, certificates of deposit and short-term marketable securities that mature within three months or less from the date of purchase to be cash and cash equivalents. The carrying amounts of such balances approximate fair value. | ||
RESTRICTED CASH AND DEBT SERVICE RESERVES—These include cash balances which are restricted as to withdrawal or usage by the subsidiary that owns the cash. The nature of restrictions includes restrictions imposed by financing agreements such as security deposits kept as collateral, debt service reserves, maintenance reserves and others, as well as restrictions imposed by long-term PPAs. | ||
INVESTMENTS IN MARKETABLE SECURITIES—The Company’s marketable investments are primarily unsecured debentures, certificates of deposit, government debt securities and money market funds. Short-term investments in marketable debt and equity securities consist of securities with original maturities in excess of three months with remaining maturities of less than one year. | ||
Marketable debt securities that the Company has both the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Other marketable securities that the Company does not intend to hold to maturity are classified as available-for-sale or trading and are carried at fair value. Available-for-sale investments are fair valued at the end of each reporting period where the unrealized gains or losses are reflected in accumulated other comprehensive loss (“AOCL”), a separate component of equity. | ||
Investments classified as trading are fair valued at the end of each reporting period through the Consolidated Statements of Operations. Interest and dividends on investments are reported in "interest income" and "other income", respectively. Gains and losses on sales of investments are determined using the specific identification method. | ||
ACCOUNTS AND NOTES RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS—Accounts and notes receivable are carried at amortized cost. The Company periodically assesses the collectability of accounts receivable, considering factors such as specific evaluation of collectability, historical collection experience, the age of accounts receivable and other currently available evidence of the collectability, and records an allowance for doubtful accounts for the estimated uncollectible amount as appropriate. Certain of our businesses charge interest on accounts receivable either under contractual terms or where charging interest is a customary business practice. In such cases, interest income is recognized on an accrual basis. When the collection of such interest is not reasonably assured, interest income is recognized as cash is received. Individual accounts and notes receivable are written off when they are no longer deemed collectible. | ||
INVENTORY—Inventory primarily consists of coal, fuel oil and other raw materials used to generate power, and spare parts and supplies used to maintain power generation and distribution facilities. Inventory is carried at lower of cost or market. Cost is the sum of the purchase price and incidental expenditures and charges incurred to bring the inventory to its existing condition or location. Cost is determined under the first-in, first-out (“FIFO”), average cost or specific identification method. Generally, cost is reduced to market value if the market value of inventory has declined and it is probable that the utility of inventory, in its disposal in the ordinary course of business, will not be recovered through revenue earned from the generation of power. | ||
LONG-LIVED ASSETS—Long-lived assets include property, plant and equipment, assets under capital leases and intangible assets subject to amortization (i.e., finite-lived intangible assets). | ||
Property, plant and equipment | ||
Property, plant and equipment are stated at cost, net of accumulated depreciation. The cost of renewals and improvements that extend the useful life of property, plant and equipment are capitalized. | ||
Construction progress payments, engineering costs, insurance costs, salaries, interest and other costs directly relating to construction in progress are capitalized during the construction period, provided the completion of the project is deemed probable, or expensed at the time the Company determines that development of a particular project is no longer probable. The continued capitalization of such costs is subject to ongoing risks related to successful completion, including those related to government approvals, site identification, financing, construction permitting and contract compliance. Construction-in-progress balances are transferred to electric generation and distribution assets when an asset group is ready for its intended use. Government subsidies, liquidated damages recovered for construction delays and income tax credits are recorded as a reduction to property, plant and equipment and reflected in cash flows from investing activities. | ||
Depreciation, after consideration of salvage value and asset retirement obligations, is computed primarily using the straight-line method over the estimated useful lives of the assets, which are determined on a composite or component basis. Maintenance and repairs are charged to expense as incurred. Capital spare parts, including rotable spare parts, are included in electric generation and distribution assets. If the spare part is considered a component, it is depreciated over its useful life after the part is placed in service. If the spare part is deemed part of a composite asset, the part is depreciated over the composite useful life even when being held as a spare part. | ||
The Company’s Brazilian subsidiaries, which include both generation and distribution companies, operate under concession contracts. Certain estimates are utilized to determine depreciation expense for the Brazilian subsidiaries, including the useful lives of the property, plant and equipment and the amounts to be recovered at the end of the concession contract. The amounts to be recovered under these concession contracts are based on estimates that are inherently uncertain and actual amounts recovered may differ from those estimates. | ||
Intangible Assets Subject to Amortization | ||
Finite-lived intangible assets are amortized over their useful lives which range from 1 – 50 years. The Company accounts for purchased emission allowances as intangible assets and records an expense when utilized or sold. Granted emission allowances are valued at zero. | ||
Impairment of Long-lived Assets | ||
When circumstances indicate that the carrying amount of long-lived assets (asset group) held-for-use may not be recoverable, the Company evaluates the assets for potential impairment using internal projections of undiscounted cash flows expected to result from the use and eventual disposal of the assets. Events or changes in circumstances that may necessitate a recoverability evaluation may include, but are not limited to, adverse changes in the regulatory environment, unfavorable changes in power prices or fuel costs, increased competition due to additional capacity in the grid, technological advancements, declining trends in demand, or an expectation that it is more likely than not that the asset will be disposed of before the end of its previously estimated useful life. If the carrying amount of the assets exceeds the undiscounted cash flows and exceeds any fair value of the assets, an impairment expense is recognized for the excess up to the carrying amount of the long-lived assets (but up to any fair value for any individual long-lived asset that is determinable without undue cost and effort). For regulated assets, an impairment expense could be reduced by the establishment of a regulatory asset, if recovery through approved rates was probable. For non-regulated assets, impairment is recognized as an expense. When long-lived assets meet the criteria to be classified as held-for-sale and the carrying amount of the disposal group exceeds its fair value less costs to sell, an impairment expense is recognized for the excess up to the carrying amount of the long-lived assets; if the fair value of the disposal group subsequently exceeds the carrying amount while the disposal group is still held-for-sale, any impairment expense previously recognized will be reversed up to the lower of the prior expense or the subsequent excess. | ||
DEFERRED FINANCING COSTS—Costs incurred in connection with the issuance of long-term debt are deferred and amortized over the related financing period using the effective interest method or the straight-line method when it does not differ materially from the effective interest method. Make-whole payments in connection with early debt retirements are classified as cash flows used in financing activities. | ||
EQUITY METHOD INVESTMENTS—Investments in entities over which the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting and reported in “Investments in and advances to affiliates” on the Consolidated Balance Sheets. The Company periodically assesses if there is an indication that the fair value of an equity method investment is less than its carrying amount. When an indicator exists, any excess of the carrying amount over its estimated fair value is recognized as impairment when the loss in value is deemed other-than-temporary and included in “Other non-operating expense” in the Consolidated Statements of Operations. | ||
The Company discontinues the application of the equity method when an investment is reduced to zero and the Company is not otherwise committed to provide further financial support to the investee. The Company resumes the application of the equity method if the investee subsequently reports net income to the extent that the Company’s share of such net income equals the share of net losses not recognized during the period in which the equity method of accounting was suspended. | ||
GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS—The Company evaluates goodwill and indefinite-lived intangible assets for impairment on an annual basis and whenever events or changes in circumstances necessitate an evaluation for impairment. The Company’s annual impairment testing date is October 1. | ||
Goodwill | ||
The Company evaluates goodwill impairment at the reporting unit level, which is an operating segment, as defined in the segment reporting accounting guidance, or a component (i.e., one level below an operating segment). In determining its reporting units, the Company starts with its management reporting structure. Operating segments are identified and then analyzed to identify components which make up these operating segments. Two or more components are combined into a single reporting unit if they are economically similar. Assets and liabilities are allocated to a reporting unit if the assets will be employed by or a liability relates to the operations of the reporting unit or would be considered by a market participant in determining its fair value. Goodwill resulting from an acquisition is assigned to the reporting units that are expected to benefit from the synergies of the acquisition. Generally, each AES business with a goodwill balance constitutes a reporting unit as they are not reported to segment management together with other businesses and are not similar to other businesses in a segment. | ||
Goodwill is evaluated for impairment either under the qualitative assessment option or the two-step test approach depending on facts and circumstances of a reporting unit, including the excess of fair value over carrying amount in the last valuation or changes in business environment. If the Company qualitatively determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, the two-step impairment test is unnecessary. Otherwise, goodwill is evaluated for impairment using the two-step test, where the carrying amount of a reporting unit is compared to its fair value in Step 1; if the fair value exceeds the carrying amount, Step 2 is unnecessary. If the carrying amount exceeds the reporting unit’s fair value, this could indicate potential impairment and Step 2 of the goodwill evaluation process is required to determine if goodwill is impaired and to measure the amount of impairment loss to recognize, if any. When Step 2 is necessary, the fair value of individual assets and liabilities is determined using valuations (which in some cases may be based in part on third party valuation reports), or other observable sources of fair value, as appropriate. If the carrying amount of goodwill exceeds its implied fair value, the excess is recognized as an impairment loss. | ||
Most of the Company’s reporting units are not publicly traded. Therefore, the Company estimates the fair value of its reporting units using internal budgets and forecasts, adjusted for any market participants’ assumptions and discounted at the rate of return required by a market participant. The Company considers both market and income-based approaches to determine a range of fair value, but typically concludes that the value derived using an income-based approach is more representative of fair value due to the lack of direct market comparables. The Company does use market data to corroborate and determine the reasonableness of the fair value derived from the income-based discounted cash flow analysis. | ||
Indefinite-Lived Intangible Assets | ||
The Company’s indefinite-lived intangible assets primarily include land-use rights, water rights, easements, concessions and trade name. These are tested for impairment on an annual basis or whenever events or changes in circumstances necessitate an evaluation for impairment. If the carrying amount of an intangible asset exceeds its fair value, the excess is recognized as impairment expense. When deemed appropriate, the Company uses the qualitative assessment option under the accounting guidance on goodwill and intangible assets to determine whether the existence of events or circumstances indicate that it is more likely than not that an intangible asset is impaired. If, after assessing the totality of events and circumstances, the Company determines that it is not more likely than not that an intangible asset is impaired, no further action is taken. The accounting guidance provides the option to bypass the qualitative assessment for any intangible asset in any period and proceed directly to performing the quantitative impairment test. | ||
ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES—Accounts payable consists of amounts due to trade creditors related to the Company’s core business operations. These payables include amounts owed to vendors and suppliers for items such as energy purchased for resale, fuel, maintenance, inventory and other raw materials. Other accrued liabilities include items such as income taxes, regulatory liabilities, legal contingencies and employee-related costs including payroll, benefits and related taxes. | ||
REGULATORY ASSETS AND LIABILITIES—The Company records assets and liabilities that result from the regulated ratemaking process that are not recognized under GAAP for non-regulated entities. Regulatory assets generally represent incurred costs that have been deferred due to the probability of future recovery in customer rates. Regulatory liabilities generally represent obligations to make refunds to customers. Management continually assesses whether the regulatory assets are probable of future recovery by considering factors such as applicable regulatory changes, recent rate orders applicable to other regulated entities and the status of any pending or potential deregulation legislation. If future recovery of costs previously deferred ceases to be probable, the related regulatory assets are written off and recognized in income from continuing operations. | ||
PENSION AND OTHER POSTRETIREMENT PLANS—The Company recognizes in its Consolidated Balance Sheets an asset or liability reflecting the funded status of pension and other postretirement plans with current-year changes in the funded status recognized in AOCL, except for those plans at certain of the Company’s regulated utilities that can recover portions of their pension and postretirement obligations through future rates. All plan assets are recorded at fair value. AES follows the measurement date provisions of the accounting guidance, which require a year-end measurement date of plan assets and obligations for all defined benefit plans. | ||
INCOME TAXES—Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities, and their respective income tax bases. The Company establishes a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company’s tax positions are evaluated under a more likely than not recognition threshold and measurement analysis before they are recognized for financial statement reporting. | ||
Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid within one year. The Company’s policy for interest and penalties related to income tax exposures is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statements of Operations. | ||
ASSET RETIREMENT OBLIGATIONS—The Company records the fair value of the liability for a legal obligation to retire an asset in the period in which the obligation is incurred. When a new liability is recognized, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the obligation, the Company eliminates the liability and, based on the actual cost to retire, may incur a gain or loss. | ||
NONCONTROLLING INTERESTS—Noncontrolling interests are classified as a separate component of equity in the Consolidated Balance Sheets and Consolidated Statements of Changes in Equity. Additionally, net income and comprehensive income attributable to noncontrolling interests are reflected separately from consolidated net income and comprehensive income in the Consolidated Statements of Operations and Consolidated Statements of Changes in Equity. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and noncontrolling interests (unless the transaction qualifies as a sale of in-substance real estate). Losses continue to be attributed to the noncontrolling interests, even when the noncontrolling interests’ basis has been reduced to zero. | ||
Although, in general, the noncontrolling ownership interest in earnings is calculated based on ownership percentage, certain of the Company’s businesses are subject to certain profit-sharing arrangements. These agreements exist for Wind Generation partnerships to designate different allocations of value among investors, where the allocations change in form or percentage over the life of the partnership. For these businesses, the Company uses the HLBV method when it is a reasonable approximation of the profit-sharing arrangement. HLBV uses a balance sheet approach, which measures the Company’s equity in income or loss by calculating the change in the amount of net worth the partners are legally able to claim based on a hypothetical liquidation of the entity at the beginning of a reporting period compared to the end of that period. | ||
FOREIGN CURRENCY TRANSLATION—A business’ functional currency is the currency of the primary economic environment in which the business operates and is generally the currency in which the business generates and expends cash. Subsidiaries and affiliates whose functional currency is a currency other than the U.S. Dollar translate their assets and liabilities into U.S. Dollars at the current exchange rates in effect at the end of the fiscal period. The revenue and expense accounts of such subsidiaries and affiliates are translated into U.S. Dollars at the average exchange rates that prevailed during the period. Translation adjustments are included in AOCL. Gains and losses on intercompany foreign currency transactions that are long-term in nature and which the Company does not intend to settle in the foreseeable future, are also recognized in AOCL. Gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in determining net income. Accumulated foreign currency translation adjustments are reclassified to net income only when realized upon sale or upon complete or substantially complete liquidation of the investment in a foreign entity. The accumulated adjustments are included in carrying amounts in impairment assessments where the Company has committed to a plan that will cause the accumulated adjustments to be reclassified to earnings. | ||
REVENUE RECOGNITION—Revenue from utilities is classified as regulated in the Consolidated Statements of Operations. Revenue from the sale of energy is recognized in the period during which the sale occurs. The calculation of revenue earned but not yet billed is based on the number of days not billed in the month, the estimated amount of energy delivered during those days and the estimated average price per customer class for that month. Differences between actual and estimated unbilled revenue are usually immaterial. The Company has businesses where it sells and purchases power to and from Independent System Operators (“ISOs”) and Regional Transmission Organizations (“RTOs”). In those instances, the Company accounts for these transactions on a net hourly basis because the transactions are settled on a net hourly basis. Revenue from generation businesses is classified as non-regulated and is recognized based upon output delivered and capacity provided, at rates as specified under contract terms or prevailing market rates. Certain of the Company PPAs meet the definition of an operating lease or contain similar arrangements. Typically, minimum lease payments from such PPAs are recognized as revenue on a straight-line basis over the lease term whereas contingent rentals are recognized when earned. Revenue is recorded net of any taxes assessed on and collected from customers, which are remitted to the governmental authorities. | ||
SHARE-BASED COMPENSATION—The Company grants share-based compensation in the form of stock options and restricted stock units. The expense is based on the grant-date fair value of the equity or liability instrument issued and is recognized on a straight-line basis over the requisite service period, net of estimated forfeitures. Currently, the Company uses a Black-Scholes option pricing model to estimate the fair value of stock options granted to its employees. | ||
GENERAL AND ADMINISTRATIVE EXPENSES—General and administrative expenses include corporate and other expenses related to corporate staff functions and initiatives, primarily executive management, finance, legal, human resources and information systems, which are not directly allocable to our business segments. Additionally, all costs associated with corporate business development efforts are classified as general and administrative expenses. | ||
DERIVATIVES AND HEDGING ACTIVITIES—Under the accounting standards for derivatives and hedging, the Company recognizes all contracts that meet the definition of a derivative, except those designated as normal purchase or normal sale at inception, as either assets or liabilities in the Consolidated Balance Sheets and measures those instruments at fair value. See the Company’s fair value policy and Note 4—Fair Value for additional discussion regarding the determination of the fair value. The PPAs and fuel supply agreements entered into by the Company are evaluated to determine if they meet the definition of a derivative or contain embedded derivatives, either of which require separate valuation and accounting. To be a derivative under the accounting standards for derivatives and hedging, an agreement would need to have a notional and an underlying, require little or no initial net investment and could be net settled. Generally, these agreements do not meet the definition of a derivative, often due to the inability to be net settled. On a quarterly basis, we evaluate the markets for the commodities to be delivered under these agreements to determine if facts and circumstances have changed such that the agreements could then be net settled and meet the definition of a derivative. | ||
Derivatives primarily consist of interest rate swaps, cross-currency swaps, foreign currency instruments, and commodity derivatives. The Company enters into various derivative transactions in order to hedge its exposure to certain market risks, primarily interest rate, foreign currency and commodity price risks. Regarding interest rate risk, the Company and our subsidiaries generally utilize variable rate debt financing for construction projects and operations so interest rate swap, lock, cap, and floor agreements are entered into to manage interest rate risk by effectively fixing or limiting the interest rate exposure on the underlying financing and are typically designated as cash flow hedges. Regarding foreign currency risk, we are exposed to it as a result of our investments in foreign subsidiaries and affiliates that may be impacted by significant fluctuations in foreign currency exchange rates so foreign currency options and forwards are utilized, where deemed appropriate, to manage the risk related to these fluctuations. Cross-currency swaps are utilized in certain instances to manage the risk related to fluctuations in both interest rates and certain foreign currencies. In addition, certain of our subsidiaries have entered into contracts which contain embedded derivatives as a portion of the contracts is denominated in a currency other than the functional or local currency of that subsidiary or the currency of the item. Regarding commodity price risk, we are exposed to the impact of market fluctuations in the price of electricity, fuel and environmental credits. Although we primarily consist of businesses with long-term contracts or retail sales concessions (which provide our distribution businesses with a franchise to serve a specific geographic region), a portion of our current and expected future revenues are derived from businesses without significant long-term purchase or sales contracts. We use an overall hedging strategy, not just derivatives, to hedge our financial performance against the effects of fluctuations in commodity prices. | ||
The accounting standards for derivatives and hedging enable companies to designate qualifying derivatives as hedging instruments based on the exposure being hedged. The Company only has cash flow hedges at this time. Changes in the fair value of a derivative that is highly effective, designated and qualifies as a cash flow hedge are deferred in AOCL and are recognized into earnings as the hedged transactions affect earnings. Any ineffectiveness is recognized in earnings immediately. For all designated and qualifying hedges, the Company maintains formal documentation of the hedge and effectiveness testing in accordance with the accounting standards for derivatives and hedging. If AES determines that the derivative is no longer highly effective as a hedge, hedge accounting will be discontinued prospectively. For cash flow hedges of forecasted transactions, AES estimates the future cash flows of the forecasted transactions and evaluates the probability of the occurrence and timing of such transactions. Changes in conditions or the occurrence of unforeseen events could require discontinuance of hedge accounting or could affect the timing of the reclassification of gains or losses on cash flow hedges from AOCL into earnings. | ||
While derivative transactions are not entered into for trading purposes, some contracts are not eligible for hedge accounting. Changes in the fair value of derivatives not designated and qualifying as cash flow hedges are immediately recognized in earnings. Regardless of when gains or losses on derivatives (including all those where the fair value measurement is classified as Level 3) are recognized in earnings, they are generally classified as follows: interest expense for interest rate and cross-currency derivatives, foreign currency transaction gains or losses for foreign currency derivatives, and non-regulated revenue or non-regulated cost of sales for commodity and other derivatives. However, gains and losses on interest rate and cross-currency derivatives are classified as foreign currency transaction gains and losses if they offset the remeasurement of the foreign currency-denominated debt being hedged by the cross-currency swaps and the amount reclassified from AOCL to cost of sales to offset depreciation where the variable-rate interest capitalized as part of the asset was hedged during its construction. Cash flows arising from derivatives are included in the Consolidated Statements of Cash Flows as an operating activity given the nature of the underlying risk being economically hedged and the lack of significant financing elements, except that cash flows on designated and qualifying hedges of variable-rate interest during construction are classified as an investing activity. | ||
The Company has elected not to offset net derivative positions in the financial statements. Accordingly, the Company does not offset such derivative positions against the fair value of amounts (or amounts that approximate fair value) recognized for the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) under master netting arrangements. | ||
NEW ACCOUNTING PRONOUNCEMENTS ADOPTED | ||
ASU No. 2013-11, Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force) | ||
Effective January 1, 2014, the Company prospectively adopted ASU No. 2013-11, which requires the netting of unrecognized tax benefits (“UTBs”) against a deferred tax asset for a loss or other carryforward that would apply in settlement of uncertain tax positions. Under ASU No. 2013-11, UTBs are netted against all available same-jurisdiction losses or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. The impact to the Company’s Condensed Consolidated Balance Sheet as of December 31, 2014 was a reduction of $66 million to “Other noncurrent liabilities” and an offsetting increase to “Deferred income taxes” under “Noncurrent liabilities.” There were no impacts on the results of operations and cash flows. | ||
ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) Reporting discontinued Operations and Disclosures of Disposals of Components of an Entity | ||
Effective July 1, 2014, the Company prospectively adopted ASU No. 2014-08. See the "Discontinued Operations and Reclassifications" policy above for further information. | ||
ACCOUNTING PRONOUNCEMENTS ISSUED BUT NOT YET EFFECTIVE—The following accounting standards have been issued, but are not yet effective for, and have not been adopted by AES. | ||
ASU No. 2014-05, Service Concession Arrangements (Topic 853) | ||
In January 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-5 which states that certain service concession arrangements with public-sector entity grantors are not in scope of ASC 840, Leases ("ASC 840"). A service concession arrangement is described as an arrangement between a public-sector entity grantor and an operating entity. Operating entities with these types of arrangements with public-sector entities will no longer account for these arrangements as a lease in accordance with ASC 840 and will not recognize the related infrastructure as property, plant and equipment. Entities will apply other GAAP to the arrangement. The standard is effective for annual reporting periods beginning after December 15, 2014 and interim periods therein. The guidance will be applied on a modified retrospective basis to service concession arrangements in existence at January 1, 2015. The Company is currently evaluating the impact of the new guidance and has identified certain of its generation plants that meet the criteria of a concession arrangement under this standard. Upon adoption of this standard, the Company currently expects that the impact to the Company’s Consolidated Balance Sheet as of January 1, 2015 will result in a reclassification of approximately $1.5 billion from Property, Plant and Equipment to Other Noncurrent Assets. | ||
ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) | ||
In May 2014, the FASB issued ASU No. 2014-09 which clarifies principles for recognizing revenue and will result in a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The objective of the new standard is to provide a single and comprehensive revenue recognition model for all contracts with customers to improve comparability. The revenue standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The standard requires an entity to recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The standard is effective for annual reporting periods beginning after December 15, 2016 and interim periods therein. Early adoption is not permitted. The standard permits the use of either a full retrospective or modified retrospective approach. The Company has not yet selected a transition method and is currently evaluating the impact of adopting the standard on its financial position and results of operations. | ||
ASU No. 2014-12, Compensation — Stock Compensation (Topic 718) | ||
In June 2014, the FASB issued ASU No. 2014-12 which is intended to resolve the diverse accounting treatment in practice with compensation awards. The objective of the new standard is to clarify the treatment of accounting for performance targets which affect award vesting. The standard is effective for annual reporting periods beginning after December 15, 2015 and interim periods therein. Early adoption is permitted. The standard permits the use of either a prospective or modified retrospective approach. The Company has not yet selected a transition method and is currently evaluating the impact of the standard on its financial position and results of operations, but does not expect to be materially impacted. | ||
ASU No. 2014-12, Consolidation — Amendments to Consolidation Analysis (Topic 810) | ||
In February 2015, the FASB issued ASU 2015-02, which makes targeted amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the VIE guidance. The standard amends the evaluation of whether (1) fees paid to a decision maker or service providers represent a variable interest, (2) a limited partnership or similar entity has the characteristics of a VIE and (3) a reporting entity is the primary beneficiary of a VIE. The standard is effective for annual periods beginning after December 15, 2015 and interim periods therein. Early adoption is permitted. The Company is currently assessing the impact of the standard on its consolidated financial statements. |
Inventory
Inventory | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
INVENTORY | INVENTORY | ||||||||
Inventory is valued primarily using the average-cost method. The following table summarizes the Company’s inventory balances as of the dates indicated: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in millions) | |||||||||
Fuel and other raw materials | $ | 357 | $ | 334 | |||||
Spare parts and supplies | 345 | 350 | |||||||
Total | $ | 702 | $ | 684 | |||||
Property_Plant_and_Equipment
Property Plant and Equipment | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||||||
The following table summarizes the components of the electric generation and distribution assets and other property, plant and equipment with their estimated useful lives. The amounts are stated net of impairment losses recognized as further discussed in Note 21—Asset Impairment Expense. | |||||||||||||||||||
Estimated | December 31, | ||||||||||||||||||
Useful Life | 2014 | 2013 | |||||||||||||||||
(in years) | (in millions) | ||||||||||||||||||
Electric generation and distribution facilities | 5 - 68 | $ | 27,488 | $ | 27,619 | ||||||||||||||
Other buildings | 5 - 53 | 1,694 | 1,726 | ||||||||||||||||
Furniture, fixtures and equipment | 2 - 31 | 307 | 312 | ||||||||||||||||
Other | 1 - 50 | 970 | 939 | ||||||||||||||||
Total electric generation and distribution assets and other | 30,459 | 30,596 | |||||||||||||||||
Accumulated depreciation | (9,962 | ) | (9,604 | ) | |||||||||||||||
Net electric generation and distribution assets and other(1)(2) | $ | 20,497 | $ | 20,992 | |||||||||||||||
-1 | Net electric generation and distribution assets and other related to the Company's held-for-sale businesses of $1.2 billion as of December 31, 2013, were excluded from the table above and were included in the noncurrent assets of discontinued and held-for-sale businesses in the consolidated balance sheets. There were no discontinued and held-for-sale businesses at December 31, 2014. | ||||||||||||||||||
-2 | Net electric generation and distribution assets and other include unamortized internal-use software costs of $115 million and $133 million as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||
The following table summarizes depreciation expense (including the amortization of assets recorded under capital leases), amortization of internal-use software and interest capitalized during development and construction on qualifying assets for the periods indicated: | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
(in millions) | |||||||||||||||||||
Depreciation expense (including amortization of assets recorded under capital leases) | $ | 1,204 | $ | 1,193 | $ | 1,173 | |||||||||||||
Amortization of internal-use software | 33 | 36 | 45 | ||||||||||||||||
Interest capitalized during development and construction | 120 | 84 | 88 | ||||||||||||||||
Property, plant and equipment, net of accumulated depreciation, of $15 billion and $15 billion was mortgaged, pledged or subject to liens as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||
The following table summarizes regulated and non-regulated generation and distribution property, plant and equipment and accumulated depreciation as of the periods indicated: | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(in millions) | |||||||||||||||||||
Regulated generation, distribution assets and other, gross | $ | 13,103 | $ | 13,031 | |||||||||||||||
Regulated accumulated depreciation | (4,841 | ) | (4,732 | ) | |||||||||||||||
Regulated generation, distribution assets and other, net | 8,262 | 8,299 | |||||||||||||||||
Non-regulated generation, distribution assets and other, gross | 17,356 | 17,565 | |||||||||||||||||
Non-regulated accumulated depreciation | (5,121 | ) | (4,872 | ) | |||||||||||||||
Non-regulated generation, distribution assets and other, net | 12,235 | 12,693 | |||||||||||||||||
Net electric generation and distribution assets and other | $ | 20,497 | $ | 20,992 | |||||||||||||||
The following table summarizes the amounts recognized related to asset retirement obligations for the periods indicated: | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(in millions) | |||||||||||||||||||
Balance at January 1 | $ | 142 | $ | 120 | |||||||||||||||
Additional liabilities incurred | 51 | 1 | |||||||||||||||||
Liabilities settled | (11 | ) | (4 | ) | |||||||||||||||
Accretion expense | 12 | 9 | |||||||||||||||||
Change in estimated cash flows | 15 | 16 | |||||||||||||||||
Balance at December 31 | $ | 209 | $ | 142 | |||||||||||||||
The Company’s asset retirement obligations covered by the relevant guidance primarily include active ash landfills, water treatment basins and the removal or dismantlement of certain plants and equipment. There were no legally restricted assets for purposes of settling asset retirement obligations for the years ended December 31, 2014 and 2013. | |||||||||||||||||||
Ownership of Coal-Fired Facilities | |||||||||||||||||||
DP&L has undivided ownership interests in five coal-fired generation facilities jointly owned with other utilities. As of December 31, 2014, DP&L had $25 million of construction work in process at such facilities. DP&L’s share of the operating costs of such facilities is included in Cost of Sales in the Consolidated Statements of Operations and its share of investment in the facilities is included in Property, Plant and Equipment in the Consolidated Balance Sheets. DP&L’s undivided ownership interest in such facilities at December 31, 2014 is as follows: | |||||||||||||||||||
DP&L Share | DP&L Investment | ||||||||||||||||||
Ownership | Production Capacity (MW) | Gross Plant In Service | Accumulated Depreciation | Construction Work In Process | |||||||||||||||
Production units: | ($ in millions) | ||||||||||||||||||
Conesville Unit 4 | 17 | % | 129 | $ | 24 | $ | 2 | $ | 1 | ||||||||||
Killen Station | 67 | % | 402 | 308 | 19 | 2 | |||||||||||||
Miami Fort Units 7 and 8 | 36 | % | 368 | 214 | 23 | 2 | |||||||||||||
Stuart Station | 35 | % | 808 | 219 | 16 | 14 | |||||||||||||
Zimmer Station | 28 | % | 365 | 182 | 35 | 6 | |||||||||||||
Transmission | various | — | 42 | 6 | — | ||||||||||||||
Total | 2,072 | $ | 989 | $ | 101 | $ | 25 | ||||||||||||
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||
FAIR VALUE | FAIR VALUE | ||||||||||||||||||||||||||||||||
The fair value of current financial assets and liabilities, debt service reserves and other deposits approximate their reported carrying amounts. The estimated fair values of the Company’s assets and liabilities have been determined using available market information. By virtue of these amounts being estimates and based on hypothetical transactions to sell assets or transfer liabilities, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. | |||||||||||||||||||||||||||||||||
Valuation Techniques | |||||||||||||||||||||||||||||||||
The fair value measurement accounting guidance describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach, (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on current market expectations of the return on those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. The Company measures its investments and derivatives at fair value on a recurring basis. Additionally, in connection with annual or event-driven impairment evaluations, certain nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis. These include long-lived tangible assets (i.e., property, plant and equipment), goodwill and intangible assets (e.g., sales concessions, land use rights and emissions allowances, etc.). In general, the Company determines the fair value of investments and derivatives using the market approach and the income approach, respectively. In the nonrecurring measurements of nonfinancial assets and liabilities, all three approaches are considered; however, the value estimated under the income approach is often the most representative of fair value. | |||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||
The Company’s investments measured at fair value generally consist of marketable debt and equity securities. Equity securities are measured at fair value using quoted market prices. Debt securities primarily consist of unsecured debentures, certificates of deposit and government debt securities held by our Brazilian subsidiaries. Returns and pricing on these instruments are generally indexed to the CDI (Brazilian equivalent to London Inter Bank Offered Rate, or LIBOR, a benchmark interest rate widely used by banks in the interbank lending market) or Selic (overnight borrowing rate) rates in Brazil. Fair value is determined from comparisons to market data obtained for similar assets and are considered Level 2 in the fair value hierarchy. For more detail regarding the fair value of investments see Note 5—Investments in Marketable Securities. | |||||||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||||||
Any Level 1 derivative instruments are exchange-traded commodity futures for which the pricing is observable in active markets, and as such, these are not expected to transfer to other levels. There have been no transfers between Level 1 and Level 2. | |||||||||||||||||||||||||||||||||
For all derivatives, with the exception of any classified as Level 1, the income approach is used, which consists of forecasting future cash flows based on contractual notional amounts and applicable and available market data as of the valuation date. The most common market data inputs used in the income approach include volatilities, spot and forward benchmark interest rates (such as LIBOR and Euro Inter Bank Offered Rate (“EURIBOR”)), foreign exchange rates and commodity prices. Forward rates with the same tenor as the derivative instrument being valued are generally obtained from published sources, with these forward rates being assessed quarterly at a portfolio-level for reasonableness versus comparable published information provided from another source. When significant inputs are not observable, the Company uses relevant techniques to best estimate the inputs, such as regression analysis or prices for similarly traded instruments available in the market. | |||||||||||||||||||||||||||||||||
For derivatives for which there is a standard industry valuation model, the Company uses a third-party treasury and risk management software product that uses a standard model and observable inputs to estimate the fair value. For these derivatives, the Company performs analytical procedures and makes comparisons to other third-party information in order to assess the reasonableness of the fair value. For derivatives for which there is not a standard industry valuation model (such as PPAs and fuel supply agreements that are derivatives or include embedded derivatives), the Company has created internal valuation models to estimate the fair value, using observable data to the extent available. At each quarter-end, the models for the commodity and foreign currency-based derivatives are generally prepared and reviewed by employees who globally manage the respective commodity and foreign currency risks and are analytically reviewed independent of those employees. | |||||||||||||||||||||||||||||||||
Those cash flows are then discounted using the relevant spot benchmark interest rate (such as LIBOR or EURIBOR). The Company then makes a credit valuation adjustment (“CVA”) by further discounting the cash flows for nonperformance or credit risk based on the observable or estimated debt spread of the Company’s subsidiary or its counterparty and the tenor of the respective derivative instrument. The CVA for asset positions is based on the counterparty’s credit ratings, credit default swap spreads, and debt spreads, as available. The CVA for liability positions is based on the Parent Company’s or the subsidiary’s current debt spread. In the absence of readily obtainable credit information, the Parent Company’s or the subsidiary’s estimated credit rating (based on applying a standard industry model to historical financial information and then considering other relevant information) and spreads of comparably rated entities or the respective country’s debt spreads are used as a proxy. All derivative instruments are analyzed individually and are subject to unique risk exposures. | |||||||||||||||||||||||||||||||||
The Company’s methodology to fair value its derivatives is to start with any observable inputs; however, in certain instances the published forward rates or prices may not extend through the remaining term of the contract and management must make assumptions to extrapolate the curve, which necessitates the use of unobservable inputs, such as proxy commodity prices or historical settlements to forecast forward prices. In addition, in certain instances, there may not be market or market-corroborated data readily available, requiring the use of unobservable inputs. Similarly, in certain instances, the spread that reflects the credit or nonperformance risk is unobservable. The fair value hierarchy of an asset or a liability is based on the level of significance of the input assumptions. An input assumption is considered significant if it affects the fair value by at least 10%. Assets and liabilities are classified as Level 3 when the use of unobservable inputs is significant. When the use of unobservable inputs is insignificant, assets and liabilities are classified as Level 2. Transfers between Level 3 and Level 2 are determined as of the end of the reporting period and result from changes in significance of unobservable inputs used to calculate the CVA. | |||||||||||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||||||||||
Recourse and non-recourse debt are carried at amortized cost. The fair value of recourse debt is estimated based on quoted market prices. The fair value of non-recourse debt is estimated differently based upon the type of loan. In general, the carrying amount of variable rate debt is a close approximation of its fair value. For fixed rate loans, the fair value is estimated using quoted market prices or discounted cash flow analyses. In the discounted cash flow analysis, the discount rate is based on the credit rating of the individual debt instruments, if available, or the credit rating of the subsidiary. If the subsidiary’s credit rating is not available, a synthetic credit rating is determined using certain key metrics, including cash flow ratios and interest coverage, as well as other industry-specific factors. For subsidiaries located outside the U.S., in the event that the country rating is lower than the credit rating previously determined, the country rating is used for purposes of the discounted cash flow analysis. The fair value of recourse and non-recourse debt excludes accrued interest at the valuation date. The fair value was determined using available market information as of December 31, 2014. The Company is not aware of any factors that would significantly affect the fair value amounts subsequent to December 31, 2014. | |||||||||||||||||||||||||||||||||
Nonfinancial Assets and Liabilities | |||||||||||||||||||||||||||||||||
For nonrecurring measurements derived using the income approach, fair value is determined using valuation models based on the principles of discounted cash flows (“DCF”). The income approach is most often used in the impairment evaluation of long-lived tangible assets, goodwill and intangible assets. The Company uses its internally developed DCF valuation models as the primary means to determine nonrecurring fair value measurements though other valuation approaches prescribed under the fair value measurement accounting guidance are also considered. Depending on the complexity of a valuation, an independent valuation firm may be engaged to assist management in the valuation process. A few examples of input assumptions to such valuations include macroeconomic factors such as growth rates, industry demand, inflation, exchange rates and power and commodity prices. Whenever possible, the Company attempts to obtain market observable data to develop input assumptions. Where the use of market observable data is limited or not available for certain input assumptions, the Company develops its own estimates using a variety of techniques such as regression analysis and extrapolations. | |||||||||||||||||||||||||||||||||
For nonrecurring measurements derived using the market approach, recent market transactions involving the sale of identical or similar assets are considered. The use of this approach is limited because it is often difficult to identify sale transactions of identical or similar assets. This approach is used in impairment evaluations of certain intangible assets. Otherwise, it is used to corroborate the fair value determined under the income approach. | |||||||||||||||||||||||||||||||||
For nonrecurring measurements derived using the cost approach, fair value is typically based upon a replacement cost approach. Under this approach, the depreciated replacement cost of assets is derived by first estimating the current replacement cost of assets and then applying the remaining useful life percentages to such costs. Further adjustments for economic and functional obsolescence are made to the depreciated replacement cost. This approach involves a considerable amount of judgment, which is why its use is limited to the measurement of long-lived tangible assets. Like the market approach, this approach is also used to corroborate the fair value determined under the income approach. | |||||||||||||||||||||||||||||||||
Fair Value Considerations | |||||||||||||||||||||||||||||||||
In determining fair value, the Company considers the source of observable market data inputs, liquidity of the instrument, the credit risk of the counterparty and the risk of the Company’s or its counterparty’s nonperformance. The conditions and criteria used to assess these factors are: | |||||||||||||||||||||||||||||||||
Sources of market assumptions | |||||||||||||||||||||||||||||||||
The Company derives most of its market assumptions from market efficient data sources (e.g., Bloomberg and Reuters). To determine fair value, where market data is not readily available, management uses comparable market sources and empirical evidence to develop its own estimates of market assumptions. | |||||||||||||||||||||||||||||||||
Market liquidity | |||||||||||||||||||||||||||||||||
The Company evaluates market liquidity based on whether the financial or physical instrument, or the underlying asset, is traded in an active or inactive market. An active market exists if the prices are fully transparent to market participants, can be measured by market bid and ask quotes, the market has a relatively large proportion of trading volume as compared to the Company’s current trading volume and the market has a significant number of market participants that will allow the market to rapidly absorb the quantity of assets traded without significantly affecting the market price. Another factor the Company considers when determining whether a market is active or inactive is the presence of government or regulatory controls over pricing that could make it difficult to establish a market-based price when entering into a transaction. | |||||||||||||||||||||||||||||||||
Nonperformance risk | |||||||||||||||||||||||||||||||||
Nonperformance risk refers to the risk that an obligation will not be fulfilled and affects the value at which a liability is transferred or an asset is sold. Nonperformance risk includes, but may not be limited to, the Company or its counterparty’s credit and settlement risk. Nonperformance risk adjustments are dependent on credit spreads, letters of credit, collateral, other arrangements available and the nature of master netting arrangements. The Company and its subsidiaries are parties to various interest rate swaps and options; foreign currency options and forwards; and derivatives and embedded derivatives, which subject the Company to nonperformance risk. The financial and physical instruments held at the subsidiary level are generally non-recourse to the Parent Company. | |||||||||||||||||||||||||||||||||
Nonperformance risk on the investments held by the Company is incorporated in the fair value derived from quoted market data to mark the investments to fair value. | |||||||||||||||||||||||||||||||||
Recurring Measurements | |||||||||||||||||||||||||||||||||
The following table sets forth, by level within the fair value hierarchy, as described in Note 1 - General and Summary of Significant Accounting Policies, the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the periods indicated: | |||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
AVAILABLE FOR SALE:(1) | |||||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||
Unsecured debentures | $ | — | $ | 501 | $ | — | $ | 501 | $ | — | $ | 435 | $ | — | $ | 435 | |||||||||||||||||
Certificates of deposit | — | 151 | — | 151 | — | 151 | — | 151 | |||||||||||||||||||||||||
Government debt securities | — | 57 | — | 57 | — | 25 | — | 25 | |||||||||||||||||||||||||
Subtotal | — | 709 | — | 709 | — | 611 | — | 611 | |||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Mutual funds | — | 25 | — | 25 | — | 44 | — | 44 | |||||||||||||||||||||||||
Subtotal | — | 25 | — | 25 | — | 44 | — | 44 | |||||||||||||||||||||||||
Total available for sale | — | 734 | — | 734 | — | 655 | — | 655 | |||||||||||||||||||||||||
TRADING: | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Mutual funds | 15 | — | — | 15 | 13 | — | — | 13 | |||||||||||||||||||||||||
Total trading | 15 | — | — | 15 | 13 | — | — | 13 | |||||||||||||||||||||||||
DERIVATIVES: | |||||||||||||||||||||||||||||||||
Interest rate derivatives | — | — | — | — | — | 98 | — | 98 | |||||||||||||||||||||||||
Cross currency derivatives | — | — | — | — | — | 5 | — | 5 | |||||||||||||||||||||||||
Foreign currency derivatives | — | 18 | 218 | 236 | — | 15 | 98 | 113 | |||||||||||||||||||||||||
Commodity derivatives | — | 37 | 7 | 44 | — | 18 | 6 | 24 | |||||||||||||||||||||||||
Total derivatives | — | 55 | 225 | 280 | — | 136 | 104 | 240 | |||||||||||||||||||||||||
TOTAL ASSETS | $ | 15 | $ | 789 | $ | 225 | $ | 1,029 | $ | 13 | $ | 791 | $ | 104 | $ | 908 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
DERIVATIVES: | |||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | — | $ | 206 | $ | 210 | $ | 416 | $ | — | $ | 221 | $ | 101 | $ | 322 | |||||||||||||||||
Cross currency derivatives | — | 29 | — | 29 | — | 11 | — | 11 | |||||||||||||||||||||||||
Foreign currency derivatives | — | 43 | 9 | 52 | — | 16 | 5 | 21 | |||||||||||||||||||||||||
Commodity derivatives | — | 16 | 1 | 17 | — | 15 | 2 | 17 | |||||||||||||||||||||||||
Total derivatives | — | 294 | 220 | 514 | — | 263 | 108 | 371 | |||||||||||||||||||||||||
TOTAL LIABILITIES | $ | — | $ | 294 | $ | 220 | $ | 514 | $ | — | $ | 263 | $ | 108 | $ | 371 | |||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||||||
(1) | Amortized cost approximated fair value at December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
The following tables present a reconciliation of net derivative assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2014 and 2013 (presented net by type of derivative). Transfers between Level 3 and Level 2 are determined as of the end of the reporting period and principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment. | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||
Interest Rate | Foreign | Commodity | Total | ||||||||||||||||||||||||||||||
Currency | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Balance at January 1 | $ | (101 | ) | $ | 93 | $ | 4 | $ | (4 | ) | |||||||||||||||||||||||
Total gains (losses) (realized and unrealized): | |||||||||||||||||||||||||||||||||
Included in earnings | 2 | 134 | 1 | 137 | |||||||||||||||||||||||||||||
Included in other comprehensive income - derivative activity | (154 | ) | (2 | ) | — | (156 | ) | ||||||||||||||||||||||||||
Included in other comprehensive income - foreign currency translation activity | 13 | (25 | ) | — | (12 | ) | |||||||||||||||||||||||||||
Included in regulatory (assets) liabilities | — | — | 16 | 16 | |||||||||||||||||||||||||||||
Settlements | 30 | (4 | ) | (15 | ) | 11 | |||||||||||||||||||||||||||
Transfers of assets (liabilities) into Level 3 | — | 10 | — | 10 | |||||||||||||||||||||||||||||
Transfers of (assets) liabilities out of Level 3 | — | 3 | — | 3 | |||||||||||||||||||||||||||||
Balance at December 31 | $ | (210 | ) | $ | 209 | $ | 6 | $ | 5 | ||||||||||||||||||||||||
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | 2 | $ | 130 | $ | (1 | ) | $ | 131 | ||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Interest Rate | Foreign | Commodity | Total | ||||||||||||||||||||||||||||||
Currency | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Balance at January 1 | $ | (412 | ) | $ | 72 | $ | (1 | ) | $ | (341 | ) | ||||||||||||||||||||||
Total gains (losses) (realized and unrealized): | |||||||||||||||||||||||||||||||||
Included in earnings | 13 | 53 | 4 | 70 | |||||||||||||||||||||||||||||
Included in other comprehensive income - derivative activity | 93 | — | — | 93 | |||||||||||||||||||||||||||||
Included in other comprehensive income - foreign currency translation activity | (4 | ) | (23 | ) | — | (27 | ) | ||||||||||||||||||||||||||
Included in regulatory (assets) liabilities | — | — | 2 | 2 | |||||||||||||||||||||||||||||
Settlements | 100 | (5 | ) | (1 | ) | 94 | |||||||||||||||||||||||||||
Transfers of (assets) liabilities out of Level 3 | 109 | (4 | ) | — | 105 | ||||||||||||||||||||||||||||
Balance at December 31 | $ | (101 | ) | $ | 93 | $ | 4 | $ | (4 | ) | |||||||||||||||||||||||
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | 10 | $ | 53 | $ | 1 | $ | 64 | |||||||||||||||||||||||||
The following table summarizes the significant unobservable inputs used for the Level 3 derivative assets (liabilities) as of December 31, 2014: | |||||||||||||||||||||||||||||||||
Type of Derivative | Fair Value | Unobservable Input | Amount or Range | ||||||||||||||||||||||||||||||
(Weighted Average) | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Interest rate | $ | (210 | ) | Subsidiaries’ credit spreads | 3.75%-8.24% (5.70%) | ||||||||||||||||||||||||||||
Foreign currency: | |||||||||||||||||||||||||||||||||
Derivative — Argentine Peso | 208 | Argentine Peso to U.S. Dollar currency exchange rate after 1 year | 8.75 - 33.66 (21.31) | ||||||||||||||||||||||||||||||
Embedded derivative — Euro | 1 | Subsidiary and counterparty credit spreads | 5.43%-8.24% (6.84%) | ||||||||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||||||||||
Other | 6 | ||||||||||||||||||||||||||||||||
Total | $ | 5 | |||||||||||||||||||||||||||||||
Changes in the above significant unobservable inputs that lead to a significant and unusual impact to current-period earnings are disclosed to the Financial Audit Committee. For interest rate derivatives, and embedded foreign currency derivatives, increases (decreases) in the estimates of the Company's own credit spreads would decrease (increase) the value of the derivatives in a liability position. For foreign currency derivatives, increases (decreases) in the estimate of the above exchange rate would increase (decrease) the value of the derivative. | |||||||||||||||||||||||||||||||||
Nonrecurring Measurements | |||||||||||||||||||||||||||||||||
When evaluating impairment of goodwill, long-lived assets, discontinued operations and held-for-sale businesses, and equity method investments, the Company measures fair value using the applicable fair value measurement guidance. Impairment expense is measured by comparing the fair value at the evaluation date to their then-latest available carrying amount. The following table summarizes major categories of assets and liabilities measured at fair value on a nonrecurring basis during the period and their level within the fair value hierarchy: | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||
Carrying Amount (1) | Fair Value | Pretax | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Loss | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Long-lived assets held and used:(2) | |||||||||||||||||||||||||||||||||
DP&L (East Bend) | $ | 14 | $ | — | $ | 2 | $ | — | $ | 12 | |||||||||||||||||||||||
Ebute | 103 | — | — | 36 | 67 | ||||||||||||||||||||||||||||
UK Wind (Newfield) | 11 | — | — | — | 11 | ||||||||||||||||||||||||||||
Discontinued operations and held-for-sale businesses:(3) | |||||||||||||||||||||||||||||||||
Cameroon businesses | 372 | — | 334 | — | 38 | ||||||||||||||||||||||||||||
Equity method investments (4) | |||||||||||||||||||||||||||||||||
Silver Ridge Power | 315 | — | — | 273 | 42 | ||||||||||||||||||||||||||||
Entek | 211 | — | 125 | — | 86 | ||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||
DPLER | 136 | — | — | — | 136 | ||||||||||||||||||||||||||||
Buffalo Gap | 28 | — | — | — | 28 | ||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Carrying Amount (1) | Fair Value | Pretax | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Loss | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Long-lived assets held and used:(2) | |||||||||||||||||||||||||||||||||
Itabo (San Lorenzo) | $ | 23 | $ | — | $ | — | $ | 7 | $ | 16 | |||||||||||||||||||||||
Beaver Valley | 61 | — | — | 15 | 46 | ||||||||||||||||||||||||||||
DP&L (Conesville) | 26 | — | — | — | 26 | ||||||||||||||||||||||||||||
Long-lived assets held for sale:(2) | |||||||||||||||||||||||||||||||||
U.S. wind turbines | 25 | — | 25 | — | — | ||||||||||||||||||||||||||||
Discontinued operations and held-for-sale businesses:(3) | |||||||||||||||||||||||||||||||||
Cameroon | 414 | — | 351 | — | 63 | ||||||||||||||||||||||||||||
Saurashtra | 19 | — | 7 | — | 12 | ||||||||||||||||||||||||||||
Ukraine utilities | 164 | — | 120 | — | 44 | ||||||||||||||||||||||||||||
Poland wind projects | 79 | — | 14 | — | 65 | ||||||||||||||||||||||||||||
U.S. wind projects | 77 | — | 30 | — | 47 | ||||||||||||||||||||||||||||
Equity method investments (4) | 240 | — | — | 111 | 129 | ||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||
DP&L | 623 | — | — | 316 | 307 | ||||||||||||||||||||||||||||
Ebute | 58 | — | — | — | 58 | ||||||||||||||||||||||||||||
Mountain View | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||||||
(1) | Represents the carrying value at the date of measurement, before fair value adjustment. | ||||||||||||||||||||||||||||||||
(2) | See Note 21—Asset Impairment Expense and Note 24—Dispositions for further information. | ||||||||||||||||||||||||||||||||
(3) | See Note 23—Discontinued Operations and Held-For-Sale Businesses for further information. Fair value of long-lived assets held-for-sale exclude costs to sell. | ||||||||||||||||||||||||||||||||
(4) | See Note 9—Other Non-Operating Expense for further information. | ||||||||||||||||||||||||||||||||
The following table summarizes the significant unobservable inputs used in the Level 3 measurement of long-lived assets during the year ended December 31, 2014: | |||||||||||||||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||||||||||||||
(in millions) | ($ in millions) | ||||||||||||||||||||||||||||||||
Long-lived assets held and used: | |||||||||||||||||||||||||||||||||
Ebute | 36 | Discounted cash flow | Annual revenue growth | 0% to 1% (1%) | |||||||||||||||||||||||||||||
Annual pretax operating margin | 0% to 56% (25%) | ||||||||||||||||||||||||||||||||
Equity method investment: | |||||||||||||||||||||||||||||||||
Silver Ridge Power | 273 | Discounted cash flow | Annual revenue growth | -57% to 1% (-4%) | |||||||||||||||||||||||||||||
Annual pretax operating margin | -115% to 50% (6%) | ||||||||||||||||||||||||||||||||
Cost of equity | 13% to 16% (14%) | ||||||||||||||||||||||||||||||||
Total | $ | 309 | |||||||||||||||||||||||||||||||
Financial Instruments not Measured at Fair Value in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||||||
The following table sets forth the carrying amount, fair value and fair value hierarchy of the Company’s financial assets and liabilities that are not measured at fair value in the consolidated balance sheets as of December 31, 2014 and 2013, but for which fair value is disclosed. | |||||||||||||||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Accounts receivable — noncurrent(1) | $ | 257 | $ | 246 | $ | — | $ | — | $ | 246 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Non-recourse debt | 15,600 | 16,008 | — | 12,538 | 3,470 | ||||||||||||||||||||||||||||
Recourse debt | 5,258 | 5,552 | — | 5,552 | — | ||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Accounts receivable — noncurrent(1) | $ | 260 | $ | 194 | $ | — | $ | — | $ | 194 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Non-recourse debt | 15,380 | 15,620 | — | 13,397 | 2,223 | ||||||||||||||||||||||||||||
Recourse debt | 5,669 | 6,164 | — | 6,164 | — | ||||||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||||||
(1) | These accounts receivable principally relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and are included in “Noncurrent assets — Other” in the accompanying consolidated balance sheets. The fair value of these accounts receivable excludes value-added tax of $36 million and $46 million at December 31, 2014 and 2013, respectively. |
Investments_In_Marketable_Secu
Investments In Marketable Securities | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||
INVESTMENTS IN MARKETABLE SECURITIES | INVESTMENTS IN MARKETABLE SECURITIES | ||||||||||||
The Company’s investments in marketable debt and equity securities as of December 31, 2014 and 2013 by security class and by level within the fair value hierarchy have been disclosed in Note 4—Fair Value. The security classes are determined based on the nature and risk of a security and are consistent with how the Company manages, monitors and measures its marketable securities. As of December 31, 2014, $676 million of available-for-sale ("AFS") debt securities had stated maturities within one year and $33 million had stated maturities between one and three years. Gains and losses on the sale of investments are determined using the specific-identification method. Pretax gains and losses related to AFS and trading securities are generally immaterial for disclosure purposes. For the years ended December 31, 2014, 2013, and 2012, there were no realized losses on the sale of AFS securities and no other-than-temporary impairment of marketable securities recognized in earnings or other comprehensive income. The following table summarizes the gross proceeds from sale of AFS securities for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
Gross proceeds from sales of AFS securities | $ | 4,569 | $ | 4,406 | $ | 6,489 | |||||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ||||||||||||||||||||||||||
Volume of Activity | |||||||||||||||||||||||||||
The following tables set forth, by type of derivative, the Company’s outstanding notional under its derivatives and the weighted-average remaining term as of December 31, 2014 regardless of whether the derivative instruments are in qualifying cash flow hedging relationships: | |||||||||||||||||||||||||||
Current | Maximum | ||||||||||||||||||||||||||
Interest Rate and Cross Currency | Derivative | Derivative Notional Translated to USD | Derivative | Derivative Notional Translated to USD | Weighted-Average Remaining Term | % of Debt Currently Hedged by Index | |||||||||||||||||||||
Notional | Notional | ||||||||||||||||||||||||||
(in millions) | (in years) | ||||||||||||||||||||||||||
Interest Rate Derivatives:(1) | |||||||||||||||||||||||||||
LIBOR (U.S. Dollar) | 2,382 | $ | 2,382 | 3,047 | $ | 3,047 | 11 | 53 | % | ||||||||||||||||||
EURIBOR (Euro) | 531 | 642 | 531 | 642 | 7 | 83 | % | ||||||||||||||||||||
Cross Currency Swaps: | |||||||||||||||||||||||||||
Chilean Unidad de Fomento | 4 | 179 | 4 | 179 | 14 | 82 | % | ||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||
(1) | The Company’s interest rate derivative instruments primarily include accreting and amortizing notionals. The maximum derivative notional represents the largest notional at any point between December 31, 2014 and the maturity of the derivative instrument, which includes forward-starting derivative instruments. The interest rate and cross currency derivatives range in maturity through 2033 and 2028, respectively. | ||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||
Foreign Currency Derivatives | Notional(1) | Notional Translated to USD | Weighted-Average Remaining Term(2) | ||||||||||||||||||||||||
(in millions) | (in years) | ||||||||||||||||||||||||||
Foreign Currency Options and Forwards: | |||||||||||||||||||||||||||
Chilean Unidad de Fomento | 10 | $ | 404 | <1 | |||||||||||||||||||||||
Chilean Peso | 74,438 | 123 | <1 | ||||||||||||||||||||||||
Brazilian Real | 200 | 75 | <1 | ||||||||||||||||||||||||
Euro | 45 | 55 | <1 | ||||||||||||||||||||||||
Colombian Peso | 67,455 | 29 | <1 | ||||||||||||||||||||||||
Argentine Peso | 1,933 | 226 | 10 | ||||||||||||||||||||||||
British Pound | 16 | 25 | <1 | ||||||||||||||||||||||||
Embedded Foreign Currency Derivatives: | |||||||||||||||||||||||||||
Kazakhstani Tenge | 4,239 | 23 | 1 | ||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||
(1) | Represents contractual notionals. The notionals for options have not been probability adjusted, which generally would decrease them. | ||||||||||||||||||||||||||
(2) | Represents the remaining tenor of our foreign currency derivatives weighted by the corresponding notional. These options and forwards and these embedded derivatives range in maturity through 2025 and 2017, respectively. | ||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||
Weighted-Average | |||||||||||||||||||||||||||
Commodity Derivatives | Notional | Remaining Term(1) | |||||||||||||||||||||||||
(in millions) | (in years) | ||||||||||||||||||||||||||
Power (MWh) | 5 | 2 | |||||||||||||||||||||||||
Coal (Metric tons) | 1 | 1 | |||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||
(1) | Represents the remaining tenor of our commodity derivatives weighted by the corresponding volume. These derivatives range in maturity through 2016. | ||||||||||||||||||||||||||
Accounting and Reporting | |||||||||||||||||||||||||||
Assets and Liabilities | |||||||||||||||||||||||||||
The following tables set forth the Company’s derivative instruments as of the periods indicated, first by whether or not they are designated hedging instruments, then by whether they are current or noncurrent to the extent they are subject to master netting agreements or similar agreements (where the rights to set-off relate to settlement of amounts receivable and payable under those derivatives) and by balances no longer accounted for as derivatives. | |||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||
Designated | Not Designated | Total | Designated | Not Designated | Total | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Interest rate derivatives | $ | — | $ | — | $ | — | $ | 96 | $ | 2 | $ | 98 | |||||||||||||||
Cross currency derivatives | — | — | — | 5 | — | 5 | |||||||||||||||||||||
Foreign currency derivatives | 6 | 230 | 236 | 4 | 109 | 113 | |||||||||||||||||||||
Commodity derivatives | 25 | 19 | 44 | 8 | 16 | 24 | |||||||||||||||||||||
Total assets | $ | 31 | $ | 249 | $ | 280 | $ | 113 | $ | 127 | $ | 240 | |||||||||||||||
Liabilities | |||||||||||||||||||||||||||
Interest rate derivatives | $ | 416 | $ | — | $ | 416 | $ | 318 | $ | 4 | $ | 322 | |||||||||||||||
Cross currency derivatives | 29 | — | 29 | 11 | — | 11 | |||||||||||||||||||||
Foreign currency derivatives | 38 | 14 | 52 | 15 | 6 | 21 | |||||||||||||||||||||
Commodity derivatives | 7 | 10 | 17 | 7 | 10 | 17 | |||||||||||||||||||||
Total liabilities | $ | 490 | $ | 24 | $ | 514 | $ | 351 | $ | 20 | $ | 371 | |||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Current | $ | 77 | $ | 148 | $ | 32 | $ | 157 | |||||||||||||||||||
Noncurrent | 203 | 366 | 208 | 214 | |||||||||||||||||||||||
Total | $ | 280 | $ | 514 | $ | 240 | $ | 371 | |||||||||||||||||||
Derivatives subject to master netting agreement or similar agreement: | |||||||||||||||||||||||||||
Gross amounts recognized in the balance sheet | $ | 53 | $ | 507 | $ | 91 | $ | 314 | |||||||||||||||||||
Gross amounts of derivative instruments not offset | (10 | ) | (10 | ) | (9 | ) | (9 | ) | |||||||||||||||||||
Gross amounts of cash collateral received/pledged not offset | — | (5 | ) | (3 | ) | (6 | ) | ||||||||||||||||||||
Net amount | $ | 43 | $ | 492 | $ | 79 | $ | 299 | |||||||||||||||||||
Other balances that had been, but are no longer, accounted for as derivatives that are to be amortized to earnings over the remaining term of the associated PPA | $ | 161 | $ | 180 | $ | 169 | $ | 190 | |||||||||||||||||||
Effective Portion of Cash Flow Hedges | |||||||||||||||||||||||||||
The following tables set forth the pretax gains (losses) recognized in AOCL and earnings related to the effective portion of derivative instruments in qualifying cash flow hedging relationships (including amounts that were reclassified from AOCL as interest expense related to interest rate derivative instruments that previously, but no longer, qualify for cash flow hedge accounting), as defined in the accounting standards for derivatives and hedging, for the periods indicated: | |||||||||||||||||||||||||||
Gains (Losses) Recognized in AOCL | Classification in Condensed Consolidated Statements of Operations | Gains (Losses) Reclassified from AOCL into Earnings | |||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||
Type of Derivative | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||
Interest rate derivatives | $ | (421 | ) | $ | 155 | $ | (175 | ) | Interest expense | $ | (139 | ) | $ | (127 | ) | $ | (135 | ) | |||||||||
Non-regulated cost of sales | (2 | ) | (5 | ) | (6 | ) | |||||||||||||||||||||
Net equity in earnings of affiliates | (3 | ) | (6 | ) | (7 | ) | |||||||||||||||||||||
Asset impairment expense | — | — | (6 | ) | |||||||||||||||||||||||
Gain on sale of investments | — | (21 | ) | (96 | ) | ||||||||||||||||||||||
Cross currency derivatives | (25 | ) | (18 | ) | 4 | Interest expense | — | (10 | ) | (12 | ) | ||||||||||||||||
Foreign currency transaction gains (losses) | (23 | ) | (18 | ) | 26 | ||||||||||||||||||||||
Foreign currency derivatives | (28 | ) | — | 10 | Foreign currency transaction gains (losses) | 14 | 12 | 5 | |||||||||||||||||||
Commodity derivatives | 44 | 2 | (8 | ) | Non-regulated revenue | 30 | (3 | ) | (2 | ) | |||||||||||||||||
Non-regulated cost of sales | (2 | ) | (2 | ) | — | ||||||||||||||||||||||
Total | $ | (430 | ) | $ | 139 | $ | (169 | ) | $ | (125 | ) | $ | (180 | ) | $ | (233 | ) | ||||||||||
The pretax accumulated other comprehensive income (loss) expected to be recognized as an increase (decrease) to income from continuing operations before income taxes over the next twelve months as of December 31, 2014 is $(100) million for interest rate hedges, $(4) million for cross currency swaps, $9 million for foreign currency hedges, and $18 million for commodity and other hedges. | |||||||||||||||||||||||||||
For the years ended December 31, 2014 and 2012, pretax losses of $6 million and $10 million, net of noncontrolling interests were reclassified into earnings as a result of the discontinuance of a cash flow hedge because it was probable that the forecasted transaction would not occur by the end of the originally specified time period (as documented at the inception of the hedging relationship) or within an additional two-month time period thereafter. There was no such item for the year ended December 31, 2013. | |||||||||||||||||||||||||||
Ineffective Portion of Cash Flow Hedges | |||||||||||||||||||||||||||
The following table sets forth the pretax gains (losses) recognized in earnings related to the ineffective portion of derivative instruments in qualifying cash flow hedging relationships, as defined in the accounting standards for derivatives and hedging, for the periods indicated: | |||||||||||||||||||||||||||
Gains (Losses) Recognized in Earnings | |||||||||||||||||||||||||||
Classification in Condensed Consolidated Statements of Operations | Years Ended December 31, | ||||||||||||||||||||||||||
Type of Derivative | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | — | $ | 42 | $ | (2 | ) | |||||||||||||||||||
Net equity in earnings of affiliates | (1 | ) | 1 | (1 | ) | ||||||||||||||||||||||
Foreign currency derivatives | Foreign currency transaction gains (losses) | (2 | ) | — | — | ||||||||||||||||||||||
Cross currency derivatives | Interest expense | (1 | ) | — | (1 | ) | |||||||||||||||||||||
Total | $ | (4 | ) | $ | 43 | $ | (4 | ) | |||||||||||||||||||
Not Designated for Hedge Accounting | |||||||||||||||||||||||||||
The following table sets forth the gains (losses) recognized in earnings related to derivative instruments not designated as hedging instruments under the accounting standards for derivatives and hedging and the amortization of balances that had been, but are no longer, accounted for as derivatives, for the periods indicated: | |||||||||||||||||||||||||||
Gains (Losses) Recognized in Earnings | |||||||||||||||||||||||||||
Classification in Condensed Consolidated Statements of Operations | Years Ended December 31, | ||||||||||||||||||||||||||
Type of Derivative | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | (3 | ) | $ | (1 | ) | $ | (5 | ) | |||||||||||||||||
Net equity in earnings of affiliates | — | (6 | ) | — | |||||||||||||||||||||||
Foreign currency derivatives | Foreign currency transaction gains (losses) | 146 | 64 | (141 | ) | ||||||||||||||||||||||
Net equity in earnings of affiliates | (2 | ) | (24 | ) | — | ||||||||||||||||||||||
Commodity and other derivatives | Non-regulated revenue | 5 | 11 | 24 | |||||||||||||||||||||||
Regulated revenue | — | — | (10 | ) | |||||||||||||||||||||||
Non-regulated cost of sales | (3 | ) | 1 | 2 | |||||||||||||||||||||||
Regulated cost of sales | (6 | ) | 2 | (15 | ) | ||||||||||||||||||||||
Income (loss) from operations of discontinued businesses | (7 | ) | (18 | ) | (4 | ) | |||||||||||||||||||||
Net gain (loss) from disposal and impairments of discontinued operations | 72 | — | — | ||||||||||||||||||||||||
Total | $ | 202 | $ | 29 | $ | (149 | ) | ||||||||||||||||||||
Credit Risk-Related Contingent Features | |||||||||||||||||||||||||||
DP&L has certain over-the-counter commodity derivative contracts under master netting agreements that contain provisions that require DP&L to maintain an investment-grade issuer credit rating from credit rating agencies. Since DP&L's rating has fallen below investment grade, certain of the counterparties to the derivative contracts have requested immediate and ongoing full overnight collateralization of the mark-to-market loss (fair value excluding credit valuation adjustments), which was $12 million and $11 million as of December 31, 2014 and 2013, respectively, for all derivatives with credit risk-related contingent features. As of December 31, 2014 and 2013, DP&L had posted $5 million and $6 million, respectively, of cash collateral directly with third parties and in a broker margin account and DP&L held $0 million and $3 million, respectively, of cash collateral from counterparties to its derivative instruments that were in an asset position. After consideration of the netting of counterparty assets, DP&L could have been required to, but did not, provide additional collateral of $1 million and $0 million as of December 31, 2014 and 2013, respectively. |
Financing_Receivables
Financing Receivables | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Receivables [Abstract] | |||||||||
FINANCING RECEIVABLES | FINANCING RECEIVABLES | ||||||||
Financing receivables are defined as receivables that have contractual maturities of greater than one year. The Company has financing receivables pursuant to amended agreements or government resolutions that are due from certain Latin American governmental bodies, primarily in Argentina. The table below sets forth the breakdown of financing receivables by country as of the periods indicated: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in millions) | |||||||||
Argentina(1) | $ | 278 | $ | 164 | |||||
Dominican Republic | — | 2 | |||||||
Brazil | 15 | 18 | |||||||
Total long-term financing receivables | $ | 293 | $ | 184 | |||||
_____________________________ | |||||||||
(1) | As of December 31, 2014 all amounts had contractual maturities of greater than one year. As of December 31, 2013, total receivables with the Argentine government were $286 million, and the amount presented in the table above excluded noncurrent receivables of $122 million which had not yet been converted into financing receivables and did not have contractual maturities of greater than one year at the time. | ||||||||
Argentina—Collection of the principal and interest on these receivables is subject to various business risks and uncertainties including, but not limited to, the completion and operation of power plants which generate cash for payments of these receivables, regulatory changes that could impact the timing and amount of collections, and economic conditions in Argentina. The Company monitors these risks including the credit ratings of the Argentine government on a quarterly basis to assess the collectability of these receivables. The Company accrues interest on these receivables once the recognition criteria have been met. The Company’s collection estimates are based on assumptions that it believes to be reasonable, but are inherently uncertain. Actual future cash flows could differ from these estimates. | |||||||||
FONINVEMEM Agreements | |||||||||
As a result of energy market reforms in 2004 and 2010, AES Argentina entered into three agreements with the Argentine government, referred to as the FONINVEMEM Agreements, to contribute a portion of their accounts receivable into a fund for financing the construction of combined cycle and gas-fired plants. These receivables accrue interest and are collected in monthly installments over 10 years once the related plant begins operations. In addition, AES Argentina receives an ownership interest in these newly built plants once the receivables have been fully repaid. | |||||||||
FONINVEMEM I and II - The receivables under the first two FONINVEMEM Agreements have been actively collected since the related plants commenced operations in 2010. In assessing the collectability of the receivables under these agreements, the Company also considers how timely the collections have historically been made in accordance with the agreements. | |||||||||
FONINVEMEM III - The receivables related to the third FONINVEMEM Agreement will not be repaid until commercial operation of the related gas-fired plant has been achieved. In assessing the collectability of the receivables under this agreement, the Company also considers the extent to which significant milestones necessary to complete the plants have been achieved or are still probable. In November 2014, the Company received a letter from CAMMESA confirming the contribution of certain receivables into the FONIVEMEM III Agreement and establishing the methodology for the interest to be recognized on the outstanding receivables. CAMMESA is the Argentine wholesale electricity market regulator responsible for dispatch coordination and determination of short-term prices. Based on this new information, additional receivables of $120 million were considered formally contributed into FONIVEMEM III trust in the fourth quarter of 2014. Additionally, upon receipt of the letter, the Company determined that the recognition criteria was met related to the interest on all the FONIVEMEM III receivables and accordingly, recognized $59 million of interest income in the fourth quarter of 2014. | |||||||||
The FONINVEMEM receivables are denominated in Argentine pesos, but indexed to U.S. Dollars, which represents a foreign currency derivative. During the fourth quarter of 2014, the value of the foreign currency derivative experienced a significant increase due to CAMMESA confirming that additional receivables would be included in the FONINVEMEM III project as well as the recognition of interest on all the FONINVEMEM III receivables. As a result, an unrealized foreign currency gain of $106 million was recognized in earnings. As of December 31, 2014 and 2013, the amount of the foreign currency-related derivative assets associated with the FONINVEMEM financing receivables that were excluded from the table above had a fair value of $208 million and $97 million, respectively. | |||||||||
Other Agreements | |||||||||
In 2013, Resolution No. 95/2013 ("Resolution 95") which developed a new energy regulatory framework that applies to all generation companies with certain exceptions became effective. The new regulatory framework remunerates fixed and variable costs plus a margin that will depend on the technology and fuel used to generate the electricity and the installed capacity of each plant. | |||||||||
In the fourth quarter of 2014, the Argentine government passed a resolution to contribute outstanding Resolution 95 receivables into a trust whereby AES Argentina has committed to install 93 MW of capacity into the system. CAMMESA will finance the investment utilizing the outstanding receivables as a guarantee. |
Investments_In_and_Advances_To
Investments In and Advances To Affiliates | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||
INVESTMENTS IN AND ADVANCES TO AFFILIATES | INVESTMENTS IN AND ADVANCES TO AFFILIATES | |||||||||||||||||||||||
The following table summarizes the relevant effective equity ownership interest and carrying values for the Company’s investments accounted for under the equity method as of the periods indicated. | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Affiliate | Country | Carrying Value (in millions) | Ownership Interest % | |||||||||||||||||||||
Silver Ridge Power | Various | $ | — | $ | 281 | — | % | 50 | % | |||||||||||||||
Solar Power PR | Puerto Rico | 2 | 10 | 50 | % | 50 | % | |||||||||||||||||
Barry(1) | United Kingdom | — | — | 100 | % | 100 | % | |||||||||||||||||
Elsta(1) | Netherlands | 54 | 120 | 50 | % | 50 | % | |||||||||||||||||
Entek | Turkey | — | 165 | — | % | 50 | % | |||||||||||||||||
Guacolda(2) | Chile | 285 | 245 | 35 | % | 35 | % | |||||||||||||||||
OPGC(3) | India | 194 | 186 | 49 | % | 49 | % | |||||||||||||||||
Other affiliates | Various | 2 | 3 | |||||||||||||||||||||
Total investments in and advances to affiliates | $ | 537 | $ | 1,010 | ||||||||||||||||||||
(1) | Represent VIEs in which the Company holds a variable interest but is not the primary beneficiary. | |||||||||||||||||||||||
(2) | The Company's ownership in Guacolda is held through AES Gener, a 71%-owned consolidated subsidiary. AES Gener owns 50% of Guacolda, resulting in an AES effective ownership in Guacolda of 35%. | |||||||||||||||||||||||
(3) | OPGC has one coal-fired expansion project under development with a total capacity of 1,320 MW. The project started construction in April 2014 and is currently expected to begin operations in 2018. As of December 31, 2014, total capitalized costs at the project level were $186 million (AES share of $91 million). | |||||||||||||||||||||||
Silver Ridge Power | ||||||||||||||||||||||||
On July 1, 2014, the Puerto Rico solar business, Solar Power PR, LLC, was distributed by Silver Ridge Power, LLC (“SRP”) to AES and Riverstone Holdings LLC and is now accounted for as a direct equity method investment. On July 2, 2014, the Company closed the sale of its 50% ownership interest in SRP for a purchase price of $179 million, excluding the Company’s indirect ownership interests in SRP’s solar generation businesses in Italy and Spain. The buyer also has an option to purchase the Company's indirect 50% interest in the Italy solar generation business for an additional consideration of $42 million by August 2015. | ||||||||||||||||||||||||
Currently, this transaction does not qualify as a sale for accounting purposes as the Company has continuing involvement in the business operations. Once the Company ceases its involvement in SRP's business operations, the transaction will then be considered a sale of real estate. As of July 2, 2014, the Company no longer retained an equity interest in SRP. As such, the then- remaining investment balance of $32 million related to Italy and Spain and the AOCL balance of $40 million were reclassified to "Other noncurrent assets" on the Consolidated Balance Sheets. As of December 31, 2014, the carrying value of these investments recorded in Other noncurrent assets was $64 million. | ||||||||||||||||||||||||
AES Barry Ltd. | ||||||||||||||||||||||||
The Company holds a 100% ownership interest in AES Barry Ltd. (“Barry”), a dormant entity in the United Kingdom that disposed of its generation and other operating assets. Due to a debt agreement, no material financial or operating decisions can be made without the banks’ consent, and the Company does not control Barry. As of December 31, 2014 and 2013, other long-term liabilities included $52 million and $55 million related to this debt agreement. | ||||||||||||||||||||||||
Elsta | ||||||||||||||||||||||||
In 2014, long lived assets within Elsta were determined to not be recoverable and an impairment charge of approximately$82 million was recognized. The Company recognized its 50% share, or $41 million, through its proportion of the equity earnings in Elsta. | ||||||||||||||||||||||||
During 2013 the Company recognized a $129 million other-than-temporary impairment of its investment in the Elsta JV. For additional information see Note 9—Other Non-Operating Expense. | ||||||||||||||||||||||||
Entek | ||||||||||||||||||||||||
In September 2014, the Company executed an agreement, subject to the approval of the Company’s Board of Directors, to sell its equity interest in AES Entek. Based on this agreement, during the third quarter of 2014, the Company determined there was an other-than-temporary decline in the fair value of its equity method investment in AES Entek and recognized a pretax impairment loss of $18 million in other non-operating expense. On October 13, 2014, the Company entered into a binding agreement to sell its 49.62% ownership interest in Entek for a purchase price of $125 million. This resulted in the recognition of an additional other-than-temporary impairment of $68 million due to the inclusion of the cumulative translation adjustment in the carrying value of the investment. For additional information see Note 9—Other Non-Operating Expense. The sale represents 100% of the Company's interest in assets in Turkey. On December 18, 2014, the transaction closed which resulted in a final loss on sale of $4 million. Entek does not meet the criteria to be reported as discontinued operations under ASU No. 2014-08, which was adopted by the Company on July 1, 2014. Accordingly, AES' proportion of Entek's results are reflected in the Consolidated Statements of Operations within continuing operations. Excluding the loss on sale, Entek's pretax loss attributable to AES was $9 million, $29 million and $12 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Guacolda | ||||||||||||||||||||||||
On April 11, 2014, AES Gener undertook a series of transactions, pursuant to which AES Gener acquired the interests that it did not previously own in Guacolda for $728 million and simultaneously sold the ownership interest to Global Infrastructure Partners ("GIP") for $730 million. The transaction provided GIP with substantive participating rights in Guacolda and, as a result, the Company continues to account for its investment in Guacolda using the equity method of accounting. At no time during this transaction did the Company acquire a non-controlling interest. The cash paid for the acquisition is reflected in "Acquisitions, net of cash acquired" and the cash proceeds from the sale of these ownership interests to GIP is reflected in "Proceeds from the sale of businesses, net of cash sold" on the Consolidated Statement of Cash Flows for the period ended December 31, 2014. | ||||||||||||||||||||||||
Summarized Financial Information | ||||||||||||||||||||||||
The following tables summarize financial information of the Company’s 50%-or-less-owned affiliates and majority-owned unconsolidated subsidiaries that are accounted for using the equity method. | ||||||||||||||||||||||||
50%-or-less Owned Affiliates | Majority-Owned Unconsolidated Subsidiaries | |||||||||||||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Revenue | $ | 928 | $ | 1,099 | $ | 1,868 | $ | 2 | $ | 2 | $ | 106 | ||||||||||||
Operating margin | 206 | 295 | 355 | — | — | 26 | ||||||||||||||||||
Net income (loss) | 59 | 53 | 146 | — | — | (5 | ) | |||||||||||||||||
December 31, | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Current assets | $ | 450 | $ | 842 | $ | — | $ | 1 | ||||||||||||||||
Noncurrent assets | 1,748 | 3,722 | 15 | 20 | ||||||||||||||||||||
Current liabilities | 299 | 600 | — | 1 | ||||||||||||||||||||
Noncurrent liabilities | 935 | 2,096 | 67 | 75 | ||||||||||||||||||||
Noncontrolling interests | 17 | 15 | — | — | ||||||||||||||||||||
Stockholders’ equity | 947 | 1,853 | (52 | ) | (55 | ) | ||||||||||||||||||
At December 31, 2014, retained earnings included $159 million related to the undistributed earnings of the Company’s 50%-or-less owned affiliates. Distributions received from these affiliates were $28 million, $6 million, and $22 million for the years ended December 31, 2014, 2013, and 2012, respectively. As of December 31, 2014, the aggregate carrying amount of our investments in equity affiliates exceeded the underlying equity in their net assets by $203 million. |
Other_NonOperating_Expense_Oth
Other Non-Operating Expense Other Non-Operating Expense | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
OTHER NON-OPERATING EXPENSE | OTHER NON-OPERATING EXPENSE | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
Entek | $ | 86 | $ | — | $ | — | |||||||
Silver Ridge | 42 | — | — | ||||||||||
Elsta | — | 129 | — | ||||||||||
China generation and wind | — | — | 32 | ||||||||||
InnoVent | — | — | 17 | ||||||||||
Other | — | — | 1 | ||||||||||
Total other non-operating expense | $ | 128 | $ | 129 | $ | 50 | |||||||
2014 | |||||||||||||
Entek — During 2014, the Company executed an agreement to sell its 49.62% equity interest in AES Entek for $125 million. AES Entek consists of 364 MW of natural gas and hydroelectric generation facilities, plus a coal-fired development project. The Company also determined that there was an other-than-temporary decline in the fair value of its equity method investment in AES Entek and recognized pretax impairment losses of $86 million in other non-operating expense. The sale of the Company's interest in Entek closed on December 18, 2014. See Note 8—Investments in and Advances to Affiliates, of this Form 10-K for further information. | |||||||||||||
Silver Ridge — During 2014, the Company determined that there was a decline in the fair value of its equity method investment in SRP that was other-than-temporary based on indications about the fair value of the projects in Italy and Spain that resulted from actual and proposed changes to their tariffs. For 2014, the Company has recognized a pretax impairment loss of $42 million in other non-operating expense. The transaction related to our 50% ownership interest in SRP closed on July 2, 2014 for $179 million. See Note 8—Investments in and Advances to Affiliates, of this Form 10-K for further information. | |||||||||||||
2013 | |||||||||||||
Elsta — Elsta BV & Co CV ("Elsta"), a 630 MW combined cycle gas-fired plant in the Netherlands, is accounted for under the equity method of accounting. During 2013, the Company identified an impairment indicator resulting from initial negotiations with Elsta's offtakers for an extension of the existing PPA which expires during 2018, suggesting that the income earned under the existing PPA would likely be reduced upon an extension and that the resulting decline in the estimated fair value of the Company's equity method investment in Elsta was other-than-temporary. The Company recognized an impairment of $129 million by reducing the carrying value of $240 million to the estimated fair value of $111 million. The Company estimated fair value using probability-weighted outcomes which contemplated various scenarios involving the amendments to the existing PPA. | |||||||||||||
2012 | |||||||||||||
China Generation and InnoVent — In the first quarter of 2012, the Company concluded that it was more likely than not that it would sell its interest in its equity method investments in China and France and recorded other-than-temporary-impairment ("OTTI") of $32 million and $17 million, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
The following table summarizes the changes in the carrying amount of goodwill, by reportable segment for the years ended December 31, 2014 and 2013. | ||||||||||||||||||||||||
US | Andes | MCAC | Europe | Asia | Total | |||||||||||||||||||
Balance as of December 31, 2012 | ||||||||||||||||||||||||
Goodwill | $ | 2,663 | $ | 899 | $ | 149 | $ | 180 | $ | 68 | $ | 3,959 | ||||||||||||
Accumulated impairment losses | (1,838 | ) | — | — | (122 | ) | — | (1,960 | ) | |||||||||||||||
Net balance | 825 | 899 | 149 | 58 | 68 | 1,999 | ||||||||||||||||||
Impairment losses | (314 | ) | — | — | (58 | ) | — | (372 | ) | |||||||||||||||
Other | (5 | ) | — | — | — | — | (5 | ) | ||||||||||||||||
Balance as of December 31, 2013 | ||||||||||||||||||||||||
Goodwill | 2,658 | 899 | 149 | 180 | 68 | 3,954 | ||||||||||||||||||
Accumulated impairment losses | (2,152 | ) | — | — | (180 | ) | — | (2,332 | ) | |||||||||||||||
Net balance | 506 | 899 | 149 | — | 68 | 1,622 | ||||||||||||||||||
Impairment losses | (164 | ) | — | — | — | — | (164 | ) | ||||||||||||||||
Balance as of December 31, 2014 | ||||||||||||||||||||||||
Goodwill | 2,658 | 899 | 149 | 122 | (1) | 68 | 3,896 | |||||||||||||||||
Accumulated impairment losses | (2,316 | ) | — | — | (122 | ) | — | (2,438 | ) | |||||||||||||||
Net balance | $ | 342 | $ | 899 | $ | 149 | $ | — | $ | 68 | $ | 1,458 | ||||||||||||
_____________________________ | ||||||||||||||||||||||||
(1) Both the gross carrying amount and the accumulated impairment losses of the Europe segment have been reduced by $58 million with no impact on the net carrying amount for the segment. This relates to Ebute, which had fully impaired goodwill of $58 million and was sold in 2014. | ||||||||||||||||||||||||
Buffalo Gap — During the first quarter of 2014, the Company recognized an $18 million impairment of its goodwill at its Buffalo Gap reporting unit, which is comprised of three wind projects in Texas with an aggregate generation capacity of 524 MW. During the fourth quarter of 2014, the Company performed the annual goodwill impairment test at its Buffalo Gap reporting unit. The reporting unit failed Step 1 and Step 2 was performed to measure the amount of goodwill impairment. In Step 2, after the hypothetical purchase price allocation under the relevant accounting guidance, the implied fair value of goodwill was negative. As a result, a full impairment of goodwill of $10 million was recognized. Buffalo Gap is reported in the US SBU reportable segment. | ||||||||||||||||||||||||
DPLER — During the first quarter of 2014, the Company performed an interim impairment test on the $136 million in goodwill at its DPLER reporting unit, a competitive retail marketer selling retail electricity to customers in Ohio and Illinois. The DPLER reporting unit was identified as being "at risk" during the fourth quarter of 2013. The impairment indicators arose based on market information available regarding actual and proposed sales of competitive retail marketers, which indicated a significant decline in valuations during the first quarter of 2014. | ||||||||||||||||||||||||
In Step 1 of the interim impairment test, the fair value of the reporting unit was determined to be less than its carrying amount under both the market approach and the income approach using a discounted cash flow valuation model. The significant assumptions included commodity price curves, estimated electricity to be demanded by its customers, changes in its customer base through attrition and expansion, discount rates, the assumed tax structure and the level of working capital required to run the business. | ||||||||||||||||||||||||
In Step 2 of the interim impairment test, the goodwill was determined to have an implied fair value of zero after the hypothetical purchase price allocation and the Company accordingly recognized a full impairment of the $136 million in goodwill at the DPLER reporting unit. DPLER is reported in the US SBU reportable segment. | ||||||||||||||||||||||||
DP&L—During the fourth quarter of 2013, the Company performed the annual goodwill impairment test at its DP&L reporting unit ("DP&L") and recognized a goodwill impairment expense of $307 million. The reporting unit failed Step 1 as its fair value was less than its carrying amount primarily due to lower estimates of capacity prices in future years as well as lower dark spreads contributing to lower overall operating margins. The fair value of the reporting unit was determined under the income approach using a discounted cash flow valuation model. The significant assumptions included within the discounted cash flow valuation model were capacity price curves, amount of the non-bypassable charge, commodity price curves, dispatching, valuation of regulatory assets and liabilities, discount rates and deferred income taxes. In Step 2, goodwill was determined to have an implied fair value of $316 million after the hypothetical purchase price allocation under the accounting guidance for business combinations. The goodwill associated with the DP&L acquisition is not deductible for tax purposes. Accordingly, there is no financial statement tax benefit related to the impairment. The pretax impairment impacted the Company’s effective tax rate for the year ended December 31, 2013, which was 33%. DP&L is reported in the US SBU reportable segment. | ||||||||||||||||||||||||
The Company had previously recognized a goodwill impairment expense of $1.82 billion in 2012 at the DP&L reporting unit. During 2012, North American natural gas prices declined significantly compared to the previous year, which exerted downward pressure on wholesale power prices in the Ohio power market. These falling power prices compressed wholesale margins at DP&L and led to increased customer switching from DP&L to other competitive retail electric service (“CRES”) providers, including DPLER, who were offering retail prices lower than DP&L’s standard service offer. In addition, several municipalities in DP&L’s service territory passed ordinances allowing them to become government aggregators and contracted with CRES providers to provide generation service to the customers located within the municipal boundaries, further contributing to the switching trend. CRES providers also became more active in DP&L’s service territory. These developments reduced DP&L’s forecasted profitability, operating cash flows and liquidity. As a result, in September 2012, management reduced its previous forecasts of profitability and operating cash flows. Collectively, these events were considered an interim goodwill impairment indicator at the DP&L reporting unit. There were no interim impairment indicators identified for the goodwill at DPLER. The goodwill associated with the DP&L acquisition is not deductible for tax purposes. Accordingly, there was no financial statement tax benefit related to the impairment. The pretax impairment impacted the Company’s effective tax rate for the year ended December 31, 2012, which was 298%. | ||||||||||||||||||||||||
MountainView—During the fourth quarter of 2013, the Company performed the annual goodwill impairment test at its MountainView reporting unit, two wind projects in California with an aggregate generation capacity of 67 MW, and recognized a full impairment of goodwill of $7 million. Factors contributing to impairment were lower forward power prices impacting revenue after the expiration of the current PPA and higher discount rates. In Step 1, the fair value of MountainView was determined under the income approach using a discounted cash flow valuation model. The significant assumptions included within the discounted cash flow valuation model were power price curves, fixed costs, discount rates and income tax attributes associated with the projects. MountainView failed Step 1 and its goodwill was determined to have no value in Step 2. MountainView is reported in the US SBU reportable segment. | ||||||||||||||||||||||||
Ebute—During the third quarter of 2013, the Company performed an interim goodwill impairment test at Ebute, a 294 MW gas-fired plant in Nigeria and recognized the entire goodwill balance of $58 million as goodwill impairment expense. Ebute currently operates on leased land located within the PHCN Egbin Power Station Compound (“Egbin”) in Ijede, Ikorodu, Lagos. A controlling stake in Egbin was sold to a private investor as part of the Nigerian government privatization program in 2007, but the sale transaction did not close until the third quarter of 2013. The Company has been evaluating Ebute's future options for the continuation of the plant operation after the end of the current PPA on an ongoing basis. The viability of a number of such options is subject to the Company's ability to secure among other things long-term land rights, permits, gas transportation and supply agreements, and a new or extended PPA. In this evaluation, the Company has been continually assessing the probability of success of each of these options. Based on communications with the Nigerian government and other power sector stakeholders it interacts with to secure the required key project components and agreements, in September 2013, management determined that the prospects for Ebute's future expansion had significantly reduced. These adverse developments were considered as impairment indicators for Ebute's goodwill and long-lived assets. The long-lived assets were deemed recoverable based on the undiscounted cash flow recoverability analysis. In Step 1, the fair value of Ebute was determined using the income approach based on a discounted cash flow valuation model. The significant assumptions included within the discounted cash flow valuation model were the ability to obtain an extension to the existing land lease, permits, gas transportation and supply agreements, future PPA terms, maintenance and growth capital expenditures, and discount rates. Ebute failed Step 1 and its goodwill was determined to have no value in Step 2. Ebute is reported in the Europe SBU reportable segment. | ||||||||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||||||||
The following tables summarize the balances comprising other intangible assets in the accompanying Consolidated Balance Sheets as of the periods indicated: | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross Balance | Accumulated | Net Balance | Gross Balance | Accumulated | Net Balance | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Subject to Amortization | ||||||||||||||||||||||||
Project development rights(1) | $ | 28 | $ | (1 | ) | $ | 27 | $ | 31 | $ | (1 | ) | $ | 30 | ||||||||||
Sales concessions(2) | 86 | (41 | ) | 45 | 95 | (45 | ) | 50 | ||||||||||||||||
Contractual payment rights(3) | 69 | (40 | ) | 29 | 74 | (33 | ) | 41 | ||||||||||||||||
Management rights | 33 | (13 | ) | 20 | 37 | (13 | ) | 24 | ||||||||||||||||
Emission allowances | 4 | — | 4 | 4 | — | 4 | ||||||||||||||||||
Contracts | 36 | (19 | ) | 17 | 46 | (24 | ) | 22 | ||||||||||||||||
Customer contracts and relationships | 63 | (39 | ) | 24 | 63 | (34 | ) | 29 | ||||||||||||||||
Other(4) | 21 | (5 | ) | 16 | 20 | (3 | ) | 17 | ||||||||||||||||
Subtotal | 340 | (158 | ) | 182 | 370 | (153 | ) | 217 | ||||||||||||||||
Indefinite-Lived Intangible Assets | ||||||||||||||||||||||||
Land use rights | 59 | — | 59 | 46 | — | 46 | ||||||||||||||||||
Water rights | 20 | — | 20 | 20 | — | 20 | ||||||||||||||||||
Trademark/Trade name | 5 | — | 5 | 5 | — | 5 | ||||||||||||||||||
Other | 15 | — | 15 | 9 | — | 9 | ||||||||||||||||||
Subtotal | 99 | — | 99 | 80 | — | 80 | ||||||||||||||||||
Total | $ | 439 | $ | (158 | ) | $ | 281 | $ | 450 | $ | (153 | ) | $ | 297 | ||||||||||
_____________________________ | ||||||||||||||||||||||||
(1) | Represent development rights, including but not limited to, land control, various permits and right to acquire equity interests in development projects resulting from asset acquisitions by our wind operations in the U.K. The balance excludes project development rights of $70 million relating to our Poland wind operations that were fully impaired in the third quarter of 2013 and subsequently sold in November 2013. See Note 23—Discontinued Operations and Held-for-Sale Businesses for further information. | |||||||||||||||||||||||
-2 | Excludes net balance of sales concessions of $32 million as of December 31, 2013 relating to our utility businesses in Cameroon that were included in noncurrent assets of discontinued operations. See Note 23—Discontinued Operations and Held for Sale Businesses for further information. | |||||||||||||||||||||||
(3) | Represent legal rights to receive system reliability payments from the regulator. | |||||||||||||||||||||||
(4) | Includes renewable energy certificates, land-use rights and various other intangible assets none of which is individually significant. | |||||||||||||||||||||||
The following table summarizes, by category, other intangible assets acquired during the periods indicated: | ||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Amount | Subject to Amortization/ | Weighted Average | Amortization | |||||||||||||||||||||
Indefinite-Lived | Amortization Period | Method | ||||||||||||||||||||||
(in millions) | (in years) | |||||||||||||||||||||||
Renewable energy certificates | $ | 3 | Indefinite | N/A | N/A | |||||||||||||||||||
Land-use rights | 16 | Indefinite | N/A | N/A | ||||||||||||||||||||
Total | $ | 19 | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Amount | Subject to Amortization/ | Weighted Average | Amortization | |||||||||||||||||||||
Indefinite-Lived | Amortization Period | Method | ||||||||||||||||||||||
(in millions) | (in years) | |||||||||||||||||||||||
Renewable energy certificates | $ | 3 | Indefinite | N/A | N/A | |||||||||||||||||||
Other | 2 | Various | N/A | N/A | ||||||||||||||||||||
Total | $ | 5 | ||||||||||||||||||||||
The following table summarizes the estimated amortization expense, by intangible asset category, for 2015 through 2019: | ||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Customer relationships & contracts | $ | 3 | $ | 3 | $ | 3 | $ | 3 | $ | 3 | ||||||||||||||
Sales concessions | 4 | 3 | 3 | 3 | 3 | |||||||||||||||||||
Contractual payment rights | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||
All other | 4 | 4 | 4 | 4 | 3 | |||||||||||||||||||
Total | $ | 12 | $ | 11 | $ | 11 | $ | 11 | $ | 10 | ||||||||||||||
Intangible asset amortization expense was $26 million, $29 million and $115 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Regulatory_Assets_and_Liabilit
Regulatory Assets and Liabilities | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Regulated Operations [Abstract] | ||||||||||||||||
REGULATORY ASSETS AND LIABILITIES | REGULATORY ASSETS AND LIABILITIES | |||||||||||||||
The Company has recorded regulatory assets and liabilities that it expects to pass through to its customers in accordance with, and subject to, regulatory provisions as follows: | ||||||||||||||||
December 31, | Recovery/Refund Period | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) | ||||||||||||||||
REGULATORY ASSETS | ||||||||||||||||
Current regulatory assets: | ||||||||||||||||
Brazil tariff recoveries:(1) | ||||||||||||||||
Energy purchases / sales | $ | 424 | $ | 87 | Annually as part of the tariff adjustment | |||||||||||
Transmission costs, regulatory fees and other | 63 | 52 | Annually as part of the tariff adjustment | |||||||||||||
El Salvador tariff recoveries(2) | 92 | 108 | Quarterly as part of the tariff adjustment | |||||||||||||
Other(3) | 58 | 35 | Various | |||||||||||||
Total current regulatory assets | 637 | 282 | ||||||||||||||
Noncurrent regulatory assets: | ||||||||||||||||
Defined benefit pension obligations at IPL and DPL(4)(5) | 329 | 261 | Various | |||||||||||||
Income taxes recoverable from customers(4)(6) | 74 | 72 | Various | |||||||||||||
Brazil tariff recoveries:(1) | ||||||||||||||||
Energy purchases / sales | 266 | 62 | Annually as part of the tariff adjustment | |||||||||||||
Transmission costs, regulatory fees and other | 14 | 4 | Annually as part of the tariff adjustment | |||||||||||||
Deferred Midwest ISO costs(7) | 111 | 98 | To be determined | |||||||||||||
Other(3) | 78 | 139 | Various | |||||||||||||
Total noncurrent regulatory assets | 872 | 636 | ||||||||||||||
TOTAL REGULATORY ASSETS | $ | 1,509 | $ | 918 | ||||||||||||
REGULATORY LIABILITIES | ||||||||||||||||
Current regulatory liabilities: | ||||||||||||||||
Brazil tariff reset adjustment(8) | $ | 76 | $ | 245 | Two years | |||||||||||
Efficiency program costs(9) | 22 | 25 | Annually as part of the tariff adjustment | |||||||||||||
Brazil regulatory asset base adjustment(13) | 123 | 34 | Up to four tariff periods | |||||||||||||
Brazil tariff refunds:(1) | ||||||||||||||||
Energy purchases / sales | 144 | 48 | Annually as part of the tariff adjustment | |||||||||||||
Transmission costs, regulatory fees and other | 174 | 69 | Annually as part of the tariff adjustment | |||||||||||||
Other(10) | 66 | 40 | Various | |||||||||||||
Total current regulatory liabilities | 605 | 461 | ||||||||||||||
Noncurrent regulatory liabilities: | ||||||||||||||||
Brazil tariff reset adjustment(8) | — | 82 | Two years | |||||||||||||
Asset retirement obligations(11) | 727 | 696 | Over life of assets | |||||||||||||
Brazil regulatory asset base adjustment(13) | 61 | 235 | Up to four tariff periods | |||||||||||||
Brazil special obligations(12) | 484 | 502 | To be determined | |||||||||||||
Brazil tariff refunds:(1) | ||||||||||||||||
Energy purchases / sales | 128 | 16 | Annually as part of the tariff adjustment | |||||||||||||
Transmission costs, regulatory fees and other | 97 | 42 | Annually as part of the tariff adjustment | |||||||||||||
Efficiency program costs(9) | 11 | 10 | Annually as part of the tariff adjustment | |||||||||||||
Other(10) | 1 | 9 | Various | |||||||||||||
Total noncurrent regulatory liabilities | 1,509 | 1,592 | ||||||||||||||
TOTAL REGULATORY LIABILITIES | $ | 2,114 | $ | 2,053 | ||||||||||||
_____________________________ | ||||||||||||||||
-1 | Recoverable or refundable per Brazilian National Electric Energy Agency (“ANEEL”) regulations through the Annual Tariff Adjustment (“IRT”). These costs are generally non-controllable costs and primarily consist of purchased electricity, energy transmission costs and sector costs that are considered volatile. These costs are passed through for a period of 12 months as part of the annual tariff adjustment. Any remaining balance is considered in the following annual tariff adjustment, which results in a total of 24 months to recover or refund the costs. Favorable spot market sales are also subject to customer refunds through the IRT over the course of these time periods. | |||||||||||||||
-2 | Deferred fuel costs incurred by our El Salvador subsidiaries associated with purchase of energy from the El Salvador spot market and the power generation plants. In El Salvador, the deferred fuel adjustment represents the variance between the actual fuel costs and the fuel costs recovered in the tariffs. The variance is recovered quarterly at the tariff reset period. | |||||||||||||||
-3 | Includes assets with and without a rate of return. Other current regulatory assets that did not earn a rate of return were $22 million and $13 million, as of December 31, 2014 and 2013, respectively. Other noncurrent regulatory assets that did not earn a rate of return were $73 million and $71 million, as of December 31, 2014 and 2013, respectively. Other current and noncurrent regulatory assets primarily consist of: | |||||||||||||||
▪ | Unamortized losses on long-term debt reacquired or redeemed in prior periods at IPL and DPL, which are amortized over the lives of the original issues in accordance with the FERC and PUCO rules. | |||||||||||||||
▪ | Unamortized carrying charges and certain other costs related to Petersburg unit 4 at IPL. | |||||||||||||||
▪ | Deferred storm costs incurred primarily in 2008 to repair storm damage at DPL; recovery was approved in a December 17, 2014 order from the PUCO and began in January 2015. | |||||||||||||||
▪ | Additional Regulatory Asset Base (RAB) from a favorable decision on tariff reset (administrative appeal) at Eletropaulo. | |||||||||||||||
-4 | Past expenditures on which the Company does not earn a rate of return. | |||||||||||||||
-5 | The regulatory accounting standards allow the defined pension and postretirement benefit obligation to be recorded as a regulatory asset equal to the previously unrecognized actuarial gains and losses and prior service costs that are expected to be recovered through future rates. Pension expense is recognized based on the plan’s actuarially determined pension liability. Recovery of costs is probable, but not yet determined. Pension contributions made by our Brazilian subsidiaries are not included in regulatory assets as those contributions are not covered by the established tariff in Brazil. | |||||||||||||||
-6 | Probability of recovery through future rates, based upon established regulatory practices, which permit the recovery of current taxes. This amount is expected to be recovered, without interest, over the period as book-tax temporary differences reverse and become current taxes. | |||||||||||||||
-7 | Transmission service costs and other administrative costs from IPL’s participation in the Midwest ISO market, which are recoverable but do not earn a rate of return. Recovery of costs is probable, but the timing is not yet determined. | |||||||||||||||
-8 | In July 2012, the Brazilian energy regulator (the “Regulator”) approved the periodic review and reset of a component of Eletropaulo’s regulated tariff, which determines the margin to be earned by Eletropaulo. The review and reset of this tariff component is retroactive to July 2011 and will be applied to customers’ invoices from July 2012 to June 2015. From July 2011 through June 2012, Eletropaulo invoiced customers under the then-existing tariff rate, as required by the Regulator. As the new tariff rate is lower than the pre-existing tariff rate, Eletropaulo is required to reduce customer tariffs for this difference over the next year. Accordingly, from July 2011 through June 2012, Eletropaulo recognized a regulatory liability for such estimated future refunds, which was subsequently adjusted as of June 30, 2012 upon the finalization of the new tariff with the Regulator. The refund to customers was considered in the 2013 tariff adjustment, which contemplates an amortization of 67.55% as from July 4, 2013. The remaining balance, representing 32.45%, will be considered in the next annual tariff adjustment. As of December 31, 2014, Eletropaulo had recorded a current regulatory liability of $76 million. | |||||||||||||||
-9 | Amounts received for costs expected to be incurred to improve the efficiency of our plants in Brazil as part of the IRT. | |||||||||||||||
-10 | Other current and noncurrent regulatory liabilities primarily consist of liabilities owed to electricity generators due to variance in energy prices during rationing periods (“Free Energy”). Our Brazilian subsidiaries are authorized to recover or refund this cost associated with monthly energy price variances between the wholesale energy market prices owed to the power generation plants producing Free Energy and the capped price reimbursed by the local distribution companies which are passed through to the final customers through energy tariffs. The balance excludes asset retirement obligations that were reclassified out of Other. | |||||||||||||||
-11 | Obligations for removal costs which do not have an associated legal retirement obligation as defined by the accounting standards on asset retirement obligations. | |||||||||||||||
-12 | Obligations established by ANEEL in Brazil associated with electric utility concessions and represent amounts received from customers or donations not subject to return. These donations are allocated to support energy network expansion and to improve utility operations to meet customers’ needs. The term of the obligation is established by ANEEL. Settlement shall occur when the concession ends. | |||||||||||||||
(13) | Represents adjustments to the regulatory asset base resulting from an administrative ruling in December 2013 which compelled Eletropaulo to refund customers beginning in July 2014. | |||||||||||||||
The current regulatory assets and liabilities are recorded in “Other current assets” and “Accrued and other liabilities,” respectively, on the accompanying Consolidated Balance Sheets. The noncurrent regulatory assets and liabilities are recorded in “Other noncurrent assets” and “Other noncurrent liabilities,” respectively, in the accompanying Consolidated Balance Sheets. The following table summarizes regulatory assets and liabilities by reportable segment as of the periods indicated: | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Regulatory Assets | Regulatory Liabilities | Regulatory Assets | Regulatory Liabilities | |||||||||||||
(in millions) | ||||||||||||||||
Brazil SBU | $ | 787 | $ | 1,347 | $ | 260 | $ | 1,336 | ||||||||
US SBU | 631 | 767 | 550 | 717 | ||||||||||||
MCAC SBU (El Salvador) | 91 | — | 108 | — | ||||||||||||
Total | $ | 1,509 | $ | 2,114 | $ | 918 | $ | 2,053 | ||||||||
Debt
Debt | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
DEBT | DEBT | |||||||||||||
NON-RECOURSE DEBT | ||||||||||||||
The following table summarizes the carrying amount and terms of non-recourse debt as of the periods indicated: | ||||||||||||||
NON-RECOURSE DEBT | Weighted Average Interest Rate | Maturity | December 31, | |||||||||||
2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||
VARIABLE RATE:(1) | ||||||||||||||
Bank loans | 3.42 | % | 2015 – 2033 | $ | 1,893 | $ | 2,783 | |||||||
Notes and bonds | 12.06 | % | 2015 – 2040 | 1,912 | 1,845 | |||||||||
Debt to (or guaranteed by) multilateral, export credit agencies or development banks(2) | 2.62 | % | 2015 – 2034 | 2,375 | 2,446 | |||||||||
Other | 8.46 | % | 2015 – 2043 | 668 | 349 | |||||||||
FIXED RATE: | ||||||||||||||
Bank loans | 5.44 | % | 2015 – 2023 | 750 | 477 | |||||||||
Notes and bonds | 5.89 | % | 2015 – 2073 | 7,654 | 7,164 | |||||||||
Debt to (or guaranteed by) multilateral, export credit agencies or development banks(2) | 5.34 | % | 2015 – 2034 | 259 | 164 | |||||||||
Other | 5.64 | % | 2015 – 2061 | 89 | 152 | |||||||||
SUBTOTAL | 15,600 | (3) | 15,380 | (3) | ||||||||||
Less: Current maturities | (1,982 | ) | (2,062 | ) | ||||||||||
TOTAL | $ | 13,618 | $ | 13,318 | ||||||||||
-1 | The interest rate on variable rate debt represents the total of a variable component that is based on changes in an interest rate index and of a fixed component. The Company has interest rate swaps and option agreements in an aggregate notional principal amount of approximately $3.0 billion on non-recourse debt outstanding at December 31, 2014. These agreements economically fix the variable component of the interest rates on the portion of the variable-rate debt being hedged so that the total interest rate on that debt has been fixed at rates ranging from approximately 2.87% to 9.80%. These agreements expire at various dates from 2016 through 2033. | |||||||||||||
-2 | Multilateral loans include loans funded and guaranteed by bilaterals, multilaterals, development banks and other similar institutions. | |||||||||||||
(3) | There was no non-recourse debt excluded from non-recourse debt and included in current and noncurrent liabilities of held for sale and discontinued businesses in the accompanying Consolidated Balance Sheets as of December 31, 2014. There were $658 million excluded in 2013. | |||||||||||||
Non-recourse debt as of December 31, 2014 is scheduled to reach maturity as set forth in the table below: | ||||||||||||||
December 31, | Annual Maturities | |||||||||||||
(in millions) | ||||||||||||||
2015 | $ | 1,993 | ||||||||||||
2016 | 2,099 | |||||||||||||
2017 | 837 | |||||||||||||
2018 | 1,445 | |||||||||||||
2019 | 1,064 | |||||||||||||
Thereafter | 8,162 | |||||||||||||
Total non-recourse debt | $ | 15,600 | ||||||||||||
As of December 31, 2014, AES subsidiaries with facilities under construction had a total of approximately $2.3 billion of committed but unused credit facilities available to fund construction and other related costs. Excluding these facilities under construction, AES subsidiaries had approximately $2.4 billion in a number of available but unused committed credit lines to support their working capital, debt service reserves and other business needs. These credit lines can be used for borrowings, letters of credit, or a combination of these uses. | ||||||||||||||
Significant transactions | ||||||||||||||
During the year ended December 31, 2014, we had the following significant debt transactions at our subsidiaries: | ||||||||||||||
• | Mong Duong drew $364 million under its construction loan facility; | |||||||||||||
• | Angamos issued new debt of $800 million, offset by repayments of $780 million; | |||||||||||||
• | Gener issued new debt of $700 million, more than offset by repayments of $905 million; | |||||||||||||
• | Southland, Shady Point and Hawaii (collectively US Generation Holdings) issued new debt of $299 million; | |||||||||||||
• | Eletropaulo issued new debt of $253 million; offset by repayments of $110 million; | |||||||||||||
• | DPL issued new debt of $200 million; more than offset by repayments of $364 million; | |||||||||||||
• | Tietê issued new debt of $318 million, offset by repayments of $132 million; | |||||||||||||
• | Cochrane drew $305 million under its construction loans; | |||||||||||||
• | Sul issued new debt of $185 million; | |||||||||||||
• | Southland made repayments of $188 million; | |||||||||||||
• | Chivor made repayments of $165 million; | |||||||||||||
• | UK Wind made repayments of $114 million; and | |||||||||||||
• | Warrior Run made repayments of $109 million. | |||||||||||||
Non-Recourse Debt Covenants, Restrictions and Defaults | ||||||||||||||
The terms of the Company’s non-recourse debt include certain financial and non-financial covenants. These covenants are limited to subsidiary activity and vary among the subsidiaries. These covenants may include, but are not limited to, maintenance of certain reserves, minimum levels of working capital and limitations on incurring additional indebtedness. | ||||||||||||||
As of December 31, 2014 and 2013, approximately $245 million and $492 million, respectively, of restricted cash was maintained in accordance with certain covenants of the non-recourse debt agreements, and these amounts were included within “Restricted cash” and “Debt service reserves and other deposits” in the accompanying Consolidated Balance Sheets. | ||||||||||||||
Various lender and governmental provisions restrict the ability of certain of the Company’s subsidiaries to transfer their net assets to the Parent Company. Such restricted net assets of subsidiaries amounted to approximately $2.7 billion at December 31, 2014. | ||||||||||||||
The following table summarizes the Company’s subsidiary non-recourse debt in default as of December 31, 2014. Due to the defaults, these amounts are included in the current portion of non-recourse debt: | ||||||||||||||
Primary Nature | December 31, 2014 | |||||||||||||
Subsidiary | of Default | Default | Net Assets | |||||||||||
(in millions) | ||||||||||||||
Maritza | Covenant | $ | 690 | $ | 581 | |||||||||
Kavarna | Covenant | 168 | 75 | |||||||||||
Total | $ | 858 | ||||||||||||
As of December 31, 2014, none of the defaults are payment defaults. All of the subsidiary non-recourse defaults were triggered by failure to comply with other covenants and/or conditions such as (but not limited to) failure to meet information covenants, complete construction or other milestones in an allocated time, meet certain minimum or maximum financial ratios, or other requirements contained in the non-recourse debt documents of the applicable subsidiary. However, as of December 31, 2014, Kavarna is forecasting a payment default as likely to occur at the end of February 2015. | ||||||||||||||
In the event that there is a default, bankruptcy or maturity acceleration at a subsidiary or group of subsidiaries that meets the applicable definition of materiality under the corporate debt agreements of The AES Corporation, there could be a cross-default to the Company’s recourse debt. Materiality is defined in the Parent's senior secured credit facility as having provided 20% or more of the Parent Company's total cash distributions from businesses for the four most recently completed fiscal quarters. As of December 31, 2014, none of the defaults listed above individually or in the aggregate result in or are at risk of triggering a cross-default under the recourse debt of the Parent Company. In the event the Parent Company is not in compliance with the financial covenants of its senior secured revolving credit facility, restricted payments will be limited to regular quarterly shareholder dividends at the then-prevailing rate. Payment defaults and bankruptcy defaults would preclude the making of any restricted payments. | ||||||||||||||
Interest Expense | ||||||||||||||
Interest expense for the year ended December 31, 2014 has been reduced by approximately $48 million related to reversing contingent interest accruals associated with disputed purchased energy obligations at Sul for which it was determined, based on developments during the second quarter of 2014, that the likelihood of an unfavorable outcome for the payment of interest on the disputed obligations was no longer probable. Interest expense for the year ended December 31, 2013 was reduced by approximately $34 million related to the recognition of ineffectiveness on derivative interest rate swaps accounted for as cash flow hedges. | ||||||||||||||
RECOURSE DEBT | ||||||||||||||
The table below summarizes the carrying amount and terms of recourse debt of the Company as of the periods indicated: | ||||||||||||||
Interest Rate | Final | December 31, | ||||||||||||
RECOURSE DEBT | Maturity | 2014 | 2013 | |||||||||||
(in millions) | ||||||||||||||
Senior Unsecured Note | 7.75% | 2014 | — | 110 | ||||||||||
Senior Unsecured Note | 7.75% | 2015 | 151 | 356 | ||||||||||
Senior Unsecured Note | 9.75% | 2016 | 164 | 369 | ||||||||||
Senior Unsecured Note | 8.00% | 2017 | 525 | 1,150 | ||||||||||
Senior Secured Term Loan | LIBOR + 2.75% | 2018 | — | 799 | ||||||||||
Senior Unsecured Note | LIBOR + 3% | 2019 | 775 | — | ||||||||||
Senior Unsecured Note | 8.00% | 2020 | 625 | 625 | ||||||||||
Senior Unsecured Note | 7.38% | 2021 | 1,000 | 1,000 | ||||||||||
Senior Unsecured Note | 4.88% | 2023 | 750 | 750 | ||||||||||
Senior Unsecured Note | 5.50% | 2024 | 750 | — | ||||||||||
Term Convertible Trust Securities | 6.75% | 2029 | 517 | 517 | ||||||||||
Unamortized (Discounts)/Premiums | 1 | (7 | ) | |||||||||||
SUBTOTAL | 5,258 | 5,669 | ||||||||||||
Less: Current maturities | (151 | ) | (118 | ) | ||||||||||
Total | $ | 5,107 | $ | 5,551 | ||||||||||
The table below summarizes the principal amounts due, net of unamortized discounts, under our recourse debt for the next five years and thereafter: | ||||||||||||||
December 31, | Net Principal | |||||||||||||
Amounts Due | ||||||||||||||
(in millions) | ||||||||||||||
2015 | $ | 151 | ||||||||||||
2016 | 162 | |||||||||||||
2017 | 525 | |||||||||||||
2018 | — | |||||||||||||
2019 | 773 | |||||||||||||
Thereafter | 3,647 | |||||||||||||
Total recourse debt | $ | 5,258 | ||||||||||||
In February 2014, the Company redeemed in full the $110 million balance of its 7.75% senior unsecured notes due March 2014. On March 7, 2014, the Company issued $750 million aggregate principal amount of 5.50% senior notes due 2024. Concurrent with this offering, the Company redeemed via tender offers $625 million aggregate principal of its existing 8.00% senior unsecured notes due 2017. As a result of the latter transaction, the Company recognized a loss on extinguishment of debt of $132 million that is included in the Consolidated Statements of Operations. | ||||||||||||||
On May 20, 2014, the Company issued $775 million aggregate principal amount of senior unsecured floating rate notes due June 2019. The notes bear interest at a rate of 3% above three-month LIBOR, reset quarterly. Concurrent with this offering, the Company repaid $767 million of its existing senior secured term loan due 2018. As a result of the latter transaction, the Company recognized a loss on extinguishment of debt of $10 million that is included in the Consolidated Statement of Operations. On June 16, 2014, the Company repaid in full the remaining balance of approximately $29 million of its senior secured term loan due 2018. | ||||||||||||||
On July 25, 2014, the Company issued two notices to call $320 million aggregate principal amount of unsecured notes, $160 million of which was used to retire notes due in 2015 and $160 million of which was used to retire notes due in 2016. The Company closed these transactions on August 25, 2014. As a result of this transaction, the Company recognized a loss on extinguishment of debt of $40 million that is included in the Consolidated Statement of Operations. | ||||||||||||||
Recourse Debt Covenants and Guarantees | ||||||||||||||
The Company’s obligations under the senior secured credit facility are subject to certain exceptions, secured by: | ||||||||||||||
(i) | all of the capital stock of domestic subsidiaries owned directly by the Company and 65% of the capital stock of certain foreign subsidiaries owned directly or indirectly by the Company; and | |||||||||||||
(ii) | certain intercompany receivables, certain intercompany notes and certain intercompany tax sharing agreements. | |||||||||||||
The senior secured credit facility is subject to mandatory prepayment under certain circumstances, including the sale of certain assets. In such a situation, the net cash proceeds from the sale must be applied pro rata to repay the term loan, if any, using 60% of net cash proceeds, reduced to 50% when and if the parent’s recourse debt to cash flow ratio is less than 5:1. The lenders have the option to waive their pro rata redemption. | ||||||||||||||
The senior secured credit facility contains customary covenants and restrictions on the Company’s ability to engage in certain activities, including, but not limited to, limitations on other indebtedness, liens, investments and guarantees; limitations on restricted payments such as shareholder dividends and equity repurchases; restrictions on mergers and acquisitions, sales of assets, leases, transactions with affiliates and off-balance sheet or derivative arrangements; and other financial reporting requirements. | ||||||||||||||
The senior secured credit facility also contains financial covenants requiring the Company to maintain certain financial ratios including a cash flow to interest coverage ratio, calculated quarterly, which provides that a minimum ratio of the Company’s adjusted operating cash flow to the Company’s interest charges related to recourse debt of 1.3× must be maintained at all times and a recourse debt to cash flow ratio, calculated quarterly, which provides that the ratio of the Company’s total recourse debt to the Company’s adjusted operating cash flow must not exceed a maximum of 7.5×. | ||||||||||||||
The terms of the Company’s senior unsecured notes and senior secured credit facility contain certain covenants including, without limitation, limitation on the Company’s ability to incur liens or enter into sale and leaseback transactions. | ||||||||||||||
TERM CONVERTIBLE TRUST SECURITIES | ||||||||||||||
In 1999, AES Trust III, a wholly owned special purpose business trust and a VIE, issued approximately 10.35 million of $50 par value Term Convertible Preferred Securities (“TECONS”) with a quarterly coupon payment of $0.844 for total proceeds of $517 million and concurrently purchased $517 million of 6.75% Junior Subordinated Convertible Debentures due 2029 (the “6.75% Debentures”) issued by AES. The Company consolidates AES Trust III in its consolidated financial statements and classifies the TECONS as recourse debt on its Consolidated Balance Sheet. The Company’s obligations under the 6.75% Debentures and other relevant trust agreements, in aggregate, constitute a full and unconditional guarantee by the Company of the TECON Trusts’ obligations. As of December 31, 2014 and 2013, the sole assets of AES Trust III are the 6.75% Debentures. | ||||||||||||||
AES, at its option, can redeem the 6.75% Debentures which would result in the required redemption of the TECONS issued by AES Trust III, currently for $50 per TECON. The TECONS must be redeemed upon maturity of the 6.75% Debentures. The TECONS are convertible into the common stock of AES at each holder’s option prior to October 15, 2029 at the rate of 1.4216, representing a conversion price of $35.17 per share. The maximum number of shares of common stock AES would be required to issue should all holders decide to convert their securities would be 14.7 million shares. | ||||||||||||||
Dividends on the TECONS are payable quarterly at an annual rate of 6.75%. The Trust is permitted to defer payment of dividends for up to 20 consecutive quarters, provided that the Company has exercised its right to defer interest payments under the corresponding debentures or notes. During such deferral periods, dividends on the TECONS would accumulate quarterly and accrue interest, and the Company may not declare or pay dividends on its common stock. AES has not exercised the option to defer any dividends at this time and all dividends due under the Trust have been paid. |
Commitments
Commitments | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
COMMITMENTS | COMMITMENTS | |||||||||||
LEASES—The Company and its subsidiaries enter into long-term non-cancelable lease arrangements which, for accounting purposes, are classified as either an operating lease or capital lease. Operating leases primarily include certain transmission lines, office rental and site leases. Operating lease rental expense for the years ended December 31, 2014, 2013, and 2012 was $58 million, $46 million and $57 million, respectively. Capital leases primarily include transmission lines at our subsidiaries in Brazil, vehicles, and office and other operating equipment. Capital leases are recognized in Property, Plant and Equipment within “Electric generation and distribution assets.” The gross value of the capital lease assets as of December 31, 2014 and 2013 was $80 million and $93 million, respectively. The table below sets forth the future minimum lease payments under operating and capital leases for continuing operations together with the present value of the net minimum lease payments under capital leases as of December 31, 2014 for 2015 through 2019 and thereafter: | ||||||||||||
Future Commitments for | ||||||||||||
December 31, | Capital Leases | Operating Leases | ||||||||||
(in millions) | ||||||||||||
2015 | $ | 10 | $ | 57 | ||||||||
2016 | 10 | 57 | ||||||||||
2017 | 10 | 57 | ||||||||||
2018 | 10 | 57 | ||||||||||
2019 | 10 | 75 | ||||||||||
Thereafter | 109 | 502 | ||||||||||
Total | 159 | $ | 805 | |||||||||
Less: Imputed interest | 96 | |||||||||||
Present value of total minimum lease payments | $ | 63 | ||||||||||
CONTRACTS—The Company’s operating subsidiaries enter into long-term contracts for construction projects, maintenance and service, transmission of electricity, operations services and purchase of electricity and fuel. In general, these contracts are subject to variable quantities or prices and are terminable in limited circumstances only. Electricity purchase contracts primarily include energy auction agreements at our Brazil subsidiaries with extended terms from 2013 through 2028. The table below sets forth the future minimum commitments for continuing operations under these contracts as of December 31, 2014 for 2015 through 2019 and thereafter. Actual purchases under these contracts for the years ended December 31, 2014, 2013, and 2012 are also presented: | ||||||||||||
Electricity Purchase Contracts | Fuel Purchase Contracts | Other Purchase Contracts | ||||||||||
Actual purchases during the year ended December 31, | (in millions) | |||||||||||
2012 | $ | 2,819 | $ | 1,832 | $ | 1,637 | ||||||
2013 | 2,665 | 1,590 | 1,743 | |||||||||
2014 | 3,104 | 1,521 | 1,386 | |||||||||
Future commitments for the year ending December 31, | ||||||||||||
2015 | $ | 3,559 | $ | 1,266 | $ | 1,377 | ||||||
2016 | 3,660 | 819 | 930 | |||||||||
2017 | 3,217 | 761 | 898 | |||||||||
2018 | 3,335 | 502 | 707 | |||||||||
2019 | 3,521 | 356 | 614 | |||||||||
Thereafter | 34,805 | 3,235 | 4,874 | |||||||||
Total | $ | 52,097 | $ | 6,939 | $ | 9,400 | ||||||
Contingencies
Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
CONTINGENCIES | CONTINGENCIES | ||||||||
Guarantees, Letters of Credit | |||||||||
In connection with certain project financing, acquisition and dispositions, power purchase and other agreements, the Parent Company has expressly undertaken limited obligations and commitments, most of which will only be effective or will be terminated upon the occurrence of future events. In the normal course of business, the Parent Company has entered into various agreements, mainly guarantees and letters of credit, to provide financial or performance assurance to third parties on behalf of AES businesses. These agreements are entered into primarily to support or enhance the creditworthiness otherwise achieved by a business on a stand-alone basis, thereby facilitating the availability of sufficient credit to accomplish their intended business purposes. Most of the contingent obligations relate to future performance commitments which the Company or its businesses expect to fulfill within the normal course of business. The expiration dates of these guarantees vary from less than one year to more than 20 years. | |||||||||
The following table summarizes the Parent Company’s contingent contractual obligations as of December 31, 2014. Amounts presented in the table below represent the Parent Company’s current undiscounted exposure to guarantees and the range of maximum undiscounted potential exposure. The maximum exposure is not reduced by the amounts, if any, that could be recovered under the recourse or collateralization provisions in the guarantees. The amounts include obligations made by the Parent Company for the direct benefit of the lenders associated with the non-recourse debt of its businesses of $24 million. | |||||||||
Contingent Contractual Obligations | Amount | Number of Agreements | Maximum Exposure Range for Each Agreement | ||||||
(in millions) | (in millions) | ||||||||
Guarantees and commitments | $ | 390 | 16 | $1 - 53 | |||||
Asset sale related indemnities(1) | 27 | 1 | 27 | ||||||
Cash collateralized letters of credit | 74 | 9 | <$1 - 47 | ||||||
Letters of credit under the senior secured credit facility | 61 | 5 | <$1 - 29 | ||||||
Total | $ | 552 | 31 | ||||||
(1) Excludes normal and customary representations and warranties in agreements for the sale of assets (including ownership in associated legal entities) where the associated risk is considered to be nominal. | |||||||||
As of December 31, 2014, the Parent Company had no commitments to invest in subsidiaries under construction and to purchase related equipment that were not included in the letters of credit discussed above. During the year ended December 31, 2014, the Company paid letter of credit fees ranging from 0.2% to 2.5% per annum on the outstanding amounts of letters of credit. | |||||||||
Environmental | |||||||||
The Company periodically reviews its obligations as they relate to compliance with environmental laws, including site restoration and remediation. As of December 31, 2014 and 2013 the Company had recognized liabilities of $12 million and $19 million, respectively, for projected environmental remediation costs. Due to the uncertainties associated with environmental assessment and remediation activities, future costs of compliance or remediation could be higher or lower than the amount currently accrued. Moreover, where no liability has been recognized, it is reasonably possible that the Company may be required to incur remediation costs or make expenditures in amounts that could be material but could not be estimated as of December 31, 2014. In aggregate, the Company estimates that the range of potential losses related to environmental matters, where estimable, to be up to $1 million. The amounts considered reasonably possible do not include amounts accrued as discussed above. | |||||||||
Litigation | |||||||||
The Company is involved in certain claims, suits and legal proceedings in the normal course of business. The Company accrues for litigation and claims when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company has evaluated claims in accordance with the accounting guidance for contingencies that it deems both probable and reasonably estimable and, accordingly, has recorded aggregate liabilities for all claims of approximately $199 million and $239 million as of December 31, 2014 and 2013, respectively. These amounts are reported on the Consolidated Balance Sheets within “accrued and other liabilities” and “other noncurrent liabilities.” A significant portion of these accrued liabilities relate to employment, non-income tax and customer disputes in international jurisdictions (principally Brazil). Certain of the Company’s subsidiaries, principally in Brazil, are defendants in a number of labor and employment lawsuits. The complaints generally seek unspecified monetary damages, injunctive relief, or other relief. The subsidiaries have denied any liability and intend to vigorously defend themselves in all of these proceedings. The reduction in the recorded liabilities at December 31, 2014 primarily relates to labor dispute settlements and the expiration of the statute of limitations for certain claims in Brazil, as well as the devaluation of the Brazilian Real. 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. | |||||||||
The Company believes, based upon information it currently possesses and taking into account established accruals for liabilities and its insurance coverage, that the ultimate outcome of these proceedings and actions is unlikely to have a material effect on the Company’s consolidated financial statements. However, where no accrued liability has been recognized, it is reasonably possible that some matters could be decided unfavorably to the Company and could require the Company to pay damages or make expenditures in amounts that could be material but could not be estimated as of December 31, 2014. The material contingencies where a loss is reasonably possible primarily include claims under financing agreements; disputes with offtakers, suppliers and EPC contractors; alleged violation of monopoly laws and regulations; income tax and non-income tax matters with tax authorities; and regulatory matters. In aggregate, the Company estimates that the range of potential losses, where estimable, related to these reasonably possible material contingencies to be between $1.1 billion and $1.2 billion. The amounts considered reasonably possible do not include amounts accrued, as discussed above. These material contingencies do not include income tax-related contingencies which are considered part of our uncertain tax positions. |
Benefit_Plans
Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
BENEFIT PLANS | BENEFIT PLANS | ||||||||||||||||||||||||||||||||
Defined Contribution Plan | |||||||||||||||||||||||||||||||||
The Company sponsors four defined contribution plans ("the Plans"). Three are for U.S. non-union employees, of which one is for employees of the Parent Company and U.S. SBU generation businesses, one is for IPL employees and one is for DPL employees. One defined contribution plan is for union employees at DPL. The Plans are qualified under section 401 of the Internal Revenue Code. All U.S. employees of the Company are eligible to participate in the appropriate Plan except for those employees who are covered by a collective bargaining agreement, unless such agreement specifically provides that the employee is considered an eligible employee under a Plan. The Plans provide matching contributions in AES common stock or cash, other contributions at the discretion of the Compensation Committee of the Board of Directors in AES common stock or cash and discretionary tax deferred contributions from the participants. Participants are fully vested in their own contributions and the Company’s matching contributions. Participants vest in other company contributions ratably over a five-year period ending on the fifth anniversary of their hire date. For the year ended December 31, 2014, the Company’s contributions to the defined contribution plans were approximately $14 million, and for the years ended December 31, 2013 and 2012, contributions were $15 million and $21 million per year, respectively. | |||||||||||||||||||||||||||||||||
Defined Benefit Plans | |||||||||||||||||||||||||||||||||
Certain of the Company’s subsidiaries have defined benefit pension plans covering substantially all of their respective employees. Pension benefits are based on years of credited service, age of the participant and average earnings. Of the 31 active defined benefit plans as of December 31, 2014, five are at U.S. subsidiaries and the remaining plans are at foreign subsidiaries . | |||||||||||||||||||||||||||||||||
The following table reconciles the Company’s funded status, both domestic and foreign, as of the periods indicated: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
CHANGE IN PROJECTED BENEFIT OBLIGATION: | |||||||||||||||||||||||||||||||||
Benefit obligation as of January 1 | $ | 1,059 | $ | 4,749 | $ | 1,210 | $ | 6,768 | |||||||||||||||||||||||||
Service cost | 14 | 16 | 16 | 26 | |||||||||||||||||||||||||||||
Interest cost | 50 | 489 | 46 | 515 | |||||||||||||||||||||||||||||
Employee contributions | — | 4 | — | 4 | |||||||||||||||||||||||||||||
Plan amendments | 8 | (3 | ) | — | — | ||||||||||||||||||||||||||||
Benefits paid | (59 | ) | (415 | ) | (75 | ) | (407 | ) | |||||||||||||||||||||||||
Actuarial (gain) loss | 163 | 87 | (138 | ) | (1,436 | ) | |||||||||||||||||||||||||||
Effect of foreign currency exchange rate changes | — | (564 | ) | — | (721 | ) | |||||||||||||||||||||||||||
Benefit obligation as of December 31 | $ | 1,235 | $ | 4,363 | $ | 1,059 | $ | 4,749 | |||||||||||||||||||||||||
CHANGE IN PLAN ASSETS: | |||||||||||||||||||||||||||||||||
Fair value of plan assets as of January 1 | $ | 941 | $ | 3,605 | $ | 883 | $ | 4,712 | |||||||||||||||||||||||||
Actual return on plan assets | 123 | 360 | 81 | (345 | ) | ||||||||||||||||||||||||||||
Employer contributions | 56 | 135 | 52 | 160 | |||||||||||||||||||||||||||||
Employee contributions | — | 4 | — | 4 | |||||||||||||||||||||||||||||
Benefits paid | (59 | ) | (415 | ) | (75 | ) | (407 | ) | |||||||||||||||||||||||||
Effect of foreign currency exchange rate changes | — | (417 | ) | — | (519 | ) | |||||||||||||||||||||||||||
Fair value of plan assets as of December 31 | $ | 1,061 | $ | 3,272 | $ | 941 | $ | 3,605 | |||||||||||||||||||||||||
RECONCILIATION OF FUNDED STATUS | |||||||||||||||||||||||||||||||||
Funded status as of December 31 | $ | (174 | ) | $ | (1,091 | ) | $ | (118 | ) | $ | (1,144 | ) | |||||||||||||||||||||
The following table summarizes the amounts recognized on the Consolidated Balance Sheets related to the funded status of the plans, both domestic and foreign, as of the periods indicated: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
AMOUNTS RECOGNIZED ON THE | |||||||||||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||||||||||
Noncurrent assets | $ | — | $ | 51 | $ | — | $ | 23 | |||||||||||||||||||||||||
Accrued benefit liability—current | — | (4 | ) | — | (4 | ) | |||||||||||||||||||||||||||
Accrued benefit liability—noncurrent | (174 | ) | (1,138 | ) | (118 | ) | (1,163 | ) | |||||||||||||||||||||||||
Net amount recognized at end of year | $ | (174 | ) | $ | (1,091 | ) | $ | (118 | ) | $ | (1,144 | ) | |||||||||||||||||||||
The following table summarizes the Company’s accumulated benefit obligation, both domestic and foreign, as of the periods indicated: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Accumulated Benefit Obligation | $ | 1,208 | $ | 4,301 | $ | 1,036 | $ | 4,686 | |||||||||||||||||||||||||
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,235 | $ | 4,021 | $ | 1,059 | $ | 4,412 | |||||||||||||||||||||||||
Accumulated benefit obligation | 1,208 | 3,979 | 1,036 | 4,366 | |||||||||||||||||||||||||||||
Fair value of plan assets | 1,061 | 2,885 | 941 | 3,246 | |||||||||||||||||||||||||||||
Information for pension plans with a projected benefit obligation in excess of plan assets: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,235 | $ | 4,038 | (1) | $ | 1,059 | $ | 4,425 | ||||||||||||||||||||||||
Fair value of plan assets | 1,061 | 2,897 | (1) | 941 | 3,259 | ||||||||||||||||||||||||||||
-1 | $1.1 billion of the total net unfunded projected benefit obligation is due to Eletropaulo in Brazil. | ||||||||||||||||||||||||||||||||
The table below summarizes the significant weighted average assumptions used in the calculation of benefit obligation and net periodic benefit cost, both domestic and foreign, as of the periods indicated: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
Benefit Obligation: | |||||||||||||||||||||||||||||||||
Discount rates | 4.04 | % | 10.47 | % | (2) | 4.89 | % | 10.8 | % | (2) | |||||||||||||||||||||||
Rates of compensation increase | 3.94 | % | (1) | 6.41 | % | 3.94 | % | (1) | 6.44 | % | |||||||||||||||||||||||
Periodic Benefit Cost: | |||||||||||||||||||||||||||||||||
Discount rate | 4.89 | % | 10.8 | % | 3.86 | % | 8.28 | % | |||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 6.92 | % | 10.44 | % | 7.15 | % | 11.16 | % | |||||||||||||||||||||||||
Rate of compensation increase | 3.94 | % | (1) | 6.44 | % | 3.94 | % | (1) | 6.47 | % | |||||||||||||||||||||||
-1 | A U.S. subsidiary of the Company has a defined benefit obligation of $748 million and $651 million as of December 31, 2014 and 2013, respectively, and uses salary bands to determine future benefit costs rather than rates of compensation increases. Rates of compensation increases in the table above do not include amounts related to this specific defined benefit plan. | ||||||||||||||||||||||||||||||||
(2) | Includes an inflation factor that is used to calculate future periodic benefit cost, but is not used to calculate the benefit obligation. | ||||||||||||||||||||||||||||||||
The Company establishes its estimated long-term return on plan assets considering various factors, which include the targeted asset allocation percentages, historic returns and expected future returns. | |||||||||||||||||||||||||||||||||
The measurement of pension obligations, costs and liabilities is dependent on a variety of assumptions. These assumptions include estimates of the present value of projected future pension payments to all plan participants, taking into consideration the likelihood of potential future events such as salary increases and demographic experience. These assumptions may have an effect on the amount and timing of future contributions. | |||||||||||||||||||||||||||||||||
The assumptions used in developing the required estimates include the following key factors: | |||||||||||||||||||||||||||||||||
• | discount rates; | ||||||||||||||||||||||||||||||||
• | salary growth; | ||||||||||||||||||||||||||||||||
• | retirement rates; | ||||||||||||||||||||||||||||||||
• | inflation; | ||||||||||||||||||||||||||||||||
• | expected return on plan assets; and | ||||||||||||||||||||||||||||||||
• | mortality rates. | ||||||||||||||||||||||||||||||||
The effects of actual results differing from the Company’s assumptions are accumulated and amortized over future periods and, therefore, generally affect the Company’s recognized expense in such future periods. | |||||||||||||||||||||||||||||||||
Sensitivity of the Company’s pension funded status to the indicated increase or decrease in the discount rate and long-term rate of return on plan assets assumptions is shown below. Note that these sensitivities may be asymmetric and are specific to the base conditions at year-end 2014. They also may not be additive, so the impact of changing multiple factors simultaneously cannot be calculated by combining the individual sensitivities shown. The funded status as of December 31, 2014 is affected by the assumptions as of that date. Pension expense for 2014 is affected by the December 31, 2013 assumptions. The impact on pension expense from a one percentage point change in these assumptions is shown in the table below (in millions): | |||||||||||||||||||||||||||||||||
Increase of 1% in the discount rate | $ | (50 | ) | ||||||||||||||||||||||||||||||
Decrease of 1% in the discount rate | 42 | ||||||||||||||||||||||||||||||||
Increase of 1% in the long-term rate of return on plan assets | (45 | ) | |||||||||||||||||||||||||||||||
Decrease of 1% in the long-term rate of return on plan assets | 45 | ||||||||||||||||||||||||||||||||
The following table summarizes the components of the net periodic benefit cost, both domestic and foreign, for the years indicated: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost: | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Service cost | $ | 14 | $ | 16 | $ | 16 | $ | 26 | $ | 14 | $ | 18 | |||||||||||||||||||||
Interest cost | 50 | 489 | 46 | 515 | 48 | 509 | |||||||||||||||||||||||||||
Expected return on plan assets | (67 | ) | (362 | ) | (64 | ) | (484 | ) | (55 | ) | (444 | ) | |||||||||||||||||||||
Amortization of prior service cost | 6 | (1 | ) | 5 | — | 4 | — | ||||||||||||||||||||||||||
Amortization of net loss | 13 | 37 | 23 | 77 | 19 | 38 | |||||||||||||||||||||||||||
Settlement gain recognized | — | 1 | — | — | — | 1 | |||||||||||||||||||||||||||
Total pension cost | $ | 16 | $ | 180 | $ | 26 | $ | 134 | $ | 30 | $ | 122 | |||||||||||||||||||||
The following table summarizes the amounts reflected in AOCL including accumulated other comprehensive loss attributable to noncontrolling interests, on the Consolidated Balance Sheet as of December 31, 2014, that have not yet been recognized as components of net periodic benefit cost and amounts expected to be reclassified to earnings in the next fiscal year: | |||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Amounts expected to be reclassified to earnings in next fiscal year | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Prior service cost | $ | — | $ | 2 | $ | (2 | ) | $ | 1 | ||||||||||||||||||||||||
Unrecognized net actuarial gain (loss) | (8 | ) | (927 | ) | (6 | ) | (34 | ) | |||||||||||||||||||||||||
Total | $ | (8 | ) | $ | (925 | ) | $ | (8 | ) | $ | (33 | ) | |||||||||||||||||||||
The following table summarizes the Company’s target allocation for 2014 and pension plan asset allocation, both domestic and foreign, as of the periods indicated: | |||||||||||||||||||||||||||||||||
Percentage of Plan Assets as of December 31, | |||||||||||||||||||||||||||||||||
Target Allocations | 2014 | 2013 | |||||||||||||||||||||||||||||||
Asset Category | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | |||||||||||||||||||||||||||
Equity securities | 46 | % | 15% -30% | 44.02 | % | 16.28 | % | 37.09 | % | 19.84 | % | ||||||||||||||||||||||
Debt securities | 50 | % | 60% - 85% | 50.9 | % | 78.85 | % | 46.97 | % | 75.32 | % | ||||||||||||||||||||||
Real estate | 2 | % | 0% - 4% | 2.45 | % | 3.15 | % | 2.44 | % | 2.77 | % | ||||||||||||||||||||||
Other | 2 | % | 0% - 6% | 2.63 | % | 1.72 | % | 13.5 | % | 2.07 | % | ||||||||||||||||||||||
Total pension assets | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||
The U.S. plans seek to achieve the following long-term investment objectives: | |||||||||||||||||||||||||||||||||
• | maintenance of sufficient income and liquidity to pay retirement benefits and other lump sum payments; | ||||||||||||||||||||||||||||||||
• | long-term rate of return in excess of the annualized inflation rate; | ||||||||||||||||||||||||||||||||
• | long-term rate of return, net of relevant fees, that meet or exceed the assumed actuarial rate; and | ||||||||||||||||||||||||||||||||
• | long-term competitive rate of return on investments, net of expenses, that is equal to or exceeds various benchmark rates. | ||||||||||||||||||||||||||||||||
The asset allocation is reviewed periodically to determine a suitable asset allocation which seeks to manage risk through portfolio diversification and takes into account, among other possible factors, the above-stated objectives, in conjunction with current funding levels, cash flow conditions and economic and industry trends. The following table summarizes the Company’s U.S. plan assets by category of investment and level within the fair value hierarchy as of the periods indicated: | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
U.S. Plans | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Common stock | $ | — | $ | — | $ | — | $ | — | $ | 46 | $ | — | $ | — | $ | 46 | |||||||||||||||||
Mutual funds | 467 | — | — | 467 | 303 | — | — | 303 | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||
Government debt securities | 67 | — | — | 67 | 24 | 8 | — | 32 | |||||||||||||||||||||||||
Corporate debt securities | — | — | — | — | — | 159 | — | 159 | |||||||||||||||||||||||||
Mutual funds(1) | 473 | — | — | 473 | 251 | — | — | 251 | |||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||
Real Estate | — | 26 | — | 26 | — | 23 | — | 23 | |||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 4 | — | — | 4 | 56 | — | — | 56 | |||||||||||||||||||||||||
Other investments | — | 24 | — | 24 | 40 | 31 | — | 71 | |||||||||||||||||||||||||
Total plan assets | $ | 1,011 | $ | 50 | $ | — | $ | 1,061 | $ | 720 | $ | 221 | $ | — | $ | 941 | |||||||||||||||||
-1 | Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment. | ||||||||||||||||||||||||||||||||
The investment strategy of the foreign plans seeks to maximize return on investment while minimizing risk. The assumed asset allocation has less exposure to equities in order to closely match market conditions and near term forecasts. The following table summarizes the Company’s foreign plan assets by category of investment and level within the fair value hierarchy as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Foreign Plans | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Common stock | $ | 21 | $ | — | $ | — | $ | 21 | $ | 23 | $ | — | $ | — | $ | 23 | |||||||||||||||||
Mutual funds | 274 | — | — | 274 | 322 | — | — | 322 | |||||||||||||||||||||||||
Private equity(1) | — | — | 237 | 237 | — | — | 370 | 370 | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||
Certificates of deposit | — | 3 | — | 3 | — | 2 | — | 2 | |||||||||||||||||||||||||
Unsecured debentures | — | 10 | — | 10 | — | 13 | — | 13 | |||||||||||||||||||||||||
Government debt securities | 12 | 98 | — | 110 | 12 | 95 | — | 107 | |||||||||||||||||||||||||
Mutual funds(2) | 215 | 2,236 | — | 2,451 | 174 | 2,410 | — | 2,584 | |||||||||||||||||||||||||
Other debt securities | — | 6 | — | 6 | — | 9 | — | 9 | |||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Real estate(1) | — | — | 103 | 103 | — | — | 100 | 100 | |||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1 | — | — | 1 | 15 | — | — | 15 | |||||||||||||||||||||||||
Participant loans(3) | — | — | 52 | 52 | — | — | 60 | 60 | |||||||||||||||||||||||||
Other assets | — | — | 4 | 4 | — | — | — | — | |||||||||||||||||||||||||
Total plan assets | $ | 523 | $ | 2,353 | $ | 396 | $ | 3,272 | $ | 546 | $ | 2,529 | $ | 530 | $ | 3,605 | |||||||||||||||||
(1) | Plan assets of our Brazilian subsidiaries are invested in private equities and commercial real estate through the plan administrator in Brazil. The fair value of these assets is determined using the income approach through annual appraisals based on a discounted cash flow analysis. | ||||||||||||||||||||||||||||||||
(2) | Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment. | ||||||||||||||||||||||||||||||||
(3) | Loans to participants are stated at cost, which approximates fair value. | ||||||||||||||||||||||||||||||||
The following table presents a reconciliation of all plan assets measured at fair value using significant unobservable inputs (Level 3) for the periods indicated: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 530 | $ | 635 | |||||||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||||
Returns relating to assets still held at reporting date | (87 | ) | (26 | ) | |||||||||||||||||||||||||||||
Purchases, sales and settlements, net | 1 | — | |||||||||||||||||||||||||||||||
Transfers of (assets) liabilities into Level 3 | 5 | — | |||||||||||||||||||||||||||||||
Change due to exchange rate changes | (53 | ) | (79 | ) | |||||||||||||||||||||||||||||
Balance at December 31 | $ | 396 | $ | 530 | |||||||||||||||||||||||||||||
The following table summarizes the estimated cash flows for U.S. and foreign expected employer contributions and expected future benefit payments, both domestic and foreign: | |||||||||||||||||||||||||||||||||
U.S. | Foreign | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Expected employer contribution in 2015 | $ | 27 | $ | 101 | |||||||||||||||||||||||||||||
Expected benefit payments for fiscal year ending: | |||||||||||||||||||||||||||||||||
2015 | 63 | 352 | |||||||||||||||||||||||||||||||
2016 | 65 | 365 | |||||||||||||||||||||||||||||||
2017 | 67 | 378 | |||||||||||||||||||||||||||||||
2018 | 69 | 392 | |||||||||||||||||||||||||||||||
2019 | 71 | 406 | |||||||||||||||||||||||||||||||
2020 - 2024 | 376 | 2,228 | |||||||||||||||||||||||||||||||
Equity
Equity | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Equity | EQUITY | ||||||||||||||||
Equity Transactions with Noncontrolling Interests | |||||||||||||||||
Dominican Republic — On September 2, 2014, the Company executed an agreement with the Estrella and Linda Groups, an investor-based group in the Dominican Republic, to form a strategic partnership. Under the terms of the agreement, the Estrella and Linda Groups acquired an 8% noncontrolling interest in our businesses in the Dominican Republic for $84 million, with options to acquire an additional 2% for $24 million at any time between the closing date and December 31, 2015, and an additional 10% for $125 million at any time between the closing date and December 31, 2016. The transaction closed on December 19, 2014. As a result of this transaction, $29 million was recognized in equity as Additional Paid-In Capital and no gain or loss was recognized in net income as the sale is not considered to be a sale of in-substance real estate. As the Company maintained control after the sale, our businesses in the Dominican Republic continue to be consolidated by the Company within the MCAC SBU reportable segment. | |||||||||||||||||
Masinloc — On June 25, 2014, the Company executed an agreement to sell approximately 45% of its interest in Masin-AES Pte Ltd., a wholly-owned subsidiary that owns the Company's business interests in the Philippines, for $453 million, subject to certain purchase price adjustments. On July 15, 2014, the Company completed the Masinloc sale transaction and received cumulative net proceeds of $436 million, including $23 million contingent upon the achievement of certain restructuring efficiencies. The transaction was accounted for as a sale of in-substance real estate. Noncontrolling interest of $130 million and a pretax gain on sale of investment of approximately $283 million, net of transaction costs, were recognized during the third quarter of 2014. The portion of the proceeds related to the contingency has been deferred. | |||||||||||||||||
After completion of the sale, the Company owns a 51% net ownership interest in Masinloc and will continue to manage and operate the plant, with 41% owned by Electricity Generating Public Company Limited and 8% owned by the International Finance Corporation. As the Company maintained control after the sale, Masinloc continues to be accounted for as a consolidated subsidiary within the Asia SBU reportable segment. | |||||||||||||||||
IPALCO — On December 15, 2014, the Company executed an agreement with La Caisse de depot et placement du Quebec ("CDPQ"). Under the agreement, CDPQ will purchase 15% of AES US Investment, Inc., a wholly-owned subsidiary that owns 100% of IPALCO Enterprises, Inc. ("IPALCO"), for $247 million . This transaction closed on February 11, 2015. Under the agreement, CDPQ will invest an additional $349 million in IPALCO through 2016 in exchange for a 17.65% equity stake, by funding existing growth and environmental projects at Indianapolis Power & Light Company. Upon completion of these transactions, CDPQ's direct and indirect interests in IPALCO will total 30%. As the Company maintained control after the sale, IPALCO continues to be accounted for as a consolidated subsidiary within the US SBU reportable segment. | |||||||||||||||||
The following table summarizes the net income (loss) attributable to The AES Corporation and all transfers (to) from noncontrolling interests for the periods indicated: | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in millions) | |||||||||||||||||
Net income (loss) attributable to The AES Corporation | $ | 769 | $ | 114 | |||||||||||||
Transfers (to) from the noncontrolling interest: | |||||||||||||||||
Net increase in The AES Corporation's paid-in capital for sale of subsidiary shares | 29 | 16 | |||||||||||||||
Increase (decrease) in The AES Corporation's paid-in capital for purchase of subsidiary shares | 7 | (6 | ) | ||||||||||||||
Net transfers (to) from noncontrolling interest | 36 | 10 | |||||||||||||||
Change from net income attributable to The AES Corporation and transfers (to) from noncontrolling interests | $ | 805 | $ | 124 | |||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||
The changes in AOCL by component, net of tax and noncontrolling interests for the year ended December 31, 2014 were as follows: | |||||||||||||||||
Foreign currency translation adjustment, net | Unrealized derivative losses, net | Unfunded pension obligations, net | Total | ||||||||||||||
(in millions) | |||||||||||||||||
Balance at the beginning of the period | $ | (2,284 | ) | $ | (307 | ) | $ | (291 | ) | $ | (2,882 | ) | |||||
Other comprehensive loss before reclassifications | (366 | ) | (180 | ) | (14 | ) | (560 | ) | |||||||||
Amount reclassified to earnings | $ | 34 | $ | 72 | $ | 10 | 116 | ||||||||||
Other comprehensive loss | (332 | ) | (108 | ) | (4 | ) | (444 | ) | |||||||||
Balance sheet reclassification related to an equity method investment (1) | $ | 21 | $ | 19 | $ | — | $ | 40 | |||||||||
Balance at the end of the period | (2,595 | ) | (396 | ) | (295 | ) | (3,286 | ) | |||||||||
(1) Reclassification resulting from Silver Ridge transaction. See Note 8—Investments In and Advances to Affiliates for further information. | |||||||||||||||||
Reclassifications out of accumulated other comprehensive loss for the periods indicated were as follows: | |||||||||||||||||
Details About | December 31, | ||||||||||||||||
AOCL Components | Affected Line Item in the Consolidated Statements of Operations | 2014 | 2013 | ||||||||||||||
Foreign currency translation adjustment, net | (in millions) (1) | ||||||||||||||||
Gain on sale of investments | $ | 4 | $ | (2 | ) | ||||||||||||
Net gain (loss) from disposal and impairments of discontinued operations | (38 | ) | (35 | ) | |||||||||||||
Net income (loss) attributable to The AES Corporation | $ | (34 | ) | $ | (37 | ) | |||||||||||
Unrealized derivative losses, net | |||||||||||||||||
Non-regulated revenue | $ | 30 | $ | (3 | ) | ||||||||||||
Non-regulated cost of sales | (4 | ) | (7 | ) | |||||||||||||
Interest expense | (139 | ) | (137 | ) | |||||||||||||
Gain on disposal and sale of investments | — | (21 | ) | ||||||||||||||
Foreign currency transaction gains (losses) | (9 | ) | (6 | ) | |||||||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | (122 | ) | (174 | ) | |||||||||||||
Income tax expense | 26 | 41 | |||||||||||||||
Net equity in earnings of affiliates | (3 | ) | (6 | ) | |||||||||||||
Income (loss) from continuing operations | (99 | ) | (139 | ) | |||||||||||||
Less: (Income) from continuing operations attributable to noncontrolling interests | 27 | 11 | |||||||||||||||
Net income (loss) attributable to The AES Corporation | $ | (72 | ) | $ | (128 | ) | |||||||||||
Amortization of defined benefit pension actuarial loss, net | |||||||||||||||||
Regulated cost of sales | $ | (33 | ) | $ | (73 | ) | |||||||||||
Non-regulated cost of sales | (5 | ) | (4 | ) | |||||||||||||
General and administrative expenses | — | (1 | ) | ||||||||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | (38 | ) | (78 | ) | |||||||||||||
Income tax expense | 7 | 26 | |||||||||||||||
Income (loss) from continuing operations | (31 | ) | (52 | ) | |||||||||||||
Net gain (loss) from disposal and impairments of discontinued operations | 2 | — | |||||||||||||||
Net Income (Loss) | (29 | ) | (52 | ) | |||||||||||||
Less: (Income) from continuing operations attributable to noncontrolling interests | 19 | 39 | |||||||||||||||
Net income (loss) attributable to The AES Corporation | $ | (10 | ) | $ | (13 | ) | |||||||||||
Total reclassifications for the period, net of income tax and noncontrolling interests | $ | (116 | ) | $ | (178 | ) | |||||||||||
_____________________________ | |||||||||||||||||
(1) | Amounts in parentheses indicate debits to the consolidated statements of operations. | ||||||||||||||||
Common Stock Dividends | |||||||||||||||||
The Company paid dividends of $0.05 per outstanding share to its common stockholders during the first, second, third and fourth quarters of 2014. On December 12, 2014, the Board of Directors declared a quarterly common stock dividend of $0.10 per share payable on February 17, 2015 to shareholders of record at the close of business on February 3, 2015. | |||||||||||||||||
Stock Repurchase Program | |||||||||||||||||
In July 2014, the Company's Board of Directors authorized an increase to the Company's common stock repurchase program (the "Program") for up to an additional $140 million of repurchases of the Company's common stock, bringing the cumulative total of authorized repurchases under the Program to $1.3 billion. | |||||||||||||||||
During the year ended December 31, 2014, the Company repurchased 21,900,246 shares of its common stock under the Program at a total cost of $308 million. At December 31, 2014, the cumulative repurchases under the Program totaled 105,912,477 shares for a total cost of $1.3 billion, at an average price per share of $12.37 (including a nominal amount of commissions). As of December 31, 2014, $24 million remained available for repurchase under the Program. | |||||||||||||||||
The common stock repurchased has been classified as treasury stock and accounted for using the cost method. A total of 110,687,849 and 90,808,168 shares were held as treasury stock at December 31, 2014 and 2013, respectively. Restricted stock units under the Company’s employee benefit plans are issued from treasury stock. The Company has not retired any common stock repurchased since it began the Program in July 2010. | |||||||||||||||||
Subsequent to December 31, 2014, the Company repurchased an additional 1,892,432 shares at a cost of $24 million, bringing the cumulative repurchases total through February 25, 2015 to 107,804,909 shares at a total cost of $1.3 billion, at an average price per share of $12.37 (including a nominal amount of commissions). | |||||||||||||||||
In addition, the Company’s Board of Directors recently authorized the repurchase of up to $400 million of the Company’s common stock in one or more transactions, including through open market repurchases, Rule 10b5-1 plans and privately negotiated transactions. There can be no assurances as to the amount, timing or prices of repurchases, which may vary based on market conditions and other factors. The Program does not have an expiration date and it can be modified or terminated by the Company’s Board at any time. As of February 25, 2015, $400 million remains available under the Program. |
Segment_and_Geographic_Informa
Segment and Geographic Information | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||
SEGMENT AND GEOGRAPHIC INFORMATION | SEGMENTS AND GEOGRAPHIC INFORMATION | ||||||||||||||||||||||||||||||||||||
The segment reporting structure uses the Company’s management reporting structure as its foundation to reflect how the Company manages the business internally and is organized by geographic regions which provide better socio-political-economic understanding of our business. The management reporting structure is organized along six strategic SBUs — led by our CEO. Using the accounting guidance on segment reporting, the Company has determined that it has six reportable segments corresponding to its six SBUs: | |||||||||||||||||||||||||||||||||||||
• | US SBU; | ||||||||||||||||||||||||||||||||||||
• | Andes SBU; | ||||||||||||||||||||||||||||||||||||
• | Brazil SBU; | ||||||||||||||||||||||||||||||||||||
• | MCAC SBU; | ||||||||||||||||||||||||||||||||||||
• | Europe SBU (formerly EMEA); and | ||||||||||||||||||||||||||||||||||||
• | Asia SBU. | ||||||||||||||||||||||||||||||||||||
Corporate and Other — Corporate overhead costs which are not directly associated with the operations of our six reportable segments are included in "Corporate and Other." Also included are intercompany charges such as self-insurance premiums which are fully eliminated in consolidation. | |||||||||||||||||||||||||||||||||||||
The Company uses Adjusted PTC as its primary segment performance measure. Adjusted PTC, a non-GAAP measure, is defined by the Company as pre-tax income from continuing operations attributable to AES excluding unrealized gains or losses related to derivative transactions, unrealized foreign currency gains or losses, gains or losses due to dispositions and acquisitions of business interests, losses due to impairments and costs due to the early retirement of debt. The Company has concluded that Adjusted PTC best reflects the underlying business performance of the Company and is the most relevant measure considered in the Company’s internal evaluation of the financial performance of its segments. Additionally, given its large number of businesses and complexity, the Company concluded that Adjusted PTC is a more transparent measure that better assists the investor in determining which businesses have the greatest impact on the overall Company results. | |||||||||||||||||||||||||||||||||||||
Certain unconsolidated businesses are accounted for using the equity method of accounting; therefore, their operating results are included in "Net Equity in Earnings of Affiliates" on the face of the Consolidated Statement of Operations, not in revenue. Total revenue includes inter-segment revenue primarily related to the sale of coal between Andes and the US. No material inter-segment revenue relationships exist between other segments. Corporate allocations include certain self-insurance activities which are reflected within segment adjusted PTC. All intra-segment activity has been eliminated with respect to revenue and adjusted PTC within the segment. Inter-segment activity has been eliminated within the total consolidated results. Asset information for businesses that were discontinued or classified as held-for-sale is segregated and is shown in the line “Discontinued businesses” in the accompanying segment tables. | |||||||||||||||||||||||||||||||||||||
Information about the Company’s operations by segment for the periods indicated was as follows: | |||||||||||||||||||||||||||||||||||||
Revenue | Total Revenue | Intersegment | External Revenue | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | 3,826 | $ | 3,630 | $ | 3,736 | $ | — | $ | — | $ | — | $ | 3,826 | $ | 3,630 | $ | 3,736 | |||||||||||||||||||
Andes SBU | 2,642 | 2,639 | 3,020 | (4 | ) | (1 | ) | (33 | ) | 2,638 | 2,638 | 2,987 | |||||||||||||||||||||||||
Brazil SBU | 6,009 | 5,015 | 5,788 | — | — | — | 6,009 | 5,015 | 5,788 | ||||||||||||||||||||||||||||
MCAC SBU | 2,682 | 2,713 | 2,573 | (2 | ) | (1 | ) | — | 2,680 | 2,712 | 2,573 | ||||||||||||||||||||||||||
Europe SBU | 1,439 | 1,347 | 1,344 | (6 | ) | — | (1 | ) | 1,433 | 1,347 | 1,343 | ||||||||||||||||||||||||||
Asia SBU | 558 | 550 | 733 | — | — | — | 558 | 550 | 733 | ||||||||||||||||||||||||||||
Corporate and Other | 15 | 7 | 9 | (13 | ) | (8 | ) | (5 | ) | 2 | (1 | ) | 4 | ||||||||||||||||||||||||
Total Revenue | $ | 17,171 | $ | 15,901 | $ | 17,203 | $ | (25 | ) | $ | (10 | ) | $ | (39 | ) | $ | 17,146 | $ | 15,891 | $ | 17,164 | ||||||||||||||||
Adjusted Pretax Contribution(1) | Total Adjusted PTC | Intersegment | External Adjusted PTC | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | 445 | $ | 440 | 403 | $ | 10 | $ | 11 | 40 | $ | 455 | $ | 451 | $ | 443 | |||||||||||||||||||||
Andes SBU | 421 | 353 | 369 | 6 | 19 | (16 | ) | 427 | 372 | 353 | |||||||||||||||||||||||||||
Brazil SBU | 242 | 212 | 321 | 3 | 3 | 3 | 245 | 215 | 324 | ||||||||||||||||||||||||||||
MCAC SBU | 352 | 339 | 387 | 26 | 12 | 10 | 378 | 351 | 397 | ||||||||||||||||||||||||||||
Europe SBU | 348 | 345 | 375 | 5 | 7 | (2 | ) | 353 | 352 | 373 | |||||||||||||||||||||||||||
Asia SBU | 46 | 142 | 201 | 2 | 2 | 2 | 48 | 144 | 203 | ||||||||||||||||||||||||||||
Corporate and Other | (533 | ) | (624 | ) | (717 | ) | (52 | ) | (54 | ) | (37 | ) | (585 | ) | (678 | ) | (754 | ) | |||||||||||||||||||
Total Adjusted Pretax Contribution | 1,321 | 1,207 | 1,339 | — | — | — | 1,321 | 1,207 | 1,339 | ||||||||||||||||||||||||||||
Reconciliation to Income from Continuing Operations before Taxes and Equity Earnings of Affiliates: | |||||||||||||||||||||||||||||||||||||
Non-GAAP Adjustments: | |||||||||||||||||||||||||||||||||||||
Unrealized derivative gains (losses) | 135 | 57 | (120 | ) | |||||||||||||||||||||||||||||||||
Unrealized foreign currency gains (losses) | (110 | ) | (41 | ) | 13 | ||||||||||||||||||||||||||||||||
Disposition/acquisition gains | 361 | 30 | 206 | ||||||||||||||||||||||||||||||||||
Impairment losses | (416 | ) | (588 | ) | (1,951 | ) | |||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (274 | ) | (225 | ) | (16 | ) | |||||||||||||||||||||||||||||||
Pre-tax contribution | 1,017 | 440 | (529 | ) | |||||||||||||||||||||||||||||||||
Add: Income from continuing operations before taxes, attributable to noncontrolling interests | 578 | 633 | 794 | ||||||||||||||||||||||||||||||||||
Less: Net equity in earnings of affiliates | 19 | 25 | 35 | ||||||||||||||||||||||||||||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | $ | 1,576 | $ | 1,048 | $ | 230 | |||||||||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||||||||||
(1) | Adjusted pretax contribution in each segment before intersegment eliminations includes the effect of intercompany transactions with other segments except for interest, charges for certain management fees and the write-off of intercompany balances. | ||||||||||||||||||||||||||||||||||||
Total Assets | Depreciation and Amortization | Capital Expenditures | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | 10,062 | $ | 9,952 | $ | 10,651 | $ | 450 | $ | 440 | $ | 518 | $ | 534 | $ | 426 | $ | 405 | |||||||||||||||||||
Andes SBU | 7,888 | 7,356 | 6,619 | 182 | 186 | 174 | 702 | 471 | 389 | ||||||||||||||||||||||||||||
Brazil SBU | 8,439 | 8,388 | 9,710 | 260 | 259 | 281 | 416 | 588 | 718 | ||||||||||||||||||||||||||||
MCAC SBU | 4,948 | 5,075 | 5,030 | 144 | 145 | 136 | 192 | 111 | 192 | ||||||||||||||||||||||||||||
Europe SBU | 3,525 | 4,191 | 4,085 | 154 | 155 | 145 | 228 | 341 | 162 | ||||||||||||||||||||||||||||
Asia SBU | 2,972 | 2,810 | 2,587 | 32 | 33 | 30 | 429 | 576 | 221 | ||||||||||||||||||||||||||||
Discontinued businesses | — | 1,718 | 1,960 | (1 | ) | 55 | 85 | 13 | 52 | 143 | |||||||||||||||||||||||||||
Corporate and Other & eliminations | 1,132 | 921 | 1,188 | 24 | 21 | 25 | 30 | 14 | 40 | ||||||||||||||||||||||||||||
Total | $ | 38,966 | $ | 40,411 | $ | 41,830 | $ | 1,245 | $ | 1,294 | $ | 1,394 | $ | 2,544 | $ | 2,579 | $ | 2,270 | |||||||||||||||||||
Interest Income | Interest Expense | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | — | $ | — | $ | 3 | $ | 285 | $ | 290 | $ | 291 | |||||||||||||||||||||||||
Andes SBU | 87 | 37 | 20 | 160 | 135 | 128 | |||||||||||||||||||||||||||||||
Brazil SBU | 249 | 210 | 278 | 331 | 364 | 305 | |||||||||||||||||||||||||||||||
MCAC SBU | 26 | 20 | 33 | 178 | 138 | 192 | |||||||||||||||||||||||||||||||
Europe SBU | 1 | 2 | 8 | 98 | 80 | 94 | |||||||||||||||||||||||||||||||
Asia SBU | 2 | 6 | 5 | 25 | 30 | 43 | |||||||||||||||||||||||||||||||
Corporate and Other & eliminations | — | — | 1 | 394 | 445 | 491 | |||||||||||||||||||||||||||||||
Total | $ | 365 | $ | 275 | $ | 348 | $ | 1,471 | $ | 1,482 | $ | 1,544 | |||||||||||||||||||||||||
Investments in and Advances to Affiliates | Equity in Earnings (Losses) | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | 1 | $ | 1 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Andes SBU | 287 | 248 | 198 | 42 | 44 | 18 | |||||||||||||||||||||||||||||||
Brazil SBU | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
MCAC SBU | — | — | 24 | — | 4 | 5 | |||||||||||||||||||||||||||||||
Europe SBU | 54 | 286 | 454 | (25 | ) | (5 | ) | 8 | |||||||||||||||||||||||||||||
Asia SBU | 194 | 186 | 202 | 10 | 10 | 32 | |||||||||||||||||||||||||||||||
Corporate and Other & eliminations | 1 | 289 | 318 | (8 | ) | (28 | ) | (28 | ) | ||||||||||||||||||||||||||||
Total | $ | 537 | $ | 1,010 | $ | 1,196 | $ | 19 | $ | 25 | $ | 35 | |||||||||||||||||||||||||
The table below presents information, by country, about the Company’s consolidated operations for each of the three years ended December 31, 2014, 2013, and 2012, and as of December 31, 2014 and 2013. Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located. | |||||||||||||||||||||||||||||||||||||
Revenue | Property, Plant & Equipment, net | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
United States(1) | $ | 3,828 | $ | 3,630 | $ | 3,736 | $ | 7,713 | $ | 7,523 | |||||||||||||||||||||||||||
Non-U.S.: | |||||||||||||||||||||||||||||||||||||
Brazil | 6,009 | 5,015 | 5,788 | 4,725 | 5,293 | ||||||||||||||||||||||||||||||||
Chile | 1,624 | 1,569 | 1,679 | 4,012 | 3,312 | ||||||||||||||||||||||||||||||||
El Salvador | 832 | 860 | 854 | 304 | 292 | ||||||||||||||||||||||||||||||||
Dominican Republic | 802 | 832 | 761 | 702 | 689 | ||||||||||||||||||||||||||||||||
Colombia | 552 | 523 | 453 | 430 | 412 | ||||||||||||||||||||||||||||||||
United Kingdom | 533 | 558 | 505 | 324 | 603 | ||||||||||||||||||||||||||||||||
Argentina | 463 | 545 | 857 | 222 | 256 | ||||||||||||||||||||||||||||||||
Philippines | 451 | 497 | 559 | 752 | 776 | ||||||||||||||||||||||||||||||||
Mexico | 434 | 440 | 397 | 733 | 748 | ||||||||||||||||||||||||||||||||
Bulgaria | 410 | 422 | 369 | 1,457 | 1,606 | ||||||||||||||||||||||||||||||||
Puerto Rico | 348 | 328 | 293 | 551 | 562 | ||||||||||||||||||||||||||||||||
Panama | 263 | 250 | 266 | 1,030 | 1,028 | ||||||||||||||||||||||||||||||||
Jordan | 262 | 142 | 121 | 484 | 439 | ||||||||||||||||||||||||||||||||
Kazakhstan | 161 | 156 | 151 | 206 | 183 | ||||||||||||||||||||||||||||||||
Sri Lanka | 107 | 53 | 169 | 7 | 7 | ||||||||||||||||||||||||||||||||
Spain | — | — | 119 | — | — | ||||||||||||||||||||||||||||||||
Cameroon(2) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Ukraine(3) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Hungary(4) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Vietnam | — | — | — | 1,491 | 1,296 | ||||||||||||||||||||||||||||||||
Other Non-U.S. (5) | 67 | 71 | 87 | 8 | 87 | ||||||||||||||||||||||||||||||||
Total Non-U.S. | 13,318 | 12,261 | 13,428 | 17,438 | 17,589 | ||||||||||||||||||||||||||||||||
Total | $ | 17,146 | $ | 15,891 | $ | 17,164 | $ | 25,151 | $ | 25,112 | |||||||||||||||||||||||||||
-1 | Excludes revenue of $2 million, $23 million and $63 million for the years ended December 31, 2014, 2013 and 2012, respectively, and property, plant and equipment of $69 million as of December 31, 2013, related to Condon, Mid-West Wind, Red Oak and Ironwood which are reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||
(2) | Excludes revenue of $230 million, $473 million and $457 million for the years ended December 31, 2014, 2013 and 2012, respectively, and property, plant and equipment of $1,100 million as of December 31, 2013, related to Dibamba, Kribi and Sonel, which are reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||
(3) | Excludes revenue of $187 million and $491 million for the years ended December 31, 2013 and 2012, respectively, related to Kievoblenergo and Rivnooblenergo, which are reflected as discontinued operations in the accompanying Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||
(4) | Excludes revenue of $18 million for the year ended December 31, 2012, related to Tisza II, which is reflected as discontinued operations in the accompanying Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||
(5) | Excludes revenue of $6 million and $11 million for the years ended December 31, 2013 and 2012, respectively, and property, plant and equipment of $19 million as of December 31, 2013, related to Saurashtra and our carbon reduction projects, which are reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION | |||||||||||||
STOCK OPTIONS—AES grants options to purchase shares of common stock under stock option plans to employees and non-employee directors. Under the terms of the plans, the Company may issue options to purchase shares of the Company’s common stock at a price equal to 100% of the market price at the date the option is granted. Stock options are generally granted based upon a percentage of an employee’s base salary. Stock options issued under these plans in 2014, 2013 and 2012 have a three-year vesting schedule and vest in one-third increments over the three-year period. The stock options have a contractual term of ten years. At December 31, 2014, approximately 14 million shares were remaining for award under the plans. In all circumstances, stock options granted by AES do not entitle the holder the right, or obligate AES, to settle the stock option in cash or other assets of AES. | ||||||||||||||
The following table presents the weighted average fair value of each option grant and the underlying weighted average assumptions, as of the grant date, using the Black-Scholes option-pricing model: | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Expected volatility | 24 | % | 23 | % | 26 | % | ||||||||
Expected annual dividend yield | 1 | % | 1 | % | 1 | % | ||||||||
Expected option term (years) | 6 | 6 | 6 | |||||||||||
Risk-free interest rate | 1.86 | % | 1.13 | % | 1.08 | % | ||||||||
Fair value at grant date | $ | 3.26 | $ | 2.23 | $ | 3.04 | ||||||||
The Company does not discount the grant date fair values to estimate post-vesting restrictions. Post-vesting restrictions include black-out periods when the employee is not able to exercise stock options based on their potential knowledge of information prior to the release of that information to the public. | ||||||||||||||
The following table summarizes the components of stock-based compensation related to employee stock options recognized in the Company’s financial statements: | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in millions) | ||||||||||||||
Pretax compensation expense | $ | 3 | $ | 2 | $ | 2 | ||||||||
Tax benefit | (1 | ) | (1 | ) | (1 | ) | ||||||||
Stock options expense, net of tax | $ | 2 | $ | 1 | $ | 1 | ||||||||
Total intrinsic value of options exercised | $ | 1 | $ | 5 | $ | 10 | ||||||||
Total fair value of options vested | 2 | 2 | 5 | |||||||||||
Cash received from the exercise of stock options | 3 | 13 | 9 | |||||||||||
No cash was used to settle stock options or compensation cost capitalized as part of the cost of an asset for the years ended December 31, 2014, 2013 and 2012. As of December 31, 2014, $3 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted average period of 1.9 years. | ||||||||||||||
A summary of the option activity for the year ended December 31, 2014 follows (number of options in thousands, dollars in millions except per option amounts): | ||||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||||||
Outstanding at December 31, 2013 | 6,865 | $ | 14.91 | |||||||||||
Exercised | (265 | ) | 10.63 | |||||||||||
Forfeited and expired | (883 | ) | 16.15 | |||||||||||
Granted | 1,345 | 14.46 | ||||||||||||
Outstanding at December 31, 2014 | 7,062 | $ | 14.83 | 5 | $ | 8 | ||||||||
Vested and expected to vest at December 31, 2014 | 6,759 | $ | 14.89 | 4.9 | $ | 8 | ||||||||
Eligible for exercise at December 31, 2014 | 4,849 | $ | 15.61 | 3.4 | $ | 6 | ||||||||
The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of 2014 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2014. The amount of the aggregate intrinsic value will change based on the fair market value of the Company’s stock. | ||||||||||||||
The Company initially recognizes compensation cost on the estimated number of instruments for which the requisite service is expected to be rendered. In 2014, AES has estimated a weighted average forfeiture rate of 16.44% for stock options granted in 2014. This estimate will be revised if subsequent information indicates that the actual number of instruments forfeited is likely to differ from previous estimates. Based on the estimated forfeiture rate, the Company expects to expense $3.7 million on a straight-line basis over a three year period (approximately $1.2 million per year) related to stock options granted during the year ended December 31, 2014. | ||||||||||||||
RESTRICTED STOCK | ||||||||||||||
Restricted Stock Units—The Company issues restricted stock units (“RSUs”) under its long-term compensation plan. The RSUs are generally granted based upon a percentage of the participant’s base salary. The units have a three-year vesting schedule and vest in one-third increments over the three-year period. Units granted prior to 2011 are required to be held for an additional two years before they can be converted into shares, and thus become transferable. There is no such requirement for units granted in 2011 and afterwards. In all circumstances, restricted stock units granted by AES do not entitle the holder the right, or obligate AES, to settle the restricted stock unit in cash or other assets of AES. | ||||||||||||||
For the years ended December 31, 2014, 2013, and 2012, RSUs issued had a grant date fair value equal to the closing price of the Company’s stock on the grant date. The Company does not discount the grant date fair values to reflect any post-vesting restrictions. RSUs granted to employees during the years ended December 31, 2014, 2013, and 2012 had grant date fair values per RSU of $14.60, $11.19 and $13.54, respectively. | ||||||||||||||
The following table summarizes the components of the Company’s stock-based compensation related to its employee RSUs recognized in the Company’s consolidated financial statements: | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in millions) | ||||||||||||||
RSU expense before income tax | $ | 12 | $ | 12 | $ | 11 | ||||||||
Tax benefit | (3 | ) | (3 | ) | (3 | ) | ||||||||
RSU expense, net of tax | $ | 9 | $ | 9 | $ | 8 | ||||||||
Total value of RSUs converted(1) | $ | 25 | $ | 10 | $ | 9 | ||||||||
Total fair value of RSUs vested | $ | 13 | $ | 12 | $ | 12 | ||||||||
-1 | Amount represents fair market value on the date of conversion. | |||||||||||||
There was no cash used to settle RSUs or compensation cost capitalized as part of the cost of an asset for the years ended December 31, 2014, 2013, and 2012. As of December 31, 2014, $13 million of total unrecognized compensation cost related to RSUs is expected to be recognized over a weighted average period of approximately 1.8 years. There were no modifications to RSU awards during the year ended December 31, 2014. | ||||||||||||||
A summary of the activity of RSUs for the year ended December 31, 2014 follows (number of RSUs in thousands): | ||||||||||||||
RSUs | Weighted Average Grant Date Fair Values | Weighted Average Remaining Vesting Term | ||||||||||||
Nonvested at December 31, 2013 | 2,257 | $ | 12.01 | |||||||||||
Vested | (1,037 | ) | 12.23 | |||||||||||
Forfeited and expired | (325 | ) | 12.72 | |||||||||||
Granted | 1,102 | 14.6 | ||||||||||||
Nonvested at December 31, 2014 | 1,997 | $ | 13.2 | 1.6 | ||||||||||
Vested at December 31, 2014 | 833 | $ | 12.18 | |||||||||||
Vested and expected to vest at December 31, 2014 | 2,607 | $ | 12.84 | |||||||||||
The Company initially recognizes compensation cost on the estimated number of instruments for which the requisite service is expected to be rendered. In 2014, AES has estimated a weighted average forfeiture rate of 14.17% for RSUs granted in 2014. This estimate will be revised if subsequent information indicates that the actual number of instruments forfeited is likely to differ from previous estimates. Based on the estimated forfeiture rate, the Company expects to expense $14 million on a straight-line basis over a three year period related to RSUs granted during the year ended December 31, 2014. | ||||||||||||||
The table below summarizes the RSUs that vested and were converted during the years ended December 31, 2014, 2013, and 2012 (number of RSUs in thousands): | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
RSUs vested during the year | 1,037 | 942 | 1,138 | |||||||||||
RSUs converted during the year, net of shares withheld for taxes | 1,734 | 905 | 761 | |||||||||||
Shares withheld for taxes | 796 | 407 | 312 | |||||||||||
Performance Stock Units—The Company issues performance stock units (“PSUs”) to officers under its long-term compensation plan. PSUs are restricted stock units of which 50% of the units awarded include a market condition and the remaining 50% include a performance condition. Vesting will occur if the applicable continued employment conditions are satisfied and (a) for the units subject to the market condition the Total Stockholder Return (“TSR”) on AES common stock exceeds the TSR of the Standard and Poor’s 500 Utilities Sector Index over the three-year measurement period beginning on January 1st of the grant year and ending on December 31st of the third year and (b) for the units subject to the performance condition if the Company’s actual Adjusted EBITDA meets the performance target over the three-year measurement period beginning on January 1st of the grant year and ending on December 31st of the third year. The market and performance conditions determine the vesting and final share equivalent per PSU and can result in earning an award payout range of 0% to 200%, depending on the achievement. In all circumstances, PSUs granted by AES do not entitle the holder the right, or obligate AES, to settle the restricted stock unit in cash or other assets of AES. | ||||||||||||||
The effect of the market condition on PSUs issued to officers of the Company during 2014 is reflected in the award’s fair value on the grant date. The results of the valuation estimated the fair value at $15.19 per share, equating to 104% of the Company’s closing stock price on the date of grant. PSUs that included a market condition granted during the year ended December 31, 2014, 2013, and 2012 had a grant date fair value per RSU of $15.19, $13.28 and $19.75, respectively. The fair value of the PSUs with a performance condition had a grant date fair value of $14.63 equal to the closing price of the Company’s stock on the grant date. The Company believes that it is probable that the performance condition will be met; this will continue to be evaluated throughout the performance period. If the fair value of the market condition was not applied to PSUs issued to officers, the total grant date fair value of PSUs granted during the year ended December 31, 2014 would have decreased by $0.1 million. | ||||||||||||||
Restricted stock units with a market condition awarded to officers of the Company prior to 2011 contained only the market condition measuring the TSR on AES common stock. These units were required to be held for an additional two years subsequent to vesting before they could be converted into shares and become transferable. There is no such requirement for the shares granted during 2011 and afterwards. | ||||||||||||||
The following table summarizes the components of the Company’s stock-based compensation related to its PSUs recognized in the Company’s consolidated financial statements: | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in millions) | ||||||||||||||
PSU expense before income tax | $ | 6 | $ | 4 | $ | 5 | ||||||||
Tax benefit | (2 | ) | (1 | ) | (1 | ) | ||||||||
PSU expense, net of tax | $ | 4 | $ | 3 | $ | 4 | ||||||||
Total value of PSUs converted(1) | $ | 4 | $ | — | $ | — | ||||||||
Total fair value of PSUs vested | 1 | — | 2 | |||||||||||
-1 | Amount represents fair market value on the date of conversion. | |||||||||||||
There was no cash used to settle PSUs or compensation cost capitalized as part of the cost of an asset for the years ended December 31, 2014, 2013, and 2012. As of December 31, 2014, $7 million of total unrecognized compensation cost related to PSUs is expected to be recognized over a weighted average period of approximately 1.8 years. There were no modifications to PSU awards during the year ended December 31, 2014. | ||||||||||||||
A summary of the activity of PSUs for the year ended December 31, 2014 follows (number of PSUs in thousands): | ||||||||||||||
PSUs | Weighted Average Grant Date Fair Values | Weighted Average Remaining Vesting Term | ||||||||||||
Nonvested at December 31, 2013 | 1,339 | $ | 14.24 | |||||||||||
Vested | (85 | ) | 15.28 | |||||||||||
Forfeited and expired | (450 | ) | 14.73 | |||||||||||
Granted | 527 | 14.91 | ||||||||||||
Nonvested at December 31, 2014 | 1,331 | $ | 14.27 | 1.3 | ||||||||||
Vested at December 31, 2014 | — | $ | — | |||||||||||
Vested and expected to vest at December 31, 2014 | 1,100 | 14.33 | ||||||||||||
The Company initially recognizes compensation cost on the estimated number of instruments for which the requisite service is expected to be rendered. In 2014, AES has estimated a forfeiture rate of 16.44% for PSUs granted in 2014. This estimate will be revised if subsequent information indicates that the actual number of instruments forfeited is likely to differ from previous estimates. Based on the estimated forfeiture rate, the Company expects to expense $7 million on a straight-line basis over a three year period (approximately $2.3 million per year) related to PSUs granted during the year ended December 31, 2014. | ||||||||||||||
The table below summarizes the PSUs that vested and were converted during the years ended December 31, 2014, 2013, and 2012 (number of PSUs in thousands): | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
PSUs vested during the year | 85 | — | 343 | |||||||||||
PSUs converted during the year, net of shares withheld for taxes | 287 | — | — | |||||||||||
Shares withheld for taxes | 141 | — | — | |||||||||||
Cumulative_Preferred_Stock_of_
Cumulative Preferred Stock of Subsidiaries | 12 Months Ended |
Dec. 31, 2014 | |
Temporary Equity [Abstract] | |
CUMULATIVE PREFERRED STOCK OF SUBSIDIARES | CUMULATIVE PREFERRED STOCK OF SUBSIDIARIES |
Our subsidiaries IPL and DPL had outstanding shares of cumulative preferred stock of $78 million at December 31, 2014 and 2013. | |
IPL had $60 million of cumulative preferred stock outstanding at December 31, 2014 and 2013, which represented five series of preferred stock. The total annual dividend requirements were approximately $3 million at December 31, 2014 and 2013. Certain series of the preferred stock were redeemable solely at the option of the issuer at prices between $100 and $118 per share. Holders of the preferred stock are entitled to elect a majority of IPL’s board of directors if IPL has not paid dividends to its preferred stockholders for four consecutive quarters. Based on the preferred stockholders’ ability to elect a majority of IPL’s board of directors in this circumstance, the redemption of the preferred shares is considered to be not solely within the control of the issuer and the preferred stock is considered temporary equity and presented in the mezzanine level of the Consolidated Balance Sheets in accordance with the relevant accounting guidance for noncontrolling interests and redeemable securities. | |
DPL had $18 million of cumulative preferred stock outstanding at December 31, 2014 and 2013, which represented three series of preferred stock issued by DP&L, a wholly owned subsidiary of DPL. The total annual dividend requirements were approximately $1 million at December 31, 2014. The DP&L preferred stock may be redeemed at DP&L’s option as determined by its board of directors at per-share redemption prices between $101 and $103 per share, plus cumulative preferred dividends. In addition, DP&L’s Amended Articles of Incorporation contain provisions that permit preferred stockholders to elect members of the DP&L Board of Directors in the event that cumulative dividends on the preferred stock are in arrears in an aggregate amount equivalent to at least four full quarterly dividends. Based on the preferred stockholders’ ability to elect members of DP&L’s board of directors in this circumstance, the redemption of the preferred shares is considered to be not solely within the control of the issuer and the preferred stock is considered temporary equity and presented in the mezzanine level of the Consolidated Balance Sheets in accordance with the relevant accounting guidance for noncontrolling interests and redeemable securities. |
Other_Income_and_Expense
Other Income and Expense | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
OTHER INCOME AND EXPENSE | OTHER INCOME AND EXPENSE | |||||||||||
Other Income | ||||||||||||
Other income generally includes contract terminations, gains on asset sales and extinguishments of liabilities, favorable judgments on contingencies, and other income from miscellaneous transactions. The components are summarized below: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Gain on sale of assets | $ | 68 | (1) | $ | 12 | $ | 21 | |||||
Contingency reversal | 18 | (2) | 10 | — | ||||||||
Contract termination - Beaver Valley | — | 60 | — | |||||||||
Insurance proceeds | — | — | 38 | |||||||||
Gain on extinguishment of tax and other liabilities | — | 9 | — | |||||||||
Other | 38 | 34 | 39 | |||||||||
Total other income | $ | 124 | $ | 125 | $ | 98 | ||||||
_____________________________ | ||||||||||||
(1) Includes gain of $54 million for the property sale of Cambuci at Eletropaulo. | ||||||||||||
(2) Reversal of a liability in Kazakhstan from the expiration of a statute of limitations for the Republic of Kazakhstan to claim payment from AES. | ||||||||||||
Other Expense | ||||||||||||
Other expense generally includes losses on disposal of assets, legal contingencies, and losses from other miscellaneous transactions. The components are summarized below: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Loss on sale and disposal of assets | $ | 47 | $ | 51 | $ | 64 | ||||||
Legal settlement | 11 | 9 | 9 | |||||||||
Contract termination | — | 7 | — | |||||||||
Other | 10 | 9 | 9 | |||||||||
Total other expense | $ | 68 | $ | 76 | $ | 82 | ||||||
Asset_Impairment_Expense
Asset Impairment Expense | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |||||||||||||
ASSET IMPAIRMENT EXPENSE | ASSET IMPAIRMENT EXPENSE | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
Ebute | 67 | — | — | ||||||||||
UK Wind | 12 | — | — | ||||||||||
East Bend (DP&L) | 12 | — | — | ||||||||||
Beaver Valley | — | 46 | — | ||||||||||
Conesville (DP&L) | — | 26 | — | ||||||||||
Itabo (San Lorenzo) | — | 16 | — | ||||||||||
U.S. wind turbines and projects | — | — | 41 | ||||||||||
Kelanitissa | — | — | 19 | ||||||||||
St. Patrick | — | — | 11 | ||||||||||
Other | — | 7 | 2 | ||||||||||
Total asset impairment expense | $ | 91 | $ | 95 | $ | 73 | |||||||
Ebute — During 2014, the Company identified impairment indicators at Ebute in Nigeria, resulting from the continued lack of gas supply, the increased likelihood of selling the asset group before the end of its useful life, and indications about the potential proceeds that could be received from a future sale. The Company determined that the carrying amount of the asset group was not recoverable. The Company recognized an asset impairment of $67 million, which represents the difference between the carrying amount of $103 million and fair value less cost to sell of $36 million. In November 2014, the Company completed the sale of its interest in Ebute. See Note 24—Dispositions for additional details. Ebute was reported in the Europe SBU reportable segment prior to its disposition in 2014. | |||||||||||||
UK Wind (Newfield) — During 2014, the Company tested the recoverability of long-lived assets at its Newfield wind development project in the United Kingdom after the UK government refused to grant a permit necessary for the project to continue. The Company determined that the carrying amount of the asset group was not recoverable. The Newfield asset group was determined to have no fair value using the income approach. As a result, the Company recognized an asset impairment expense of $12 million. UK Wind (Newfield) is reported in the Europe SBU reportable segment. | |||||||||||||
East Bend (DP&L) — During 2014, the Company identified impairment indicators at East Bend, a 186 MW coal-fired plant in Ohio jointly owned by DP&L, resulting from the increased likelihood that the asset group would be disposed prior to the end of its useful life. The Company determined that the carrying amount of the asset group was not recoverable. The East Bend asset group was determined to have a fair value of $2 million using the market approach, and the Company recognized an asset impairment expense of $12 million during the first quarter of 2014. The Company's interest in East Bend was sold in December 2014. Prior to its sale, East Bend was reported in the US SBU reportable segment. | |||||||||||||
Beaver Valley — In January 2013, Beaver Valley, a wholly owned 125 MW coal-fired plant in Pennsylvania, entered into an agreement to early terminate its PPA with the offtaker in exchange for a lump-sum payment of $60 million which was received on January 9, 2013. The termination was effective January 8, 2013. Beaver Valley also terminated its fuel supply agreement. Under the PPA termination agreement, annual capacity agreements between the offtaker and PJM Interconnection, LLC (“PJM”) (a regional transmission organization) for 2013 - 2016 have been assigned to Beaver Valley. The termination of the PPA resulted in a significant reduction in the future cash flows of the asset group and was considered an impairment indicator. The carrying amount of the asset group was not recoverable. The carrying amount of the asset group exceeded the fair value of the asset group, resulting in an asset impairment expense of $46 million. Beaver Valley is reported in the US SBU reportable segment. | |||||||||||||
Conesville (DP&L) — During the fourth quarter of 2013, the Company tested the recoverability of long-lived assets at Conesville, a 129 MW coal-fired plant in Ohio jointly-owned by DP&L. Gradual decreases in power prices as well as lower estimates of future capacity prices in conjunction with the DP&L reporting unit failing Step 1 of the annual goodwill impairment test were determined to be impairment indicators. The Company performed a long-lived asset impairment test and determined that the carrying amount of the asset group was not recoverable. The Conesville asset group was determined to have zero fair value using discounted cash flows under the income approach. As a result, the Company recognized an asset impairment expense of $26 million. Conesville is reported in the US SBU reportable segment. | |||||||||||||
Itabo (San Lorenzo)—During the third quarter of 2013, the Company tested the recoverability of long-lived assets at San Lorenzo, a 35 Megawatt ("MW") LNG fueled plant of Itabo. Itabo was informed by Super-Intendencia de Electridad (“SIE”), the system regulator in the Dominican Republic, that it would not receive capacity revenue going forward. This communication in combination with current adverse market conditions were determined to be an impairment indicator. The Company performed a long-lived asset impairment test considering different scenarios and determined that, based on undiscounted cash flows, the carrying amount of San Lorenzo was not recoverable. The fair value of San Lorenzo was determined using the market approach based on a broker quote and it was determined that its carrying amount of $23 million exceeded the estimated fair value of $7 million. As a result, the Company recognized an asset impairment expense of $16 million. Itabo is reported in the MCAC SBU reportable segment. | |||||||||||||
U.S. wind turbines and projects— In 2012, the Company recognized asset impairment expense of $41 million on certain wind turbines and projects. The wind turbines, held in storage, met the held-for-sale criteria due to less viable internal deployment scenarios and the ongoing receipt of offers from potential buyers. Accordingly, the Company measured the turbines at fair value less cost to sell under the market approach. In June 2013, the Company sold these turbines and recognized an after tax gain of $2 million. In addition, the Company determined that two early-stage wind development projects that were capitalizing certain project costs were no longer probable because of the Company’s shift in capital allocation for developing these projects. The Company assessed the value of the projects using the market approach and, after consultation with third party valuation firms and internal development staff, the fair value was determined to be zero resulting in full impairment. These wind turbines and projects were reported in the US SBU reportable segment. | |||||||||||||
Kelanitissa—In 2012, the Company recognized asset impairment expense of $19 million for the long-lived assets at Kelanitissa, a diesel-fired generation plant in Sri Lanka. The Company continued to evaluate the recoverability of its long-lived assets at Kelanitissa as a result of both the requirement to transfer the plant to the government at the end of the PPA and the expectation of lower future operating cash flows. The evaluations during this period indicated that the long-lived assets were no longer recoverable and, accordingly, were written down to their estimated fair value. Kelanitissa is reported in the Asia SBU reportable segment. | |||||||||||||
St. Patrick—In 2012, the Company received approval from its Board of Directors for the sale of its wholly owned subsidiary Ferme Eolienne Saint Patrick SAS (“St. Patrick”). Upon meeting the held-for-sale criteria including the Board’s approval, long-lived assets with a carrying amount of $33 million were written down to their fair value of $22 million (i.e., the sale price attributed to St. Patrick) and an impairment expense of $11 million was recorded. The sale transaction subsequently closed on June 28, 2012. St. Patrick was reported in the Europe SBU reportable segment. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
INCOME TAXES | INCOME TAXES | ||||||||||||
Income Tax Provision | |||||||||||||
The following table summarizes the expense for income taxes on continuing operations for the periods indicated: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
Federal: | |||||||||||||
Current | $ | — | $ | (28 | ) | $ | — | ||||||
Deferred | (121 | ) | (110 | ) | 24 | ||||||||
State: | |||||||||||||
Current | 1 | 1 | (2 | ) | |||||||||
Deferred | 1 | 1 | (11 | ) | |||||||||
Foreign: | |||||||||||||
Current | 457 | 509 | 538 | ||||||||||
Deferred | 81 | (30 | ) | 136 | |||||||||
Total | $ | 419 | $ | 343 | $ | 685 | |||||||
Effective and Statutory Rate Reconciliation | |||||||||||||
The following table summarizes a reconciliation of the U.S. statutory federal income tax rate to the Company’s effective tax rate, as a percentage of income from continuing operations before taxes for the periods indicated: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory Federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of Federal tax benefit | (1 | )% | (3 | )% | (21 | )% | |||||||
Taxes on foreign earnings | (14 | )% | (4 | )% | (32 | )% | |||||||
Valuation allowance | (1 | )% | — | % | 16 | % | |||||||
Uncertain tax positions | — | % | (5 | )% | 9 | % | |||||||
Bad debt deduction | — | % | (3 | )% | — | % | |||||||
Change in tax law | 4 | % | (1 | )% | 17 | % | |||||||
Goodwill impairment | 4 | % | 12 | % | 276 | % | |||||||
Other—net | — | % | 2 | % | (2 | )% | |||||||
Effective tax rate | 27 | % | 33 | % | 298 | % | |||||||
Included in the favorable (14)% 2014 Taxes on foreign earnings percentage above is approximately (8)% related to the current year sale of approximately 45% of the Company's interest in Masin AES Pte Ltd., which owns the Company's interests in the Philippines, and the 2014 sale of the Company's interests in four U.K. wind projects. Neither of these transactions gave rise to income tax expense. | |||||||||||||
Income Tax Receivables and Payables | |||||||||||||
The current income taxes receivable and payable are included in Other Current Assets and Accrued and Other Liabilities, respectively, on the accompanying Consolidated Balance Sheets. The noncurrent income taxes receivable and payable are included in Other Noncurrent Assets and Other Noncurrent Liabilities, respectively, on the accompanying Consolidated Balance Sheets. The following table summarizes the income taxes receivable and payable as of December 31, 2014 and 2013: | |||||||||||||
2014 | 2013 | ||||||||||||
(in millions) | |||||||||||||
Income taxes receivable—current | $ | 217 | $ | 206 | |||||||||
Total income taxes receivable | $ | 217 | $ | 206 | |||||||||
Income taxes payable—current | $ | 299 | $ | 322 | |||||||||
Income taxes payable—noncurrent | 2 | 2 | |||||||||||
Total income taxes payable | $ | 301 | $ | 324 | |||||||||
Chilean Tax Reform — On September 29, 2014, the Chilean government enacted comprehensive tax reforms which introduced significant changes to corporate income tax rates, a modification of the shareholder level tax beginning in 2017, and new “green” taxes primarily over CO2 emissions beginning in 2017. Specifically, two systems of income tax were introduced: Attributed Profit System (“APS”) and Partially Integrated System (“PIS”). The Company expects to elect the APS system which taxes shareholders on an accrued profits basis. Under PIS, shareholders would be taxed on a cash basis. | |||||||||||||
The corporate income tax rate was raised from 20% to 21% retroactive to January 1, 2014, and under APS is scheduled to increase in steps up to 25% for 2017 and beyond. Under PIS, the maximum rate is 27% and is effective for 2018 and beyond. The impact of remeasuring deferred taxes to account for the enacted change in future applicable income tax rates was recognized as discrete tax expense in the third quarter of this year and resulted in consolidated income tax expense of $46 million. The impacts of the shareholder level taxes and green taxes will be recognized in future periods and could be material. | |||||||||||||
Deferred Income Taxes—Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and (b) operating loss and tax credit carryforwards. These items are stated at the enacted tax rates that are expected to be in effect when taxes are actually paid or recovered. | |||||||||||||
As of December 31, 2014, the Company had federal net operating loss carryforwards for tax purposes of approximately $3.4 billion expiring in years 2021 to 2034. Approximately $87 million of the net operating loss carryforward related to stock option deductions will be recognized in additional paid-in capital when realized. The Company also had federal general business tax credit carryforwards of approximately $18 million expiring primarily from 2021 to 2034, and federal alternative minimum tax credits of approximately $5 million that carry forward without expiration. The Company had state net operating loss carryforwards as of December 31, 2014 of approximately $7.8 billion expiring in years 2016 to 2034. As of December 31, 2014, the Company had foreign net operating loss carryforwards of approximately $3.7 billion that expire at various times beginning in 2015 and some of which carry forward without expiration, and tax credits available in foreign jurisdictions of approximately $34 million, $26 million of which expire in 2018 to 2025 and $8 million of which carryforward without expiration. | |||||||||||||
Valuation allowances decreased $93 million during 2014 to $997 million at December 31, 2014. This net decrease was primarily the result of valuation allowance activity at certain of our Brazilian subsidiaries and the release of valuation allowance against U.S. capital loss carryforwards. | |||||||||||||
Valuation allowances increased $195 million during 2013 to $1.1 billion at December 31, 2013. This net increase was primarily the result of valuation allowance activity at one of our Brazilian subsidiaries. | |||||||||||||
The Company believes that it is more likely than not that the net deferred tax assets as shown below will be realized when future taxable income is generated through the reversal of existing taxable temporary differences and income that is expected to be generated by businesses that have long-term contracts or a history of generating taxable income. The Company continues to monitor the utilization of its deferred tax asset for its U.S. consolidated net operating loss carryforward. Although management believes it is more likely than not that this deferred tax asset will be realized through generation of sufficient taxable income prior to expiration of the loss carryforwards, such realization is not assured. | |||||||||||||
The following table summarizes the deferred tax assets and liabilities, as of December 31, 2014 and 2013: | |||||||||||||
2014 | 2013 | ||||||||||||
(in millions) | |||||||||||||
Differences between book and tax basis of property | $ | (2,364 | ) | $ | (2,178 | ) | |||||||
Other taxable temporary differences | (302 | ) | (337 | ) | |||||||||
Total deferred tax liability | (2,666 | ) | (2,515 | ) | |||||||||
Operating loss carryforwards | 2,224 | 2,108 | |||||||||||
Capital loss carryforwards | 137 | 103 | |||||||||||
Bad debt and other book provisions | 221 | 277 | |||||||||||
Retirement costs | 275 | 291 | |||||||||||
Tax credit carryforwards | 58 | 38 | |||||||||||
Other deductible temporary differences | 363 | 420 | |||||||||||
Total gross deferred tax asset | 3,278 | 3,237 | |||||||||||
Less: valuation allowance | (997 | ) | (1,090 | ) | |||||||||
Total net deferred tax asset | 2,281 | 2,147 | |||||||||||
Net deferred tax asset (liability) | $ | (385 | ) | $ | (368 | ) | |||||||
The Company considers undistributed earnings of certain foreign subsidiaries to be indefinitely reinvested outside of the United States and, accordingly, no U.S. deferred taxes have been recorded with respect to such earnings in accordance with the relevant accounting guidance for income taxes. Should the earnings be remitted as dividends, the Company may be subject to additional U.S. taxes, net of allowable foreign tax credits. It is not practicable to estimate the amount of any additional taxes which may be payable on the undistributed earnings. | |||||||||||||
Income from operations in certain countries is subject to reduced tax rates as a result of satisfying specific commitments regarding employment and capital investment. The Company’s income tax benefits related to the tax status of these operations are estimated to be $38 million, $70 million and $81 million for the years ended December 31, 2014, 2013 and 2012, respectively. The per share effect of these benefits after noncontrolling interests was $0.04, $0.09 and $0.10 for the years ended December 31, 2014, 2013 and 2012, respectively. The benefit related to our operations in the Philippines expired in the fourth quarter of 2014. The Company’s income tax benefits related to these specific operations are estimated to be $21 million, $41 million and $60 million for the years ended December 31, 2014, 2013 and 2012. The per share effect of these benefits after noncontrolling interests was $0.02, $0.05 and $0.07 for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||
The following table summarizes the income (loss) from continuing operations, before income taxes, net equity in earnings of affiliates and noncontrolling interests, for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
U.S. | $ | (560 | ) | $ | (575 | ) | $ | (1,921 | ) | ||||
Non-U.S. | 2,136 | 1,623 | 2,151 | ||||||||||
Total | $ | 1,576 | $ | 1,048 | $ | 230 | |||||||
Uncertain Tax Positions | |||||||||||||
Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid in one year. The Company’s policy for interest and penalties related to income tax exposures is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statements of Operations. | |||||||||||||
As of December 31, 2014 and 2013, the total amount of gross accrued income tax related interest included in the Consolidated Balance Sheets was $14 million and $12 million, respectively. The total amount of gross accrued income tax related penalties included in the Consolidated Balance Sheets as of December 31, 2014 and 2013 was $1 million and $1 million, respectively. | |||||||||||||
The total expense (benefit) for interest related to unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012 amounted to $3 million, $(4) million and $3 million, respectively. For the years ended December 31, 2014, 2013 and 2012, the total expense (benefit) for penalties related to unrecognized tax benefits amounted to $0 million, $(3) million and $1 million, respectively. | |||||||||||||
We are potentially subject to income tax audits in numerous jurisdictions in the U.S. and internationally until the applicable statute of limitations expires. Tax audits by their nature are often complex and can require several years to complete. The following is a summary of tax years potentially subject to examination in the significant tax and business jurisdictions in which we operate: | |||||||||||||
Jurisdiction | Tax Years Subject to Examination | ||||||||||||
Argentina | 2008-2014 | ||||||||||||
Brazil | 2009-2014 | ||||||||||||
Chile | 2009-2014 | ||||||||||||
Colombia | 2012-2014 | ||||||||||||
Dominican Republic | 2011-2014 | ||||||||||||
El Salvador | 2011-2014 | ||||||||||||
Netherlands | 2012-2014 | ||||||||||||
Philippines | 2011-2014 | ||||||||||||
United Kingdom | 2009-2014 | ||||||||||||
United States (Federal) | 2011-2014 | ||||||||||||
As of December 31, 2014, 2013 and 2012, the total amount of unrecognized tax benefits was $395 million, $392 million and $475 million, respectively. The total amount of unrecognized tax benefits that would benefit the effective tax rate as of December 31, 2014, 2013 and 2012 is $366 million, $360 million and $444 million, respectively, of which $24 million, $26 million and $45 million, respectively, would be in the form of tax attributes that would warrant a full valuation allowance. | |||||||||||||
The total amount of unrecognized tax benefits anticipated to result in a net decrease to unrecognized tax benefits within 12 months of December 31, 2014 is estimated to be between $10 million and $15 million, primarily relating to statute of limitation lapses and tax exam settlements. | |||||||||||||
Below is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the periods indicated: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
Balance at January 1 | $ | 392 | $ | 475 | $ | 464 | |||||||
Additions for current year tax positions | 8 | 7 | 12 | ||||||||||
Additions for tax positions of prior years | 14 | 10 | 29 | ||||||||||
Reductions for tax positions of prior years | (2 | ) | (3 | ) | (29 | ) | |||||||
Effects of foreign currency translation | (3 | ) | — | — | |||||||||
Settlements | (2 | ) | (65 | ) | — | ||||||||
Lapse of statute of limitations | (12 | ) | (32 | ) | (1 | ) | |||||||
Balance at December 31 | $ | 395 | $ | 392 | $ | 475 | |||||||
The Company and certain of its subsidiaries are currently under examination by the relevant taxing authorities for various tax years. The Company regularly assesses the potential outcome of these examinations in each of the taxing jurisdictions when determining the adequacy of the amount of unrecognized tax benefit recorded. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, we believe we have appropriately accrued for our uncertain tax benefits. However, audit outcomes and the timing of audit settlements and future events that would impact our previously recorded unrecognized tax benefits and the range of anticipated increases or decreases in unrecognized tax benefits are subject to significant uncertainty. It is possible that the ultimate outcome of current or future examinations may exceed our provision for current unrecognized tax benefits in amounts that could be material, but cannot be estimated as of December 31, 2014. Our effective tax rate and net income in any given future period could therefore be materially impacted. |
Discontinued_Operations_and_He
Discontinued Operations and Held-For-Sale Businesses | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
DISCONTINUED OPERATIONS AND HELD-FOR-SALE BUSINESSES | DISCONTINUED OPERATIONS AND HELD-FOR-SALE BUSINESSES | ||||||||||||
As discussed in Note 1—General and Summary of Significant Accounting Policies, effective July 1, 2014, the Company prospectively adopted ASU No. 2014-08. | |||||||||||||
Discontinued operations include the results of the following businesses: | |||||||||||||
• | Cameroon (sold in June 2014); | ||||||||||||
• | Saurashtra (sold in February 2014); | ||||||||||||
• | U.S. Wind Projects (sold in January 2014); | ||||||||||||
• | Poland wind projects (sold in November 2013); | ||||||||||||
• | Ukraine utilities (sold in April 2013); | ||||||||||||
• | Tisza II (sold in December 2012); | ||||||||||||
• | Red Oak and Ironwood (sold in April 2012); | ||||||||||||
• | Eastern Energy in New York (disposed of in December 2012). | ||||||||||||
The following table summarizes the revenue, income from operations, income tax expense, impairment and loss on disposal of all discontinued operations prior to the adoption of the new accounting guidance for discontinued operations for the periods indicated: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
Revenue | $ | 233 | $ | 689 | $ | 1,043 | |||||||
Income (loss) from operations of discontinued businesses, before income tax | $ | 50 | $ | (3 | ) | $ | 73 | ||||||
Income tax expense | (23 | ) | (24 | ) | (26 | ) | |||||||
Income (loss) from operations of discontinued businesses, after income tax | $ | 27 | $ | (27 | ) | $ | 47 | ||||||
Net gain (loss) from disposal and impairments of discontinued businesses, after income tax | $ | (56 | ) | $ | (152 | ) | $ | 16 | |||||
Cameroon—In September 2013, a subsidiary of the Company executed agreements for the sale of AES White Cliffs B.V. (owner of 56% of AES SONEL S.A), AES Kribi Holdings B.V. (owner of 56% of Kribi Power Development Company S.A.) and AES Dibamba Holdings B.V., (owner of 56% of Dibamba Power Development Company S.A.). In June 2014, the Company sold its entire equity interest in all three businesses in Cameroon. Net proceeds from the sale transaction were $200 million with $156 million received and non-contingent consideration of $44 million to be received in 2016. The carrying amount of $44 million, which approximates fair value, is classified in other noncurrent assets and is secured by a $40 million letter of credit from a well-capitalized, multinational bank. Between meeting the held-for-sale criteria in September 2013 through the first quarter of 2014, the Company has recognized impairments of $101 million representing the difference between their aggregate carrying amount of $435 million and fair value less costs to sell of $334 million. During the second quarter of 2014, the Company recognized an additional loss on sale of $7 million. These businesses were previously reported in the Europe SBU reportable segment. | |||||||||||||
Saurashtra—In October 2013, the Company executed a sale agreement for the sale of its wholly owned subsidiary AES Saurashtra Private Ltd, a 39 MW wind project in India. The sale transaction closed on February 24, 2014 and net proceeds of $8 million were received. Saurashtra was previously reported in the Asia SBU reportable segment. | |||||||||||||
U.S. wind projects—In November 2013, the Company executed an agreement for the sale of its 100% membership interests in three wind projects with an aggregate generation capacity of 234 MW: Condon in California, Lake Benton I in Minnesota and Storm Lake II in Iowa. Under the terms of the sale agreement, the buyer has an option to purchase the Company's 100% interest in Armenia Mountain, a 101 MW wind project in Pennsylvania at a fixed price of $75 million. The option is exercisable between January 1, 2015 and April 1, 2015 (both dates inclusive). Upon meeting the held-for-sale criteria for Condon, Lake Benton I and Storm Lake II, the Company recognized an impairment of $47 million (of which $7 million was attributable to noncontrolling interests held by tax equity partners) representing the difference between their aggregate carrying amount of $77 million and the fair value less costs to sell of $30 million. The sale transaction closed on January 30, 2014 and net proceeds of $27 million were received. Approximately $3 million of the net proceeds received has been deferred and allocated to the buyer's option to purchase Armenia Mountain, which is reflected within continuing operations. The disposed wind projects were previously reported in the US SBU reportable segment. | |||||||||||||
Poland wind projects—In November 2013, the Company sold AES Polish Wind Holdings B.V., ("Poland Wind") a wholly owned subsidiary that held ownership interests ranging between 61%–89% in ten wind development projects in Poland. Net proceeds from the sale transaction were $7 million and a loss on disposal of $2 million was recognized. In the third quarter of 2013, the Company recognized impairments of $65 million on these projects when they were classified as held and used. Poland Wind was previously reported in the Europe SBU reportable segment. | |||||||||||||
Ukraine utilities—In April 2013, the Company completed the sale of its two utility businesses in Ukraine to VS Energy International and received net proceeds of $113 million after working capital adjustments. The Company sold its 89.1% equity interest in AES Kyivoblenergo, which serves 881,000 customers in the Kiev region, and its 84.6% percent equity interest in AES Rivneoblenergo, which serves 412,000 customers in the Rivne region. The Company recognized net impairments of $38 million during the 2013. These businesses were previously reported in the Europe SBU reportable segment. | |||||||||||||
Tisza II—In December 2012, the Company completed the sale of its 100% ownership interest in Tisza II, a 900 MW gas/oil fired plant in Hungary. Net proceeds from the sale transaction were $14 million and the Company recognized a loss on disposal of $87 million, net of tax (including the realization of cumulative foreign currency translation loss of $73 million). Tisza II was previously reported in the Europe SBU reportable segment. | |||||||||||||
Red Oak and Ironwood—In April 2012, the Company completed the sale of its 100% interest in Red Oak, an 832 MW coal-fired plant in New Jersey, and Ironwood, a 710 MW coal-fired plant in Pennsylvania, for $228 million and recognized a gain of $73 million, net of tax. Both Red Oak and Ironwood were previously reported in the US SBU reportable segment. | |||||||||||||
Eastern Energy—In March 2011, AES Eastern Energy (“AEE”) met the held for sale criteria and was reclassified from continuing operations to held for sale. AEE operated four coal-fired power plants: Cayuga, Greenidge, Somerset and Westover, representing generation capacity of 1,169 MW in the western New York power market. In 2010, AEE had recognized a pretax impairment expense of $827 million due to adverse market conditions. In December 2011, AEE along with certain of its affiliates filed for bankruptcy protection and was recorded as a cost method investment. In December 2012, the AEE bankruptcy proceedings were finalized and a gain of $30 million, net of tax, was recognized in gain on disposal of discontinued businesses. AEE was previously reported in the US SBU reportable segment. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | DISPOSITIONS |
Ebute—On November 20, 2014, the Company completed the sale of its interest in Ebute, which included its 95% interest in AES Nigeria Barge Limited (“AES Ebute”) and its 100% interest in AES Nigeria Barge Operations Limited (“AES NBO”). Proceeds from the sale were $22 million and the Company recognized a $6 million loss on the sale in the fourth quarter of 2014. Ebute does not meet the criteria to be reported as discontinued operations under ASU No. 2014-08, which was adopted by the Company on July 1, 2014. Accordingly, Ebute's results are reflected in the Consolidated Statements of Operations within continuing operations. Excluding the loss on sale, Ebute's pretax income (loss) attributable to AES was $(27) million, $(29) million and $32 million for the years ended December 31, 2014, 2013 and 2012, respectively. Ebute is reported in the Europe SBU reportable segment. | |
U.K. wind projects—On August 22, 2014, the Company sold 100% of its interests in four operating wind projects located in the U.K. with an aggregate generation capacity of 88 MW. Total net proceeds from the sale were $158 million and the Company recognized a pretax gain on sale of $78 million. These wind projects are reported in the Europe SBU reportable segment. These wind projects do not meet the criteria to be reported as discontinued operations under ASU 2014-08 and, accordingly, the results are reflected within continuing operations. Excluding the gain on sale, the pretax income (loss) attributable to AES for these disposed projects was $(18) million, $3 million, and $(3) million for the years ended December 31, 2014, 2013 and 2012, respectively. | |
Trinidad Generation Unlimited—On July 10, 2013, the Company completed the sale of its 10% equity interest in Trinidad Generation Unlimited, an equity method investment, to the government of Trinidad and received net proceeds of $31 million. The carrying amount of the investment was $28 million and a gain of $3 million was recognized. | |
Cartagena—On April 26, 2013, the Company sold its remaining interest in AES Energia Cartagena S.R.L. (“AES Cartagena”), a 1,199 MW gas-fired generation business in Spain upon the exercise of a purchase option included in the 2012 sale agreement where the Company sold its majority interest in the business. Net proceeds from the exercise of the option were approximately $24 million and the Company recognized a pretax gain of $20 million during the second quarter of 2013. In 2012, the Company had sold 80% of its 70.81% equity interest in Cartagena and had recognized a pretax gain of $178 million. Under the terms of the 2012 sale agreement, the buyer was granted an option to purchase the Company’s remaining 20% interest during a five-month period beginning March 2013, which was exercised on April 26, 2013 as described above. | |
Due to the Company’s continued ownership interest, which extended beyond one year from the completion of the sale of its 80% interest in February 2012, the prior-period operating results of AES Cartagena were not classified as discontinued operations. | |
InnoVent and St. Patrick—On June 28, 2012, the Company closed the sale of its equity interest in InnoVent and controlling interest in St. Patrick. Net proceeds from the sale transactions were $42 million. The prior period operating results of St. Patrick were not deemed material for reclassification to discontinued operations. See Note 21—Asset Impairment Expense and Note 9—Other Non-Operating Expense for further information. | |
China—On September 6, 2012 and December 31, 2012, the Company completed the sale of its interest in equity method investments in China. These investments included coal-fired, hydropower and wind generation facilities accounted for under the equity method of accounting. Net proceeds from the sale were approximately $133 million and the Company recognized a pretax gain of $27 million on the transaction, which is reflected as a gain on sale of investment. See Note 9—Other Non-Operating Expense for further information. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE | ||||||||||||||||||||||||||||||||||
Basic and diluted earnings per share are based on the weighted-average number of shares of common stock and potential common stock outstanding during the period. Potential common stock, for purposes of determining diluted earnings per share, includes the effects of dilutive restricted stock units, stock options and convertible securities. The effect of such potential common stock is computed using the treasury stock method or the if-converted method, as applicable. | |||||||||||||||||||||||||||||||||||
The following tables present a reconciliation of the numerator and denominator of the basic and diluted earnings per share computation for income from continuing operations for the years ended December 31, 2014, 2013 and 2012. In the table below, income represents the numerator and weighted-average shares represent the denominator: | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Income | Shares | $ per Share | Income | Shares | $ per Share | Loss | Shares | $ per Share | |||||||||||||||||||||||||||
(in millions except per share data) | |||||||||||||||||||||||||||||||||||
BASIC EARNINGS PER SHARE | |||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders | $ | 789 | 720 | $ | 1.1 | $ | 284 | 743 | $ | 0.38 | $ | (960 | ) | $ | 755 | $ | (1.27 | ) | |||||||||||||||||
EFFECT OF DILUTIVE SECURITIES | |||||||||||||||||||||||||||||||||||
Stock options | — | 1 | — | — | 1 | — | — | — | — | ||||||||||||||||||||||||||
Restricted stock units | — | 3 | (0.01 | ) | — | 4 | — | — | — | — | |||||||||||||||||||||||||
DILUTED EARNINGS PER SHARE | $ | 789 | 724 | $ | 1.09 | $ | 284 | 748 | $ | 0.38 | $ | (960 | ) | $ | 755 | $ | (1.27 | ) | |||||||||||||||||
The calculation of diluted earnings per share excluded 5 million, 6 million and 7 million options outstanding at December 31, 2014, 2013 and 2012, respectively, that could potentially dilute basic earnings per share in the future. These options were not included in the computation of diluted earnings per share because their exercise price exceeded the average market price during the related period. | |||||||||||||||||||||||||||||||||||
The calculation of diluted earnings per share excluded 1 million options outstanding at December 31, 2012, that could potentially dilute earnings per share in the future. These options were not included in the computation of diluted earnings per share for the year ended December 31, 2012, because their inclusion would be anti-dilutive given the loss from continuing operations in the related period. Had the Company generated income from continuing operations in the year ended December 31, 2012, 1 million potential shares of common stock related to the restricted stock units would have been included in diluted average shares outstanding. | |||||||||||||||||||||||||||||||||||
The calculation of diluted earnings per share also excluded 1 million restricted stock units outstanding at both December 31, 2014 and 2013, that could potentially dilute basic earnings per share in the future. These restricted stock units were not included in the computation of diluted earnings per share because the average amount of compensation cost per share attributed to future service and not yet recognized exceeded the average market price during the related period and thus to include the restricted units would have been anti-dilutive. The calculation of diluted earnings per share also excluded 6 million restricted stock units outstanding at December 31, 2012, that could potentially dilute earnings per share in the future. These restricted units were not included in the computation of diluted earnings per share for the year ended December 31, 2012, because their impact would be anti-dilutive given the loss from continuing operations. Had the Company generated income from continuing operations in the year ended December 31, 2012, 4 million potential shares of common stock related to the restricted stock units would have been included in diluted average shares outstanding. | |||||||||||||||||||||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, all convertible debentures were omitted from the earnings per share calculation because they were anti-dilutive. | |||||||||||||||||||||||||||||||||||
During the year ended December 31, 2014, 1 million shares of common stock were issued under the Company’s profit sharing plan. |
Risks_and_Uncertainties
Risks and Uncertainties | 12 Months Ended | |
Dec. 31, 2014 | ||
Risks and Uncertainties [Abstract] | ||
RISKS AND UNCERTAINTIES | RISKS AND UNCERTAINTIES | |
AES is a diversified power generation and utility company organized into six market-oriented SBUs. See additional discussion of the Company’s principal markets in Note 17—Segment and Geographic Information. Within our six SBUs, we have two primary lines of business: Generation and Utilities. The Generation line of business uses a wide range of fuels and technologies to generate electricity such as coal, gas, hydro, wind, solar and biomass. Our Utilities business is comprised of businesses that transmit, distribute, and in certain circumstances, generate power. In addition, the Company has operations in the renewables area. These efforts include projects primarily in wind and solar. | ||
Operating and Economic Risks—The Company operates in several developing economies where macroeconomic conditions are usually more volatile than developed economies. Deteriorating market conditions often expose the Company to the risk of decreased earnings and cash flows due to, among other factors, adverse fluctuations in the commodities and foreign currency spot markets. Additionally, credit markets around the globe continue to tighten their standards, which could impact our ability to finance growth projects through access to capital markets. Currently, the Company has a below-investment grade rating from Standard & Poor’s of BB-. This could affect the Company's ability to finance new and/or existing development projects at competitive interest rates. As of December 31, 2014, the Company had $1.5 billion of unrestricted cash and cash equivalents. | ||
During 2014, approximately 78% of our revenue, and 99% of our revenue from discontinued businesses, was generated outside the United States and a significant portion of our international operations is conducted in developing countries. We continue to invest in several developing countries to expand our existing platform and operations. International operations, particularly the operation, financing and development of projects in developing countries, entail significant risks and uncertainties, including, without limitation: | ||
• | economic, social and political instability in any particular country or region; | |
• | inability to economically hedge energy prices; | |
• | volatility in commodity prices; | |
• | adverse changes in currency exchange rates; | |
• | government restrictions on converting currencies or repatriating funds; | |
• | unexpected changes in foreign laws, regulatory framework, or in trade, monetary or fiscal policies; | |
• | high inflation and monetary fluctuations; | |
• | restrictions on imports of coal, oil, gas or other raw materials required by our generation businesses to operate; | |
• | threatened or consummated expropriation or nationalization of our assets by foreign governments; | |
• | unwillingness of governments, government agencies, similar organizations or other counterparties to honor their commitments; | |
• | unwillingness of governments, government agencies, courts or similar bodies to enforce contracts that are economically advantageous to subsidiaries of the Company and economically unfavorable to counterparties, against such counterparties, whether such counterparties are governments or private parties; | |
• | inability to obtain access to fair and equitable political, regulatory, administrative and legal systems; | |
• | adverse changes in government tax policy; | |
• | difficulties in enforcing our contractual rights, enforcing judgments, or obtaining a just result in local jurisdictions; and | |
• | potentially adverse tax consequences of operating in multiple jurisdictions. | |
Any of these factors, individually or in combination with others, could materially and adversely affect our business, results of operations and financial condition. In addition, our Latin American operations experience volatility in revenue and earnings which have caused and are expected to cause significant volatility in our results of operations and cash flows. The volatility is caused by regulatory and economic difficulties, political instability, indexation of certain PPAs to fuel prices, and currency fluctuations being experienced in many of these countries particularly Argentina. This volatility reduces the predictability and enhances the uncertainty associated with cash flows from these businesses. | ||
Our inability to predict, influence or respond appropriately to changes in law or regulatory schemes, including any inability to obtain reasonable increases in tariffs or tariff adjustments for increased expenses, could adversely impact our results of operations or our ability to meet publicly announced projections or analysts’ expectations. Furthermore, changes in laws or regulations or changes in the application or interpretation of regulatory provisions in jurisdictions where we operate, particularly our Utility businesses where electricity tariffs are subject to regulatory review or approval, could adversely affect our business, including, but not limited to: | ||
• | changes in the determination, definition or classification of costs to be included as reimbursable or pass-through costs; | |
• | changes in the definition or determination of controllable or noncontrollable costs; | |
• | adverse changes in tax law; | |
• | changes in the definition of events which may or may not qualify as changes in economic equilibrium; | |
• | changes in the timing of tariff increases; | |
• | other changes in the regulatory determinations under the relevant concessions; or | |
• | changes in environmental regulations, including regulations relating to GHG emissions in any of our businesses. | |
Any of the above events may result in lower margins for the affected businesses, which can adversely affect our results of operations. | ||
Foreign Currency Risks—AES operates businesses in many foreign countries and such operations could be impacted by significant fluctuations in foreign currency exchange rates. Fluctuations in currency exchange rate between U. S. Dollar and the following currencies could create significant fluctuations to earnings and cash flows: the Argentine peso, the Brazilian real, the Dominican Republic peso, the Euro, the Chilean peso, the Colombian peso, the Philippine peso and the Kazakhstan tenge. | ||
Concentrations—Due to the geographical diversity of its operations, the Company does not have any significant concentration of customers or sources of fuel supply. Several of the Company’s generation businesses rely on PPAs with one or a limited number of customers for the majority of, and in some cases all of, the relevant businesses' output over the term of the PPAs. However, no single customer accounted for 10% or more of total revenue in 2014, 2013 or 2012. | ||
The cash flows and results of operations of our businesses depend on the credit quality of their customers and the continued ability of their customers and suppliers to meet their obligations under PPAs and fuel supply agreements. If a substantial portion of the Company’s long-term PPAs and/or fuel supply were modified or terminated, the Company would be adversely affected to the extent that it would be unable to replace such contracts at equally favorable terms. | ||
Bulgaria— Maritza, the Company's generation facility in Bulgaria, has experienced ongoing delays in the collection of outstanding receivables as a result of liquidity issues faced by our offtaker, NEK. As of December 31, 2014, Maritza’s outstanding accounts receivable were $262 million, of which $205 million were overdue. No allowance has been recognized on the receivables as the Company continues to assert that collection is probable. | ||
The newly elected Bulgarian government has undertaken an initiative to reform its energy sector, which is necessary to restore NEK’s liquidity. NEK’s credit rating was downgraded and its transmission license was revoked by the Bulgarian Regulator, which are events of default under the PPA and triggered additional events of default by Maritza under the project debt agreements. | ||
Although Maritza continued to collect overdue receivables during the fourth quarter of 2014 and thereafter, collections continue to be at risk, which could result in an allowance to be recorded against the remaining receivables and exacerbate liquidity problems at Maritza if the situation were to deteriorate significantly. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS | |||||||||||
Certain of our businesses in Panama, the Dominican Republic and Kazakhstan are partially owned by governments either directly or through state-owned institutions. In the ordinary course of business, these businesses enter into energy purchase and sale transactions, and transmission agreements with other state-owned institutions which are controlled by such governments. At two of our generation businesses in Mexico, the offtakers exercise significant influence, but not control, through representation on these businesses’ Boards of Directors. These offtakers are also required to hold a nominal ownership interest in such businesses. In Chile, we provide capacity and energy under contractual arrangements to our investment which is accounted for under the equity method of accounting. Additionally, the Company provides certain support and management services to several of its affiliates under various agreements. | ||||||||||||
The Company’s Consolidated Statements of Operations included the following transactions with related parties for the periods indicated: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Revenue—Non-Regulated | $ | 830 | $ | 825 | $ | 820 | ||||||
Cost of Sales—Non-Regulated | 218 | 161 | 120 | |||||||||
Interest expense | 8 | 5 | 10 | |||||||||
The following table summarizes the balances receivable from and payable to related parties included in the Company’s Consolidated Balance Sheets as of the periods indicated: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Receivables from related parties | $ | 178 | $ | 109 | ||||||||
Accounts and notes payable to related parties | 209 | 67 | ||||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||
Quarterly Financial Data | ||||||||||||||||
The following tables summarize the unaudited quarterly statements of operations for the Company for 2014 and 2013. Amounts have been restated to reflect discontinued operations in all periods presented and reflect all adjustments necessary in the opinion of management for a fair statement of the results for interim periods. | ||||||||||||||||
Quarter Ended 2014 | ||||||||||||||||
31-Mar | June 30 | 30-Sep | 31-Dec | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Revenue | $ | 4,262 | $ | 4,311 | $ | 4,441 | $ | 4,132 | ||||||||
Operating margin | 794 | 819 | 767 | 708 | ||||||||||||
Income from continuing operations, net of tax(1) (2) | 89 | 281 | 508 | 298 | ||||||||||||
Discontinued operations, net of tax | (23 | ) | (6 | ) | — | — | ||||||||||
Net income | $ | 66 | $ | 275 | $ | 508 | $ | 298 | ||||||||
Net income (loss) attributable to The AES Corporation | $ | (58 | ) | $ | 133 | $ | 488 | $ | 206 | |||||||
Basic income (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $ | (0.07 | ) | $ | 0.2 | $ | 0.68 | $ | 0.29 | |||||||
Discontinued operations attributable to The AES Corporation, net of tax | (0.01 | ) | (0.02 | ) | — | — | ||||||||||
Basic income (loss) per share attributable to The AES Corporation | $ | (0.08 | ) | $ | 0.18 | $ | 0.68 | $ | 0.29 | |||||||
Diluted income (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $ | (0.07 | ) | $ | 0.2 | $ | 0.67 | $ | 0.29 | |||||||
Discontinued operations attributable to The AES Corporation, net of tax | (0.01 | ) | (0.02 | ) | — | — | ||||||||||
Diluted income (loss) per share attributable to The AES Corporation | $ | (0.08 | ) | $ | 0.18 | $ | 0.67 | $ | 0.29 | |||||||
Dividends declared per common share | $ | — | $ | 0.05 | $ | 0.05 | $ | 0.15 | ||||||||
Quarter Ended 2013 | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | Dec 31 | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Revenue | $ | 4,150 | $ | 3,945 | $ | 3,996 | $ | 3,800 | ||||||||
Operating margin | 749 | 901 | 927 | 670 | ||||||||||||
Income (loss) from continuing operations, net of tax(3) | 231 | 333 | 339 | (173 | ) | |||||||||||
Discontinued operations, net of tax | (32 | ) | — | (116 | ) | (31 | ) | |||||||||
Net income (loss) | $ | 199 | $ | 333 | $ | 223 | $ | (204 | ) | |||||||
Net income (loss) attributable to The AES Corporation | $ | 82 | $ | 167 | $ | 71 | $ | (206 | ) | |||||||
Basic income (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $ | 0.15 | $ | 0.22 | $ | 0.23 | $ | (0.23 | ) | |||||||
Discontinued operations attributable to The AES Corporation, net of tax | (0.04 | ) | — | (0.14 | ) | (0.05 | ) | |||||||||
Basic income (loss) per share attributable to The AES Corporation | $ | 0.11 | $ | 0.22 | $ | 0.09 | $ | (0.28 | ) | |||||||
Diluted income (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $ | 0.15 | $ | 0.22 | $ | 0.23 | $ | (0.23 | ) | |||||||
Discontinued operations attributable to The AES Corporation, net of tax | (0.04 | ) | — | (0.14 | ) | (0.05 | ) | |||||||||
Diluted income (loss) per share attributable to The AES Corporation | $ | 0.11 | $ | 0.22 | $ | 0.09 | $ | (0.28 | ) | |||||||
Dividends declared per common share | $ | — | $ | 0.08 | $ | — | $ | 0.09 | ||||||||
-1 | Includes pretax impairment expense of $166 million, $107 million, $31 million and $79 million, for the first, second, third and fourth quarters of 2014, respectively. See Note 9—Other Non-Operating Expense, Note 10—Goodwill and Other Intangible Assets, and Note 21—Asset Impairment Expense for further discussion. | |||||||||||||||
(2) | Includes a pretax gain of approximately $283 million for the second quarter of 2014 related to the sale of a noncontrolling interest in Masinloc. See Note 16—Equity for further discussion. Includes pretax gain of approximately $78 million for the third quarter of 2014 related to the sale of the U.K. wind projects. See Note 24—Dispositions for further discussion. Includes pretax interest income of $59 million recognized on FONIVEMEM III receivables at AES Argentina in the fourth quarter of 2014. Also includes a pretax foreign currency derivative gain of $106 million recognized on the FONIVEMEM III receivables in the fourth quarter of 2014. See Note 7—Financing Receivables for further discussion. Includes pretax loss of $41 million recognized in Net equity in earnings of affiliates corresponding to the Company's share of an asset impairment at Elsta. See Note 8—Investments In And Advances To Affiliates for further discussion. | |||||||||||||||
(3) | Includes pretax impairment expense of $48 million, $0 million, $196 million and $352 million, for the first, second, third and fourth quarters of 2013, respectively. See Note 9—Other Non-Operating Expense, Note 10—Goodwill and Other Intangible Assets, and Note 21—Asset Impairment Expense for further discussion. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS |
Stock Repurchase Program—The Company continued stock repurchases after December 31, 2014 under its stock repurchase program. In addition, the Company's Board of Directors authorized an increase in the Program by an additional $400 million. For additional information on stock repurchases after December 31, 2014, see Note 16—Equity. | |
IPALCO—On December 15, 2014, the Company entered into an agreement to sell 15% of AES US Investment, Inc. for $247 million. This transaction closed on February 11, 2015. See Note 16—Equity for further information. | |
Maritza—In February 2015, the Company signed a Memorandum of Understanding with the Government of Bulgaria to commence negotiations on proposed amendments to the existing PPA with NEK, which includes the payment of all outstanding receivables. |
Schedule_I_Condensed_Financial
Schedule I - Condensed Financial Information of Parent | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT | THE AES CORPORATION | ||||||||||||
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT | |||||||||||||
BALANCE SHEETS | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in millions) | |||||||||||||
ASSETS | |||||||||||||
Current Assets: | |||||||||||||
Cash and cash equivalents | $ | 511 | $ | 131 | |||||||||
Restricted cash | 81 | 177 | |||||||||||
Accounts and notes receivable from subsidiaries | 380 | 708 | |||||||||||
Deferred income taxes | 142 | 4 | |||||||||||
Prepaid expenses and other current assets | 57 | 39 | |||||||||||
Total current assets | 1,171 | 1,059 | |||||||||||
Investment in and advances to subsidiaries and affiliates | 9,063 | 9,245 | |||||||||||
Office Equipment: | |||||||||||||
Cost | 157 | 78 | |||||||||||
Accumulated depreciation | (114 | ) | (65 | ) | |||||||||
Office equipment, net | 43 | 13 | |||||||||||
Other Assets: | |||||||||||||
Deferred financing costs (net of accumulated amortization of $81 and $71, respectively) | 61 | 75 | |||||||||||
Deferred income taxes | 872 | 857 | |||||||||||
Other Assets | 1 | 1 | |||||||||||
Total other assets | 934 | 933 | |||||||||||
Total | $ | 11,211 | $ | 11,250 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||
Current Liabilities: | |||||||||||||
Accounts payable | $ | 25 | $ | 15 | |||||||||
Accounts and notes payable to subsidiaries | 80 | 49 | |||||||||||
Accrued and other liabilities | 212 | 216 | |||||||||||
Senior notes payable—current portion | 151 | 118 | |||||||||||
Total current liabilities | 468 | 398 | |||||||||||
Long-term Liabilities: | |||||||||||||
Senior notes payable | 4,590 | 5,034 | |||||||||||
Junior subordinated notes and debentures payable | 517 | 517 | |||||||||||
Accounts and notes payable to subsidiaries | 1,352 | 859 | |||||||||||
Other long-term liabilities | 12 | 112 | |||||||||||
Total long-term liabilities | 6,471 | 6,522 | |||||||||||
Stockholders’ equity: | |||||||||||||
Common stock | 8 | 8 | |||||||||||
Additional paid-in capital | 8,409 | 8,443 | |||||||||||
Retained Earnings (Accumulated deficit) | 512 | (150 | ) | ||||||||||
Accumulated other comprehensive loss | (3,286 | ) | (2,882 | ) | |||||||||
Treasury stock | (1,371 | ) | (1,089 | ) | |||||||||
Total stockholders’ equity | 4,272 | 4,330 | |||||||||||
Total | $ | 11,211 | $ | 11,250 | |||||||||
See Notes to Schedule I. | |||||||||||||
THE AES CORPORATION | |||||||||||||
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT | |||||||||||||
STATEMENTS OF OPERATIONS | |||||||||||||
For the Years Ended December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
Revenue from subsidiaries and affiliates | $ | 29 | $ | 32 | $ | 20 | |||||||
Equity in earnings (loss) of subsidiaries and affiliates | 1,313 | 498 | (437 | ) | |||||||||
Interest income | 59 | 66 | 119 | ||||||||||
General and administrative expenses | (161 | ) | (171 | ) | (213 | ) | |||||||
Other Income | 8 | 14 | 99 | ||||||||||
Other Expense | (30 | ) | (11 | ) | (15 | ) | |||||||
Loss on extinguishment of debt | (193 | ) | (165 | ) | (4 | ) | |||||||
Interest expense | (422 | ) | (436 | ) | (502 | ) | |||||||
Income (loss) before income taxes | 603 | (173 | ) | (933 | ) | ||||||||
Income tax benefit (expense) | 166 | 287 | 21 | ||||||||||
Net income (loss) | $ | 769 | $ | 114 | $ | (912 | ) | ||||||
See Notes to Schedule I. | |||||||||||||
THE AES CORPORATION | |||||||||||||
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT | |||||||||||||
STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||
YEARS ENDED DECEMBER 31, 2014, 2013, AND 2012 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
NET INCOME (LOSS) | $ | 769 | $ | 114 | $ | (912 | ) | ||||||
Foreign currency translation activity: | |||||||||||||
Foreign currency translation adjustments, net of income tax (expense) benefit of $(7), $10 and $0, respectively | (366 | ) | (263 | ) | (127 | ) | |||||||
Reclassification to earnings, net of income tax (expense) benefit of $0, $0 and $0, respectively | 34 | 36 | 37 | ||||||||||
Total foreign currency translation adjustments, net of tax | (332 | ) | (227 | ) | (90 | ) | |||||||
Derivative activity: | |||||||||||||
Change in derivative fair value, net of income tax (expense) benefit of $51, $(31) and $33, respectively | (180 | ) | 46 | (108 | ) | ||||||||
Reclassification to earnings, net of income tax (expense) benefit of $(37), $(32) and $(51), respectively | 72 | 128 | 161 | ||||||||||
Total change in fair value of derivatives, net of tax | (108 | ) | 174 | 53 | |||||||||
Pension activity: | |||||||||||||
Prior service cost for the period, net of income tax (expense) benefit of $0, $0 and $0, respectively | (1 | ) | — | (1 | ) | ||||||||
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax (expense) benefit of $9, $(42) and $64, respectively | (13 | ) | 78 | (130 | ) | ||||||||
Reclassification of earnings due to amortization of net actuarial loss, net of income tax (expense) benefit of $(0), $(5) and $(5), respectively | 10 | 13 | 6 | ||||||||||
Total change in unfunded pension obligation | (4 | ) | 91 | (125 | ) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | (444 | ) | 38 | (162 | ) | ||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 325 | $ | 152 | $ | (1,074 | ) | ||||||
See Notes to Schedule I. | |||||||||||||
THE AES CORPORATION | |||||||||||||
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT | |||||||||||||
STATEMENTS OF CASH FLOWS | |||||||||||||
For the Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
Net cash provided by operating activities | $ | 449 | $ | 418 | $ | 694 | |||||||
Investing Activities: | |||||||||||||
Expenses related to asset sales | (4 | ) | (5 | ) | — | ||||||||
Investment in and net advances to subsidiaries | (69 | ) | 201 | (168 | ) | ||||||||
Return of capital | 740 | 230 | 660 | ||||||||||
Decrease in restricted cash | 96 | 50 | 44 | ||||||||||
Additions to property, plant and equipment | (31 | ) | (11 | ) | (24 | ) | |||||||
(Purchase) sale of short term investments, net | (1 | ) | 1 | 1 | |||||||||
Net cash provided by (used in) investing activities | 731 | 466 | 513 | ||||||||||
Financing Activities: | |||||||||||||
Borrowings (payments) under the revolver, net | — | — | (295 | ) | |||||||||
Borrowings of notes payable and other coupon bearing securities | 1,525 | 750 | — | ||||||||||
Repayments of notes payable and other coupon bearing securities | (2,117 | ) | (1,210 | ) | (236 | ) | |||||||
Loans (to) from subsidiaries | 263 | (152 | ) | (236 | ) | ||||||||
Purchase of treasury stock | (308 | ) | (322 | ) | (301 | ) | |||||||
Proceeds from issuance of common stock | 1 | 13 | 8 | ||||||||||
Common stock dividends paid | (144 | ) | (119 | ) | (30 | ) | |||||||
Payments for deferred financing costs | (20 | ) | (17 | ) | (1 | ) | |||||||
Net cash (used in) provided by financing activities | (800 | ) | (1,057 | ) | (1,091 | ) | |||||||
Effect of exchange rate changes on cash | — | (1 | ) | — | |||||||||
Increase (decrease) in cash and cash equivalents | 380 | (174 | ) | 116 | |||||||||
Cash and cash equivalents, beginning | 131 | 305 | 189 | ||||||||||
Cash and cash equivalents, ending | $ | 511 | $ | 131 | $ | 305 | |||||||
Supplemental Disclosures: | |||||||||||||
Cash payments for interest, net of amounts capitalized | $ | 373 | $ | 442 | $ | 479 | |||||||
Cash payments for income taxes, net of refunds | $ | (2 | ) | $ | 11 | $ | — | ||||||
See Notes to Schedule I. | |||||||||||||
SCHEDULE I | |||||||||||||
NOTES TO SCHEDULE I | |||||||||||||
1. Application of Significant Accounting Principles | |||||||||||||
The Schedule I Condensed Financial Information of the Parent includes the accounts of The AES Corporation (the “Parent Company”) and certain holding companies. | |||||||||||||
Accounting for Subsidiaries and Affiliates—The Parent Company has accounted for the earnings of its subsidiaries on the equity method in the financial information. | |||||||||||||
Income Taxes—Positions taken on the Parent Company’s income tax return which satisfy a more-likely-than-not threshold will be recognized in the financial statements. The income tax expense or benefit computed for the Parent Company reflects the tax assets and liabilities on a stand-alone basis and the effect of filing a consolidated U.S. income tax return with certain other affiliated companies. | |||||||||||||
Accounts and Notes Receivable from Subsidiaries—Amounts have been shown in current or long-term assets based on terms in agreements with subsidiaries, but payment is dependent upon meeting conditions precedent in the subsidiary loan agreements. | |||||||||||||
Senior Notes and Loans Payable | |||||||||||||
December 31, | |||||||||||||
Interest Rate | Maturity | 2014 | 2013 | ||||||||||
(in millions) | |||||||||||||
Senior Unsecured Note | 7.75% | 2014 | $ | — | $ | 110 | |||||||
Senior Unsecured Note | 7.75% | 2015 | 151 | 356 | |||||||||
Senior Unsecured Note | 9.75% | 2016 | 164 | 369 | |||||||||
Senior Unsecured Note | 8.00% | 2017 | 525 | 1,150 | |||||||||
Senior Secured Term Loan | LIBOR + 2.75% | 2018 | — | 799 | |||||||||
Senior Unsecured Note | LIBOR + 3.00% | 2019 | 775 | — | |||||||||
Senior Unsecured Note | 8.00% | 2020 | 625 | 625 | |||||||||
Senior Unsecured Note | 7.38% | 2021 | 1,000 | 1,000 | |||||||||
Senior Unsecured Note | 4.88% | 2023 | 750 | 750 | |||||||||
Senior Unsecured Note | 5.50% | 2024 | 750 | — | |||||||||
Unamortized premium (discounts) | 1 | (7 | ) | ||||||||||
SUBTOTAL | 4,741 | 5,152 | |||||||||||
Less: Current maturities | (151 | ) | (118 | ) | |||||||||
Total | $ | 4,590 | $ | 5,034 | |||||||||
Junior Subordinated Notes Payable | |||||||||||||
December 31, | |||||||||||||
Interest Rate | Maturity | 2014 | 2013 | ||||||||||
(in millions) | |||||||||||||
Term Convertible Trust Securities | 6.75% | 2029 | $ | 517 | $ | 517 | |||||||
FUTURE MATURITIES OF DEBT—Recourse debt as of December 31, 2014 is scheduled to reach maturity as set forth in the table below: | |||||||||||||
December 31, | Annual Maturities | ||||||||||||
(in millions) | |||||||||||||
2015 | $ | 151 | |||||||||||
2016 | 162 | ||||||||||||
2017 | 525 | ||||||||||||
2018 | — | ||||||||||||
2019 | 773 | ||||||||||||
Thereafter | 3,647 | ||||||||||||
Total debt | $ | 5,258 | |||||||||||
Dividends from Subsidiaries and Affiliates | |||||||||||||
Cash dividends received from consolidated subsidiaries were $880 million, $818 million, and $1.14 billion for the years ended December 31, 2014, 2013, and 2012, respectively. There were no cash dividends received from affiliates accounted for by the equity method for the years ended December 31, 2014, 2013, and 2012. | |||||||||||||
Guarantees and Letters of Credit | |||||||||||||
GUARANTEES—In connection with certain of its project financing, acquisition, and power purchase agreements, the Company has expressly undertaken limited obligations and commitments, most of which will only be effective or will be terminated upon the occurrence of future events. These obligations and commitments, excluding those collateralized by letter of credit and other obligations discussed below, were limited as of December 31, 2014, by the terms of the agreements, to an aggregate of approximately $417 million representing 17 agreements with individual exposures ranging from less than $1 million up to $53 million. These amounts exclude normal and customary representations and warranties in agreements for the sale of assets (including ownership in associated legal entities) where the associated risk is considered to be nominal. | |||||||||||||
LETTERS OF CREDIT—At December 31, 2014, the Company had $61 million in letters of credit outstanding under the senior unsecured credit facility representing 5 agreements with individual exposures ranging from less than $1 million up to $29 million, which operate to guarantee performance relating to certain project development and construction activities and subsidiary operations. At December 31, 2014, the Company had $74 million in cash collateralized letters of credit outstanding representing 9 agreements with individual exposures ranging from less than $1 million up to $47 million, which operate to guarantee performance relating to certain project development and construction activities and subsidiary operations. During 2014, the Company paid letter of credit fees ranging from 0.2% to 2.5% per annum on the outstanding amounts. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | THE AES CORPORATION | ||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||
(IN MILLIONS) | |||||||||||||||||||||
Balance at Beginning of the Period | Charged to Cost and Expense | Amounts Written off | Translation Adjustment | Balance at the End of the Period | |||||||||||||||||
Allowance for accounts receivables | |||||||||||||||||||||
(current and noncurrent) | |||||||||||||||||||||
Year Ended December 31, 2012 | $ | 175 | $ | 114 | $ | (79 | ) | $ | (15 | ) | $ | 195 | |||||||||
Year Ended December 31, 2013 | 195 | 38 | (77 | ) | (22 | ) | 134 | ||||||||||||||
Year Ended December 31, 2014 | 134 | 61 | (88 | ) | (11 | ) | 96 | ||||||||||||||
General_and_Summary_of_Signifi1
General and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
PRINCIPLES OF CONSOLIDATION | PRINCIPLES OF CONSOLIDATION—The Consolidated Financial Statements of the Company include the accounts of The AES Corporation and its subsidiaries, which are the entities that it controls. Furthermore, variable interest entities (“VIEs”) in which the Company has a variable interest have been consolidated where the Company is the primary beneficiary and thus controls the VIE. Intercompany transactions and balances are eliminated in consolidation. Investments in common stock where the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. | |
DP&L, our utility in Ohio, has undivided interests in five generation facilities and numerous transmission facilities. These undivided interests in jointly-owned facilities are accounted for on a pro-rata basis in our consolidated financial statements. Certain expenses, primarily fuel costs for the generating units, are allocated to the joint owners based on their energy usage. The remaining expenses, investments in fuel inventory, plant materials and operating supplies and capital additions are allocated to the joint owners in accordance with their respective ownership interests. | ||
USE OF ESTIMATES | USE OF ESTIMATES—The preparation of these consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires the Company to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Items subject to such estimates and assumptions include: the carrying amount and estimated useful lives of long-lived assets; impairment of goodwill, long-lived assets and equity method investments; valuation allowances for receivables and deferred tax assets; the recoverability of regulatory assets; the estimation of regulatory liabilities; the fair value of financial instruments; the fair value of assets and liabilities acquired in a business combination; the measurement of noncontrolling interest using the hypothetical liquidation at book value (“HLBV”) method for certain wind generation partnerships; the determination of whether a sale of noncontrolling interests is considered to be a sale of in-substance real estate (as opposed to an equity transaction); pension liabilities; environmental liabilities; and potential litigation claims and settlements. | |
DISCONTINUED OPERATIONS AND RECLASSIFICATIONS | DISCONTINUED OPERATIONS AND RECLASSIFICATIONS—Certain prior period amounts in the consolidated financial statements have been reclassified to conform to the current presentation. Effective July 1, 2014, the Company prospectively adopted Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) Reporting discontinued Operations and Disclosures of Disposals of Components of an Entity, which significantly changes the existing accounting guidance on discontinued operations. Under ASU No. 2014-08, only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results will be reported as discontinued operations. Amongst other changes: equity method investments that were previously scoped-out of the discontinued operations accounting guidance are now included in the scope; a business can meet the criteria to be classified as held-for-sale upon acquisition and can be reported in discontinued operations; and components where an entity retains significant continuing involvement or where operations and cash flows will not be eliminated from ongoing operations as a result of a disposal transaction can meet the definition of discontinued operations. Additionally, where summarized amounts are presented on the face of the financial statements, reconciliations of those amounts to major classes of line items are also required. ASU No. 2014-08 requires additional disclosures for individually material components that do not meet the definition of discontinued operations. Under the previous accounting guidance, the UK Wind and Ebute disposals would have met the discontinued operations criteria and would have been reclassified accordingly. See Note 24—Dispositions for further information. | |
Prior to July 1, 2014, a discontinued operation was a component of the Company that either had been disposed of or was classified as held for sale and where the Company did not expect to have significant cash flows from or significant continuing involvement with the component as of one year after its disposal or sale. A component was comprised of operations and cash flows that could be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Company. Before the Company's adoption of ASU No. 2014-08, prior period amounts were retrospectively revised to reflect the businesses determined to be discontinued operations. For components that had been determined to be discontinued operations and held for sale businesses under the old standard, the related cash flows are included within the relevant categories within operating, investing and financing activities. The aggregate amount of cash flows is offset by the net increase or decrease in cash of discontinued and held for sale businesses, which is presented as a separate line item in the Consolidated Statements of Cash Flows. | ||
When an operation is classified as held for sale, the Company recognizes impairment expense, if any, at the consolidated financial statement level which also includes noncontrolling interests. However, any gain or loss on the completion of a disposal transaction is recognized only for the Company's ownership interest. Upon adoption of ASU No. 2014-08 on July 1, 2014, the Company no longer recasts prior period results related to operations classified as held for sale. Prior to July 1, 2014, when reclassifications were made in the current period, the amounts reported in the prior period financial statements were reclassified to conform to the then-current year presentation. The reclassifications related primarily to general and administrative costs at certain of the Company's SBUs that were previously classified as "general and administrative expenses" that were reclassified to "cost of sales. | ||
FAIR VALUE | FAIR VALUE—Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly, hypothetical transaction between market participants at the measurement date, or exit price. The Company applies the fair value measurement accounting guidance to financial assets and liabilities in determining the fair value of investments in marketable debt and equity securities, included in the consolidated balance sheet line items “Short-term investments” and “Other assets (noncurrent)”; derivative assets, included in “Other current assets” and “Other assets (noncurrent)”; and, derivative liabilities, included in “Accrued and other liabilities (current)” and “Other long-term liabilities.” The Company applies the fair value measurement guidance to nonfinancial assets and liabilities upon the acquisition of a business or in conjunction with the measurement of a potential impairment loss on an asset group or goodwill under the accounting guidance for the impairment of long-lived assets or goodwill. | |
The Company makes assumptions about what market participants would assume in valuing an asset or liability based on the best information available. These factors include nonperformance risk (the risk that the obligation will not be fulfilled) and credit risk of the subsidiary (for liabilities) and of the counterparty (for assets). The Company is prohibited from including transaction costs and any adjustments for blockage factors in determining fair value. The principal or most advantageous market is considered from the perspective of the subsidiary owning the asset or with the liability. | ||
Fair value is based on observable market prices where available. Where they are not available, specific valuation models and techniques are applied depending on what is being fair valued. These models and techniques maximize the use of observable inputs and minimize the use of unobservable inputs. The process involves varying levels of management judgment, the degree of which is dependent on price transparency and complexity. An asset's or liability’s level within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement, where Level 1 is the highest and Level 3 is the lowest. The three levels are defined as follows: | ||
• | Level 1—unadjusted quoted prices in active markets accessible by the Company for identical assets or liabilities. Active markets are those in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
• | Level 2—pricing inputs other than quoted market prices included in Level 1 which are based on observable market data, that are directly or indirectly observable for substantially the full term of the asset or liability. These include quoted market prices for similar assets or liabilities, quoted market prices for identical or similar assets in markets that are not active, adjusted quoted market prices, inputs from observable data such as interest rate and yield curves, volatilities or default rates observable at commonly quoted intervals or inputs derived from observable market data by correlation or other means. | |
• | Level 3—pricing inputs that are unobservable from objective sources. Unobservable inputs are only used to the extent observable inputs are not available. These inputs maintain the concept of an exit price from the perspective of a market participant and reflect assumptions of other market participants. The Company considers all market participant assumptions that are available without unreasonable cost and effort. These are given the lowest priority and are generally used in internally developed methodologies to generate management’s best estimate of the fair value when no observable market data is available. | |
Any transfers between all levels within the fair value hierarchy levels are recognized at the end of the reporting period. | ||
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS—The Company considers unrestricted cash on hand, deposits in banks, certificates of deposit and short-term marketable securities that mature within three months or less from the date of purchase to be cash and cash equivalents. The carrying amounts of such balances approximate fair value. | |
RESTRICTED CASH AND DEBT SERVICE RESERVES | RESTRICTED CASH AND DEBT SERVICE RESERVES—These include cash balances which are restricted as to withdrawal or usage by the subsidiary that owns the cash. The nature of restrictions includes restrictions imposed by financing agreements such as security deposits kept as collateral, debt service reserves, maintenance reserves and others, as well as restrictions imposed by long-term PPAs. | |
INVESTMENTS IN MARKETABLE SECURITIES | INVESTMENTS IN MARKETABLE SECURITIES—The Company’s marketable investments are primarily unsecured debentures, certificates of deposit, government debt securities and money market funds. Short-term investments in marketable debt and equity securities consist of securities with original maturities in excess of three months with remaining maturities of less than one year. | |
Marketable debt securities that the Company has both the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Other marketable securities that the Company does not intend to hold to maturity are classified as available-for-sale or trading and are carried at fair value. Available-for-sale investments are fair valued at the end of each reporting period where the unrealized gains or losses are reflected in accumulated other comprehensive loss (“AOCL”), a separate component of equity. | ||
Investments classified as trading are fair valued at the end of each reporting period through the Consolidated Statements of Operations. Interest and dividends on investments are reported in "interest income" and "other income", respectively. Gains and losses on sales of investments are determined using the specific identification method. | ||
ACCOUNTS AND NOTES RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS | ACCOUNTS AND NOTES RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS—Accounts and notes receivable are carried at amortized cost. The Company periodically assesses the collectability of accounts receivable, considering factors such as specific evaluation of collectability, historical collection experience, the age of accounts receivable and other currently available evidence of the collectability, and records an allowance for doubtful accounts for the estimated uncollectible amount as appropriate. Certain of our businesses charge interest on accounts receivable either under contractual terms or where charging interest is a customary business practice. In such cases, interest income is recognized on an accrual basis. When the collection of such interest is not reasonably assured, interest income is recognized as cash is received. Individual accounts and notes receivable are written off when they are no longer deemed collectible. | |
INVENTORY | INVENTORY—Inventory primarily consists of coal, fuel oil and other raw materials used to generate power, and spare parts and supplies used to maintain power generation and distribution facilities. Inventory is carried at lower of cost or market. Cost is the sum of the purchase price and incidental expenditures and charges incurred to bring the inventory to its existing condition or location. Cost is determined under the first-in, first-out (“FIFO”), average cost or specific identification method. Generally, cost is reduced to market value if the market value of inventory has declined and it is probable that the utility of inventory, in its disposal in the ordinary course of business, will not be recovered through revenue earned from the generation of power. | |
LONG-LIVED ASSETS | LONG-LIVED ASSETS—Long-lived assets include property, plant and equipment, assets under capital leases and intangible assets subject to amortization (i.e., finite-lived intangible assets). | |
Property, plant and equipment | ||
Property, plant and equipment are stated at cost, net of accumulated depreciation. The cost of renewals and improvements that extend the useful life of property, plant and equipment are capitalized. | ||
Construction progress payments, engineering costs, insurance costs, salaries, interest and other costs directly relating to construction in progress are capitalized during the construction period, provided the completion of the project is deemed probable, or expensed at the time the Company determines that development of a particular project is no longer probable. The continued capitalization of such costs is subject to ongoing risks related to successful completion, including those related to government approvals, site identification, financing, construction permitting and contract compliance. Construction-in-progress balances are transferred to electric generation and distribution assets when an asset group is ready for its intended use. Government subsidies, liquidated damages recovered for construction delays and income tax credits are recorded as a reduction to property, plant and equipment and reflected in cash flows from investing activities. | ||
Depreciation, after consideration of salvage value and asset retirement obligations, is computed primarily using the straight-line method over the estimated useful lives of the assets, which are determined on a composite or component basis. Maintenance and repairs are charged to expense as incurred. Capital spare parts, including rotable spare parts, are included in electric generation and distribution assets. If the spare part is considered a component, it is depreciated over its useful life after the part is placed in service. If the spare part is deemed part of a composite asset, the part is depreciated over the composite useful life even when being held as a spare part. | ||
The Company’s Brazilian subsidiaries, which include both generation and distribution companies, operate under concession contracts. Certain estimates are utilized to determine depreciation expense for the Brazilian subsidiaries, including the useful lives of the property, plant and equipment and the amounts to be recovered at the end of the concession contract. The amounts to be recovered under these concession contracts are based on estimates that are inherently uncertain and actual amounts recovered may differ from those estimates. | ||
INTANGIBLE ASSETS SUBJECT TO AMORTIZATION | Intangible Assets Subject to Amortization | |
Finite-lived intangible assets are amortized over their useful lives which range from 1 – 50 years. The Company accounts for purchased emission allowances as intangible assets and records an expense when utilized or sold. Granted emission allowances are valued at zero. | ||
IMPAIRMENT OF LONG-LIVED ASSETS | Impairment of Long-lived Assets | |
When circumstances indicate that the carrying amount of long-lived assets (asset group) held-for-use may not be recoverable, the Company evaluates the assets for potential impairment using internal projections of undiscounted cash flows expected to result from the use and eventual disposal of the assets. Events or changes in circumstances that may necessitate a recoverability evaluation may include, but are not limited to, adverse changes in the regulatory environment, unfavorable changes in power prices or fuel costs, increased competition due to additional capacity in the grid, technological advancements, declining trends in demand, or an expectation that it is more likely than not that the asset will be disposed of before the end of its previously estimated useful life. If the carrying amount of the assets exceeds the undiscounted cash flows and exceeds any fair value of the assets, an impairment expense is recognized for the excess up to the carrying amount of the long-lived assets (but up to any fair value for any individual long-lived asset that is determinable without undue cost and effort). For regulated assets, an impairment expense could be reduced by the establishment of a regulatory asset, if recovery through approved rates was probable. For non-regulated assets, impairment is recognized as an expense. When long-lived assets meet the criteria to be classified as held-for-sale and the carrying amount of the disposal group exceeds its fair value less costs to sell, an impairment expense is recognized for the excess up to the carrying amount of the long-lived assets; if the fair value of the disposal group subsequently exceeds the carrying amount while the disposal group is still held-for-sale, any impairment expense previously recognized will be reversed up to the lower of the prior expense or the subsequent excess. | ||
DEFERRED FINANCING COSTS | DEFERRED FINANCING COSTS—Costs incurred in connection with the issuance of long-term debt are deferred and amortized over the related financing period using the effective interest method or the straight-line method when it does not differ materially from the effective interest method. Make-whole payments in connection with early debt retirements are classified as cash flows used in financing activities. | |
EQUITY METHOD INVESTMENTS | EQUITY METHOD INVESTMENTS—Investments in entities over which the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting and reported in “Investments in and advances to affiliates” on the Consolidated Balance Sheets. The Company periodically assesses if there is an indication that the fair value of an equity method investment is less than its carrying amount. When an indicator exists, any excess of the carrying amount over its estimated fair value is recognized as impairment when the loss in value is deemed other-than-temporary and included in “Other non-operating expense” in the Consolidated Statements of Operations. | |
The Company discontinues the application of the equity method when an investment is reduced to zero and the Company is not otherwise committed to provide further financial support to the investee. The Company resumes the application of the equity method if the investee subsequently reports net income to the extent that the Company’s share of such net income equals the share of net losses not recognized during the period in which the equity method of accounting was suspended. | ||
GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS | GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS—The Company evaluates goodwill and indefinite-lived intangible assets for impairment on an annual basis and whenever events or changes in circumstances necessitate an evaluation for impairment. The Company’s annual impairment testing date is October 1. | |
Goodwill | ||
The Company evaluates goodwill impairment at the reporting unit level, which is an operating segment, as defined in the segment reporting accounting guidance, or a component (i.e., one level below an operating segment). In determining its reporting units, the Company starts with its management reporting structure. Operating segments are identified and then analyzed to identify components which make up these operating segments. Two or more components are combined into a single reporting unit if they are economically similar. Assets and liabilities are allocated to a reporting unit if the assets will be employed by or a liability relates to the operations of the reporting unit or would be considered by a market participant in determining its fair value. Goodwill resulting from an acquisition is assigned to the reporting units that are expected to benefit from the synergies of the acquisition. Generally, each AES business with a goodwill balance constitutes a reporting unit as they are not reported to segment management together with other businesses and are not similar to other businesses in a segment. | ||
Goodwill is evaluated for impairment either under the qualitative assessment option or the two-step test approach depending on facts and circumstances of a reporting unit, including the excess of fair value over carrying amount in the last valuation or changes in business environment. If the Company qualitatively determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, the two-step impairment test is unnecessary. Otherwise, goodwill is evaluated for impairment using the two-step test, where the carrying amount of a reporting unit is compared to its fair value in Step 1; if the fair value exceeds the carrying amount, Step 2 is unnecessary. If the carrying amount exceeds the reporting unit’s fair value, this could indicate potential impairment and Step 2 of the goodwill evaluation process is required to determine if goodwill is impaired and to measure the amount of impairment loss to recognize, if any. When Step 2 is necessary, the fair value of individual assets and liabilities is determined using valuations (which in some cases may be based in part on third party valuation reports), or other observable sources of fair value, as appropriate. If the carrying amount of goodwill exceeds its implied fair value, the excess is recognized as an impairment loss. | ||
Most of the Company’s reporting units are not publicly traded. Therefore, the Company estimates the fair value of its reporting units using internal budgets and forecasts, adjusted for any market participants’ assumptions and discounted at the rate of return required by a market participant. The Company considers both market and income-based approaches to determine a range of fair value, but typically concludes that the value derived using an income-based approach is more representative of fair value due to the lack of direct market comparables. The Company does use market data to corroborate and determine the reasonableness of the fair value derived from the income-based discounted cash flow analysis. | ||
Indefinite-Lived Intangible Assets | ||
The Company’s indefinite-lived intangible assets primarily include land-use rights, water rights, easements, concessions and trade name. These are tested for impairment on an annual basis or whenever events or changes in circumstances necessitate an evaluation for impairment. If the carrying amount of an intangible asset exceeds its fair value, the excess is recognized as impairment expense. When deemed appropriate, the Company uses the qualitative assessment option under the accounting guidance on goodwill and intangible assets to determine whether the existence of events or circumstances indicate that it is more likely than not that an intangible asset is impaired. If, after assessing the totality of events and circumstances, the Company determines that it is not more likely than not that an intangible asset is impaired, no further action is taken. The accounting guidance provides the option to bypass the qualitative assessment for any intangible asset in any period and proceed directly to performing the quantitative impairment test. | ||
ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES | ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES—Accounts payable consists of amounts due to trade creditors related to the Company’s core business operations. These payables include amounts owed to vendors and suppliers for items such as energy purchased for resale, fuel, maintenance, inventory and other raw materials. Other accrued liabilities include items such as income taxes, regulatory liabilities, legal contingencies and employee-related costs including payroll, benefits and related taxes. | |
REGULATORY ASSETS AND LIABILITIES | REGULATORY ASSETS AND LIABILITIES—The Company records assets and liabilities that result from the regulated ratemaking process that are not recognized under GAAP for non-regulated entities. Regulatory assets generally represent incurred costs that have been deferred due to the probability of future recovery in customer rates. Regulatory liabilities generally represent obligations to make refunds to customers. Management continually assesses whether the regulatory assets are probable of future recovery by considering factors such as applicable regulatory changes, recent rate orders applicable to other regulated entities and the status of any pending or potential deregulation legislation. If future recovery of costs previously deferred ceases to be probable, the related regulatory assets are written off and recognized in income from continuing operations. | |
PENSION AND OTHER POSTRETIREMENT PLANS | PENSION AND OTHER POSTRETIREMENT PLANS—The Company recognizes in its Consolidated Balance Sheets an asset or liability reflecting the funded status of pension and other postretirement plans with current-year changes in the funded status recognized in AOCL, except for those plans at certain of the Company’s regulated utilities that can recover portions of their pension and postretirement obligations through future rates. All plan assets are recorded at fair value. AES follows the measurement date provisions of the accounting guidance, which require a year-end measurement date of plan assets and obligations for all defined benefit plans. | |
INCOME TAXES | INCOME TAXES—Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities, and their respective income tax bases. The Company establishes a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company’s tax positions are evaluated under a more likely than not recognition threshold and measurement analysis before they are recognized for financial statement reporting. | |
Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid within one year. The Company’s policy for interest and penalties related to income tax exposures is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statements of Operations. | ||
ASSET RETIREMENT OBLIGATIONS | ASSET RETIREMENT OBLIGATIONS—The Company records the fair value of the liability for a legal obligation to retire an asset in the period in which the obligation is incurred. When a new liability is recognized, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the obligation, the Company eliminates the liability and, based on the actual cost to retire, may incur a gain or loss. | |
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS—Noncontrolling interests are classified as a separate component of equity in the Consolidated Balance Sheets and Consolidated Statements of Changes in Equity. Additionally, net income and comprehensive income attributable to noncontrolling interests are reflected separately from consolidated net income and comprehensive income in the Consolidated Statements of Operations and Consolidated Statements of Changes in Equity. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and noncontrolling interests (unless the transaction qualifies as a sale of in-substance real estate). Losses continue to be attributed to the noncontrolling interests, even when the noncontrolling interests’ basis has been reduced to zero. | |
Although, in general, the noncontrolling ownership interest in earnings is calculated based on ownership percentage, certain of the Company’s businesses are subject to certain profit-sharing arrangements. These agreements exist for Wind Generation partnerships to designate different allocations of value among investors, where the allocations change in form or percentage over the life of the partnership. For these businesses, the Company uses the HLBV method when it is a reasonable approximation of the profit-sharing arrangement. HLBV uses a balance sheet approach, which measures the Company’s equity in income or loss by calculating the change in the amount of net worth the partners are legally able to claim based on a hypothetical liquidation of the entity at the beginning of a reporting period compared to the end of that period. | ||
FOREIGN CURRENCY TRANSLATION | FOREIGN CURRENCY TRANSLATION—A business’ functional currency is the currency of the primary economic environment in which the business operates and is generally the currency in which the business generates and expends cash. Subsidiaries and affiliates whose functional currency is a currency other than the U.S. Dollar translate their assets and liabilities into U.S. Dollars at the current exchange rates in effect at the end of the fiscal period. The revenue and expense accounts of such subsidiaries and affiliates are translated into U.S. Dollars at the average exchange rates that prevailed during the period. Translation adjustments are included in AOCL. Gains and losses on intercompany foreign currency transactions that are long-term in nature and which the Company does not intend to settle in the foreseeable future, are also recognized in AOCL. Gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in determining net income. Accumulated foreign currency translation adjustments are reclassified to net income only when realized upon sale or upon complete or substantially complete liquidation of the investment in a foreign entity. The accumulated adjustments are included in carrying amounts in impairment assessments where the Company has committed to a plan that will cause the accumulated adjustments to be reclassified to earnings | |
REVENUE RECOGNITION | REVENUE RECOGNITION—Revenue from utilities is classified as regulated in the Consolidated Statements of Operations. Revenue from the sale of energy is recognized in the period during which the sale occurs. The calculation of revenue earned but not yet billed is based on the number of days not billed in the month, the estimated amount of energy delivered during those days and the estimated average price per customer class for that month. Differences between actual and estimated unbilled revenue are usually immaterial. The Company has businesses where it sells and purchases power to and from Independent System Operators (“ISOs”) and Regional Transmission Organizations (“RTOs”). In those instances, the Company accounts for these transactions on a net hourly basis because the transactions are settled on a net hourly basis. Revenue from generation businesses is classified as non-regulated and is recognized based upon output delivered and capacity provided, at rates as specified under contract terms or prevailing market rates. Certain of the Company PPAs meet the definition of an operating lease or contain similar arrangements. Typically, minimum lease payments from such PPAs are recognized as revenue on a straight-line basis over the lease term whereas contingent rentals are recognized when earned. Revenue is recorded net of any taxes assessed on and collected from customers, which are remitted to the governmental authorities. | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION—The Company grants share-based compensation in the form of stock options and restricted stock units. The expense is based on the grant-date fair value of the equity or liability instrument issued and is recognized on a straight-line basis over the requisite service period, net of estimated forfeitures. Currently, the Company uses a Black-Scholes option pricing model to estimate the fair value of stock options granted to its employees. | |
GENERAL AND ADMINISTRATIVE EXPENSES | GENERAL AND ADMINISTRATIVE EXPENSES—General and administrative expenses include corporate and other expenses related to corporate staff functions and initiatives, primarily executive management, finance, legal, human resources and information systems, which are not directly allocable to our business segments. Additionally, all costs associated with corporate business development efforts are classified as general and administrative expenses. | |
DERIVATIVES AND HEDGING ACTIVITIES | DERIVATIVES AND HEDGING ACTIVITIES—Under the accounting standards for derivatives and hedging, the Company recognizes all contracts that meet the definition of a derivative, except those designated as normal purchase or normal sale at inception, as either assets or liabilities in the Consolidated Balance Sheets and measures those instruments at fair value. See the Company’s fair value policy and Note 4—Fair Value for additional discussion regarding the determination of the fair value. The PPAs and fuel supply agreements entered into by the Company are evaluated to determine if they meet the definition of a derivative or contain embedded derivatives, either of which require separate valuation and accounting. To be a derivative under the accounting standards for derivatives and hedging, an agreement would need to have a notional and an underlying, require little or no initial net investment and could be net settled. Generally, these agreements do not meet the definition of a derivative, often due to the inability to be net settled. On a quarterly basis, we evaluate the markets for the commodities to be delivered under these agreements to determine if facts and circumstances have changed such that the agreements could then be net settled and meet the definition of a derivative. | |
Derivatives primarily consist of interest rate swaps, cross-currency swaps, foreign currency instruments, and commodity derivatives. The Company enters into various derivative transactions in order to hedge its exposure to certain market risks, primarily interest rate, foreign currency and commodity price risks. Regarding interest rate risk, the Company and our subsidiaries generally utilize variable rate debt financing for construction projects and operations so interest rate swap, lock, cap, and floor agreements are entered into to manage interest rate risk by effectively fixing or limiting the interest rate exposure on the underlying financing and are typically designated as cash flow hedges. Regarding foreign currency risk, we are exposed to it as a result of our investments in foreign subsidiaries and affiliates that may be impacted by significant fluctuations in foreign currency exchange rates so foreign currency options and forwards are utilized, where deemed appropriate, to manage the risk related to these fluctuations. Cross-currency swaps are utilized in certain instances to manage the risk related to fluctuations in both interest rates and certain foreign currencies. In addition, certain of our subsidiaries have entered into contracts which contain embedded derivatives as a portion of the contracts is denominated in a currency other than the functional or local currency of that subsidiary or the currency of the item. Regarding commodity price risk, we are exposed to the impact of market fluctuations in the price of electricity, fuel and environmental credits. Although we primarily consist of businesses with long-term contracts or retail sales concessions (which provide our distribution businesses with a franchise to serve a specific geographic region), a portion of our current and expected future revenues are derived from businesses without significant long-term purchase or sales contracts. We use an overall hedging strategy, not just derivatives, to hedge our financial performance against the effects of fluctuations in commodity prices. | ||
The accounting standards for derivatives and hedging enable companies to designate qualifying derivatives as hedging instruments based on the exposure being hedged. The Company only has cash flow hedges at this time. Changes in the fair value of a derivative that is highly effective, designated and qualifies as a cash flow hedge are deferred in AOCL and are recognized into earnings as the hedged transactions affect earnings. Any ineffectiveness is recognized in earnings immediately. For all designated and qualifying hedges, the Company maintains formal documentation of the hedge and effectiveness testing in accordance with the accounting standards for derivatives and hedging. If AES determines that the derivative is no longer highly effective as a hedge, hedge accounting will be discontinued prospectively. For cash flow hedges of forecasted transactions, AES estimates the future cash flows of the forecasted transactions and evaluates the probability of the occurrence and timing of such transactions. Changes in conditions or the occurrence of unforeseen events could require discontinuance of hedge accounting or could affect the timing of the reclassification of gains or losses on cash flow hedges from AOCL into earnings. | ||
While derivative transactions are not entered into for trading purposes, some contracts are not eligible for hedge accounting. Changes in the fair value of derivatives not designated and qualifying as cash flow hedges are immediately recognized in earnings. Regardless of when gains or losses on derivatives (including all those where the fair value measurement is classified as Level 3) are recognized in earnings, they are generally classified as follows: interest expense for interest rate and cross-currency derivatives, foreign currency transaction gains or losses for foreign currency derivatives, and non-regulated revenue or non-regulated cost of sales for commodity and other derivatives. However, gains and losses on interest rate and cross-currency derivatives are classified as foreign currency transaction gains and losses if they offset the remeasurement of the foreign currency-denominated debt being hedged by the cross-currency swaps and the amount reclassified from AOCL to cost of sales to offset depreciation where the variable-rate interest capitalized as part of the asset was hedged during its construction. Cash flows arising from derivatives are included in the Consolidated Statements of Cash Flows as an operating activity given the nature of the underlying risk being economically hedged and the lack of significant financing elements, except that cash flows on designated and qualifying hedges of variable-rate interest during construction are classified as an investing activity. | ||
DERIVATIVES OFFSETTING FAIR VALUE AMOUNTS | The Company has elected not to offset net derivative positions in the financial statements. Accordingly, the Company does not offset such derivative positions against the fair value of amounts (or amounts that approximate fair value) recognized for the right to reclaim cash collateral (a receivable) or the obligation to return cash collateral (a payable) under master netting arrangements. | |
NEW ACCOUNTING PRONOUNCEMENTS ADOPTED | NEW ACCOUNTING PRONOUNCEMENTS ADOPTED | |
ASU No. 2013-11, Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force) | ||
Effective January 1, 2014, the Company prospectively adopted ASU No. 2013-11, which requires the netting of unrecognized tax benefits (“UTBs”) against a deferred tax asset for a loss or other carryforward that would apply in settlement of uncertain tax positions. Under ASU No. 2013-11, UTBs are netted against all available same-jurisdiction losses or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. The impact to the Company’s Condensed Consolidated Balance Sheet as of December 31, 2014 was a reduction of $66 million to “Other noncurrent liabilities” and an offsetting increase to “Deferred income taxes” under “Noncurrent liabilities.” There were no impacts on the results of operations and cash flows. | ||
ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360) Reporting discontinued Operations and Disclosures of Disposals of Components of an Entity | ||
Effective July 1, 2014, the Company prospectively adopted ASU No. 2014-08. See the "Discontinued Operations and Reclassifications" policy above for further information. | ||
ACCOUNTING PRONOUNCEMENTS ISSUED BUT NOT YET EFFECTIVE | ACCOUNTING PRONOUNCEMENTS ISSUED BUT NOT YET EFFECTIVE—The following accounting standards have been issued, but are not yet effective for, and have not been adopted by AES. | |
ASU No. 2014-05, Service Concession Arrangements (Topic 853) | ||
In January 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-5 which states that certain service concession arrangements with public-sector entity grantors are not in scope of ASC 840, Leases ("ASC 840"). A service concession arrangement is described as an arrangement between a public-sector entity grantor and an operating entity. Operating entities with these types of arrangements with public-sector entities will no longer account for these arrangements as a lease in accordance with ASC 840 and will not recognize the related infrastructure as property, plant and equipment. Entities will apply other GAAP to the arrangement. The standard is effective for annual reporting periods beginning after December 15, 2014 and interim periods therein. The guidance will be applied on a modified retrospective basis to service concession arrangements in existence at January 1, 2015. The Company is currently evaluating the impact of the new guidance and has identified certain of its generation plants that meet the criteria of a concession arrangement under this standard. Upon adoption of this standard, the Company currently expects that the impact to the Company’s Consolidated Balance Sheet as of January 1, 2015 will result in a reclassification of approximately $1.5 billion from Property, Plant and Equipment to Other Noncurrent Assets. | ||
ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) | ||
In May 2014, the FASB issued ASU No. 2014-09 which clarifies principles for recognizing revenue and will result in a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The objective of the new standard is to provide a single and comprehensive revenue recognition model for all contracts with customers to improve comparability. The revenue standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The standard requires an entity to recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The standard is effective for annual reporting periods beginning after December 15, 2016 and interim periods therein. Early adoption is not permitted. The standard permits the use of either a full retrospective or modified retrospective approach. The Company has not yet selected a transition method and is currently evaluating the impact of adopting the standard on its financial position and results of operations. | ||
ASU No. 2014-12, Compensation — Stock Compensation (Topic 718) | ||
In June 2014, the FASB issued ASU No. 2014-12 which is intended to resolve the diverse accounting treatment in practice with compensation awards. The objective of the new standard is to clarify the treatment of accounting for performance targets which affect award vesting. The standard is effective for annual reporting periods beginning after December 15, 2015 and interim periods therein. Early adoption is permitted. The standard permits the use of either a prospective or modified retrospective approach. The Company has not yet selected a transition method and is currently evaluating the impact of the standard on its financial position and results of operations, but does not expect to be materially impacted. | ||
LITIGATION | The Company is involved in certain claims, suits and legal proceedings in the normal course of business. The Company accrues for litigation and claims when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company has evaluated claims in accordance with the accounting guidance for contingencies that it deems both probable and reasonably estimable and, accordingly, has recorded aggregate liabilities for all claims of approximately $199 million and $239 million as of December 31, 2014 and 2013, respectively. These amounts are reported on the Consolidated Balance Sheets within “accrued and other liabilities” and “other noncurrent liabilities.” A significant portion of these accrued liabilities relate to employment, non-income tax and customer disputes in international jurisdictions (principally Brazil). Certain of the Company’s subsidiaries, principally in Brazil, are defendants in a number of labor and employment lawsuits. The complaints generally seek unspecified monetary damages, injunctive relief, or other relief. The subsidiaries have denied any liability and intend to vigorously defend themselves in all of these proceedings. The reduction in the recorded liabilities at December 31, 2014 primarily relates to labor dispute settlements and the expiration of the statute of limitations for certain claims in Brazil, as well as the devaluation of the Brazilian Real. 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. | |
SEGMENTS AND GEOGRAPHIC INFORMATION | The segment reporting structure uses the Company’s management reporting structure as its foundation to reflect how the Company manages the business internally and is organized by geographic regions which provide better socio-political-economic understanding of our business. The management reporting structure is organized along six strategic SBUs — led by our CEO. Using the accounting guidance on segment reporting, the Company has determined that it has six reportable segments corresponding to its six SBUs: | |
• | US SBU; | |
• | Andes SBU; | |
• | Brazil SBU; | |
• | MCAC SBU; | |
• | Europe SBU (formerly EMEA); and | |
• | Asia SBU. | |
Corporate and Other — Corporate overhead costs which are not directly associated with the operations of our six reportable segments are included in "Corporate and Other." Also included are intercompany charges such as self-insurance premiums which are fully eliminated in consolidation. | ||
The Company uses Adjusted PTC as its primary segment performance measure. Adjusted PTC, a non-GAAP measure, is defined by the Company as pre-tax income from continuing operations attributable to AES excluding unrealized gains or losses related to derivative transactions, unrealized foreign currency gains or losses, gains or losses due to dispositions and acquisitions of business interests, losses due to impairments and costs due to the early retirement of debt. The Company has concluded that Adjusted PTC best reflects the underlying business performance of the Company and is the most relevant measure considered in the Company’s internal evaluation of the financial performance of its segments. Additionally, given its large number of businesses and complexity, the Company concluded that Adjusted PTC is a more transparent measure that better assists the investor in determining which businesses have the greatest impact on the overall Company results. | ||
Certain unconsolidated businesses are accounted for using the equity method of accounting; therefore, their operating results are included in "Net Equity in Earnings of Affiliates" on the face of the Consolidated Statement of Operations, not in revenue. Total revenue includes inter-segment revenue primarily related to the sale of coal between Andes and the US. No material inter-segment revenue relationships exist between other segments. Corporate allocations include certain self-insurance activities which are reflected within segment adjusted PTC. All intra-segment activity has been eliminated with respect to revenue and adjusted PTC within the segment. Inter-segment activity has been eliminated within the total consolidated results. Asset information for businesses that were discontinued or classified as held-for-sale is segregated and is shown in the line “Discontinued businesses” in the accompanying segment tables. | ||
EARNINGS PER SHARE | Basic and diluted earnings per share are based on the weighted-average number of shares of common stock and potential common stock outstanding during the period. Potential common stock, for purposes of determining diluted earnings per share, includes the effects of dilutive restricted stock units, stock options and convertible securities. The effect of such potential common stock is computed using the treasury stock method or the if-converted method, as applicable. |
Inventory_Tables
Inventory (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Balance By Type | The following table summarizes the Company’s inventory balances as of the dates indicated: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in millions) | |||||||||
Fuel and other raw materials | $ | 357 | $ | 334 | |||||
Spare parts and supplies | 345 | 350 | |||||||
Total | $ | 702 | $ | 684 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||
Property, Pland and Equipment with Useful Life Classification | The following table summarizes the components of the electric generation and distribution assets and other property, plant and equipment with their estimated useful lives. The amounts are stated net of impairment losses recognized as further discussed in Note 21—Asset Impairment Expense. | ||||||||||||||||||
Estimated | December 31, | ||||||||||||||||||
Useful Life | 2014 | 2013 | |||||||||||||||||
(in years) | (in millions) | ||||||||||||||||||
Electric generation and distribution facilities | 5 - 68 | $ | 27,488 | $ | 27,619 | ||||||||||||||
Other buildings | 5 - 53 | 1,694 | 1,726 | ||||||||||||||||
Furniture, fixtures and equipment | 2 - 31 | 307 | 312 | ||||||||||||||||
Other | 1 - 50 | 970 | 939 | ||||||||||||||||
Total electric generation and distribution assets and other | 30,459 | 30,596 | |||||||||||||||||
Accumulated depreciation | (9,962 | ) | (9,604 | ) | |||||||||||||||
Net electric generation and distribution assets and other(1)(2) | $ | 20,497 | $ | 20,992 | |||||||||||||||
-1 | Net electric generation and distribution assets and other related to the Company's held-for-sale businesses of $1.2 billion as of December 31, 2013, were excluded from the table above and were included in the noncurrent assets of discontinued and held-for-sale businesses in the consolidated balance sheets. There were no discontinued and held-for-sale businesses at December 31, 2014. | ||||||||||||||||||
-2 | Net electric generation and distribution assets and other include unamortized internal-use software costs of $115 million and $133 million as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||
Interest Capitalized During Development And Construction | The following table summarizes depreciation expense (including the amortization of assets recorded under capital leases), amortization of internal-use software and interest capitalized during development and construction on qualifying assets for the periods indicated: | ||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
(in millions) | |||||||||||||||||||
Depreciation expense (including amortization of assets recorded under capital leases) | $ | 1,204 | $ | 1,193 | $ | 1,173 | |||||||||||||
Amortization of internal-use software | 33 | 36 | 45 | ||||||||||||||||
Interest capitalized during development and construction | 120 | 84 | 88 | ||||||||||||||||
Net Asset Value Of Regulated And Non-Regulated Assets And Accumulated Depreciation | The following table summarizes regulated and non-regulated generation and distribution property, plant and equipment and accumulated depreciation as of the periods indicated: | ||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(in millions) | |||||||||||||||||||
Regulated generation, distribution assets and other, gross | $ | 13,103 | $ | 13,031 | |||||||||||||||
Regulated accumulated depreciation | (4,841 | ) | (4,732 | ) | |||||||||||||||
Regulated generation, distribution assets and other, net | 8,262 | 8,299 | |||||||||||||||||
Non-regulated generation, distribution assets and other, gross | 17,356 | 17,565 | |||||||||||||||||
Non-regulated accumulated depreciation | (5,121 | ) | (4,872 | ) | |||||||||||||||
Non-regulated generation, distribution assets and other, net | 12,235 | 12,693 | |||||||||||||||||
Net electric generation and distribution assets and other | $ | 20,497 | $ | 20,992 | |||||||||||||||
Schedule of Change in Asset Retirement Obligation | The following table summarizes the amounts recognized related to asset retirement obligations for the periods indicated: | ||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(in millions) | |||||||||||||||||||
Balance at January 1 | $ | 142 | $ | 120 | |||||||||||||||
Additional liabilities incurred | 51 | 1 | |||||||||||||||||
Liabilities settled | (11 | ) | (4 | ) | |||||||||||||||
Accretion expense | 12 | 9 | |||||||||||||||||
Change in estimated cash flows | 15 | 16 | |||||||||||||||||
Balance at December 31 | $ | 209 | $ | 142 | |||||||||||||||
Schedule of Jointly Owned Utility Plants | DP&L’s undivided ownership interest in such facilities at December 31, 2014 is as follows: | ||||||||||||||||||
DP&L Share | DP&L Investment | ||||||||||||||||||
Ownership | Production Capacity (MW) | Gross Plant In Service | Accumulated Depreciation | Construction Work In Process | |||||||||||||||
Production units: | ($ in millions) | ||||||||||||||||||
Conesville Unit 4 | 17 | % | 129 | $ | 24 | $ | 2 | $ | 1 | ||||||||||
Killen Station | 67 | % | 402 | 308 | 19 | 2 | |||||||||||||
Miami Fort Units 7 and 8 | 36 | % | 368 | 214 | 23 | 2 | |||||||||||||
Stuart Station | 35 | % | 808 | 219 | 16 | 14 | |||||||||||||
Zimmer Station | 28 | % | 365 | 182 | 35 | 6 | |||||||||||||
Transmission | various | — | 42 | 6 | — | ||||||||||||||
Total | 2,072 | $ | 989 | $ | 101 | $ | 25 | ||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||
Fair value hierarchy for recurring measurements table | The following table sets forth, by level within the fair value hierarchy, as described in Note 1 - General and Summary of Significant Accounting Policies, the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the periods indicated: | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
AVAILABLE FOR SALE:(1) | |||||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||
Unsecured debentures | $ | — | $ | 501 | $ | — | $ | 501 | $ | — | $ | 435 | $ | — | $ | 435 | |||||||||||||||||
Certificates of deposit | — | 151 | — | 151 | — | 151 | — | 151 | |||||||||||||||||||||||||
Government debt securities | — | 57 | — | 57 | — | 25 | — | 25 | |||||||||||||||||||||||||
Subtotal | — | 709 | — | 709 | — | 611 | — | 611 | |||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Mutual funds | — | 25 | — | 25 | — | 44 | — | 44 | |||||||||||||||||||||||||
Subtotal | — | 25 | — | 25 | — | 44 | — | 44 | |||||||||||||||||||||||||
Total available for sale | — | 734 | — | 734 | — | 655 | — | 655 | |||||||||||||||||||||||||
TRADING: | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Mutual funds | 15 | — | — | 15 | 13 | — | — | 13 | |||||||||||||||||||||||||
Total trading | 15 | — | — | 15 | 13 | — | — | 13 | |||||||||||||||||||||||||
DERIVATIVES: | |||||||||||||||||||||||||||||||||
Interest rate derivatives | — | — | — | — | — | 98 | — | 98 | |||||||||||||||||||||||||
Cross currency derivatives | — | — | — | — | — | 5 | — | 5 | |||||||||||||||||||||||||
Foreign currency derivatives | — | 18 | 218 | 236 | — | 15 | 98 | 113 | |||||||||||||||||||||||||
Commodity derivatives | — | 37 | 7 | 44 | — | 18 | 6 | 24 | |||||||||||||||||||||||||
Total derivatives | — | 55 | 225 | 280 | — | 136 | 104 | 240 | |||||||||||||||||||||||||
TOTAL ASSETS | $ | 15 | $ | 789 | $ | 225 | $ | 1,029 | $ | 13 | $ | 791 | $ | 104 | $ | 908 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
DERIVATIVES: | |||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | — | $ | 206 | $ | 210 | $ | 416 | $ | — | $ | 221 | $ | 101 | $ | 322 | |||||||||||||||||
Cross currency derivatives | — | 29 | — | 29 | — | 11 | — | 11 | |||||||||||||||||||||||||
Foreign currency derivatives | — | 43 | 9 | 52 | — | 16 | 5 | 21 | |||||||||||||||||||||||||
Commodity derivatives | — | 16 | 1 | 17 | — | 15 | 2 | 17 | |||||||||||||||||||||||||
Total derivatives | — | 294 | 220 | 514 | — | 263 | 108 | 371 | |||||||||||||||||||||||||
TOTAL LIABILITIES | $ | — | $ | 294 | $ | 220 | $ | 514 | $ | — | $ | 263 | $ | 108 | $ | 371 | |||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||||||
(1) | Amortized cost approximated fair value at December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
Derivatives Level 3 Rollforward Table | The following tables present a reconciliation of net derivative assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2014 and 2013 (presented net by type of derivative). Transfers between Level 3 and Level 2 are determined as of the end of the reporting period and principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment. | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||
Interest Rate | Foreign | Commodity | Total | ||||||||||||||||||||||||||||||
Currency | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Balance at January 1 | $ | (101 | ) | $ | 93 | $ | 4 | $ | (4 | ) | |||||||||||||||||||||||
Total gains (losses) (realized and unrealized): | |||||||||||||||||||||||||||||||||
Included in earnings | 2 | 134 | 1 | 137 | |||||||||||||||||||||||||||||
Included in other comprehensive income - derivative activity | (154 | ) | (2 | ) | — | (156 | ) | ||||||||||||||||||||||||||
Included in other comprehensive income - foreign currency translation activity | 13 | (25 | ) | — | (12 | ) | |||||||||||||||||||||||||||
Included in regulatory (assets) liabilities | — | — | 16 | 16 | |||||||||||||||||||||||||||||
Settlements | 30 | (4 | ) | (15 | ) | 11 | |||||||||||||||||||||||||||
Transfers of assets (liabilities) into Level 3 | — | 10 | — | 10 | |||||||||||||||||||||||||||||
Transfers of (assets) liabilities out of Level 3 | — | 3 | — | 3 | |||||||||||||||||||||||||||||
Balance at December 31 | $ | (210 | ) | $ | 209 | $ | 6 | $ | 5 | ||||||||||||||||||||||||
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | 2 | $ | 130 | $ | (1 | ) | $ | 131 | ||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Interest Rate | Foreign | Commodity | Total | ||||||||||||||||||||||||||||||
Currency | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Balance at January 1 | $ | (412 | ) | $ | 72 | $ | (1 | ) | $ | (341 | ) | ||||||||||||||||||||||
Total gains (losses) (realized and unrealized): | |||||||||||||||||||||||||||||||||
Included in earnings | 13 | 53 | 4 | 70 | |||||||||||||||||||||||||||||
Included in other comprehensive income - derivative activity | 93 | — | — | 93 | |||||||||||||||||||||||||||||
Included in other comprehensive income - foreign currency translation activity | (4 | ) | (23 | ) | — | (27 | ) | ||||||||||||||||||||||||||
Included in regulatory (assets) liabilities | — | — | 2 | 2 | |||||||||||||||||||||||||||||
Settlements | 100 | (5 | ) | (1 | ) | 94 | |||||||||||||||||||||||||||
Transfers of (assets) liabilities out of Level 3 | 109 | (4 | ) | — | 105 | ||||||||||||||||||||||||||||
Balance at December 31 | $ | (101 | ) | $ | 93 | $ | 4 | $ | (4 | ) | |||||||||||||||||||||||
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | 10 | $ | 53 | $ | 1 | $ | 64 | |||||||||||||||||||||||||
Significant unobservable inputs, recurring | The following table summarizes the significant unobservable inputs used for the Level 3 derivative assets (liabilities) as of December 31, 2014: | ||||||||||||||||||||||||||||||||
Type of Derivative | Fair Value | Unobservable Input | Amount or Range | ||||||||||||||||||||||||||||||
(Weighted Average) | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Interest rate | $ | (210 | ) | Subsidiaries’ credit spreads | 3.75%-8.24% (5.70%) | ||||||||||||||||||||||||||||
Foreign currency: | |||||||||||||||||||||||||||||||||
Derivative — Argentine Peso | 208 | Argentine Peso to U.S. Dollar currency exchange rate after 1 year | 8.75 - 33.66 (21.31) | ||||||||||||||||||||||||||||||
Embedded derivative — Euro | 1 | Subsidiary and counterparty credit spreads | 5.43%-8.24% (6.84%) | ||||||||||||||||||||||||||||||
Commodity: | |||||||||||||||||||||||||||||||||
Other | 6 | ||||||||||||||||||||||||||||||||
Total | $ | 5 | |||||||||||||||||||||||||||||||
Fair value hierarchy for nonrecurring measurements table | The following table summarizes major categories of assets and liabilities measured at fair value on a nonrecurring basis during the period and their level within the fair value hierarchy: | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||
Carrying Amount (1) | Fair Value | Pretax | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Loss | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Long-lived assets held and used:(2) | |||||||||||||||||||||||||||||||||
DP&L (East Bend) | $ | 14 | $ | — | $ | 2 | $ | — | $ | 12 | |||||||||||||||||||||||
Ebute | 103 | — | — | 36 | 67 | ||||||||||||||||||||||||||||
UK Wind (Newfield) | 11 | — | — | — | 11 | ||||||||||||||||||||||||||||
Discontinued operations and held-for-sale businesses:(3) | |||||||||||||||||||||||||||||||||
Cameroon businesses | 372 | — | 334 | — | 38 | ||||||||||||||||||||||||||||
Equity method investments (4) | |||||||||||||||||||||||||||||||||
Silver Ridge Power | 315 | — | — | 273 | 42 | ||||||||||||||||||||||||||||
Entek | 211 | — | 125 | — | 86 | ||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||
DPLER | 136 | — | — | — | 136 | ||||||||||||||||||||||||||||
Buffalo Gap | 28 | — | — | — | 28 | ||||||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Carrying Amount (1) | Fair Value | Pretax | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Loss | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Long-lived assets held and used:(2) | |||||||||||||||||||||||||||||||||
Itabo (San Lorenzo) | $ | 23 | $ | — | $ | — | $ | 7 | $ | 16 | |||||||||||||||||||||||
Beaver Valley | 61 | — | — | 15 | 46 | ||||||||||||||||||||||||||||
DP&L (Conesville) | 26 | — | — | — | 26 | ||||||||||||||||||||||||||||
Long-lived assets held for sale:(2) | |||||||||||||||||||||||||||||||||
U.S. wind turbines | 25 | — | 25 | — | — | ||||||||||||||||||||||||||||
Discontinued operations and held-for-sale businesses:(3) | |||||||||||||||||||||||||||||||||
Cameroon | 414 | — | 351 | — | 63 | ||||||||||||||||||||||||||||
Saurashtra | 19 | — | 7 | — | 12 | ||||||||||||||||||||||||||||
Ukraine utilities | 164 | — | 120 | — | 44 | ||||||||||||||||||||||||||||
Poland wind projects | 79 | — | 14 | — | 65 | ||||||||||||||||||||||||||||
U.S. wind projects | 77 | — | 30 | — | 47 | ||||||||||||||||||||||||||||
Equity method investments (4) | 240 | — | — | 111 | 129 | ||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||
DP&L | 623 | — | — | 316 | 307 | ||||||||||||||||||||||||||||
Ebute | 58 | — | — | — | 58 | ||||||||||||||||||||||||||||
Mountain View | 7 | — | — | — | 7 | ||||||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||||||
(1) | Represents the carrying value at the date of measurement, before fair value adjustment. | ||||||||||||||||||||||||||||||||
(2) | See Note 21—Asset Impairment Expense and Note 24—Dispositions for further information. | ||||||||||||||||||||||||||||||||
(3) | See Note 23—Discontinued Operations and Held-For-Sale Businesses for further information. Fair value of long-lived assets held-for-sale exclude costs to sell. | ||||||||||||||||||||||||||||||||
(4) | See Note 9—Other Non-Operating Expense for further information. | ||||||||||||||||||||||||||||||||
Significant unobservable inputs, nonrecurring | The following table summarizes the significant unobservable inputs used in the Level 3 measurement of long-lived assets during the year ended December 31, 2014: | ||||||||||||||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||||||||||||||
(in millions) | ($ in millions) | ||||||||||||||||||||||||||||||||
Long-lived assets held and used: | |||||||||||||||||||||||||||||||||
Ebute | 36 | Discounted cash flow | Annual revenue growth | 0% to 1% (1%) | |||||||||||||||||||||||||||||
Annual pretax operating margin | 0% to 56% (25%) | ||||||||||||||||||||||||||||||||
Equity method investment: | |||||||||||||||||||||||||||||||||
Silver Ridge Power | 273 | Discounted cash flow | Annual revenue growth | -57% to 1% (-4%) | |||||||||||||||||||||||||||||
Annual pretax operating margin | -115% to 50% (6%) | ||||||||||||||||||||||||||||||||
Cost of equity | 13% to 16% (14%) | ||||||||||||||||||||||||||||||||
Total | $ | 309 | |||||||||||||||||||||||||||||||
Financial instruments not measured at fair value in the condensed consolidated balance sheets | The following table sets forth the carrying amount, fair value and fair value hierarchy of the Company’s financial assets and liabilities that are not measured at fair value in the consolidated balance sheets as of December 31, 2014 and 2013, but for which fair value is disclosed. | ||||||||||||||||||||||||||||||||
Carrying | Fair Value | ||||||||||||||||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Accounts receivable — noncurrent(1) | $ | 257 | $ | 246 | $ | — | $ | — | $ | 246 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Non-recourse debt | 15,600 | 16,008 | — | 12,538 | 3,470 | ||||||||||||||||||||||||||||
Recourse debt | 5,258 | 5,552 | — | 5,552 | — | ||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Accounts receivable — noncurrent(1) | $ | 260 | $ | 194 | $ | — | $ | — | $ | 194 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Non-recourse debt | 15,380 | 15,620 | — | 13,397 | 2,223 | ||||||||||||||||||||||||||||
Recourse debt | 5,669 | 6,164 | — | 6,164 | — | ||||||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||||||
(1) | These accounts receivable principally relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and are included in “Noncurrent assets — Other” in the accompanying consolidated balance sheets. The fair value of these accounts receivable excludes value-added tax of $36 million and $46 million at December 31, 2014 and 2013, respectively. |
Investments_In_Marketable_Secu1
Investments In Marketable Securities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||
Pre-Tax Gains And Losses On Available For Sale And Trading Securities | The following table summarizes the gross proceeds from sale of AFS securities for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
Gross proceeds from sales of AFS securities | $ | 4,569 | $ | 4,406 | $ | 6,489 | |||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||
Interest Rate Derivatives By Type Table | The following tables set forth, by type of derivative, the Company’s outstanding notional under its derivatives and the weighted-average remaining term as of December 31, 2014 regardless of whether the derivative instruments are in qualifying cash flow hedging relationships: | ||||||||||||||||||||||||||
Current | Maximum | ||||||||||||||||||||||||||
Interest Rate and Cross Currency | Derivative | Derivative Notional Translated to USD | Derivative | Derivative Notional Translated to USD | Weighted-Average Remaining Term | % of Debt Currently Hedged by Index | |||||||||||||||||||||
Notional | Notional | ||||||||||||||||||||||||||
(in millions) | (in years) | ||||||||||||||||||||||||||
Interest Rate Derivatives:(1) | |||||||||||||||||||||||||||
LIBOR (U.S. Dollar) | 2,382 | $ | 2,382 | 3,047 | $ | 3,047 | 11 | 53 | % | ||||||||||||||||||
EURIBOR (Euro) | 531 | 642 | 531 | 642 | 7 | 83 | % | ||||||||||||||||||||
Cross Currency Swaps: | |||||||||||||||||||||||||||
Chilean Unidad de Fomento | 4 | 179 | 4 | 179 | 14 | 82 | % | ||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||
(1) | The Company’s interest rate derivative instruments primarily include accreting and amortizing notionals. The maximum derivative notional represents the largest notional at any point between December 31, 2014 and the maturity of the derivative instrument, which includes forward-starting derivative instruments. The interest rate and cross currency derivatives range in maturity through 2033 and 2028, respectively. | ||||||||||||||||||||||||||
Foreign Currency Derivatives By Type Table | |||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||
Foreign Currency Derivatives | Notional(1) | Notional Translated to USD | Weighted-Average Remaining Term(2) | ||||||||||||||||||||||||
(in millions) | (in years) | ||||||||||||||||||||||||||
Foreign Currency Options and Forwards: | |||||||||||||||||||||||||||
Chilean Unidad de Fomento | 10 | $ | 404 | <1 | |||||||||||||||||||||||
Chilean Peso | 74,438 | 123 | <1 | ||||||||||||||||||||||||
Brazilian Real | 200 | 75 | <1 | ||||||||||||||||||||||||
Euro | 45 | 55 | <1 | ||||||||||||||||||||||||
Colombian Peso | 67,455 | 29 | <1 | ||||||||||||||||||||||||
Argentine Peso | 1,933 | 226 | 10 | ||||||||||||||||||||||||
British Pound | 16 | 25 | <1 | ||||||||||||||||||||||||
Embedded Foreign Currency Derivatives: | |||||||||||||||||||||||||||
Kazakhstani Tenge | 4,239 | 23 | 1 | ||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||
(1) | Represents contractual notionals. The notionals for options have not been probability adjusted, which generally would decrease them. | ||||||||||||||||||||||||||
(2) | Represents the remaining tenor of our foreign currency derivatives weighted by the corresponding notional. These options and forwards and these embedded derivatives range in maturity through 2025 and 2017, respectively. | ||||||||||||||||||||||||||
Commodity Derivatives By Type Table | |||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||
Weighted-Average | |||||||||||||||||||||||||||
Commodity Derivatives | Notional | Remaining Term(1) | |||||||||||||||||||||||||
(in millions) | (in years) | ||||||||||||||||||||||||||
Power (MWh) | 5 | 2 | |||||||||||||||||||||||||
Coal (Metric tons) | 1 | 1 | |||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||
(1) | Represents the remaining tenor of our commodity derivatives weighted by the corresponding volume. These derivatives range in maturity through 2016. | ||||||||||||||||||||||||||
Derivative Assets Liabilities At Fair Value Net By Balance Sheet Classification And Type Table | The following tables set forth the Company’s derivative instruments as of the periods indicated, first by whether or not they are designated hedging instruments, then by whether they are current or noncurrent to the extent they are subject to master netting agreements or similar agreements (where the rights to set-off relate to settlement of amounts receivable and payable under those derivatives) and by balances no longer accounted for as derivatives. | ||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||
Designated | Not Designated | Total | Designated | Not Designated | Total | ||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Interest rate derivatives | $ | — | $ | — | $ | — | $ | 96 | $ | 2 | $ | 98 | |||||||||||||||
Cross currency derivatives | — | — | — | 5 | — | 5 | |||||||||||||||||||||
Foreign currency derivatives | 6 | 230 | 236 | 4 | 109 | 113 | |||||||||||||||||||||
Commodity derivatives | 25 | 19 | 44 | 8 | 16 | 24 | |||||||||||||||||||||
Total assets | $ | 31 | $ | 249 | $ | 280 | $ | 113 | $ | 127 | $ | 240 | |||||||||||||||
Liabilities | |||||||||||||||||||||||||||
Interest rate derivatives | $ | 416 | $ | — | $ | 416 | $ | 318 | $ | 4 | $ | 322 | |||||||||||||||
Cross currency derivatives | 29 | — | 29 | 11 | — | 11 | |||||||||||||||||||||
Foreign currency derivatives | 38 | 14 | 52 | 15 | 6 | 21 | |||||||||||||||||||||
Commodity derivatives | 7 | 10 | 17 | 7 | 10 | 17 | |||||||||||||||||||||
Total liabilities | $ | 490 | $ | 24 | $ | 514 | $ | 351 | $ | 20 | $ | 371 | |||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Current | $ | 77 | $ | 148 | $ | 32 | $ | 157 | |||||||||||||||||||
Noncurrent | 203 | 366 | 208 | 214 | |||||||||||||||||||||||
Total | $ | 280 | $ | 514 | $ | 240 | $ | 371 | |||||||||||||||||||
Derivatives subject to master netting agreement or similar agreement: | |||||||||||||||||||||||||||
Gross amounts recognized in the balance sheet | $ | 53 | $ | 507 | $ | 91 | $ | 314 | |||||||||||||||||||
Gross amounts of derivative instruments not offset | (10 | ) | (10 | ) | (9 | ) | (9 | ) | |||||||||||||||||||
Gross amounts of cash collateral received/pledged not offset | — | (5 | ) | (3 | ) | (6 | ) | ||||||||||||||||||||
Net amount | $ | 43 | $ | 492 | $ | 79 | $ | 299 | |||||||||||||||||||
Other balances that had been, but are no longer, accounted for as derivatives that are to be amortized to earnings over the remaining term of the associated PPA | $ | 161 | $ | 180 | $ | 169 | $ | 190 | |||||||||||||||||||
Gain Loss In Accumulated Other Comprehensive Income And Earnings On Effective Portion Of Qualifying Cash Flow Hedges Table | The following tables set forth the pretax gains (losses) recognized in AOCL and earnings related to the effective portion of derivative instruments in qualifying cash flow hedging relationships (including amounts that were reclassified from AOCL as interest expense related to interest rate derivative instruments that previously, but no longer, qualify for cash flow hedge accounting), as defined in the accounting standards for derivatives and hedging, for the periods indicated: | ||||||||||||||||||||||||||
Gains (Losses) Recognized in AOCL | Classification in Condensed Consolidated Statements of Operations | Gains (Losses) Reclassified from AOCL into Earnings | |||||||||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||||||
Type of Derivative | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||
Interest rate derivatives | $ | (421 | ) | $ | 155 | $ | (175 | ) | Interest expense | $ | (139 | ) | $ | (127 | ) | $ | (135 | ) | |||||||||
Non-regulated cost of sales | (2 | ) | (5 | ) | (6 | ) | |||||||||||||||||||||
Net equity in earnings of affiliates | (3 | ) | (6 | ) | (7 | ) | |||||||||||||||||||||
Asset impairment expense | — | — | (6 | ) | |||||||||||||||||||||||
Gain on sale of investments | — | (21 | ) | (96 | ) | ||||||||||||||||||||||
Cross currency derivatives | (25 | ) | (18 | ) | 4 | Interest expense | — | (10 | ) | (12 | ) | ||||||||||||||||
Foreign currency transaction gains (losses) | (23 | ) | (18 | ) | 26 | ||||||||||||||||||||||
Foreign currency derivatives | (28 | ) | — | 10 | Foreign currency transaction gains (losses) | 14 | 12 | 5 | |||||||||||||||||||
Commodity derivatives | 44 | 2 | (8 | ) | Non-regulated revenue | 30 | (3 | ) | (2 | ) | |||||||||||||||||
Non-regulated cost of sales | (2 | ) | (2 | ) | — | ||||||||||||||||||||||
Total | $ | (430 | ) | $ | 139 | $ | (169 | ) | $ | (125 | ) | $ | (180 | ) | $ | (233 | ) | ||||||||||
Gain Loss In Earnings On Ineffective Portion Of Qualifying Cash Flow Hedges Table | The following table sets forth the pretax gains (losses) recognized in earnings related to the ineffective portion of derivative instruments in qualifying cash flow hedging relationships, as defined in the accounting standards for derivatives and hedging, for the periods indicated: | ||||||||||||||||||||||||||
Gains (Losses) Recognized in Earnings | |||||||||||||||||||||||||||
Classification in Condensed Consolidated Statements of Operations | Years Ended December 31, | ||||||||||||||||||||||||||
Type of Derivative | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | — | $ | 42 | $ | (2 | ) | |||||||||||||||||||
Net equity in earnings of affiliates | (1 | ) | 1 | (1 | ) | ||||||||||||||||||||||
Foreign currency derivatives | Foreign currency transaction gains (losses) | (2 | ) | — | — | ||||||||||||||||||||||
Cross currency derivatives | Interest expense | (1 | ) | — | (1 | ) | |||||||||||||||||||||
Total | $ | (4 | ) | $ | 43 | $ | (4 | ) | |||||||||||||||||||
Gain Loss In Earnings On Non Hedging Instruments Table | The following table sets forth the gains (losses) recognized in earnings related to derivative instruments not designated as hedging instruments under the accounting standards for derivatives and hedging and the amortization of balances that had been, but are no longer, accounted for as derivatives, for the periods indicated: | ||||||||||||||||||||||||||
Gains (Losses) Recognized in Earnings | |||||||||||||||||||||||||||
Classification in Condensed Consolidated Statements of Operations | Years Ended December 31, | ||||||||||||||||||||||||||
Type of Derivative | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Interest rate derivatives | Interest expense | $ | (3 | ) | $ | (1 | ) | $ | (5 | ) | |||||||||||||||||
Net equity in earnings of affiliates | — | (6 | ) | — | |||||||||||||||||||||||
Foreign currency derivatives | Foreign currency transaction gains (losses) | 146 | 64 | (141 | ) | ||||||||||||||||||||||
Net equity in earnings of affiliates | (2 | ) | (24 | ) | — | ||||||||||||||||||||||
Commodity and other derivatives | Non-regulated revenue | 5 | 11 | 24 | |||||||||||||||||||||||
Regulated revenue | — | — | (10 | ) | |||||||||||||||||||||||
Non-regulated cost of sales | (3 | ) | 1 | 2 | |||||||||||||||||||||||
Regulated cost of sales | (6 | ) | 2 | (15 | ) | ||||||||||||||||||||||
Income (loss) from operations of discontinued businesses | (7 | ) | (18 | ) | (4 | ) | |||||||||||||||||||||
Net gain (loss) from disposal and impairments of discontinued operations | 72 | — | — | ||||||||||||||||||||||||
Total | $ | 202 | $ | 29 | $ | (149 | ) | ||||||||||||||||||||
Financing_Receivables_Tables
Financing Receivables (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Receivables [Abstract] | |||||||||
Financing Receivables | The table below sets forth the breakdown of financing receivables by country as of the periods indicated: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in millions) | |||||||||
Argentina(1) | $ | 278 | $ | 164 | |||||
Dominican Republic | — | 2 | |||||||
Brazil | 15 | 18 | |||||||
Total long-term financing receivables | $ | 293 | $ | 184 | |||||
_____________________________ | |||||||||
(1) | As of December 31, 2014 all amounts had contractual maturities of greater than one year. As of December 31, 2013, total receivables with the Argentine government were $286 million, and the amount presented in the table above excluded noncurrent receivables of $122 million which had not yet been converted into financing receivables and did not have contractual maturities of greater than one year at the time. |
Investments_In_and_Advances_To1
Investments In and Advances To Affiliates (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||
Equity Ownership Interest And Carrying Values Of Investments Accounted For Under The Equity Method | The following table summarizes the relevant effective equity ownership interest and carrying values for the Company’s investments accounted for under the equity method as of the periods indicated. | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Affiliate | Country | Carrying Value (in millions) | Ownership Interest % | |||||||||||||||||||||
Silver Ridge Power | Various | $ | — | $ | 281 | — | % | 50 | % | |||||||||||||||
Solar Power PR | Puerto Rico | 2 | 10 | 50 | % | 50 | % | |||||||||||||||||
Barry(1) | United Kingdom | — | — | 100 | % | 100 | % | |||||||||||||||||
Elsta(1) | Netherlands | 54 | 120 | 50 | % | 50 | % | |||||||||||||||||
Entek | Turkey | — | 165 | — | % | 50 | % | |||||||||||||||||
Guacolda(2) | Chile | 285 | 245 | 35 | % | 35 | % | |||||||||||||||||
OPGC(3) | India | 194 | 186 | 49 | % | 49 | % | |||||||||||||||||
Other affiliates | Various | 2 | 3 | |||||||||||||||||||||
Total investments in and advances to affiliates | $ | 537 | $ | 1,010 | ||||||||||||||||||||
(1) | Represent VIEs in which the Company holds a variable interest but is not the primary beneficiary. | |||||||||||||||||||||||
(2) | The Company's ownership in Guacolda is held through AES Gener, a 71%-owned consolidated subsidiary. AES Gener owns 50% of Guacolda, resulting in an AES effective ownership in Guacolda of 35%. | |||||||||||||||||||||||
(3) | OPGC has one coal-fired expansion project under development with a total capacity of 1,320 MW. The project started construction in April 2014 and is currently expected to begin operations in 2018. As of December 31, 2014, total capitalized costs at the project level were $186 million (AES share of $91 million). | |||||||||||||||||||||||
Investments In and Advances to Affiliates Financial Information | The following tables summarize financial information of the Company’s 50%-or-less-owned affiliates and majority-owned unconsolidated subsidiaries that are accounted for using the equity method. | |||||||||||||||||||||||
50%-or-less Owned Affiliates | Majority-Owned Unconsolidated Subsidiaries | |||||||||||||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Revenue | $ | 928 | $ | 1,099 | $ | 1,868 | $ | 2 | $ | 2 | $ | 106 | ||||||||||||
Operating margin | 206 | 295 | 355 | — | — | 26 | ||||||||||||||||||
Net income (loss) | 59 | 53 | 146 | — | — | (5 | ) | |||||||||||||||||
December 31, | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||
Current assets | $ | 450 | $ | 842 | $ | — | $ | 1 | ||||||||||||||||
Noncurrent assets | 1,748 | 3,722 | 15 | 20 | ||||||||||||||||||||
Current liabilities | 299 | 600 | — | 1 | ||||||||||||||||||||
Noncurrent liabilities | 935 | 2,096 | 67 | 75 | ||||||||||||||||||||
Noncontrolling interests | 17 | 15 | — | — | ||||||||||||||||||||
Stockholders’ equity | 947 | 1,853 | (52 | ) | (55 | ) | ||||||||||||||||||
Other_NonOperating_Expense_Tab
Other Non-Operating Expense (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Schedule of Other Nonoperating Expense By Component | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
Entek | $ | 86 | $ | — | $ | — | |||||||
Silver Ridge | 42 | — | — | ||||||||||
Elsta | — | 129 | — | ||||||||||
China generation and wind | — | — | 32 | ||||||||||
InnoVent | — | — | 17 | ||||||||||
Other | — | — | 1 | ||||||||||
Total other non-operating expense | $ | 128 | $ | 129 | $ | 50 | |||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Goodwill | The following table summarizes the changes in the carrying amount of goodwill, by reportable segment for the years ended December 31, 2014 and 2013. | |||||||||||||||||||||||
US | Andes | MCAC | Europe | Asia | Total | |||||||||||||||||||
Balance as of December 31, 2012 | ||||||||||||||||||||||||
Goodwill | $ | 2,663 | $ | 899 | $ | 149 | $ | 180 | $ | 68 | $ | 3,959 | ||||||||||||
Accumulated impairment losses | (1,838 | ) | — | — | (122 | ) | — | (1,960 | ) | |||||||||||||||
Net balance | 825 | 899 | 149 | 58 | 68 | 1,999 | ||||||||||||||||||
Impairment losses | (314 | ) | — | — | (58 | ) | — | (372 | ) | |||||||||||||||
Other | (5 | ) | — | — | — | — | (5 | ) | ||||||||||||||||
Balance as of December 31, 2013 | ||||||||||||||||||||||||
Goodwill | 2,658 | 899 | 149 | 180 | 68 | 3,954 | ||||||||||||||||||
Accumulated impairment losses | (2,152 | ) | — | — | (180 | ) | — | (2,332 | ) | |||||||||||||||
Net balance | 506 | 899 | 149 | — | 68 | 1,622 | ||||||||||||||||||
Impairment losses | (164 | ) | — | — | — | — | (164 | ) | ||||||||||||||||
Balance as of December 31, 2014 | ||||||||||||||||||||||||
Goodwill | 2,658 | 899 | 149 | 122 | (1) | 68 | 3,896 | |||||||||||||||||
Accumulated impairment losses | (2,316 | ) | — | — | (122 | ) | — | (2,438 | ) | |||||||||||||||
Net balance | $ | 342 | $ | 899 | $ | 149 | $ | — | $ | 68 | $ | 1,458 | ||||||||||||
_____________________________ | ||||||||||||||||||||||||
(1) Both the gross carrying amount and the accumulated impairment losses of the Europe segment have been reduced by $58 million with no impact on the net carrying amount for the segment. This relates to Ebute, which had fully impaired goodwill of $58 million and was sold in 2014. | ||||||||||||||||||||||||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets | The following tables summarize the balances comprising other intangible assets in the accompanying Consolidated Balance Sheets as of the periods indicated: | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross Balance | Accumulated | Net Balance | Gross Balance | Accumulated | Net Balance | |||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Subject to Amortization | ||||||||||||||||||||||||
Project development rights(1) | $ | 28 | $ | (1 | ) | $ | 27 | $ | 31 | $ | (1 | ) | $ | 30 | ||||||||||
Sales concessions(2) | 86 | (41 | ) | 45 | 95 | (45 | ) | 50 | ||||||||||||||||
Contractual payment rights(3) | 69 | (40 | ) | 29 | 74 | (33 | ) | 41 | ||||||||||||||||
Management rights | 33 | (13 | ) | 20 | 37 | (13 | ) | 24 | ||||||||||||||||
Emission allowances | 4 | — | 4 | 4 | — | 4 | ||||||||||||||||||
Contracts | 36 | (19 | ) | 17 | 46 | (24 | ) | 22 | ||||||||||||||||
Customer contracts and relationships | 63 | (39 | ) | 24 | 63 | (34 | ) | 29 | ||||||||||||||||
Other(4) | 21 | (5 | ) | 16 | 20 | (3 | ) | 17 | ||||||||||||||||
Subtotal | 340 | (158 | ) | 182 | 370 | (153 | ) | 217 | ||||||||||||||||
Indefinite-Lived Intangible Assets | ||||||||||||||||||||||||
Land use rights | 59 | — | 59 | 46 | — | 46 | ||||||||||||||||||
Water rights | 20 | — | 20 | 20 | — | 20 | ||||||||||||||||||
Trademark/Trade name | 5 | — | 5 | 5 | — | 5 | ||||||||||||||||||
Other | 15 | — | 15 | 9 | — | 9 | ||||||||||||||||||
Subtotal | 99 | — | 99 | 80 | — | 80 | ||||||||||||||||||
Total | $ | 439 | $ | (158 | ) | $ | 281 | $ | 450 | $ | (153 | ) | $ | 297 | ||||||||||
_____________________________ | ||||||||||||||||||||||||
(1) | Represent development rights, including but not limited to, land control, various permits and right to acquire equity interests in development projects resulting from asset acquisitions by our wind operations in the U.K. The balance excludes project development rights of $70 million relating to our Poland wind operations that were fully impaired in the third quarter of 2013 and subsequently sold in November 2013. See Note 23—Discontinued Operations and Held-for-Sale Businesses for further information. | |||||||||||||||||||||||
-2 | Excludes net balance of sales concessions of $32 million as of December 31, 2013 relating to our utility businesses in Cameroon that were included in noncurrent assets of discontinued operations. See Note 23—Discontinued Operations and Held for Sale Businesses for further information. | |||||||||||||||||||||||
(3) | Represent legal rights to receive system reliability payments from the regulator. | |||||||||||||||||||||||
(4) | Includes renewable energy certificates, land-use rights and various other intangible assets none of which is individually significant. | |||||||||||||||||||||||
Schedule of Acquired Intangible Assets By Major Class | The following table summarizes, by category, other intangible assets acquired during the periods indicated: | |||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Amount | Subject to Amortization/ | Weighted Average | Amortization | |||||||||||||||||||||
Indefinite-Lived | Amortization Period | Method | ||||||||||||||||||||||
(in millions) | (in years) | |||||||||||||||||||||||
Renewable energy certificates | $ | 3 | Indefinite | N/A | N/A | |||||||||||||||||||
Land-use rights | 16 | Indefinite | N/A | N/A | ||||||||||||||||||||
Total | $ | 19 | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Amount | Subject to Amortization/ | Weighted Average | Amortization | |||||||||||||||||||||
Indefinite-Lived | Amortization Period | Method | ||||||||||||||||||||||
(in millions) | (in years) | |||||||||||||||||||||||
Renewable energy certificates | $ | 3 | Indefinite | N/A | N/A | |||||||||||||||||||
Other | 2 | Various | N/A | N/A | ||||||||||||||||||||
Total | $ | 5 | ||||||||||||||||||||||
Schedule of Expected Amortization Expense | The following table summarizes the estimated amortization expense, by intangible asset category, for 2015 through 2019: | |||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Customer relationships & contracts | $ | 3 | $ | 3 | $ | 3 | $ | 3 | $ | 3 | ||||||||||||||
Sales concessions | 4 | 3 | 3 | 3 | 3 | |||||||||||||||||||
Contractual payment rights | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||
All other | 4 | 4 | 4 | 4 | 3 | |||||||||||||||||||
Total | $ | 12 | $ | 11 | $ | 11 | $ | 11 | $ | 10 | ||||||||||||||
Regulatory_Assets_and_Liabilit1
Regulatory Assets and Liabilities (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Regulated Operations [Abstract] | ||||||||||||||||
Regulatory Assets and Liabilities | The Company has recorded regulatory assets and liabilities that it expects to pass through to its customers in accordance with, and subject to, regulatory provisions as follows: | |||||||||||||||
December 31, | Recovery/Refund Period | |||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) | ||||||||||||||||
REGULATORY ASSETS | ||||||||||||||||
Current regulatory assets: | ||||||||||||||||
Brazil tariff recoveries:(1) | ||||||||||||||||
Energy purchases / sales | $ | 424 | $ | 87 | Annually as part of the tariff adjustment | |||||||||||
Transmission costs, regulatory fees and other | 63 | 52 | Annually as part of the tariff adjustment | |||||||||||||
El Salvador tariff recoveries(2) | 92 | 108 | Quarterly as part of the tariff adjustment | |||||||||||||
Other(3) | 58 | 35 | Various | |||||||||||||
Total current regulatory assets | 637 | 282 | ||||||||||||||
Noncurrent regulatory assets: | ||||||||||||||||
Defined benefit pension obligations at IPL and DPL(4)(5) | 329 | 261 | Various | |||||||||||||
Income taxes recoverable from customers(4)(6) | 74 | 72 | Various | |||||||||||||
Brazil tariff recoveries:(1) | ||||||||||||||||
Energy purchases / sales | 266 | 62 | Annually as part of the tariff adjustment | |||||||||||||
Transmission costs, regulatory fees and other | 14 | 4 | Annually as part of the tariff adjustment | |||||||||||||
Deferred Midwest ISO costs(7) | 111 | 98 | To be determined | |||||||||||||
Other(3) | 78 | 139 | Various | |||||||||||||
Total noncurrent regulatory assets | 872 | 636 | ||||||||||||||
TOTAL REGULATORY ASSETS | $ | 1,509 | $ | 918 | ||||||||||||
REGULATORY LIABILITIES | ||||||||||||||||
Current regulatory liabilities: | ||||||||||||||||
Brazil tariff reset adjustment(8) | $ | 76 | $ | 245 | Two years | |||||||||||
Efficiency program costs(9) | 22 | 25 | Annually as part of the tariff adjustment | |||||||||||||
Brazil regulatory asset base adjustment(13) | 123 | 34 | Up to four tariff periods | |||||||||||||
Brazil tariff refunds:(1) | ||||||||||||||||
Energy purchases / sales | 144 | 48 | Annually as part of the tariff adjustment | |||||||||||||
Transmission costs, regulatory fees and other | 174 | 69 | Annually as part of the tariff adjustment | |||||||||||||
Other(10) | 66 | 40 | Various | |||||||||||||
Total current regulatory liabilities | 605 | 461 | ||||||||||||||
Noncurrent regulatory liabilities: | ||||||||||||||||
Brazil tariff reset adjustment(8) | — | 82 | Two years | |||||||||||||
Asset retirement obligations(11) | 727 | 696 | Over life of assets | |||||||||||||
Brazil regulatory asset base adjustment(13) | 61 | 235 | Up to four tariff periods | |||||||||||||
Brazil special obligations(12) | 484 | 502 | To be determined | |||||||||||||
Brazil tariff refunds:(1) | ||||||||||||||||
Energy purchases / sales | 128 | 16 | Annually as part of the tariff adjustment | |||||||||||||
Transmission costs, regulatory fees and other | 97 | 42 | Annually as part of the tariff adjustment | |||||||||||||
Efficiency program costs(9) | 11 | 10 | Annually as part of the tariff adjustment | |||||||||||||
Other(10) | 1 | 9 | Various | |||||||||||||
Total noncurrent regulatory liabilities | 1,509 | 1,592 | ||||||||||||||
TOTAL REGULATORY LIABILITIES | $ | 2,114 | $ | 2,053 | ||||||||||||
_____________________________ | ||||||||||||||||
-1 | Recoverable or refundable per Brazilian National Electric Energy Agency (“ANEEL”) regulations through the Annual Tariff Adjustment (“IRT”). These costs are generally non-controllable costs and primarily consist of purchased electricity, energy transmission costs and sector costs that are considered volatile. These costs are passed through for a period of 12 months as part of the annual tariff adjustment. Any remaining balance is considered in the following annual tariff adjustment, which results in a total of 24 months to recover or refund the costs. Favorable spot market sales are also subject to customer refunds through the IRT over the course of these time periods. | |||||||||||||||
-2 | Deferred fuel costs incurred by our El Salvador subsidiaries associated with purchase of energy from the El Salvador spot market and the power generation plants. In El Salvador, the deferred fuel adjustment represents the variance between the actual fuel costs and the fuel costs recovered in the tariffs. The variance is recovered quarterly at the tariff reset period. | |||||||||||||||
-3 | Includes assets with and without a rate of return. Other current regulatory assets that did not earn a rate of return were $22 million and $13 million, as of December 31, 2014 and 2013, respectively. Other noncurrent regulatory assets that did not earn a rate of return were $73 million and $71 million, as of December 31, 2014 and 2013, respectively. Other current and noncurrent regulatory assets primarily consist of: | |||||||||||||||
▪ | Unamortized losses on long-term debt reacquired or redeemed in prior periods at IPL and DPL, which are amortized over the lives of the original issues in accordance with the FERC and PUCO rules. | |||||||||||||||
▪ | Unamortized carrying charges and certain other costs related to Petersburg unit 4 at IPL. | |||||||||||||||
▪ | Deferred storm costs incurred primarily in 2008 to repair storm damage at DPL; recovery was approved in a December 17, 2014 order from the PUCO and began in January 2015. | |||||||||||||||
▪ | Additional Regulatory Asset Base (RAB) from a favorable decision on tariff reset (administrative appeal) at Eletropaulo. | |||||||||||||||
-4 | Past expenditures on which the Company does not earn a rate of return. | |||||||||||||||
-5 | The regulatory accounting standards allow the defined pension and postretirement benefit obligation to be recorded as a regulatory asset equal to the previously unrecognized actuarial gains and losses and prior service costs that are expected to be recovered through future rates. Pension expense is recognized based on the plan’s actuarially determined pension liability. Recovery of costs is probable, but not yet determined. Pension contributions made by our Brazilian subsidiaries are not included in regulatory assets as those contributions are not covered by the established tariff in Brazil. | |||||||||||||||
-6 | Probability of recovery through future rates, based upon established regulatory practices, which permit the recovery of current taxes. This amount is expected to be recovered, without interest, over the period as book-tax temporary differences reverse and become current taxes. | |||||||||||||||
-7 | Transmission service costs and other administrative costs from IPL’s participation in the Midwest ISO market, which are recoverable but do not earn a rate of return. Recovery of costs is probable, but the timing is not yet determined. | |||||||||||||||
-8 | In July 2012, the Brazilian energy regulator (the “Regulator”) approved the periodic review and reset of a component of Eletropaulo’s regulated tariff, which determines the margin to be earned by Eletropaulo. The review and reset of this tariff component is retroactive to July 2011 and will be applied to customers’ invoices from July 2012 to June 2015. From July 2011 through June 2012, Eletropaulo invoiced customers under the then-existing tariff rate, as required by the Regulator. As the new tariff rate is lower than the pre-existing tariff rate, Eletropaulo is required to reduce customer tariffs for this difference over the next year. Accordingly, from July 2011 through June 2012, Eletropaulo recognized a regulatory liability for such estimated future refunds, which was subsequently adjusted as of June 30, 2012 upon the finalization of the new tariff with the Regulator. The refund to customers was considered in the 2013 tariff adjustment, which contemplates an amortization of 67.55% as from July 4, 2013. The remaining balance, representing 32.45%, will be considered in the next annual tariff adjustment. As of December 31, 2014, Eletropaulo had recorded a current regulatory liability of $76 million. | |||||||||||||||
-9 | Amounts received for costs expected to be incurred to improve the efficiency of our plants in Brazil as part of the IRT. | |||||||||||||||
-10 | Other current and noncurrent regulatory liabilities primarily consist of liabilities owed to electricity generators due to variance in energy prices during rationing periods (“Free Energy”). Our Brazilian subsidiaries are authorized to recover or refund this cost associated with monthly energy price variances between the wholesale energy market prices owed to the power generation plants producing Free Energy and the capped price reimbursed by the local distribution companies which are passed through to the final customers through energy tariffs. The balance excludes asset retirement obligations that were reclassified out of Other. | |||||||||||||||
-11 | Obligations for removal costs which do not have an associated legal retirement obligation as defined by the accounting standards on asset retirement obligations. | |||||||||||||||
-12 | Obligations established by ANEEL in Brazil associated with electric utility concessions and represent amounts received from customers or donations not subject to return. These donations are allocated to support energy network expansion and to improve utility operations to meet customers’ needs. The term of the obligation is established by ANEEL. Settlement shall occur when the concession ends. | |||||||||||||||
(13) | Represents adjustments to the regulatory asset base resulting from an administrative ruling in December 2013 which compelled Eletropaulo to refund customers beginning in July 2014. | |||||||||||||||
Schedule of Regulatory Assets by Region | The following table summarizes regulatory assets and liabilities by reportable segment as of the periods indicated: | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Regulatory Assets | Regulatory Liabilities | Regulatory Assets | Regulatory Liabilities | |||||||||||||
(in millions) | ||||||||||||||||
Brazil SBU | $ | 787 | $ | 1,347 | $ | 260 | $ | 1,336 | ||||||||
US SBU | 631 | 767 | 550 | 717 | ||||||||||||
MCAC SBU (El Salvador) | 91 | — | 108 | — | ||||||||||||
Total | $ | 1,509 | $ | 2,114 | $ | 918 | $ | 2,053 | ||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||
Carrying Amount and Terms of Non-Recourse Debt | The following table summarizes the carrying amount and terms of non-recourse debt as of the periods indicated: | |||||||||||||
NON-RECOURSE DEBT | Weighted Average Interest Rate | Maturity | December 31, | |||||||||||
2014 | 2013 | |||||||||||||
(in millions) | ||||||||||||||
VARIABLE RATE:(1) | ||||||||||||||
Bank loans | 3.42 | % | 2015 – 2033 | $ | 1,893 | $ | 2,783 | |||||||
Notes and bonds | 12.06 | % | 2015 – 2040 | 1,912 | 1,845 | |||||||||
Debt to (or guaranteed by) multilateral, export credit agencies or development banks(2) | 2.62 | % | 2015 – 2034 | 2,375 | 2,446 | |||||||||
Other | 8.46 | % | 2015 – 2043 | 668 | 349 | |||||||||
FIXED RATE: | ||||||||||||||
Bank loans | 5.44 | % | 2015 – 2023 | 750 | 477 | |||||||||
Notes and bonds | 5.89 | % | 2015 – 2073 | 7,654 | 7,164 | |||||||||
Debt to (or guaranteed by) multilateral, export credit agencies or development banks(2) | 5.34 | % | 2015 – 2034 | 259 | 164 | |||||||||
Other | 5.64 | % | 2015 – 2061 | 89 | 152 | |||||||||
SUBTOTAL | 15,600 | (3) | 15,380 | (3) | ||||||||||
Less: Current maturities | (1,982 | ) | (2,062 | ) | ||||||||||
TOTAL | $ | 13,618 | $ | 13,318 | ||||||||||
-1 | The interest rate on variable rate debt represents the total of a variable component that is based on changes in an interest rate index and of a fixed component. The Company has interest rate swaps and option agreements in an aggregate notional principal amount of approximately $3.0 billion on non-recourse debt outstanding at December 31, 2014. These agreements economically fix the variable component of the interest rates on the portion of the variable-rate debt being hedged so that the total interest rate on that debt has been fixed at rates ranging from approximately 2.87% to 9.80%. These agreements expire at various dates from 2016 through 2033. | |||||||||||||
-2 | Multilateral loans include loans funded and guaranteed by bilaterals, multilaterals, development banks and other similar institutions. | |||||||||||||
(3) | There was no non-recourse debt excluded from non-recourse debt and included in current and noncurrent liabilities of held for sale and discontinued businesses in the accompanying Consolidated Balance Sheets as of December 31, 2014. There were $658 million excluded in 2013. | |||||||||||||
Schedule For Maturity For Non-Recourse Debt | Non-recourse debt as of December 31, 2014 is scheduled to reach maturity as set forth in the table below: | |||||||||||||
December 31, | Annual Maturities | |||||||||||||
(in millions) | ||||||||||||||
2015 | $ | 1,993 | ||||||||||||
2016 | 2,099 | |||||||||||||
2017 | 837 | |||||||||||||
2018 | 1,445 | |||||||||||||
2019 | 1,064 | |||||||||||||
Thereafter | 8,162 | |||||||||||||
Total non-recourse debt | $ | 15,600 | ||||||||||||
Debt In Default Table | The following table summarizes the Company’s subsidiary non-recourse debt in default as of December 31, 2014. Due to the defaults, these amounts are included in the current portion of non-recourse debt: | |||||||||||||
Primary Nature | December 31, 2014 | |||||||||||||
Subsidiary | of Default | Default | Net Assets | |||||||||||
(in millions) | ||||||||||||||
Maritza | Covenant | $ | 690 | $ | 581 | |||||||||
Kavarna | Covenant | 168 | 75 | |||||||||||
Total | $ | 858 | ||||||||||||
Schedule of Recourse Debt Detail | The table below summarizes the carrying amount and terms of recourse debt of the Company as of the periods indicated: | |||||||||||||
Interest Rate | Final | December 31, | ||||||||||||
RECOURSE DEBT | Maturity | 2014 | 2013 | |||||||||||
(in millions) | ||||||||||||||
Senior Unsecured Note | 7.75% | 2014 | — | 110 | ||||||||||
Senior Unsecured Note | 7.75% | 2015 | 151 | 356 | ||||||||||
Senior Unsecured Note | 9.75% | 2016 | 164 | 369 | ||||||||||
Senior Unsecured Note | 8.00% | 2017 | 525 | 1,150 | ||||||||||
Senior Secured Term Loan | LIBOR + 2.75% | 2018 | — | 799 | ||||||||||
Senior Unsecured Note | LIBOR + 3% | 2019 | 775 | — | ||||||||||
Senior Unsecured Note | 8.00% | 2020 | 625 | 625 | ||||||||||
Senior Unsecured Note | 7.38% | 2021 | 1,000 | 1,000 | ||||||||||
Senior Unsecured Note | 4.88% | 2023 | 750 | 750 | ||||||||||
Senior Unsecured Note | 5.50% | 2024 | 750 | — | ||||||||||
Term Convertible Trust Securities | 6.75% | 2029 | 517 | 517 | ||||||||||
Unamortized (Discounts)/Premiums | 1 | (7 | ) | |||||||||||
SUBTOTAL | 5,258 | 5,669 | ||||||||||||
Less: Current maturities | (151 | ) | (118 | ) | ||||||||||
Total | $ | 5,107 | $ | 5,551 | ||||||||||
December 31, | ||||||||||||||
Interest Rate | Maturity | 2014 | 2013 | |||||||||||
(in millions) | ||||||||||||||
Senior Unsecured Note | 7.75% | 2014 | $ | — | $ | 110 | ||||||||
Senior Unsecured Note | 7.75% | 2015 | 151 | 356 | ||||||||||
Senior Unsecured Note | 9.75% | 2016 | 164 | 369 | ||||||||||
Senior Unsecured Note | 8.00% | 2017 | 525 | 1,150 | ||||||||||
Senior Secured Term Loan | LIBOR + 2.75% | 2018 | — | 799 | ||||||||||
Senior Unsecured Note | LIBOR + 3.00% | 2019 | 775 | — | ||||||||||
Senior Unsecured Note | 8.00% | 2020 | 625 | 625 | ||||||||||
Senior Unsecured Note | 7.38% | 2021 | 1,000 | 1,000 | ||||||||||
Senior Unsecured Note | 4.88% | 2023 | 750 | 750 | ||||||||||
Senior Unsecured Note | 5.50% | 2024 | 750 | — | ||||||||||
Unamortized premium (discounts) | 1 | (7 | ) | |||||||||||
SUBTOTAL | 4,741 | 5,152 | ||||||||||||
Less: Current maturities | (151 | ) | (118 | ) | ||||||||||
Total | $ | 4,590 | $ | 5,034 | ||||||||||
Schedule of Future Maturities of Recourse Debt | ||||||||||||||
Interest Rate | Final | December 31, | ||||||||||||
RECOURSE DEBT | Maturity | 2014 | 2013 | |||||||||||
(in millions) | ||||||||||||||
Senior Unsecured Note | 7.75% | 2014 | — | 110 | ||||||||||
Senior Unsecured Note | 7.75% | 2015 | 151 | 356 | ||||||||||
Senior Unsecured Note | 9.75% | 2016 | 164 | 369 | ||||||||||
Senior Unsecured Note | 8.00% | 2017 | 525 | 1,150 | ||||||||||
Senior Secured Term Loan | LIBOR + 2.75% | 2018 | — | 799 | ||||||||||
Senior Unsecured Note | LIBOR + 3% | 2019 | 775 | — | ||||||||||
Senior Unsecured Note | 8.00% | 2020 | 625 | 625 | ||||||||||
Senior Unsecured Note | 7.38% | 2021 | 1,000 | 1,000 | ||||||||||
Senior Unsecured Note | 4.88% | 2023 | 750 | 750 | ||||||||||
Senior Unsecured Note | 5.50% | 2024 | 750 | — | ||||||||||
Term Convertible Trust Securities | 6.75% | 2029 | 517 | 517 | ||||||||||
Unamortized (Discounts)/Premiums | 1 | (7 | ) | |||||||||||
SUBTOTAL | 5,258 | 5,669 | ||||||||||||
Less: Current maturities | (151 | ) | (118 | ) | ||||||||||
Total | $ | 5,107 | $ | 5,551 | ||||||||||
The table below summarizes the principal amounts due, net of unamortized discounts, under our recourse debt for the next five years and thereafter: | ||||||||||||||
December 31, | Net Principal | |||||||||||||
Amounts Due | ||||||||||||||
(in millions) | ||||||||||||||
2015 | $ | 151 | ||||||||||||
2016 | 162 | |||||||||||||
2017 | 525 | |||||||||||||
2018 | — | |||||||||||||
2019 | 773 | |||||||||||||
Thereafter | 3,647 | |||||||||||||
Total recourse debt | $ | 5,258 | ||||||||||||
Recourse debt as of December 31, 2014 is scheduled to reach maturity as set forth in the table below: | ||||||||||||||
December 31, | Annual Maturities | |||||||||||||
(in millions) | ||||||||||||||
2015 | $ | 151 | ||||||||||||
2016 | 162 | |||||||||||||
2017 | 525 | |||||||||||||
2018 | — | |||||||||||||
2019 | 773 | |||||||||||||
Thereafter | 3,647 | |||||||||||||
Total debt | $ | 5,258 | ||||||||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Operating Leases of Lessee Disclosure | The table below sets forth the future minimum lease payments under operating and capital leases for continuing operations together with the present value of the net minimum lease payments under capital leases as of December 31, 2014 for 2015 through 2019 and thereafter: | |||||||||||
Future Commitments for | ||||||||||||
December 31, | Capital Leases | Operating Leases | ||||||||||
(in millions) | ||||||||||||
2015 | $ | 10 | $ | 57 | ||||||||
2016 | 10 | 57 | ||||||||||
2017 | 10 | 57 | ||||||||||
2018 | 10 | 57 | ||||||||||
2019 | 10 | 75 | ||||||||||
Thereafter | 109 | 502 | ||||||||||
Total | 159 | $ | 805 | |||||||||
Less: Imputed interest | 96 | |||||||||||
Present value of total minimum lease payments | $ | 63 | ||||||||||
Electricity Purchase Contract Commitment | Actual purchases under these contracts for the years ended December 31, 2014, 2013, and 2012 are also presented: | |||||||||||
Electricity Purchase Contracts | Fuel Purchase Contracts | Other Purchase Contracts | ||||||||||
Actual purchases during the year ended December 31, | (in millions) | |||||||||||
2012 | $ | 2,819 | $ | 1,832 | $ | 1,637 | ||||||
2013 | 2,665 | 1,590 | 1,743 | |||||||||
2014 | 3,104 | 1,521 | 1,386 | |||||||||
Future commitments for the year ending December 31, | ||||||||||||
2015 | $ | 3,559 | $ | 1,266 | $ | 1,377 | ||||||
2016 | 3,660 | 819 | 930 | |||||||||
2017 | 3,217 | 761 | 898 | |||||||||
2018 | 3,335 | 502 | 707 | |||||||||
2019 | 3,521 | 356 | 614 | |||||||||
Thereafter | 34,805 | 3,235 | 4,874 | |||||||||
Total | $ | 52,097 | $ | 6,939 | $ | 9,400 | ||||||
Contingencies_Tables
Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Contingent Contractual Obligations | The following table summarizes the Parent Company’s contingent contractual obligations as of December 31, 2014. Amounts presented in the table below represent the Parent Company’s current undiscounted exposure to guarantees and the range of maximum undiscounted potential exposure. The maximum exposure is not reduced by the amounts, if any, that could be recovered under the recourse or collateralization provisions in the guarantees. The amounts include obligations made by the Parent Company for the direct benefit of the lenders associated with the non-recourse debt of its businesses of $24 million. | ||||||||
Contingent Contractual Obligations | Amount | Number of Agreements | Maximum Exposure Range for Each Agreement | ||||||
(in millions) | (in millions) | ||||||||
Guarantees and commitments | $ | 390 | 16 | $1 - 53 | |||||
Asset sale related indemnities(1) | 27 | 1 | 27 | ||||||
Cash collateralized letters of credit | 74 | 9 | <$1 - 47 | ||||||
Letters of credit under the senior secured credit facility | 61 | 5 | <$1 - 29 | ||||||
Total | $ | 552 | 31 | ||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Net Funded Status | The following table reconciles the Company’s funded status, both domestic and foreign, as of the periods indicated: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
CHANGE IN PROJECTED BENEFIT OBLIGATION: | |||||||||||||||||||||||||||||||||
Benefit obligation as of January 1 | $ | 1,059 | $ | 4,749 | $ | 1,210 | $ | 6,768 | |||||||||||||||||||||||||
Service cost | 14 | 16 | 16 | 26 | |||||||||||||||||||||||||||||
Interest cost | 50 | 489 | 46 | 515 | |||||||||||||||||||||||||||||
Employee contributions | — | 4 | — | 4 | |||||||||||||||||||||||||||||
Plan amendments | 8 | (3 | ) | — | — | ||||||||||||||||||||||||||||
Benefits paid | (59 | ) | (415 | ) | (75 | ) | (407 | ) | |||||||||||||||||||||||||
Actuarial (gain) loss | 163 | 87 | (138 | ) | (1,436 | ) | |||||||||||||||||||||||||||
Effect of foreign currency exchange rate changes | — | (564 | ) | — | (721 | ) | |||||||||||||||||||||||||||
Benefit obligation as of December 31 | $ | 1,235 | $ | 4,363 | $ | 1,059 | $ | 4,749 | |||||||||||||||||||||||||
CHANGE IN PLAN ASSETS: | |||||||||||||||||||||||||||||||||
Fair value of plan assets as of January 1 | $ | 941 | $ | 3,605 | $ | 883 | $ | 4,712 | |||||||||||||||||||||||||
Actual return on plan assets | 123 | 360 | 81 | (345 | ) | ||||||||||||||||||||||||||||
Employer contributions | 56 | 135 | 52 | 160 | |||||||||||||||||||||||||||||
Employee contributions | — | 4 | — | 4 | |||||||||||||||||||||||||||||
Benefits paid | (59 | ) | (415 | ) | (75 | ) | (407 | ) | |||||||||||||||||||||||||
Effect of foreign currency exchange rate changes | — | (417 | ) | — | (519 | ) | |||||||||||||||||||||||||||
Fair value of plan assets as of December 31 | $ | 1,061 | $ | 3,272 | $ | 941 | $ | 3,605 | |||||||||||||||||||||||||
RECONCILIATION OF FUNDED STATUS | |||||||||||||||||||||||||||||||||
Funded status as of December 31 | $ | (174 | ) | $ | (1,091 | ) | $ | (118 | ) | $ | (1,144 | ) | |||||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet | The following table summarizes the amounts recognized on the Consolidated Balance Sheets related to the funded status of the plans, both domestic and foreign, as of the periods indicated: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
AMOUNTS RECOGNIZED ON THE | |||||||||||||||||||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||||||||||||||||||||||
Noncurrent assets | $ | — | $ | 51 | $ | — | $ | 23 | |||||||||||||||||||||||||
Accrued benefit liability—current | — | (4 | ) | — | (4 | ) | |||||||||||||||||||||||||||
Accrued benefit liability—noncurrent | (174 | ) | (1,138 | ) | (118 | ) | (1,163 | ) | |||||||||||||||||||||||||
Net amount recognized at end of year | $ | (174 | ) | $ | (1,091 | ) | $ | (118 | ) | $ | (1,144 | ) | |||||||||||||||||||||
Schedule of Accumulated and Projected Benefit Obligations | The following table summarizes the Company’s accumulated benefit obligation, both domestic and foreign, as of the periods indicated: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Accumulated Benefit Obligation | $ | 1,208 | $ | 4,301 | $ | 1,036 | $ | 4,686 | |||||||||||||||||||||||||
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,235 | $ | 4,021 | $ | 1,059 | $ | 4,412 | |||||||||||||||||||||||||
Accumulated benefit obligation | 1,208 | 3,979 | 1,036 | 4,366 | |||||||||||||||||||||||||||||
Fair value of plan assets | 1,061 | 2,885 | 941 | 3,246 | |||||||||||||||||||||||||||||
Information for pension plans with a projected benefit obligation in excess of plan assets: | |||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,235 | $ | 4,038 | (1) | $ | 1,059 | $ | 4,425 | ||||||||||||||||||||||||
Fair value of plan assets | 1,061 | 2,897 | (1) | 941 | 3,259 | ||||||||||||||||||||||||||||
-1 | $1.1 billion of the total net unfunded projected benefit obligation is due to Eletropaulo in Brazil. | ||||||||||||||||||||||||||||||||
Schedule of Assumptions Used | The table below summarizes the significant weighted average assumptions used in the calculation of benefit obligation and net periodic benefit cost, both domestic and foreign, as of the periods indicated: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
Benefit Obligation: | |||||||||||||||||||||||||||||||||
Discount rates | 4.04 | % | 10.47 | % | (2) | 4.89 | % | 10.8 | % | (2) | |||||||||||||||||||||||
Rates of compensation increase | 3.94 | % | (1) | 6.41 | % | 3.94 | % | (1) | 6.44 | % | |||||||||||||||||||||||
Periodic Benefit Cost: | |||||||||||||||||||||||||||||||||
Discount rate | 4.89 | % | 10.8 | % | 3.86 | % | 8.28 | % | |||||||||||||||||||||||||
Expected long-term rate of return on plan assets | 6.92 | % | 10.44 | % | 7.15 | % | 11.16 | % | |||||||||||||||||||||||||
Rate of compensation increase | 3.94 | % | (1) | 6.44 | % | 3.94 | % | (1) | 6.47 | % | |||||||||||||||||||||||
-1 | A U.S. subsidiary of the Company has a defined benefit obligation of $748 million and $651 million as of December 31, 2014 and 2013, respectively, and uses salary bands to determine future benefit costs rather than rates of compensation increases. Rates of compensation increases in the table above do not include amounts related to this specific defined benefit plan. | ||||||||||||||||||||||||||||||||
(2) | Includes an inflation factor that is used to calculate future periodic benefit cost, but is not used to calculate the benefit obligation. | ||||||||||||||||||||||||||||||||
Impact Of One Percent Change In Assumptions | The impact on pension expense from a one percentage point change in these assumptions is shown in the table below (in millions): | ||||||||||||||||||||||||||||||||
Increase of 1% in the discount rate | $ | (50 | ) | ||||||||||||||||||||||||||||||
Decrease of 1% in the discount rate | 42 | ||||||||||||||||||||||||||||||||
Increase of 1% in the long-term rate of return on plan assets | (45 | ) | |||||||||||||||||||||||||||||||
Decrease of 1% in the long-term rate of return on plan assets | 45 | ||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The following table summarizes the components of the net periodic benefit cost, both domestic and foreign, for the years indicated: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost: | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Service cost | $ | 14 | $ | 16 | $ | 16 | $ | 26 | $ | 14 | $ | 18 | |||||||||||||||||||||
Interest cost | 50 | 489 | 46 | 515 | 48 | 509 | |||||||||||||||||||||||||||
Expected return on plan assets | (67 | ) | (362 | ) | (64 | ) | (484 | ) | (55 | ) | (444 | ) | |||||||||||||||||||||
Amortization of prior service cost | 6 | (1 | ) | 5 | — | 4 | — | ||||||||||||||||||||||||||
Amortization of net loss | 13 | 37 | 23 | 77 | 19 | 38 | |||||||||||||||||||||||||||
Settlement gain recognized | — | 1 | — | — | — | 1 | |||||||||||||||||||||||||||
Total pension cost | $ | 16 | $ | 180 | $ | 26 | $ | 134 | $ | 30 | $ | 122 | |||||||||||||||||||||
Schedule of Net Periodic Benefit Cost Not yet Recognized | The following table summarizes the amounts reflected in AOCL including accumulated other comprehensive loss attributable to noncontrolling interests, on the Consolidated Balance Sheet as of December 31, 2014, that have not yet been recognized as components of net periodic benefit cost and amounts expected to be reclassified to earnings in the next fiscal year: | ||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Amounts expected to be reclassified to earnings in next fiscal year | ||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Prior service cost | $ | — | $ | 2 | $ | (2 | ) | $ | 1 | ||||||||||||||||||||||||
Unrecognized net actuarial gain (loss) | (8 | ) | (927 | ) | (6 | ) | (34 | ) | |||||||||||||||||||||||||
Total | $ | (8 | ) | $ | (925 | ) | $ | (8 | ) | $ | (33 | ) | |||||||||||||||||||||
Target / Actual Allocation Of Pension Plan Asset | The following table summarizes the Company’s target allocation for 2014 and pension plan asset allocation, both domestic and foreign, as of the periods indicated: | ||||||||||||||||||||||||||||||||
Percentage of Plan Assets as of December 31, | |||||||||||||||||||||||||||||||||
Target Allocations | 2014 | 2013 | |||||||||||||||||||||||||||||||
Asset Category | U.S. | Foreign | U.S. | Foreign | U.S. | Foreign | |||||||||||||||||||||||||||
Equity securities | 46 | % | 15% -30% | 44.02 | % | 16.28 | % | 37.09 | % | 19.84 | % | ||||||||||||||||||||||
Debt securities | 50 | % | 60% - 85% | 50.9 | % | 78.85 | % | 46.97 | % | 75.32 | % | ||||||||||||||||||||||
Real estate | 2 | % | 0% - 4% | 2.45 | % | 3.15 | % | 2.44 | % | 2.77 | % | ||||||||||||||||||||||
Other | 2 | % | 0% - 6% | 2.63 | % | 1.72 | % | 13.5 | % | 2.07 | % | ||||||||||||||||||||||
Total pension assets | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | The asset allocation is reviewed periodically to determine a suitable asset allocation which seeks to manage risk through portfolio diversification and takes into account, among other possible factors, the above-stated objectives, in conjunction with current funding levels, cash flow conditions and economic and industry trends. The following table summarizes the Company’s U.S. plan assets by category of investment and level within the fair value hierarchy as of the periods indicated: | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
U.S. Plans | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Common stock | $ | — | $ | — | $ | — | $ | — | $ | 46 | $ | — | $ | — | $ | 46 | |||||||||||||||||
Mutual funds | 467 | — | — | 467 | 303 | — | — | 303 | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||
Government debt securities | 67 | — | — | 67 | 24 | 8 | — | 32 | |||||||||||||||||||||||||
Corporate debt securities | — | — | — | — | — | 159 | — | 159 | |||||||||||||||||||||||||
Mutual funds(1) | 473 | — | — | 473 | 251 | — | — | 251 | |||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||
Real Estate | — | 26 | — | 26 | — | 23 | — | 23 | |||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 4 | — | — | 4 | 56 | — | — | 56 | |||||||||||||||||||||||||
Other investments | — | 24 | — | 24 | 40 | 31 | — | 71 | |||||||||||||||||||||||||
Total plan assets | $ | 1,011 | $ | 50 | $ | — | $ | 1,061 | $ | 720 | $ | 221 | $ | — | $ | 941 | |||||||||||||||||
-1 | Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment. | ||||||||||||||||||||||||||||||||
Fair Value Of Plan Assets By Category / Level (Foreign) | The investment strategy of the foreign plans seeks to maximize return on investment while minimizing risk. The assumed asset allocation has less exposure to equities in order to closely match market conditions and near term forecasts. The following table summarizes the Company’s foreign plan assets by category of investment and level within the fair value hierarchy as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Foreign Plans | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||
Common stock | $ | 21 | $ | — | $ | — | $ | 21 | $ | 23 | $ | — | $ | — | $ | 23 | |||||||||||||||||
Mutual funds | 274 | — | — | 274 | 322 | — | — | 322 | |||||||||||||||||||||||||
Private equity(1) | — | — | 237 | 237 | — | — | 370 | 370 | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||
Certificates of deposit | — | 3 | — | 3 | — | 2 | — | 2 | |||||||||||||||||||||||||
Unsecured debentures | — | 10 | — | 10 | — | 13 | — | 13 | |||||||||||||||||||||||||
Government debt securities | 12 | 98 | — | 110 | 12 | 95 | — | 107 | |||||||||||||||||||||||||
Mutual funds(2) | 215 | 2,236 | — | 2,451 | 174 | 2,410 | — | 2,584 | |||||||||||||||||||||||||
Other debt securities | — | 6 | — | 6 | — | 9 | — | 9 | |||||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||||||||||
Real estate(1) | — | — | 103 | 103 | — | — | 100 | 100 | |||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1 | — | — | 1 | 15 | — | — | 15 | |||||||||||||||||||||||||
Participant loans(3) | — | — | 52 | 52 | — | — | 60 | 60 | |||||||||||||||||||||||||
Other assets | — | — | 4 | 4 | — | — | — | — | |||||||||||||||||||||||||
Total plan assets | $ | 523 | $ | 2,353 | $ | 396 | $ | 3,272 | $ | 546 | $ | 2,529 | $ | 530 | $ | 3,605 | |||||||||||||||||
(1) | Plan assets of our Brazilian subsidiaries are invested in private equities and commercial real estate through the plan administrator in Brazil. The fair value of these assets is determined using the income approach through annual appraisals based on a discounted cash flow analysis. | ||||||||||||||||||||||||||||||||
(2) | Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment. | ||||||||||||||||||||||||||||||||
(3) | Loans to participants are stated at cost, which approximates fair value. | ||||||||||||||||||||||||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following table presents a reconciliation of all plan assets measured at fair value using significant unobservable inputs (Level 3) for the periods indicated: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 530 | $ | 635 | |||||||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||||
Returns relating to assets still held at reporting date | (87 | ) | (26 | ) | |||||||||||||||||||||||||||||
Purchases, sales and settlements, net | 1 | — | |||||||||||||||||||||||||||||||
Transfers of (assets) liabilities into Level 3 | 5 | — | |||||||||||||||||||||||||||||||
Change due to exchange rate changes | (53 | ) | (79 | ) | |||||||||||||||||||||||||||||
Balance at December 31 | $ | 396 | $ | 530 | |||||||||||||||||||||||||||||
Scheduled Cash Flows For Employer Contributions And Expected Future Benefit Payments | The following table summarizes the estimated cash flows for U.S. and foreign expected employer contributions and expected future benefit payments, both domestic and foreign: | ||||||||||||||||||||||||||||||||
U.S. | Foreign | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
Expected employer contribution in 2015 | $ | 27 | $ | 101 | |||||||||||||||||||||||||||||
Expected benefit payments for fiscal year ending: | |||||||||||||||||||||||||||||||||
2015 | 63 | 352 | |||||||||||||||||||||||||||||||
2016 | 65 | 365 | |||||||||||||||||||||||||||||||
2017 | 67 | 378 | |||||||||||||||||||||||||||||||
2018 | 69 | 392 | |||||||||||||||||||||||||||||||
2019 | 71 | 406 | |||||||||||||||||||||||||||||||
2020 - 2024 | 376 | 2,228 | |||||||||||||||||||||||||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Schedule of Net Income Attributable to Parent And Transfers To From Noncontrolling Interests [Text Block] | The following table summarizes the net income (loss) attributable to The AES Corporation and all transfers (to) from noncontrolling interests for the periods indicated: | ||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(in millions) | |||||||||||||||||
Net income (loss) attributable to The AES Corporation | $ | 769 | $ | 114 | |||||||||||||
Transfers (to) from the noncontrolling interest: | |||||||||||||||||
Net increase in The AES Corporation's paid-in capital for sale of subsidiary shares | 29 | 16 | |||||||||||||||
Increase (decrease) in The AES Corporation's paid-in capital for purchase of subsidiary shares | 7 | (6 | ) | ||||||||||||||
Net transfers (to) from noncontrolling interest | 36 | 10 | |||||||||||||||
Change from net income attributable to The AES Corporation and transfers (to) from noncontrolling interests | $ | 805 | $ | 124 | |||||||||||||
Components of Accumulated Other Comprehensive Income | The changes in AOCL by component, net of tax and noncontrolling interests for the year ended December 31, 2014 were as follows: | ||||||||||||||||
Foreign currency translation adjustment, net | Unrealized derivative losses, net | Unfunded pension obligations, net | Total | ||||||||||||||
(in millions) | |||||||||||||||||
Balance at the beginning of the period | $ | (2,284 | ) | $ | (307 | ) | $ | (291 | ) | $ | (2,882 | ) | |||||
Other comprehensive loss before reclassifications | (366 | ) | (180 | ) | (14 | ) | (560 | ) | |||||||||
Amount reclassified to earnings | $ | 34 | $ | 72 | $ | 10 | 116 | ||||||||||
Other comprehensive loss | (332 | ) | (108 | ) | (4 | ) | (444 | ) | |||||||||
Balance sheet reclassification related to an equity method investment (1) | $ | 21 | $ | 19 | $ | — | $ | 40 | |||||||||
Balance at the end of the period | (2,595 | ) | (396 | ) | (295 | ) | (3,286 | ) | |||||||||
(1) Reclassification resulting from Silver Ridge transaction. See Note 8—Investments In and Advances to Affiliates for further information. | |||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of accumulated other comprehensive loss for the periods indicated were as follows: | ||||||||||||||||
Details About | December 31, | ||||||||||||||||
AOCL Components | Affected Line Item in the Consolidated Statements of Operations | 2014 | 2013 | ||||||||||||||
Foreign currency translation adjustment, net | (in millions) (1) | ||||||||||||||||
Gain on sale of investments | $ | 4 | $ | (2 | ) | ||||||||||||
Net gain (loss) from disposal and impairments of discontinued operations | (38 | ) | (35 | ) | |||||||||||||
Net income (loss) attributable to The AES Corporation | $ | (34 | ) | $ | (37 | ) | |||||||||||
Unrealized derivative losses, net | |||||||||||||||||
Non-regulated revenue | $ | 30 | $ | (3 | ) | ||||||||||||
Non-regulated cost of sales | (4 | ) | (7 | ) | |||||||||||||
Interest expense | (139 | ) | (137 | ) | |||||||||||||
Gain on disposal and sale of investments | — | (21 | ) | ||||||||||||||
Foreign currency transaction gains (losses) | (9 | ) | (6 | ) | |||||||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | (122 | ) | (174 | ) | |||||||||||||
Income tax expense | 26 | 41 | |||||||||||||||
Net equity in earnings of affiliates | (3 | ) | (6 | ) | |||||||||||||
Income (loss) from continuing operations | (99 | ) | (139 | ) | |||||||||||||
Less: (Income) from continuing operations attributable to noncontrolling interests | 27 | 11 | |||||||||||||||
Net income (loss) attributable to The AES Corporation | $ | (72 | ) | $ | (128 | ) | |||||||||||
Amortization of defined benefit pension actuarial loss, net | |||||||||||||||||
Regulated cost of sales | $ | (33 | ) | $ | (73 | ) | |||||||||||
Non-regulated cost of sales | (5 | ) | (4 | ) | |||||||||||||
General and administrative expenses | — | (1 | ) | ||||||||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | (38 | ) | (78 | ) | |||||||||||||
Income tax expense | 7 | 26 | |||||||||||||||
Income (loss) from continuing operations | (31 | ) | (52 | ) | |||||||||||||
Net gain (loss) from disposal and impairments of discontinued operations | 2 | — | |||||||||||||||
Net Income (Loss) | (29 | ) | (52 | ) | |||||||||||||
Less: (Income) from continuing operations attributable to noncontrolling interests | 19 | 39 | |||||||||||||||
Net income (loss) attributable to The AES Corporation | $ | (10 | ) | $ | (13 | ) | |||||||||||
Total reclassifications for the period, net of income tax and noncontrolling interests | $ | (116 | ) | $ | (178 | ) | |||||||||||
_____________________________ | |||||||||||||||||
(1) | Amounts in parentheses indicate debits to the consolidated statements of operations. |
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||
Revenue By Segment Table | Information about the Company’s operations by segment for the periods indicated was as follows: | ||||||||||||||||||||||||||||||||||||
Revenue | Total Revenue | Intersegment | External Revenue | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | 3,826 | $ | 3,630 | $ | 3,736 | $ | — | $ | — | $ | — | $ | 3,826 | $ | 3,630 | $ | 3,736 | |||||||||||||||||||
Andes SBU | 2,642 | 2,639 | 3,020 | (4 | ) | (1 | ) | (33 | ) | 2,638 | 2,638 | 2,987 | |||||||||||||||||||||||||
Brazil SBU | 6,009 | 5,015 | 5,788 | — | — | — | 6,009 | 5,015 | 5,788 | ||||||||||||||||||||||||||||
MCAC SBU | 2,682 | 2,713 | 2,573 | (2 | ) | (1 | ) | — | 2,680 | 2,712 | 2,573 | ||||||||||||||||||||||||||
Europe SBU | 1,439 | 1,347 | 1,344 | (6 | ) | — | (1 | ) | 1,433 | 1,347 | 1,343 | ||||||||||||||||||||||||||
Asia SBU | 558 | 550 | 733 | — | — | — | 558 | 550 | 733 | ||||||||||||||||||||||||||||
Corporate and Other | 15 | 7 | 9 | (13 | ) | (8 | ) | (5 | ) | 2 | (1 | ) | 4 | ||||||||||||||||||||||||
Total Revenue | $ | 17,171 | $ | 15,901 | $ | 17,203 | $ | (25 | ) | $ | (10 | ) | $ | (39 | ) | $ | 17,146 | $ | 15,891 | $ | 17,164 | ||||||||||||||||
Adjusted Pre-Tax Contribution by Segment Table | |||||||||||||||||||||||||||||||||||||
Adjusted Pretax Contribution(1) | Total Adjusted PTC | Intersegment | External Adjusted PTC | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | 445 | $ | 440 | 403 | $ | 10 | $ | 11 | 40 | $ | 455 | $ | 451 | $ | 443 | |||||||||||||||||||||
Andes SBU | 421 | 353 | 369 | 6 | 19 | (16 | ) | 427 | 372 | 353 | |||||||||||||||||||||||||||
Brazil SBU | 242 | 212 | 321 | 3 | 3 | 3 | 245 | 215 | 324 | ||||||||||||||||||||||||||||
MCAC SBU | 352 | 339 | 387 | 26 | 12 | 10 | 378 | 351 | 397 | ||||||||||||||||||||||||||||
Europe SBU | 348 | 345 | 375 | 5 | 7 | (2 | ) | 353 | 352 | 373 | |||||||||||||||||||||||||||
Asia SBU | 46 | 142 | 201 | 2 | 2 | 2 | 48 | 144 | 203 | ||||||||||||||||||||||||||||
Corporate and Other | (533 | ) | (624 | ) | (717 | ) | (52 | ) | (54 | ) | (37 | ) | (585 | ) | (678 | ) | (754 | ) | |||||||||||||||||||
Total Adjusted Pretax Contribution | 1,321 | 1,207 | 1,339 | — | — | — | 1,321 | 1,207 | 1,339 | ||||||||||||||||||||||||||||
Reconciliation to Income from Continuing Operations before Taxes and Equity Earnings of Affiliates: | |||||||||||||||||||||||||||||||||||||
Non-GAAP Adjustments: | |||||||||||||||||||||||||||||||||||||
Unrealized derivative gains (losses) | 135 | 57 | (120 | ) | |||||||||||||||||||||||||||||||||
Unrealized foreign currency gains (losses) | (110 | ) | (41 | ) | 13 | ||||||||||||||||||||||||||||||||
Disposition/acquisition gains | 361 | 30 | 206 | ||||||||||||||||||||||||||||||||||
Impairment losses | (416 | ) | (588 | ) | (1,951 | ) | |||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (274 | ) | (225 | ) | (16 | ) | |||||||||||||||||||||||||||||||
Pre-tax contribution | 1,017 | 440 | (529 | ) | |||||||||||||||||||||||||||||||||
Add: Income from continuing operations before taxes, attributable to noncontrolling interests | 578 | 633 | 794 | ||||||||||||||||||||||||||||||||||
Less: Net equity in earnings of affiliates | 19 | 25 | 35 | ||||||||||||||||||||||||||||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | $ | 1,576 | $ | 1,048 | $ | 230 | |||||||||||||||||||||||||||||||
_____________________________ | |||||||||||||||||||||||||||||||||||||
(1) | Adjusted pretax contribution in each segment before intersegment eliminations includes the effect of intercompany transactions with other segments except for interest, charges for certain management fees and the write-off of intercompany balances. | ||||||||||||||||||||||||||||||||||||
Assets By Segment Table | |||||||||||||||||||||||||||||||||||||
Total Assets | Depreciation and Amortization | Capital Expenditures | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | 10,062 | $ | 9,952 | $ | 10,651 | $ | 450 | $ | 440 | $ | 518 | $ | 534 | $ | 426 | $ | 405 | |||||||||||||||||||
Andes SBU | 7,888 | 7,356 | 6,619 | 182 | 186 | 174 | 702 | 471 | 389 | ||||||||||||||||||||||||||||
Brazil SBU | 8,439 | 8,388 | 9,710 | 260 | 259 | 281 | 416 | 588 | 718 | ||||||||||||||||||||||||||||
MCAC SBU | 4,948 | 5,075 | 5,030 | 144 | 145 | 136 | 192 | 111 | 192 | ||||||||||||||||||||||||||||
Europe SBU | 3,525 | 4,191 | 4,085 | 154 | 155 | 145 | 228 | 341 | 162 | ||||||||||||||||||||||||||||
Asia SBU | 2,972 | 2,810 | 2,587 | 32 | 33 | 30 | 429 | 576 | 221 | ||||||||||||||||||||||||||||
Discontinued businesses | — | 1,718 | 1,960 | (1 | ) | 55 | 85 | 13 | 52 | 143 | |||||||||||||||||||||||||||
Corporate and Other & eliminations | 1,132 | 921 | 1,188 | 24 | 21 | 25 | 30 | 14 | 40 | ||||||||||||||||||||||||||||
Total | $ | 38,966 | $ | 40,411 | $ | 41,830 | $ | 1,245 | $ | 1,294 | $ | 1,394 | $ | 2,544 | $ | 2,579 | $ | 2,270 | |||||||||||||||||||
Interest Income | Interest Expense | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | — | $ | — | $ | 3 | $ | 285 | $ | 290 | $ | 291 | |||||||||||||||||||||||||
Andes SBU | 87 | 37 | 20 | 160 | 135 | 128 | |||||||||||||||||||||||||||||||
Brazil SBU | 249 | 210 | 278 | 331 | 364 | 305 | |||||||||||||||||||||||||||||||
MCAC SBU | 26 | 20 | 33 | 178 | 138 | 192 | |||||||||||||||||||||||||||||||
Europe SBU | 1 | 2 | 8 | 98 | 80 | 94 | |||||||||||||||||||||||||||||||
Asia SBU | 2 | 6 | 5 | 25 | 30 | 43 | |||||||||||||||||||||||||||||||
Corporate and Other & eliminations | — | — | 1 | 394 | 445 | 491 | |||||||||||||||||||||||||||||||
Total | $ | 365 | $ | 275 | $ | 348 | $ | 1,471 | $ | 1,482 | $ | 1,544 | |||||||||||||||||||||||||
Investments in and Advances to Affiliates | Equity in Earnings (Losses) | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
US SBU | $ | 1 | $ | 1 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Andes SBU | 287 | 248 | 198 | 42 | 44 | 18 | |||||||||||||||||||||||||||||||
Brazil SBU | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
MCAC SBU | — | — | 24 | — | 4 | 5 | |||||||||||||||||||||||||||||||
Europe SBU | 54 | 286 | 454 | (25 | ) | (5 | ) | 8 | |||||||||||||||||||||||||||||
Asia SBU | 194 | 186 | 202 | 10 | 10 | 32 | |||||||||||||||||||||||||||||||
Corporate and Other & eliminations | 1 | 289 | 318 | (8 | ) | (28 | ) | (28 | ) | ||||||||||||||||||||||||||||
Total | $ | 537 | $ | 1,010 | $ | 1,196 | $ | 19 | $ | 25 | $ | 35 | |||||||||||||||||||||||||
Revenue And PP&E By Country | The table below presents information, by country, about the Company’s consolidated operations for each of the three years ended December 31, 2014, 2013, and 2012, and as of December 31, 2014 and 2013. Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located. | ||||||||||||||||||||||||||||||||||||
Revenue | Property, Plant & Equipment, net | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
United States(1) | $ | 3,828 | $ | 3,630 | $ | 3,736 | $ | 7,713 | $ | 7,523 | |||||||||||||||||||||||||||
Non-U.S.: | |||||||||||||||||||||||||||||||||||||
Brazil | 6,009 | 5,015 | 5,788 | 4,725 | 5,293 | ||||||||||||||||||||||||||||||||
Chile | 1,624 | 1,569 | 1,679 | 4,012 | 3,312 | ||||||||||||||||||||||||||||||||
El Salvador | 832 | 860 | 854 | 304 | 292 | ||||||||||||||||||||||||||||||||
Dominican Republic | 802 | 832 | 761 | 702 | 689 | ||||||||||||||||||||||||||||||||
Colombia | 552 | 523 | 453 | 430 | 412 | ||||||||||||||||||||||||||||||||
United Kingdom | 533 | 558 | 505 | 324 | 603 | ||||||||||||||||||||||||||||||||
Argentina | 463 | 545 | 857 | 222 | 256 | ||||||||||||||||||||||||||||||||
Philippines | 451 | 497 | 559 | 752 | 776 | ||||||||||||||||||||||||||||||||
Mexico | 434 | 440 | 397 | 733 | 748 | ||||||||||||||||||||||||||||||||
Bulgaria | 410 | 422 | 369 | 1,457 | 1,606 | ||||||||||||||||||||||||||||||||
Puerto Rico | 348 | 328 | 293 | 551 | 562 | ||||||||||||||||||||||||||||||||
Panama | 263 | 250 | 266 | 1,030 | 1,028 | ||||||||||||||||||||||||||||||||
Jordan | 262 | 142 | 121 | 484 | 439 | ||||||||||||||||||||||||||||||||
Kazakhstan | 161 | 156 | 151 | 206 | 183 | ||||||||||||||||||||||||||||||||
Sri Lanka | 107 | 53 | 169 | 7 | 7 | ||||||||||||||||||||||||||||||||
Spain | — | — | 119 | — | — | ||||||||||||||||||||||||||||||||
Cameroon(2) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Ukraine(3) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Hungary(4) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Vietnam | — | — | — | 1,491 | 1,296 | ||||||||||||||||||||||||||||||||
Other Non-U.S. (5) | 67 | 71 | 87 | 8 | 87 | ||||||||||||||||||||||||||||||||
Total Non-U.S. | 13,318 | 12,261 | 13,428 | 17,438 | 17,589 | ||||||||||||||||||||||||||||||||
Total | $ | 17,146 | $ | 15,891 | $ | 17,164 | $ | 25,151 | $ | 25,112 | |||||||||||||||||||||||||||
-1 | Excludes revenue of $2 million, $23 million and $63 million for the years ended December 31, 2014, 2013 and 2012, respectively, and property, plant and equipment of $69 million as of December 31, 2013, related to Condon, Mid-West Wind, Red Oak and Ironwood which are reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||
(2) | Excludes revenue of $230 million, $473 million and $457 million for the years ended December 31, 2014, 2013 and 2012, respectively, and property, plant and equipment of $1,100 million as of December 31, 2013, related to Dibamba, Kribi and Sonel, which are reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||
(3) | Excludes revenue of $187 million and $491 million for the years ended December 31, 2013 and 2012, respectively, related to Kievoblenergo and Rivnooblenergo, which are reflected as discontinued operations in the accompanying Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||
(4) | Excludes revenue of $18 million for the year ended December 31, 2012, related to Tisza II, which is reflected as discontinued operations in the accompanying Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||
(5) | Excludes revenue of $6 million and $11 million for the years ended December 31, 2013 and 2012, respectively, and property, plant and equipment of $19 million as of December 31, 2013, related to Saurashtra and our carbon reduction projects, which are reflected as discontinued operations and assets held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table presents the weighted average fair value of each option grant and the underlying weighted average assumptions, as of the grant date, using the Black-Scholes option-pricing model: | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Expected volatility | 24 | % | 23 | % | 26 | % | ||||||||
Expected annual dividend yield | 1 | % | 1 | % | 1 | % | ||||||||
Expected option term (years) | 6 | 6 | 6 | |||||||||||
Risk-free interest rate | 1.86 | % | 1.13 | % | 1.08 | % | ||||||||
Fair value at grant date | $ | 3.26 | $ | 2.23 | $ | 3.04 | ||||||||
Schedule of Share Based Compensation Summary of Financial Statement Components Stock Options | The following table summarizes the components of stock-based compensation related to employee stock options recognized in the Company’s financial statements: | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in millions) | ||||||||||||||
Pretax compensation expense | $ | 3 | $ | 2 | $ | 2 | ||||||||
Tax benefit | (1 | ) | (1 | ) | (1 | ) | ||||||||
Stock options expense, net of tax | $ | 2 | $ | 1 | $ | 1 | ||||||||
Total intrinsic value of options exercised | $ | 1 | $ | 5 | $ | 10 | ||||||||
Total fair value of options vested | 2 | 2 | 5 | |||||||||||
Cash received from the exercise of stock options | 3 | 13 | 9 | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the option activity for the year ended December 31, 2014 follows (number of options in thousands, dollars in millions except per option amounts): | |||||||||||||
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||||||
Outstanding at December 31, 2013 | 6,865 | $ | 14.91 | |||||||||||
Exercised | (265 | ) | 10.63 | |||||||||||
Forfeited and expired | (883 | ) | 16.15 | |||||||||||
Granted | 1,345 | 14.46 | ||||||||||||
Outstanding at December 31, 2014 | 7,062 | $ | 14.83 | 5 | $ | 8 | ||||||||
Vested and expected to vest at December 31, 2014 | 6,759 | $ | 14.89 | 4.9 | $ | 8 | ||||||||
Eligible for exercise at December 31, 2014 | 4,849 | $ | 15.61 | 3.4 | $ | 6 | ||||||||
Schedule of Share Based Compensation Summary of Financial Statement Components Restricted Stock Units Without Market Conditions | The following table summarizes the components of the Company’s stock-based compensation related to its employee RSUs recognized in the Company’s consolidated financial statements: | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in millions) | ||||||||||||||
RSU expense before income tax | $ | 12 | $ | 12 | $ | 11 | ||||||||
Tax benefit | (3 | ) | (3 | ) | (3 | ) | ||||||||
RSU expense, net of tax | $ | 9 | $ | 9 | $ | 8 | ||||||||
Total value of RSUs converted(1) | $ | 25 | $ | 10 | $ | 9 | ||||||||
Total fair value of RSUs vested | $ | 13 | $ | 12 | $ | 12 | ||||||||
-1 | Amount represents fair market value on the date of conversion. | |||||||||||||
Schedule of Share Based Compensation Restricted Stock Units Without Market Conditions Activity Table | A summary of the activity of RSUs for the year ended December 31, 2014 follows (number of RSUs in thousands): | |||||||||||||
RSUs | Weighted Average Grant Date Fair Values | Weighted Average Remaining Vesting Term | ||||||||||||
Nonvested at December 31, 2013 | 2,257 | $ | 12.01 | |||||||||||
Vested | (1,037 | ) | 12.23 | |||||||||||
Forfeited and expired | (325 | ) | 12.72 | |||||||||||
Granted | 1,102 | 14.6 | ||||||||||||
Nonvested at December 31, 2014 | 1,997 | $ | 13.2 | 1.6 | ||||||||||
Vested at December 31, 2014 | 833 | $ | 12.18 | |||||||||||
Vested and expected to vest at December 31, 2014 | 2,607 | $ | 12.84 | |||||||||||
Schedule of Share Based Compensation Restricted Stock Units Without Market Condition Vested And Converted | The table below summarizes the RSUs that vested and were converted during the years ended December 31, 2014, 2013, and 2012 (number of RSUs in thousands): | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
RSUs vested during the year | 1,037 | 942 | 1,138 | |||||||||||
RSUs converted during the year, net of shares withheld for taxes | 1,734 | 905 | 761 | |||||||||||
Shares withheld for taxes | 796 | 407 | 312 | |||||||||||
Schedule of Share Based Compensation Summary of Financial Statement Components Restricted Stock Units With Market Conditions | The following table summarizes the components of the Company’s stock-based compensation related to its PSUs recognized in the Company’s consolidated financial statements: | |||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(in millions) | ||||||||||||||
PSU expense before income tax | $ | 6 | $ | 4 | $ | 5 | ||||||||
Tax benefit | (2 | ) | (1 | ) | (1 | ) | ||||||||
PSU expense, net of tax | $ | 4 | $ | 3 | $ | 4 | ||||||||
Total value of PSUs converted(1) | $ | 4 | $ | — | $ | — | ||||||||
Total fair value of PSUs vested | 1 | — | 2 | |||||||||||
-1 | Amount represents fair market value on the date of conversion. | |||||||||||||
Schedule of Share Based Compensation Restricted Stock Units With Market Conditions Activity | A summary of the activity of PSUs for the year ended December 31, 2014 follows (number of PSUs in thousands): | |||||||||||||
PSUs | Weighted Average Grant Date Fair Values | Weighted Average Remaining Vesting Term | ||||||||||||
Nonvested at December 31, 2013 | 1,339 | $ | 14.24 | |||||||||||
Vested | (85 | ) | 15.28 | |||||||||||
Forfeited and expired | (450 | ) | 14.73 | |||||||||||
Granted | 527 | 14.91 | ||||||||||||
Nonvested at December 31, 2014 | 1,331 | $ | 14.27 | 1.3 | ||||||||||
Vested at December 31, 2014 | — | $ | — | |||||||||||
Vested and expected to vest at December 31, 2014 | 1,100 | 14.33 | ||||||||||||
Schedule of Share Based Compensation Restricted Stock Units With Market Condition Vested and Converted | The table below summarizes the PSUs that vested and were converted during the years ended December 31, 2014, 2013, and 2012 (number of PSUs in thousands): | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
PSUs vested during the year | 85 | — | 343 | |||||||||||
PSUs converted during the year, net of shares withheld for taxes | 287 | — | — | |||||||||||
Shares withheld for taxes | 141 | — | — | |||||||||||
Other_Income_and_Expense_Table
Other Income and Expense (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||
Components of Other Income | The components are summarized below: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Gain on sale of assets | $ | 68 | (1) | $ | 12 | $ | 21 | |||||
Contingency reversal | 18 | (2) | 10 | — | ||||||||
Contract termination - Beaver Valley | — | 60 | — | |||||||||
Insurance proceeds | — | — | 38 | |||||||||
Gain on extinguishment of tax and other liabilities | — | 9 | — | |||||||||
Other | 38 | 34 | 39 | |||||||||
Total other income | $ | 124 | $ | 125 | $ | 98 | ||||||
Components of Other Expense | The components are summarized below: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Loss on sale and disposal of assets | $ | 47 | $ | 51 | $ | 64 | ||||||
Legal settlement | 11 | 9 | 9 | |||||||||
Contract termination | — | 7 | — | |||||||||
Other | 10 | 9 | 9 | |||||||||
Total other expense | $ | 68 | $ | 76 | $ | 82 | ||||||
Asset_Impairment_Expense_Table
Asset Impairment Expense (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |||||||||||||
Details of Impairment of Long-Lived Assets Held and Used by Asset | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
Ebute | 67 | — | — | ||||||||||
UK Wind | 12 | — | — | ||||||||||
East Bend (DP&L) | 12 | — | — | ||||||||||
Beaver Valley | — | 46 | — | ||||||||||
Conesville (DP&L) | — | 26 | — | ||||||||||
Itabo (San Lorenzo) | — | 16 | — | ||||||||||
U.S. wind turbines and projects | — | — | 41 | ||||||||||
Kelanitissa | — | — | 19 | ||||||||||
St. Patrick | — | — | 11 | ||||||||||
Other | — | 7 | 2 | ||||||||||
Total asset impairment expense | $ | 91 | $ | 95 | $ | 73 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Expense On Continuing Operations | The following table summarizes the expense for income taxes on continuing operations for the periods indicated: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
Federal: | |||||||||||||
Current | $ | — | $ | (28 | ) | $ | — | ||||||
Deferred | (121 | ) | (110 | ) | 24 | ||||||||
State: | |||||||||||||
Current | 1 | 1 | (2 | ) | |||||||||
Deferred | 1 | 1 | (11 | ) | |||||||||
Foreign: | |||||||||||||
Current | 457 | 509 | 538 | ||||||||||
Deferred | 81 | (30 | ) | 136 | |||||||||
Total | $ | 419 | $ | 343 | $ | 685 | |||||||
Reconciliation Of US Federal Income Tax Rates And AES Effective Tax Rate For The Current And Two Prior Years | The following table summarizes a reconciliation of the U.S. statutory federal income tax rate to the Company’s effective tax rate, as a percentage of income from continuing operations before taxes for the periods indicated: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory Federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of Federal tax benefit | (1 | )% | (3 | )% | (21 | )% | |||||||
Taxes on foreign earnings | (14 | )% | (4 | )% | (32 | )% | |||||||
Valuation allowance | (1 | )% | — | % | 16 | % | |||||||
Uncertain tax positions | — | % | (5 | )% | 9 | % | |||||||
Bad debt deduction | — | % | (3 | )% | — | % | |||||||
Change in tax law | 4 | % | (1 | )% | 17 | % | |||||||
Goodwill impairment | 4 | % | 12 | % | 276 | % | |||||||
Other—net | — | % | 2 | % | (2 | )% | |||||||
Effective tax rate | 27 | % | 33 | % | 298 | % | |||||||
Included in the favorable (14)% 2014 Taxes on foreign earnings percentage above is approximately (8)% related to the current year sale of approximately 45% of the Company's interest in Masin AES Pte Ltd., which owns the Company's interests in the Philippines, and the 2014 sale of the Company's interests in four U.K. wind projects. Neither of these transactions gave rise to income tax expense. | |||||||||||||
Schedule Of Income Tax Payable And Receivable | The following table summarizes the income taxes receivable and payable as of December 31, 2014 and 2013: | ||||||||||||
2014 | 2013 | ||||||||||||
(in millions) | |||||||||||||
Income taxes receivable—current | $ | 217 | $ | 206 | |||||||||
Total income taxes receivable | $ | 217 | $ | 206 | |||||||||
Income taxes payable—current | $ | 299 | $ | 322 | |||||||||
Income taxes payable—noncurrent | 2 | 2 | |||||||||||
Total income taxes payable | $ | 301 | $ | 324 | |||||||||
Summary Of Deferred Tax Assets And Liabilities | The following table summarizes the deferred tax assets and liabilities, as of December 31, 2014 and 2013: | ||||||||||||
2014 | 2013 | ||||||||||||
(in millions) | |||||||||||||
Differences between book and tax basis of property | $ | (2,364 | ) | $ | (2,178 | ) | |||||||
Other taxable temporary differences | (302 | ) | (337 | ) | |||||||||
Total deferred tax liability | (2,666 | ) | (2,515 | ) | |||||||||
Operating loss carryforwards | 2,224 | 2,108 | |||||||||||
Capital loss carryforwards | 137 | 103 | |||||||||||
Bad debt and other book provisions | 221 | 277 | |||||||||||
Retirement costs | 275 | 291 | |||||||||||
Tax credit carryforwards | 58 | 38 | |||||||||||
Other deductible temporary differences | 363 | 420 | |||||||||||
Total gross deferred tax asset | 3,278 | 3,237 | |||||||||||
Less: valuation allowance | (997 | ) | (1,090 | ) | |||||||||
Total net deferred tax asset | 2,281 | 2,147 | |||||||||||
Net deferred tax asset (liability) | $ | (385 | ) | $ | (368 | ) | |||||||
Income Before Income Taxes, Foreign And Domestic | The following table summarizes the income (loss) from continuing operations, before income taxes, net equity in earnings of affiliates and noncontrolling interests, for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
U.S. | $ | (560 | ) | $ | (575 | ) | $ | (1,921 | ) | ||||
Non-U.S. | 2,136 | 1,623 | 2,151 | ||||||||||
Total | $ | 1,576 | $ | 1,048 | $ | 230 | |||||||
Tax Years Potentially Subject To Examination And Jurisdictions | The following is a summary of tax years potentially subject to examination in the significant tax and business jurisdictions in which we operate: | ||||||||||||
Jurisdiction | Tax Years Subject to Examination | ||||||||||||
Argentina | 2008-2014 | ||||||||||||
Brazil | 2009-2014 | ||||||||||||
Chile | 2009-2014 | ||||||||||||
Colombia | 2012-2014 | ||||||||||||
Dominican Republic | 2011-2014 | ||||||||||||
El Salvador | 2011-2014 | ||||||||||||
Netherlands | 2012-2014 | ||||||||||||
Philippines | 2011-2014 | ||||||||||||
United Kingdom | 2009-2014 | ||||||||||||
United States (Federal) | 2011-2014 | ||||||||||||
Unrecognized Tax Benefits | Below is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the periods indicated: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
Balance at January 1 | $ | 392 | $ | 475 | $ | 464 | |||||||
Additions for current year tax positions | 8 | 7 | 12 | ||||||||||
Additions for tax positions of prior years | 14 | 10 | 29 | ||||||||||
Reductions for tax positions of prior years | (2 | ) | (3 | ) | (29 | ) | |||||||
Effects of foreign currency translation | (3 | ) | — | — | |||||||||
Settlements | (2 | ) | (65 | ) | — | ||||||||
Lapse of statute of limitations | (12 | ) | (32 | ) | (1 | ) | |||||||
Balance at December 31 | $ | 395 | $ | 392 | $ | 475 | |||||||
Discontinued_Operations_and_He1
Discontinued Operations and Held-For-Sale Businesses (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Revenue Income From Operations Of Discontinued Businesses Income Tax Expense And Impairment Of Discontinued Operations | The following table summarizes the revenue, income from operations, income tax expense, impairment and loss on disposal of all discontinued operations prior to the adoption of the new accounting guidance for discontinued operations for the periods indicated: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in millions) | |||||||||||||
Revenue | $ | 233 | $ | 689 | $ | 1,043 | |||||||
Income (loss) from operations of discontinued businesses, before income tax | $ | 50 | $ | (3 | ) | $ | 73 | ||||||
Income tax expense | (23 | ) | (24 | ) | (26 | ) | |||||||
Income (loss) from operations of discontinued businesses, after income tax | $ | 27 | $ | (27 | ) | $ | 47 | ||||||
Net gain (loss) from disposal and impairments of discontinued businesses, after income tax | $ | (56 | ) | $ | (152 | ) | $ | 16 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||
Earnings Per Share Basic And Diluted Table | The following tables present a reconciliation of the numerator and denominator of the basic and diluted earnings per share computation for income from continuing operations for the years ended December 31, 2014, 2013 and 2012. In the table below, income represents the numerator and weighted-average shares represent the denominator: | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
Income | Shares | $ per Share | Income | Shares | $ per Share | Loss | Shares | $ per Share | |||||||||||||||||||||||||||
(in millions except per share data) | |||||||||||||||||||||||||||||||||||
BASIC EARNINGS PER SHARE | |||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders | $ | 789 | 720 | $ | 1.1 | $ | 284 | 743 | $ | 0.38 | $ | (960 | ) | $ | 755 | $ | (1.27 | ) | |||||||||||||||||
EFFECT OF DILUTIVE SECURITIES | |||||||||||||||||||||||||||||||||||
Stock options | — | 1 | — | — | 1 | — | — | — | — | ||||||||||||||||||||||||||
Restricted stock units | — | 3 | (0.01 | ) | — | 4 | — | — | — | — | |||||||||||||||||||||||||
DILUTED EARNINGS PER SHARE | $ | 789 | 724 | $ | 1.09 | $ | 284 | 748 | $ | 0.38 | $ | (960 | ) | $ | 755 | $ | (1.27 | ) | |||||||||||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Related Party Transactions [Abstract] | ||||||||||||
Schedule of Related Party Transactions | The Company’s Consolidated Statements of Operations included the following transactions with related parties for the periods indicated: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Revenue—Non-Regulated | $ | 830 | $ | 825 | $ | 820 | ||||||
Cost of Sales—Non-Regulated | 218 | 161 | 120 | |||||||||
Interest expense | 8 | 5 | 10 | |||||||||
Schedule of Related Party Receivables Payables | The following table summarizes the balances receivable from and payable to related parties included in the Company’s Consolidated Balance Sheets as of the periods indicated: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Receivables from related parties | $ | 178 | $ | 109 | ||||||||
Accounts and notes payable to related parties | 209 | 67 | ||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | The following tables summarize the unaudited quarterly statements of operations for the Company for 2014 and 2013. Amounts have been restated to reflect discontinued operations in all periods presented and reflect all adjustments necessary in the opinion of management for a fair statement of the results for interim periods. | |||||||||||||||
Quarter Ended 2014 | ||||||||||||||||
31-Mar | June 30 | 30-Sep | 31-Dec | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Revenue | $ | 4,262 | $ | 4,311 | $ | 4,441 | $ | 4,132 | ||||||||
Operating margin | 794 | 819 | 767 | 708 | ||||||||||||
Income from continuing operations, net of tax(1) (2) | 89 | 281 | 508 | 298 | ||||||||||||
Discontinued operations, net of tax | (23 | ) | (6 | ) | — | — | ||||||||||
Net income | $ | 66 | $ | 275 | $ | 508 | $ | 298 | ||||||||
Net income (loss) attributable to The AES Corporation | $ | (58 | ) | $ | 133 | $ | 488 | $ | 206 | |||||||
Basic income (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $ | (0.07 | ) | $ | 0.2 | $ | 0.68 | $ | 0.29 | |||||||
Discontinued operations attributable to The AES Corporation, net of tax | (0.01 | ) | (0.02 | ) | — | — | ||||||||||
Basic income (loss) per share attributable to The AES Corporation | $ | (0.08 | ) | $ | 0.18 | $ | 0.68 | $ | 0.29 | |||||||
Diluted income (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $ | (0.07 | ) | $ | 0.2 | $ | 0.67 | $ | 0.29 | |||||||
Discontinued operations attributable to The AES Corporation, net of tax | (0.01 | ) | (0.02 | ) | — | — | ||||||||||
Diluted income (loss) per share attributable to The AES Corporation | $ | (0.08 | ) | $ | 0.18 | $ | 0.67 | $ | 0.29 | |||||||
Dividends declared per common share | $ | — | $ | 0.05 | $ | 0.05 | $ | 0.15 | ||||||||
Quarter Ended 2013 | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | Dec 31 | |||||||||||||
(in millions, except per share data) | ||||||||||||||||
Revenue | $ | 4,150 | $ | 3,945 | $ | 3,996 | $ | 3,800 | ||||||||
Operating margin | 749 | 901 | 927 | 670 | ||||||||||||
Income (loss) from continuing operations, net of tax(3) | 231 | 333 | 339 | (173 | ) | |||||||||||
Discontinued operations, net of tax | (32 | ) | — | (116 | ) | (31 | ) | |||||||||
Net income (loss) | $ | 199 | $ | 333 | $ | 223 | $ | (204 | ) | |||||||
Net income (loss) attributable to The AES Corporation | $ | 82 | $ | 167 | $ | 71 | $ | (206 | ) | |||||||
Basic income (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $ | 0.15 | $ | 0.22 | $ | 0.23 | $ | (0.23 | ) | |||||||
Discontinued operations attributable to The AES Corporation, net of tax | (0.04 | ) | — | (0.14 | ) | (0.05 | ) | |||||||||
Basic income (loss) per share attributable to The AES Corporation | $ | 0.11 | $ | 0.22 | $ | 0.09 | $ | (0.28 | ) | |||||||
Diluted income (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $ | 0.15 | $ | 0.22 | $ | 0.23 | $ | (0.23 | ) | |||||||
Discontinued operations attributable to The AES Corporation, net of tax | (0.04 | ) | — | (0.14 | ) | (0.05 | ) | |||||||||
Diluted income (loss) per share attributable to The AES Corporation | $ | 0.11 | $ | 0.22 | $ | 0.09 | $ | (0.28 | ) | |||||||
Dividends declared per common share | $ | — | $ | 0.08 | $ | — | $ | 0.09 | ||||||||
-1 | Includes pretax impairment expense of $166 million, $107 million, $31 million and $79 million, for the first, second, third and fourth quarters of 2014, respectively. See Note 9—Other Non-Operating Expense, Note 10—Goodwill and Other Intangible Assets, and Note 21—Asset Impairment Expense for further discussion. | |||||||||||||||
(2) | Includes a pretax gain of approximately $283 million for the second quarter of 2014 related to the sale of a noncontrolling interest in Masinloc. See Note 16—Equity for further discussion. Includes pretax gain of approximately $78 million for the third quarter of 2014 related to the sale of the U.K. wind projects. See Note 24—Dispositions for further discussion. Includes pretax interest income of $59 million recognized on FONIVEMEM III receivables at AES Argentina in the fourth quarter of 2014. Also includes a pretax foreign currency derivative gain of $106 million recognized on the FONIVEMEM III receivables in the fourth quarter of 2014. See Note 7—Financing Receivables for further discussion. Includes pretax loss of $41 million recognized in Net equity in earnings of affiliates corresponding to the Company's share of an asset impairment at Elsta. See Note 8—Investments In And Advances To Affiliates for further discussion. | |||||||||||||||
(3) | Includes pretax impairment expense of $48 million, $0 million, $196 million and $352 million, for the first, second, third and fourth quarters of 2013, respectively. See Note 9—Other Non-Operating Expense, Note 10—Goodwill and Other Intangible Assets, and Note 21—Asset Impairment Expense for further discussion. |
Schedule_I_Condensed_Financial1
Schedule I - Condensed Financial Information of Parent (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Schedule of Recourse Debt Detail | The table below summarizes the carrying amount and terms of recourse debt of the Company as of the periods indicated: | ||||||||||||
Interest Rate | Final | December 31, | |||||||||||
RECOURSE DEBT | Maturity | 2014 | 2013 | ||||||||||
(in millions) | |||||||||||||
Senior Unsecured Note | 7.75% | 2014 | — | 110 | |||||||||
Senior Unsecured Note | 7.75% | 2015 | 151 | 356 | |||||||||
Senior Unsecured Note | 9.75% | 2016 | 164 | 369 | |||||||||
Senior Unsecured Note | 8.00% | 2017 | 525 | 1,150 | |||||||||
Senior Secured Term Loan | LIBOR + 2.75% | 2018 | — | 799 | |||||||||
Senior Unsecured Note | LIBOR + 3% | 2019 | 775 | — | |||||||||
Senior Unsecured Note | 8.00% | 2020 | 625 | 625 | |||||||||
Senior Unsecured Note | 7.38% | 2021 | 1,000 | 1,000 | |||||||||
Senior Unsecured Note | 4.88% | 2023 | 750 | 750 | |||||||||
Senior Unsecured Note | 5.50% | 2024 | 750 | — | |||||||||
Term Convertible Trust Securities | 6.75% | 2029 | 517 | 517 | |||||||||
Unamortized (Discounts)/Premiums | 1 | (7 | ) | ||||||||||
SUBTOTAL | 5,258 | 5,669 | |||||||||||
Less: Current maturities | (151 | ) | (118 | ) | |||||||||
Total | $ | 5,107 | $ | 5,551 | |||||||||
December 31, | |||||||||||||
Interest Rate | Maturity | 2014 | 2013 | ||||||||||
(in millions) | |||||||||||||
Senior Unsecured Note | 7.75% | 2014 | $ | — | $ | 110 | |||||||
Senior Unsecured Note | 7.75% | 2015 | 151 | 356 | |||||||||
Senior Unsecured Note | 9.75% | 2016 | 164 | 369 | |||||||||
Senior Unsecured Note | 8.00% | 2017 | 525 | 1,150 | |||||||||
Senior Secured Term Loan | LIBOR + 2.75% | 2018 | — | 799 | |||||||||
Senior Unsecured Note | LIBOR + 3.00% | 2019 | 775 | — | |||||||||
Senior Unsecured Note | 8.00% | 2020 | 625 | 625 | |||||||||
Senior Unsecured Note | 7.38% | 2021 | 1,000 | 1,000 | |||||||||
Senior Unsecured Note | 4.88% | 2023 | 750 | 750 | |||||||||
Senior Unsecured Note | 5.50% | 2024 | 750 | — | |||||||||
Unamortized premium (discounts) | 1 | (7 | ) | ||||||||||
SUBTOTAL | 4,741 | 5,152 | |||||||||||
Less: Current maturities | (151 | ) | (118 | ) | |||||||||
Total | $ | 4,590 | $ | 5,034 | |||||||||
Junior Subordinated Notes Payable | |||||||||||||
December 31, | |||||||||||||
Interest Rate | Maturity | 2014 | 2013 | ||||||||||
(in millions) | |||||||||||||
Term Convertible Trust Securities | 6.75% | 2029 | $ | 517 | $ | 517 | |||||||
Future Maturities of Debt | |||||||||||||
Interest Rate | Final | December 31, | |||||||||||
RECOURSE DEBT | Maturity | 2014 | 2013 | ||||||||||
(in millions) | |||||||||||||
Senior Unsecured Note | 7.75% | 2014 | — | 110 | |||||||||
Senior Unsecured Note | 7.75% | 2015 | 151 | 356 | |||||||||
Senior Unsecured Note | 9.75% | 2016 | 164 | 369 | |||||||||
Senior Unsecured Note | 8.00% | 2017 | 525 | 1,150 | |||||||||
Senior Secured Term Loan | LIBOR + 2.75% | 2018 | — | 799 | |||||||||
Senior Unsecured Note | LIBOR + 3% | 2019 | 775 | — | |||||||||
Senior Unsecured Note | 8.00% | 2020 | 625 | 625 | |||||||||
Senior Unsecured Note | 7.38% | 2021 | 1,000 | 1,000 | |||||||||
Senior Unsecured Note | 4.88% | 2023 | 750 | 750 | |||||||||
Senior Unsecured Note | 5.50% | 2024 | 750 | — | |||||||||
Term Convertible Trust Securities | 6.75% | 2029 | 517 | 517 | |||||||||
Unamortized (Discounts)/Premiums | 1 | (7 | ) | ||||||||||
SUBTOTAL | 5,258 | 5,669 | |||||||||||
Less: Current maturities | (151 | ) | (118 | ) | |||||||||
Total | $ | 5,107 | $ | 5,551 | |||||||||
The table below summarizes the principal amounts due, net of unamortized discounts, under our recourse debt for the next five years and thereafter: | |||||||||||||
December 31, | Net Principal | ||||||||||||
Amounts Due | |||||||||||||
(in millions) | |||||||||||||
2015 | $ | 151 | |||||||||||
2016 | 162 | ||||||||||||
2017 | 525 | ||||||||||||
2018 | — | ||||||||||||
2019 | 773 | ||||||||||||
Thereafter | 3,647 | ||||||||||||
Total recourse debt | $ | 5,258 | |||||||||||
Recourse debt as of December 31, 2014 is scheduled to reach maturity as set forth in the table below: | |||||||||||||
December 31, | Annual Maturities | ||||||||||||
(in millions) | |||||||||||||
2015 | $ | 151 | |||||||||||
2016 | 162 | ||||||||||||
2017 | 525 | ||||||||||||
2018 | — | ||||||||||||
2019 | 773 | ||||||||||||
Thereafter | 3,647 | ||||||||||||
Total debt | $ | 5,258 | |||||||||||
General_and_Summary_of_Signifi2
General and Summary of Significant Accounting Policies (Finite Lived Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 1 year |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 50 years |
General_and_Summary_of_Signifi3
General and Summary of Significant Accounting Policies Accounting Pronouncements Not Yet Adopted (Details) (USD $) | 12 Months Ended |
In Billions, unless otherwise specified | Dec. 31, 2014 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $1.50 |
General_and_Summary_of_Signifi4
General and Summary of Significant Accounting Policies New Accounting Pronouncements Adopted (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $1,500 |
Other Noncurrent Liabilities [Member] | Accounting Standards Update 2013-11 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | ($66) |
Inventory_Details
Inventory (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Fuel and other raw materials | $357 | $334 |
Spare parts and supplies | 345 | 350 |
Total | $702 | $684 |
Property_Plant_and_Equipment_C
Property, Plant and Equipment (Components of PP&E) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | 30,459,000,000 | $30,596,000,000 |
Accumulated depreciation | -9,962,000,000 | -9,604,000,000 |
Net electric generation and distribution assets and other | 20,497,000,000 | 20,992,000,000 |
Net electronic generation and distribution assets and other related to held for sale business | 0 | 1,200,000,000 |
Capitalized computer software, net | 115,000,000 | 133,000,000 |
Electric generation and distribution facilities | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | 27,488,000,000 | 27,619,000,000 |
Electric generation and distribution facilities | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 5 years | |
Electric generation and distribution facilities | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 68 years | |
Other buildings | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | 1,694,000,000 | 1,726,000,000 |
Other buildings | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 5 years | |
Other buildings | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 53 years | |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | 307,000,000 | 312,000,000 |
Furniture, fixtures and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 2 years | |
Furniture, fixtures and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 31 years | |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | 970,000,000 | $939,000,000 |
Other | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 1 year | |
Other | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 50 years |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Depreciation Expense, Software Amortization and Capitalized Interest) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense (including amortization of assets recorded under capital leases) | $1,204,000,000 | $1,193,000,000 | $1,173,000,000 |
Amortization of internal-use software | 33,000,000 | 36,000,000 | 45,000,000 |
Interest capitalized during development and construction | 120,000,000 | 84,000,000 | 88,000,000 |
Property plant and equipment, net of accumulated depreciation mortgaged, pledged or subject to liens | $15,000,000,000 | $15,000,000,000 |
Property_Plant_and_Equipment_R
Property, Plant and Equipment (Regulated and Non-Regulated Generation and Distribution PP&E) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | $30,459 | $30,596 |
Accumulated depreciation | -9,962 | -9,604 |
Net electric generation and distribution assets and other | 20,497 | 20,992 |
Regulated | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | 13,103 | 13,031 |
Accumulated depreciation | -4,841 | -4,732 |
Net electric generation and distribution assets and other | 8,262 | 8,299 |
Non Regulated | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | 17,356 | 17,565 |
Accumulated depreciation | -5,121 | -4,872 |
Net electric generation and distribution assets and other | $12,235 | $12,693 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment (Asset Retirement Obligations) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning balance | $142,000,000 | $120,000,000 |
Additional liabilities incurred | 51,000,000 | 1,000,000 |
Liabilities settled | -11,000,000 | -4,000,000 |
Accretion expense | 12,000,000 | 9,000,000 |
Change in estimated cash flows | 15,000,000 | 16,000,000 |
Ending balance | 209,000,000 | 142,000,000 |
Asset retirement obligation, legally restricted | $0 |
Property_Plant_and_Equipment_O
Property, Plant and Equipment (Ownership of Coal-Fired Facilities) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | MW |
facility | |
Jointly Owned Utility Plant Interests [Line Items] | |
Number of Coal-Fired Generation Facilities, Jointly Owned | 5 |
Production Capacity (MW) | 2,072 |
Conesville Unit 4 | |
Jointly Owned Utility Plant Interests [Line Items] | |
Construction Work In Process | 1 |
Ownership | 17.00% |
Production Capacity (MW) | 129 |
Gross Plant In Service | 24 |
Accumulated Depreciation | 2 |
Killen Station | |
Jointly Owned Utility Plant Interests [Line Items] | |
Construction Work In Process | 2 |
Ownership | 67.00% |
Production Capacity (MW) | 402 |
Gross Plant In Service | 308 |
Accumulated Depreciation | 19 |
Miami Fort Units 7 and 8 | |
Jointly Owned Utility Plant Interests [Line Items] | |
Construction Work In Process | 2 |
Ownership | 36.00% |
Production Capacity (MW) | 368 |
Gross Plant In Service | 214 |
Accumulated Depreciation | 23 |
Stuart Station | |
Jointly Owned Utility Plant Interests [Line Items] | |
Construction Work In Process | 14 |
Ownership | 35.00% |
Production Capacity (MW) | 808 |
Gross Plant In Service | 219 |
Accumulated Depreciation | 16 |
Zimmer Station | |
Jointly Owned Utility Plant Interests [Line Items] | |
Construction Work In Process | 6 |
Ownership | 28.00% |
Production Capacity (MW) | 365 |
Gross Plant In Service | 182 |
Accumulated Depreciation | 35 |
Transmission | |
Jointly Owned Utility Plant Interests [Line Items] | |
Construction Work In Process | 0 |
Production Capacity (MW) | 0 |
Gross Plant In Service | 42 |
Accumulated Depreciation | 6 |
Total Jointly Owned Plant | |
Jointly Owned Utility Plant Interests [Line Items] | |
Construction Work In Process | 25 |
Gross Plant In Service | 989 |
Accumulated Depreciation | 101 |
Fair_Value_Recurring_Measureme
Fair Value (Recurring Measurements) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt securities: | ||
Unsecured debentures | $501 | $435 |
Certificates of deposit | 151 | 151 |
Government debt securities | 57 | 25 |
Subtotal | 709 | 611 |
Equity securities: | ||
Mutual funds | 25 | 44 |
Subtotal | 25 | 44 |
Total available for sale | 734 | 655 |
Equity securities: | ||
Mutual funds | 15 | 13 |
Total trading | 15 | 13 |
DERIVATIVES: | ||
Total derivatives | 280 | 240 |
TOTAL ASSETS | 1,029 | 908 |
DERIVATIVES: | ||
Total derivatives | 514 | 371 |
TOTAL LIABILITIES | 514 | 371 |
Interest rate derivatives | ||
DERIVATIVES: | ||
Total derivatives | 0 | 98 |
DERIVATIVES: | ||
Total derivatives | 416 | 322 |
Cross currency derivatives | ||
DERIVATIVES: | ||
Total derivatives | 0 | 5 |
DERIVATIVES: | ||
Total derivatives | 29 | 11 |
Foreign currency derivatives | ||
DERIVATIVES: | ||
Total derivatives | 236 | 113 |
DERIVATIVES: | ||
Total derivatives | 52 | 21 |
Commodity derivatives | ||
DERIVATIVES: | ||
Total derivatives | 44 | 24 |
DERIVATIVES: | ||
Total derivatives | 17 | 17 |
Level 1 | ||
Debt securities: | ||
Unsecured debentures | 0 | 0 |
Certificates of deposit | 0 | 0 |
Government debt securities | 0 | 0 |
Subtotal | 0 | 0 |
Equity securities: | ||
Mutual funds | 0 | 0 |
Subtotal | 0 | 0 |
Total available for sale | 0 | 0 |
Equity securities: | ||
Mutual funds | 15 | 13 |
Total trading | 15 | 13 |
DERIVATIVES: | ||
Total derivatives | 0 | 0 |
TOTAL ASSETS | 15 | 13 |
DERIVATIVES: | ||
Total derivatives | 0 | 0 |
TOTAL LIABILITIES | 0 | 0 |
Level 1 | Interest rate derivatives | ||
DERIVATIVES: | ||
Total derivatives | 0 | 0 |
DERIVATIVES: | ||
Total derivatives | 0 | 0 |
Level 1 | Cross currency derivatives | ||
DERIVATIVES: | ||
Total derivatives | 0 | 0 |
DERIVATIVES: | ||
Total derivatives | 0 | 0 |
Level 1 | Foreign currency derivatives | ||
DERIVATIVES: | ||
Total derivatives | 0 | 0 |
DERIVATIVES: | ||
Total derivatives | 0 | 0 |
Level 1 | Commodity derivatives | ||
DERIVATIVES: | ||
Total derivatives | 0 | 0 |
DERIVATIVES: | ||
Total derivatives | 0 | 0 |
Level 2 | ||
Debt securities: | ||
Unsecured debentures | 501 | 435 |
Certificates of deposit | 151 | 151 |
Government debt securities | 57 | 25 |
Subtotal | 709 | 611 |
Equity securities: | ||
Mutual funds | 25 | 44 |
Subtotal | 25 | 44 |
Total available for sale | 734 | 655 |
Equity securities: | ||
Mutual funds | 0 | 0 |
Total trading | 0 | 0 |
DERIVATIVES: | ||
Total derivatives | 55 | 136 |
TOTAL ASSETS | 789 | 791 |
DERIVATIVES: | ||
Total derivatives | 294 | 263 |
TOTAL LIABILITIES | 294 | 263 |
Level 2 | Interest rate derivatives | ||
DERIVATIVES: | ||
Total derivatives | 0 | 98 |
DERIVATIVES: | ||
Total derivatives | 206 | 221 |
Level 2 | Cross currency derivatives | ||
DERIVATIVES: | ||
Total derivatives | 0 | 5 |
DERIVATIVES: | ||
Total derivatives | 29 | 11 |
Level 2 | Foreign currency derivatives | ||
DERIVATIVES: | ||
Total derivatives | 18 | 15 |
DERIVATIVES: | ||
Total derivatives | 43 | 16 |
Level 2 | Commodity derivatives | ||
DERIVATIVES: | ||
Total derivatives | 37 | 18 |
DERIVATIVES: | ||
Total derivatives | 16 | 15 |
Level 3 | ||
Debt securities: | ||
Unsecured debentures | 0 | 0 |
Certificates of deposit | 0 | 0 |
Government debt securities | 0 | 0 |
Subtotal | 0 | 0 |
Equity securities: | ||
Mutual funds | 0 | 0 |
Subtotal | 0 | 0 |
Total available for sale | 0 | 0 |
Equity securities: | ||
Mutual funds | 0 | 0 |
Total trading | 0 | 0 |
DERIVATIVES: | ||
Total derivatives | 225 | 104 |
TOTAL ASSETS | 225 | 104 |
DERIVATIVES: | ||
Total derivatives | 220 | 108 |
TOTAL LIABILITIES | 220 | 108 |
Level 3 | Interest rate derivatives | ||
DERIVATIVES: | ||
Total derivatives | 0 | 0 |
DERIVATIVES: | ||
Total derivatives | 210 | 101 |
Level 3 | Cross currency derivatives | ||
DERIVATIVES: | ||
Total derivatives | 0 | 0 |
DERIVATIVES: | ||
Total derivatives | 0 | 0 |
Level 3 | Foreign currency derivatives | ||
DERIVATIVES: | ||
Total derivatives | 218 | 98 |
DERIVATIVES: | ||
Total derivatives | 9 | 5 |
Level 3 | Commodity derivatives | ||
DERIVATIVES: | ||
Total derivatives | 7 | 6 |
DERIVATIVES: | ||
Total derivatives | $1 | $2 |
Fair_Value_Level_3_Reconciliat
Fair Value (Level 3 Reconciliation) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balance at beginning of period | ($4) | ($341) |
Total gains (losses) (realized and unrealized): | ||
Included in earnings | 137 | 70 |
Included in other comprehensive income - derivative activity | -156 | 93 |
Included in other comprehensive income - foreign currency translation activity | -12 | -27 |
Included in regulatory (assets) liabilities | 16 | 2 |
Settlements | 11 | 94 |
Transfers of assets (liabilities) into Level 3 | 10 | |
Transfers of (assets) liabilities out of Level 3 | 3 | 105 |
Balance at end of period | 5 | -4 |
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | 131 | 64 |
Interest Rate | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balance at beginning of period | -101 | -412 |
Total gains (losses) (realized and unrealized): | ||
Included in earnings | 2 | 13 |
Included in other comprehensive income - derivative activity | -154 | 93 |
Included in other comprehensive income - foreign currency translation activity | 13 | -4 |
Included in regulatory (assets) liabilities | 0 | 0 |
Settlements | 30 | 100 |
Transfers of assets (liabilities) into Level 3 | 0 | |
Transfers of (assets) liabilities out of Level 3 | 0 | 109 |
Balance at end of period | -210 | -101 |
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | 2 | 10 |
Foreign currency derivatives | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balance at beginning of period | 93 | 72 |
Total gains (losses) (realized and unrealized): | ||
Included in earnings | 134 | 53 |
Included in other comprehensive income - derivative activity | -2 | 0 |
Included in other comprehensive income - foreign currency translation activity | -25 | -23 |
Included in regulatory (assets) liabilities | 0 | 0 |
Settlements | -4 | -5 |
Transfers of assets (liabilities) into Level 3 | 10 | |
Transfers of (assets) liabilities out of Level 3 | 3 | -4 |
Balance at end of period | 209 | 93 |
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | 130 | 53 |
Commodity derivatives | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balance at beginning of period | 4 | -1 |
Total gains (losses) (realized and unrealized): | ||
Included in earnings | 1 | 4 |
Included in other comprehensive income - derivative activity | 0 | 0 |
Included in other comprehensive income - foreign currency translation activity | 0 | 0 |
Included in regulatory (assets) liabilities | 16 | 2 |
Settlements | -15 | -1 |
Transfers of assets (liabilities) into Level 3 | 0 | |
Transfers of (assets) liabilities out of Level 3 | 0 | 0 |
Balance at end of period | 6 | 4 |
Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | ($1) | $1 |
Fair_Value_Quantitative_Inform
Fair Value (Quantitative Information) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | |||
Fair Value | $5 | ($4) | ($341) |
Interest rate derivatives | |||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | |||
Fair Value | -210 | -101 | -412 |
Interest rate derivatives | Minimum | |||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | |||
Subsidiaries' credit risk | 3.75% | ||
Interest rate derivatives | Maximum | |||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | |||
Subsidiaries' credit risk | 8.24% | ||
Interest rate derivatives | Weighted Average | |||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | |||
Subsidiaries' credit risk | 5.70% | ||
Foreign Currency Embedded Derivative Argentine Peso | |||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | |||
Fair Value | 208 | ||
Foreign Currency Embedded Derivative Argentine Peso | Minimum | |||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | |||
Argentine Peso to U.S. Dollar currency exchange rate after 1 year | 0.0875 | ||
Foreign Currency Embedded Derivative Argentine Peso | Maximum | |||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | |||
Argentine Peso to U.S. Dollar currency exchange rate after 1 year | 0.3366 | ||
Foreign Currency Embedded Derivative Argentine Peso | Weighted Average | |||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | |||
Argentine Peso to U.S. Dollar currency exchange rate after 1 year | 0.2131 | ||
Foreign Currency Embedded Derivative Euro | |||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | |||
Fair Value | 1 | ||
Foreign Currency Embedded Derivative Euro | Minimum | |||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | |||
Subsidiaries' credit risk | 5.43% | ||
Foreign Currency Embedded Derivative Euro | Maximum | |||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | |||
Subsidiaries' credit risk | 8.24% | ||
Foreign Currency Embedded Derivative Euro | Weighted Average | |||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | |||
Subsidiaries' credit risk | 6.84% | ||
Commodity And Other | |||
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | |||
Fair Value | $6 |
Fair_Value_Nonrecurring_Measur
Fair Value (Nonrecurring Measurements) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset impairment expense | $383,000,000 | $661,000,000 | $1,940,000,000 | |||||
Other non-operating expense | 128,000,000 | 129,000,000 | 50,000,000 | |||||
Goodwill impairment expense | 164,000,000 | 372,000,000 | 1,817,000,000 | |||||
DP&L (East Bend) | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 2,000,000 | 2,000,000 | ||||||
Ebute | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 36,000,000 | 36,000,000 | ||||||
Goodwill impairment expense | 58,000,000 | |||||||
UK Wind (Newfield) | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | |||||||
DPLER | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Goodwill impairment expense | 136,000,000 | |||||||
Buffalo Gap | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Goodwill impairment expense | 18,000,000 | 10,000,000 | ||||||
Itabo (San Lorenzo) | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 7,000,000 | |||||||
DP&L (Conesville) | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
DP&L | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Goodwill impairment expense | 1,820,000,000 | 307,000,000 | ||||||
Mountain View | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Goodwill impairment expense | 7,000,000 | |||||||
Long Lived Assets Held And Used | DP&L (East Bend) | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset impairment expense | 12,000,000 | |||||||
Long Lived Assets Held And Used | Ebute | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset impairment expense | 67,000,000 | |||||||
Long Lived Assets Held And Used | UK Wind (Newfield) | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset impairment expense | 11,000,000 | |||||||
Long Lived Assets Held And Used | Itabo (San Lorenzo) | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset impairment expense | 16,000,000 | |||||||
Long Lived Assets Held And Used | Beaver Valley | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset impairment expense | 46,000,000 | |||||||
Long Lived Assets Held And Used | DP&L (Conesville) | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset impairment expense | 26,000,000 | |||||||
Long Lived Assets Held For Sale | U.S. wind turbines | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset impairment expense | 0 | |||||||
Discontinued Operations and Held for Sale Businesses | Cameroon businesses | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset impairment expense | 38,000,000 | 63,000,000 | ||||||
Discontinued Operations and Held for Sale Businesses | Saurashtra | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset impairment expense | 12,000,000 | |||||||
Discontinued Operations and Held for Sale Businesses | Ukraine utilities | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset impairment expense | 44,000,000 | |||||||
Discontinued Operations and Held for Sale Businesses | Poland wind projects | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset impairment expense | 65,000,000 | |||||||
Discontinued Operations and Held for Sale Businesses | U.S. wind projects | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset impairment expense | 47,000,000 | |||||||
Equity Method Affiliate | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Other non-operating expense | 129,000,000 | |||||||
Equity Method Affiliate | Silver Ridge Power | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Other non-operating expense | 42,000,000 | |||||||
Equity Method Affiliate | Entek | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Other non-operating expense | 86,000,000 | |||||||
Goodwill | Ebute | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Goodwill impairment expense | 58,000,000 | |||||||
Goodwill | DPLER | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Goodwill impairment expense | 136,000,000 | |||||||
Goodwill | Buffalo Gap | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Goodwill impairment expense | 28,000,000 | |||||||
Goodwill | DP&L | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Goodwill impairment expense | 307,000,000 | |||||||
Goodwill | Mountain View | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Goodwill impairment expense | 7,000,000 | |||||||
Carrying Amount | Long Lived Assets Held And Used | DP&L (East Bend) | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 14,000,000 | 14,000,000 | ||||||
Carrying Amount | Long Lived Assets Held And Used | Ebute | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 103,000,000 | 103,000,000 | ||||||
Carrying Amount | Long Lived Assets Held And Used | UK Wind (Newfield) | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 11,000,000 | 11,000,000 | ||||||
Carrying Amount | Long Lived Assets Held And Used | Itabo (San Lorenzo) | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 23,000,000 | 23,000,000 | ||||||
Carrying Amount | Long Lived Assets Held And Used | Beaver Valley | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 61,000,000 | 61,000,000 | ||||||
Carrying Amount | Long Lived Assets Held And Used | DP&L (Conesville) | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 26,000,000 | 26,000,000 | ||||||
Carrying Amount | Long Lived Assets Held For Sale | U.S. wind turbines | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 25,000,000 | 25,000,000 | ||||||
Carrying Amount | Discontinued Operations and Held for Sale Businesses | Cameroon businesses | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 372,000,000 | 414,000,000 | 372,000,000 | 414,000,000 | ||||
Carrying Amount | Discontinued Operations and Held for Sale Businesses | Saurashtra | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 19,000,000 | 19,000,000 | ||||||
Carrying Amount | Discontinued Operations and Held for Sale Businesses | Ukraine utilities | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 164,000,000 | 164,000,000 | ||||||
Carrying Amount | Discontinued Operations and Held for Sale Businesses | Poland wind projects | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 79,000,000 | 79,000,000 | ||||||
Carrying Amount | Discontinued Operations and Held for Sale Businesses | U.S. wind projects | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 77,000,000 | 77,000,000 | ||||||
Carrying Amount | Equity Method Affiliate | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 240,000,000 | 240,000,000 | ||||||
Carrying Amount | Equity Method Affiliate | Silver Ridge Power | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 315,000,000 | 315,000,000 | ||||||
Carrying Amount | Equity Method Affiliate | Entek | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 211,000,000 | 211,000,000 | ||||||
Carrying Amount | Goodwill | Ebute | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 58,000,000 | 58,000,000 | ||||||
Carrying Amount | Goodwill | DPLER | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 136,000,000 | 136,000,000 | ||||||
Carrying Amount | Goodwill | Buffalo Gap | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 28,000,000 | 28,000,000 | ||||||
Carrying Amount | Goodwill | DP&L | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 623,000,000 | 623,000,000 | ||||||
Carrying Amount | Goodwill | Mountain View | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 7,000,000 | 7,000,000 | ||||||
Fair Value | Level 3 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 309,000,000 | 309,000,000 | ||||||
Fair Value | Long Lived Assets Held And Used | DP&L (East Bend) | Level 2 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 2,000,000 | 2,000,000 | ||||||
Fair Value | Long Lived Assets Held And Used | Ebute | Level 1 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Long Lived Assets Held And Used | Ebute | Level 2 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Long Lived Assets Held And Used | Ebute | Level 3 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 36,000,000 | 36,000,000 | ||||||
Fair Value | Long Lived Assets Held And Used | UK Wind (Newfield) | Level 1 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Long Lived Assets Held And Used | UK Wind (Newfield) | Level 2 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Long Lived Assets Held And Used | UK Wind (Newfield) | Level 3 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Long Lived Assets Held And Used | Itabo (San Lorenzo) | Level 1 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Long Lived Assets Held And Used | Itabo (San Lorenzo) | Level 2 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Long Lived Assets Held And Used | Itabo (San Lorenzo) | Level 3 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 7,000,000 | 7,000,000 | ||||||
Fair Value | Long Lived Assets Held And Used | Beaver Valley | Level 1 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Long Lived Assets Held And Used | Beaver Valley | Level 2 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Long Lived Assets Held And Used | Beaver Valley | Level 3 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 15,000,000 | 15,000,000 | ||||||
Fair Value | Long Lived Assets Held And Used | DP&L (Conesville) | Level 1 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Long Lived Assets Held And Used | DP&L (Conesville) | Level 2 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Long Lived Assets Held And Used | DP&L (Conesville) | Level 3 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Long Lived Assets Held For Sale | U.S. wind turbines | Level 1 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Long Lived Assets Held For Sale | U.S. wind turbines | Level 2 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 25,000,000 | 25,000,000 | ||||||
Fair Value | Long Lived Assets Held For Sale | U.S. wind turbines | Level 3 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Discontinued Operations and Held for Sale Businesses | Level 3 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Discontinued Operations and Held for Sale Businesses | Cameroon businesses | Level 1 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | 0 | 0 | ||||
Fair Value | Discontinued Operations and Held for Sale Businesses | Cameroon businesses | Level 2 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 334,000,000 | 351,000,000 | 334,000,000 | 351,000,000 | ||||
Fair Value | Discontinued Operations and Held for Sale Businesses | Cameroon businesses | Level 3 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Discontinued Operations and Held for Sale Businesses | Saurashtra | Level 2 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 7,000,000 | 7,000,000 | ||||||
Fair Value | Discontinued Operations and Held for Sale Businesses | Ukraine utilities | Level 2 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 120,000,000 | 120,000,000 | ||||||
Fair Value | Discontinued Operations and Held for Sale Businesses | Poland wind projects | Level 2 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 14,000,000 | 14,000,000 | ||||||
Fair Value | Discontinued Operations and Held for Sale Businesses | U.S. wind projects | Level 2 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 30,000,000 | 30,000,000 | ||||||
Fair Value | Equity Method Affiliate | Level 1 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Equity Method Affiliate | Level 2 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Equity Method Affiliate | Level 3 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 111,000,000 | 111,000,000 | ||||||
Fair Value | Equity Method Affiliate | Silver Ridge Power | Level 3 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 273,000,000 | 273,000,000 | ||||||
Fair Value | Equity Method Affiliate | Entek | Level 2 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 125,000,000 | 125,000,000 | ||||||
Fair Value | Goodwill | DPLER | Level 1 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Goodwill | DPLER | Level 2 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Goodwill | DPLER | Level 3 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Goodwill | Buffalo Gap | Level 1 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Goodwill | Buffalo Gap | Level 2 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Goodwill | Buffalo Gap | Level 3 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Goodwill | DP&L | Level 1 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Goodwill | DP&L | Level 2 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | 0 | 0 | ||||||
Fair Value | Goodwill | DP&L | Level 3 | ||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||
Asset fair value nonrecurring | $316,000,000 | $316,000,000 |
Fair_Value_Nonrecurring_Unobse
Fair Value (Nonrecurring Unobservable Inputs) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Ebute | ||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||
Asset fair value nonrecurring | $36,000,000 | |
Discounted Cash Flow | Minimum | Long Lived Assets Held And Used | Ebute | ||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||
Annual Revenue Growth Input | 0.00% | |
Pretax Operating Margin Input | 0.00% | |
Discounted Cash Flow | Minimum | Equity Method Affiliate | Silver Ridge Power | ||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||
Annual Revenue Growth Input | -57.00% | |
Pretax Operating Margin Input | -115.00% | |
Cost of Equity | 13.00% | |
Discounted Cash Flow | Maximum | Long Lived Assets Held And Used | Ebute | ||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||
Annual Revenue Growth Input | 1.00% | |
Pretax Operating Margin Input | 56.00% | |
Discounted Cash Flow | Maximum | Equity Method Affiliate | Silver Ridge Power | ||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||
Annual Revenue Growth Input | 1.00% | |
Pretax Operating Margin Input | 50.00% | |
Cost of Equity | 16.00% | |
Discounted Cash Flow | Weighted Average | Long Lived Assets Held And Used | Ebute | ||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||
Annual Revenue Growth Input | 1.00% | |
Pretax Operating Margin Input | 25.00% | |
Discounted Cash Flow | Weighted Average | Equity Method Affiliate | Silver Ridge Power | ||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||
Annual Revenue Growth Input | -4.00% | |
Pretax Operating Margin Input | 6.00% | |
Cost of Equity | 14.00% | |
Fair Value | Level 3 | ||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||
Asset fair value nonrecurring | 309,000,000 | |
Fair Value | Level 3 | Long Lived Assets Held And Used | Ebute | ||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||
Asset fair value nonrecurring | 36,000,000 | |
Fair Value | Level 3 | Equity Method Affiliate | ||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||
Asset fair value nonrecurring | 111,000,000 | |
Fair Value | Level 3 | Equity Method Affiliate | Silver Ridge Power | ||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | ||
Asset fair value nonrecurring | $273,000,000 |
Fair_Value_Instruments_Not_Mea
Fair Value (Instruments Not Measured at Fair Value) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Liabilities [Abstract] | ||
Non-recourse debt | $15,600 | $15,380 |
Recourse debt | 5,258 | 5,669 |
Carrying Amount | ||
ASSETS | ||
Accounts receivable - noncurrent | 257 | 260 |
Liabilities [Abstract] | ||
Non-recourse debt | 15,600 | 15,380 |
Recourse debt | 5,258 | 5,669 |
Fair Value | ||
ASSETS | ||
Accounts receivable - noncurrent | 246 | 194 |
Liabilities [Abstract] | ||
Non-recourse debt | 16,008 | 15,620 |
Recourse debt | 5,552 | 6,164 |
Value added tax | 36 | 46 |
Fair Value | Level 1 | ||
ASSETS | ||
Accounts receivable - noncurrent | 0 | 0 |
Liabilities [Abstract] | ||
Non-recourse debt | 0 | 0 |
Recourse debt | 0 | 0 |
Fair Value | Level 2 | ||
ASSETS | ||
Accounts receivable - noncurrent | 0 | 0 |
Liabilities [Abstract] | ||
Non-recourse debt | 12,538 | 13,397 |
Recourse debt | 5,552 | 6,164 |
Fair Value | Level 3 | ||
ASSETS | ||
Accounts receivable - noncurrent | 246 | 194 |
Liabilities [Abstract] | ||
Non-recourse debt | 3,470 | 2,223 |
Recourse debt | $0 | $0 |
Investments_In_Marketable_Secu2
Investments In Marketable Securities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Investments, Debt and Equity Securities [Abstract] | |||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | $676,000,000 | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 33,000,000 | ||
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments | 0 | 0 | 0 |
Gross proceeds from sales of AFS securities | 4,569,000,000 | 4,406,000,000 | 6,489,000,000 |
Other than Temporary Impairment Losses, Investments | $0 | $0 | $0 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Outstanding Derivative Notionals and Terms by Type) (Details) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Millions, unless otherwise specified | USD ($) | Libor USD | Euribor EUR | Euribor EUR | Chilean Unidad De Fomento CLF | Chilean Unidad De Fomento CLF | Current Notional | Current Notional | Current Notional | Current Notional | Current Notional |
Interest Rate Contract | Interest Rate Contract | Interest Rate Contract | Cross Currency Interest Rate Contract | Cross Currency Interest Rate Contract | Libor USD | Euribor EUR | Euribor EUR | Chilean Unidad De Fomento CLF | Chilean Unidad De Fomento CLF | ||
USD ($) | USD ($) | EUR (€) | USD ($) | CLF | Interest Rate Contract | Interest Rate Contract | Interest Rate Contract | Cross Currency Interest Rate Contract | Cross Currency Interest Rate Contract | ||
USD ($) | USD ($) | EUR (€) | USD ($) | CLF | |||||||
Derivative [Line Items] | |||||||||||
Derivative, notional amount | $3,000 | $3,047 | $642 | € 531 | $179 | 4 | $2,382 | $642 | € 531 | $179 | 4 |
Weighted-Average Remaining Term | 11 years | 7 years | 7 years | 14 years | 14 years | ||||||
% of Debt Currently Hedged by Index | 53.00% | 83.00% | 83.00% | 82.00% | 82.00% |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Foreign Currency Derivatives) (Details) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Millions, unless otherwise specified | USD ($) | Chilean Unidad De Fomento CLF | Chilean Unidad De Fomento CLF | Chilean Peso CLP | Chilean Peso CLP | Brazilian Real BRL | Brazilian Real BRL | Euro EUR | Euro EUR | Colombian Peso COP | Colombian Peso COP | Argentine Peso ARS | Argentine Peso ARS | British Pound GBP | British Pound GBP | Kazakhstani Tenge | Kazakhstani Tenge |
Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Foreign Exchange Option and Forward | Embedded Derivative Financial Instruments | Embedded Derivative Financial Instruments | ||
USD ($) | CLF | USD ($) | CLP | USD ($) | BRL | USD ($) | EUR (€) | USD ($) | COP | USD ($) | ARS | USD ($) | GBP (£) | USD ($) | KZT | ||
Derivative [Line Items] | |||||||||||||||||
Derivative, notional amount | $3,000 | $404 | 10 | $123 | 74,438 | $75 | 200 | $55 | € 45 | $29 | 67,455 | $226 | 1,933 | $25 | £ 16 | $23 | 4,239 |
Derivative, average remaining maturity | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | 1 year | 10 years | 10 years | 1 year | 1 year | 1 year | 1 year |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Commodity Derivatives) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
MWh | |
Power MWh | Commodity Contract | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 5,000,000 |
Derivative average remaining maturity | 2 years |
Coal Metric Tons | |
Derivative [Line Items] | |
Derivative, Nonmonetary Notional Amount | 1,000,000 |
Derivative average remaining maturity | 1 year |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities (Assets and LIabilities - Designated vs. Not Designated Hedging Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | $280 | $240 |
Total liability derivatives | 514 | 371 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 31 | 113 |
Total liability derivatives | 490 | 351 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 249 | 127 |
Total liability derivatives | 24 | 20 |
Interest Rate Contract | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 0 | 98 |
Total liability derivatives | 416 | 322 |
Interest Rate Contract | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 0 | 96 |
Total liability derivatives | 416 | 318 |
Interest Rate Contract | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 0 | 2 |
Total liability derivatives | 0 | 4 |
Cross Currency Interest Rate Contract | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 0 | 5 |
Total liability derivatives | 29 | 11 |
Cross Currency Interest Rate Contract | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 0 | 5 |
Total liability derivatives | 29 | 11 |
Cross Currency Interest Rate Contract | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 0 | 0 |
Total liability derivatives | 0 | 0 |
Foreign Exchange Contract | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 236 | 113 |
Total liability derivatives | 52 | 21 |
Foreign Exchange Contract | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 6 | 4 |
Total liability derivatives | 38 | 15 |
Foreign Exchange Contract | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 230 | 109 |
Total liability derivatives | 14 | 6 |
Other Contract | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 44 | 24 |
Total liability derivatives | 17 | 17 |
Other Contract | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 25 | 8 |
Total liability derivatives | 7 | 7 |
Other Contract | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 19 | 16 |
Total liability derivatives | $10 | $10 |
Derivative_Instruments_and_Hed6
Derivative Instruments and Hedging Activities (Assets and Liabilities - Current vs. Noncurrent Derivative instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | $77 | $32 |
Derivative Liability, Current | 148 | 157 |
Derivative Asset, Noncurrent | 203 | 208 |
Derivative Liability, Noncurrent | 366 | 214 |
Total asset derivatives | 280 | 240 |
Total liability derivatives | 514 | 371 |
Asset, Formerly Accounted for as a Derivative, to be Amortized into Earnings | 161 | 169 |
Liability, Formerly Accounted for as a Derivative, to be Amortized into Earnings | 180 | 190 |
Contracts Subject To Netting Arrangements | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 53 | 91 |
Total liability derivatives | 507 | 314 |
Derivative Assets Not Offset Under Netting Arrangements | -10 | -9 |
Derivative Liabilities Not Offset Under Netting Arrangements | -10 | -9 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | -3 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | -5 | -6 |
Derivative Asset | 43 | 79 |
Derivative Liability | $492 | $299 |
Derivative_Instruments_and_Hed7
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Effective Portion of Cash Flow Hedges) (Details) (Cash Flow Hedging, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in AOCL, Effective Portion | ($430,000,000) | $139,000,000 | ($169,000,000) |
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | -125,000,000 | -180,000,000 | -233,000,000 |
Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in AOCL, Effective Portion | -421,000,000 | 155,000,000 | -175,000,000 |
AOCI before tax expected increase (decrease) next 12 months | -100,000,000 | ||
Interest Rate Contract | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | -139,000,000 | -127,000,000 | -135,000,000 |
Loss on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring | 6,000,000 | 0 | 10,000,000 |
Cash flow hedge additional transaction period | 2 months | ||
Interest Rate Contract | Cost of Sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | -2,000,000 | -5,000,000 | -6,000,000 |
Interest Rate Contract | Net Equity In Earnings Of Affiliates | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | -3,000,000 | -6,000,000 | -7,000,000 |
Interest Rate Contract | Asset Impairment Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | 0 | 0 | -6,000,000 |
Interest Rate Contract | Sale of Subsidiary Gain (Loss) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | 0 | -21,000,000 | -96,000,000 |
Cross Currency Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in AOCL, Effective Portion | -25,000,000 | -18,000,000 | 4,000,000 |
AOCI before tax expected increase (decrease) next 12 months | -4,000,000 | ||
Cross Currency Interest Rate Contract | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | 0 | -10,000,000 | -12,000,000 |
Cross Currency Interest Rate Contract | Foreign Currency Gain (Loss) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | -23,000,000 | -18,000,000 | 26,000,000 |
Foreign Exchange Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in AOCL, Effective Portion | -28,000,000 | 0 | 10,000,000 |
AOCI before tax expected increase (decrease) next 12 months | 9,000,000 | ||
Foreign Exchange Contract | Foreign Currency Gain (Loss) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | 14,000,000 | 12,000,000 | 5,000,000 |
Other Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in AOCL, Effective Portion | 44,000,000 | 2,000,000 | -8,000,000 |
AOCI before tax expected increase (decrease) next 12 months | 18,000,000 | ||
Other Contract | Cost of Sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | -2,000,000 | -2,000,000 | 0 |
Other Contract | Sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | $30,000,000 | ($3,000,000) | ($2,000,000) |
Derivative_Instruments_and_Hed8
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Ineffective Portion of Cash Flow Hedges) (Details) (Cash Flow Hedging, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Ineffective Portion | ($4) | $43 | ($4) |
Interest Expense | Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Ineffective Portion | 0 | 42 | -2 |
Interest Expense | Cross Currency Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Ineffective Portion | -1 | 0 | -1 |
Net Equity In Earnings Of Affiliates | Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Ineffective Portion | -1 | 1 | -1 |
Foreign Currency Gain (Loss) | Foreign Exchange Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Ineffective Portion | ($2) | $0 | $0 |
Derivative_Instruments_and_Hed9
Derivative Instruments and Hedging Activities (Derivative Instruments Not Designated for Hedge Accounting) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net gain (loss) from disposal and impairments of discontinued operations | ($56) | ($152) | $16 |
Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | 202 | 29 | -149 |
Net gain (loss) from disposal and impairments of discontinued operations | 72 | 0 | 0 |
Not Designated as Hedging Instrument | Interest Rate Contract | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | -3 | -1 | -5 |
Not Designated as Hedging Instrument | Interest Rate Contract | Net Equity In Earnings Of Affiliates | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | 0 | -6 | 0 |
Not Designated as Hedging Instrument | Foreign Exchange Contract | Net Equity In Earnings Of Affiliates | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | -2 | -24 | 0 |
Not Designated as Hedging Instrument | Foreign Exchange Contract | Foreign Currency Gain (Loss) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | 146 | 64 | -141 |
Not Designated as Hedging Instrument | Other Contract | Sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | 5 | 11 | 24 |
Not Designated as Hedging Instrument | Other Contract | Regulated Revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | 0 | 0 | -10 |
Not Designated as Hedging Instrument | Other Contract | Cost of Sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | -3 | 1 | 2 |
Not Designated as Hedging Instrument | Other Contract | Regulated Cost Of Sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | -6 | 2 | -15 |
Not Designated as Hedging Instrument | Other Contract | Income (Loss) From Operations Of Discontinued Business | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | ($7) | ($18) | ($4) |
Recovered_Sheet1
Derivative Instruments and Hedging Activities (Credit Risk-Related Contingent Features) (Details) (DPL Subsidiary, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
DPL Subsidiary | ||
Credit Risk-Related Contingent Features [Line Items] | ||
Net liability position, derivative transactions | $12,000,000 | $11,000,000 |
Collateral posted for derivative transactions | 5,000,000 | 6,000,000 |
Cash Collateral Received From Counterparties | 0 | 3,000,000 |
Additional collateral that could have been required | $1,000,000 | $0 |
Financing_Receivables_Details
Financing Receivables (Details) (USD $) | 12 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
agreement | agreement | ||
MW | |||
Schedule of Financing Receivables [Line Items] | |||
Financing receivable | $293 | $184 | $293 |
Number of Foninvemem Agreements | 3 | ||
Foninvemem Agreement, collection period | 10 years | ||
Number of Foninvemem Agreements with active collections | 2 | ||
Generation Capacity Mega Watts, Commitment for Future Capacity, Mega Watts | 93 | 93 | |
ARGENTINA | |||
Schedule of Financing Receivables [Line Items] | |||
Financing receivable | 278 | 164 | 278 |
Financing Receivable, Gross | 286 | ||
Noncurrent receivables | 122 | ||
Derivative Assets, Gross | 208 | 97 | 208 |
Interest Income, Other | 59 | ||
Embedded Derivative, Gain on Embedded Derivative | 106 | ||
Dominican Republic | |||
Schedule of Financing Receivables [Line Items] | |||
Financing receivable | 0 | 2 | 0 |
Brazil | |||
Schedule of Financing Receivables [Line Items] | |||
Financing receivable | 15 | 18 | 15 |
Argentina | |||
Schedule of Financing Receivables [Line Items] | |||
Financing Receivable, Gross | $120 | $120 |
Investments_In_and_Advances_To2
Investments In and Advances To Affiliates - Effective Equity Ownership Interest and Carrying Values (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jun. 25, 2014 |
MW | MW | ||||
Investments in and Advances to Affiliates [Line Items] | |||||
Production Capacity (MW) | 2,072 | ||||
Investments in and advances to affiliates | $537 | $1,010 | $1,196 | ||
Gener Subsidiary | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Investment In Affiliate Ownership Percentage | 71.00% | ||||
Silver Ridge Power | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Investments in and advances to affiliates | 0 | 281 | |||
Investment In Affiliate Ownership Percentage | 0.00% | 50.00% | |||
Solar Power PR, LLC | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Investments in and advances to affiliates | 2 | 10 | |||
Investment In Affiliate Ownership Percentage | 50.00% | 50.00% | |||
Barry | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Investments in and advances to affiliates | 0 | 0 | |||
Investment In Affiliate Ownership Percentage | 100.00% | 100.00% | |||
Elsta | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Production Capacity (MW) | 630 | ||||
Investments in and advances to affiliates | 54 | 120 | |||
Investment In Affiliate Ownership Percentage | 50.00% | 50.00% | |||
Entek | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Investment In Affiliate Ownership Percentage Sold | 49.62% | ||||
Production Capacity (MW) | 364 | ||||
Investments in and advances to affiliates | 0 | 165 | |||
Investment In Affiliate Ownership Percentage | 0.00% | 50.00% | |||
Guacolda | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Investments in and advances to affiliates | 285 | 245 | |||
Investment In Affiliate Ownership Percentage | 35.00% | 35.00% | |||
OPGC | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Production Capacity (MW) | 1,320 | ||||
Investments in and advances to affiliates | 194 | 186 | |||
Investment In Affiliate Ownership Percentage | 49.00% | 49.00% | |||
Investments in and Advances to Affiliates, Additional Information (Project Level) | 186 | ||||
Investments in and Advances to Affiliates, Additional Information (Ownership Adjusted) | 91 | ||||
Other Affiliates | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Investments in and advances to affiliates | 2 | 3 | |||
TURKEY | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Investment In Affiliate Ownership Percentage | 100.00% | ||||
Entek | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Pre-tax loss of disposed businesses, Excluding gain on disposal, included in continuing operations | $9 | $29 | $12 | ||
Masinloc Subsidiary | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Investment In Affiliate Ownership Percentage Sold | 45.00% |
Investments_In_and_Advances_To3
Investments In and Advances To Affiliates - Summary of Financial Information of Affiliates & Subsidiaries (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 11, 2014 | Jul. 02, 2014 | Jul. 01, 2014 | Dec. 31, 2014 | Oct. 13, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Investments in and Advances to Affiliates [Line Items] | ||||||||||
Gain (Loss) on Disposition of Business | $358,000,000 | $26,000,000 | $219,000,000 | |||||||
Other non-operating expense | 128,000,000 | 129,000,000 | 50,000,000 | |||||||
Payments to Acquire Businesses and Interest in Affiliates | 728,000,000 | 7,000,000 | 20,000,000 | |||||||
Proceeds from the sale of businesses, net of cash sold | 1,807,000,000 | 170,000,000 | 639,000,000 | |||||||
Net equity in earnings of affiliates | 19,000,000 | 25,000,000 | 35,000,000 | |||||||
Global Infrastructure Partners | ||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||
Proceeds from the sale of businesses, net of cash sold | 730,000,000 | |||||||||
Silver Ridge Power | ||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||
Equity Method Investment, Purchase Price Agreement | 179,000,000 | |||||||||
Investment In Affiliate Ownership Percentage | 0.00% | 50.00% | 0.00% | |||||||
Other non-operating expense | 42,000,000 | 0 | 0 | |||||||
Equity Method Investment, Other than Temporary Impairment | 42,000,000 | |||||||||
Silver Ridge - Italy | ||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||||
Equity Method Investment, Purchase Price Agreement | 42,000,000 | |||||||||
Silver Ridge- Italy and Spain | ||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||
Equity method Investment balance reclassed to Other noncurrent assets | 64,000,000 | 64,000,000 | 32,000,000 | 32,000,000 | ||||||
Accumulated other comprehensive income reclassed to other noncurrent assets | 40,000,000 | 40,000,000 | ||||||||
Barry | ||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||
Investment In Affiliate Ownership Percentage | 100.00% | 100.00% | 100.00% | |||||||
Long Term Liabilities Associated With Debt Agreement Resulting In Loss Of Control | 52,000,000 | 55,000,000 | 52,000,000 | |||||||
Elsta | ||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||
Investment In Affiliate Ownership Percentage | 50.00% | 50.00% | 50.00% | |||||||
Impaired Long-Lived Assets Held and Used, Facts and Circumstances Leading to Impairment | 82,000,000 | |||||||||
Other non-operating expense | 0 | 129,000,000 | 0 | |||||||
Net equity in earnings of affiliates | 41,000,000 | -41,000,000 | ||||||||
Entek | ||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 49.62% | |||||||||
Equity Method Investment, Purchase Price Agreement | 125,000,000 | 125,000,000 | ||||||||
Investment In Affiliate Ownership Percentage | 0.00% | 50.00% | 0.00% | |||||||
Gain (Loss) on Disposition of Business | 4,000,000 | |||||||||
Other non-operating expense | 86,000,000 | 0 | 0 | |||||||
Equity Method Investment, Other than Temporary Impairment | $68,000,000 | $86,000,000 | $18,000,000 |
Investments_In_and_Advances_To4
Investments In and Advances To Affiliates - Summarized Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenue | $17,146 | $15,891 | $17,164 | ||||||||
Operating margin | 708 | 767 | 819 | 794 | 670 | 927 | 901 | 749 | 3,088 | 3,247 | 3,583 |
Net income (loss) | 298 | 508 | 275 | 66 | -204 | 223 | 333 | 199 | 1,147 | 551 | -357 |
Assets, Current | 7,826 | 7,739 | 7,826 | 7,739 | |||||||
Liabilities, Current | 6,997 | 7,653 | 6,997 | 7,653 | |||||||
Liabilities, Noncurrent | 24,566 | 25,029 | 24,566 | 25,029 | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 3,053 | 3,321 | 3,053 | 3,321 | |||||||
Stockholders' Equity Attributable to Parent | 4,272 | 4,330 | 4,272 | 4,330 | |||||||
Undistributed Earnings Of Minority Owned Affiliates Included In Retained Earnings | 159 | 159 | |||||||||
Distributions Received From Minority Owned Affiliates | 28 | 6 | 22 | ||||||||
Basis Difference Between Carrying Amount And Investment | 203 | 203 | |||||||||
Minority Owned Affiliates | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenue | 928 | 1,099 | 1,868 | ||||||||
Operating margin | 206 | 295 | 355 | ||||||||
Net income (loss) | 59 | 53 | 146 | ||||||||
Assets, Current | 450 | 842 | 450 | 842 | |||||||
Assets, Noncurrent | 1,748 | 3,722 | 1,748 | 3,722 | |||||||
Liabilities, Current | 299 | 600 | 299 | 600 | |||||||
Liabilities, Noncurrent | 935 | 2,096 | 935 | 2,096 | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 17 | 15 | 17 | 15 | |||||||
Stockholders' Equity Attributable to Parent | 947 | 1,853 | 947 | 1,853 | |||||||
Majority Owned Affiliates | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenue | 2 | 2 | 106 | ||||||||
Operating margin | 0 | 0 | 26 | ||||||||
Net income (loss) | 0 | 0 | -5 | ||||||||
Assets, Current | 0 | 1 | 0 | 1 | |||||||
Assets, Noncurrent | 15 | 20 | 15 | 20 | |||||||
Liabilities, Current | 0 | 1 | 0 | 1 | |||||||
Liabilities, Noncurrent | 67 | 75 | 67 | 75 | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | |||||||
Stockholders' Equity Attributable to Parent | ($52) | ($55) | ($52) | ($55) |
Total_Other_NonOperating_Expen
- Total Other Non-Operating Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Other Nonoperating Income (Expense) [Line Items] | |||
Other Nonoperating Expense | $128 | $129 | $50 |
Entek | |||
Schedule of Other Nonoperating Income (Expense) [Line Items] | |||
Other Nonoperating Expense | 86 | 0 | 0 |
Silver Ridge Power | |||
Schedule of Other Nonoperating Income (Expense) [Line Items] | |||
Other Nonoperating Expense | 42 | 0 | 0 |
Elsta | |||
Schedule of Other Nonoperating Income (Expense) [Line Items] | |||
Other Nonoperating Expense | 0 | 129 | 0 |
China generation and wind | |||
Schedule of Other Nonoperating Income (Expense) [Line Items] | |||
Other Nonoperating Expense | 0 | 0 | 32 |
InnoVent | |||
Schedule of Other Nonoperating Income (Expense) [Line Items] | |||
Other Nonoperating Expense | 0 | 0 | 17 |
Other | |||
Schedule of Other Nonoperating Income (Expense) [Line Items] | |||
Other Nonoperating Expense | $0 | $0 | $1 |
Other_NonOperating_Expense_Nar
Other Non-Operating Expense - Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 13, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jul. 02, 2014 | Mar. 31, 2012 | Jun. 25, 2014 |
MW | MW | MW | ||||||||
Schedule of Other Nonoperating Income (Expense) [Line Items] | ||||||||||
Gain (Loss) on Disposition of Business | $358 | $26 | $219 | |||||||
Production Capacity (MW) | 2,072 | 2,072 | ||||||||
Other Nonoperating Expense | 128 | 129 | 50 | |||||||
Entek | ||||||||||
Schedule of Other Nonoperating Income (Expense) [Line Items] | ||||||||||
Gain (Loss) on Disposition of Business | 4 | |||||||||
Investment In Affiliate Ownership Percentage Sold | 49.62% | 49.62% | ||||||||
Equity Method Investment, Purchase Price Agreement | 125 | 125 | ||||||||
Production Capacity (MW) | 364 | 364 | ||||||||
Equity Method Investment, Other than Temporary Impairment | 68 | 86 | 18 | |||||||
Other Nonoperating Expense | 86 | 0 | 0 | |||||||
Silver Ridge Power | ||||||||||
Schedule of Other Nonoperating Income (Expense) [Line Items] | ||||||||||
Equity Method Investment, Purchase Price Agreement | 179 | |||||||||
Equity Method Investment, Other than Temporary Impairment | 42 | |||||||||
Equity Method Investment, Ownership Percentage Sold | 50.00% | |||||||||
Equity Method Investment, Net Sales Proceeds | 179 | |||||||||
Other Nonoperating Expense | 42 | 0 | 0 | |||||||
Elsta | ||||||||||
Schedule of Other Nonoperating Income (Expense) [Line Items] | ||||||||||
Production Capacity (MW) | 630 | |||||||||
Other Nonoperating Expense | 0 | 129 | 0 | |||||||
Equity Method Investments | 240 | |||||||||
Equity Method Investments, Fair Value Disclosure | 111 | |||||||||
China generation and wind | ||||||||||
Schedule of Other Nonoperating Income (Expense) [Line Items] | ||||||||||
Equity Method Investment, Other than Temporary Impairment | 32 | |||||||||
Other Nonoperating Expense | 0 | 0 | 32 | |||||||
InnoVent | ||||||||||
Schedule of Other Nonoperating Income (Expense) [Line Items] | ||||||||||
Equity Method Investment, Other than Temporary Impairment | 17 | |||||||||
Other Nonoperating Expense | $0 | $0 | $17 | |||||||
Masinloc Subsidiary | ||||||||||
Schedule of Other Nonoperating Income (Expense) [Line Items] | ||||||||||
Investment In Affiliate Ownership Percentage Sold | 45.00% |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Goodwill Roll Forward) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2013 |
Goodwill [Roll Forward] | |||||
Goodwill | $3,896 | $3,954 | $3,959 | $3,896 | |
Accumulated impairment losses | -2,438 | -2,332 | -1,960 | -2,438 | |
Net balance | 1,458 | 1,622 | 1,999 | 1,458 | |
Goodwill impairment expense | -164 | -372 | -1,817 | ||
Other | -5 | ||||
Ebute | |||||
Goodwill [Line Items] | |||||
Goodwill, Written off Related to Sale of Business Unit | 58 | ||||
Goodwill [Roll Forward] | |||||
Goodwill impairment expense | -58 | ||||
US | |||||
Goodwill [Roll Forward] | |||||
Goodwill | 2,658 | 2,658 | 2,663 | 2,658 | |
Accumulated impairment losses | -2,316 | -2,152 | -1,838 | -2,316 | |
Net balance | 342 | 506 | 825 | 342 | |
Goodwill impairment expense | -164 | -314 | |||
Other | -5 | ||||
Andes | |||||
Goodwill [Roll Forward] | |||||
Goodwill | 899 | 899 | 899 | 899 | |
Accumulated impairment losses | 0 | 0 | 0 | 0 | |
Net balance | 899 | 899 | 899 | 899 | |
Goodwill impairment expense | 0 | 0 | |||
Other | 0 | ||||
MCAC | |||||
Goodwill [Roll Forward] | |||||
Goodwill | 149 | 149 | 149 | 149 | |
Accumulated impairment losses | 0 | 0 | 0 | 0 | |
Net balance | 149 | 149 | 149 | 149 | |
Goodwill impairment expense | 0 | 0 | |||
Other | 0 | ||||
Europe | |||||
Goodwill [Roll Forward] | |||||
Goodwill | 122 | 180 | 180 | 122 | |
Accumulated impairment losses | -122 | -180 | -122 | -122 | |
Net balance | 0 | 0 | 58 | 0 | |
Goodwill impairment expense | 0 | -58 | |||
Other | 0 | ||||
Asia | |||||
Goodwill [Roll Forward] | |||||
Goodwill | 68 | 68 | 68 | 68 | |
Accumulated impairment losses | 0 | 0 | 0 | 0 | |
Net balance | 68 | 68 | 68 | 68 | |
Goodwill impairment expense | 0 | 0 | |||
Other | $0 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Intangible Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
In Millions, unless otherwise specified | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | $340 | $370 | |
Accumulated Amortization | -158 | -153 | |
Net Balance | 182 | 217 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 99 | 80 | |
Intangible Assets, Gross | 439 | 450 | |
Intangible Assets, Net | 281 | 297 | |
Land use rights | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 59 | 46 | |
Water rights | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 20 | 20 | |
Trademark/Trade name | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 5 | 5 | |
Other | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 15 | 9 | |
Project development rights | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 28 | 31 | |
Accumulated Amortization | -1 | -1 | |
Net Balance | 27 | 30 | |
Sales concessions | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 86 | 95 | |
Accumulated Amortization | -41 | -45 | |
Net Balance | 45 | 50 | |
Contractual payment rights | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 69 | 74 | |
Accumulated Amortization | -40 | -33 | |
Net Balance | 29 | 41 | |
Management rights | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 33 | 37 | |
Accumulated Amortization | -13 | -13 | |
Net Balance | 20 | 24 | |
Emission allowances | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 4 | 4 | |
Accumulated Amortization | 0 | 0 | |
Net Balance | 4 | 4 | |
Contracts | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 36 | 46 | |
Accumulated Amortization | -19 | -24 | |
Net Balance | 17 | 22 | |
Customer relationships & contracts | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 63 | 63 | |
Accumulated Amortization | -39 | -34 | |
Net Balance | 24 | 29 | |
All other | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 21 | 20 | |
Accumulated Amortization | -5 | -3 | |
Net Balance | 16 | 17 | |
Poland wind projects | Project development rights | Discontinued Operations | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Net Balance | 70 | ||
Cameroon | Contractual payment rights | Discontinued Operations | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Net Balance | $32 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Intangible Assets Acquired) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite Lived Intangible Asset Acquired Amount | $19 | $5 |
Renewable energy certificates | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite Lived Intangible Asset Acquired Amount | 3 | 3 |
Other | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite Lived Intangible Asset Acquired Amount | $16 | $2 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Expected Amortization Expense) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2015 | $12 |
2016 | 11 |
2017 | 11 |
2018 | 11 |
2019 | 10 |
Customer relationships & contracts | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2015 | 3 |
2016 | 3 |
2017 | 3 |
2018 | 3 |
2019 | 3 |
Sales concessions | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2015 | 4 |
2016 | 3 |
2017 | 3 |
2018 | 3 |
2019 | 3 |
Contractual payment rights | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2015 | 1 |
2016 | 1 |
2017 | 1 |
2018 | 1 |
2019 | 1 |
All other | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2015 | 4 |
2016 | 4 |
2017 | 4 |
2018 | 4 |
2019 | $3 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 3 Months Ended | |||||
Sep. 29, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
MW | MW | MW | ||||||
project | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill impairment expense | $164,000,000 | $372,000,000 | $1,817,000,000 | |||||
Production Capacity (MW) | 2,072 | 2,072 | ||||||
Goodwill | 3,896,000,000 | 3,954,000,000 | 3,959,000,000 | 3,896,000,000 | 3,954,000,000 | |||
Effective tax rate | 21.00% | 27.00% | 33.00% | 298.00% | ||||
Amortization of intangible assets | 26,000,000 | 29,000,000 | 115,000,000 | |||||
Buffalo Gap | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill impairment expense | 10,000,000 | 18,000,000 | ||||||
Number of wind projects | 3 | |||||||
Production Capacity (MW) | 524 | |||||||
DPLER | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill impairment expense | 136,000,000 | |||||||
Goodwill | 136,000,000 | |||||||
Goodwill, fair value | 0 | |||||||
DP&L | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill impairment expense | 1,820,000,000 | 307,000,000 | ||||||
Goodwill, fair value | 316,000,000 | 316,000,000 | ||||||
Effective tax rate | 33.00% | 298.00% | ||||||
Mountain View | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill impairment expense | 7,000,000 | |||||||
Number of wind projects | 2 | 2 | ||||||
Production Capacity (MW) | 67 | 67 | ||||||
Ebute | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill, Written off Related to Sale of Business Unit | 58,000,000 | |||||||
Goodwill impairment expense | $58,000,000 | |||||||
Production Capacity (MW) | 294 |
Regulatory_Assets_and_Liabilit2
Regulatory Assets and Liabilities (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 04, 2013 |
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Total Current Regulatory Assets | $637 | $637 | $282 | |
Total Non Current Regulatory Assets | 872 | 872 | 636 | |
TOTAL REGULATORY ASSETS | 1,509 | 1,509 | 918 | |
Total Current Regulatory Liabilities | 605 | 605 | 461 | |
Total Non Current Regulatory Liabilities | 1,509 | 1,509 | 1,592 | |
Total period for adjustments to the Regulatory Asset Base | 4 years | |||
TOTAL REGULATORY LIABILITIES | 2,114 | 2,114 | 2,053 | |
Period of annual tariff adjustment | 12 months | |||
Total period to recover or refund costs for annual tariff adjustment | 2 years | 24 months | ||
Brazil Tariff Estimated Rate Change Liability | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Total Current Regulatory Liabilities | 76 | 76 | 245 | |
Total Non Current Regulatory Liabilities | 0 | 0 | 82 | |
Tariff adjustment, percentage amortized | 67.55% | |||
Tariff adjustment, percentage amortized in next tariff adjustment | 32.45% | |||
Efficiency Program Costs | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Total Current Regulatory Liabilities | 22 | 22 | 25 | |
Total Non Current Regulatory Liabilities | 11 | 11 | 10 | |
Brazil Regulatory Asset Base Adjustment | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Total Current Regulatory Liabilities | 123 | 123 | 34 | |
Total Non Current Regulatory Liabilities | 61 | 61 | 235 | |
Brazil Tariff Recoveries Energy Purchases Liability | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Total Current Regulatory Liabilities | 144 | 144 | 48 | |
Total Non Current Regulatory Liabilities | 128 | 128 | 16 | |
Brazil Tariff Recoveries Transmission Costs Regulatory Fees And Other Liability | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Total Current Regulatory Liabilities | 174 | 174 | 69 | |
Total Non Current Regulatory Liabilities | 97 | 97 | 42 | |
Asset Retirement Obligation Costs | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Total Non Current Regulatory Liabilities | 727 | 727 | 696 | |
Brazil Special Obligations | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Total Non Current Regulatory Liabilities | 484 | 484 | 502 | |
Other Regulatory Liabilities | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Total Current Regulatory Liabilities | 66 | 66 | 40 | |
Total Non Current Regulatory Liabilities | 1 | 1 | 9 | |
Brazil Tariff Recoveries Energy Purchases Asset | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Total Current Regulatory Assets | 424 | 424 | 87 | |
Total Non Current Regulatory Assets | 266 | 266 | 62 | |
Brazil Tariff Recoveries Transmission Costs Regulatory Fees And Other Asset | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Total Current Regulatory Assets | 63 | 63 | 52 | |
Total Non Current Regulatory Assets | 14 | 14 | 4 | |
El Salvador Tariff Recoveries | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Total Current Regulatory Assets | 92 | 92 | 108 | |
Pension Costs | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Total Non Current Regulatory Assets | 329 | 329 | 261 | |
Income Taxes Recoverable From Customers | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Total Non Current Regulatory Assets | 74 | 74 | 72 | |
Deferred Midwest Independent Service Operator Costs | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Total Non Current Regulatory Assets | 111 | 111 | 98 | |
Other Regulatory Assets | ||||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||||
Total Current Regulatory Assets | 58 | 58 | 35 | |
Total Non Current Regulatory Assets | 78 | 78 | 139 | |
Other current regulatory assets that did not earn a rate of return | 22 | 22 | 13 | |
Other noncurrent regulatory assets that did not earn a rate of return | $73 | $73 | $71 |
Regulatory_Assets_and_Liabilit3
Regulatory Assets and Liabilities Regulatory Assets and Liabilities - by Reportable Segment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Assets | $1,509 | $918 |
Regulatory Liabilities | 2,114 | 2,053 |
Brazil SBU | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Assets | 787 | 260 |
Regulatory Liabilities | 1,347 | 1,336 |
US SBU | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Assets | 631 | 550 |
Regulatory Liabilities | 767 | 717 |
MCAC SBU (El Salvador) | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Assets | 91 | 108 |
Regulatory Liabilities | $0 | $0 |
Debt_NonRecourse_Debt_Carrying
Debt (Non-Recourse Debt Carrying Amounts and Terms) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Non Recourse Debt Total | $15,600,000,000 | $15,380,000,000 |
Non-recourse Debt Current Maturities | -1,982,000,000 | -2,062,000,000 |
Non-recourse debt - noncurrent, balance at variable interest entities | 13,618,000,000 | 13,318,000,000 |
Derivative, notional amount | 3,000,000,000 | |
Interest rate swap, fixed minimum interest rate | 2.87% | |
Interest rate swap, fixed maximum interest rate | 9.80% | |
Debt excluded from non-recourse debt and included in current and noncurrent liabilities of held for sale and discontinued businesses | 0 | 658,000,000 |
Variable Rate Debt | Bank loans | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.42% | |
Non Recourse Debt Total | 1,893,000,000 | 2,783,000,000 |
Variable Rate Debt | Notes and bonds | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 12.06% | |
Non Recourse Debt Total | 1,912,000,000 | 1,845,000,000 |
Variable Rate Debt | Debt to (or guaranteed by) multilateral, export credit agencies or development banks | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.62% | |
Non Recourse Debt Total | 2,375,000,000 | 2,446,000,000 |
Variable Rate Debt | Other | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 8.46% | |
Non Recourse Debt Total | 668,000,000 | 349,000,000 |
Fixed Rate Debt | Bank loans | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 5.44% | |
Non Recourse Debt Total | 750,000,000 | 477,000,000 |
Fixed Rate Debt | Notes and bonds | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 5.89% | |
Non Recourse Debt Total | 7,654,000,000 | 7,164,000,000 |
Fixed Rate Debt | Debt to (or guaranteed by) multilateral, export credit agencies or development banks | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 5.34% | |
Non Recourse Debt Total | 259,000,000 | 164,000,000 |
Fixed Rate Debt | Other | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 5.64% | |
Non Recourse Debt Total | $89,000,000 | $152,000,000 |
Debt_NonRecourse_Debt_Maturity
Debt (Non-Recourse Debt Maturity Schedule) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Details [Line Items] | ||
Non Recourse Debt Total | $15,600 | $15,380 |
2015 | ||
Debt Details [Line Items] | ||
Non Recourse Debt Total | 1,993 | |
2016 | ||
Debt Details [Line Items] | ||
Non Recourse Debt Total | 2,099 | |
2017 | ||
Debt Details [Line Items] | ||
Non Recourse Debt Total | 837 | |
2018 | ||
Debt Details [Line Items] | ||
Non Recourse Debt Total | 1,445 | |
2019 | ||
Debt Details [Line Items] | ||
Non Recourse Debt Total | 1,064 | |
Thereafter | ||
Debt Details [Line Items] | ||
Non Recourse Debt Total | $8,162 |
Debt_Subsidiary_NonRecourse_De
Debt (Subsidiary Non-Recourse Debt in Default or Accelerated) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Debt Details [Line Items] | |
Debt default amount | $858 |
Maritza | |
Debt Details [Line Items] | |
Net assets | 581 |
Maritza | Covenant Violation | |
Debt Details [Line Items] | |
Debt default amount | 690 |
Kavarna | |
Debt Details [Line Items] | |
Net assets | 75 |
Kavarna | Covenant Violation | |
Debt Details [Line Items] | |
Debt default amount | $168 |
Debt_Nonrecourse_Debt_Narrativ
Debt (Non-recourse Debt Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||
Construction line of credit facility remaining borrowing capacity | $2,300,000,000 | |
Other line of credit remaining borrowing capacity | 2,400,000,000 | |
Restricted cash and debt service reserves | 245,000,000 | 492,000,000 |
Restricted net assets | 2,700,000,000 | |
Increase (Decrease) in Interest Expense, Debt | -48,000,000 | -34,000,000 |
Non-Recourse Debt | Mong Duong Subsidiary | Construction Loans | ||
Debt Instrument [Line Items] | ||
Debt face amount | 364,000,000 | |
Non-Recourse Debt | Angamos | ||
Debt Instrument [Line Items] | ||
Debt face amount | 800,000,000 | |
Repayments of long-term debt | 780,000,000 | |
Non-Recourse Debt | Gener Subsidiary | ||
Debt Instrument [Line Items] | ||
Debt face amount | 700,000,000 | |
Repayments of long-term debt | 905,000,000 | |
Non-Recourse Debt | US Generation Holdings | ||
Debt Instrument [Line Items] | ||
Debt face amount | 299,000,000 | |
Non-Recourse Debt | Electropaulo | ||
Debt Instrument [Line Items] | ||
Debt face amount | 253,000,000 | |
Repayments of long-term debt | 110,000,000 | |
Non-Recourse Debt | DPL Subsidiary | ||
Debt Instrument [Line Items] | ||
Debt face amount | 200,000,000 | |
Repayments of long-term debt | 364,000,000 | |
Non-Recourse Debt | Tiete Subsidiary | ||
Debt Instrument [Line Items] | ||
Debt face amount | 318,000,000 | |
Repayments of long-term debt | 132,000,000 | |
Non-Recourse Debt | Cochrane Subsidiary | Construction Loans | ||
Debt Instrument [Line Items] | ||
Debt face amount | 305,000,000 | |
Non-Recourse Debt | Sul Subsidiary | ||
Debt Instrument [Line Items] | ||
Debt face amount | 185,000,000 | |
Non-Recourse Debt | Southland | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | 188,000,000 | |
Non-Recourse Debt | Chivor | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | 165,000,000 | |
Non-Recourse Debt | UK Wind | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | 114,000,000 | |
Non-Recourse Debt | Warrior Run | Construction Loans | ||
Debt Instrument [Line Items] | ||
Debt face amount | $109,000,000 |
Debt_Recourse_Debt_Carrying_Am
Debt (Recourse Debt Carrying Amount and Terms) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Recourse Debt Total | 5,258 | 5,669 |
Recourse Debt Current | -151 | -118 |
Recourse Debt Non Current | 5,107 | 5,551 |
7.75% Senior Unsecured Note Due 2014 | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | 0 | 110 |
7.75% Senior Unsecured Note Due 2014 | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 7.75% | 7.75% |
7.75% Senior Unsecured Note Due 2015 | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | 151 | 356 |
7.75% Senior Unsecured Note Due 2015 | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 7.75% | 7.75% |
9.75% Senior Unsecured Note Due 2016 | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | 164 | 369 |
9.75% Senior Unsecured Note Due 2016 | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 9.75% | 9.75% |
8.00% Senior Unsecured Note Due 2017 | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | 525 | 1,150 |
8.00% Senior Unsecured Note Due 2017 | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 8.00% | 8.00% |
Senior Secured Term Loan LIBOR Plus 2.75% Due 2018 | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | 0 | 799 |
Senior Secured Term Loan LIBOR Plus 2.75% Due 2018 | Recourse Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.75% | 2.75% |
Senior Unsecured Note LIBOR plus 3% due 2019 | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | 775 | |
Senior Unsecured Note LIBOR plus 3% due 2019 | Recourse Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.00% | |
8.00% Senior Unsecured Note Due 2020 | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | 625 | 625 |
8.00% Senior Unsecured Note Due 2020 | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 8.00% | 8.00% |
7.38% Senior Unsecured Note Due 2021 | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | 1,000 | 1,000 |
7.38% Senior Unsecured Note Due 2021 | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 7.38% | 7.38% |
4.88% Senior Unsecured Note Due 2023 | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | 750 | 750 |
4.88% Senior Unsecured Note Due 2023 | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.88% | 4.88% |
5.50% Senior Unsecured Note Due 2024 | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | 750 | |
5.50% Senior Unsecured Note Due 2024 | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.50% | |
6.75% Term Convertible Trust Securities Due 2029 | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | 517 | 517 |
6.75% Term Convertible Trust Securities Due 2029 | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 6.75% | 6.75% |
Unamortized Discounts | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | -7 | |
Unamortized Premuim | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | 1 |
Debt_Recourse_Debt_Net_Princip
Debt (Recourse Debt Net Principal Amounts Due Over Five Years) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Details [Line Items] | ||
Recourse Debt Total | $5,258 | $5,669 |
2015 | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 151 | |
2016 | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 162 | |
2017 | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 525 | |
2018 | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 0 | |
2019 | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 773 | |
Thereafter | ||
Debt Details [Line Items] | ||
Recourse Debt Total | $3,647 |
Debt_Recourse_Debt_Narrative_D
Debt (Recourse Debt Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 20-May-14 | Aug. 25, 2014 | Feb. 28, 2014 | Mar. 07, 2014 | Jun. 16, 2014 | Jul. 25, 2014 | |
Debt Instrument [Line Items] | |||||||||
Loss on the extinguishment of debt | $261,000,000 | $229,000,000 | $8,000,000 | ||||||
Recourse Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate | 6.75% | ||||||||
Recourse Debt Covenants and Guarantees: | |||||||||
Percentage of capital stock of foreign subsidiaries securing obligations | 65.00% | ||||||||
Covenants, sale of guarantor or its subsidiaries percentage of proceeds used to repay debt | 60.00% | ||||||||
Covenants, sale of guarantor or its subsidiaries percentage of proceeds used to repay debt if debt to cash flow is less than 5 | 50.00% | ||||||||
Minimum ratio of operating cash flow to interest charges | 1.3 | ||||||||
Maximum ratio of debt to cash flow | 7.5 | ||||||||
Recourse Debt | Five Point Five Zero Percent Senior Notes Due 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate | 5.50% | ||||||||
Debt face amount | 750,000,000 | ||||||||
Recourse Debt | Three Percent Above Three Month LIBOR Floating Rate Notes Due June 2019 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | 775,000,000 | ||||||||
Basis spread on variable rate | 3.00% | ||||||||
Recourse Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Loss on the extinguishment of debt | 40,000,000 | ||||||||
Debt Instrument, Notice Call to Retire Notes | 320,000,000 | ||||||||
Recourse Debt | 7.75% Senior Notes Due 2014 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt terminated amount | 110,000,000 | ||||||||
Stated interest rate | 7.75% | ||||||||
Recourse Debt | 8.0% Senior Notes Due 2017 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt terminated amount | 625,000,000 | ||||||||
Stated interest rate | 8.00% | ||||||||
Loss on the extinguishment of debt | 132,000,000 | ||||||||
Recourse Debt | Senior Secured Term Loan LIBOR Plus 2.75% Due 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt terminated amount | 767,000,000 | 29,000,000 | |||||||
Loss on the extinguishment of debt | 10,000,000 | ||||||||
Recourse Debt | 7.75% Senior Unsecured Note Due 2015 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Notice Call to Retire Notes | 160,000,000 | ||||||||
Recourse Debt | 9.75% Senior Unsecured Note Due 2016 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Notice Call to Retire Notes | $160,000,000 |
Debt_Term_Convertible_Trust_Se
Debt (Term Convertible Trust Securities) (Details) (USD $) | 24 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2000 | Dec. 31, 1999 |
security | ||
quarter | ||
Debt Disclosure [Abstract] | ||
Term convertible preferred securities issued by special purpose business trust | 10,350,000 | |
Current redemption value of term convertible preferred securities issued by special purpose business trust | $50 | |
Term convertible preferred securities issued by special purpose business trust par per share | $0.84 | |
Term convertible preferred securities issued by special purpose business trust total proceeds | $517 | |
Junior subordinated convertible debentures purchased with proceeds from issuance of term convertible preferred securities | $517 | |
Term convertible preferred securities dividend rate | 6.75% | |
Term convertible preferred securities common stock conversion ratio | 142.16% | |
Term convertible preferred securities common stock conversion price per share | $35.17 | |
Maximum shares parent common stock issuance upon conversion | 14.7 | |
Term convertible preferred securities number of quarters dividends may be deferred | 20 |
Commitments_Leases_Future_Mini
Commitments (Leases, Future Minimum Payments Due) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Future Commitments for Capital Leases: | |
2015 | $10 |
2016 | 10 |
2017 | 10 |
2018 | 10 |
2019 | 10 |
Thereafter | 109 |
Total | 159 |
Less: Imputed interest | 96 |
Present value of total minimum lease payments | 63 |
Future Commitments for Operating Leases: | |
2015 | 57 |
2016 | 57 |
2017 | 57 |
2018 | 57 |
2019 | 75 |
Thereafter | 502 |
Total | $805 |
Commitments_LongTerm_Purchase_
Commitments (Long-Term Purchase Commitments) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Electricity Purchase Contracts | |||
Long-Term Purchase Commitment [Line Items] | |||
Purchases Under Long Term Contracts | $3,104 | $2,665 | $2,819 |
Future Commitments 2015 | 3,559 | ||
Future Commitments 2016 | 3,660 | ||
Future Commitments 2017 | 3,217 | ||
Future Commitments 2018 | 3,335 | ||
Future Commitments 2019 | 3,521 | ||
Future Commitments Thereafter | 34,805 | ||
Future Commitments Total | 52,097 | ||
Fuel Purchase Contracts | |||
Long-Term Purchase Commitment [Line Items] | |||
Purchases Under Long Term Contracts | 1,521 | 1,590 | 1,832 |
Future Commitments 2015 | 1,266 | ||
Future Commitments 2016 | 819 | ||
Future Commitments 2017 | 761 | ||
Future Commitments 2018 | 502 | ||
Future Commitments 2019 | 356 | ||
Future Commitments Thereafter | 3,235 | ||
Future Commitments Total | 6,939 | ||
Other Purchase Contracts | |||
Long-Term Purchase Commitment [Line Items] | |||
Purchases Under Long Term Contracts | 1,386 | 1,743 | 1,637 |
Future Commitments 2015 | 1,377 | ||
Future Commitments 2016 | 930 | ||
Future Commitments 2017 | 898 | ||
Future Commitments 2018 | 707 | ||
Future Commitments 2019 | 614 | ||
Future Commitments Thereafter | 4,874 | ||
Future Commitments Total | $9,400 |
Commitments_Narrative_Details
Commitments (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases, Operating [Abstract] | |||
Operating lease and rental expense | $58 | $46 | $57 |
Leases Capital [Abstract] | |||
Capital leased assets, gross | $80 | $93 |
Contingencies_Details
Contingencies (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
agreement | |
Guarantees Letters Of Credit [Abstract] | |
Lower limit of expiration dates of guarantees (less than one year) | 1 year |
Upper limit of expiration dates of guarantees (more than 20 years) | 20 years |
Obligations made by the Parent Company associated with non-recourse debt | $24 |
Contingent Contractual Obligations [Line Items] | |
Amount | 552 |
Number of Agreements | 31 |
Parent Company | |
Contingent Contractual Obligations [Line Items] | |
Letter Of Credit Fee Range Minimum | 0.20% |
Letter Of Credit Fee Range Maximum | 2.50% |
Guarantees and commitments | |
Contingent Contractual Obligations [Line Items] | |
Amount | 390 |
Number of Agreements | 16 |
Maximum Exposure Range, Lower Limit | 1 |
Maximum exposure range, upper limit | 53 |
Asset sale related indemnities | |
Contingent Contractual Obligations [Line Items] | |
Amount | 27 |
Number of Agreements | 1 |
Maximum exposure range, upper limit | 27 |
Cash collateralized letters of credit | |
Contingent Contractual Obligations [Line Items] | |
Amount | 74 |
Number of Agreements | 9 |
Maximum Exposure Range, Lower Limit | 1 |
Maximum exposure range, upper limit | 47 |
Cash collateralized letters of credit | Parent Company | |
Contingent Contractual Obligations [Line Items] | |
Amount | 74 |
Letters of credit under the senior secured credit facility | |
Contingent Contractual Obligations [Line Items] | |
Number of Agreements | 5 |
Letters of credit outstanding | 61 |
Maximum Exposure Range, Lower Limit | 1 |
Maximum exposure range, upper limit | $29 |
Contingencies_Loss_Contingenci
Contingencies (Loss Contingencies) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Environmental | ||
Environmental Contingencies | ||
Liability recorded for projected environmental remediation costs | $12,000,000 | $19,000,000 |
Maximum potential loss related to environmental matters | 1,000,000 | |
Litigation | ||
Environmental Contingencies | ||
Maximum potential loss related to environmental matters | 1,200,000,000 | |
Litigation Contingencies | ||
Aggregate reserves for claims deemed both probable and reasonably estimable | 199,000,000 | 239,000,000 |
Minimum potential loss related to environmental matters | $1,100,000,000 |
Benefit_Plans_Narrative_Detail
Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, number of plans | 4 | ||
Defined contribution plan, award vesting period | 5 years | ||
Defined contribution plan contributions | $14 | $15 | $21 |
Defined benefit plan, number of plans disclosure | 31 | ||
U.S. Non-Union Number of Defined Contribution Plans | 3 | ||
Parent Company Number of Defined Contribution Plans | 1 | ||
IPL Number of Non-Union Defined Contribution Plans | 1 | ||
DPL Number of Non-Union Defined Contribution Plans | 1 | ||
DPL Number of Union Defined Contribution Plans | 1 | ||
U.S. Defined Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, number of plans disclosure | 5 |
Benefit_Plans_Net_Funded_Statu
Benefit Plans (Net Funded Status) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. Defined Benefit Plans | |||
CHANGE IN PROJECTED BENEFIT OBLIGATION: | |||
Benefit obligation, beginning period | $1,059 | $1,210 | |
Service cost | 14 | 16 | 14 |
Interest cost | 50 | 46 | 48 |
Employee contributions | 0 | 0 | |
Plan amendments | 8 | 0 | |
Benefits paid | -59 | -75 | |
Actuarial (gain) loss | 163 | -138 | |
Effect of foreign currency exchange rate changes | 0 | 0 | |
Benefit obligation, ending period | 1,235 | 1,059 | 1,210 |
CHANGE IN PLAN ASSETS: | |||
Fair value of plan assets, beginning period | 941 | 883 | |
Actual return on plan assets | 123 | 81 | |
Employer contributions | 56 | 52 | |
Employee contributions | 0 | 0 | |
Benefits paid | -59 | -75 | |
Effect of foreign currency exchange rate changes | 0 | 0 | |
Fair value of plan assets, ending period | 1,061 | 941 | 883 |
Funded status as of December 31 | -174 | -118 | |
Foreign Defined Benefit Plans | |||
CHANGE IN PROJECTED BENEFIT OBLIGATION: | |||
Benefit obligation, beginning period | 4,749 | 6,768 | |
Service cost | 16 | 26 | 18 |
Interest cost | 489 | 515 | 509 |
Employee contributions | 4 | 4 | |
Plan amendments | -3 | 0 | |
Benefits paid | -415 | -407 | |
Actuarial (gain) loss | 87 | -1,436 | |
Effect of foreign currency exchange rate changes | -564 | -721 | |
Benefit obligation, ending period | 4,363 | 4,749 | 6,768 |
CHANGE IN PLAN ASSETS: | |||
Fair value of plan assets, beginning period | 3,605 | 4,712 | |
Actual return on plan assets | 360 | -345 | |
Employer contributions | 135 | 160 | |
Employee contributions | 4 | 4 | |
Benefits paid | -415 | -407 | |
Effect of foreign currency exchange rate changes | -417 | -519 | |
Fair value of plan assets, ending period | 3,272 | 3,605 | 4,712 |
Funded status as of December 31 | ($1,091) | ($1,144) |
Benefit_Plans_Amounts_Recogniz
Benefit Plans (Amounts Recognized in the Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
AMOUNTS RECOGNIZED ON THE CONSOLIDATED BALANCE SHEETS | ||
Accrued benefit liability—noncurrent | ($1,342) | ($1,310) |
U.S. Defined Benefit Plans | ||
AMOUNTS RECOGNIZED ON THE CONSOLIDATED BALANCE SHEETS | ||
Noncurrent assets | 0 | 0 |
Accrued benefit liability—current | 0 | 0 |
Accrued benefit liability—noncurrent | -174 | -118 |
Net amount recognized at end of year | -174 | -118 |
Foreign Defined Benefit Plans | ||
AMOUNTS RECOGNIZED ON THE CONSOLIDATED BALANCE SHEETS | ||
Noncurrent assets | 51 | 23 |
Accrued benefit liability—current | -4 | -4 |
Accrued benefit liability—noncurrent | -1,138 | -1,163 |
Net amount recognized at end of year | ($1,091) | ($1,144) |
Benefit_Plans_Accumulated_Bene
Benefit Plans (Accumulated Benefit Obligation) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
U.S. Defined Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated Benefit Obligation | $1,208 | $1,036 |
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 1,235 | 1,059 |
Accumulated benefit obligation | 1,208 | 1,036 |
Fair value of plan assets | 1,061 | 941 |
Information for pension plans with a projected benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 1,235 | 1,059 |
Fair value of plan assets | 1,061 | 941 |
Foreign Defined Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated Benefit Obligation | 4,301 | 4,686 |
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 4,021 | 4,412 |
Accumulated benefit obligation | 3,979 | 4,366 |
Fair value of plan assets | 2,885 | 3,246 |
Information for pension plans with a projected benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 4,038 | 4,425 |
Fair value of plan assets | 2,897 | 3,259 |
Electropaulo | Foreign Defined Benefit Plans | ||
Information for pension plans with a projected benefit obligation in excess of plan assets: | ||
Projected benefit obligation | $1,100 |
Benefit_Plans_Benefit_Plans_We
Benefit Plans Benefit Plans (Weighted Average Assumptions) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
U.S. Defined Benefit Plans | ||
Benefit Obligation: | ||
Discount rates | 4.04% | 4.89% |
Rates of compensation increase | 3.94% | 3.94% |
Periodic Benefit Cost: | ||
Discount rate | 4.89% | 3.86% |
Expected long-term rate of return on plan assets | 6.92% | 7.15% |
Rate of compensation increase | 3.94% | 3.94% |
Defined benefit plan, benefit obligation subsidiary using salary bonds | $748 | $651 |
Foreign Defined Benefit Plans | ||
Benefit Obligation: | ||
Discount rates | 10.47% | 10.80% |
Rates of compensation increase | 6.41% | 6.44% |
Periodic Benefit Cost: | ||
Discount rate | 10.80% | 8.28% |
Expected long-term rate of return on plan assets | 10.44% | 11.16% |
Rate of compensation increase | 6.44% | 6.47% |
Benefit_Plans_Impact_of_One_Po
Benefit Plans (Impact of One Point Change in Assumptions) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Defined Benefit Plan Assumptions Sensitivity To Changes [Abstract] | |
Increase of 1% in the discount rate | ($50) |
Decrease of 1% in the discount rate | 42 |
Increase of 1% in the long-term rate of return on plan assets | -45 |
Decrease of 1% in the long-term rate of return on plan assets | $45 |
Benefit_Plans_Net_Periodic_Ben
Benefit Plans (Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
U.S. Defined Benefit Plans | |||
Components of Net Periodic Benefit Cost: | |||
Service cost | $14 | $16 | $14 |
Interest cost | 50 | 46 | 48 |
Expected return on plan assets | -67 | -64 | -55 |
Amortization of prior service cost | 6 | 5 | 4 |
Amortization of net loss | 13 | 23 | 19 |
Settlement gain recognized | 0 | 0 | 0 |
Total pension cost | 16 | 26 | 30 |
Foreign Defined Benefit Plans | |||
Components of Net Periodic Benefit Cost: | |||
Service cost | 16 | 26 | 18 |
Interest cost | 489 | 515 | 509 |
Expected return on plan assets | -362 | -484 | -444 |
Amortization of prior service cost | -1 | 0 | 0 |
Amortization of net loss | 37 | 77 | 38 |
Settlement gain recognized | 1 | 0 | 1 |
Total pension cost | $180 | $134 | $122 |
Benefit_Plans_Accumulated_Othe
Benefit Plans (Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
U.S. Defined Benefit Plans | |
Accumulated Other Comprehensive Income (Loss) | |
Prior service cost | $0 |
Unrecognized net actuarial gain (loss) | -8 |
Total | -8 |
Amounts expected to be reclassified to earnings in next fiscal year | |
Prior service cost | -2 |
Unrecognized net actuarial gain (loss) | -6 |
Total | -8 |
Foreign Defined Benefit Plans | |
Accumulated Other Comprehensive Income (Loss) | |
Prior service cost | 2 |
Unrecognized net actuarial gain (loss) | -927 |
Total | -925 |
Amounts expected to be reclassified to earnings in next fiscal year | |
Prior service cost | 1 |
Unrecognized net actuarial gain (loss) | -34 |
Total | ($33) |
Benefit_Plans_Plan_Asset_Alloc
Benefit Plans (Plan Asset Allocations) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Defined Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 100.00% | 100.00% |
U.S. Defined Benefit Plans | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocations | 46.00% | |
Percentage of Plan Assets | 44.02% | 37.09% |
U.S. Defined Benefit Plans | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocations | 50.00% | |
Percentage of Plan Assets | 50.90% | 46.97% |
U.S. Defined Benefit Plans | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocations | 2.00% | |
Percentage of Plan Assets | 2.45% | 2.44% |
U.S. Defined Benefit Plans | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocations | 2.00% | |
Percentage of Plan Assets | 2.63% | 13.50% |
Foreign Defined Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 100.00% | 100.00% |
Foreign Defined Benefit Plans | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 16.28% | 19.84% |
Target Allocations, Minimum | 15.00% | |
Target Allocations, Maximum | 30.00% | |
Foreign Defined Benefit Plans | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 78.85% | 75.32% |
Target Allocations, Minimum | 60.00% | |
Target Allocations, Maximum | 85.00% | |
Foreign Defined Benefit Plans | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 3.15% | 2.77% |
Target Allocations, Minimum | 0.00% | |
Target Allocations, Maximum | 4.00% | |
Foreign Defined Benefit Plans | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 1.72% | 2.07% |
Target Allocations, Minimum | 0.00% | |
Target Allocations, Maximum | 6.00% |
Benefit_Plans_Fair_Value_of_Pl
Benefit Plans (Fair Value of Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
U.S. Defined Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | $1,061 | $941 | $883 |
U.S. Defined Benefit Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 1,011 | 720 | |
U.S. Defined Benefit Plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 50 | 221 | |
U.S. Defined Benefit Plans | Common stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 0 | 46 | |
U.S. Defined Benefit Plans | Common stock | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 0 | 46 | |
U.S. Defined Benefit Plans | Mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 467 | 303 | |
U.S. Defined Benefit Plans | Mutual funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 467 | 303 | |
U.S. Defined Benefit Plans | Government debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 67 | 32 | |
U.S. Defined Benefit Plans | Government debt securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 67 | 24 | |
U.S. Defined Benefit Plans | Government debt securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 0 | 8 | |
U.S. Defined Benefit Plans | Corporate debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 0 | 159 | |
U.S. Defined Benefit Plans | Corporate debt securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 0 | ||
U.S. Defined Benefit Plans | Corporate debt securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 0 | 159 | |
U.S. Defined Benefit Plans | Mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 473 | 251 | |
U.S. Defined Benefit Plans | Mutual funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 473 | 251 | |
U.S. Defined Benefit Plans | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 26 | 23 | |
U.S. Defined Benefit Plans | Real estate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 26 | 23 | |
U.S. Defined Benefit Plans | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 4 | 56 | |
U.S. Defined Benefit Plans | Cash and cash equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 4 | 56 | |
U.S. Defined Benefit Plans | Other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 24 | 71 | |
U.S. Defined Benefit Plans | Other investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 0 | 40 | |
U.S. Defined Benefit Plans | Other investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 24 | 31 | |
Foreign Defined Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 3,272 | 3,605 | 4,712 |
Foreign Defined Benefit Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 523 | 546 | |
Foreign Defined Benefit Plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 2,353 | 2,529 | |
Foreign Defined Benefit Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 396 | 530 | 635 |
Foreign Defined Benefit Plans | Common stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 21 | 23 | |
Foreign Defined Benefit Plans | Common stock | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 21 | 23 | |
Foreign Defined Benefit Plans | Mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 274 | 322 | |
Foreign Defined Benefit Plans | Mutual funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 274 | 322 | |
Foreign Defined Benefit Plans | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 237 | 370 | |
Foreign Defined Benefit Plans | Private equity | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 237 | 370 | |
Foreign Defined Benefit Plans | Certificates of deposit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 3 | 2 | |
Foreign Defined Benefit Plans | Certificates of deposit | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 3 | 2 | |
Foreign Defined Benefit Plans | Unsecured debentures | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 10 | 13 | |
Foreign Defined Benefit Plans | Unsecured debentures | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 10 | 13 | |
Foreign Defined Benefit Plans | Government debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 110 | 107 | |
Foreign Defined Benefit Plans | Government debt securities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 12 | 12 | |
Foreign Defined Benefit Plans | Government debt securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 98 | 95 | |
Foreign Defined Benefit Plans | Mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 2,451 | 2,584 | |
Foreign Defined Benefit Plans | Mutual funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 215 | 174 | |
Foreign Defined Benefit Plans | Mutual funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 2,236 | 2,410 | |
Foreign Defined Benefit Plans | Other debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 6 | 9 | |
Foreign Defined Benefit Plans | Other debt securities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 6 | 9 | |
Foreign Defined Benefit Plans | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 103 | 100 | |
Foreign Defined Benefit Plans | Real estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 103 | 100 | |
Foreign Defined Benefit Plans | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 1 | 15 | |
Foreign Defined Benefit Plans | Cash and cash equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 1 | 15 | |
Foreign Defined Benefit Plans | Participant loans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 52 | 60 | |
Foreign Defined Benefit Plans | Participant loans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 52 | 60 | |
Foreign Defined Benefit Plans | Other assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | 4 | ||
Foreign Defined Benefit Plans | Other assets | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total plan assets | $4 |
Benefit_Plans_Level_3_Roll_For
Benefit Plans (Level 3 Roll Forward) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Level 3 | ||
CHANGE IN PLAN ASSETS: | ||
Defined Benefit Plan, Transfers Between Measurement Levels | $5 | $0 |
Foreign Defined Benefit Plans | ||
CHANGE IN PLAN ASSETS: | ||
Fair value of plan assets, beginning period | 3,605 | 4,712 |
Effect of foreign currency exchange rate changes | -417 | -519 |
Fair value of plan assets, ending period | 3,272 | 3,605 |
Foreign Defined Benefit Plans | Level 3 | ||
CHANGE IN PLAN ASSETS: | ||
Fair value of plan assets, beginning period | 530 | 635 |
Returns relating to assets still held at reporting date | -87 | -26 |
Purchases, sales and settlements, net | 1 | 0 |
Effect of foreign currency exchange rate changes | -53 | -79 |
Fair value of plan assets, ending period | $396 | $530 |
Benefit_Plans_Expected_Future_
Benefit Plans (Expected Future Benefit Payments) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
U.S. Defined Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contribution in 2015 | $27 |
Expected benefit payments for fiscal year ending: | |
2015 | 63 |
2016 | 65 |
2017 | 67 |
2018 | 69 |
2019 | 71 |
2020 - 2024 | 376 |
Foreign Defined Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contribution in 2015 | 101 |
Expected benefit payments for fiscal year ending: | |
2015 | 352 |
2016 | 365 |
2017 | 378 |
2018 | 392 |
2019 | 406 |
2020 - 2024 | $2,228 |
Equity_Transactions_with_Nonco
Equity (Transactions with Noncontrolling Interests) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jul. 15, 2014 | Jun. 30, 2014 | Dec. 15, 2014 | Jun. 25, 2014 | |
Noncontrolling Interest [Line Items] | ||||||||
Net increase in The AES Corporation's paid-in capital for sale of subsidiary shares | $130,000,000 | $29,000,000 | $16,000,000 | |||||
Acquire addition shares through December 31, 2015 | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Investment Options, acquisition percentage | 2.00% | |||||||
Acquire additional shares through December 31, 2016 | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Investment Options, acquisition percentage | 10.00% | |||||||
Dominican Republic | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 8.00% | 8.00% | ||||||
Proceeds from divestiture of business | 84,000,000 | |||||||
Gain on Disposition of Stock in Subsidiary, Recorded to APIC | 29,000,000 | |||||||
AES US Investment, Inc. | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Investment In Affiliate Ownership Percentage Sold | 15.00% | 15.00% | ||||||
Divestiture of Business, Purchase Purchase Subject Adjustment | 247,000,000 | |||||||
Masinloc Subsidiary | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Proceeds from divestiture of business | 436,000,000 | |||||||
Investment In Affiliate Ownership Percentage Sold | 45.00% | |||||||
Divestiture of Business, Purchase Purchase Subject Adjustment | 453,000,000 | |||||||
Divestiture of Businesses, Portion Contingent Upon Achievement of Certain Restructuring Efficiencies | 23,000,000 | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% | |||||||
Masinloc Subsidiary | Electricity Generating Public Company Limited | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 41.00% | |||||||
Masinloc Subsidiary | International Finance Corporation | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 8.00% | |||||||
IPALCO Enterprises, Inc. [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | 100.00% | ||||||
Masinloc Subsidiary | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 283,000,000 | |||||||
Acquire additional shares through 2016 | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 30.00% | 30.00% | ||||||
Investment Options, acquisition percentage | 17.65% | |||||||
Guacolda | Gener Subsidiary | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||
Acquire additional shares through 2016 | IPALCO Enterprises, Inc. [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Sale Agreement, Buyer Option To Purchase Ownership Interest, Sales Price | 349,000,000 | |||||||
Acquire addition shares through December 31, 2015 | Dominican Republic | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Sale Agreement, Buyer Option To Purchase Ownership Interest, Sales Price | 24,000,000 | |||||||
Acquire additional shares through December 31, 2016 | Dominican Republic | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Sale Agreement, Buyer Option To Purchase Ownership Interest, Sales Price | 125,000,000 |
Equity_Equity_Net_Income_Loss_
Equity Equity - Net Income (Loss) Attributable to The AES Corporation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity [Abstract] | |||||||||||
Net income (loss) attributable to The AES Corporation | $206 | $488 | $133 | ($58) | ($206) | $71 | $167 | $82 | $769 | $114 | ($912) |
Transfers (to) from the noncontrolling interest: | |||||||||||
Net increase in The AES Corporation's paid-in capital for sale of subsidiary shares | 130 | 29 | 16 | ||||||||
Increase (decrease) in The AES Corporation's paid-in capital for purchase of subsidiary shares | 7 | -6 | |||||||||
Net transfers (to) from noncontrolling interest | 36 | 10 | |||||||||
Change from net income attributable to The AES Corporation and transfers (to) from noncontrolling interests | $805 | $124 |
Equity_Accumulated_Other_Compr
Equity (Accumulated Other Comprehensive Loss) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | ($2,284) | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -307 | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -291 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2,882 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -560 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 116 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -494 | -334 | -210 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -259 | 247 | 43 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -20 | 431 | -564 |
Other Comprehensive Income (Loss), Net of Tax | -773 | 344 | -731 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 40 | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -2,595 | -2,284 | |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | -396 | -307 | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -295 | -291 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -3,286 | -2,882 | |
Foreign currency translation adjustment, net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -366 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 34 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 21 | ||
Unrealized derivative losses, net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -180 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 72 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 19 | ||
Unfunded pension obligations, net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | -14 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 10 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | ||
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -332 | -227 | -90 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -108 | 174 | 53 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -4 | 91 | -125 |
Other Comprehensive Income (Loss), Net of Tax | ($444) | $38 | ($162) |
Equity_Reclassifications_Out_o
Equity (Reclassifications Out of AOCL) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Gain on sale of investments | $358 | $26 | $219 | ||||||||
Net gain (loss) from disposal and impairments of discontinued operations | -56 | -152 | 16 | ||||||||
Net income attributable to The AES Corporation | 206 | 488 | 133 | -58 | -206 | 71 | 167 | 82 | 769 | 114 | -912 |
Non-regulated revenue | 8,272 | 7,835 | 8,187 | ||||||||
Non-regulated cost of sales | -6,528 | -5,807 | -5,987 | ||||||||
Interest expense | -1,471 | -1,482 | -1,544 | ||||||||
Foreign currency transaction gains (losses) | 11 | -22 | -170 | ||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | 1,576 | 1,048 | 230 | ||||||||
Income tax expense | -419 | -343 | -685 | ||||||||
Net equity in earnings of affiliates | 19 | 25 | 35 | ||||||||
Income (loss) from continuing operations | 298 | 508 | 281 | 89 | -173 | 339 | 333 | 231 | 1,176 | 730 | -420 |
Less: (Income) from continuing operations attributable to noncontrolling interests | -387 | -446 | -540 | ||||||||
Regulated cost of sales | -7,530 | -6,837 | -7,594 | ||||||||
General and administrative expenses | 187 | 220 | 274 | ||||||||
Net Income (Loss) | 298 | 508 | 275 | 66 | -204 | 223 | 333 | 199 | 1,147 | 551 | -357 |
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income attributable to The AES Corporation | -116 | -178 | |||||||||
Foreign currency translation adjustment, net | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Gain on sale of investments | 4 | -2 | |||||||||
Net gain (loss) from disposal and impairments of discontinued operations | -38 | -35 | |||||||||
Net income attributable to The AES Corporation | -34 | -37 | |||||||||
Unrealized derivative losses, net | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Gain on sale of investments | 0 | -21 | |||||||||
Net income attributable to The AES Corporation | -72 | -128 | |||||||||
Non-regulated revenue | 30 | -3 | |||||||||
Non-regulated cost of sales | -4 | -7 | |||||||||
Interest expense | -139 | -137 | |||||||||
Foreign currency transaction gains (losses) | -9 | -6 | |||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | -122 | -174 | |||||||||
Income tax expense | 26 | 41 | |||||||||
Net equity in earnings of affiliates | -3 | -6 | |||||||||
Income (loss) from continuing operations | -99 | -139 | |||||||||
Less: (Income) from continuing operations attributable to noncontrolling interests | 27 | 11 | |||||||||
Amortization of defined benefit pension actuarial loss, net | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income attributable to The AES Corporation | -10 | -13 | |||||||||
Non-regulated cost of sales | -5 | -4 | |||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | -38 | -78 | |||||||||
Income tax expense | 7 | 26 | |||||||||
Income (loss) from continuing operations | -31 | -52 | |||||||||
Less: (Income) from continuing operations attributable to noncontrolling interests | 19 | 39 | |||||||||
Regulated cost of sales | -33 | -73 | |||||||||
General and administrative expenses | 0 | -1 | |||||||||
Amortization Of Defined Benefit Pension Actuarial Loss, Net [Member] | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net gain (loss) from disposal and impairments of discontinued operations | 2 | 0 | |||||||||
Net Income (Loss) | ($29) | ($52) |
Equity_Equity_Dividends_Detail
Equity Equity (Dividends) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 54 Months Ended | 2 Months Ended | 56 Months Ended | ||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 12, 2014 | Jul. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Feb. 25, 2015 | Feb. 25, 2015 | Feb. 20, 2015 |
Subsequent Event [Line Items] | |||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $0.05 | $0.05 | $0.05 | $0.05 | |||||||||||||
Dividends declared on common stock (per share amount) | $0.10 | $0.15 | $0.05 | $0.05 | $0 | $0.09 | $0 | $0.08 | $0 | $0.25 | $0.17 | $0.08 | |||||
Stock repurchase program, additional authorized amount | $140 | ||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | 1,300 | ||||||||||||||||
Payments for Repurchase of Common Stock | 308 | 322 | 301 | 1,300 | |||||||||||||
Treasury Stock, Shares, Acquired | 21,900,246 | 105,912,477 | |||||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $12.37 | ||||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 24 | 24 | 24 | ||||||||||||||
Treasury stock, shares (in shares) | 110,687,849 | 90,808,168 | 110,687,849 | 90,808,168 | 110,687,849 | ||||||||||||
Subsequent Event | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Payments for Repurchase of Common Stock | 24 | 1,300 | |||||||||||||||
Treasury Stock, Shares, Acquired | 1,892,432 | 107,804,909 | |||||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $12.37 | ||||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 400 | 400 | |||||||||||||||
Stock Repurchase Program, Authorized Amount | $400 |
Segment_and_Geographic_Informa2
Segment and Geographic Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
segment | |||
Segment Reporting Information [Line Items] | |||
Number of strategic business units | 6 | ||
Number of reportable segments | 6 | ||
Revenue | |||
Revenue | $17,146 | $15,891 | $17,164 |
US SBU | |||
Revenue | |||
Revenue | 3,826 | 3,630 | 3,736 |
Andes SBU | |||
Revenue | |||
Revenue | 2,638 | 2,638 | 2,987 |
Brazil SBU | |||
Revenue | |||
Revenue | 6,009 | 5,015 | 5,788 |
MCAC SBU (El Salvador) | |||
Revenue | |||
Revenue | 2,680 | 2,712 | 2,573 |
Europe SBU | |||
Revenue | |||
Revenue | 1,433 | 1,347 | 1,343 |
Asia SBU | |||
Revenue | |||
Revenue | 558 | 550 | 733 |
Corporate and Other | |||
Revenue | |||
Revenue | 2 | -1 | 4 |
Operating Segments | |||
Revenue | |||
Revenue | 17,171 | 15,901 | 17,203 |
Operating Segments | US SBU | |||
Revenue | |||
Revenue | 3,826 | 3,630 | 3,736 |
Operating Segments | Andes SBU | |||
Revenue | |||
Revenue | 2,642 | 2,639 | 3,020 |
Operating Segments | Brazil SBU | |||
Revenue | |||
Revenue | 6,009 | 5,015 | 5,788 |
Operating Segments | MCAC SBU (El Salvador) | |||
Revenue | |||
Revenue | 2,682 | 2,713 | 2,573 |
Operating Segments | Europe SBU | |||
Revenue | |||
Revenue | 1,439 | 1,347 | 1,344 |
Operating Segments | Asia SBU | |||
Revenue | |||
Revenue | 558 | 550 | 733 |
Operating Segments | Corporate and Other | |||
Revenue | |||
Revenue | 15 | 7 | 9 |
Intersegment Eliminations | |||
Revenue | |||
Revenue | -25 | -10 | -39 |
Intersegment Eliminations | US SBU | |||
Revenue | |||
Revenue | 0 | 0 | 0 |
Intersegment Eliminations | Andes SBU | |||
Revenue | |||
Revenue | -4 | -1 | -33 |
Intersegment Eliminations | Brazil SBU | |||
Revenue | |||
Revenue | 0 | 0 | 0 |
Intersegment Eliminations | MCAC SBU (El Salvador) | |||
Revenue | |||
Revenue | -2 | -1 | 0 |
Intersegment Eliminations | Europe SBU | |||
Revenue | |||
Revenue | -6 | 0 | -1 |
Intersegment Eliminations | Asia SBU | |||
Revenue | |||
Revenue | 0 | 0 | 0 |
Intersegment Eliminations | Corporate and Other | |||
Revenue | |||
Revenue | ($13) | ($8) | ($5) |
Segments_and_Geographic_Inform
Segments and Geographic Information Segment and Geographic Information (Adjusted Pre-Tax Contributions & Reconcilliation of Income Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | $1,321 | $1,207 | $1,339 |
Reconciliation To Income From Continuing Operations Before Taxes | |||
Unrealized derivative gains (losses) | 135 | 57 | -120 |
Unrealized foreign currency gains (losses) | -110 | -41 | 13 |
Disposition/acquisition gains | 361 | 30 | 206 |
Impairment losses | -416 | -588 | -1,951 |
Loss on extinguishment of debt | -274 | -225 | -16 |
Pre-tax contribution | 1,017 | 440 | -529 |
Add: Income from continuing operations before taxes, attributable to noncontrolling interests | 578 | 633 | 794 |
Less: Net equity in earnings of affiliates | 19 | 25 | 35 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 1,576 | 1,048 | 230 |
US SBU | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 455 | 451 | 443 |
Andes SBU | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 427 | 372 | 353 |
Brazil SBU | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 245 | 215 | 324 |
MCAC SBU (El Salvador) | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 378 | 351 | 397 |
Europe SBU | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 353 | 352 | 373 |
Asia SBU | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 48 | 144 | 203 |
Corporate and Other | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | -585 | -678 | -754 |
Operating Segments | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 1,321 | 1,207 | 1,339 |
Operating Segments | US SBU | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 445 | 440 | 403 |
Operating Segments | Andes SBU | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 421 | 353 | 369 |
Operating Segments | Brazil SBU | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 242 | 212 | 321 |
Operating Segments | MCAC SBU (El Salvador) | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 352 | 339 | 387 |
Operating Segments | Europe SBU | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 348 | 345 | 375 |
Operating Segments | Asia SBU | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 46 | 142 | 201 |
Operating Segments | Corporate and Other | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | -533 | -624 | -717 |
Intersegment Eliminations | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 0 | 0 | 0 |
Intersegment Eliminations | US SBU | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 10 | 11 | 40 |
Intersegment Eliminations | Andes SBU | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 6 | 19 | -16 |
Intersegment Eliminations | Brazil SBU | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 3 | 3 | 3 |
Intersegment Eliminations | MCAC SBU (El Salvador) | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 26 | 12 | 10 |
Intersegment Eliminations | Europe SBU | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 5 | 7 | -2 |
Intersegment Eliminations | Asia SBU | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 2 | 2 | 2 |
Intersegment Eliminations | Corporate and Other | |||
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | ($52) | ($54) | ($37) |
Segments_and_Geographic_Inform1
Segments and Geographic Information Segment and Geographic Information (Assets, Depreciation and Amortization and Capital Expenditures ) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Total Assets | $38,966 | $40,411 | $41,830 |
Depreciation and Amortization | 1,245 | 1,294 | 1,394 |
Capital Expenditures | 2,544 | 2,579 | 2,270 |
Interest Income | 365 | 275 | 348 |
Interest Expense | 1,471 | 1,482 | 1,544 |
Investments in and Advances to Affiliates | 537 | 1,010 | 1,196 |
Equity in Earnings (Losses) | 19 | 25 | 35 |
US SBU | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 10,062 | 9,952 | 10,651 |
Depreciation and Amortization | 450 | 440 | 518 |
Capital Expenditures | 534 | 426 | 405 |
Interest Income | 0 | 0 | 3 |
Interest Expense | 285 | 290 | 291 |
Investments in and Advances to Affiliates | 1 | 1 | 0 |
Equity in Earnings (Losses) | 0 | 0 | 0 |
Andes SBU | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 7,888 | 7,356 | 6,619 |
Depreciation and Amortization | 182 | 186 | 174 |
Capital Expenditures | 702 | 471 | 389 |
Interest Income | 87 | 37 | 20 |
Interest Expense | 160 | 135 | 128 |
Investments in and Advances to Affiliates | 287 | 248 | 198 |
Equity in Earnings (Losses) | 42 | 44 | 18 |
Brazil SBU | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 8,439 | 8,388 | 9,710 |
Depreciation and Amortization | 260 | 259 | 281 |
Capital Expenditures | 416 | 588 | 718 |
Interest Income | 249 | 210 | 278 |
Interest Expense | 331 | 364 | 305 |
Investments in and Advances to Affiliates | 0 | 0 | 0 |
Equity in Earnings (Losses) | 0 | 0 | 0 |
MCAC SBU (El Salvador) | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 4,948 | 5,075 | 5,030 |
Depreciation and Amortization | 144 | 145 | 136 |
Capital Expenditures | 192 | 111 | 192 |
Interest Income | 26 | 20 | 33 |
Interest Expense | 178 | 138 | 192 |
Investments in and Advances to Affiliates | 0 | 0 | 24 |
Equity in Earnings (Losses) | 0 | 4 | 5 |
Europe SBU | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 3,525 | 4,191 | 4,085 |
Depreciation and Amortization | 154 | 155 | 145 |
Capital Expenditures | 228 | 341 | 162 |
Interest Income | 1 | 2 | 8 |
Interest Expense | 98 | 80 | 94 |
Investments in and Advances to Affiliates | 54 | 286 | 454 |
Equity in Earnings (Losses) | -25 | -5 | 8 |
Asia SBU | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 2,972 | 2,810 | 2,587 |
Depreciation and Amortization | 32 | 33 | 30 |
Capital Expenditures | 429 | 576 | 221 |
Interest Income | 2 | 6 | 5 |
Interest Expense | 25 | 30 | 43 |
Investments in and Advances to Affiliates | 194 | 186 | 202 |
Equity in Earnings (Losses) | 10 | 10 | 32 |
Discontinued businesses | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 0 | 1,718 | 1,960 |
Depreciation and Amortization | -1 | 55 | 85 |
Capital Expenditures | 13 | 52 | 143 |
Corporate and Other & eliminations | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 1,132 | 921 | 1,188 |
Depreciation and Amortization | 24 | 21 | 25 |
Capital Expenditures | 30 | 14 | 40 |
Interest Income | 0 | 0 | 1 |
Interest Expense | 394 | 445 | 491 |
Investments in and Advances to Affiliates | 1 | 289 | 318 |
Equity in Earnings (Losses) | ($8) | ($28) | ($28) |
Segments_and_Geographic_Inform2
Segments and Geographic Information Segment and Geographic Information (Revenue and Assets by Country) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $17,146 | $15,891 | $17,164 |
Property, plant and equipment, net | 25,151 | 25,112 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 3,828 | 3,630 | 3,736 |
Property, plant and equipment, net | 7,713 | 7,523 | |
United States | Discontinued Operations | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 2 | 23 | 63 |
Property, plant and equipment, net | 69 | ||
Total Non-U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 13,318 | 12,261 | 13,428 |
Property, plant and equipment, net | 17,438 | 17,589 | |
Brazil | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 6,009 | 5,015 | 5,788 |
Property, plant and equipment, net | 4,725 | 5,293 | |
Chile | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 1,624 | 1,569 | 1,679 |
Property, plant and equipment, net | 4,012 | 3,312 | |
El Salvador | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 832 | 860 | 854 |
Property, plant and equipment, net | 304 | 292 | |
Dominican Republic | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 802 | 832 | 761 |
Property, plant and equipment, net | 702 | 689 | |
Colombia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 552 | 523 | 453 |
Property, plant and equipment, net | 430 | 412 | |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 533 | 558 | 505 |
Property, plant and equipment, net | 324 | 603 | |
Argentina | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 463 | 545 | 857 |
Property, plant and equipment, net | 222 | 256 | |
Philippines | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 451 | 497 | 559 |
Property, plant and equipment, net | 752 | 776 | |
Mexico | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 434 | 440 | 397 |
Property, plant and equipment, net | 733 | 748 | |
Bulgaria | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 410 | 422 | 369 |
Property, plant and equipment, net | 1,457 | 1,606 | |
Puerto Rico | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 348 | 328 | 293 |
Property, plant and equipment, net | 551 | 562 | |
Panama | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 263 | 250 | 266 |
Property, plant and equipment, net | 1,030 | 1,028 | |
Jordan | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 262 | 142 | 121 |
Property, plant and equipment, net | 484 | 439 | |
Kazakhstan | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 161 | 156 | 151 |
Property, plant and equipment, net | 206 | 183 | |
Sri Lanka | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 107 | 53 | 169 |
Property, plant and equipment, net | 7 | 7 | |
Spain | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 0 | 0 | 119 |
Property, plant and equipment, net | 0 | 0 | |
Cameroon | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 0 | 0 | 0 |
Property, plant and equipment, net | 0 | 0 | |
Cameroon | Discontinued Operations | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 230 | 473 | 457 |
Property, plant and equipment, net | 1,100 | ||
Ukraine | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 0 | 0 | 0 |
Property, plant and equipment, net | 0 | 0 | |
Ukraine | Discontinued Operations | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 187 | 491 | |
Hungary | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 0 | 0 | 0 |
Property, plant and equipment, net | 0 | 0 | |
Hungary | Discontinued Operations | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 18 | ||
Vietnam | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 0 | 0 | 0 |
Property, plant and equipment, net | 1,491 | 1,296 | |
Other Non-U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 67 | 71 | 87 |
Property, plant and equipment, net | 8 | 87 | |
Other Non-U.S. | Discontinued Operations | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 6 | 11 | |
Property, plant and equipment, net | $19 |
ShareBased_Compensation_Fair_V
Share-Based Compensation (Fair Value Assumptions) (Details) (Stock Options, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Expected volatility | 24.00% | 23.00% | 26.00% |
Expected annual dividend yield | 1.00% | 1.00% | 1.00% |
Expected option term (years) | 6 years | 6 years | 6 years |
Risk-free interest rate | 1.86% | 1.13% | 1.08% |
Fair value at grant date (in dollars per share) | $3.26 | $2.23 | $3.04 |
ShareBased_Compensation_Stock_
Share-Based Compensation (Stock Option Compensation Expense) (Details) (Stock Options, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax compensation expense | $3 | $2 | $2 |
Tax benefit | -1 | -1 | -1 |
Total expense, net of tax | 2 | 1 | 1 |
Total intrinsic value of options exercised | 1 | 5 | 10 |
Total fair value of options vested | 2 | 2 | 5 |
Cash received from the exercise of stock options | $3 | $13 | $9 |
ShareBased_Compensation_Stock_1
Share-Based Compensation (Stock Option Activity) (Details) (Stock Options, USD $) | 12 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 |
Stock Options | |
Options (Number of Shares): | |
Outstanding at beginning of period | 6,865 |
Exercised | -265 |
Forfeited and expired | -883 |
Granted | 1,345 |
Outstanding at end of period | 7,062 |
Vested and expected to vest at end of period | 6,759 |
Eligible for exercise at end of period | 4,849 |
Weighted Average Exercise Price (in dollars per share): | |
Outstanding at beginning of period | $14.91 |
Exercised | $10.63 |
Forfeited and expired | $16.15 |
Granted | $14.46 |
Outstanding at end of period | $14.83 |
Vested and expected to vest at end of period | $14.89 |
Eligible for exercise at end of period | $15.61 |
Outstanding, weighted average remaining contractual term (in years) | 60 months |
Vested and expected to vest, weighted average remaining contractual term (in years) | 59 months |
Eligible for exercise, weighted average remaining contractual term (in years) | 41 months |
Outstanding, intrinsic value | $8 |
Vested and expected to vest, intrinsic value | 8 |
Eligible for exercise, intrinsic value | $6 |
ShareBased_Compensation_RSU_Co
Share-Based Compensation (RSU Compensation Expense) (Details) (RSUs, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax compensation expense | $12 | $12 | $11 |
Tax benefit | -3 | -3 | -3 |
Total expense, net of tax | 9 | 9 | 8 |
Total value of RSUs converted | 25 | 10 | 9 |
Total fair value of RSUs vested | $13 | $12 | $12 |
ShareBased_Compensation_RSU_Ac
Share-Based Compensation (RSU Activity) (Details) (RSUs, USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period of straight-line expense, 2014 RSU's | 3 years | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 22 months | ||
RSUs (Number of Shares): | |||
Nonvested at beginning of period | 2,257 | ||
Vested | -1,037 | -942 | -1,138 |
Forfeited and expired | -325 | ||
Granted | 1,102 | ||
Nonvested at end of period | 1,997 | 2,257 | |
Vested at end of period | 833 | ||
Vested and expected to vest at end of period | 2,607 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $13 | ||
Weighted Average Grant Date Fair Value (in dollars per share): | |||
Nonvested at beginning of period | $12.01 | ||
Vested | $12.23 | ||
Forfeited and expired | $12.72 | ||
Granted | $14.60 | $11.19 | $13.54 |
Nonvested at end of period | $13.20 | $12.01 | |
Vested at end of period | $12.18 | ||
Vested and expected to vest at end of period | $12.84 | ||
Nonvested at end of period, weighted average remaining vesting term | 1 year 7 months |
ShareBased_Compensation_RSUs_V
Share-Based Compensation (RSUs Vested and Converted) (Details) (RSUs) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs vested during the year | 1,037 | 942 | 1,138 |
RSUs converted during the year, net of shares withheld for taxes | 1,734 | 905 | 761 |
Shares withheld for taxes | 796 | 407 | 312 |
ShareBased_Compensation_PSU_Co
Share-Based Compensation (PSU Compensation Expense) (Details) (PSUs, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
PSU expense before income tax | $6 | $4 | $5 |
Tax benefit | -2 | -1 | -1 |
Total expense, net of tax | 4 | 3 | 4 |
Total value of PSUs converted | 4 | 0 | 0 |
Total fair value of PSUs vested | $1 | $0 | $2 |
ShareBased_Compensation_PSU_Ac
Share-Based Compensation (PSU Activity) (Details) (PSUs, USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
PSUs | |||
PSUs (Number of Shares): | |||
Nonvested at beginning of period | 1,339 | ||
Vested | -85 | 0 | -343 |
Forfeited and expired | -450 | ||
Granted | 527 | ||
Nonvested at end of period | 1,331 | 1,339 | |
Vested at end of period | 0 | ||
Vested and expected to vest at end of period | 1,100 | ||
Weighted Average Grant Date Fair Value (in dollars per share): | |||
Nonvested at beginning of period | $14.24 | ||
Vested | $15.28 | ||
Forfeited and expired | $14.73 | ||
Granted | $14.91 | ||
Nonvested at end of period | $14.27 | $14.24 | |
Vested at end of period | $0 | ||
Vested and expected to vest at end of period | $14.33 | ||
Nonvested at end of period, weighted average remaining vesting term | 16 months |
ShareBased_Compensation_PSUs_V
Share-Based Compensation (PSUs Vested and Converted) (Details) (PSUs) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested during the year | 85 | 0 | 343 |
Award converted during the year, net of shares withheld for taxes | 287 | 0 | 0 |
Shares withheld for taxes | 141 | 0 | 0 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option grant price as percent of market price | 100.00% | |||
Award vesting period | 3 years | |||
Award vesting rights percentage | 33.00% | |||
Stock option contractual term | 10 years | |||
Number of shares available for grant | 14 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $3 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 23 months | |||
Estimated forfeiture rate | 16.44% | |||
Cost not yet recognized related to current year grants | 3.7 | |||
Compensation cost not yet recognized related to current year grants per year | 1.2 | |||
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Award vesting rights percentage | 33.00% | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 13 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 22 months | |||
Estimated forfeiture rate | 14.17% | |||
Compensation cost not yet recognized related to current year grants per year | 14 | |||
Period before award can be converted to shares | 2 years | |||
Grant date fair value (in dollars per share) | $14.60 | $11.19 | $13.54 | |
PSUs With Market Conditions | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant date fair value (in dollars per share) | $15.19 | $13.28 | $19.75 | |
Award, percent with market condition | 50.00% | |||
Performance stock units vesting rule measurement period | 3 years | |||
Grants in period, weighted average grant date fair value percent of stock price | 104.00% | |||
Decrease in grant date fair value if market condition not applied | 0.1 | |||
PSUs with Performance Condition | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant date fair value (in dollars per share) | $14.63 | |||
Award, percent with performance condition | 50.00% | |||
Performance stock units vesting rule measurement period | 3 years | |||
PSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 7 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | |||
Estimated forfeiture rate | 16.44% | |||
Cost not yet recognized related to current year grants | 7 | |||
Period of straight-line expense, 2014 PSUs | 3 years | |||
Compensation cost not yet recognized related to current year grants per year | $2 | |||
Grant date fair value (in dollars per share) | $14.91 | |||
PSUs | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award payout range | 0.00% | |||
PSUs | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award payout range | 200.00% |
Cumulative_Preferred_Stock_of_1
Cumulative Preferred Stock of Subsidiaries (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Temporary Equity [Line Items] | ||
Cumulative preferred stock of subsidiaries | $78 | $78 |
IPL Subsidiary | ||
Temporary Equity [Line Items] | ||
Temporary equity carrying amount | 60 | 60 |
Number of preferred stock series | 5 | |
Temporary equity annual dividend requirement | 3 | 3 |
Number of consecutive quarters without paid dividends to invoke board of directors election rule | 4 | |
IPL Subsidiary | Minimum | ||
Temporary Equity [Line Items] | ||
Temporary equity, redemption price per share | $100 | |
IPL Subsidiary | Maximum | ||
Temporary Equity [Line Items] | ||
Temporary equity, redemption price per share | $118 | |
DPL Subsidiary | ||
Temporary Equity [Line Items] | ||
Temporary equity carrying amount | 18 | 18 |
Number of preferred stock series | 3 | |
Temporary equity annual dividend requirement | $1 | |
Number of quarters cumulative dividends in arrears to invoke board of directors election rule | 4 | |
DPL Subsidiary | Minimum | ||
Temporary Equity [Line Items] | ||
Temporary equity, redemption price per share | $101 | |
DPL Subsidiary | Maximum | ||
Temporary Equity [Line Items] | ||
Temporary equity, redemption price per share | $103 |
Other_Income_and_Expense_Nonop
Other Income and Expense (Nonoperating Income) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of assets | $68 | $12 | $21 | |
Contingency reversal | 18 | 10 | 0 | |
Contract termination - Beaver Valley | 0 | 60 | 0 | |
Insurance proceeds | 0 | 0 | 38 | |
Gain on extinguishment of tax and other liabilities | 0 | 9 | 0 | |
Other | 38 | 34 | 39 | |
Total other income | 124 | 125 | 98 | |
AES Cartagena | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on sale of assets | 54 | |||
ARGENTINA | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Interest Income, Other | 59 | |||
Embedded Derivative, Gain on Embedded Derivative | $106 |
Other_Income_and_Expense_Other
Other Income and Expense (Other Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Income and Expenses [Abstract] | |||
Loss on sale and disposal of assets | $47 | $51 | $64 |
Legal settlement | 11 | 9 | 9 |
Contract termination | 0 | 7 | 0 |
Other | 10 | 9 | 9 |
Total other expense | $68 | $76 | $82 |
Asset_Impairment_Expense_Impai
Asset Impairment Expense (Impairment of Long-Lived Assets Held and Used by Asset) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 09, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 28, 2012 |
Debt Instrument [Line Items] | |||||||
Asset impairment expense | $91 | $95 | $73 | ||||
Ebute | |||||||
Debt Instrument [Line Items] | |||||||
Asset impairment expense | 67 | 0 | 0 | ||||
UK Wind (Newfield) | |||||||
Debt Instrument [Line Items] | |||||||
Asset impairment expense | 12 | 0 | 0 | ||||
DP&L (East Bend) | |||||||
Debt Instrument [Line Items] | |||||||
Asset impairment expense | 12 | 0 | 0 | ||||
Beaver Valley | |||||||
Debt Instrument [Line Items] | |||||||
Asset impairment expense | 0 | 46 | 0 | 46 | |||
Conesville (DP&L) | |||||||
Debt Instrument [Line Items] | |||||||
Asset impairment expense | 0 | 26 | 0 | 26 | |||
Itabo (San Lorenzo) | |||||||
Debt Instrument [Line Items] | |||||||
Asset impairment expense | 0 | 16 | 0 | 16 | |||
U.S. wind turbines and projects | |||||||
Debt Instrument [Line Items] | |||||||
Asset impairment expense | 0 | 0 | 41 | ||||
Kelanitissa | |||||||
Debt Instrument [Line Items] | |||||||
Asset impairment expense | 0 | 0 | 19 | ||||
St. Patrick | |||||||
Debt Instrument [Line Items] | |||||||
Asset impairment expense | 0 | 0 | 11 | 11 | |||
Other | |||||||
Debt Instrument [Line Items] | |||||||
Asset impairment expense | $0 | $7 | $2 |
Asset_Impairment_Expense_Narra
Asset Impairment Expense (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | 6 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Mar. 31, 2014 | Jan. 09, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 28, 2012 | |
MW | MW | MW | MW | |||||||
Debt Instrument [Line Items] | ||||||||||
Production Capacity (MW) | 2,072 | |||||||||
Other Asset Impairment Charges | $91,000,000 | $95,000,000 | $73,000,000 | |||||||
Gain (loss) on sale of assets | 20,000,000 | -40,000,000 | -45,000,000 | |||||||
Ebute | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 67,000,000 | |||||||||
Assets, fair value | 36,000,000 | |||||||||
Production Capacity (MW) | 294 | |||||||||
Other Asset Impairment Charges | 67,000,000 | 0 | 0 | |||||||
UK Wind (Newfield) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 12,000,000 | |||||||||
Assets, fair value | 0 | |||||||||
Other Asset Impairment Charges | 12,000,000 | 0 | 0 | |||||||
DP&L (East Bend) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 12,000,000 | |||||||||
Assets, fair value | 2,000,000 | |||||||||
Production Capacity (MW) | 186 | |||||||||
Other Asset Impairment Charges | 12,000,000 | 0 | 0 | |||||||
Beaver Valley | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Production Capacity (MW) | 125 | |||||||||
Lump sum payment received for termination of PPA | 60,000,000 | |||||||||
Other Asset Impairment Charges | 0 | 46,000,000 | 0 | 46,000,000 | ||||||
Conesville (DP&L) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Assets, fair value | 0 | 0 | ||||||||
Production Capacity (MW) | 129 | 129 | ||||||||
Other Asset Impairment Charges | 0 | 26,000,000 | 0 | 26,000,000 | ||||||
Itabo (San Lorenzo) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Assets, fair value | 7,000,000 | |||||||||
Production Capacity (MW) | 35 | |||||||||
Other Asset Impairment Charges | 0 | 16,000,000 | 0 | 16,000,000 | ||||||
Assets carrying amount | 23,000,000 | |||||||||
U.S. wind turbines and projects | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Assets, fair value | 0 | |||||||||
Other Asset Impairment Charges | 0 | 0 | 41,000,000 | |||||||
Gain (loss) on sale of assets | 2,000,000 | |||||||||
Kelanitissa | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Other Asset Impairment Charges | 0 | 0 | 19,000,000 | |||||||
St. Patrick | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Assets, fair value | 22,000,000 | |||||||||
Other Asset Impairment Charges | 0 | 0 | 11,000,000 | 11,000,000 | ||||||
Assets carrying amount | 33,000,000 | |||||||||
Long Lived Assets Held And Used | Carrying Amount | Ebute | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Assets, fair value | 103,000,000 | |||||||||
Long Lived Assets Held And Used | Carrying Amount | UK Wind (Newfield) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Assets, fair value | 11,000,000 | |||||||||
Long Lived Assets Held And Used | Carrying Amount | DP&L (East Bend) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Assets, fair value | 14,000,000 | |||||||||
Long Lived Assets Held And Used | Carrying Amount | Beaver Valley | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Assets, fair value | 61,000,000 | 61,000,000 | ||||||||
Long Lived Assets Held And Used | Carrying Amount | Conesville (DP&L) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Assets, fair value | 26,000,000 | 26,000,000 | ||||||||
Long Lived Assets Held And Used | Carrying Amount | Itabo (San Lorenzo) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Assets, fair value | 23,000,000 | 23,000,000 | ||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Assets, fair value | 309,000,000 | |||||||||
Fair Value, Inputs, Level 3 [Member] | Long Lived Assets Held And Used | Fair Value | Ebute | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Assets, fair value | 36,000,000 | |||||||||
Fair Value, Inputs, Level 3 [Member] | Long Lived Assets Held And Used | Fair Value | UK Wind (Newfield) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Assets, fair value | 0 | |||||||||
Fair Value, Inputs, Level 3 [Member] | Long Lived Assets Held And Used | Fair Value | Beaver Valley | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Assets, fair value | 15,000,000 | 15,000,000 | ||||||||
Fair Value, Inputs, Level 3 [Member] | Long Lived Assets Held And Used | Fair Value | Conesville (DP&L) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Assets, fair value | 0 | 0 | ||||||||
Fair Value, Inputs, Level 3 [Member] | Long Lived Assets Held And Used | Fair Value | Itabo (San Lorenzo) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Assets, fair value | $7,000,000 | $7,000,000 |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Federal: | |||
Current | $0 | ($28) | $0 |
Deferred | -121 | -110 | 24 |
State: | |||
Current | 1 | 1 | -2 |
Deferred | 1 | 1 | -11 |
Foreign: | |||
Current | 457 | 509 | 538 |
Deferred | 81 | -30 | 136 |
Total | $419 | $343 | $685 |
Income_Taxes_Effective_Income_
Income Taxes (Effective Income Tax Reconciliation) (Details) | 0 Months Ended | 12 Months Ended | ||||
Sep. 29, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 25, 2014 | Aug. 22, 2014 | |
project | ||||||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||||
Statutory Federal tax rate | 35.00% | 35.00% | 35.00% | |||
State taxes, net of Federal tax benefit | -1.00% | -3.00% | -21.00% | |||
Taxes on foreign earnings | -14.00% | -4.00% | -32.00% | |||
Valuation allowance | -1.00% | 0.00% | 16.00% | |||
Uncertain tax positions | 0.00% | -5.00% | 9.00% | |||
Bad debt deduction | 0.00% | -3.00% | 0.00% | |||
Change in tax law | 4.00% | -1.00% | 17.00% | |||
Goodwill impairment | 4.00% | 12.00% | 276.00% | |||
Other—net | 0.00% | 2.00% | -2.00% | |||
Effective tax rate | 21.00% | 27.00% | 33.00% | 298.00% | ||
Component of taxes on foreign earnings | -8.00% | |||||
Masinloc Subsidiary | ||||||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||||
Investment In Affiliate Ownership Percentage Sold | 45.00% | |||||
UK Wind Projects | ||||||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||||
Number of U.K. Wind Projects Sold | 4 |
Income_Taxes_Income_Tax_Payabl
Income Taxes (Income Tax Payables and Income Tax Receivables) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | tax_system | |
Income Tax Disclosure [Abstract] | ||
Number of Chilean Income Tax Systems | 2 | |
Income taxes receivable—current | $217 | $206 |
Total income taxes receivable | 217 | 206 |
Income taxes payable—current | 299 | 322 |
Income taxes payable—noncurrent | 2 | 2 |
Total income taxes payable | $301 | $324 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Deferred Tax Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred Tax Liabilities: | ||
Differences between book and tax basis of property | ($2,364) | ($2,178) |
Other taxable temporary differences | -302 | -337 |
Total deferred tax liability | -2,666 | -2,515 |
Deferred Tax Assets: | ||
Operating loss carryforwards | 2,224 | 2,108 |
Capital loss carryforwards | 137 | 103 |
Bad debt and other book provisions | 221 | 277 |
Retirement costs | 275 | 291 |
Tax credit carryforwards | 58 | 38 |
Other deductible temporary differences | 363 | 420 |
Total gross deferred tax asset | 3,278 | 3,237 |
Less: valuation allowance | -997 | -1,090 |
Total net deferred tax asset | 2,281 | 2,147 |
Net deferred tax asset (liability) | ($385) | ($368) |
Income_Taxes_Income_Loss_from_
Income Taxes (Income (Loss) from Continuing Operations Before Income Tax) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
U.S. | ($560) | ($575) | ($1,921) |
Non-U.S. | 2,136 | 1,623 | 2,151 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | $1,576 | $1,048 | $230 |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $392 | $475 | $464 |
Additions for current year tax positions | 8 | 7 | 12 |
Additions for tax positions of prior years | 14 | 10 | 29 |
Reductions for tax positions of prior years | -2 | -3 | -29 |
Effects of foreign currency translation | -3 | 0 | 0 |
Settlements | -2 | -65 | 0 |
Lapse of statute of limitations | -12 | -32 | -1 |
Ending balance | $395 | $392 | $475 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Sep. 29, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 29, 2014 | Dec. 31, 2011 | |
Income Tax Disclosures [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent | 20.00% | |||||
Effective tax rate | 21.00% | 27.00% | 33.00% | 298.00% | ||
Scheduled maximum income tax percentage under APS tax system | 25.00% | 25.00% | ||||
Scheduled maximum income tax percent under PIS tax system | 27.00% | 27.00% | ||||
Tax Adjustments, Settlements, and Unusual Provisions | $46,000,000 | |||||
Increase (decrease) in valuation allowance | -93,000,000 | 195,000,000 | ||||
Valuation allowance | 997,000,000 | 1,090,000,000 | ||||
Tax benefits related to tax status of operations in countries subject to reduced tax rates | 38,000,000 | 70,000,000 | 81,000,000 | |||
Tax benefits related to tax status of operations in countries subject to reduced tax rates per share (in dollars per share) | $0.04 | $0.09 | $0.10 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued: | ||||||
Interest on income taxes accrued | 14,000,000 | 12,000,000 | ||||
Income tax penalties accrued | 1,000,000 | 1,000,000 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense: | ||||||
Interest on income taxes expense | -3,000,000 | 4,000,000 | -3,000,000 | |||
Income tax penalties expense | 0 | 3,000,000 | -1,000,000 | |||
Uncertain Tax Positions Additional Disclosures: | ||||||
Unrecognized tax benefits | 395,000,000 | 392,000,000 | 475,000,000 | 464,000,000 | ||
Unrecognized tax benefits that would impact effective tax rate | 366,000,000 | 360,000,000 | 444,000,000 | |||
Unrecognized tax benefits that would impact effective tax rate portion with attributes warranting full valuation allowance | 24,000,000 | 26,000,000 | 45,000,000 | |||
Unrecognized tax benefits anticipated to result in net decrease of unrecognized tax benefits within 12 months, minimum | 10,000,000 | |||||
Unrecognized tax benefits anticipated to result in net decrease of unrecognized tax benefits within 12 months, maximum | 15,000,000 | |||||
Federal | ||||||
Income Tax Disclosures [Line Items] | ||||||
Operating loss carryforwards | 3,400,000,000 | |||||
Operating loss carryforwards amount related to stock option deductions to be recognized in APIC | 87,000,000 | |||||
State and Local Jurisdiction | ||||||
Income Tax Disclosures [Line Items] | ||||||
Operating loss carryforwards | 7,800,000,000 | |||||
Foreign Tax Authority | ||||||
Income Tax Disclosures [Line Items] | ||||||
Operating loss carryforwards | 3,700,000,000 | |||||
Philippines | ||||||
Income Tax Disclosures [Line Items] | ||||||
Tax benefits related to tax status of operations in countries subject to reduced tax rates | 21,000,000 | 41,000,000 | 60,000,000 | |||
Tax benefits related to tax status of operations in countries subject to reduced tax rates per share (in dollars per share) | $0.02 | $0.05 | $0.07 | |||
General Business Tax Credit Carryforward | ||||||
Income Tax Disclosures [Line Items] | ||||||
Tax credit carryforward | 18,000,000 | |||||
Federal Alternative Minimum Tax | ||||||
Income Tax Disclosures [Line Items] | ||||||
Tax credit carryforward | 5,000,000 | |||||
Foreign Jurisdictions | ||||||
Income Tax Disclosures [Line Items] | ||||||
Tax credit carryforward | 34,000,000 | |||||
Year 2018 to 2025 | Foreign Jurisdictions | ||||||
Income Tax Disclosures [Line Items] | ||||||
Tax credit carryforward | 26,000,000 | |||||
No Expiration | ||||||
Income Tax Disclosures [Line Items] | ||||||
Tax credit carryforward | $8,000,000 |
Discontinued_Operations_and_He2
Discontinued Operations and Held-For-Sale Businesses (Schedule of Disposal Groups, Including Discontinued Operations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | |||
Revenue | $233 | $689 | $1,043 |
Income (loss) from operations of discontinued businesses, before income tax | 50 | -3 | 73 |
Income tax expense | -23 | -24 | -26 |
Income (loss) from operations of discontinued businesses, after income tax | 27 | -27 | 47 |
Net gain (loss) from disposal and impairments of discontinued businesses, after income tax | ($56) | ($152) | $16 |
Discontinued_Operations_and_He3
Discontinued Operations and Held-For-Sale Businesses (Narrative) (Details) (USD $) | 12 Months Ended | 7 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Feb. 24, 2014 | Jan. 30, 2014 | Nov. 30, 2013 | Apr. 29, 2013 | Apr. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2010 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Oct. 31, 2013 | Mar. 31, 2011 | |
MW | MW | business | business | business | MW | MW | ||||||||||
project | plant | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Asset impairment expense | $383,000,000 | $661,000,000 | $1,940,000,000 | |||||||||||||
Net gain (loss) from disposal and impairments of discontinued operations | -56,000,000 | -152,000,000 | 16,000,000 | |||||||||||||
Production Capacity (MW) | 2,072 | |||||||||||||||
Cameroon businesses | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | 435,000,000 | 435,000,000 | ||||||||||||||
Asset impairment expense | 101,000,000 | |||||||||||||||
Fair value less costs to sell | 334,000,000 | 334,000,000 | ||||||||||||||
Sonel | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Divestiture of ownership in subsidiary percent | 56.00% | |||||||||||||||
Kribi | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Divestiture of ownership in subsidiary percent | 56.00% | |||||||||||||||
Dibamba | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Divestiture of ownership in subsidiary percent | 56.00% | |||||||||||||||
Saurashtra | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Proceeds from divestiture of business | 8,000,000 | |||||||||||||||
Production Capacity (MW) | 39 | |||||||||||||||
U.S. wind projects | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Divestiture of ownership in subsidiary percent | 100.00% | |||||||||||||||
Proceeds from divestiture of business | 27,000,000 | |||||||||||||||
Asset impairment expense | 47,000,000 | |||||||||||||||
Fair value less costs to sell | 30,000,000 | |||||||||||||||
Number of wind projects | 3 | |||||||||||||||
Production Capacity (MW) | 234 | |||||||||||||||
Asset impairment charges attributable to noncontrolling interest | 7,000,000 | |||||||||||||||
Assets carrying amount | 77,000,000 | |||||||||||||||
Deferred proceeds from divestiture of business | 3,000,000 | |||||||||||||||
Poland wind projects | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Proceeds from divestiture of business | 7,000,000 | |||||||||||||||
Asset impairment expense | 65,000,000 | |||||||||||||||
Net gain (loss) from disposal and impairments of discontinued operations | -2,000,000 | |||||||||||||||
Number of wind projects | 10 | |||||||||||||||
Kiev and Rivne | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Proceeds from divestiture of business | 113,000,000 | |||||||||||||||
Asset impairment expense | 38,000,000 | |||||||||||||||
Number of power distribution businesses sold | 2 | |||||||||||||||
Kiev | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Divestiture of ownership in subsidiary percent | 89.10% | |||||||||||||||
Customers served | 881,000 | |||||||||||||||
Rivne | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Divestiture of ownership in subsidiary percent | 84.60% | |||||||||||||||
Customers served | 412,000 | |||||||||||||||
Tisza I I Subsidiary | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Divestiture of ownership in subsidiary percent | 100.00% | 100.00% | ||||||||||||||
Proceeds from divestiture of business | 14,000,000 | |||||||||||||||
Net gain (loss) from disposal and impairments of discontinued operations | 87,000,000 | |||||||||||||||
Production Capacity (MW) | 900 | 900 | ||||||||||||||
Gain (loss) on disposal of discontinued operation from cumulative translation losses | -73,000,000 | |||||||||||||||
Red Oak and Ironwood | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Divestiture of ownership in subsidiary percent | 100.00% | |||||||||||||||
Proceeds from divestiture of business | 228,000,000 | |||||||||||||||
Net gain (loss) from disposal and impairments of discontinued operations | 73,000,000 | |||||||||||||||
Red Oak | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Production Capacity (MW) | 832 | |||||||||||||||
Ironwood | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Production Capacity (MW) | 710 | |||||||||||||||
Eastern Energy Subsidiary | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Asset impairment expense | 827,000,000 | |||||||||||||||
Net gain (loss) from disposal and impairments of discontinued operations | 30,000,000 | |||||||||||||||
Production Capacity (MW) | 1,169 | |||||||||||||||
Number of Power Plants Held-for-sale | 4 | |||||||||||||||
Minimum | Poland wind projects | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Divestiture of ownership in subsidiary percent | 61.00% | |||||||||||||||
Maximum | Poland wind projects | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Divestiture of ownership in subsidiary percent | 89.00% | |||||||||||||||
Armenia Mountain | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Production Capacity (MW) | 101 | |||||||||||||||
Sale agreement, buyer option to purchase ownership percent | 100.00% | |||||||||||||||
Sale Agreement, Buyer Option To Purchase Ownership Interest, Sales Price | 75,000,000 | |||||||||||||||
Cameroon businesses | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Number of Equity Interests Sold | 3 | 3 | ||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | 200,000,000 | 200,000,000 | ||||||||||||||
Proceeds from divestiture of business | 156,000,000 | |||||||||||||||
Letter of Credit Related to Sale Agreement | 40,000,000 | |||||||||||||||
Net gain (loss) from disposal and impairments of discontinued operations | -7,000,000 | |||||||||||||||
Cameroon businesses | Noncurrent Asset | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Disposal Group, Including Discontinued Operation, Non-contingent Consideration, Fair Value, Amount to be Received | 44,000,000 | 44,000,000 | ||||||||||||||
Summary of Investments, Other than Investments in Related Parties, Carrying Amount | $44,000,000 |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 5 Months Ended | 0 Months Ended | 4 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 22, 2014 | Jul. 10, 2013 | Apr. 26, 2013 | Feb. 29, 2012 | Jun. 30, 2014 | Jul. 31, 2013 | Jun. 28, 2012 | Dec. 31, 2012 | Nov. 20, 2014 |
MW | |||||||||||||
Dispositions | |||||||||||||
Production Capacity (MW) | 2,072 | 2,072 | |||||||||||
Ebute | |||||||||||||
Dispositions | |||||||||||||
Ownership interest sold | 95.00% | ||||||||||||
Proceeds from sale of ownership interest | $22 | ||||||||||||
Pre-tax gain on disposal | -6 | ||||||||||||
Pre-tax loss of disposed businesses, Excluding gain on disposal, included in continuing operations | -27 | -29 | |||||||||||
Pre-tax income of disposed businesses, Excluding gain on disposal, included in continuing operations | 32 | ||||||||||||
AES NBO | |||||||||||||
Dispositions | |||||||||||||
Ownership interest sold | 100.00% | ||||||||||||
UK Wind Projects | |||||||||||||
Dispositions | |||||||||||||
Ownership interest sold | 100.00% | ||||||||||||
Proceeds from sale of ownership interest | 158 | ||||||||||||
Pre-tax gain on disposal | 78 | ||||||||||||
Pre-tax loss of disposed businesses, Excluding gain on disposal, included in continuing operations | -18 | 3 | -3 | ||||||||||
Production Capacity (MW) | 88 | ||||||||||||
Trinidad Generation Unlimited | |||||||||||||
Dispositions | |||||||||||||
Equity method investment, ownership percentage sold | 10.00% | ||||||||||||
Proceeds from the sale of equity method investments | 31 | ||||||||||||
Equity method investment | 28 | ||||||||||||
Equity method investment, gain (loss) on disposal | 3 | ||||||||||||
AES Cartagena | |||||||||||||
Dispositions | |||||||||||||
Ownership interest sold | 80.00% | ||||||||||||
Pre-tax gain on disposal | 178 | 20 | |||||||||||
Production Capacity (MW) | 1,199 | ||||||||||||
Proceeds from sale of ownership interest in Cartagena | 24 | ||||||||||||
Cartagena ownership interest prior to sale | 70.81% | ||||||||||||
Acquirer's option to purchase additional ownership interest in Cartagena | 20.00% | ||||||||||||
Term of buyer option to purchase Company's remaining interest | 5 months | ||||||||||||
Company's continuing ownership interest extension period (beyond one year) | 1 year | ||||||||||||
InnoVent and St. Patrick | |||||||||||||
Dispositions | |||||||||||||
Proceeds from the sale of interest in affiliate | 42 | ||||||||||||
China Wind | |||||||||||||
Dispositions | |||||||||||||
Equity method investment, gain (loss) on disposal | 27 | ||||||||||||
Proceeds from sale of China equity method investments | $133 | ||||||||||||
UK Wind Projects | |||||||||||||
Dispositions | |||||||||||||
Number of U.K. Wind Projects Sold | 4 |
Earnings_Per_Share_Schedule_of
Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Class of Stock [Line Items] | |||||||||||
Income (loss) from continuing operations, net of tax | $789 | $284 | ($960) | ||||||||
Weighted Average Number of Shares Outstanding, Basic (in shares) | 720 | 743 | 755 | ||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $0.29 | $0.68 | $0.20 | ($0.07) | ($0.23) | $0.23 | $0.22 | $0.15 | $1.10 | $0.38 | ($1.27) |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants (in shares) | 1 | 1 | 0 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in shares) | 3 | 4 | 0 | ||||||||
Income (Loss) From Continuing Operations Diluted | $789 | $284 | ($960) | ||||||||
Weighted Average Number of Shares Outstanding, Diluted (in shares) | 724 | 748 | 755 | ||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $0.29 | $0.67 | $0.20 | ($0.07) | ($0.23) | $0.23 | $0.22 | $0.15 | $1.09 | $0.38 | ($1.27) |
RSUs | |||||||||||
Class of Stock [Line Items] | |||||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | ($0.01) |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 5,000,000 | 6,000,000 | 7,000,000 |
Shares issued under Company's profit share plan | 1,000,000 | ||
Pro Forma | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,000,000 | ||
Pro Forma | RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 4,000,000 | ||
RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,000,000 | 1,000,000 | 6,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 1,000,000 |
Risks_And_Uncertainties_Detail
Risks And Uncertainties (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segment | customer | customer | ||
customer | ||||
business | ||||
Risks and Uncertainties [Abstract] | ||||
Number of strategic business units | 6 | |||
Segment Reporting, Additional Information about Entity's Reportable Segments | 2 | |||
Cash and cash equivalents | $1,539 | $1,642 | $1,900 | $1,624 |
Percent of revenue generated outside US | 78.00% | |||
Percent Of Revenue From Discontinued Operations Generated Outside US | 99.00% | |||
Number of customers that accounted for 10% of more of total revenue | 0 | 0 | 0 | |
Total Maritza Receivables | 262 | |||
Overdue Maritza Receivables | $205 |
Related_Party_Transactions_Sch
Related Party Transactions (Schedule of related Party Transactions) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||
Revenue—Non-Regulated | $8,272 | $7,835 | $8,187 |
Cost of Sales—Non-Regulated | 6,528 | 5,807 | 5,987 |
Interest expense | 1,471 | 1,482 | 1,544 |
Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Revenue—Non-Regulated | 830 | 825 | 820 |
Cost of Sales—Non-Regulated | 218 | 161 | 120 |
Interest expense | $8 | $5 | $10 |
Related_Party_Transactions_Sch1
Related Party Transactions (Schedule of Related Party Receivables Payables) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Related Party Transaction [Line Items] | ||
Receivables from related parties | $2,709 | $2,363 |
Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Receivables from related parties | 178 | 109 |
Accounts and notes payable to related parties | $209 | $67 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 12, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 22, 2014 |
Selected Quarterly Financial Information [Abstract] | |||||||||||||
Revenue | $4,132 | $4,441 | $4,311 | $4,262 | $3,800 | $3,996 | $3,945 | $4,150 | $17,146 | $15,891 | $17,164 | ||
Operating margin | 708 | 767 | 819 | 794 | 670 | 927 | 901 | 749 | 3,088 | 3,247 | 3,583 | ||
Income (loss) from continuing operations, net of tax | 298 | 508 | 281 | 89 | -173 | 339 | 333 | 231 | 1,176 | 730 | -420 | ||
Discontinued operations, net of tax | 0 | 0 | -6 | -23 | -31 | -116 | 0 | -32 | |||||
NET INCOME (LOSS) | 298 | 508 | 275 | 66 | -204 | 223 | 333 | 199 | 1,147 | 551 | -357 | ||
Net income (loss) attributable to The AES Corporation | 206 | 488 | 133 | -58 | -206 | 71 | 167 | 82 | 769 | 114 | -912 | ||
Basic income (loss) per share: | |||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $0.29 | $0.68 | $0.20 | ($0.07) | ($0.23) | $0.23 | $0.22 | $0.15 | $1.10 | $0.38 | ($1.27) | ||
Discontinued operations attributable to The AES Corporation, net of tax | $0 | $0 | ($0.02) | ($0.01) | ($0.05) | ($0.14) | $0 | ($0.04) | ($0.03) | ($0.23) | $0.06 | ||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $0.29 | $0.68 | $0.18 | ($0.08) | ($0.28) | $0.09 | $0.22 | $0.11 | $1.07 | $0.15 | ($1.21) | ||
Diluted income (loss) per share: | |||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $0.29 | $0.67 | $0.20 | ($0.07) | ($0.23) | $0.23 | $0.22 | $0.15 | $1.09 | $0.38 | ($1.27) | ||
Discontinued operations attributable to The AES Corporation, net of tax | $0 | $0 | ($0.02) | ($0.01) | ($0.05) | ($0.14) | $0 | ($0.04) | ($0.03) | ($0.23) | $0.06 | ||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $0.29 | $0.67 | $0.18 | ($0.08) | ($0.28) | $0.09 | $0.22 | $0.11 | $1.06 | $0.15 | ($1.21) | ||
Dividends declared per common share | $0.10 | $0.15 | $0.05 | $0.05 | $0 | $0.09 | $0 | $0.08 | $0 | $0.25 | $0.17 | $0.08 | |
Impairment expense pre-tax total | 79 | 31 | 107 | 166 | 352 | 196 | 0 | 48 | |||||
Net equity in earnings of affiliates | -19 | -25 | -35 | ||||||||||
Masinloc Subsidiary | |||||||||||||
Diluted income (loss) per share: | |||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 283 | ||||||||||||
UK Wind Projects | |||||||||||||
Diluted income (loss) per share: | |||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 78 | ||||||||||||
ARGENTINA | |||||||||||||
Diluted income (loss) per share: | |||||||||||||
Interest Income, Other | 59 | ||||||||||||
Embedded Derivative, Gain on Embedded Derivative | 106 | ||||||||||||
Elsta | |||||||||||||
Diluted income (loss) per share: | |||||||||||||
Net equity in earnings of affiliates | $41 | ($41) |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | Dec. 31, 2014 | Dec. 15, 2014 | Feb. 20, 2015 |
In Millions, unless otherwise specified | |||
AES US Investment, Inc. | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Investment In Affiliate Ownership Percentage Sold | 15.00% | ||
Divestiture of Business, Purchase Purchase Subject Adjustment | $247 | ||
Subsequent Event | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Stock Repurchase Program, Authorized Amount | $400 |
Schedule_I_Condensed_Financial2
Schedule I - Condensed Financial Information of Parent (Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Current Assets: | ||||
Cash and cash equivalents | $1,539 | $1,642 | $1,900 | $1,624 |
Restricted cash | 283 | 597 | ||
Deferred income taxes | 275 | 166 | ||
Total current assets | 7,826 | 7,739 | ||
Investment in and advances to subsidiaries and affiliates | 537 | 1,010 | 1,196 | |
Office Equipment: | ||||
Cost | 30,459 | 30,596 | ||
Accumulated depreciation | -9,962 | -9,604 | ||
Property, plant and equipment, net | 25,151 | 25,112 | ||
Other Assets: | ||||
Deferred income taxes | 662 | 666 | ||
Other Assets | 2,640 | 2,170 | ||
Total other assets | 5,989 | 7,560 | ||
TOTAL ASSETS | 38,966 | 40,411 | 41,830 | |
Current Liabilities: | ||||
Accounts payable | 2,278 | 2,259 | ||
Accrued and other liabilities | 2,326 | 2,114 | ||
Total current liabilities | 6,997 | 7,653 | ||
Long-term Liabilities: | ||||
Other long-term liabilities | 3,222 | 3,299 | ||
Total noncurrent liabilities | 24,566 | 25,029 | ||
Stockholders’ equity: | ||||
Common stock | 8 | 8 | ||
Additional paid-in capital | 8,409 | 8,443 | ||
Retained earnings (accumulated deficit) | 512 | -150 | ||
Accumulated other comprehensive loss | -3,286 | -2,882 | ||
Treasury stock | -1,371 | -1,089 | ||
Total AES Corporation stockholders’ equity | 4,272 | 4,330 | ||
TOTAL LIABILITIES AND EQUITY | 38,966 | 40,411 | ||
Parent Company | ||||
Current Assets: | ||||
Cash and cash equivalents | 511 | 131 | 305 | 189 |
Restricted cash | 81 | 177 | ||
Accounts and notes receivable from subsidiaries | 380 | 708 | ||
Deferred income taxes | 142 | 4 | ||
Prepaid expenses and other current assets | 57 | 39 | ||
Total current assets | 1,171 | 1,059 | ||
Investment in and advances to subsidiaries and affiliates | 9,063 | 9,245 | ||
Office Equipment: | ||||
Cost | 157 | 78 | ||
Accumulated depreciation | -114 | -65 | ||
Property, plant and equipment, net | 43 | 13 | ||
Other Assets: | ||||
Deferred financing costs (net of accumulated amortization of $81 and $71, respectively) | 61 | 75 | ||
Deferred income taxes | 872 | 857 | ||
Other Assets | 1 | 1 | ||
Total other assets | 934 | 933 | ||
TOTAL ASSETS | 11,211 | 11,250 | ||
Current Liabilities: | ||||
Accounts payable | 25 | 15 | ||
Accounts and notes payable to subsidiaries | 80 | 49 | ||
Accrued and other liabilities | 212 | 216 | ||
Senior notes payable—current portion | 151 | 118 | ||
Total current liabilities | 468 | 398 | ||
Long-term Liabilities: | ||||
Senior notes payable | 4,590 | 5,034 | ||
Junior subordinated notes and debentures payable | 517 | 517 | ||
Accounts and notes payable to subsidiaries | 1,352 | 859 | ||
Other long-term liabilities | 12 | 112 | ||
Total noncurrent liabilities | 6,471 | 6,522 | ||
Stockholders’ equity: | ||||
Common stock | 8 | 8 | ||
Additional paid-in capital | 8,409 | 8,443 | ||
Retained earnings (accumulated deficit) | 512 | -150 | ||
Accumulated other comprehensive loss | -3,286 | -2,882 | ||
Treasury stock | -1,371 | -1,089 | ||
Total AES Corporation stockholders’ equity | 4,272 | 4,330 | ||
TOTAL LIABILITIES AND EQUITY | $11,211 | $11,250 |
Schedule_I_Condensed_Financial3
Schedule I - Condensed Financial Information of Parent (Balance Sheet Parenthetical) (Details) (Parent Company, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Deferred financing costs, accumulated amortization | $81 | $71 |
Schedule_I_Condensed_Financial4
Schedule I - Condensed Financial Information of Parent Schedule I - Condensed Financial Information of Parent (Statement of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest income | $365 | $275 | $348 | ||||||||
General and administrative expenses | -187 | -220 | -274 | ||||||||
Other income | 124 | 125 | 98 | ||||||||
Other expense | -68 | -76 | -82 | ||||||||
Loss on extinguishment of debt | -261 | -229 | -8 | ||||||||
Interest expense | -1,471 | -1,482 | -1,544 | ||||||||
Income tax benefit (expense) | -419 | -343 | -685 | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | 206 | 488 | 133 | -58 | -206 | 71 | 167 | 82 | 769 | 114 | -912 |
Parent Company | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenue from subsidiaries and affiliates | 29 | 32 | 20 | ||||||||
Equity in earnings (loss) of subsidiaries and affiliates | 1,313 | 498 | -437 | ||||||||
Interest income | 59 | 66 | 119 | ||||||||
General and administrative expenses | -161 | -171 | -213 | ||||||||
Other income | 8 | 14 | 99 | ||||||||
Other expense | -30 | -11 | -15 | ||||||||
Loss on extinguishment of debt | -193 | -165 | -4 | ||||||||
Interest expense | -422 | -436 | -502 | ||||||||
Income (loss) before income taxes | 603 | -173 | -933 | ||||||||
Income tax benefit (expense) | 166 | 287 | 21 | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $769 | $114 | ($912) |
Schedule_I_Condensed_Financial5
Schedule I - Condensed Financial Information of Parent (Statement of Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) attributable to The AES Corporation | $206 | $488 | $133 | ($58) | ($206) | $71 | $167 | $82 | $769 | $114 | ($912) |
Foreign currency translation activity: | |||||||||||
Foreign currency translation adjustments, net of income tax (expense) benefit of $(7), $10 and $0, respectively | -491 | -375 | -247 | ||||||||
Reclassification to earnings, net of income tax (expense) benefit of $0, $0 and $0, respectively | -3 | 41 | 37 | ||||||||
Total foreign currency translation adjustments | -494 | -334 | -210 | ||||||||
Derivative activity: | |||||||||||
Change in derivative fair value, net of income tax (expense) benefit of $51, $(31) and $33, respectively | -358 | 108 | -134 | ||||||||
Reclassification to earnings, net of income tax (expense) benefit of $(37), $(32) and $(51), respectively | 99 | 139 | 177 | ||||||||
Total change in fair value of derivatives | -259 | 247 | 43 | ||||||||
Pension activity: | |||||||||||
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax (expense) benefit of $9, $(42) and $64, respectively | -49 | 379 | -588 | ||||||||
Reclassification of earnings due to amortization of net actuarial loss, net of income tax (expense) benefit of $(0), $(5) and $(5), respectively | 29 | 52 | 24 | ||||||||
Total pension adjustments | -20 | 431 | -564 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | -773 | 344 | -731 | ||||||||
COMPREHENSIVE INCOME (LOSS) | 374 | 895 | -1,088 | ||||||||
Parent Company | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) attributable to The AES Corporation | 769 | 114 | -912 | ||||||||
Foreign currency translation activity: | |||||||||||
Foreign currency translation adjustments, net of income tax (expense) benefit of $(7), $10 and $0, respectively | -366 | -263 | -127 | ||||||||
Reclassification to earnings, net of income tax (expense) benefit of $0, $0 and $0, respectively | 34 | 36 | 37 | ||||||||
Total foreign currency translation adjustments | -332 | -227 | -90 | ||||||||
Derivative activity: | |||||||||||
Change in derivative fair value, net of income tax (expense) benefit of $51, $(31) and $33, respectively | -180 | 46 | -108 | ||||||||
Reclassification to earnings, net of income tax (expense) benefit of $(37), $(32) and $(51), respectively | 72 | 128 | 161 | ||||||||
Total change in fair value of derivatives | -108 | 174 | 53 | ||||||||
Pension activity: | |||||||||||
Prior service cost for the period, net of income tax (expense) benefit of $0, $0 and $0, respectively | -1 | 0 | -1 | ||||||||
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax (expense) benefit of $9, $(42) and $64, respectively | -13 | 78 | -130 | ||||||||
Reclassification of earnings due to amortization of net actuarial loss, net of income tax (expense) benefit of $(0), $(5) and $(5), respectively | 10 | 13 | 6 | ||||||||
Total pension adjustments | -4 | 91 | -125 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | -444 | 38 | -162 | ||||||||
COMPREHENSIVE INCOME (LOSS) | $325 | $152 | ($1,074) |
Schedule_I_Condensed_Financial6
Schedule I - Condensed Financial Information of Parent (Statement of Comprehensive Income Parenthetical) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Foreign currency translation adjustments, income tax | ($7) | $10 | $0 |
Foreign currency, reclassification to earnings, income tax | 0 | 0 | 0 |
Change in derivative fair value, income tax | 72 | -31 | 35 |
Derivative reclassification to earnings, income tax | -26 | -41 | -56 |
Pension, amortization of net actuarial loss, income tax | -7 | -26 | -15 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Foreign currency translation adjustments, income tax | -7 | 10 | 0 |
Foreign currency, reclassification to earnings, income tax | 0 | 0 | 0 |
Change in derivative fair value, income tax | 51 | -31 | 33 |
Derivative reclassification to earnings, income tax | -37 | -32 | -51 |
Pension, prior service cost for period, income tax | 9 | -42 | 64 |
Pension, amortization of net actuarial loss, income tax | $0 | ($5) | ($5) |
Schedule_I_Condensed_Financial7
Schedule I - Condensed Financial Information of Parent (Statement of Cash Flows) (Details) (USD $) | 12 Months Ended | 54 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by operating activities | $1,791 | $2,715 | $2,901 | |
Investing Activities: | ||||
Proceeds from asset sales, net of expenses | 38 | 62 | 46 | |
Decrease in restricted cash | 419 | 44 | -15 | |
(Purchase) sale of short term investments, net | -728 | -7 | -20 | |
Net cash used in investing activities | -656 | -1,774 | -895 | |
Financing Activities: | ||||
Borrowings (payments) under the revolver, net | 836 | 1,139 | 2,788 | |
Purchase of treasury stock | -308 | -322 | -301 | -1,300 |
Common stock dividends paid | -144 | -119 | -30 | |
Payments for deferred financing costs | -158 | -176 | -40 | |
Net cash used in financing activities | -1,262 | -1,136 | -1,867 | |
Effect of exchange rate changes on cash | -51 | -59 | 5 | |
Total (decrease) increase in cash and cash equivalents | -103 | -258 | 276 | |
Cash and cash equivalents, beginning | 1,642 | 1,900 | 1,624 | |
Cash and cash equivalents, ending | 1,539 | 1,642 | 1,900 | 1,539 |
SUPPLEMENTAL DISCLOSURES: | ||||
Cash payments for interest, net of amounts capitalized | 1,351 | 1,398 | 1,509 | |
Cash payments for income taxes, net of refunds | 480 | 570 | 647 | |
Parent Company | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by operating activities | 449 | 418 | 694 | |
Investing Activities: | ||||
Proceeds from asset sales, net of expenses | -4 | -5 | 0 | |
Investment in and net advances to subsidiaries | -69 | 201 | -168 | |
Return of capital | 740 | 230 | 660 | |
Decrease in restricted cash | 96 | 50 | 44 | |
Additions to property, plant and equipment | -31 | -11 | -24 | |
(Purchase) sale of short term investments, net | -1 | 1 | 1 | |
Net cash used in investing activities | 731 | 466 | 513 | |
Financing Activities: | ||||
Borrowings (payments) under the revolver, net | 0 | 0 | -295 | |
Borrowings of notes payable and other coupon bearing securities | 1,525 | 750 | 0 | |
Repayments of notes payable and other coupon bearing securities | -2,117 | -1,210 | -236 | |
Loans (to) from subsidiaries | 263 | -152 | -236 | |
Purchase of treasury stock | -308 | -322 | -301 | |
Proceeds from issuance of common stock | 1 | 13 | 8 | |
Common stock dividends paid | -144 | -119 | -30 | |
Payments for deferred financing costs | -20 | -17 | -1 | |
Net cash used in financing activities | -800 | -1,057 | -1,091 | |
Effect of exchange rate changes on cash | 0 | -1 | 0 | |
Total (decrease) increase in cash and cash equivalents | 380 | -174 | 116 | |
Cash and cash equivalents, beginning | 131 | 305 | 189 | |
Cash and cash equivalents, ending | 511 | 131 | 305 | 511 |
SUPPLEMENTAL DISCLOSURES: | ||||
Cash payments for interest, net of amounts capitalized | 373 | 442 | 479 | |
Cash payments for income taxes, net of refunds | ($2) | $11 | $0 |
Schedule_I_Condensed_Financial8
Schedule I - Condensed Financial Information of Parent (Senior Notes and Junior Subordinated Notes) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 5,258 | 5,669 |
Less: Current maturities | -151 | -118 |
Recourse Debt Non Current | 5,107 | 5,551 |
7.75% Senior Unsecured Note Due 2014 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 0 | 110 |
7.75% Senior Unsecured Note Due 2015 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 151 | 356 |
9.75% Senior Unsecured Note Due 2016 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 164 | 369 |
8.00% Senior Unsecured Note Due 2017 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 525 | 1,150 |
Senior Secured Term Loan LIBOR Plus 2.75% Due 2018 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 0 | 799 |
Senior Unsecured Note LIBOR plus 3% due 2019 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 775 | |
8.00% Senior Unsecured Note Due 2020 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 625 | 625 |
7.38% Senior Unsecured Note Due 2021 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 1,000 | 1,000 |
4.88% Senior Unsecured Note Due 2023 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 750 | 750 |
5.50% Senior Unsecured Note Due 2024 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 750 | |
Unamortized Discounts | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | -7 | |
Recourse Debt | ||
Condensed Financial Statements, Captions [Line Items] | ||
Stated interest rate | 6.75% | |
Junior subordinated notes and debentures payable | 517 | 517 |
Recourse Debt | 7.75% Senior Unsecured Note Due 2014 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 7.75% | 7.75% |
Recourse Debt | 7.75% Senior Unsecured Note Due 2015 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 7.75% | 7.75% |
Recourse Debt | 9.75% Senior Unsecured Note Due 2016 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 9.75% | 9.75% |
Recourse Debt | 8.00% Senior Unsecured Note Due 2017 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 8.00% | 8.00% |
Recourse Debt | 8.00% Senior Unsecured Note Due 2020 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 8.00% | 8.00% |
Recourse Debt | 7.38% Senior Unsecured Note Due 2021 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 7.38% | 7.38% |
Recourse Debt | 4.88% Senior Unsecured Note Due 2023 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 4.88% | 4.88% |
Recourse Debt | 5.50% Senior Unsecured Note Due 2024 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 5.50% | |
Recourse Debt | LIBOR | Senior Secured Term Loan LIBOR Plus 2.75% Due 2018 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Basis spread on variable rate | 2.75% | 2.75% |
Recourse Debt | LIBOR | Senior Unsecured Note LIBOR plus 3% due 2019 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Basis spread on variable rate | 3.00% | |
Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 5,258 | |
Junior subordinated notes and debentures payable | 517 | 517 |
Long-term Debt of Registrant, Maturities, Repayments of Principal, Fiscal Year Maturity [Abstract] | ||
2015 | 151 | |
2016 | 162 | |
2017 | 525 | |
2018 | 0 | |
2019 | 773 | |
Thereafter | 3,647 | |
Parent Company | 7.75% Senior Unsecured Note Due 2014 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 0 | 110 |
Parent Company | 7.75% Senior Unsecured Note Due 2015 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 151 | 356 |
Parent Company | 9.75% Senior Unsecured Note Due 2016 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 164 | 369 |
Parent Company | 8.00% Senior Unsecured Note Due 2017 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 525 | 1,150 |
Parent Company | Senior Secured Term Loan LIBOR Plus 2.75% Due 2018 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 0 | 799 |
Parent Company | Senior Unsecured Note LIBOR plus 3% due 2019 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 775 | |
Parent Company | 8.00% Senior Unsecured Note Due 2020 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 625 | 625 |
Parent Company | 7.38% Senior Unsecured Note Due 2021 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 1,000 | 1,000 |
Parent Company | 4.88% Senior Unsecured Note Due 2023 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 750 | 750 |
Parent Company | 5.50% Senior Unsecured Note Due 2024 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 750 | |
Parent Company | Unamortized Discounts | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 1 | -7 |
Parent Company | Recourse Debt | 7.75% Senior Unsecured Note Due 2014 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 7.75% | 7.75% |
Parent Company | Recourse Debt | 7.75% Senior Unsecured Note Due 2015 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 7.75% | 7.75% |
Parent Company | Recourse Debt | 9.75% Senior Unsecured Note Due 2016 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 9.75% | 9.75% |
Parent Company | Recourse Debt | 8.00% Senior Unsecured Note Due 2017 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 8.00% | 8.00% |
Parent Company | Recourse Debt | 8.00% Senior Unsecured Note Due 2020 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 8.00% | |
Parent Company | Recourse Debt | 7.38% Senior Unsecured Note Due 2021 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 7.38% | 7.38% |
Parent Company | Recourse Debt | 4.88% Senior Unsecured Note Due 2023 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 4.88% | 4.88% |
Parent Company | Recourse Debt | LIBOR | Senior Secured Term Loan LIBOR Plus 2.75% Due 2018 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Basis spread on variable rate | 2.75% | 2.75% |
Parent Company | Recourse Debt | LIBOR | Senior Unsecured Note LIBOR plus 3% due 2019 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Basis spread on variable rate | 3.00% | |
Parent Company | Recourse Debt Excluding Junior Subordinated Debt | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 4,741 | 5,152 |
Less: Current maturities | -151 | -118 |
Recourse Debt Non Current | 4,590 | 5,034 |
Schedule_I_Condensed_Financial9
Schedule I - Condensed Financial Information of Parent (Dividends from Subsidiaries and Affiliates) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | $880 | $818 | $1,140 |
Recovered_Sheet2
Schedule I - Condensed Financial Information of Parent (Guarantees and Letters of Credit) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations maximum exposure, total | 552,000,000 |
Obligations number of agreements | 31 |
Parent Company | |
Condensed Financial Statements, Captions [Line Items] | |
Letter of credit, fee range minimum | 0.20% |
Letter of credit, fee range maximum | 2.50% |
Guarantees | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations maximum exposure, total | 390,000,000 |
Obligations number of agreements | 16 |
Guarantees | Parent Company | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations, Minimum Individual Exposures, Less Than Stated Amount | 1,000,000 |
Obligations, individual exposures (minimum less than $1 million) | 53,000,000 |
Guarantees and Asset Sale Related Indemnities (Combined) [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations number of agreements | 17 |
Guarantees and Asset Sale Related Indemnities (Combined) [Member] | Parent Company | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations maximum exposure, total | 417,000,000 |
Letter of Credit | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations number of agreements | 5 |
Letters of credit outstanding | 61,000,000 |
Letter of Credit | Parent Company | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations, Minimum Individual Exposures, Less Than Stated Amount | 1,000,000 |
Obligations, individual exposures (minimum less than $1 million) | 29,000,000 |
Cash Collateralized Letters Of Credit | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations maximum exposure, total | 74,000,000 |
Obligations number of agreements | 9 |
Cash Collateralized Letters Of Credit | Parent Company | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations maximum exposure, total | 74,000,000 |
Obligations, Minimum Individual Exposures, Less Than Stated Amount | 1,000,000 |
Obligations, individual exposures (minimum less than $1 million) | 47,000,000 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance | $134 | $195 | $175 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 61 | 38 | 114 |
Valuation Allowances and Reserves, Deductions | -88 | -77 | -79 |
Valuation Allowances and Reserves, Adjustments | -11 | -22 | -15 |
Valuation Allowances and Reserves, Balance | $96 | $134 | $195 |