Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 18, 2016 | Jun. 30, 2015 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AES | ||
Entity Registrant Name | AES CORP | ||
Entity Central Index Key | 874,761 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 659,733,335 | ||
Entity current reporting status | Yes | ||
Entity voluntary filers | No | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Public Float | $ 8,790 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,262 | $ 1,539 |
Restricted cash | 295 | 283 |
Short-term investments | 484 | 709 |
Accounts receivable, net of allowance for doubtful accounts of $95 and $96, respectively | 2,473 | 2,709 |
Inventory | 675 | 702 |
Deferred income taxes | 0 | 275 |
Prepaid expenses | 108 | 175 |
Other current assets | 1,473 | 1,434 |
Assets of held-for-sale businesses | 96 | 0 |
Total current assets | 6,866 | 7,826 |
Property, Plant and Equipment: | ||
Land | 711 | 870 |
Electric generation, distribution assets and other | 28,491 | 30,459 |
Accumulated depreciation | (9,449) | (9,962) |
Construction in progress | 3,063 | 3,784 |
Property, plant and equipment, net | 22,816 | 25,151 |
Other Assets: | ||
Investments in and advances to affiliates | 610 | 537 |
Debt service reserves and other deposits | 565 | 411 |
Goodwill | 1,157 | 1,458 |
Other intangible assets, net of accumulated amortization of $97 and $158, respectively | 214 | 281 |
Deferred income taxes | 543 | 662 |
Service Concession Assets | 1,543 | 0 |
Other noncurrent assets | 2,536 | 2,640 |
Total other assets | 7,168 | 5,989 |
TOTAL ASSETS | 36,850 | 38,966 |
CURRENT LIABILITIES | ||
Accounts payable | 1,721 | 2,278 |
Accrued interest | 251 | 260 |
Accrued and other liabilities | 2,436 | 2,326 |
Recourse debt | 0 | 151 |
Non-recourse debt, including $163 and $240, respectively, related to variable interest entities | 2,529 | 1,982 |
Liabilities of held-for-sale businesses | 13 | 0 |
Total current liabilities | 6,950 | 6,997 |
NONCURRENT LIABILITIES | ||
Non-recourse debt, including $760 and $1,030, respectively, related to variable interest entities | 13,263 | 13,618 |
Recourse debt | 5,015 | 5,107 |
Deferred income taxes | 1,090 | 1,277 |
Pension and other post-retirement liabilities | 927 | 1,342 |
Other noncurrent liabilities | 2,896 | 3,222 |
Total noncurrent liabilities | $ 23,191 | $ 24,566 |
Commitments and Contingencies (see Notes 13 and 14) | ||
Redeemable stock of subsidiaries | $ 538 | $ 78 |
THE AES CORPORATION STOCKHOLDERS’ EQUITY | ||
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 815,846,621 issued and 666,808,790 outstanding at December 31, 2015 and 814,539,146 issued and 703,851,297 outstanding at December 31, 2014) | 8 | 8 |
Additional paid-in capital | 8,718 | 8,409 |
Retained earnings | 143 | 512 |
Accumulated other comprehensive loss | (3,883) | (3,286) |
Treasury stock, at cost (149,037,831 shares at December 31, 2015 and 110,687,849 shares at December 31, 2014) | (1,837) | (1,371) |
Total AES Corporation stockholders’ equity | 3,149 | 4,272 |
NONCONTROLLING INTERESTS | 3,022 | 3,053 |
Total equity | 6,171 | 7,325 |
TOTAL LIABILITIES AND EQUITY | $ 36,850 | $ 38,966 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 95 | $ 96 |
Other intangible assets, accumulated amortization | $ 97 | $ 158 |
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) | 815,846,621 | 814,539,146 |
Common stock, shares outstanding (in shares) | 666,808,790 | 703,851,297 |
Treasury stock, shares (in shares) | 149,037,831 | 110,687,849 |
Variable Interest Entity [Line Items] | ||
Non-recourse debt - current balance at variable interest entities | $ 2,529 | $ 1,982 |
Non-recourse debt - noncurrent, balance at variable interest entities | 13,263 | 13,618 |
Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Non-recourse debt - current balance at variable interest entities | 163 | 240 |
Non-recourse debt - noncurrent, balance at variable interest entities | $ 760 | $ 1,030 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue: | |||
Regulated | $ 7,660 | $ 8,874 | $ 8,056 |
Non-regulated | 7,303 | 8,272 | 7,835 |
Total revenue | 14,963 | 17,146 | 15,891 |
Cost of sales: | |||
Regulated | (6,564) | (7,530) | (6,837) |
Non-regulated | (5,533) | (6,528) | (5,807) |
Total cost of sales | (12,097) | (14,058) | (12,644) |
Operating margin | 2,866 | 3,088 | 3,247 |
General and administrative expenses | (196) | (187) | (220) |
Interest expense | (1,436) | (1,471) | (1,482) |
Interest income | 524 | 365 | 275 |
Loss on extinguishment of debt | (186) | (261) | (229) |
Other expense | (65) | (68) | (76) |
Other income | 83 | 124 | 125 |
Gain on sale of businesses | 29 | 358 | 26 |
Goodwill impairment expense | (317) | (164) | (372) |
Asset impairment expense | (285) | (91) | (95) |
Foreign currency transaction gains (losses) | 105 | 11 | (22) |
Other non-operating expense | 0 | (128) | (129) |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 1,122 | 1,576 | 1,048 |
Income tax expense | (465) | (419) | (343) |
Net equity in earnings of affiliates | 105 | 19 | 25 |
INCOME FROM CONTINUING OPERATIONS | 762 | 1,176 | 730 |
Income (loss) from operations of discontinued businesses, net of income tax expense of $0, $23, and $24, respectively | 0 | 27 | (27) |
Net loss from disposal and impairments of discontinued operations, net of income tax expense (benefit) of $0, $4, and $(15), respectively | 0 | (56) | (152) |
NET INCOME | 762 | 1,147 | 551 |
Noncontrolling interests: | |||
Less: (Income) from continuing operations attributable to noncontrolling interests | (456) | (387) | (446) |
Plus: Loss from discontinued operations attributable to noncontrolling interests | 0 | 9 | 9 |
Total net income attributable to noncontrolling interests | (456) | (378) | (437) |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION | 306 | 769 | 114 |
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS: | |||
Income from continuing operations, net of tax | 306 | 789 | 284 |
Loss from discontinued operations, net of tax | 0 | (20) | (170) |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION | $ 306 | $ 769 | $ 114 |
BASIC EARNINGS PER SHARE: | |||
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ 0.45 | $ 1.10 | $ 0.38 |
Loss from discontinued operations attributable to The AES Corporation common stockholders, net of tax | 0 | (0.03) | (0.23) |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | 0.45 | 1.07 | 0.15 |
DILUTED EARNINGS PER SHARE: | |||
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax | 0.44 | 1.09 | 0.38 |
Loss from discontinued operations attributable to The AES Corporation common stockholders, net of tax | 0 | (0.03) | (0.23) |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | 0.44 | 1.06 | 0.15 |
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | $ 0.41 | $ 0.25 | $ 0.17 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Income from operations of discontinued businesses, income tax expense (benefit) | $ 0 | $ 23 | $ 24 |
Gain (loss) from disposal and impairment of discontinued businesses, income tax expense (benefit) | $ 0 | $ 4 | $ (15) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME | $ 762 | $ 1,147 | $ 551 |
Foreign currency translation activity: | |||
Foreign currency translation adjustments, net of income tax benefit (expense) of $1, $(7), and $10, respectively | (1,019) | (491) | (375) |
Reclassification to earnings, net of $0 income tax for all periods | 0 | (3) | 41 |
Total foreign currency translation adjustments | (1,019) | (494) | (334) |
Derivative activity: | |||
Change in derivative fair value, net of income tax benefit (expense) of $16, $72 and $(31), respectively | (57) | (358) | 108 |
Reclassification to earnings, net of income tax (expense) of $(11), $(26) and $(41), respectively | 66 | 99 | 139 |
Total change in fair value of derivatives | 9 | (259) | 247 |
Pension activity: | |||
Change in pension adjustments due to prior service cost, net of $0 income tax for all periods | (1) | 0 | 0 |
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax (expense) benefit of $(29), $27, and $(198), respectively | 60 | (49) | 379 |
Reclassification to earnings due to amortization of net actuarial loss, net of income tax (expense) of $(9), $(7), and $(26), respectively | 16 | 29 | 52 |
Total pension adjustments | 77 | (20) | 431 |
OTHER COMPREHENSIVE (LOSS) INCOME | (933) | (773) | 344 |
COMPREHENSIVE (LOSS) INCOME | (171) | 374 | 895 |
Less: Comprehensive (income) attributable to noncontrolling interests | (133) | (49) | (743) |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO THE AES CORPORATION | $ (304) | $ 325 | $ 152 |
Consolidated Statements of Com7
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, income tax | $ 1 | $ (7) | $ 10 |
Foreign currency, reclassification to earnings, income tax | 0 | 0 | 0 |
Change in derivative fair value, income tax | 16 | 72 | (31) |
Derivative reclassification to earnings, income tax | (11) | (26) | (41) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit), Tax | 0 | 0 | 0 |
Pension, net actuarial gain (loss) for the period, income tax | (29) | 27 | (198) |
Pension, amortization of net actuarial loss, income tax | $ (9) | $ (7) | $ (26) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Treasury Stock | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Noncontrolling Interest | |
Beginning Balance at Dec. 31, 2012 | $ 8 | $ (780) | $ 8,525 | $ (264) | $ (2,920) | $ 2,945 | ||
Beginning Balance (Shares) at Dec. 31, 2012 | 810.7 | 66.4 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 551 | $ 0 | $ 0 | 0 | 114 | 0 | 437 | |
Total foreign currency translation adjustment, net of income tax | (334) | 0 | 0 | 0 | 0 | (227) | (107) | |
Total change in derivative fair value, net of income tax | 247 | 0 | 0 | 0 | 0 | 174 | 73 | |
Total pension adjustments, net of income tax | 431 | 0 | 0 | 0 | 0 | 91 | 340 | |
OTHER COMPREHENSIVE (LOSS) INCOME | 344 | 38 | 306 | |||||
Contributions from noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 109 | ||
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (553) | ||
Disposition of businesses | 0 | $ 0 | 0 | 0 | 0 | (13) | ||
Purchase of treasury stock | 0 | $ (322) | 0 | 0 | 0 | |||
Issuance and exercise of stock-based compensation benefit plans (Shares) | 2.6 | (0.9) | ||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | 0 | $ 0 | $ 13 | 33 | 0 | 0 | ||
Acquisition of treasury stock (shares) | 0 | 25.3 | ||||||
Dividends declared on common stock | 0 | $ 0 | (125) | 0 | 0 | |||
Sale of subsidiary shares to noncontrolling interests | 0 | 0 | 16 | 0 | 91 | |||
Acquisition of subsidiary shares from noncontrolling interests | 0 | 0 | (6) | 0 | (1) | |||
Ending Balance at Dec. 31, 2013 | $ 8 | $ (1,089) | 8,443 | (150) | (2,882) | 3,321 | ||
Ending Balance (Shares) at Dec. 31, 2013 | 813.3 | 90.8 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 1,147 | $ 0 | $ 0 | 0 | 769 | 0 | 378 | |
Total foreign currency translation adjustment, net of income tax | (494) | 0 | 0 | 0 | 0 | (332) | (162) | |
Total change in derivative fair value, net of income tax | (259) | 0 | 0 | 0 | 0 | (108) | (151) | |
Total pension adjustments, net of income tax | (20) | 0 | 0 | 0 | 0 | (4) | (16) | |
OTHER COMPREHENSIVE (LOSS) INCOME | (773) | (444) | (329) | |||||
Balance sheet reclassification related to an equity method investment | [1] | 0 | 0 | 0 | 0 | 40 | 0 | |
Contributions from noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 147 | ||
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | (466) | ||
Disposition of businesses | 0 | 0 | 0 | 0 | 0 | (153) | ||
Purchase of treasury stock | $ 0 | $ (308) | 0 | 0 | 0 | 0 | ||
Issuance and exercise of stock-based compensation benefit plans (Shares) | 1.2 | (2) | ||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | $ 0 | $ 26 | 3 | 0 | 0 | 0 | ||
Acquisition of treasury stock (shares) | 21.9 | |||||||
Dividends declared on common stock | 0 | $ 0 | (73) | (107) | 0 | 0 | ||
Sale of subsidiary shares to noncontrolling interests | 0 | 0 | 29 | 0 | 0 | 173 | ||
Acquisition of subsidiary shares from noncontrolling interests | 7 | 0 | 0 | 7 | 0 | 0 | (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 | 814.5 | 110.7 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 762 | $ 0 | $ 0 | 0 | 306 | 0 | 456 | |
Total foreign currency translation adjustment, net of income tax | (1,019) | 0 | 0 | 0 | 0 | (674) | (345) | |
Total change in derivative fair value, net of income tax | 9 | 0 | 0 | 0 | 0 | 43 | (34) | |
Total pension adjustments, net of income tax | 77 | 0 | 0 | 0 | 0 | 21 | 56 | |
OTHER COMPREHENSIVE (LOSS) INCOME | (933) | (610) | (323) | |||||
Contributions from noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 126 | ||
Distributions to noncontrolling interests | 0 | 0 | (27) | 0 | 0 | (383) | ||
Disposition of businesses | 0 | 0 | 0 | 0 | 0 | (41) | ||
Noncontrolling Interest, Increase from Business Combination | [2] | 0 | 0 | 0 | 0 | 0 | 15 | |
Purchase of treasury stock | 0 | $ 0 | $ (482) | 0 | 0 | 0 | ||
Issuance and exercise of stock-based compensation benefit plans (Shares) | 1.3 | (1.4) | ||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | $ 0 | $ 0 | $ 16 | 13 | 0 | 0 | ||
Acquisition of treasury stock (shares) | 39.7 | 39.7 | ||||||
Dividends declared on common stock | $ 0 | 0 | $ 0 | 0 | (280) | 0 | ||
Sale of subsidiary shares to noncontrolling interests | 0 | 0 | 323 | (377) | 0 | 119 | ||
Acquisition of subsidiary shares from noncontrolling interests | 0 | |||||||
Ending Balance at Dec. 31, 2015 | 6,171 | $ 8 | $ (1,837) | 8,718 | 143 | (3,883) | $ 3,022 | |
Ending Balance (Shares) at Dec. 31, 2015 | 815.8 | 149 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 | $ 0 | $ 0 | $ 0 | $ (18) | $ 13 | ||
[1] | Reclassification resulting from SRP transaction during the third quarter of 2014. See Note 8—Investments In and Advances to Affiliates for further information. | |||||||
[2] | (2) Fair value of a tax equity partner's right to preferential returns recognized as a result of the acquisition of Solar Power PR, LLC, which was previously accounted for as an equity method investment. |
Consolidated Statements of Cha9
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | Dec. 11, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Stockholders' Equity [Abstract] | ||||||||||||
Dividends declared on common stock (per share amount) | $ 0.11 | $ 0.21 | $ 0.1 | $ 0.1 | $ 0 | $ 0.15 | $ 0.05 | $ 0.05 | $ 0 | $ 0.41 | $ 0.25 | $ 0.17 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
OPERATING ACTIVITIES: | |||
Net income | $ 762 | $ 1,147 | $ 551 |
Adjustments to net income: | |||
Depreciation and amortization | 1,144 | 1,245 | 1,294 |
Gain on sale of businesses | (29) | (358) | (26) |
Impairment expenses | 602 | 383 | 661 |
Deferred income taxes | (50) | 47 | (158) |
(Reversals of) provisions for contingencies | (72) | (34) | 312 |
Loss on extinguishment of debt | 186 | 261 | 229 |
Loss on disposals and impairments - discontinued operations | 0 | 50 | 163 |
Other | 28 | 72 | 33 |
Changes in operating assets and liabilities: | |||
(Increase) decrease in accounts receivable | (378) | (520) | 146 |
(Increase) decrease in inventory | (26) | (48) | 16 |
(Increase) decrease in prepaid expenses and other current assets | 655 | (73) | 358 |
(Increase) decrease in other assets | (1,305) | (723) | (103) |
Increase (decrease) in accounts payable and other current liabilities | 31 | (85) | (758) |
Increase (decrease) in income tax payables, net and other tax payables | 53 | (89) | 95 |
Increase (decrease) in other liabilities | 533 | 516 | (98) |
Net cash provided by operating activities | 2,134 | 1,791 | 2,715 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (2,308) | (2,016) | (1,988) |
Acquisitions, net of cash acquired | (17) | (728) | (7) |
Proceeds from the sale of businesses, net of cash sold | 138 | 1,807 | 170 |
Sale of short-term investments | 4,851 | 4,503 | 4,361 |
Purchase of short-term investments | (4,801) | (4,623) | (4,443) |
(Increase) decrease in restricted cash, debt service reserves and other assets | (159) | 419 | 44 |
Other investing | (70) | (18) | 89 |
Net cash used in investing activities | (2,366) | (656) | (1,774) |
FINANCING ACTIVITIES: | |||
Borrowings under revolving credit facilities | 959 | 836 | 1,139 |
Repayments under revolving credit facilities | (937) | (834) | (1,161) |
Issuance of recourse debt | 575 | 1,525 | 750 |
Repayments of recourse debt | (915) | (2,117) | (1,210) |
Issuance of non-recourse debt | 4,248 | 4,179 | 4,277 |
Repayments of non-recourse debt | (3,312) | (3,481) | (3,390) |
Payments for financing fees | (90) | (158) | (176) |
Distributions to noncontrolling interests | (326) | (485) | (557) |
Contributions from noncontrolling interests | 126 | 143 | 101 |
Proceeds from the sale of redeemable stock of subsidiaries | 461 | 0 | 0 |
Dividends paid on AES common stock | (276) | (144) | (119) |
Payments for financed capital expenditures | (150) | (528) | (591) |
Purchase of treasury stock | (482) | (308) | (322) |
Proceeds from sales to noncontrolling interests, net of transaction costs | 154 | 83 | 109 |
Other financing | (7) | 27 | 14 |
Net cash provided by (used in) financing activities | 28 | (1,262) | (1,136) |
Effect of exchange rate changes on cash | (52) | (51) | (59) |
Decrease (increase) in cash of discontinued businesses | 0 | 75 | (4) |
Cash at held-for-sale businesses | (21) | 0 | 0 |
Total decrease in cash and cash equivalents | (277) | (103) | (258) |
Cash and cash equivalents, beginning | 1,539 | 1,642 | 1,900 |
Cash and cash equivalents, ending | 1,262 | 1,539 | 1,642 |
SUPPLEMENTAL DISCLOSURES: | |||
Cash payments for interest, net of amounts capitalized | 1,265 | 1,351 | 1,398 |
Cash payments for income taxes, net of refunds | 388 | 480 | 570 |
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Assets received upon sale of subsidiaries | 0 | 44 | 0 |
Assets acquired through capital lease and other liabilities | 18 | 49 | 34 |
Dividends declared but not yet paid | $ 135 | $ 72 | $ 54 |
General and Summary of Signific
General and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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 variable 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 when the Company is the primary beneficiary and thus controls the VIE. Intercompany transactions and balances are eliminated in consolidation. Investments in entities where the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. 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. See Note 3 — Property, Plant and Equipment for additional details. USE OF ESTIMATES — The preparation of these consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("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; asset retirement obligations; impairment of goodwill, long-lived assets and equity method investments; valuation allowances for receivables and deferred tax assets; the recoverability of regulatory assets; 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 renewable generation partnerships; the determination of whether a sale of noncontrolling interests is considered to be a sale of in-substance real estate (as opposed to an equity transaction); pension liabilities; environmental liabilities; and potential litigation claims and settlements. DISCONTINUED OPERATIONS AND HELD-FOR-SALE BUSINESSES — 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 changed the prior 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 are 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 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, DPLER and Kelanitissa (which both met the Held-for-Sale criteria in 2015) and the Armenia Mountain, U.K. Wind (Operating Projects), and Ebute disposals would have met the discontinued operations criteria and would have been reclassified accordingly. See Note 24 — Dispositions and Held-for-Sale Businesses 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. All assets and liabilities of held-for-sale businesses are classified as current as they are expected to be disposed of within twelve months. RECLASSIFICATIONS — Certain prior period amounts in the consolidated financial statements have been reclassified to conform to the current presentation. Non-cash impacts related to a regulatory liability at Eletropaulo were reclassified from the Increase (decrease) in accounts payable and other current liabilities and Increase (decrease) in other liabilities lines to the (Reversals of) provisions for contingencies line on the Consolidated Statement of Cash Flows for the year ended December 31, 2013. Additionally, amounts related to certain transactions pertaining to noncontrolling interests were reclassified from the Contributions from noncontrolling interest line to the Proceeds from sales to noncontrolling interests, net of transaction costs line on the Consolidated Statement of Cash flows for the years ended December 31, 2014 and 2013. 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 an asset retirement obligation or 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 aren't 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 with original maturities of three months or less 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, contractual terms and others, as well as restrictions imposed by agreements related to the sales of businesses or 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 consist of marketable equity securities and debt securities with original maturities in excess of three months with remaining maturities of less than one year. Marketable debt securities 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 fuel 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. Costs of inventory are valued primarily using the average cost 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. These concession contracts are not within the scope of ASC 853— Service Concession Arrangements . Intangible Assets Subject to Amortization — Finite-lived intangible assets are amortized over their useful lives which range from 1 – 50 years. 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 where recovery through approved rates is probable, an impairment expense could be reduced by the establishment of a regulatory asset. For other regulated assets and 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. SERVICE CONCESSION ASSETS — Service concession assets are stated at cost, net of accumulated amortization, in accordance with ASC 853. Service concession assets represent the cost of all infrastructure to be transferred to the public-sector entity grantors at the end of the concession. These costs primarily represent construction progress payments, engineering costs, insurance costs, salaries, interest and other costs directly relating to construction of the service concession infrastructure. Government subsidies, liquidated damages recovered for construction delays and income tax credits are recorded as a reduction to Service Concession Assets. Service concession assets are amortized and recognized in earnings as a cost of goods sold. Amortization is recorded ratably as build revenue is recognized. For additional details regarding the impact of service concession accounting on certain of the Company's businesses, see New Accounting Pronouncements Adopted — ASU No. 2014-05, Service Concession Arrangements (Topic 853) below. 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. 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 difference between the carrying amount and our underlying equity in the net assets of the investee are accounted for as if the investee were a consolidated subsidiary, except that the portion that represents equity method goodwill is not reviewed for impairment like consolidated goodwill. Upon acquiring the investment, we determine the fair value of the identifiable assets and assumed liabilities and the basis difference between each fair value and the carrying amount of the corresponding asset or liability in the financial statements of the investee are recognized in our net equity in earnings of affiliates over the life of the asset or liability. 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 SBU (i.e. 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 up to the carrying amount of the goodwill. 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 utilizes market data, when available, 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 and water rights. 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 future recovery in customer rates being probable. Generally, returns earned on regulatory assets are reflected on the Consolidated Statement of Operations within Interest Income . Regulatory liabilities generally represent obligations to make refunds to customers. Management continually assesses whether the regulatory assets are probable of future recovery and regulatory of liabilities are probable of future payment by considering factors such as applicable regulatory changes, recent rate orders applicable to other regulated entities and the status of any pending or potential deregulation legislation. If future recovery of costs previously deferred ceases to be probable, the related regulatory assets are written off and recognized in income from continuing operations. PENSION AND OTHER POSTRETIREMENT PLANS — The Company recognizes in its Consolidated Balance Sheets an asset or liability reflecting the funded status of pension and other postretirement plans with current-year changes in actuarial gains or losses recognized in AOCL, except for those plans at certain of the Company's regulated utilities that can recover portions of their pension and postretirement obligations through future rates. All plan assets are recorded at fair value. AES follows the measurement date provisions of the accounting guidance, which require a year-end measurement date of plan assets and obligations for all defined benefit plans. Effective January 1, 2016, the Company will apply a disaggregated discount rate approach for determining service cost and interest cost for its defined benefit pension plans and post-retirement plans in the U.S. and U.K. This approach is consistent with the requirements of ASC 715— Compensation—Retirement Benefits and is considered to be more precise compared to the aggregated single rate discount approach, which has historically been used in the U.S. and U.K., because it is more consistent with the philosophy of a full yield curve valuation. The disaggregated rate approach can be applied only in countries with a sufficiently robust yield curve. For countries other than the U.S. and U.K., the Company will continue to apply a local government bond yield approach. The change in discount rate approach in the U.S. and U.K. did not have an impact on the measurement of the benefit obligations as at December 31, 2015, nor will it impact future remeasurements. This change in estimate will impact the service cost and interest cost recorded in 2016 and future years. It will also impact the actuarial gains and losses recorded in future years, as well as the amortization thereof. The expected 2016 service costs and interest costs included in Note 15 — Benefit Plans reflect the change in estimate described above. The impact of the change in approach on expected service costs for the U.S. and U.K. plans in 2016 is shown below (in millions): Expected 2016 Service Cost Expected 2016 Interest Cost Disaggregated rate approach Aggregate rate approach Impact of change Disaggregated rate approach Aggregate rate approach Impact of change U.S. $ 13 $ 14 $ (1 ) $ 42 $ 51 $ (9 ) U.K. 3 4 (1 ) 7 9 (2 ) Total $ 16 $ 18 $ (2 ) $ 49 $ 60 $ (11 ) 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 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
INVENTORY | INVENTORY Inventory is valued primarily using the average-cost method. The following table summarizes the Company's inventory balances (in millions) as of the dates indicated: December 31, 2015 2014 Fuel and other raw materials $ 343 $ 357 Spare parts and supplies 332 345 Total $ 675 $ 702 |
Property Plant and Equipment
Property Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The following table summarizes the components of the electric generation and distribution assets and other property, plant and equipment (in millions) with their estimated useful lives (in years). The amounts are stated net of all prior asset impairment losses recognized. December 31, Estimated Useful Life 2015 2014 Electric generation and distribution facilities 5 - 68 $ 25,427 $ 27,488 Other buildings 3 - 53 1,868 1,694 Furniture, fixtures and equipment 2 - 31 305 307 Other 1 - 50 891 970 Total electric generation and distribution assets and other 28,491 30,459 Accumulated depreciation (9,449 ) (9,962 ) Net electric generation and distribution assets and other (1) $ 19,042 $ 20,497 (1) Net electric generation and distribution assets and other include unamortized internal-use software costs of $83 million and $115 million as of December 31, 2015 and 2014 , 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 (in millions): Year Ended December 31, 2015 2014 2013 Depreciation expense (including amortization of assets recorded under capital leases) $ 1,104 $ 1,204 $ 1,193 Amortization of internal-use software 29 33 36 Interest capitalized during development and construction 90 120 84 Property, plant and equipment, net of accumulated depreciation, of $12 billion and $15 billion was mortgaged, pledged or subject to liens as of December 31, 2015 and 2014 , respectively. The following table summarizes regulated and non-regulated generation and distribution property, plant and equipment and accumulated depreciation in millions as of the periods indicated: December 31, 2015 2014 Regulated generation, distribution assets and other, gross $ 11,818 $ 13,103 Regulated accumulated depreciation (4,351 ) (4,841 ) Regulated generation, distribution assets and other, net 7,467 8,262 Non-regulated generation, distribution assets and other, gross 16,673 17,356 Non-regulated accumulated depreciation (5,098 ) (5,121 ) Non-regulated generation, distribution assets and other, net 11,575 12,235 Net electric generation, distribution assets and other $ 19,042 $ 20,497 The next table presents amounts recognized related to asset retirement obligations in millions for the periods indicated: 2015 2014 Balance at January 1 $ 209 $ 142 Additional liabilities incurred 43 51 Liabilities settled (6 ) (11 ) Accretion expense 13 12 Change in estimated cash flows (7 ) 15 Other (5 ) — Balance at December 31 $ 247 $ 209 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 $2 million of legally restricted assets for the year ended December 31, 2015 and none for the year ended December 31, 2014 for purposes of settling asset retirement obligations. Ownership of Certain Coal-Fired Facilities DP&L has undivided ownership interests in five coal-fired generation facilities jointly owned with other utilities. DP&L's share of the operating costs of such facilities is included in Cost of Sales in the Consolidated Statements of Operations and its share of investment in the facilities is included in Property, Plant and Equipment in the Consolidated Balance Sheets. DP&L's undivided ownership interest in such facilities at December 31, 2015 is as follows: DP&L Share DP&L Investment Ownership Gross Plant In Service Accumulated Depreciation Construction Work In Process Production units: ($ in millions) Conesville Unit 4 17 % $ 26 $ 4 $ 1 Killen Station 67 % 342 29 2 Miami Fort Units 7 and 8 36 % 219 32 6 Stuart Station 35 % 236 19 18 Zimmer Station 28 % 188 44 12 Transmission various 43 8 — Total $ 1,054 $ 136 $ 39 |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
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 water rights, etc.). In general, the Company determines the fair value of investments and derivatives using the market approach and the income approach, respectively. In the nonrecurring measurements of nonfinancial assets and liabilities, all three approaches are considered; however, the value estimated under the income approach is often the most representative of fair value. Investments — The Company's investments measured at fair value generally consist of marketable debt and equity securities. Equity securities are measured at fair value primarily using quoted market prices, which are considered Level 1 measurements in the fair value hierarchy. 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. For the equity securities which are not considered Level 1 measurements and for the debt securities, fair value is determined from comparisons to market data obtained for similar assets and are considered Level 2 measurements in the fair value hierarchy. 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 determine 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 derivative accounting and valuation service provider 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 potential future scenarios in which the derivative is in an asset is based on the counterparty's credit ratings, credit default swap spreads, and debt spreads, as available. The CVA for potential future scenarios in which the derivative is a liability 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. Specifically, where there is limited forward curve data with respect to foreign exchange contracts, beyond the traded points the Company utilizes the purchasing power parity approach to construct the remaining portion of the forward curve using relative inflation rates. 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 requiring us to utilize proxy yield curves of similar credit quality. 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 ("DCF") analyses. In the DCF 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 DCF 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, 2015 . The Company is not aware of any factors that would significantly affect the fair value amounts subsequent to December 31, 2015 . Nonrecurring Measurements — For nonrecurring measurements derived using the income approach, fair value is determined using valuation models based on the principles of DCF. The income approach is most often used in the impairment evaluation of long-lived tangible assets, equity method investments, goodwill, and intangible assets. 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 presents, by level within the fair value hierarchy, as described in Note 1— General and Summary of Significant Accounting Policies, the Company's financial assets and liabilities (in millions) that were measured at fair value on a recurring basis as of the periods indicated: December 31, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets AVAILABLE FOR SALE: Debt securities: (1) Unsecured debentures $ — $ 327 $ — $ 327 $ — $ 501 $ — $ 501 Certificates of deposit — 135 — 135 — 151 — 151 Government debt securities — 28 — 28 — 57 — 57 Subtotal — 490 — 490 — 709 — 709 Equity securities: Mutual funds — 15 — 15 — 25 — 25 Subtotal — 15 — 15 — 25 — 25 Total available for sale — 505 — 505 — 734 — 734 TRADING: Equity securities: Mutual funds 15 — — 15 15 — — 15 Total trading 15 — — 15 15 — — 15 DERIVATIVES: Foreign currency derivatives — 35 292 327 — 18 218 236 Commodity derivatives — 41 7 48 — 37 7 44 Total derivatives — 76 299 375 — 55 225 280 TOTAL ASSETS $ 15 $ 581 $ 299 $ 895 $ 15 $ 789 $ 225 $ 1,029 Liabilities DERIVATIVES: Interest rate derivatives $ — $ 54 $ 304 $ 358 $ — $ 206 $ 210 $ 416 Cross currency derivatives — 43 — 43 — 29 — 29 Foreign currency derivatives — 41 15 56 — 43 9 52 Commodity derivatives — 29 4 33 — 16 1 17 Total derivatives — 167 323 490 — 294 220 514 TOTAL LIABILITIES $ — $ 167 $ 323 $ 490 $ — $ 294 $ 220 $ 514 _____________________________ (1) Amortized cost approximated fair value at December 31, 2015 and 2014 . 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, 2015 and 2014 (presented net by type of derivative in millions). Transfers between Level 3 and Level 2 are determined as of the end of the reporting period and principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment. Year Ended December 31, 2015 Interest Rate Foreign Currency Commodity Total Balance at January 1 $ (210 ) $ 209 $ 6 $ 5 Total gains (losses) (realized and unrealized): Included in earnings (1 ) 198 (1 ) 196 Included in other comprehensive income - derivative activity (31 ) — — (31 ) Included in other comprehensive income - foreign currency translation activity 9 (103 ) — (94 ) Included in regulatory (assets) liabilities — — (18 ) (18 ) Settlements 24 (7 ) 16 33 Transfers of assets (liabilities) into Level 3 (95 ) (1 ) — (96 ) Transfers of (assets) liabilities out of Level 3 — (19 ) — (19 ) Balance at December 31 $ (304 ) $ 277 $ 3 $ (24 ) 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 $ — $ 187 $ (1 ) $ 186 Year Ended December 31, 2014 Interest Rate Foreign Currency Commodity Total 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 The following table summarizes the significant unobservable inputs used for the Level 3 derivative assets (liabilities) as of December 31, 2015 : Type of Derivative Fair Value Unobservable Input Amount or Range (Weighted Average) (in millions) Interest rate $ (304 ) Subsidiaries’ credit spreads 2.88%-8.88% (5.42%) Foreign currency: Argentine Peso 291 Argentine Peso to U.S. Dollar currency exchange rate after 1 year 17.51 - 35.44 (26.05) Euro (14 ) Subsidiary's credit spread 8.88 % Commodity: Other 3 Total $ (24 ) Changes in the above significant unobservable inputs that lead to a significant and unusual impact to current-period earnings are disclosed to the Financial Audit Committee. For interest rate derivatives, and foreign currency derivatives, increases (decreases) in the estimates of the Company's own credit spreads would decrease (increase) the value of the derivatives in a liability position. For foreign currency derivatives, increases (decreases) in the estimate of the above exchange rate would increase (decrease) the value of the derivative. Nonrecurring Measurements — When evaluating impairment of 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 (in millions): Measurement Date Carrying Amount Fair Value Pretax Loss Year Ended December 31, 2015 Level 1 Level 2 Level 3 Assets Long-lived assets held and used: (1) Kilroot 08/28/2015 $ 191 $ — $ — $ 70 $ 121 Buffalo Gap III 09/30/2015 234 — — 118 116 U.K. Wind (Development Projects) 06/30/2015 38 — 1 — 37 Other Various 32 — 21 — 11 Equity method investments (3) Solar Spain 02/09/2015 29 — — 29 — Goodwill (5) DP&L 10/01/2015 317 — — — 317 Measurement Date Carrying Amount Fair Value Pretax Loss Year Ended December 31, 2014 Level 1 Level 2 Level 3 Assets Long-lived assets held and used: (1) DP&L (East Bend) 03/31/2014 $ 14 $ — $ 2 $ — $ 12 Ebute 06/30/2014 99 — — 47 52 Ebute 09/30/2014 51 — — 36 15 U.K. Wind (Newfield) 06/06/2014 12 — — — 12 Discontinued operations: (2) Cameroon businesses 03/31/2014 372 — 334 — 38 Equity method investments (4) Silver Ridge Power 06/30/2014 315 — — 273 42 Entek 09/25/2014 211 — 125 — 86 Goodwill (5) DPLER 02/28/2014 136 — — — 136 Buffalo Gap 03/31/2014 28 — — — 28 _____________________________ (1) See Note 21 — Asset Impairment Expense for further information. (2) See Note 23 — Discontinued Operations for further information. Fair value of long-lived assets held-for-sale is presented net of costs to sell. (3) See Note 8 — Investments In and Advances to Affiliates for further information. (4) See Note 9 — Other Non-Operating Expense for further information. (5) See Note 10 — Goodwill and Other Intangible Assets for further information. The following table summarizes the significant unobservable inputs used in the Level 3 measurement of long-lived assets and equity method investments during the year ended December 31, 2015 : Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (in millions) ($ in millions) Long-lived assets held and used: Kilroot $ 70 Discounted cash flow Annual revenue growth -88% to 6% (-7%) Annual pretax operating margin -74% to 10% (0%) Weighted Average Cost of Capital 6% Buffalo Gap 118 Discounted cash flow Annual revenue growth -2% to 19% (3%) Annual pretax operating margin -282% to 58% (24%) Weighted Average Cost of Capital 9% Equity method investment: Solar Spain 29 Discounted cash flow Annual revenue growth -3% to 0% (0%) Annual pretax operating margin -13% to 56% (24%) Cost of equity 12% Total $ 217 Financial Instruments not Measured at Fair Value in the Consolidated Balance Sheets The following table presents in millions the carrying amount, fair value and fair value hierarchy of the Company's financial assets and liabilities that are not measured at fair value in the Consolidated Balance Sheets as of December 31, 2015 and 2014 , but for which fair value is disclosed. Carrying Amount Fair Value Total Level 1 Level 2 Level 3 December 31, 2015 Assets Accounts receivable — noncurrent (1) $ 270 $ 342 $ — $ 20 $ 322 Liabilities Non-recourse debt 15,792 15,939 — 13,672 2,267 Recourse debt 5,015 4,696 — 4,696 — December 31, 2014 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 — _____________________________ (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 $27 million and $36 million at December 31, 2015 and 2014 , respectively. |
Investments In Marketable Secur
Investments In Marketable Securities | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 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, 2015 , $462 million of available-for-sale ("AFS") debt securities had stated maturities within one year and $28 million had stated maturities between one and two years. Gains and losses on the sale of investments are determined using the specific-identification method. For the years ended December 31, 2015 , 2014 , and 2013 , pretax realized gains and losses related to AFS and trading securities were $1 million or less, unrealized gains and losses on AFS securities were less than $1 million , and there were no other-than-temporary impairment of marketable securities recognized in earnings or OCI. The following table summarizes the gross proceeds from sale of AFS securities in millions for the years ended December 31, 2015 , 2014 , and 2013 : 2015 2014 2013 Gross proceeds from sales of AFS securities $ 4,902 $ 4,569 $ 4,406 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Volume of Activity The following tables present, by type of derivative, the Company's outstanding notional under its derivatives and the weighted-average remaining term as of December 31, 2015 regardless of whether the derivative instruments are in qualifying cash flow hedging relationships: Current Maximum Interest Rate and Cross Currency (1) Derivative Notional Derivative Notional Translated to USD Derivative Notional Derivative Notional Translated to USD Weighted-Average Remaining Term % of Debt Currently Hedged by Index (2) (in millions) (in years) Interest Rate Derivatives: LIBOR (U.S. Dollar) 2,639 $ 2,639 2,872 $ 2,872 11 48 % EURIBOR (Euro) 482 524 482 524 6 83 % Cross Currency Swaps: Chilean Unidad de Fomento 4 159 4 159 13 76 % _____________________________ (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, 2015 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. (2) The percentage of variable-rate debt currently hedged is based on the related index and excludes forecasted issuances of debt and variable-rate debt tied to other indices where the Company has no interest rate derivatives. December 31, 2015 Foreign Currency Derivatives Notional (1) Notional Translated to USD Weighted-Average Remaining Term (2) (in millions) (in years) Foreign Currency Derivatives Argentine Peso $ 2,321 $ 178 10 Brazilian Real 80 21 <1 British Pound 22 32 <1 Chilean Peso 84,669 119 <1 Chilean Unidad de Fomento 9 311 <1 Colombian Peso 252,166 80 <1 Euro 32 35 <1 Kazakhstani Tenge 1,691 5 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 derivatives matures through 2026 . December 31, 2015 Weighted-Average Commodity Derivatives Notional Remaining Term (1) (in millions) (in years) Power (MWh) 10 3 _____________________________ (1) Represents the remaining tenor of our commodity derivatives weighted by the corresponding volume. These derivatives range in maturity through 2018 . Accounting and Reporting Assets and Liabilities The following tables present in millions 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. December 31, 2015 December 31, 2014 Designated Not Designated Total Designated Not Designated Total Assets Foreign currency derivatives $ 8 $ 319 $ 327 $ 6 $ 230 $ 236 Commodity derivatives 30 18 48 25 19 44 Total assets $ 38 $ 337 $ 375 $ 31 $ 249 $ 280 Liabilities Interest rate derivatives $ 358 $ — $ 358 $ 416 $ — $ 416 Cross currency derivatives 43 — 43 29 — 29 Foreign currency derivatives 35 21 56 38 14 52 Commodity derivatives 12 21 33 7 10 17 Total liabilities $ 448 $ 42 $ 490 $ 490 $ 24 $ 514 December 31, 2015 December 31, 2014 Assets Liabilities Assets Liabilities Current $ 86 $ 144 $ 77 $ 148 Noncurrent 289 346 203 366 Total $ 375 $ 490 $ 280 $ 514 Derivatives subject to master netting agreement or similar agreement: Gross amounts recognized in the balance sheet $ 57 $ 467 $ 53 $ 507 Gross amounts of derivative instruments not offset (18 ) (18 ) (10 ) (10 ) Gross amounts of cash collateral received/pledged not offset — (38 ) — (26 ) Net amount $ 39 $ 411 $ 43 $ 471 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 $ 147 $ 166 $ 161 $ 180 Effective Portion of Cash Flow Hedges — The following tables present (in millions) 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: Years Ended December 31, Gains (Losses) Recognized in AOCL Classification in Consolidated Statements of Operations Gains (Losses) Reclassified from AOCL into Earnings Type of Derivative 2015 2014 2013 2015 2014 2013 Interest rate derivatives $ (103 ) $ (421 ) $ 155 Interest expense $ (108 ) $ (139 ) $ (127 ) Non-regulated cost of sales (2 ) (2 ) (5 ) Net equity in earnings of affiliates (2 ) (3 ) (6 ) Gain on sale of investments (4 ) — (21 ) Cross currency derivatives (20 ) (25 ) (18 ) Interest expense (4 ) — (10 ) Foreign currency transaction gains (losses) (20 ) (23 ) (18 ) Foreign currency derivatives 10 (28 ) — Foreign currency transaction gains (losses) 32 14 12 Commodity derivatives 40 44 2 Non-regulated revenue 43 30 (3 ) Non-regulated cost of sales (12 ) (2 ) (2 ) Total $ (73 ) $ (430 ) $ 139 $ (77 ) $ (125 ) $ (180 ) 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, 2015 is $(106) million for interest rate hedges, $(3) million for cross currency swaps, $12 million for foreign currency hedges, and $16 million for commodity and other hedges. For the year ended December 31, 2014, pretax losses of $6 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 years ended December 31, 2015 and 2013. Ineffective Portion of Cash Flow Hedges — The following table presents (in millions) 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 Consolidated Statements of Operations Years Ended December 31, Type of Derivative 2015 2014 2013 Interest rate derivatives Interest expense $ (4 ) $ — $ 42 Net equity in earnings of affiliates — (1 ) 1 Foreign currency derivatives Foreign currency transaction gains (losses) (3 ) (2 ) — Cross currency derivatives Interest expense 1 (1 ) — Total $ (6 ) $ (4 ) $ 43 Not Designated for Hedge Accounting — The next table presents (in millions) the gains (losses) recognized in earnings related to derivative instruments not designated as hedging instruments under the accounting standards for derivatives and hedging, and 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 Consolidated Statements of Operations Years Ended December 31, Type of Derivative 2015 2014 2013 Interest rate derivatives Interest expense $ — $ (3 ) $ (1 ) Net equity in earnings of affiliates — — (6 ) Foreign currency derivatives Foreign currency transaction gains (losses) 211 146 64 Net equity in earnings of affiliates — (2 ) (24 ) Commodity and other derivatives Non-regulated revenue (8 ) 5 11 Non-regulated cost of sales (16 ) (3 ) 1 Regulated cost of sales (5 ) (6 ) 2 Income (loss) from operations of discontinued businesses — (7 ) (18 ) Net gain (loss) from disposal and impairments of discontinued operations — 72 — Total $ 182 $ 202 $ 29 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 $28 million and $12 million as of December 31, 2015 and 2014 , respectively, for all derivatives with credit risk-related contingent features. As of December 31, 2015 and 2014 , DP&L had posted $8 million and $5 million , respectively, of cash collateral directly with third parties and in a broker margin account and DP&L held no 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 $2 million and $1 million as of December 31, 2015 and 2014 , respectively. |
Financing Receivables
Financing Receivables | 12 Months Ended |
Dec. 31, 2015 | |
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 presents the breakdown of financing receivables in millions by country as of the periods indicated: December 31, 2015 2014 Argentina $ 237 $ 278 Cameroon (1) — 44 United States 20 — Brazil 39 15 Total long-term financing receivables $ 296 $ 337 _____________________________ (1) Represents non-contingent consideration to be received in 2016 from the sale of the Cameroon businesses in 2014. Balance is classified as short-term as of December 31, 2015. See Note 23 —Discontinued Operations. 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. The FONINVEMEM receivables are denominated in Argentine pesos, but indexed to U.S. Dollars, which represents a foreign currency derivative. As of December 31, 2015 and 2014 , 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 $292 million and $208 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 additional capacity into the system. CAMMESA will finance the investment utilizing the outstanding receivables as a guarantee. On July 10, 2015, the Argentine government passed Resolution No. 482/2015 ("Resolution 482") which updated the prices of Resolution 529/2014 retroactively to February 1, 2015, and created a new trust called FONINVEMEM 2015-2018 in order to invest in new generation plants. AES Argentina and certain Termoandes units will receive compensation under this program. |
Investments In and Advances To
Investments In and Advances To Affiliates | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2015 2014 Affiliate Country Carrying Value (in millions) Ownership Interest % Solar Power PR Puerto Rico $ — $ 2 — % 50 % Barry (1) United Kingdom — — 100 % 100 % Elsta (1) Netherlands 53 54 50 % 50 % Distributed Energy (1) United States 17 — 94 % — % Guacolda (2) Chile 344 285 33 % 35 % OPGC (3) India 195 194 49 % 49 % Other affiliates Various 1 2 Total investments in and advances to affiliates $ 610 $ 537 (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 67% -owned consolidated subsidiary. AES Gener owns 50% of Guacolda, resulting in an AES effective ownership in Guacolda of 33% . At December 31, 2014, AES owned 71% of AES Gener, resulting in an AES effective ownership in Guacolda of 35% . (3) OPGC has one coal-fired expansion project under development. The project started construction in April 2014 and is currently expected to begin operations in 2018. Guacolda — On September 1, 2015, AES Gener and Global Infrastructure Partners ("GIP") executed a restructuring of Guacolda that increased Guacolda's tax basis in certain long-term assets and AES Gener's equity investment. This transaction was reflected within equity at the Guacolda level, but was not with or among the shareholders of AES. Accordingly, the AES proportion of the increased value in equity was recognized in net income. As a result, AES Gener recorded $66 million in net equity in earnings of affiliates for the year ended December 31, 2015, of which $46 million is attributable to The AES Corporation. 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 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. Distributed Energy — On February 18, 2015, the Company completed the acquisition of 100% of the common stock of Main Street Power Company, Inc., which has been renamed to Distributed Energy Inc. As part of this acquisition, the Company obtained additional investments accounted for under the equity method. 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 was accounted for as a direct equity method investment. On April 29, 2015, the Company purchased the remaining 50% of the common stock of Solar Power PR, LLC and now consolidates this entity. 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 ("Solar Italy" and "Solar Spain," respectively). The buyer also had 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. The buyer exercised its option to purchase Solar Italy on August 31, 2015, and the sale was completed on October 1, 2015. In 2014, the sale of the Company's 50% ownership interest in SRP did not qualify as a sale for accounting purposes as the Company had continuing involvement in the business operations. 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 . Solar Spain — On September 24, 2015, the Company completed the sale of Solar Spain, an equity method investment. Net proceeds from the sale transaction were $31 million and the Company recognized a pretax gain on sale of less than $1 million . Upon the completion of the Solar Spain and Solar Italy sale transactions noted above, the Company ceased its involvement in SRP's business operations and accounted for these transactions as sales of real estate. Accordingly, as of December 31, 2015 , the carrying value of these investments recorded in Other noncurrent assets was zero . AES Barry Ltd. — The Company holds a 100% ownership interest in AES Barry Ltd. ("Barry"), a dormant entity in the U.K. that disposed of its generation and other operating assets. Due to a debt agreement, no material financial or operating decisions can be made without the banks' consent, and the Company does not control Barry. As of December 31, 2015 and 2014 , other long-term liabilities included $49 million and $52 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. 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 and $29 million for the years ended December 31, 2014 and 2013, respectively. Summarized Financial Information The following tables summarize financial information of the Company's 50%-or-less-owned affiliates and majority-owned unconsolidated subsidiaries that are accounted for using the equity method in millions. 50%-or-less Owned Affiliates Majority-Owned Unconsolidated Subsidiaries Years ended December 31, 2015 2014 2013 2015 2014 2013 Revenue $ 641 $ 928 $ 1,099 $ 24 $ 2 $ 2 Operating margin 152 206 295 11 — — Net income (loss) 210 59 53 6 — — December 31, 2015 2014 2015 2014 Current assets $ 376 $ 450 $ 20 $ — Noncurrent assets 2,132 1,748 211 15 Current liabilities 435 299 21 — Noncurrent liabilities 1,044 935 153 67 Noncontrolling interests — 17 — — Stockholders' equity 1,029 947 57 (52 ) At December 31, 2015 , retained earnings included $244 million related to the undistributed earnings of the Company's 50%-or-less owned affiliates. Distributions received from these affiliates were $18 million , $28 million , and $6 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. As of December 31, 2015 , the aggregate carrying amount of our investments in equity affiliates exceeded the underlying equity in their net assets by $162 million . |
Other Non-Operating Expense Oth
Other Non-Operating Expense Other Non-Operating Expense | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
OTHER NON-OPERATING EXPENSE | OTHER NON-OPERATING EXPENSE Years Ended December 31, 2014 2013 (in millions) Entek $ 86 $ — Silver Ridge 42 — Elsta — 129 Total other non-operating expense $ 128 $ 129 There was no other non-operating expense for the year ended December 31, 2015 . Entek — During 2014, the Company executed an agreement to sell its 49.62% interest in Entek, an investment accounted for under the equity method, for $125 million . Entek consists of natural gas and hydroelectric generation facilities, plus a coal-fired development project. The Company determined that there was an other-than-temporary decline in the fair value of its equity method investment in Entek and recognized pretax impairment expense of $86 million . 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. Accordingly, the Company recognized pretax impairment expense of $42 million . 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. Elsta — During 2013, the Company identified an impairment indicator at Elsta, a combined cycle gas-fired plant in the Netherlands that is accounted for under the equity method, resulting from negative pricing indications noted during negotiations with its offtakers for an extension of the existing PPA. The Company recognized pretax impairment expense 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. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 in millions. US Andes MCAC Europe Asia Total 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 Impairment losses (317 ) — — — — (317 ) Goodwill acquired during the year 16 — — — — 16 Balance as of December 31, 2015 Goodwill 2,674 899 149 122 68 3,912 Accumulated impairment losses (2,633 ) — — (122 ) — (2,755 ) Net balance $ 41 $ 899 $ 149 $ — $ 68 $ 1,157 _____________________________ (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. DP&L — During the fourth quarter of 2015, the Company performed the annual goodwill impairment test at its DP&L reporting unit ("DP&L") and recognized a goodwill impairment expense of $317 million . The reporting unit failed Step 1 as its fair value was less than its carrying amount, which was primarily due to a decrease in forecasted dark spreads that were driven by decreases in projected forward power prices, and lower than expected revenues from a new Capacity Performance ("CP") product. 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 forward commodity price curves, the amount of non-bypassable charges from the pending ESP, expected revenues from the new CP product, and planned environmental expenditures. In Step 2, goodwill was determined to have an implied negative fair value after the hypothetical purchase price allocation under the accounting guidance for business combinations; therefore, a full impairment of the remaining goodwill balance of $317 million was recognized. DP&L is reported in the US SBU reportable segment. Main Street Power — During the first quarter of 2015, the Company completed the acquisition of 100% of the common stock of Main Street Power Company, Inc. The transaction included recognition of $16 million of Goodwill. See Note 25 — Acquisitions for additional information. 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. 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. Other Intangible Assets — The following table summarizes the balances comprising other intangible assets in the accompanying Consolidated Balance Sheets (in millions) as of the periods indicated: December 31, 2015 December 31, 2014 Gross Balance Accumulated Amortization Net Balance Gross Balance Accumulated Amortization Net Balance Subject to Amortization Project development rights (1) $ 4 $ (1 ) $ 3 $ 28 $ (1 ) $ 27 Sales concessions 71 (19 ) 52 86 (41 ) 45 Contractual payment rights (2) 66 (46 ) 20 69 (40 ) 29 Management rights 24 (10 ) 14 33 (13 ) 20 Land use rights 28 — 28 25 — 25 Contracts 29 (12 ) 17 36 (19 ) 17 Customer contracts and relationships (3) 6 (6 ) — 63 (39 ) 24 Other (4) 15 (3 ) 12 22 (5 ) 17 Subtotal 243 (97 ) 146 362 (158 ) 204 Indefinite-Lived Intangible Assets Land use rights 38 — 38 37 — 37 Water rights 17 — 17 20 — 20 Other 13 — 13 20 — 20 Subtotal 68 — 68 77 — 77 Total $ 311 $ (97 ) $ 214 $ 439 $ (158 ) $ 281 _____________________________ (1) 2014 balance includes U.K. Wind operations. In August 2014 these assets were sold, but did not meet the criteria to be reported as discontinued operations and their results are reflected within continuing operations. See Note 24 — Dispositions and Held-for-Sale Businesses for further information. (2) Represent legal rights to receive system reliability payments from the regulator. (3) 2014 balance includes DPLER which is considered held-for-sale as of December 31, 2015. See Note 24 — Dispositions and Held-for-Sale Businesses for further information. (4) Includes renewable energy certificates, emission allowances and various other intangible assets none of which is individually significant. The following tables summarize, by category, other intangible assets acquired during the period indicated ($ in millions): December 31, 2015 Amount Subject to Amortization/Indefinite-Lived Weighted Average Amortization Period (in years) Amortization Method Contracts $ 22 Subject to Amortization 5 Straight-line Land-use rights 13 Subject to Amortization N/A N/A Other 5 Various N/A N/A Total $ 40 December 31, 2014 Amount Subject to Amortization/ Indefinite-Lived Weighted Average Amortization Period (in years) Amortization Method Renewable energy certificates $ 3 Indefinite N/A N/A Land-use rights 16 Subject to Amortization N/A N/A Total $ 19 The following table summarizes the estimated amortization expense by intangible asset category for 2016 through 2020 : (in millions) 2016 2017 2018 2019 2020 Sales concessions 7 7 7 7 7 All other 4 4 4 3 3 Total $ 11 $ 11 $ 11 $ 10 $ 10 Intangible asset amortization expense was $25 million , $26 million and $29 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Regulated Operations [Abstract] | |
REGULATORY ASSETS AND LIABILITIES | REGULATORY ASSETS AND LIABILITIES The Company has recorded regulatory assets and liabilities (in millions) that it expects to pass through to its customers in accordance with, and subject to, regulatory provisions as follows: December 31, 2015 2014 Recovery/Refund Period REGULATORY ASSETS Current regulatory assets: Brazil tariff recoveries: (1) Energy purchases/sales $ 416 $ 424 Annually as part of the tariff adjustment Transmission costs, regulatory fees and other 264 63 Annually as part of the tariff adjustment El Salvador tariff recoveries (2) 43 92 Quarterly as part of the tariff adjustment Other (3) 23 58 Various Total current regulatory assets 746 637 Noncurrent regulatory assets: Defined benefit pension obligations at IPL and DPL (4)(5) 227 329 Various Income taxes recoverable from customers (4)(6) 36 74 Various Brazil tariff recoveries: (1) Energy purchases/sales 147 266 Annually as part of the tariff adjustment Transmission costs, regulatory fees and other 140 14 Annually as part of the tariff adjustment Deferred Midwest ISO costs (7) 129 111 To be determined Other (3) 239 78 Various Total noncurrent regulatory assets 918 872 TOTAL REGULATORY ASSETS $ 1,664 $ 1,509 REGULATORY LIABILITIES Current regulatory liabilities: Brazil tariff reset adjustment (8) $ — $ 76 Two years Efficiency program costs (9) 12 22 Annually as part of the tariff adjustment Brazil regulatory asset base adjustment (13) 169 123 Up to four tariff periods Brazil tariff refunds: (1) Energy purchases/sales 105 144 Annually as part of the tariff adjustment Transmission costs, regulatory fees and other 120 174 Annually as part of the tariff adjustment Other (10) 59 66 Various Total current regulatory liabilities 465 605 Noncurrent regulatory liabilities: Asset retirement obligations (11) 759 727 Over life of assets Brazil regulatory asset base adjustment (13) 86 61 Up to four tariff periods Brazil special obligations (12) 370 484 To be determined Brazil tariff refunds: (1) Energy purchases/sales 30 128 Annually as part of the tariff adjustment Transmission costs, regulatory fees and other 29 97 Annually as part of the tariff adjustment Efficiency program costs (9) 5 11 Annually as part of the tariff adjustment Other (10) 7 1 Various Total noncurrent regulatory liabilities 1,286 1,509 TOTAL REGULATORY LIABILITIES $ 1,751 $ 2,114 _____________________________ (1) Recoverable or refundable per Brazilian National Electric Energy Agency ("ANEEL") regulations through the Annual Tariff Adjustment ("IRT"). These costs are generally non-controllable and primarily consist of purchased electricity, energy transmission, and sector costs that are considered volatile. The costs are passed through for a period of 12 months as part of the IRT. Any remaining balance is considered in the subsequent IRT, 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 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 in 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 $8 million and $22 million , as of December 31, 2015 and 2014 , respectively. Other noncurrent regulatory assets that did not earn a rate of return were $237 million and $73 million , as of December 31, 2015 and 2014 , 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 Federal Energy Regulatory Commission ("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 via order from the PUCO on December 17, 2014 and began 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) Probable 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 was retroactive to July 2011 and 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 was lower than the previous rate, Eletropaulo was required to reduce customer tariffs for the difference over the next year. Accordingly, from July 2011 through June 2012, Eletropaulo recognized a regulatory liability for the estimated future refunds, 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 contemplated an amortization of 67.55% from July 4, 2013. The remaining balance, representing 32.45% , was considered in the next annual tariff adjustment. There was no recorded current regulatory liability at Eletropaulo as of December 31, 2015 . (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 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 RAB resulting from an administrative ruling in December 2013 compelling Eletropaulo to refund customers beginning 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 in millions as of the periods indicated: December 31, 2015 2014 Regulatory Assets Regulatory Liabilities Regulatory Assets Regulatory Liabilities Brazil SBU $ 971 $ 932 $ 787 $ 1,347 US SBU 650 819 631 767 MCAC SBU (El Salvador) 43 — 91 — Total $ 1,664 $ 1,751 $ 1,509 $ 2,114 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT NON-RECOURSE DEBT — The next table summarizes the carrying amount (in millions) and terms of non-recourse debt as of the periods indicated: NON-RECOURSE DEBT Weighted Average Interest Rate Maturity December 31, 2015 2014 VARIABLE RATE: (1) Bank loans 4.37 % 2016 – 2033 $ 2,352 $ 1,893 Notes and bonds 14.98 % 2016 – 2022 1,474 1,912 Debt to (or guaranteed by) multilateral, export credit agencies or development banks (2) 2.39 % 2021 – 2034 3,078 2,375 Other 12.65 % 2016 – 2043 47 668 FIXED RATE: Bank loans 5.11 % 2016 – 2032 558 750 Notes and bonds 5.54 % 2016 – 2073 7,948 7,654 Debt to (or guaranteed by) multilateral, export credit agencies or development banks (2) 5.39 % 2023 – 2034 309 259 Other 8.66 % 2016 – 2049 26 89 SUBTOTAL 15,792 15,600 Less: Current maturities (2,529 ) (1,982 ) TOTAL $ 13,263 $ 13,618 (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 $3.2 billion on non-recourse debt outstanding at December 31, 2015 . 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 8.24% . 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. Non-recourse debt (in millions) as of December 31, 2015 is scheduled to reach maturity as presented in the table below: December 31, Annual Maturities 2016 $ 2,529 2017 1,022 2018 1,359 2019 950 2020 1,431 Thereafter 8,501 Total non-recourse debt $ 15,792 As of December 31, 2015 , AES subsidiaries with facilities under construction had a total of approximately $2.6 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, 2015 , we had the following significant debt transactions at our subsidiaries: • Gener issued new debt of $1.1 billion , offset by repayments of $423 million which includes a loss on extinguishment of debt of $19 million ; • IPALCO issued new debt of $847 million , offset by repayments of $602 million which includes a loss on extinguishment of debt of $22 million ; • Sul issued new debt of $513 million , offset by repayments of $486 million which includes a loss on extinguishment of debt of $4 million ; • Eletropaulo issued new debt of $354 million ; offset by repayments of $211 million ; • DPL issued new debt of $325 million ; more than offset by repayments of $475 million which includes a loss on extinguishment of debt of $2 million ; • Panama issued new debt of $300 million , offset by repayments of $287 million which includes a loss on extinguishment of debt of $15 million ; • Mong Duong drew $203 million under its construction loan facility; • Tietê issued new debt of $153 million , more than offset by repayments of $226 million ; • Andres issued new debt of $180 million , offset by repayments of $176 million which includes a loss on extinguishment of debt of $11 million ; and • Itabo made repayments of $123 million which includes a loss on extinguishment of debt of $8 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 and financial ratios, minimum levels of working capital and limitations on incurring additional indebtedness. As of December 31, 2015 and 2014 , approximately $513 million and $245 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 billion at December 31, 2015 . The following table summarizes the Company's subsidiary non-recourse debt in default (in millions) as of December 31, 2015 . Due to the defaults, these amounts are included in the current portion of non-recourse debt: Primary Nature December 31, 2015 Subsidiary Default Net Assets Maritza (Bulgaria) Covenant $ 559 $ 657 Sul (Brazil) Covenant 333 439 Kavarna (Bulgaria) Covenant 140 74 Sogrinsk (Kazakhstan) Covenant $ 6 8 Total $ 1,038 As of December 31, 2015 , 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. 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, 2015 , 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, 2015 was reduced by $64 million related to the reversal of a monetary correction previously recognized as interest expense at Eletropaulo. This interest expense was on a contingent regulatory liability that was also reversed in the current period. Interest expense for the year ended December 31, 2014 was 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 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 (in millions) and terms of recourse debt of the Company as of the periods indicated: RECOURSE DEBT Interest Rate Final Maturity December 31, 2015 December 31, 2014 Senior Unsecured Note 7.75% 2015 $ — $ 151 Senior Unsecured Note 9.75% 2016 — 164 Senior Unsecured Note 8.00% 2017 181 525 Senior Unsecured Note LIBOR + 3% 2019 775 775 Senior Unsecured Note 8.00% 2020 469 625 Senior Unsecured Note 7.38% 2021 1,000 1,000 Senior Unsecured Note 4.88% 2023 750 750 Senior Unsecured Note 5.50% 2024 750 750 Senior Unsecured Note 5.50% 2025 575 — Term Convertible Trust Securities 6.75% 2029 517 517 Unamortized (Discounts)/Premiums (2 ) 1 SUBTOTAL 5,015 5,258 Less: Current maturities — (151 ) Total $ 5,015 $ 5,107 The table below summarizes the principal amounts due, net of unamortized discounts, under our recourse debt for the next five years and thereafter in millions: December 31, Net Principal Amounts Due 2016 $ — 2017 181 2018 — 2019 774 2020 469 Thereafter 3,591 Total recourse debt $ 5,015 In April 2015, the Company issued $575 million aggregate principal amount of 5.50% senior notes due 2025. Concurrent with this offering, the Company redeemed via tender offers $344 million aggregate principal of its existing 8.00% senior unsecured notes due 2017, and $156 million of its existing 8.00% senior unsecured notes due 2020. As a result of the latter transaction, the Company recognized a loss on extinguishment of debt of $82 million that is included in the Consolidated Statement of Operations. In March 2015, the Company redeemed in full the $151 million balance of its 7.75% senior unsecured notes due October 2015 and the $164 million balance of its 9.75% senior unsecured notes due April 2016. As a result of these transactions, the Company recognized a loss on extinguishment of debt of $23 million that is included in the Consolidated Statement of Operations. 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, 2015 and 2014 , 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, 2015 | |
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, 2015 , 2014 , and 2013 was $67 million , $58 million and $46 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, 2015 and 2014 was $72 million and $80 million , respectively. The table below presents 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, 2015 for 2016 through 2020 and thereafter, in millions: Future Commitments for December 31, Capital Leases Operating Leases 2016 $ 14 $ 77 2017 12 78 2018 11 79 2019 10 80 2020 10 79 Thereafter 90 898 Total 147 $ 1,291 Less: Imputed interest 90 Present value of total minimum lease payments $ 57 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 presents the future minimum commitments for continuing operations under these contracts as of December 31, 2015 for 2016 through 2020 and thereafter. Actual purchases under these contracts for the years ended December 31, 2015 , 2014 , and 2013 are also presented, in millions: Actual purchases during the year ended December 31, Electricity Purchase Contracts Fuel Purchase Contracts Other Purchase Contracts 2013 $ 2,665 $ 1,590 $ 1,743 2014 3,104 1,521 1,386 2015 2,592 1,262 2,121 Future commitments for the year ending December 31, 2016 $ 2,623 $ 1,120 $ 1,332 2017 2,444 835 1,047 2018 2,634 532 1,081 2019 2,799 314 873 2020 2,918 311 655 Thereafter 24,176 2,141 4,395 Total $ 37,594 $ 5,253 $ 9,383 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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 19 years. The following table summarizes the Parent Company's contingent contractual obligations as of December 31, 2015 . 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 $14 million . Contingent Contractual Obligations Amount Number of Agreements Maximum Exposure Range for Each Agreement (in millions) (in millions) Guarantees and commitments $ 369 14 $1 - 53 Asset sale related indemnities (1) 27 1 27 Cash collateralized letters of credit 32 4 $1 - 15 Letters of credit under the senior secured credit facility 62 7 <$1 - 29 Total $ 490 26 (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, 2015 , 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, 2015 , 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, 2015 and 2014 the Company had recognized liabilities of $10 million and $12 million , respectively, for projected environmental remediation costs. Due to the uncertainties associated with environmental assessment and remediation activities, future costs of compliance or remediation could be higher or lower than the amount currently accrued. Moreover, where no liability has been recognized, it is reasonably possible that the Company may be required to incur remediation costs or make expenditures in amounts that could be material but could not be estimated as of December 31, 2015 . 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 $189 million and $199 million as of December 31, 2015 and 2014 , 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. 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, 2015 . 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 $1.4 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. Regulatory — During 2013, the Company recognized a regulatory liability of $269 million for a contingency related to an administrative ruling which required Eletropaulo to refund customers' amounts related to the regulatory asset base. In 2014, Eletropaulo started refunding customers as part of the tariff. In January 2015, ANEEL updated the tariff to exclude any further customer refunds. On June 30, 2015, ANEEL included in the tariff reset the reimbursement to Eletropaulo of these amounts previously refunded to customers to begin in July 2015. During 2015, as a result of favorable events, management reassessed the contingency and determined that it no longer meets the recognition criteria under ASC 450 — Contingencies . Management believes that it is now only reasonably possible that Eletropaulo will have to refund these amounts to customers. Accordingly, the Company reversed the remaining regulatory liability for this contingency of $161 million in 2015, which increased Regulated Revenue by $97 million and reduced Interest Expense by $64 million . Amounts related to this case are now included as part of our reasonably possible contingent range mentioned in the preceding paragraph. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
BENEFIT PLANS | BENEFIT PLANS Defined Contribution Plan — The Company sponsors four defined contribution plans ("the Plans"). Two are for U.S. non-union employees, of which one is for employees of the Parent Company and certain U.S. SBU businesses and one is for DPL employees. One plan includes both union and non-union employees at IPL. 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, 2015 , the Company's contributions to the defined contribution plans were approximately $18 million , and for the years ended December 31, 2014 and 2013 , contributions were $22 million and $23 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 33 active defined benefit plans as of December 31, 2015 , 5 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, 2015 2014 (in millions) U.S. Foreign U.S. Foreign CHANGE IN PROJECTED BENEFIT OBLIGATION: Benefit obligation as of January 1 $ 1,235 $ 4,363 $ 1,059 $ 4,749 Service cost 16 15 14 16 Interest cost 48 351 50 489 Employee contributions — 3 — 4 Plan amendments 5 2 8 (3 ) Plan settlements (3 ) — — — Benefits paid (61 ) (300 ) (59 ) (415 ) Actuarial (gain) loss (68 ) (160 ) 163 87 Effect of foreign currency exchange rate changes — (1,301 ) — (564 ) Benefit obligation as of December 31 $ 1,172 $ 2,973 $ 1,235 $ 4,363 CHANGE IN PLAN ASSETS: Fair value of plan assets as of January 1 $ 1,061 $ 3,272 $ 941 $ 3,605 Actual return on plan assets (7 ) 182 123 360 Employer contributions 31 89 56 135 Employee contributions — 3 — 4 Plan settlements (3 ) — — — Benefits paid (61 ) (300 ) (59 ) (415 ) Effect of foreign currency exchange rate changes — (962 ) — (417 ) Fair value of plan assets as of December 31 $ 1,021 $ 2,284 $ 1,061 $ 3,272 RECONCILIATION OF FUNDED STATUS Funded status as of December 31 $ (151 ) $ (689 ) $ (174 ) $ (1,091 ) The following table summarizes the amounts recognized on the Consolidated Balance Sheets in millions related to the funded status of the plans, both domestic and foreign, as of the periods indicated: December 31, 2015 2014 AMOUNTS RECOGNIZED ON THE CONSOLIDATED BALANCE SHEETS U.S. Foreign U.S. Foreign Noncurrent assets $ — $ 67 $ — $ 51 Accrued benefit liability—current — (5 ) — (4 ) Accrued benefit liability—noncurrent (151 ) (751 ) (174 ) (1,138 ) Net amount recognized at end of year $ (151 ) $ (689 ) $ (174 ) $ (1,091 ) The next table summarizes the Company's U.S. and foreign accumulated benefit obligation as of the periods indicated (in millions): December 31, 2015 2014 U.S. Foreign U.S. Foreign Accumulated Benefit Obligation $ 1,150 $ 2,931 $ 1,208 $ 4,301 Information for pension plans with an accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 1,172 $ 2,683 $ 1,235 $ 4,021 Accumulated benefit obligation 1,150 2,656 1,208 3,979 Fair value of plan assets 1,021 1,931 1,061 2,885 Information for pension plans with a projected benefit obligation in excess of plan assets: Projected benefit obligation $ 1,172 $ 2,697 (1) $ 1,235 $ 4,038 (1) Fair value of plan assets 1,021 1,942 (1) 1,061 2,897 (1) (1) $686 million and $1.1 billion of the total net unfunded projected benefit obligation is due to Eletropaulo in Brazil as of December 31, 2015 and 2014, respectively. 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, 2015 2014 U.S. Foreign U.S. Foreign Benefit Obligation: Discount rates 4.44 % 11.37 % (2) 4.04 % 10.47 % (2) Rates of compensation increase 3.34 % (1) 6.32 % 3.94 % (1) 6.41 % Periodic Benefit Cost: Discount rate 4.04 % 10.47 % 4.89 % 10.80 % Expected long-term rate of return on plan assets 6.67 % 9.77 % 6.92 % 10.44 % Rate of compensation increase 3.94 % (1) 6.41 % 3.94 % (1) 6.44 % (1) A U.S. subsidiary of the Company has defined benefit obligations of $6 million and $748 million as of December 31, 2015 and 2014 , respectively, for which salary bands, rather than rates of compensation increases, are used to determine future benefit costs. Rates of compensation increases in the table above do not include amounts related to these specific defined benefit plans. A plan with a defined benefit obligation of $742 million at December 31, 2014 and which used salary bands at that date is using a rate of compensation increase as at December 31, 2015. The rate of compensation increase for this plan is included in the weighted average in the above table for calculating the benefit obligation as at December 31, 2015, but is not included in the weighted average for calculating the benefit obligation as at December 31, 2014 or the periodic benefit cost for 2014 or 2015. (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. Effective January 1, 2016 the Company will apply a disaggregated discount rate approach for determining service cost and interest cost for its defined benefit pension plans and post-retirement plans in the U.S. and U.K. Refer to Note 1 — General and Summary of Significant Accounting Policies for further information relating to this change in estimate. 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 2015 . 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, 2015 is affected by the assumptions as of that date. Pension expense for 2015 is affected by the December 31, 2014 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 $ (32 ) Decrease of 1% in the discount rate 27 Increase of 1% in the long-term rate of return on plan assets (36 ) Decrease of 1% in the long-term rate of return on plan assets 36 The following table summarizes the components of the net periodic benefit cost in millions, both domestic and foreign, for the years indicated: December 31, 2015 2014 2013 Components of Net Periodic Benefit Cost: U.S. Foreign U.S. Foreign U.S. Foreign Service cost $ 16 $ 15 $ 14 $ 16 $ 16 $ 26 Interest cost 48 351 50 489 46 515 Expected return on plan assets (70 ) (247 ) (67 ) (362 ) (64 ) (484 ) Amortization of prior service cost 7 — 6 (1 ) 5 — Amortization of net loss 20 28 13 37 23 77 Settlement gain recognized — — — 1 — — Total pension cost $ 21 $ 147 $ 16 $ 180 $ 26 $ 134 The following table summarizes in millions the amounts reflected in AOCL including AOCL attributable to noncontrolling interests, on the Consolidated Balance Sheet as of December 31, 2015 , 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: December 31, 2015 Accumulated Other Comprehensive Income (Loss) Amounts expected to be reclassified to earnings in next fiscal year U.S. Foreign U.S. Foreign Prior service cost $ — $ (5 ) $ — $ — Unrecognized net actuarial gain (loss) (6 ) (1,092 ) — (18 ) Total $ (6 ) $ (1,097 ) $ — $ (18 ) The following table summarizes the Company's target allocation for 2015 and pension plan asset allocation, both domestic and foreign, as of the periods indicated: Percentage of Plan Assets as of December 31, Target Allocations 2015 2014 Asset Category U.S. Foreign U.S. Foreign U.S. Foreign Equity securities 46 % 15% -29% 44.76 % 13.23 % 44.02 % 16.28 % Debt securities 50 % 60% - 85% 50.05 % 81.10 % 50.90 % 78.85 % Real estate 2 % 0% - 3% 2.94 % 3.24 % 2.45 % 3.15 % Other 2 % 0% - 5% 2.25 % 2.43 % 2.63 % 1.72 % Total pension assets 100.00 % 100.00 % 100.00 % 100.00 % 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 meets or exceeds the assumed actuarial rate; and • long-term competitive rate of return on investments, net of expenses, that equals or exceeds various benchmark rates. The asset allocation is reviewed periodically to determine a suitable asset allocation which seeks to manage risk through portfolio diversification and takes into account, 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 in millions as of the periods indicated: December 31, 2015 December 31, 2014 U.S. Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Equity securities — Mutual funds 457 — — 457 467 — — 467 Debt securities — Government debt securities 53 — — 53 67 — — 67 Mutual funds (1) 458 — — 458 473 — — 473 Real Estate — Real Estate — 30 — 30 — 26 — 26 Other — Cash and cash equivalents — — — — 4 — — 4 Other investments — 23 — 23 — 24 — 24 Total plan assets $ 968 $ 53 $ — $ 1,021 $ 1,011 $ 50 $ — $ 1,061 (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 in millions as of the periods indicated: December 31, 2015 December 31, 2014 Foreign Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Equity securities — Common stock $ 9 $ — $ — $ 9 $ 21 $ — $ — $ 21 Mutual funds 167 — — 167 274 — — 274 Private equity (1) — — 126 126 — — 237 237 Debt securities — Certificates of deposit — 2 — 2 — 3 — 3 Unsecured debentures — 5 — 5 — 10 — 10 Government debt securities 11 79 — 90 12 98 — 110 Mutual funds (2) 218 1,535 — 1,753 215 2,236 — 2,451 Other debt securities — 2 — 2 — 6 — 6 Real estate — Real estate (1) — — 74 74 — — 103 103 Other — Cash and cash equivalents — — — — 1 — — 1 Participant loans (3) — — 37 37 — — 52 52 Other assets 16 — 3 19 — — 4 4 Total plan assets $ 421 $ 1,623 $ 240 $ 2,284 $ 523 $ 2,353 $ 396 $ 3,272 (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) in millions for the periods indicated: December 31, 2015 2014 Balance at January 1 $ 396 $ 530 Actual return on plan assets: Returns relating to assets still held at reporting date (36 ) (87 ) Purchases, sales and settlements, net — 1 Transfers of (assets) liabilities into Level 3 — 5 Change due to exchange rate changes (120 ) (53 ) Balance at December 31 $ 240 $ 396 The following table summarizes the estimated cash flows for U.S. and foreign expected employer contributions and expected future benefit payments, both domestic and foreign in millions: U.S. Foreign Expected employer contribution in 2016 $ 22 $ 100 Expected benefit payments for fiscal year ending: 2016 65 268 2017 67 277 2018 69 289 2019 71 299 2020 73 309 2021 - 2025 380 1,686 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Equity | EQUITY Equity Transactions with Noncontrolling Interests Brazil Reorganization — In 2015, the Company completed a restructuring of AES Brasiliana. This transaction resulted in no change of ownership or control. The $27 million impact of this equity transaction was recognized in additional paid-in capital. Gener — On November 18, 2015, the Company sold a 4% stake in AES Gener S.A. ("Gener") through its 99.9% owned subsidiary inversions Cachagua S.p.A ("Cachagua") for $145 million , net of transaction costs. The sale was of previously issued common shares of Gener to certain institutional investors and is not a sale of in-substance real estate. While the sale decreased Parent ownership interest from 70.7% to 66.7% , the Parent continues to retain its controlling financial interest in the subsidiary. The difference of $24 million between the fair value of the consideration received, net of taxes and transaction costs, and the amount by which the NCI is adjusted was recognized in additional paid-in capital. No pretax gain or loss was recognized in net income as a result of this transaction. Jordan — On March 15, 2015, the Company executed an agreement to sell 40% of its interest in a wholly-owned subsidiary in Jordan that owns a controlling interest in the Jordan IPP4 gas-fired plant for $30 million . The sale was completed on February 18, 2016. See Note 30 — Subsequent Events for further information. IPALCO — In February 2015, La Caisse de depot et placement du Quebec ("CDPQ") purchased 15% of AES US Investment, Inc., a wholly-owned subsidiary that owns 100% of IPALCO Enterprises, Inc. ("IPALCO"), for $247 million , with an option to invest an additional $349 million in IPALCO through 2016 in exchange for a 17.65% equity stake. In April 2015, CDPQ invested $214 million of the $349 million in IPALCO, which resulted in CDPQ's combined equity interest in IPALCO to be 24.90% . Upon investing the remaining commitment of $135 million , CDPQ's equity interests in IPALCO will total 30% . As a result of these transactions, $84 million in taxes and transaction costs were recognized as a net decrease to equity. The Company also recognized an increase of $377 million to additional paid-in capital and a reduction to retained earnings of $377 million for the excess of the fair value of the shares over their book value. Since the noncontrolling interest is contingently redeemable, the fair value of the consideration received of $460 million , net of proportional dividends, is classified in temporary equity as redeemable stock of subsidiaries on the Consolidated Balance Sheets. No gain or loss was recognized in net income as the sale was not considered to be a sale of in-substance real estate. Any subsequent adjustments to allocate earnings and dividends to CDPQ will be classified as noncontrolling interest within permanent equity and adjustments to the amount in temporary equity will occur only if and when it is probable that the shares will become redeemable. As the Company maintained control after the sale, IPALCO continues to be accounted for as a consolidated subsidiary within the US SBU reportable segment. Dominican Republic — In December 2014 Estrella and Linda Groups, an investor-based group in the Dominican Republic acquired 8% noncontrolling interest in our businesses in the Dominican Republic for $83 million , net of transaction costs, 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. In December 2015, Estrella and Linda Groups exercised its first call option of additional 2% for $18 million , net of discount and transaction costs. This resulted in Estrella and Linda Groups having a total of 10% noncontrolling interest in our businesses in the Dominican Republic. As a result of these transactions, $29 million and $7 million , net of taxes and transaction costs, was recognized in additional paid-in capital at December 31, 2014 and 2015, respectively. 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. The following table summarizes the net income attributable to The AES Corporation and all transfers (to) from noncontrolling interests in millions for the periods indicated: December 31, 2015 2014 Net income attributable to The AES Corporation $ 306 $ 769 Transfers from the noncontrolling interest: Net increase in The AES Corporation's paid-in capital for sale of subsidiary shares 323 29 Additional paid-in capital, IPALCO shares, transferred to redeemable stock of subsidiaries (1) (377 ) — Increase in The AES Corporation's paid-in capital for purchase of subsidiary shares — 7 Net transfers (to) from noncontrolling interest (54 ) 36 Change from net income attributable to The AES Corporation and transfers (to) from noncontrolling interests $ 252 $ 805 (1) See Note 19 — Redeemable stock of subsidiaries for further information on increase in paid-in capital transferred to redeemable stock of subsidiaries. Accumulated Other Comprehensive Loss The changes in AOCL by component, net of tax and noncontrolling interests in millions for the year ended December 31, 2015 were as follows: Foreign currency translation adjustment, net Unrealized derivative losses, net Unfunded pension obligations, net Total Balance at the beginning of the period $ (2,595 ) $ (396 ) $ (295 ) $ (3,286 ) Other comprehensive (loss) income before reclassifications (674 ) (5 ) 19 (660 ) Amount reclassified to earnings $ — $ 48 $ 2 50 Other comprehensive (loss) income (674 ) 43 21 (610 ) Cumulative effect of a change in accounting principle $ 13 $ — $ — $ 13 Balance at the end of the period (3,256 ) (353 ) (274 ) (3,883 ) Reclassifications out of AOCL for the periods indicated were as follows (in millions): Details About December 31, AOCL Components Affected Line Item in the Consolidated Statements of Operations 2015 2014 2013 Foreign currency translation adjustment, net Gain on sale of businesses $ — $ 4 $ (2 ) Net loss from disposal and impairments of discontinued operations — (38 ) (35 ) Net income attributable to The AES Corporation $ — $ (34 ) $ (37 ) Unrealized derivative gains (losses), net Non-regulated revenue $ 43 $ 30 $ (3 ) Non-regulated cost of sales (14 ) (4 ) (7 ) Interest expense (112 ) (139 ) (137 ) Gain on sale of businesses (4 ) — (21 ) Foreign currency transaction gains (losses) 12 (9 ) (6 ) Income from continuing operations before taxes and equity in earnings of affiliates (75 ) (122 ) (174 ) Income tax expense 11 26 41 Net equity in earnings of affiliates (2 ) (3 ) (6 ) Income from continuing operations (66 ) (99 ) (139 ) Less: (Income) from continuing operations attributable to noncontrolling interests 18 27 11 Net income attributable to The AES Corporation $ (48 ) $ (72 ) $ (128 ) Amortization of defined benefit pension actuarial loss, net Regulated cost of sales $ (25 ) $ (33 ) $ (73 ) Non-regulated cost of sales 2 (5 ) (4 ) General and administrative expenses (2 ) — (1 ) Income from continuing operations before taxes and equity in earnings of affiliates (25 ) (38 ) (78 ) Income tax expense 9 7 26 Income from continuing operations (16 ) (31 ) (52 ) Net loss from disposal and impairments of discontinued operations — 2 — Net Income (16 ) (29 ) (52 ) Less: (Income) from continuing operations attributable to noncontrolling interests 14 19 39 Net income attributable to The AES Corporation $ (2 ) $ (10 ) $ (13 ) Total reclassifications for the period, net of income tax and noncontrolling interests $ (50 ) $ (116 ) $ (178 ) _____________________________ (1) Amounts in parentheses indicate debits to the Consolidated Statements of Operations. Common Stock Dividends — The Company paid dividends of $0.10 per outstanding share to its common stockholders during the first, second, third and fourth quarters of 2015 for dividends declared in December 2014, April 2015, July 2015 and October 2015. On December 11, 2015, the Board of Directors declared a quarterly common stock dividend of $0.11 per share payable on February 16, 2016 to shareholders of record at the close of business on February 2, 2016. Secondary Offering and Concurrent Stock Repurchase — On May 18, 2015, the Parent Company completed an underwritten secondary public offering (the "Offering") of approximately 60 million shares of its common stock by the Terrific Investment Corporation (the "Selling Stockholder"), a subsidiary controlled by China Investment Corporation at a price of $13.25 per share. Of the 60 million shares, 40 million were sold to the market and 20 million were reserved to be repurchased by the Parent Company. The Parent Company did not receive any of the proceeds from the Offering and the Selling Stockholder has fully sold its stake in AES common stock. Concurrent with this offering, on May 18, 2015, the Parent Company completed the repurchase of the 20 million shares of its common stock from the Selling Stockholder at a price per share of $13.07 , for an aggregate purchase price of $261 million . Stock Repurchase Program — In October 2015, the Company's Board of Directors authorized an increase to the Company's common stock repurchase program (the "Program") for up to an additional $400 million of repurchases of the Company's common stock, bringing the cumulative total of authorized repurchases under the Program to $2.1 billion. During the year ended December 31, 2015 , the Company repurchased 39.7 million shares of its common stock under the Program at a total cost of $482 million under the existing stock repurchase program. The cumulative repurchase from the commencement of the Program in July 2010 through December 31, 2015 totaled 145.6 million shares for a total cost of $1.8 billion , at an average price per share of $12.31 (including a nominal amount of commissions). As of December 31, 2015 , $343 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 149,037,831 and 110,687,849 shares were held as treasury stock at December 31, 2015 and 2014 , 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. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
SEGMENT AND GEOGRAPHIC INFORMATION | SEGMENTS AND GEOGRAPHIC INFORMATION The segment reporting structure uses the Company's organizational structure as its foundation to reflect how the Company manages the businesses internally, and is organized by geographic regions which provide better socio-political-economic understanding of our business. The Company is organized by six SBUs led by our President and Chief Executive Officer: US, Andes, Brazil, MCAC, Europe, and Asia SBUs. Using the accounting guidance on segment reporting, the Company determined that it has six operating and six reportable segments corresponding to its SBUs. Corporate and Other — Corporate overhead costs which are not directly associated with the operations of our six reportable segments are included in "Corporate and Other." Also included are certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation. The Company uses Adjusted PTC as its primary segment performance measure. Adjusted PTC, a non-GAAP measure, is defined by the Company as pretax income from continuing operations attributable to 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 investors in determining which businesses have the greatest impact on the Company's results. Revenue and Adjusted PTC 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, as applicable. All intra-segment activity has been eliminated within the segment. Inter-segment activity has been eliminated within the total consolidated results. The following tables present financial information by segment for the periods indicated (in millions): Revenue Year Ended December 31, Total Revenue Intersegment External Revenue 2015 2014 2013 2015 2014 2013 2015 2014 2013 US SBU $ 3,593 $ 3,826 $ 3,630 $ — $ — $ — $ 3,593 $ 3,826 $ 3,630 Andes SBU 2,489 2,642 2,639 (10 ) (4 ) (1 ) 2,479 2,638 2,638 Brazil SBU 4,666 6,009 5,015 — — — 4,666 6,009 5,015 MCAC SBU 2,353 2,682 2,713 (2 ) (2 ) (1 ) 2,351 2,680 2,712 Europe SBU 1,191 1,439 1,347 (4 ) (6 ) — 1,187 1,433 1,347 Asia SBU 684 558 550 — — — 684 558 550 Corporate and Other 31 15 7 (28 ) (13 ) (8 ) 3 2 (1 ) Total Revenue $ 15,007 $ 17,171 $ 15,901 $ (44 ) $ (25 ) $ (10 ) $ 14,963 $ 17,146 $ 15,891 Adjusted Pretax Contribution Total Adjusted PTC Intersegment External Adjusted PTC 2015 2014 2013 2015 2014 2013 2015 2014 2013 US SBU $ 360 $ 445 440 $ 12 $ 10 11 $ 372 $ 455 $ 451 Andes SBU 482 421 353 17 6 19 499 427 372 Brazil SBU 91 242 212 2 3 3 93 245 215 MCAC SBU 327 352 339 18 26 12 345 378 351 Europe SBU 235 348 345 5 5 7 240 353 352 Asia SBU 96 46 142 3 2 2 99 48 144 Corporate and Other (441 ) (533 ) (624 ) (57 ) (52 ) (54 ) (498 ) (585 ) (678 ) Total Adjusted Pretax Contribution 1,150 1,321 1,207 — — — 1,150 1,321 1,207 Reconciliation to Income from Continuing Operations before Taxes and Equity Earnings of Affiliates: Non-GAAP Adjustments: Unrealized derivative gains 166 135 57 Unrealized foreign currency losses (96 ) (110 ) (41 ) Disposition/acquisition gains 42 361 30 Impairment losses (504 ) (416 ) (588 ) Loss on extinguishment of debt (183 ) (274 ) (225 ) Pre-tax contribution 575 1,017 440 Add: Income from continuing operations before taxes, attributable to noncontrolling interests 652 578 633 Less: Net equity in earnings of affiliates 105 19 25 Income from continuing operations before taxes and equity in earnings of affiliates $ 1,122 $ 1,576 $ 1,048 Total Assets Depreciation and Amortization Capital Expenditures Year Ended December 31, 2015 2014 2013 2015 2014 2013 2015 2014 2013 US SBU $ 9,844 $ 10,062 $ 9,952 $ 443 $ 450 $ 440 $ 861 $ 534 $ 426 Andes SBU 8,744 7,888 7,356 175 182 186 949 702 471 Brazil SBU 6,422 8,439 8,388 185 260 259 299 416 588 MCAC SBU 4,830 4,948 5,075 155 144 145 201 192 111 Europe SBU 3,127 3,525 4,191 134 154 155 118 228 341 Asia SBU 3,197 2,972 2,810 32 32 33 13 429 576 Assets held-for-sale 96 — 1,718 — (1 ) 55 — 13 52 Corporate and Other 590 1,132 921 20 24 21 17 30 14 Total $ 36,850 $ 38,966 $ 40,411 $ 1,144 $ 1,245 $ 1,294 $ 2,458 $ 2,544 $ 2,579 Interest Income Interest Expense Year Ended December 31, 2015 2014 2013 2015 2014 2013 US SBU $ — $ — $ — $ 262 $ 285 $ 290 Andes SBU 77 87 37 154 160 135 Brazil SBU 299 249 210 349 331 364 MCAC SBU 30 26 20 179 178 138 Europe SBU 1 1 2 73 98 80 Asia SBU 115 2 6 85 25 30 Corporate and Other 2 — — 334 394 445 Total $ 524 $ 365 $ 275 $ 1,436 $ 1,471 $ 1,482 Investments in and Advances to Affiliates Equity in Earnings (Losses) Year Ended December 31, 2015 2014 2013 2015 2014 2013 US SBU $ 1 $ 1 $ 1 $ — $ — $ — Andes SBU 345 287 248 83 42 44 Brazil SBU — — — — — — MCAC SBU — — — — — 4 Europe SBU 53 54 286 10 (25 ) (5 ) Asia SBU 195 194 186 8 10 10 Corporate and Other 16 1 289 4 (8 ) (28 ) Total $ 610 $ 537 $ 1,010 $ 105 $ 19 $ 25 The table below presents information, by country, about the Company's consolidated operations for each of the three years ended December 31, 2015 , 2014 , and 2013 , and as of December 31, 2015 and 2014 in millions. Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located. Revenue Property, Plant & Equipment, net Year Ended December 31, 2015 2014 2013 2015 2014 United States (1) $ 3,597 $ 3,828 $ 3,630 $ 8,028 $ 7,713 Non-U.S.: Brazil 4,666 6,009 5,015 3,286 4,725 Chile 1,523 1,624 1,569 4,596 4,012 El Salvador 736 832 860 318 304 Dominican Republic 632 802 832 783 702 Colombia 557 552 523 446 430 Philippines 406 451 497 736 752 Argentina 399 463 545 193 222 United Kingdom 396 533 558 191 324 Mexico 383 434 440 716 733 Bulgaria 382 410 422 1,259 1,457 Puerto Rico 302 348 328 599 551 Panama 297 263 250 1,028 1,030 Jordan 248 262 142 470 484 Vietnam (2) 233 — — 2 1,491 Kazakhstan 155 161 156 146 206 Sri Lanka 45 107 53 — 7 Cameroon (3) — — — — — Ukraine (4) — — — — — Other Non-U.S. (5) 6 67 71 19 8 Total Non-U.S. 11,366 13,318 12,261 14,788 17,438 Total $ 14,963 $ 17,146 $ 15,891 $ 22,816 $ 25,151 (1) Excludes revenue of $2 million and $ 23 million for the years ended December 31, 2014 and 2013 , respectively, related to Condon and Mid-West Wind, which are reflected as discontinued operations in the accompanying Consolidated Statements of Operations. (2) Property, plant & equipment as of December 31, 2015 includes the impact of adopting ASU No. 2014-05, Service Concession Arrangements , on a modified retrospective basis as of January 1, 2015. See Note 1 — General and Summary of Significant Accounting Policies for more information. (3) Excludes revenue of $ 230 million and $ 473 million for the years ended December 31, 2014 and 2013 , respectively, related to Sonel, which is reflected as discontinued operations in the accompanying Consolidated Statements of Operations. (4) Excludes revenue of $ 187 million for the years ended December 31, 2013 related to Kievoblenergo and Rivnooblenergo, which are reflected as discontinued operations in the accompanying Consolidated Statements of Operations. (5) Excludes revenue of $ 6 million for the years ended December 31, 2013 related to Saurashtra, which is reflected as discontinued operations in the accompanying Consolidated Statements of Operations. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 , 2014 and 2013 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, 2015 , approximately 16 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, 2015 2014 2013 Expected volatility 25 % 24 % 23 % Expected annual dividend yield 3 % 1 % 1 % Expected option term (years) 7 6 6 Risk-free interest rate 1.86 % 1.86 % 1.13 % Fair value at grant date $ 2.07 $ 3.26 $ 2.23 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 consolidated financial statements in millions: December 31, 2015 2014 2013 Pretax compensation expense $ 3 $ 3 $ 2 Tax benefit (1 ) (1 ) (1 ) Stock options expense, net of tax $ 2 $ 2 $ 1 Total intrinsic value of options exercised $ 1 $ 1 $ 5 Total fair value of options vested 3 2 2 Cash received from the exercise of stock options 5 3 13 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, 2015 , 2014 and 2013 . As of December 31, 2015 , $4 million of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted average period of 1.8 years. A summary of the option activity for the year ended December 31, 2015 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, 2014 7,062 $ 14.83 Exercised (419 ) 10.76 Forfeited and expired (1,347 ) 17.49 Granted 1,859 11.89 Outstanding at December 31, 2015 7,155 $ 13.81 6 $ 1 Vested and expected to vest at December 31, 2015 6,771 $ 13.88 5.8 $ 1 Eligible for exercise at December 31, 2015 4,292 $ 14.70 4.1 $ 1 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 2015 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, 2015 . 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 2015 , AES has estimated a weighted average forfeiture rate of 15.28% for stock options granted in 2015 . 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 $3.3 million on a straight-line basis over a three year period (approximately $1.1 million per year) related to stock options granted during the year ended December 31, 2015 . 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, 2015 , 2014 , and 2013 , 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, 2015 , 2014 , and 2013 had grant date fair values per RSU of $12.03 , $14.60 and $11.19 , respectively. The following table summarizes the components of the Company's stock-based compensation related to its employee RSUs recognized in the Company's consolidated financial statements in millions: December 31, 2015 2014 2013 RSU expense before income tax $ 13 $ 12 $ 12 Tax benefit (3 ) (3 ) (3 ) RSU expense, net of tax $ 10 $ 9 $ 9 Total value of RSUs converted (1) $ 16 $ 25 $ 10 Total fair value of RSUs vested $ 12 $ 13 $ 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, 2015 , 2014 , and 2013 . As of December 31, 2015 , $16 million of total unrecognized compensation cost related to RSUs is expected to be recognized over a weighted average period of approximately 1.9 years. There were no modifications to RSU awards during the year ended December 31, 2015 . A summary of the activity of RSUs for the year ended December 31, 2015 follows (number of RSUs in thousands): RSUs Weighted Average Grant Date Fair Values Weighted Average Remaining Vesting Term Nonvested at December 31, 2014 1,997 $ 13.20 Vested (954 ) 13.01 Forfeited and expired (236 ) 12.71 Granted 1,585 12.03 Nonvested at December 31, 2015 2,392 $ 12.55 1.7 Vested at December 31, 2015 — $ — Vested and expected to vest at December 31, 2015 2,105 $ 12.55 The Company initially recognizes compensation cost on the estimated number of instruments for which the requisite service is expected to be rendered. In 2015 , AES has estimated a weighted average forfeiture rate of 13.53% for RSUs granted in 2015 . 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 $16 million on a straight-line basis over a three year period related to RSUs granted during the year ended December 31, 2015 . The table below summarizes the RSUs that vested and were converted during the years ended December 31, 2015 , 2014 , and 2013 (number of RSUs in thousands): 2015 2014 2013 RSUs vested during the year 954 1,037 942 RSUs converted during the year, net of shares withheld for taxes 1,238 1,734 905 Shares withheld for taxes 549 796 407 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 1 of the grant year and ending on December 31 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 1 of the grant year and ending on December 31 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 2015 is reflected in the award's fair value on the grant date. The results of the valuation estimated the fair value at $8.22 per share, equating to 69% 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, 2015 , 2014 , and 2013 had a grant date fair value per RSU of $8.22 , $15.19 and $13.28 , respectively. The fair value of the PSUs with a performance condition had a grant date fair value of $11.89 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, 2015 would have increased by $1.1 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 in millions: December 31, 2015 2014 2013 PSU expense before income tax $ 5 $ 6 $ 4 Tax benefit (1 ) (2 ) (1 ) PSU expense, net of tax $ 4 $ 4 $ 3 Total value of PSUs converted (1) $ 1 $ 4 $ — Total fair value of PSUs vested 3 1 — (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, 2015 , 2014 , and 2013 . As of December 31, 2015 , $7 million of total unrecognized compensation cost related to PSUs is expected to be recognized over a weighted average period of approximately 1.7 years. There were no modifications to PSU awards during the year ended December 31, 2015 . A summary of the activity of PSUs for the year ended December 31, 2015 follows (number of PSUs in thousands): PSUs Weighted Average Grant Date Fair Values Weighted Average Remaining Vesting Term Nonvested at December 31, 2014 1,331 $ 14.27 Vested (161 ) 16.73 Forfeited and expired (245 ) 15.27 Granted 626 10.06 Nonvested at December 31, 2015 1,551 $ 12.16 1.2 Vested at December 31, 2015 — $ — Vested and expected to vest at December 31, 2015 1,298 11.92 The Company initially recognizes compensation cost on the estimated number of instruments for which the requisite service is expected to be rendered. In 2015 , AES has estimated a forfeiture rate of 15.28% for PSUs granted in 2015. 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 $5 million on a straight-line basis over a three year period (approximately $1.8 million per year) related to PSUs granted during the year ended December 31, 2015 . The table below summarizes the PSUs that vested and were converted during the years ended December 31, 2015 , 2014 , and 2013 (number of PSUs in thousands): 2015 2014 2013 PSUs vested during the year 161 85 — PSUs converted during the year, net of shares withheld for taxes 96 287 — Shares withheld for taxes 65 141 — |
Redeemable Stock of Subsidiarie
Redeemable Stock of Subsidiaries | 12 Months Ended |
Dec. 31, 2015 | |
Temporary Equity [Abstract] | |
REDEEMABLE STOCK OF SUBSIDIARES | REDEEMABLE STOCK OF SUBSIDIARIES The following table summarizes the Company's redeemable stock of subsidiaries balances as of the periods indicated: December 31, Redeemable stock of subsidiaries (in millions) 2015 2014 Additional paid-in capital, IPALCO shares $ 377 $ — Book value, IPALCO shares - noncontrolling interest 83 — Total fair value of consideration received (1) 460 — IPL cumulative preferred stock 60 60 DPL cumulative preferred stock 18 18 Total cumulative preferred stock of subsidiaries (2) 78 78 Total redeemable stock of subsidiaries $ 538 $ 78 (1) See Note 16— Equity for further information on IPALCO equity transactions with noncontrolling interests. (2) Refer below for further information on outstanding shares of cumulative preferred stock of subsidiaries. Our subsidiaries IPL and DPL had outstanding shares of cumulative preferred stock of $78 million at December 31, 2015 and 2014 . IPL — IPL had $60 million of cumulative preferred stock outstanding at December 31, 2015 and 2014 , which represented five series of preferred stock. The total annual dividend requirements were approximately $3 million at December 31, 2015 and 2014 . 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 relevant accounting guidance for noncontrolling interests and redeemable securities. DPL — DPL had $18 million of cumulative preferred stock outstanding at December 31, 2015 and 2014 , 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, 2015 and 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, 2015 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME AND EXPENSE | OTHER INCOME AND EXPENSE Other Income — Other income generally includes gains on asset sales and liability extinguishments, favorable judgments on contingencies, gains on contract terminations, and other income from miscellaneous transactions. The components are summarized as follows (in millions): Years Ended December 31, 2015 2014 2013 Contract termination $ 20 $ — $ 60 Gain on sale of assets 19 68 12 Allowance for Funds Used During Construction (US Utilities) 17 9 6 Contingency reversal — 18 10 Gain on extinguishment of tax and other liabilities — — 9 Other 27 29 28 Total other income $ 83 $ 124 $ 125 Other Expense — Other expense generally includes losses on asset sales and dispositions, losses on legal contingencies, and losses from other miscellaneous transactions. The components are summarized as follows (in millions): Years Ended December 31, 2015 2014 2013 Loss on sale and disposal of assets $ 48 $ 47 $ 51 Legal contingency 9 11 9 Contract termination — — 7 Other 8 10 9 Total other expense $ 65 $ 68 $ 76 |
Asset Impairment Expense
Asset Impairment Expense | 12 Months Ended |
Dec. 31, 2015 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
ASSET IMPAIRMENT EXPENSE | ASSET IMPAIRMENT EXPENSE Years ended December 31, 2015 2014 2013 (in millions) Kilroot $ 121 $ — $ — Buffalo Gap III 116 — — U.K. Wind 37 12 — Ebute — 67 — East Bend (DP&L) — 12 — Beaver Valley — — 46 Conesville (DP&L) — — 26 Itabo (San Lorenzo) — — 16 Other 11 — 7 Total asset impairment expense $ 285 $ 91 $ 95 Kilroot — During 2015, the Company tested the recoverability of long-lived assets at Kilroot, a coal- and oil-fired plant in the U.K., when the regulator established lower capacity prices for the Irish Single Electricity Market. The Company determined that the carrying amount of the asset group was not recoverable. The Kilroot asset group was determined to have a fair value of $70 million using the income approach. As a result, the Company recognized asset impairment expense of $121 million . Kilroot is reported in the Europe SBU reportable segment. Buffalo Gap III — During 2015, the Company tested the recoverability of its long-lived assets at Buffalo Gap III, a wind farm in Texas. Impairment indicators were identified based on a decline in forward power curves coupled with the near term expiration of favorable contracted cash flows. The Company determined that the carrying amount was not recoverable. The Buffalo Gap III asset group was determined to have a fair value of $118 million using the income approach. As a result, the Company recognized asset impairment expense of $116 million . Buffalo Gap III is reported in the US SBU reportable segment. U.K. Wind (Development Projects) — During 2015, the Company decided to no longer pursue two wind projects in the U.K. based on recent regulatory clarifications specific to these projects, resulting in a full impairment. Impairment indicators were also identified at four other wind projects based on their current development status and a reassessment of the likelihood that each project would be pursued given aviation concerns, regulatory changes, economic considerations and other factors. The Company determined that the carrying amounts of each of these asset groups, which totaled $38 million , were not recoverable. In aggregate, the asset groups were determined to have a fair value of $1 million using the market approach and, as a result, the Company recognized asset impairment expense of $37 million . The U.K. Wind (Development Projects) are reported in the Europe SBU reportable segment. 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 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. Prior to its sale, Ebute was reported in the Europe SBU reportable segment. U.K. Wind (Newfield) — During 2014, the Company tested the recoverability of long-lived assets at its Newfield wind development project in the U.K. after their 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 asset impairment expense of $12 million . U.K. 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 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 asset impairment expense of $12 million . 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 — During 2013, Beaver Valley, a wholly-owned 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 . 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 asset impairment expense of $46 million . Beaver Valley is reported in the US SBU reportable segment. Conesville (DP&L) — During 2013, the Company tested the recoverability of long-lived assets at Conesville, a 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 asset impairment expense of $26 million . Conesville is reported in the US SBU reportable segment. Itabo (San Lorenzo) — During 2013, the Company tested the recoverability of long-lived assets at San Lorenzo, a 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 asset impairment expense of $16 million . Itabo is reported in the MCAC SBU reportable segment. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income Tax Provision — The next table summarizes the expense for income taxes on continuing operations in millions for the periods indicated: December 31, 2015 2014 2013 Federal — Current $ 9 $ — $ (28 ) Deferred (56 ) (121 ) (110 ) State — Current 1 1 1 Deferred (5 ) 1 1 Foreign — Current 505 457 509 Deferred 11 81 (30 ) Total $ 465 $ 419 $ 343 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, 2015 2014 2013 Statutory Federal tax rate 35 % 35 % 35 % State taxes, net of Federal tax benefit (5 )% (1 )% (3 )% Taxes on foreign earnings 3 % (14 )% (4 )% Valuation allowance (5 )% (1 )% — % Uncertain tax positions — % — % (5 )% Bad debt deduction — % — % (3 )% Change in tax law — % 4 % (1 )% Goodwill impairment 10 % 4 % 12 % Other—net 3 % — % 2 % Effective tax rate 41 % 27 % 33 % Included in the favorable (14)% 2014 taxes on foreign earnings percentage above is approximately (8)% related to the 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 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 next table summarizes the income taxes receivable and payable in millions as of December 31, 2015 and 2014 : 2015 2014 Income taxes receivable—current $ 167 $ 217 Total income taxes receivable $ 167 $ 217 Income taxes payable—current $ 264 $ 299 Income taxes payable—noncurrent 35 2 Total income taxes payable $ 299 $ 301 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, 2015 , the Company had federal net operating loss carryforwards for tax purposes of approximately $3.5 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 2035, 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, 2015 of approximately $8.4 billion expiring in years 2016 to 2035. As of December 31, 2015 , the Company had foreign net operating loss carryforwards of approximately $3.5 billion that expire at various times beginning in 2016 and some of which carry forward without expiration, and tax credits available in foreign jurisdictions of approximately $32 million , $24 million of which expire in 2021 and $8 million of which carryforward without expiration. Valuation allowances decreased $103 million during 2015 to $894 million at December 31, 2015 . This net decrease was primarily the result of foreign exchange losses and valuation allowance releases at certain of our Brazil and Vietnam subsidiaries. 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 Brazil subsidiaries and the release of valuation allowance against U.S. capital loss carryforwards. 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 in millions, as of December 31, 2015 and 2014 : 2015 2014 Differences between book and tax basis of property $ (2,240 ) $ (2,364 ) Other taxable temporary differences (299 ) (302 ) Total deferred tax liability (2,539 ) (2,666 ) Operating loss carryforwards 2,206 2,224 Capital loss carryforwards 66 137 Bad debt and other book provisions 191 221 Retirement costs 149 275 Tax credit carryforwards 55 58 Other deductible temporary differences 219 363 Total gross deferred tax asset 2,886 3,278 Less: valuation allowance (894 ) (997 ) Total net deferred tax asset 1,992 2,281 Net deferred tax (liability) $ (547 ) $ (385 ) The Company considers undistributed earnings of certain foreign subsidiaries to be indefinitely reinvested outside of the U.S. 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 $21 million , $38 million and $70 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The per share effect of these benefits after noncontrolling interests was $0.02 , $0.04 and $0.09 for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company's business in Vietnam began commercial operations in 2015. As part of its power purchase contract with the Vietnam government, the business will be subject to the following reduced income tax rates: 0% for four years, followed by 5% for nine years, followed by 10% for the remaining life of the contract term. See Item 1 . — Business — Our Organization and Segments for additional information regarding the power purchase contract. The benefit related to our operations in Vietnam is estimated to be $8 million for the year ended December 31, 2015. The per share effect of these benefits after noncontrolling interest was $0.01 for the year ended December 31, 2015. The following table summarizes the income (loss) from continuing operations, before income taxes, net equity in earnings of affiliates and noncontrolling interests in millions, for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 U.S. $ (612 ) $ (560 ) $ (575 ) Non-U.S. 1,734 2,136 1,623 Total $ 1,122 $ 1,576 $ 1,048 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, 2015 and 2014 , the total amount of gross accrued income tax related interest included in the Consolidated Balance Sheets was $8 million and $14 million , respectively. The total amount of gross accrued income tax related penalties included in the Consolidated Balance Sheets as of December 31, 2015 and 2014 was $0 million and $1 million , respectively. The total expense (benefit) for interest related to unrecognized tax benefits for the years ended December 31, 2015 , 2014 and 2013 amounted to $0 million , $3 million and $(4) million , respectively. For the years ended December 31, 2015 , 2014 and 2013 , the total expense (benefit) for penalties related to unrecognized tax benefits amounted to $0 million , $0 million and $(3) 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 2009-2015 Brazil 2010-2015 Chile 2012-2015 Colombia 2013-2015 Dominican Republic 2012-2015 El Salvador 2012-2015 Netherlands 2013-2015 Philippines 2012-2015 United Kingdom 2010-2015 United States (Federal) 2011-2015 As of December 31, 2015 , 2014 and 2013 , the total amount of unrecognized tax benefits was $373 million , $395 million and $392 million , respectively. The total amount of unrecognized tax benefits that would benefit the effective tax rate as of December 31, 2015 , 2014 and 2013 is $343 million , $366 million and $360 million , respectively, of which $24 million , $24 million and $26 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, 2015 is estimated to be between $15 million and $25 million , primarily relating to statute of limitation lapses and tax exam settlements. Next is a reconciliation of the beginning and ending amounts of unrecognized tax benefits in millions for the periods indicated: December 31, 2015 2014 2013 Balance at January 1 $ 395 $ 392 $ 475 Additions for current year tax positions 6 8 7 Additions for tax positions of prior years 12 14 10 Reductions for tax positions of prior years (7 ) (2 ) (3 ) Effects of foreign currency translation (7 ) (3 ) — Settlements (19 ) (2 ) (65 ) Lapse of statute of limitations (7 ) (12 ) (32 ) Balance at December 31 $ 373 $ 395 $ 392 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, 2015 . Our effective tax rate and net income in any given future period could therefore be materially impacted. |
Discontinued Operations and Hel
Discontinued Operations and Held-For-Sale Businesses | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS AND HELD-FOR-SALE BUSINESSES | DISCONTINUED OPERATIONS As discussed in Note 1— General and Summary of Significant Accounting Policies , effective July 1, 2014, the Company prospectively adopted ASU No. 2014-08. There have been no businesses classified as discontinued operations subsequent to this ASU adoption. Discontinued operations prior to adoption of ASU No. 2014-08 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) The following table summarizes revenue, income from operations, income tax expense, and impairment and loss on disposal of all discontinued operations prior to the adoption of ASU No. 2014-08 for the periods indicated (in millions): Years Ended December 31, 2014 2013 Revenue $ 233 $ 689 Income (loss) from operations of discontinued businesses, before income tax $ 50 $ (3 ) Income tax expense (23 ) (24 ) Income (loss) from operations of discontinued businesses, after income tax $ 27 $ (27 ) Net loss from disposal and impairments of discontinued businesses, after income tax $ (56 ) $ (152 ) Cameroon — In September 2013, the Company executed agreements for the sale of its 56% equity interests in three businesses in Cameroon: Sonel, an integrated utility, Kribi, a gas and light fuel oil plant, and Dibamba, a heavy fuel oil plant. The sale was completed in June 2014. 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. Between meeting the held-for-sale criteria in September 2013 and completing the sale in June 2014, the Company recognized impairments of $101 million and 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 an agreement for the sale of Saurashtra, a wind project in India. The sale transaction was completed in February 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: Condon in California, Lake Benton I in Minnesota and Storm Lake II in Iowa. Upon meeting the held-for-sale criteria for these three projects, the Company recognized impairment expense 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 in January 2014 and net proceeds of $27 million were received. These businesses were previously reported in the US SBU reportable segment. Under the terms of the sale agreement, the buyer was provided an option to purchase the Company's 100% interest in Armenia Mountain, a wind project in Pennsylvania at a fixed price of $75 million . Approximately $3 million of the $27 million net proceeds was deferred and allocated to this option. The buyer exercised the option in March 2015 and the sale was completed in July 2015. See Note 24 —Dispositions and Held-For-Sale Businesses for further information. Poland wind projects — In November 2013, the Company completed the sale of Poland Wind, a wholly-owned subsidiary with ownership interests ranging between 61% – 89% in ten wind development projects. 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 and received net proceeds of $113 million . The Company sold its 89.1% equity interest in Kyivoblenergo and its 84.6% equity interest in Rivneoblenergo. The Company recognized net impairments of $38 million during 2013. These businesses were previously reported in the Europe SBU reportable segment. Held-For-Sale Businesses DPLER — In December 2015, the Company executed an agreement for the sale of its ownership interest in DPLER, a competitive retail marketer selling electricity to customers in Ohio. Accordingly, DPLER has been classified as held-for-sale as of December 31, 2015, but does not meet the criteria to be reported as a discontinued operation. DPLER's results are therefore reflected within continuing operations in the Consolidated Statements of Operations. DPLER's pretax income attributable to AES was $11 million , $(129) million and $6 million for the years ended December 31, 2015, 2014 and 2013, respectively. The sale of DPLER was completed on January 1, 2016 and proceeds of $76 million were received on December 31, 2015. The proceeds were classified as restricted cash with a corresponding amount recorded in accrued and other liabilities in the Consolidated Balance Sheet as of December 31, 2015. DPLER is reported in the US SBU reportable segment. Kelanitissa — In August 2015, the Company executed an agreement for the sale of its 90% ownership interest in Kelanitissa, a diesel-fired generation plant in Sri Lanka. Accordingly, Kelanitissa has been classified as held-for-sale as of December 31, 2015, but does not meet the criteria to be reported as a discontinued operation. Kelanitissa's results are therefore reflected within continuing operations in the Consolidated Statements of Operations. Kelanitissa's pretax income (loss) attributable to AES was $(7) million , $1 million , and $16 million for the years ended December 31, 2015, 2014 and 2013, respectively. The sale of Kelanitissa was completed on January 27, 2016 and proceeds of $18 million were received. Kelanitissa is reported in the Asia SBU reportable segment. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
ACQUISITIONS AND DISPOSITIONS | Dispositions Armenia Mountain — On July 1, 2015, the Company completed the sale of its interest in Armenia Mountain, a wind project in Pennsylvania. Net proceeds from the sale were $64 million and the Company recognized a pretax gain on sale of $22 million . As Armenia Mountain does not meet the criteria to be reported as a discontinued operation, its results are reflected within continuing operations in the Consolidated Statements of Operations. Excluding the gain on sale, Armenia Mountain's pretax income attributable to AES was $6 million , $7 million , and $4 million for the years ended December 31, 2015, 2014, and 2013, respectively. Prior to its sale, Armenia Mountain was reported in the US SBU reportable segment. See Note 23 — Discontinued Operations for more information about transactions preceding the sale. 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 and its 100% interest in AES Nigeria Barge Operations Limited. Proceeds from the sale were $22 million and the Company recognized a $6 million loss on the sale in the fourth quarter of 2014. As Ebute does not meet the criteria to be reported as a discontinued operation, its results are reflected within continuing operations in the Consolidated Statements of Operations. Excluding the loss on sale, Ebute's pretax (loss) attributable to AES was $(27) million and $(29) million for the years ended December 31, 2014 and 2013, respectively. Prior to its sale, Ebute was reported in the Europe SBU reportable segment. U.K. Wind (Operating Projects) — On August 22, 2014, the Company sold 100% of its interests in four operating wind projects located in the U.K.. Total net proceeds from the sale were $158 million and the Company recognized a pretax gain on sale of $78 million . As these wind projects do not meet the criteria to be reported as discontinued operations, their results are reflected within continuing operations in the Consolidated Statements of Operations. Excluding the gain on sale, the pretax income (loss) attributable to AES for these disposed projects was $(18) million and $3 million for the years ended December 31, 2014 and 2013, respectively. Prior to the sale, U.K. Wind (Operating Projects) were reported in the Europe SBU reportable segment. Cartagena — On April 26, 2013, the Company sold its remaining interest in Cartagena, a 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. Prior to its sale, Cartagena was reported in the Europe SBU reportable segment. ACQUISITIONS Main Street Power — On February 18, 2015, the Company completed the acquisition of 100% of the common stock of Main Street Power Company, Inc. for approximately $25 million , pursuant to the terms and conditions of a definitive agreement dated January 24, 2015. The purchase consideration was composed of $20 million cash and the fair value of earn-out payments of $5 million . At December 31, 2015, the assets acquired (including $4 million cash) and liabilities assumed at the acquisition date were recorded at fair value based on the final purchase price allocation, which resulted in the recognition of $16 million of goodwill. Subsequent changes to the fair value of earn-out payments will be reflected in earnings. |
Acquisitions Acquisitions
Acquisitions Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Dispositions Armenia Mountain — On July 1, 2015, the Company completed the sale of its interest in Armenia Mountain, a wind project in Pennsylvania. Net proceeds from the sale were $64 million and the Company recognized a pretax gain on sale of $22 million . As Armenia Mountain does not meet the criteria to be reported as a discontinued operation, its results are reflected within continuing operations in the Consolidated Statements of Operations. Excluding the gain on sale, Armenia Mountain's pretax income attributable to AES was $6 million , $7 million , and $4 million for the years ended December 31, 2015, 2014, and 2013, respectively. Prior to its sale, Armenia Mountain was reported in the US SBU reportable segment. See Note 23 — Discontinued Operations for more information about transactions preceding the sale. 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 and its 100% interest in AES Nigeria Barge Operations Limited. Proceeds from the sale were $22 million and the Company recognized a $6 million loss on the sale in the fourth quarter of 2014. As Ebute does not meet the criteria to be reported as a discontinued operation, its results are reflected within continuing operations in the Consolidated Statements of Operations. Excluding the loss on sale, Ebute's pretax (loss) attributable to AES was $(27) million and $(29) million for the years ended December 31, 2014 and 2013, respectively. Prior to its sale, Ebute was reported in the Europe SBU reportable segment. U.K. Wind (Operating Projects) — On August 22, 2014, the Company sold 100% of its interests in four operating wind projects located in the U.K.. Total net proceeds from the sale were $158 million and the Company recognized a pretax gain on sale of $78 million . As these wind projects do not meet the criteria to be reported as discontinued operations, their results are reflected within continuing operations in the Consolidated Statements of Operations. Excluding the gain on sale, the pretax income (loss) attributable to AES for these disposed projects was $(18) million and $3 million for the years ended December 31, 2014 and 2013, respectively. Prior to the sale, U.K. Wind (Operating Projects) were reported in the Europe SBU reportable segment. Cartagena — On April 26, 2013, the Company sold its remaining interest in Cartagena, a 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. Prior to its sale, Cartagena was reported in the Europe SBU reportable segment. ACQUISITIONS Main Street Power — On February 18, 2015, the Company completed the acquisition of 100% of the common stock of Main Street Power Company, Inc. for approximately $25 million , pursuant to the terms and conditions of a definitive agreement dated January 24, 2015. The purchase consideration was composed of $20 million cash and the fair value of earn-out payments of $5 million . At December 31, 2015, the assets acquired (including $4 million cash) and liabilities assumed at the acquisition date were recorded at fair value based on the final purchase price allocation, which resulted in the recognition of $16 million of goodwill. Subsequent changes to the fair value of earn-out payments will be reflected in earnings. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
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 table is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computation for income from continuing operations for the years ended December 31, 2015 , 2014 and 2013 , where income represents the numerator and weighted-average shares represent the denominator. Values are in millions except per share data: Year Ended December 31, 2015 2014 2013 Income Shares $ per Share Income Shares $ per Share Income Shares $ per Share BASIC EARNINGS PER SHARE Income from continuing operations attributable to The AES Corporation common stockholders $ 306 687 $ 0.45 $ 789 720 $ 1.10 $ 284 743 $ 0.38 EFFECT OF DILUTIVE SECURITIES Stock options — — — — 1 — — 1 — Restricted stock units — 2 (0.01 ) — 3 (0.01 ) — 4 — DILUTED EARNINGS PER SHARE $ 306 689 $ 0.44 $ 789 724 $ 1.09 $ 284 748 $ 0.38 The calculation of diluted earnings per share excluded 8 million , 6 million and 7 million stock awards outstanding for the years ended December 31, 2015 , 2014 and 2013 , respectively, that could potentially dilute basic earnings per share in the future. Additionally, for the years ended December 31, 2015 , 2014 and 2013 , all 15 million convertible debentures were omitted from the earnings per share calculation. The stock awards and convertible debentures were excluded from the calculation because they were anti-dilutive. |
Risks and Uncertainties
Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , the Company had $1.3 billion of unrestricted cash and cash equivalents. During 2015 , 76% of our revenue was generated outside the U.S. and a significant portion of our international operations is conducted in developing countries. We continue to invest in several developing countries to expand our existing platform and operations. International operations, particularly the operation, financing and development of projects in developing countries, entail significant risks and uncertainties, including, without limitation: • economic, social and political instability in any particular country or region; • inability to economically hedge energy prices; • volatility in commodity prices; • adverse changes in currency exchange rates; • government restrictions on converting currencies or repatriating funds; • unexpected changes in foreign laws, regulatory framework, or in trade, monetary or fiscal policies; • high inflation and monetary fluctuations; • restrictions on imports of coal, oil, gas or other raw materials required by our generation businesses to operate; • threatened or consummated expropriation or nationalization of our assets by foreign governments; • unwillingness of governments, government agencies, similar organizations or other counterparties to honor their commitments; • unwillingness of governments, government agencies, courts or similar bodies to enforce contracts that are economically advantageous to subsidiaries of the Company and economically unfavorable to counterparties, against such counterparties, whether such counterparties are governments or private parties; • inability to obtain access to fair and equitable political, regulatory, administrative and legal systems; • adverse changes in government tax policy; • difficulties in enforcing our contractual rights, enforcing judgments, or obtaining a just result in local jurisdictions; and • potentially adverse tax consequences of operating in multiple jurisdictions. Any of these factors, individually or in combination with others, could materially and adversely affect our business, results of operations and financial condition. In addition, our Latin American operations experience volatility in revenue and earnings which have caused and are expected to cause significant volatility in our results of operations and cash flows. The volatility is caused by regulatory and economic difficulties, political instability, indexation of certain PPAs to fuel prices, and currency fluctuations being experienced in many of these countries; particularly in Argentina, where $124 million in net foreign currency transaction gains were recognized in 2015 primarily from foreign currency derivatives related to government receivables. 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. Argentina — In December 2015, the Argentine government lifted foreign currency controls, which resulted in a depreciation of the Argentine peso against the US dollar by approximately 30%. Over the course of 2015, the Argentinean Peso devalued by approximately 50% against the US dollar. Our businesses in Argentina are dependent on the solvency of the Argentine government with which we have long-term receivables. See Note 7 — Financing Receivables for further information on the long-term receivables. Further weakening of the Argentine Peso and local economic activity could cause significant volatility in our results of operations, cash flows, and the value of our assets. 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 2015 , 2014 or 2013 . 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, 2015 , Maritza's outstanding accounts receivable were $351 million , of which $307 million were overdue. No allowance has been recognized on the receivables as the Company continues to assert that collection is probable. The Bulgarian government elected in 2014 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 throughout 2015, 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, 2015 | |
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 in millions for the periods indicated: Years Ended December 31, 2015 2014 2013 Revenue—Non-Regulated $ 1,099 $ 1,188 $ 1,110 Cost of Sales—Non-Regulated 330 331 276 Interest Income 25 17 20 Interest Expense 33 9 8 The following table summarizes the balances receivable from and payable to related parties included in the Company's Consolidated Balance Sheets in millions as of the periods indicated: December 31, 2015 2014 Receivables from related parties $ 181 $ 349 Accounts and notes payable to related parties 524 567 China Investment Corporation ("CIC") Transaction — On May 18, 2015, the Parent Company completed the repurchase of 20 million shares of its common stock from Terrific Investment Corporation, at a price per share of $13.07 , for an aggregate purchase price of $261 million . Terrific Investment Corporation is a subsidiary controlled by CIC, a previously significant shareholder of The AES corporation. See Note 16 — Equity for additional information. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Quarterly Financial Data — The following tables summarize the unaudited quarterly Condensed Consolidated Statements of Operations for the Company for 2015 and 2014 (amounts in millions, except per share data). Amounts have been restated to reflect discontinued operations in all periods presented and reflect all adjustments necessary in the opinion of management for a fair statement of the results for interim periods. Quarter Ended 2015 Mar 31 June 30 Sept 30 Dec 31 Revenue $ 3,984 $ 3,858 $ 3,721 $ 3,400 Operating margin 721 754 673 718 Income from continuing operations, net of tax (1) 254 264 203 41 Discontinued operations, net of tax — — — — Net income $ 254 $ 264 $ 203 $ 41 Net income (loss) attributable to The AES Corporation $ 142 $ 69 $ 180 $ (85 ) Basic income (loss) per share: Income (loss) from continuing operations attributable to The AES Corporation, net of tax $ 0.20 $ 0.10 $ 0.27 $ (0.13 ) Discontinued operations attributable to The AES Corporation, net of tax — — — — Basic income (loss) per share attributable to The AES Corporation $ 0.20 $ 0.10 $ 0.27 $ (0.13 ) Diluted income (loss) per share: Income (loss) from continuing operations attributable to The AES Corporation, net of tax $ 0.20 $ 0.10 $ 0.26 $ (0.13 ) Discontinued operations attributable to The AES Corporation, net of tax — — — — Diluted income (loss) per share attributable to The AES Corporation $ 0.20 $ 0.10 $ 0.26 $ (0.13 ) Dividends declared per common share $ — $ 0.10 $ 0.10 $ 0.21 Quarter Ended 2014 Mar 31 June 30 Sept 30 Dec 31 Revenue $ 4,262 $ 4,311 $ 4,441 $ 4,132 Operating margin 794 819 767 708 Income (loss) from continuing operations, net of tax (2,3) 89 281 508 298 Discontinued operations, net of tax (23 ) (6 ) — — Net income (loss) $ 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 ) $ 0.20 $ 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 ) $ 0.20 $ 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 (1) Includes pretax impairment expense of $8 million , $37 million , $231 million and $ 326 million , for the first, second, third and fourth quarters of 2015 , 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 third 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 and Held-for-Sale Businesses 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 in the fourth quarter of 2014. See Note 8 — Investments In And Advances To Affiliates for further discussion. (3) 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. |
Subsequent Event Subsequent Eve
Subsequent Event Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Stock Repurchase Program — Subsequent to December 31, 2015 , the Parent Company repurchased an additional 8.7 million shares at a cost of $79 million , bringing the cumulative repurchases total from July 2010 through February 23, 2016 to 154.3 million shares for a total cost of $1.9 billion , at an average price per share of $12.12 (including a nominal amount of commissions). As of February 23, 2016, $264 million remains available under the Program. See Note 16 — Equity for additional information regarding the Company's common stock repurchase program. DPLER — On December 29, 2015, the Company entered into an agreement for the sale of DPLER. This transaction closed January 1, 2016. See Note 24 — Dispositions and Held-for-Sale Businesses for further information. Recourse Debt — Subsequent to December 31, 2015 , the Parent Company repurchased $125 million of its outstanding senior notes. Kelanitissa — On January 27, 2016, the Company completed the sale of Kelanitissa for $18 million . See Note 24 — Dispositions and Held-For-Sale Businesses for additional information. The Company expects to recognize an immaterial loss on this transaction during the first quarter of 2016. IPP4 — On February 18, 2016, the Company completed the sale of a noncontrolling interest in its Jordan IPP4 gas-fired plant for $21 million . Upon completion of the sale, the Company continues to hold a 36% ownership interest in IPP4 and will continue to manage and operate the plant. IPP4 is reported in the Europe SBU reportable segment. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Parent | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 (in millions) ASSETS Current Assets: Cash and cash equivalents $ 186 $ 511 Restricted cash 32 81 Accounts and notes receivable from subsidiaries 264 380 Deferred income taxes — 142 Prepaid expenses and other current assets 26 57 Total current assets 508 1,171 Investment in and advances to subsidiaries and affiliates 7,764 9,063 Office Equipment: Cost 135 157 Accumulated depreciation (112 ) (114 ) Office equipment, net 23 43 Other Assets: Deferred financing costs (net of accumulated amortization of $75 and $81, respectively) 49 61 Deferred income taxes 1,028 872 Other Assets 1 1 Total other assets 1,078 934 Total $ 9,373 $ 11,211 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 16 $ 25 Accounts and notes payable to subsidiaries 97 80 Accrued and other liabilities 204 212 Senior notes payable—current portion — 151 Total current liabilities 317 468 Long-term Liabilities: Senior notes payable 4,498 4,590 Junior subordinated notes and debentures payable 517 517 Accounts and notes payable to subsidiaries 873 1,352 Other long-term liabilities 19 12 Total long-term liabilities 5,907 6,471 Stockholders' equity: Common stock 8 8 Additional paid-in capital 8,718 8,409 Retained Earnings 143 512 Accumulated other comprehensive loss (3,883 ) (3,286 ) Treasury stock (1,837 ) (1,371 ) Total stockholders' equity 3,149 4,272 Total $ 9,373 $ 11,211 See Notes to Schedule I. THE AES CORPORATION SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT STATEMENTS OF OPERATIONS For the Years Ended December 31, 2015 2014 2013 (in millions) Revenue from subsidiaries and affiliates $ 24 $ 29 $ 32 Equity in earnings of subsidiaries and affiliates 859 1,313 498 Interest income 24 59 66 General and administrative expenses (154 ) (161 ) (171 ) Other Income 24 8 14 Other Expense (6 ) (30 ) (11 ) Loss on extinguishment of debt (105 ) (193 ) (165 ) Interest expense (364 ) (422 ) (436 ) Income (loss) before income taxes 302 603 (173 ) Income tax benefit 4 166 287 Net income $ 306 $ 769 $ 114 See Notes to Schedule I. THE AES CORPORATION SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT STATEMENTS OF COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2015 , 2014 , AND 2013 2015 2014 2013 (in millions) NET INCOME $ 306 $ 769 $ 114 Foreign currency translation activity: Foreign currency translation adjustments, net of income tax (expense) benefit of $1, $(7) and $10, respectively (674 ) (366 ) (263 ) Reclassification to earnings, net of income tax (expense) benefit of $0, $0 and $0, respectively — 34 36 Total foreign currency translation adjustments, net of tax (674 ) (332 ) (227 ) Derivative activity: Change in derivative fair value, net of income tax (expense) benefit of $4, $51 and $(31), respectively (5 ) (180 ) 46 Reclassification to earnings, net of income tax (expense) benefit of $(12), $(37) and $(32), respectively 48 72 128 Total change in fair value of derivatives, net of tax 43 (108 ) 174 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 $(7), $9 and $(42), respectively 18 (13 ) 78 Reclassification of earnings due to amortization of net actuarial loss, net of income tax (expense) benefit of $(2), $0 and $(5), respectively 2 10 13 Total change in unfunded pension obligation 21 (4 ) 91 OTHER COMPREHENSIVE INCOME (LOSS) (610 ) (444 ) 38 COMPREHENSIVE INCOME (LOSS) $ (304 ) $ 325 $ 152 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, 2015 2014 2013 (in millions) Net cash provided by operating activities $ 475 $ 449 $ 418 Investing Activities: Expenses related to asset sales — (4 ) (5 ) Investment in and net advances to subsidiaries (221 ) (69 ) 201 Return of capital 501 740 230 Decrease in restricted cash 49 96 50 Additions to property, plant and equipment (11 ) (31 ) (11 ) (Purchase) sale of short term investments, net — (1 ) 1 Net cash provided by (used in) investing activities 318 731 466 Financing Activities: Borrowings (payments) under the revolver, net — — — Borrowings of notes payable and other coupon bearing securities 575 1,525 750 Repayments of notes payable and other coupon bearing securities (915 ) (2,117 ) (1,210 ) Loans (to) from subsidiaries — 263 (152 ) Purchase of treasury stock (482 ) (308 ) (322 ) Proceeds from issuance of common stock 4 1 13 Common stock dividends paid (276 ) (144 ) (119 ) Payments for deferred financing costs (6 ) (20 ) (17 ) Other Financing (18 ) — — Net cash (used in) provided by financing activities (1,118 ) (800 ) (1,057 ) Effect of exchange rate changes on cash — — (1 ) Increase (decrease) in cash and cash equivalents (325 ) 380 (174 ) Cash and cash equivalents, beginning 511 131 305 Cash and cash equivalents, ending $ 186 $ 511 $ 131 Supplemental Disclosures: Cash payments for interest, net of amounts capitalized $ 314 $ 373 $ 442 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 ($ in millions) December 31, Interest Rate Maturity 2015 2014 Senior Unsecured Note 7.75% 2015 $ — $ 151 Senior Unsecured Note 9.75% 2016 — 164 Senior Unsecured Note 8.00% 2017 181 525 Senior Unsecured Note LIBOR + 3.00% 2019 775 775 Senior Unsecured Note 8.00% 2020 469 625 Senior Unsecured Note 7.38% 2021 1,000 1,000 Senior Unsecured Note 4.88% 2023 750 750 Senior Unsecured Note 5.50% 2024 750 750 Senior Unsecured Note 5.50% 2025 575 — Unamortized premium (discounts) (2 ) 1 SUBTOTAL 4,498 4,741 Less: Current maturities — (151 ) Total $ 4,498 $ 4,590 Junior Subordinated Notes Payable ($ in millions) December 31, Interest Rate Maturity 2015 2014 Term Convertible Trust Securities 6.75% 2029 $ 517 $ 517 FUTURE MATURITIES OF DEBT — Recourse debt as of December 31, 2015 is scheduled to reach maturity as presented in the table below in millions: December 31, Annual Maturities 2016 $ — 2017 181 2018 — 2019 774 2020 469 Thereafter 3,591 Total debt $ 5,015 Dividends from Subsidiaries and Affiliates Cash dividends received from consolidated subsidiaries were $748 million , $880 million , and $818 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. There were no cash dividends received from affiliates accounted for by the equity method for the years ended December 31, 2015 , 2014 , and 2013 . 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, 2015 , by the terms of the agreements, to an aggregate of approximately $396 million representing 15 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, 2015 , the Company had $62 million in letters of credit outstanding under the senior unsecured credit facility representing 7 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, 2015 , the Company had $32 million in cash collateralized letters of credit outstanding representing 4 agreements with individual exposures ranging from $1 million up to $15 million , which operate to guarantee performance relating to certain project development and construction activities and subsidiary operations. During 2015 , the Company paid letter of credit fees ranging from 0.2% to 2.5% per annum on the outstanding amounts. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 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, 2013 $ 195 $ 38 $ (77 ) $ (22 ) $ 134 Year Ended December 31, 2014 134 61 (88 ) (11 ) 96 Year Ended December 31, 2015 96 88 (60 ) (29 ) 95 |
General and Summary of Signif43
General and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 when the Company is the primary beneficiary and thus controls the VIE. Intercompany transactions and balances are eliminated in consolidation. Investments in entities where the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. 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 ("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; asset retirement obligations; impairment of goodwill, long-lived assets and equity method investments; valuation allowances for receivables and deferred tax assets; the recoverability of regulatory assets; 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 renewable generation partnerships; the determination of whether a sale of noncontrolling interests is considered to be a sale of in-substance real estate (as opposed to an equity transaction); pension liabilities; environmental liabilities; and potential litigation claims and settlements. |
DISCONTINUED OPERATIONS AND RECLASSIFICATIONS | DISCONTINUED OPERATIONS AND HELD-FOR-SALE BUSINESSES — 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 changed the prior 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 are 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 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, DPLER and Kelanitissa (which both met the Held-for-Sale criteria in 2015) and the Armenia Mountain, U.K. Wind (Operating Projects), and Ebute disposals would have met the discontinued operations criteria and would have been reclassified accordingly. See Note 24 — Dispositions and Held-for-Sale Businesses 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. |
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 an asset retirement obligation or 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 aren't 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 with original maturities of three months or less 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, contractual terms and others, as well as restrictions imposed by agreements related to the sales of businesses or long-term PPA |
INVESTMENTS IN MARKETABLE SECURITIES | INVESTMENTS IN MARKETABLE SECURITIES — The Company's marketable investments are primarily unsecured debentures, certificates of deposit, government debt securities and money market funds. Short-term investments consist of marketable equity securities and debt securities with original maturities in excess of three months with remaining maturities of less than one year. Marketable debt securities 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 fuel 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. Costs of inventory are valued primarily using the average cost 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 where recovery through approved rates is probable, an impairment expense could be reduced by the establishment of a regulatory asset. For other regulated assets and 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. 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 difference between the carrying amount and our underlying equity in the net assets of the investee are accounted for as if the investee were a consolidated subsidiary, except that the portion that represents equity method goodwill is not reviewed for impairment like consolidated goodwill. Upon acquiring the investment, we determine the fair value of the identifiable assets and assumed liabilities and the basis difference between each fair value and the carrying amount of the corresponding asset or liability in the financial statements of the investee are recognized in our net equity in earnings of affiliates over the life of the asset or liability. 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 SBU (i.e. 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 up to the carrying amount of the goodwill. 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 utilizes market data, when available, 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 and water rights. 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 future recovery in customer rates being probable. Generally, returns earned on regulatory assets are reflected on the Consolidated Statement of Operations within Interest Income . Regulatory liabilities generally represent obligations to make refunds to customers. Management continually assesses whether the regulatory assets are probable of future recovery and regulatory of liabilities are probable of future payment by considering factors such as applicable regulatory changes, recent rate orders applicable to other regulated entities and the status of any pending or potential deregulation legislation. If future recovery of costs previously deferred ceases to be probable, the related regulatory assets are written off and recognized in income from continuing operations. |
PENSION AND OTHER POSTRETIREMENT PLANS | PENSION AND OTHER POSTRETIREMENT PLANS — The Company recognizes in its Consolidated Balance Sheets an asset or liability reflecting the funded status of pension and other postretirement plans with current-year changes in actuarial gains or losses recognized in AOCL, except for those plans at certain of the Company's regulated utilities that can recover portions of their pension and postretirement obligations through future rates. All plan assets are recorded at fair value. AES follows the measurement date provisions of the accounting guidance, which require a year-end measurement date of plan assets and obligations for all defined benefit plans. |
INCOME TAXES | INCOME TAXES — Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities, and their respective income tax 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 on the Consolidated Statements of Operations and Consolidated Statements of Changes in Equity. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and noncontrolling interests (unless the transaction 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 certain renewable generation partnerships to designate different allocations of value among investors, where the allocations change in form or percentage over the life of the partnership. For these businesses, the Company uses the 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's functional currency is the currency of the primary economic environment in which the business operates and is generally the currency in which the business generates and expends cash. Subsidiaries and affiliates whose functional currency is a currency other than the U.S. Dollar translate their assets and liabilities into U.S. Dollars at the current exchange rates in effect at the end of the fiscal period. 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, restricted stock units, and performance 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. 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 certain foreign currencies and the associated impact on interest and loan principal payments. In addition, certain of our subsidiaries have entered into contracts which contain embedded derivatives as a portion of the contracts primarily that are 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. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes Effective December 31, 2015, the Company prospectively adopted ASU No. 2015-17, which requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction; that is, companies will remain prohibited from offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. Additionally, the current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the update. As the Company elected to apply this ASU prospectively, prior periods were not adjusted. ASU No. 2015-13, Derivatives and Hedging (Topic 815): Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Markets In August 2015, the FASB issued ASU No. 2015-13, which resolves the diversity in practice resulting from determining whether certain contracts qualify for the normal purchases and normal sales scope exception under ASC Topic 815— Derivatives and Hedging . This standard clarifies that entities would not be precluded from applying the normal purchases and normal sales exception to certain forward contracts that necessitate the transmission of electricity through, or delivery to a location within, a nodal energy market. The standard is effective upon issuance and should be applied prospectively. As the Company had designated qualifying contracts as normal purchase or normal sales, there was no impact on the Company's consolidated financial statements upon adoption of this standard. ASU No. 2014-05, Service Concession Arrangements (Topic 853) Effective January 1, 2015, the Company adopted ASU No. 2014-05, which states that certain service concession arrangements with public-sector entity grantors are not in scope of ASC 840— Leases, and that entities should not recognize the related infrastructure as property, plant and equipment, but should apply other GAAP. The Company has a small number of entities that fall within the scope of this guidance, with the Company's Mong Duong generation facility in Vietnam being the most significant. Mong Duong is based on a build, operate and transfer agreement with the Vietnamese government. Management concluded there were two deliverables included within the arrangement, as well as a financing element. Due to the contingent nature of the revenue stream, no amounts of revenue could be recognized during the build phase of the contract. All amounts billed during the operate phase are recognized as revenue when billed, with amounts allocated between the financing element and build and operate deliverables. The financing element is recognized as interest income using the effective interest method as payments for construction of the plant are received over the life of the contract. Costs are expensed as incurred. As the related infrastructure is no longer considered property, plant and equipment, there are no longer any capitalizable expenses beyond those related to the initial build, and accordingly these will be expensed as incurred. All cash flows for these arrangements, excluding those related to the debt incurred by AES, will be reflected in cash flows from operating activities on the Company's Consolidated Statements of Cash Flows prospectively. The guidance was applied on a modified retrospective basis to service concession arrangements in existence at January 1, 2015. Upon adoption of this standard, the impact to the Company's Consolidated Balance Sheet as of January 1, 2015 resulted in a reclassification of $1.5 billion from property, plant and equipment to service concession assets, as well as a cumulative adjustment to retained earnings and cumulative translation adjustment of $(18) million , net of tax, and $13 million , respectively. |
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 in these financial statements by AES. ASU No. 2016-01, Financial Instruments — Overall (Topic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016-01, which was designed to improve the recognition and measurement of financial instruments through targeted changes to existing GAAP. The guidance requires equity investments (except those that are accounted for under the equity method of accounting or result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; that entities use the exit price notion when measuring financial instrument fair values; that an entity separate presentation of financial assets and liabilities by measurement category and form of financial asset on the Balance Sheets or Notes to the financial statements; that an entity present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (or "own credit") when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. Also, the standard eliminates the requirement for public entities to disclose the methods and significant assumptions used to estimate the fair value required to be disclosed for financial instruments measured at amortized cost on the Balance Sheets. The standard is effective beginning with interim periods starting after December 31, 2017 and cannot be applied early. The Company is currently evaluating the applicability and materiality of the standard, but does not anticipate a material impact on the Company's consolidated financial statements. ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments In September 2015, the FASB issued ASU 2015-16, which simplifies the measurement-period adjustments in business combinations. It eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. An acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. The standard is effective for public entities for annual reporting periods beginning after December 15, 2015, and interim periods therein. Early adoption is permitted for financial statements that have not been issued. The new guidance should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this standard. The Company will adopt this standard on January 1, 2016, which is not expected to have a material impact on the Company's consolidated financial statements. ASU No. 2015-15, Interest — Imputation of Interest (Subtopic 835-30) : Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements In August 2015, the FASB issued ASU No. 2015-15, which clarifies that the SEC Staff would not object to an entity presenting debt issuance costs related to line-of-credit arrangements as an asset that is subsequently amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This standard should be adopted concurrent with adoption of ASU 2015-03 (see below). As of December 31, 2015 , the Company had deferred financing costs related to lines-of-credit of approximately $2 million recorded within other current assets and $24 million recorded within other noncurrent assets that would not be reclassified upon adoption of this standard. ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU No. 2015-11, which simplifies the subsequent measurement of inventory. It replaces the current lower of cost or market test with a lower of cost or net realizable value test. The standard is effective for public entities for annual reporting periods beginning after December 15, 2016, and interim periods therein. Early adoption is permitted. The new guidance must be applied prospectively. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. ASU No. 2015-05, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued ASU No. 2015-05, which clarifies how customers in cloud computing arrangements should determine whether the arrangement includes a software license and eliminates the existing requirement for customers to account for software licenses they acquired by analogizing to the accounting guidance on leases. 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 a prospective or retrospective approach. The Company expects to utilize the prospective approach upon adoption of this standard, which is not expected to have a material impact on its consolidated financial statements. ASU No. 2015-03, Interest — Imputation of Interest (Subtopic 835-30) In April 2015, the FASB issued ASU No. 2015-03, which simplifies the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. The standard is effective for annual reporting periods beginning after December 15, 2015 and interim periods therein, and requires the use of the full retrospective approach. Early adoption is permitted for financial statements that have not been previously issued. As of December 31, 2015 , the Company had deferred financing costs of approximately $24 million classified within other current assets and $356 million classified within other noncurrent assets that would be reclassified to reduce the related debt liabilities upon adoption of this standard. ASU No. 2015-02, Consolidation — Amendments to the 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. Based on the Company's preliminary analysis, no change in consolidation is expected although additional disclosures may be required. 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. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which deferred the effective date of ASU 2014-09 by one year, resulting in the new revenue standard being effective for annual reporting periods beginning after December 15, 2017 and interim periods therein. Early adoption is now permitted only as of the original effective date for public entities (that is, no earlier than 2017 for calendar year-end entities). 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 consolidated financial statements. |
SEGMENTS AND GEOGRAPHIC INFORMATION | The segment reporting structure uses the Company's organizational structure as its foundation to reflect how the Company manages the businesses internally, and is organized by geographic regions which provide better socio-political-economic understanding of our business. The Company is organized by six SBUs led by our President and Chief Executive Officer: US, Andes, Brazil, MCAC, Europe, and Asia SBUs. Using the accounting guidance on segment reporting, the Company determined that it has six operating and six reportable segments corresponding to its SBUs. Corporate and Other — Corporate overhead costs which are not directly associated with the operations of our six reportable segments are included in "Corporate and Other." Also included are certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation. The Company uses Adjusted PTC as its primary segment performance measure. Adjusted PTC, a non-GAAP measure, is defined by the Company as pretax income from continuing operations attributable to 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 investors in determining which businesses have the greatest impact on the Company's results. Revenue and Adjusted PTC 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, as applicable. All intra-segment activity has been eliminated within the segment. Inter-segment activity has been eliminated within the total consolidated results. |
Earnings Per Share, Policy [Policy Text Block] | Basic and diluted earnings per share are based on the weighted-average number of shares of common stock and potential common stock outstanding during the period. Potential common stock, for purposes of determining diluted earnings per share, includes the effects of dilutive 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. |
Contingencies Contingencies (Po
Contingencies Contingencies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Loss Contingencies [Line Items] | |
Commitments and Contingencies, Policy [Policy Text Block] | The Company is involved in certain claims, suits and legal proceedings in the normal course of business. The Company accrues for litigation and claims when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company has 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 $189 million and $199 million as of December 31, 2015 and 2014 , 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. 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 Informa
Segments and Geographic Information Segments and Geographic Information (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | The segment reporting structure uses the Company's organizational structure as its foundation to reflect how the Company manages the businesses internally, and is organized by geographic regions which provide better socio-political-economic understanding of our business. The Company is organized by six SBUs led by our President and Chief Executive Officer: US, Andes, Brazil, MCAC, Europe, and Asia SBUs. Using the accounting guidance on segment reporting, the Company determined that it has six operating and six reportable segments corresponding to its SBUs. Corporate and Other — Corporate overhead costs which are not directly associated with the operations of our six reportable segments are included in "Corporate and Other." Also included are certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation. The Company uses Adjusted PTC as its primary segment performance measure. Adjusted PTC, a non-GAAP measure, is defined by the Company as pretax income from continuing operations attributable to 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 investors in determining which businesses have the greatest impact on the Company's results. Revenue and Adjusted PTC 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, as applicable. All intra-segment activity has been eliminated within the segment. Inter-segment activity has been eliminated within the total consolidated results. |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | Basic and diluted earnings per share are based on the weighted-average number of shares of common stock and potential common stock outstanding during the period. Potential common stock, for purposes of determining diluted earnings per share, includes the effects of dilutive 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. |
General and Summary of Signif47
General and Summary of Significant Accounting Policies Effect of Change in Estimate (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Change in Accounting Estimate [Line Items] | |
Schedule of Change in Accounting Estimate [Table Text Block] | The impact of the change in approach on expected service costs for the U.S. and U.K. plans in 2016 is shown below (in millions): Expected 2016 Service Cost Expected 2016 Interest Cost Disaggregated rate approach Aggregate rate approach Impact of change Disaggregated rate approach Aggregate rate approach Impact of change U.S. $ 13 $ 14 $ (1 ) $ 42 $ 51 $ (9 ) U.K. 3 4 (1 ) 7 9 (2 ) Total $ 16 $ 18 $ (2 ) $ 49 $ 60 $ (11 ) |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Balance By Type | The following table summarizes the Company's inventory balances (in millions) as of the dates indicated: December 31, 2015 2014 Fuel and other raw materials $ 343 $ 357 Spare parts and supplies 332 345 Total $ 675 $ 702 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Pland and Equipment with Useful Life Classification | The following table summarizes the components of the electric generation and distribution assets and other property, plant and equipment (in millions) with their estimated useful lives (in years). The amounts are stated net of all prior asset impairment losses recognized. December 31, Estimated Useful Life 2015 2014 Electric generation and distribution facilities 5 - 68 $ 25,427 $ 27,488 Other buildings 3 - 53 1,868 1,694 Furniture, fixtures and equipment 2 - 31 305 307 Other 1 - 50 891 970 Total electric generation and distribution assets and other 28,491 30,459 Accumulated depreciation (9,449 ) (9,962 ) Net electric generation and distribution assets and other (1) $ 19,042 $ 20,497 (1) Net electric generation and distribution assets and other include unamortized internal-use software costs of $83 million and $115 million as of December 31, 2015 and 2014 , 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 (in millions): Year Ended December 31, 2015 2014 2013 Depreciation expense (including amortization of assets recorded under capital leases) $ 1,104 $ 1,204 $ 1,193 Amortization of internal-use software 29 33 36 Interest capitalized during development and construction 90 120 84 |
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 in millions as of the periods indicated: December 31, 2015 2014 Regulated generation, distribution assets and other, gross $ 11,818 $ 13,103 Regulated accumulated depreciation (4,351 ) (4,841 ) Regulated generation, distribution assets and other, net 7,467 8,262 Non-regulated generation, distribution assets and other, gross 16,673 17,356 Non-regulated accumulated depreciation (5,098 ) (5,121 ) Non-regulated generation, distribution assets and other, net 11,575 12,235 Net electric generation, distribution assets and other $ 19,042 $ 20,497 |
Schedule of Change in Asset Retirement Obligation | The next table presents amounts recognized related to asset retirement obligations in millions for the periods indicated: 2015 2014 Balance at January 1 $ 209 $ 142 Additional liabilities incurred 43 51 Liabilities settled (6 ) (11 ) Accretion expense 13 12 Change in estimated cash flows (7 ) 15 Other (5 ) — Balance at December 31 $ 247 $ 209 |
Schedule of Jointly Owned Utility Plants | DP&L's undivided ownership interest in such facilities at December 31, 2015 is as follows: DP&L Share DP&L Investment Ownership Gross Plant In Service Accumulated Depreciation Construction Work In Process Production units: ($ in millions) Conesville Unit 4 17 % $ 26 $ 4 $ 1 Killen Station 67 % 342 29 2 Miami Fort Units 7 and 8 36 % 219 32 6 Stuart Station 35 % 236 19 18 Zimmer Station 28 % 188 44 12 Transmission various 43 8 — Total $ 1,054 $ 136 $ 39 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair value hierarchy for recurring measurements table | The following table presents, by level within the fair value hierarchy, as described in Note 1— General and Summary of Significant Accounting Policies, the Company's financial assets and liabilities (in millions) that were measured at fair value on a recurring basis as of the periods indicated: December 31, 2015 December 31, 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets AVAILABLE FOR SALE: Debt securities: (1) Unsecured debentures $ — $ 327 $ — $ 327 $ — $ 501 $ — $ 501 Certificates of deposit — 135 — 135 — 151 — 151 Government debt securities — 28 — 28 — 57 — 57 Subtotal — 490 — 490 — 709 — 709 Equity securities: Mutual funds — 15 — 15 — 25 — 25 Subtotal — 15 — 15 — 25 — 25 Total available for sale — 505 — 505 — 734 — 734 TRADING: Equity securities: Mutual funds 15 — — 15 15 — — 15 Total trading 15 — — 15 15 — — 15 DERIVATIVES: Foreign currency derivatives — 35 292 327 — 18 218 236 Commodity derivatives — 41 7 48 — 37 7 44 Total derivatives — 76 299 375 — 55 225 280 TOTAL ASSETS $ 15 $ 581 $ 299 $ 895 $ 15 $ 789 $ 225 $ 1,029 Liabilities DERIVATIVES: Interest rate derivatives $ — $ 54 $ 304 $ 358 $ — $ 206 $ 210 $ 416 Cross currency derivatives — 43 — 43 — 29 — 29 Foreign currency derivatives — 41 15 56 — 43 9 52 Commodity derivatives — 29 4 33 — 16 1 17 Total derivatives — 167 323 490 — 294 220 514 TOTAL LIABILITIES $ — $ 167 $ 323 $ 490 $ — $ 294 $ 220 $ 514 _____________________________ (1) Amortized cost approximated fair value at December 31, 2015 and 2014 . |
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, 2015 and 2014 (presented net by type of derivative in millions). Transfers between Level 3 and Level 2 are determined as of the end of the reporting period and principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment. Year Ended December 31, 2015 Interest Rate Foreign Currency Commodity Total Balance at January 1 $ (210 ) $ 209 $ 6 $ 5 Total gains (losses) (realized and unrealized): Included in earnings (1 ) 198 (1 ) 196 Included in other comprehensive income - derivative activity (31 ) — — (31 ) Included in other comprehensive income - foreign currency translation activity 9 (103 ) — (94 ) Included in regulatory (assets) liabilities — — (18 ) (18 ) Settlements 24 (7 ) 16 33 Transfers of assets (liabilities) into Level 3 (95 ) (1 ) — (96 ) Transfers of (assets) liabilities out of Level 3 — (19 ) — (19 ) Balance at December 31 $ (304 ) $ 277 $ 3 $ (24 ) 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 $ — $ 187 $ (1 ) $ 186 Year Ended December 31, 2014 Interest Rate Foreign Currency Commodity Total 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 |
Significant unobservable inputs, recurring | The following table summarizes the significant unobservable inputs used for the Level 3 derivative assets (liabilities) as of December 31, 2015 : Type of Derivative Fair Value Unobservable Input Amount or Range (Weighted Average) (in millions) Interest rate $ (304 ) Subsidiaries’ credit spreads 2.88%-8.88% (5.42%) Foreign currency: Argentine Peso 291 Argentine Peso to U.S. Dollar currency exchange rate after 1 year 17.51 - 35.44 (26.05) Euro (14 ) Subsidiary's credit spread 8.88 % Commodity: Other 3 Total $ (24 ) |
Fair value hierarchy for nonrecurring measurements table | The following table summarizes major categories of assets and liabilities measured at fair value on a nonrecurring basis during the period and their level within the fair value hierarchy (in millions): Measurement Date Carrying Amount Fair Value Pretax Loss Year Ended December 31, 2015 Level 1 Level 2 Level 3 Assets Long-lived assets held and used: (1) Kilroot 08/28/2015 $ 191 $ — $ — $ 70 $ 121 Buffalo Gap III 09/30/2015 234 — — 118 116 U.K. Wind (Development Projects) 06/30/2015 38 — 1 — 37 Other Various 32 — 21 — 11 Equity method investments (3) Solar Spain 02/09/2015 29 — — 29 — Goodwill (5) DP&L 10/01/2015 317 — — — 317 Measurement Date Carrying Amount Fair Value Pretax Loss Year Ended December 31, 2014 Level 1 Level 2 Level 3 Assets Long-lived assets held and used: (1) DP&L (East Bend) 03/31/2014 $ 14 $ — $ 2 $ — $ 12 Ebute 06/30/2014 99 — — 47 52 Ebute 09/30/2014 51 — — 36 15 U.K. Wind (Newfield) 06/06/2014 12 — — — 12 Discontinued operations: (2) Cameroon businesses 03/31/2014 372 — 334 — 38 Equity method investments (4) Silver Ridge Power 06/30/2014 315 — — 273 42 Entek 09/25/2014 211 — 125 — 86 Goodwill (5) DPLER 02/28/2014 136 — — — 136 Buffalo Gap 03/31/2014 28 — — — 28 _____________________________ (1) See Note 21 — Asset Impairment Expense for further information. (2) See Note 23 — Discontinued Operations for further information. Fair value of long-lived assets held-for-sale is presented net of costs to sell. (3) See Note 8 — Investments In and Advances to Affiliates for further information. (4) See Note 9 — Other Non-Operating Expense for further information. (5) See Note 10 — Goodwill and Other Intangible Assets 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 and equity method investments during the year ended December 31, 2015 : Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (in millions) ($ in millions) Long-lived assets held and used: Kilroot $ 70 Discounted cash flow Annual revenue growth -88% to 6% (-7%) Annual pretax operating margin -74% to 10% (0%) Weighted Average Cost of Capital 6% Buffalo Gap 118 Discounted cash flow Annual revenue growth -2% to 19% (3%) Annual pretax operating margin -282% to 58% (24%) Weighted Average Cost of Capital 9% Equity method investment: Solar Spain 29 Discounted cash flow Annual revenue growth -3% to 0% (0%) Annual pretax operating margin -13% to 56% (24%) Cost of equity 12% Total $ 217 |
Financial instruments not measured at fair value in the condensed consolidated balance sheets | The following table presents in millions the carrying amount, fair value and fair value hierarchy of the Company's financial assets and liabilities that are not measured at fair value in the Consolidated Balance Sheets as of December 31, 2015 and 2014 , but for which fair value is disclosed. Carrying Amount Fair Value Total Level 1 Level 2 Level 3 December 31, 2015 Assets Accounts receivable — noncurrent (1) $ 270 $ 342 $ — $ 20 $ 322 Liabilities Non-recourse debt 15,792 15,939 — 13,672 2,267 Recourse debt 5,015 4,696 — 4,696 — December 31, 2014 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 — _____________________________ (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 $27 million and $36 million at December 31, 2015 and 2014 , respectively. |
Investments In Marketable Sec51
Investments In Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 in millions for the years ended December 31, 2015 , 2014 , and 2013 : 2015 2014 2013 Gross proceeds from sales of AFS securities $ 4,902 $ 4,569 $ 4,406 |
Derivative Instruments and He52
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Derivatives By Type Table | The following tables present, by type of derivative, the Company's outstanding notional under its derivatives and the weighted-average remaining term as of December 31, 2015 regardless of whether the derivative instruments are in qualifying cash flow hedging relationships: Current Maximum Interest Rate and Cross Currency (1) Derivative Notional Derivative Notional Translated to USD Derivative Notional Derivative Notional Translated to USD Weighted-Average Remaining Term % of Debt Currently Hedged by Index (2) (in millions) (in years) Interest Rate Derivatives: LIBOR (U.S. Dollar) 2,639 $ 2,639 2,872 $ 2,872 11 48 % EURIBOR (Euro) 482 524 482 524 6 83 % Cross Currency Swaps: Chilean Unidad de Fomento 4 159 4 159 13 76 % _____________________________ (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, 2015 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. (2) The percentage of variable-rate debt currently hedged is based on the related index and excludes forecasted issuances of debt and variable-rate debt tied to other indices where the Company has no interest rate derivatives. |
Foreign Currency Derivatives By Type Table | December 31, 2015 Foreign Currency Derivatives Notional (1) Notional Translated to USD Weighted-Average Remaining Term (2) (in millions) (in years) Foreign Currency Derivatives Argentine Peso $ 2,321 $ 178 10 Brazilian Real 80 21 <1 British Pound 22 32 <1 Chilean Peso 84,669 119 <1 Chilean Unidad de Fomento 9 311 <1 Colombian Peso 252,166 80 <1 Euro 32 35 <1 Kazakhstani Tenge 1,691 5 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 derivatives matures through 2026 |
Commodity Derivatives By Type Table | December 31, 2015 Weighted-Average Commodity Derivatives Notional Remaining Term (1) (in millions) (in years) Power (MWh) 10 3 _____________________________ (1) Represents the remaining tenor of our commodity derivatives weighted by the corresponding volume. These derivatives range in maturity through 2018 . |
Derivative Assets Liabilities At Fair Value Net By Balance Sheet Classification And Type Table | The following tables present in millions 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. December 31, 2015 December 31, 2014 Designated Not Designated Total Designated Not Designated Total Assets Foreign currency derivatives $ 8 $ 319 $ 327 $ 6 $ 230 $ 236 Commodity derivatives 30 18 48 25 19 44 Total assets $ 38 $ 337 $ 375 $ 31 $ 249 $ 280 Liabilities Interest rate derivatives $ 358 $ — $ 358 $ 416 $ — $ 416 Cross currency derivatives 43 — 43 29 — 29 Foreign currency derivatives 35 21 56 38 14 52 Commodity derivatives 12 21 33 7 10 17 Total liabilities $ 448 $ 42 $ 490 $ 490 $ 24 $ 514 December 31, 2015 December 31, 2014 Assets Liabilities Assets Liabilities Current $ 86 $ 144 $ 77 $ 148 Noncurrent 289 346 203 366 Total $ 375 $ 490 $ 280 $ 514 Derivatives subject to master netting agreement or similar agreement: Gross amounts recognized in the balance sheet $ 57 $ 467 $ 53 $ 507 Gross amounts of derivative instruments not offset (18 ) (18 ) (10 ) (10 ) Gross amounts of cash collateral received/pledged not offset — (38 ) — (26 ) Net amount $ 39 $ 411 $ 43 $ 471 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 $ 147 $ 166 $ 161 $ 180 |
Gain Loss In Accumulated Other Comprehensive Income And Earnings On Effective Portion Of Qualifying Cash Flow Hedges Table | The following tables present (in millions) 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: Years Ended December 31, Gains (Losses) Recognized in AOCL Classification in Consolidated Statements of Operations Gains (Losses) Reclassified from AOCL into Earnings Type of Derivative 2015 2014 2013 2015 2014 2013 Interest rate derivatives $ (103 ) $ (421 ) $ 155 Interest expense $ (108 ) $ (139 ) $ (127 ) Non-regulated cost of sales (2 ) (2 ) (5 ) Net equity in earnings of affiliates (2 ) (3 ) (6 ) Gain on sale of investments (4 ) — (21 ) Cross currency derivatives (20 ) (25 ) (18 ) Interest expense (4 ) — (10 ) Foreign currency transaction gains (losses) (20 ) (23 ) (18 ) Foreign currency derivatives 10 (28 ) — Foreign currency transaction gains (losses) 32 14 12 Commodity derivatives 40 44 2 Non-regulated revenue 43 30 (3 ) Non-regulated cost of sales (12 ) (2 ) (2 ) Total $ (73 ) $ (430 ) $ 139 $ (77 ) $ (125 ) $ (180 ) |
Gain Loss In Earnings On Ineffective Portion Of Qualifying Cash Flow Hedges Table | The following table presents (in millions) 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 Consolidated Statements of Operations Years Ended December 31, Type of Derivative 2015 2014 2013 Interest rate derivatives Interest expense $ (4 ) $ — $ 42 Net equity in earnings of affiliates — (1 ) 1 Foreign currency derivatives Foreign currency transaction gains (losses) (3 ) (2 ) — Cross currency derivatives Interest expense 1 (1 ) — Total $ (6 ) $ (4 ) $ 43 |
Gain Loss In Earnings On Non Hedging Instruments Table | The next table presents (in millions) the gains (losses) recognized in earnings related to derivative instruments not designated as hedging instruments under the accounting standards for derivatives and hedging, and 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 Consolidated Statements of Operations Years Ended December 31, Type of Derivative 2015 2014 2013 Interest rate derivatives Interest expense $ — $ (3 ) $ (1 ) Net equity in earnings of affiliates — — (6 ) Foreign currency derivatives Foreign currency transaction gains (losses) 211 146 64 Net equity in earnings of affiliates — (2 ) (24 ) Commodity and other derivatives Non-regulated revenue (8 ) 5 11 Non-regulated cost of sales (16 ) (3 ) 1 Regulated cost of sales (5 ) (6 ) 2 Income (loss) from operations of discontinued businesses — (7 ) (18 ) Net gain (loss) from disposal and impairments of discontinued operations — 72 — Total $ 182 $ 202 $ 29 |
Financing Receivables (Tables)
Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Financing Receivables | The table below presents the breakdown of financing receivables in millions by country as of the periods indicated: December 31, 2015 2014 Argentina $ 237 $ 278 Cameroon (1) — 44 United States 20 — Brazil 39 15 Total long-term financing receivables $ 296 $ 337 _____________________________ (1) Represents non-contingent consideration to be received in 2016 from the sale of the Cameroon businesses in 2014. Balance is classified as short-term as of December 31, 2015. See Note 23 —Discontinued Operations. |
Investments In and Advances T54
Investments In and Advances To Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2015 2014 Affiliate Country Carrying Value (in millions) Ownership Interest % Solar Power PR Puerto Rico $ — $ 2 — % 50 % Barry (1) United Kingdom — — 100 % 100 % Elsta (1) Netherlands 53 54 50 % 50 % Distributed Energy (1) United States 17 — 94 % — % Guacolda (2) Chile 344 285 33 % 35 % OPGC (3) India 195 194 49 % 49 % Other affiliates Various 1 2 Total investments in and advances to affiliates $ 610 $ 537 (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 67% -owned consolidated subsidiary. AES Gener owns 50% of Guacolda, resulting in an AES effective ownership in Guacolda of 33% . At December 31, 2014, AES owned 71% of AES Gener, resulting in an AES effective ownership in Guacolda of 35% . (3) OPGC has one coal-fired expansion project under development. The project started construction in April 2014 and is currently expected to begin operations in 2018. |
Investments In and Advances to Affiliates Financial Information | The following tables summarize financial information of the Company's 50%-or-less-owned affiliates and majority-owned unconsolidated subsidiaries that are accounted for using the equity method in millions. 50%-or-less Owned Affiliates Majority-Owned Unconsolidated Subsidiaries Years ended December 31, 2015 2014 2013 2015 2014 2013 Revenue $ 641 $ 928 $ 1,099 $ 24 $ 2 $ 2 Operating margin 152 206 295 11 — — Net income (loss) 210 59 53 6 — — December 31, 2015 2014 2015 2014 Current assets $ 376 $ 450 $ 20 $ — Noncurrent assets 2,132 1,748 211 15 Current liabilities 435 299 21 — Noncurrent liabilities 1,044 935 153 67 Noncontrolling interests — 17 — — Stockholders' equity 1,029 947 57 (52 ) |
Other Non-Operating Expense (Ta
Other Non-Operating Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | Years Ended December 31, 2014 2013 (in millions) Entek $ 86 $ — Silver Ridge 42 — Elsta — 129 Total other non-operating expense $ 128 $ 129 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 in millions. US Andes MCAC Europe Asia Total 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 Impairment losses (317 ) — — — — (317 ) Goodwill acquired during the year 16 — — — — 16 Balance as of December 31, 2015 Goodwill 2,674 899 149 122 68 3,912 Accumulated impairment losses (2,633 ) — — (122 ) — (2,755 ) Net balance $ 41 $ 899 $ 149 $ — $ 68 $ 1,157 _____________________________ (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 table summarizes the balances comprising other intangible assets in the accompanying Consolidated Balance Sheets (in millions) as of the periods indicated: December 31, 2015 December 31, 2014 Gross Balance Accumulated Amortization Net Balance Gross Balance Accumulated Amortization Net Balance Subject to Amortization Project development rights (1) $ 4 $ (1 ) $ 3 $ 28 $ (1 ) $ 27 Sales concessions 71 (19 ) 52 86 (41 ) 45 Contractual payment rights (2) 66 (46 ) 20 69 (40 ) 29 Management rights 24 (10 ) 14 33 (13 ) 20 Land use rights 28 — 28 25 — 25 Contracts 29 (12 ) 17 36 (19 ) 17 Customer contracts and relationships (3) 6 (6 ) — 63 (39 ) 24 Other (4) 15 (3 ) 12 22 (5 ) 17 Subtotal 243 (97 ) 146 362 (158 ) 204 Indefinite-Lived Intangible Assets Land use rights 38 — 38 37 — 37 Water rights 17 — 17 20 — 20 Other 13 — 13 20 — 20 Subtotal 68 — 68 77 — 77 Total $ 311 $ (97 ) $ 214 $ 439 $ (158 ) $ 281 _____________________________ (1) 2014 balance includes U.K. Wind operations. In August 2014 these assets were sold, but did not meet the criteria to be reported as discontinued operations and their results are reflected within continuing operations. See Note 24 — Dispositions and Held-for-Sale Businesses for further information. (2) Represent legal rights to receive system reliability payments from the regulator. (3) 2014 balance includes DPLER which is considered held-for-sale as of December 31, 2015. See Note 24 — Dispositions and Held-for-Sale Businesses for further information. (4) Includes renewable energy certificates, emission allowances and various other intangible assets none of which is individually significant. |
Schedule of Acquired Intangible Assets By Major Class | The following tables summarize, by category, other intangible assets acquired during the period indicated ($ in millions): December 31, 2015 Amount Subject to Amortization/Indefinite-Lived Weighted Average Amortization Period (in years) Amortization Method Contracts $ 22 Subject to Amortization 5 Straight-line Land-use rights 13 Subject to Amortization N/A N/A Other 5 Various N/A N/A Total $ 40 December 31, 2014 Amount Subject to Amortization/ Indefinite-Lived Weighted Average Amortization Period (in years) Amortization Method Renewable energy certificates $ 3 Indefinite N/A N/A Land-use rights 16 Subject to Amortization N/A N/A Total $ 19 |
Schedule of Expected Amortization Expense | The following table summarizes the estimated amortization expense by intangible asset category for 2016 through 2020 : (in millions) 2016 2017 2018 2019 2020 Sales concessions 7 7 7 7 7 All other 4 4 4 3 3 Total $ 11 $ 11 $ 11 $ 10 $ 10 |
Regulatory Assets and Liabili57
Regulatory Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Regulated Operations [Abstract] | |
Regulatory Assets and Liabilities | The Company has recorded regulatory assets and liabilities (in millions) that it expects to pass through to its customers in accordance with, and subject to, regulatory provisions as follows: December 31, 2015 2014 Recovery/Refund Period REGULATORY ASSETS Current regulatory assets: Brazil tariff recoveries: (1) Energy purchases/sales $ 416 $ 424 Annually as part of the tariff adjustment Transmission costs, regulatory fees and other 264 63 Annually as part of the tariff adjustment El Salvador tariff recoveries (2) 43 92 Quarterly as part of the tariff adjustment Other (3) 23 58 Various Total current regulatory assets 746 637 Noncurrent regulatory assets: Defined benefit pension obligations at IPL and DPL (4)(5) 227 329 Various Income taxes recoverable from customers (4)(6) 36 74 Various Brazil tariff recoveries: (1) Energy purchases/sales 147 266 Annually as part of the tariff adjustment Transmission costs, regulatory fees and other 140 14 Annually as part of the tariff adjustment Deferred Midwest ISO costs (7) 129 111 To be determined Other (3) 239 78 Various Total noncurrent regulatory assets 918 872 TOTAL REGULATORY ASSETS $ 1,664 $ 1,509 REGULATORY LIABILITIES Current regulatory liabilities: Brazil tariff reset adjustment (8) $ — $ 76 Two years Efficiency program costs (9) 12 22 Annually as part of the tariff adjustment Brazil regulatory asset base adjustment (13) 169 123 Up to four tariff periods Brazil tariff refunds: (1) Energy purchases/sales 105 144 Annually as part of the tariff adjustment Transmission costs, regulatory fees and other 120 174 Annually as part of the tariff adjustment Other (10) 59 66 Various Total current regulatory liabilities 465 605 Noncurrent regulatory liabilities: Asset retirement obligations (11) 759 727 Over life of assets Brazil regulatory asset base adjustment (13) 86 61 Up to four tariff periods Brazil special obligations (12) 370 484 To be determined Brazil tariff refunds: (1) Energy purchases/sales 30 128 Annually as part of the tariff adjustment Transmission costs, regulatory fees and other 29 97 Annually as part of the tariff adjustment Efficiency program costs (9) 5 11 Annually as part of the tariff adjustment Other (10) 7 1 Various Total noncurrent regulatory liabilities 1,286 1,509 TOTAL REGULATORY LIABILITIES $ 1,751 $ 2,114 _____________________________ (1) Recoverable or refundable per Brazilian National Electric Energy Agency ("ANEEL") regulations through the Annual Tariff Adjustment ("IRT"). These costs are generally non-controllable and primarily consist of purchased electricity, energy transmission, and sector costs that are considered volatile. The costs are passed through for a period of 12 months as part of the IRT. Any remaining balance is considered in the subsequent IRT, 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 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 in 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 $8 million and $22 million , as of December 31, 2015 and 2014 , respectively. Other noncurrent regulatory assets that did not earn a rate of return were $237 million and $73 million , as of December 31, 2015 and 2014 , 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 Federal Energy Regulatory Commission ("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 via order from the PUCO on December 17, 2014 and began 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) Probable 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 was retroactive to July 2011 and 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 was lower than the previous rate, Eletropaulo was required to reduce customer tariffs for the difference over the next year. Accordingly, from July 2011 through June 2012, Eletropaulo recognized a regulatory liability for the estimated future refunds, 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 contemplated an amortization of 67.55% from July 4, 2013. The remaining balance, representing 32.45% , was considered in the next annual tariff adjustment. There was no recorded current regulatory liability at Eletropaulo as of December 31, 2015 . (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 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 RAB resulting from an administrative ruling in December 2013 compelling Eletropaulo to refund customers beginning July 2014. |
Schedule of Regulatory Assets by Region | The following table summarizes regulatory assets and liabilities by reportable segment in millions as of the periods indicated: December 31, 2015 2014 Regulatory Assets Regulatory Liabilities Regulatory Assets Regulatory Liabilities Brazil SBU $ 971 $ 932 $ 787 $ 1,347 US SBU 650 819 631 767 MCAC SBU (El Salvador) 43 — 91 — Total $ 1,664 $ 1,751 $ 1,509 $ 2,114 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Carrying Amount and Terms of Non-Recourse Debt | The next table summarizes the carrying amount (in millions) and terms of non-recourse debt as of the periods indicated: NON-RECOURSE DEBT Weighted Average Interest Rate Maturity December 31, 2015 2014 VARIABLE RATE: (1) Bank loans 4.37 % 2016 – 2033 $ 2,352 $ 1,893 Notes and bonds 14.98 % 2016 – 2022 1,474 1,912 Debt to (or guaranteed by) multilateral, export credit agencies or development banks (2) 2.39 % 2021 – 2034 3,078 2,375 Other 12.65 % 2016 – 2043 47 668 FIXED RATE: Bank loans 5.11 % 2016 – 2032 558 750 Notes and bonds 5.54 % 2016 – 2073 7,948 7,654 Debt to (or guaranteed by) multilateral, export credit agencies or development banks (2) 5.39 % 2023 – 2034 309 259 Other 8.66 % 2016 – 2049 26 89 SUBTOTAL 15,792 15,600 Less: Current maturities (2,529 ) (1,982 ) TOTAL $ 13,263 $ 13,618 (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 $3.2 billion on non-recourse debt outstanding at December 31, 2015 . 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 8.24% . 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. |
Schedule For Maturity For Non-Recourse Debt | Non-recourse debt (in millions) as of December 31, 2015 is scheduled to reach maturity as presented in the table below: December 31, Annual Maturities 2016 $ 2,529 2017 1,022 2018 1,359 2019 950 2020 1,431 Thereafter 8,501 Total non-recourse debt $ 15,792 |
Debt In Default Table | The following table summarizes the Company's subsidiary non-recourse debt in default (in millions) as of December 31, 2015 . Due to the defaults, these amounts are included in the current portion of non-recourse debt: Primary Nature December 31, 2015 Subsidiary Default Net Assets Maritza (Bulgaria) Covenant $ 559 $ 657 Sul (Brazil) Covenant 333 439 Kavarna (Bulgaria) Covenant 140 74 Sogrinsk (Kazakhstan) Covenant $ 6 8 Total $ 1,038 |
Schedule of Recourse Debt Detail | The table below summarizes the carrying amount (in millions) and terms of recourse debt of the Company as of the periods indicated: RECOURSE DEBT Interest Rate Final Maturity December 31, 2015 December 31, 2014 Senior Unsecured Note 7.75% 2015 $ — $ 151 Senior Unsecured Note 9.75% 2016 — 164 Senior Unsecured Note 8.00% 2017 181 525 Senior Unsecured Note LIBOR + 3% 2019 775 775 Senior Unsecured Note 8.00% 2020 469 625 Senior Unsecured Note 7.38% 2021 1,000 1,000 Senior Unsecured Note 4.88% 2023 750 750 Senior Unsecured Note 5.50% 2024 750 750 Senior Unsecured Note 5.50% 2025 575 — Term Convertible Trust Securities 6.75% 2029 517 517 Unamortized (Discounts)/Premiums (2 ) 1 SUBTOTAL 5,015 5,258 Less: Current maturities — (151 ) Total $ 5,015 $ 5,107 December 31, Interest Rate Maturity 2015 2014 Senior Unsecured Note 7.75% 2015 $ — $ 151 Senior Unsecured Note 9.75% 2016 — 164 Senior Unsecured Note 8.00% 2017 181 525 Senior Unsecured Note LIBOR + 3.00% 2019 775 775 Senior Unsecured Note 8.00% 2020 469 625 Senior Unsecured Note 7.38% 2021 1,000 1,000 Senior Unsecured Note 4.88% 2023 750 750 Senior Unsecured Note 5.50% 2024 750 750 Senior Unsecured Note 5.50% 2025 575 — Unamortized premium (discounts) (2 ) 1 SUBTOTAL 4,498 4,741 Less: Current maturities — (151 ) Total $ 4,498 $ 4,590 |
Schedule of Future Maturities of Recourse Debt | The table below summarizes the principal amounts due, net of unamortized discounts, under our recourse debt for the next five years and thereafter in millions: December 31, Net Principal Amounts Due 2016 $ — 2017 181 2018 — 2019 774 2020 469 Thereafter 3,591 Total recourse debt $ 5,015 Recourse debt as of December 31, 2015 is scheduled to reach maturity as presented in the table below in millions: December 31, Annual Maturities 2016 $ — 2017 181 2018 — 2019 774 2020 469 Thereafter 3,591 Total debt $ 5,015 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases of Lessee Disclosure | The table below presents 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, 2015 for 2016 through 2020 and thereafter, in millions: Future Commitments for December 31, Capital Leases Operating Leases 2016 $ 14 $ 77 2017 12 78 2018 11 79 2019 10 80 2020 10 79 Thereafter 90 898 Total 147 $ 1,291 Less: Imputed interest 90 Present value of total minimum lease payments $ 57 |
Electricity Purchase Contract Commitment | Actual purchases under these contracts for the years ended December 31, 2015 , 2014 , and 2013 are also presented, in millions: Actual purchases during the year ended December 31, Electricity Purchase Contracts Fuel Purchase Contracts Other Purchase Contracts 2013 $ 2,665 $ 1,590 $ 1,743 2014 3,104 1,521 1,386 2015 2,592 1,262 2,121 Future commitments for the year ending December 31, 2016 $ 2,623 $ 1,120 $ 1,332 2017 2,444 835 1,047 2018 2,634 532 1,081 2019 2,799 314 873 2020 2,918 311 655 Thereafter 24,176 2,141 4,395 Total $ 37,594 $ 5,253 $ 9,383 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Contractual Obligations | The following table summarizes the Parent Company's contingent contractual obligations as of December 31, 2015 . 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 $14 million . Contingent Contractual Obligations Amount Number of Agreements Maximum Exposure Range for Each Agreement (in millions) (in millions) Guarantees and commitments $ 369 14 $1 - 53 Asset sale related indemnities (1) 27 1 27 Cash collateralized letters of credit 32 4 $1 - 15 Letters of credit under the senior secured credit facility 62 7 <$1 - 29 Total $ 490 26 (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. |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 (in millions) U.S. Foreign U.S. Foreign CHANGE IN PROJECTED BENEFIT OBLIGATION: Benefit obligation as of January 1 $ 1,235 $ 4,363 $ 1,059 $ 4,749 Service cost 16 15 14 16 Interest cost 48 351 50 489 Employee contributions — 3 — 4 Plan amendments 5 2 8 (3 ) Plan settlements (3 ) — — — Benefits paid (61 ) (300 ) (59 ) (415 ) Actuarial (gain) loss (68 ) (160 ) 163 87 Effect of foreign currency exchange rate changes — (1,301 ) — (564 ) Benefit obligation as of December 31 $ 1,172 $ 2,973 $ 1,235 $ 4,363 CHANGE IN PLAN ASSETS: Fair value of plan assets as of January 1 $ 1,061 $ 3,272 $ 941 $ 3,605 Actual return on plan assets (7 ) 182 123 360 Employer contributions 31 89 56 135 Employee contributions — 3 — 4 Plan settlements (3 ) — — — Benefits paid (61 ) (300 ) (59 ) (415 ) Effect of foreign currency exchange rate changes — (962 ) — (417 ) Fair value of plan assets as of December 31 $ 1,021 $ 2,284 $ 1,061 $ 3,272 RECONCILIATION OF FUNDED STATUS Funded status as of December 31 $ (151 ) $ (689 ) $ (174 ) $ (1,091 ) |
Schedule of Amounts Recognized in Balance Sheet | The following table summarizes the amounts recognized on the Consolidated Balance Sheets in millions related to the funded status of the plans, both domestic and foreign, as of the periods indicated: December 31, 2015 2014 AMOUNTS RECOGNIZED ON THE CONSOLIDATED BALANCE SHEETS U.S. Foreign U.S. Foreign Noncurrent assets $ — $ 67 $ — $ 51 Accrued benefit liability—current — (5 ) — (4 ) Accrued benefit liability—noncurrent (151 ) (751 ) (174 ) (1,138 ) Net amount recognized at end of year $ (151 ) $ (689 ) $ (174 ) $ (1,091 ) |
Schedule of Accumulated and Projected Benefit Obligations | The next table summarizes the Company's U.S. and foreign accumulated benefit obligation as of the periods indicated (in millions): December 31, 2015 2014 U.S. Foreign U.S. Foreign Accumulated Benefit Obligation $ 1,150 $ 2,931 $ 1,208 $ 4,301 Information for pension plans with an accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 1,172 $ 2,683 $ 1,235 $ 4,021 Accumulated benefit obligation 1,150 2,656 1,208 3,979 Fair value of plan assets 1,021 1,931 1,061 2,885 Information for pension plans with a projected benefit obligation in excess of plan assets: Projected benefit obligation $ 1,172 $ 2,697 (1) $ 1,235 $ 4,038 (1) Fair value of plan assets 1,021 1,942 (1) 1,061 2,897 (1) (1) $686 million and $1.1 billion of the total net unfunded projected benefit obligation is due to Eletropaulo in Brazil as of December 31, 2015 and 2014, respectively. |
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, 2015 2014 U.S. Foreign U.S. Foreign Benefit Obligation: Discount rates 4.44 % 11.37 % (2) 4.04 % 10.47 % (2) Rates of compensation increase 3.34 % (1) 6.32 % 3.94 % (1) 6.41 % Periodic Benefit Cost: Discount rate 4.04 % 10.47 % 4.89 % 10.80 % Expected long-term rate of return on plan assets 6.67 % 9.77 % 6.92 % 10.44 % Rate of compensation increase 3.94 % (1) 6.41 % 3.94 % (1) 6.44 % (1) A U.S. subsidiary of the Company has defined benefit obligations of $6 million and $748 million as of December 31, 2015 and 2014 , respectively, for which salary bands, rather than rates of compensation increases, are used to determine future benefit costs. Rates of compensation increases in the table above do not include amounts related to these specific defined benefit plans. A plan with a defined benefit obligation of $742 million at December 31, 2014 and which used salary bands at that date is using a rate of compensation increase as at December 31, 2015. The rate of compensation increase for this plan is included in the weighted average in the above table for calculating the benefit obligation as at December 31, 2015, but is not included in the weighted average for calculating the benefit obligation as at December 31, 2014 or the periodic benefit cost for 2014 or 2015. (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 $ (32 ) Decrease of 1% in the discount rate 27 Increase of 1% in the long-term rate of return on plan assets (36 ) Decrease of 1% in the long-term rate of return on plan assets 36 |
Schedule of Net Benefit Costs | The following table summarizes the components of the net periodic benefit cost in millions, both domestic and foreign, for the years indicated: December 31, 2015 2014 2013 Components of Net Periodic Benefit Cost: U.S. Foreign U.S. Foreign U.S. Foreign Service cost $ 16 $ 15 $ 14 $ 16 $ 16 $ 26 Interest cost 48 351 50 489 46 515 Expected return on plan assets (70 ) (247 ) (67 ) (362 ) (64 ) (484 ) Amortization of prior service cost 7 — 6 (1 ) 5 — Amortization of net loss 20 28 13 37 23 77 Settlement gain recognized — — — 1 — — Total pension cost $ 21 $ 147 $ 16 $ 180 $ 26 $ 134 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | The following table summarizes in millions the amounts reflected in AOCL including AOCL attributable to noncontrolling interests, on the Consolidated Balance Sheet as of December 31, 2015 , 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: December 31, 2015 Accumulated Other Comprehensive Income (Loss) Amounts expected to be reclassified to earnings in next fiscal year U.S. Foreign U.S. Foreign Prior service cost $ — $ (5 ) $ — $ — Unrecognized net actuarial gain (loss) (6 ) (1,092 ) — (18 ) Total $ (6 ) $ (1,097 ) $ — $ (18 ) |
Target / Actual Allocation Of Pension Plan Asset | The following table summarizes the Company's target allocation for 2015 and pension plan asset allocation, both domestic and foreign, as of the periods indicated: Percentage of Plan Assets as of December 31, Target Allocations 2015 2014 Asset Category U.S. Foreign U.S. Foreign U.S. Foreign Equity securities 46 % 15% -29% 44.76 % 13.23 % 44.02 % 16.28 % Debt securities 50 % 60% - 85% 50.05 % 81.10 % 50.90 % 78.85 % Real estate 2 % 0% - 3% 2.94 % 3.24 % 2.45 % 3.15 % Other 2 % 0% - 5% 2.25 % 2.43 % 2.63 % 1.72 % Total pension assets 100.00 % 100.00 % 100.00 % 100.00 % |
Schedule of Allocation of Plan Assets | The asset allocation is reviewed periodically to determine a suitable asset allocation which seeks to manage risk through portfolio diversification and takes into account, 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 in millions as of the periods indicated: December 31, 2015 December 31, 2014 U.S. Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Equity securities — Mutual funds 457 — — 457 467 — — 467 Debt securities — Government debt securities 53 — — 53 67 — — 67 Mutual funds (1) 458 — — 458 473 — — 473 Real Estate — Real Estate — 30 — 30 — 26 — 26 Other — Cash and cash equivalents — — — — 4 — — 4 Other investments — 23 — 23 — 24 — 24 Total plan assets $ 968 $ 53 $ — $ 1,021 $ 1,011 $ 50 $ — $ 1,061 (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 in millions as of the periods indicated: December 31, 2015 December 31, 2014 Foreign Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Equity securities — Common stock $ 9 $ — $ — $ 9 $ 21 $ — $ — $ 21 Mutual funds 167 — — 167 274 — — 274 Private equity (1) — — 126 126 — — 237 237 Debt securities — Certificates of deposit — 2 — 2 — 3 — 3 Unsecured debentures — 5 — 5 — 10 — 10 Government debt securities 11 79 — 90 12 98 — 110 Mutual funds (2) 218 1,535 — 1,753 215 2,236 — 2,451 Other debt securities — 2 — 2 — 6 — 6 Real estate — Real estate (1) — — 74 74 — — 103 103 Other — Cash and cash equivalents — — — — 1 — — 1 Participant loans (3) — — 37 37 — — 52 52 Other assets 16 — 3 19 — — 4 4 Total plan assets $ 421 $ 1,623 $ 240 $ 2,284 $ 523 $ 2,353 $ 396 $ 3,272 (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) in millions for the periods indicated: December 31, 2015 2014 Balance at January 1 $ 396 $ 530 Actual return on plan assets: Returns relating to assets still held at reporting date (36 ) (87 ) Purchases, sales and settlements, net — 1 Transfers of (assets) liabilities into Level 3 — 5 Change due to exchange rate changes (120 ) (53 ) Balance at December 31 $ 240 $ 396 |
Scheduled Cash Flows For Employer Contributions And Expected Future Benefit Payments | The following table summarizes the estimated cash flows for U.S. and foreign expected employer contributions and expected future benefit payments, both domestic and foreign in millions: U.S. Foreign Expected employer contribution in 2016 $ 22 $ 100 Expected benefit payments for fiscal year ending: 2016 65 268 2017 67 277 2018 69 289 2019 71 299 2020 73 309 2021 - 2025 380 1,686 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Net Income Attributable to Parent And Transfers To From Noncontrolling Interests [Text Block] | The following table summarizes the net income attributable to The AES Corporation and all transfers (to) from noncontrolling interests in millions for the periods indicated: December 31, 2015 2014 Net income attributable to The AES Corporation $ 306 $ 769 Transfers from the noncontrolling interest: Net increase in The AES Corporation's paid-in capital for sale of subsidiary shares 323 29 Additional paid-in capital, IPALCO shares, transferred to redeemable stock of subsidiaries (1) (377 ) — Increase in The AES Corporation's paid-in capital for purchase of subsidiary shares — 7 Net transfers (to) from noncontrolling interest (54 ) 36 Change from net income attributable to The AES Corporation and transfers (to) from noncontrolling interests $ 252 $ 805 (1) See Note 19 — Redeemable stock of subsidiaries for further information on increase in paid-in capital transferred to redeemable stock of subsidiaries. |
Components of Accumulated Other Comprehensive Income | The changes in AOCL by component, net of tax and noncontrolling interests in millions for the year ended December 31, 2015 were as follows: Foreign currency translation adjustment, net Unrealized derivative losses, net Unfunded pension obligations, net Total Balance at the beginning of the period $ (2,595 ) $ (396 ) $ (295 ) $ (3,286 ) Other comprehensive (loss) income before reclassifications (674 ) (5 ) 19 (660 ) Amount reclassified to earnings $ — $ 48 $ 2 50 Other comprehensive (loss) income (674 ) 43 21 (610 ) Cumulative effect of a change in accounting principle $ 13 $ — $ — $ 13 Balance at the end of the period (3,256 ) (353 ) (274 ) (3,883 ) |
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of AOCL for the periods indicated were as follows (in millions): Details About December 31, AOCL Components Affected Line Item in the Consolidated Statements of Operations 2015 2014 2013 Foreign currency translation adjustment, net Gain on sale of businesses $ — $ 4 $ (2 ) Net loss from disposal and impairments of discontinued operations — (38 ) (35 ) Net income attributable to The AES Corporation $ — $ (34 ) $ (37 ) Unrealized derivative gains (losses), net Non-regulated revenue $ 43 $ 30 $ (3 ) Non-regulated cost of sales (14 ) (4 ) (7 ) Interest expense (112 ) (139 ) (137 ) Gain on sale of businesses (4 ) — (21 ) Foreign currency transaction gains (losses) 12 (9 ) (6 ) Income from continuing operations before taxes and equity in earnings of affiliates (75 ) (122 ) (174 ) Income tax expense 11 26 41 Net equity in earnings of affiliates (2 ) (3 ) (6 ) Income from continuing operations (66 ) (99 ) (139 ) Less: (Income) from continuing operations attributable to noncontrolling interests 18 27 11 Net income attributable to The AES Corporation $ (48 ) $ (72 ) $ (128 ) Amortization of defined benefit pension actuarial loss, net Regulated cost of sales $ (25 ) $ (33 ) $ (73 ) Non-regulated cost of sales 2 (5 ) (4 ) General and administrative expenses (2 ) — (1 ) Income from continuing operations before taxes and equity in earnings of affiliates (25 ) (38 ) (78 ) Income tax expense 9 7 26 Income from continuing operations (16 ) (31 ) (52 ) Net loss from disposal and impairments of discontinued operations — 2 — Net Income (16 ) (29 ) (52 ) Less: (Income) from continuing operations attributable to noncontrolling interests 14 19 39 Net income attributable to The AES Corporation $ (2 ) $ (10 ) $ (13 ) Total reclassifications for the period, net of income tax and noncontrolling interests $ (50 ) $ (116 ) $ (178 ) _____________________________ (1) Amounts in parentheses indicate debits to the Consolidated Statements of Operations. |
Segment and Geographic Inform63
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables present financial information by segment for the periods indicated (in millions): Revenue Year Ended December 31, Total Revenue Intersegment External Revenue 2015 2014 2013 2015 2014 2013 2015 2014 2013 US SBU $ 3,593 $ 3,826 $ 3,630 $ — $ — $ — $ 3,593 $ 3,826 $ 3,630 Andes SBU 2,489 2,642 2,639 (10 ) (4 ) (1 ) 2,479 2,638 2,638 Brazil SBU 4,666 6,009 5,015 — — — 4,666 6,009 5,015 MCAC SBU 2,353 2,682 2,713 (2 ) (2 ) (1 ) 2,351 2,680 2,712 Europe SBU 1,191 1,439 1,347 (4 ) (6 ) — 1,187 1,433 1,347 Asia SBU 684 558 550 — — — 684 558 550 Corporate and Other 31 15 7 (28 ) (13 ) (8 ) 3 2 (1 ) Total Revenue $ 15,007 $ 17,171 $ 15,901 $ (44 ) $ (25 ) $ (10 ) $ 14,963 $ 17,146 $ 15,891 Adjusted Pretax Contribution Total Adjusted PTC Intersegment External Adjusted PTC 2015 2014 2013 2015 2014 2013 2015 2014 2013 US SBU $ 360 $ 445 440 $ 12 $ 10 11 $ 372 $ 455 $ 451 Andes SBU 482 421 353 17 6 19 499 427 372 Brazil SBU 91 242 212 2 3 3 93 245 215 MCAC SBU 327 352 339 18 26 12 345 378 351 Europe SBU 235 348 345 5 5 7 240 353 352 Asia SBU 96 46 142 3 2 2 99 48 144 Corporate and Other (441 ) (533 ) (624 ) (57 ) (52 ) (54 ) (498 ) (585 ) (678 ) Total Adjusted Pretax Contribution 1,150 1,321 1,207 — — — 1,150 1,321 1,207 Reconciliation to Income from Continuing Operations before Taxes and Equity Earnings of Affiliates: Non-GAAP Adjustments: Unrealized derivative gains 166 135 57 Unrealized foreign currency losses (96 ) (110 ) (41 ) Disposition/acquisition gains 42 361 30 Impairment losses (504 ) (416 ) (588 ) Loss on extinguishment of debt (183 ) (274 ) (225 ) Pre-tax contribution 575 1,017 440 Add: Income from continuing operations before taxes, attributable to noncontrolling interests 652 578 633 Less: Net equity in earnings of affiliates 105 19 25 Income from continuing operations before taxes and equity in earnings of affiliates $ 1,122 $ 1,576 $ 1,048 Total Assets Depreciation and Amortization Capital Expenditures Year Ended December 31, 2015 2014 2013 2015 2014 2013 2015 2014 2013 US SBU $ 9,844 $ 10,062 $ 9,952 $ 443 $ 450 $ 440 $ 861 $ 534 $ 426 Andes SBU 8,744 7,888 7,356 175 182 186 949 702 471 Brazil SBU 6,422 8,439 8,388 185 260 259 299 416 588 MCAC SBU 4,830 4,948 5,075 155 144 145 201 192 111 Europe SBU 3,127 3,525 4,191 134 154 155 118 228 341 Asia SBU 3,197 2,972 2,810 32 32 33 13 429 576 Assets held-for-sale 96 — 1,718 — (1 ) 55 — 13 52 Corporate and Other 590 1,132 921 20 24 21 17 30 14 Total $ 36,850 $ 38,966 $ 40,411 $ 1,144 $ 1,245 $ 1,294 $ 2,458 $ 2,544 $ 2,579 Interest Income Interest Expense Year Ended December 31, 2015 2014 2013 2015 2014 2013 US SBU $ — $ — $ — $ 262 $ 285 $ 290 Andes SBU 77 87 37 154 160 135 Brazil SBU 299 249 210 349 331 364 MCAC SBU 30 26 20 179 178 138 Europe SBU 1 1 2 73 98 80 Asia SBU 115 2 6 85 25 30 Corporate and Other 2 — — 334 394 445 Total $ 524 $ 365 $ 275 $ 1,436 $ 1,471 $ 1,482 Investments in and Advances to Affiliates Equity in Earnings (Losses) Year Ended December 31, 2015 2014 2013 2015 2014 2013 US SBU $ 1 $ 1 $ 1 $ — $ — $ — Andes SBU 345 287 248 83 42 44 Brazil SBU — — — — — — MCAC SBU — — — — — 4 Europe SBU 53 54 286 10 (25 ) (5 ) Asia SBU 195 194 186 8 10 10 Corporate and Other 16 1 289 4 (8 ) (28 ) Total $ 610 $ 537 $ 1,010 $ 105 $ 19 $ 25 |
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, 2015 , 2014 , and 2013 , and as of December 31, 2015 and 2014 in millions. Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located. Revenue Property, Plant & Equipment, net Year Ended December 31, 2015 2014 2013 2015 2014 United States (1) $ 3,597 $ 3,828 $ 3,630 $ 8,028 $ 7,713 Non-U.S.: Brazil 4,666 6,009 5,015 3,286 4,725 Chile 1,523 1,624 1,569 4,596 4,012 El Salvador 736 832 860 318 304 Dominican Republic 632 802 832 783 702 Colombia 557 552 523 446 430 Philippines 406 451 497 736 752 Argentina 399 463 545 193 222 United Kingdom 396 533 558 191 324 Mexico 383 434 440 716 733 Bulgaria 382 410 422 1,259 1,457 Puerto Rico 302 348 328 599 551 Panama 297 263 250 1,028 1,030 Jordan 248 262 142 470 484 Vietnam (2) 233 — — 2 1,491 Kazakhstan 155 161 156 146 206 Sri Lanka 45 107 53 — 7 Cameroon (3) — — — — — Ukraine (4) — — — — — Other Non-U.S. (5) 6 67 71 19 8 Total Non-U.S. 11,366 13,318 12,261 14,788 17,438 Total $ 14,963 $ 17,146 $ 15,891 $ 22,816 $ 25,151 (1) Excludes revenue of $2 million and $ 23 million for the years ended December 31, 2014 and 2013 , respectively, related to Condon and Mid-West Wind, which are reflected as discontinued operations in the accompanying Consolidated Statements of Operations. (2) Property, plant & equipment as of December 31, 2015 includes the impact of adopting ASU No. 2014-05, Service Concession Arrangements , on a modified retrospective basis as of January 1, 2015. See Note 1 — General and Summary of Significant Accounting Policies for more information. (3) Excludes revenue of $ 230 million and $ 473 million for the years ended December 31, 2014 and 2013 , respectively, related to Sonel, which is reflected as discontinued operations in the accompanying Consolidated Statements of Operations. (4) Excludes revenue of $ 187 million for the years ended December 31, 2013 related to Kievoblenergo and Rivnooblenergo, which are reflected as discontinued operations in the accompanying Consolidated Statements of Operations. (5) Excludes revenue of $ 6 million for the years ended December 31, 2013 related to Saurashtra, which is reflected as discontinued operations in the accompanying Consolidated Statements of Operations. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Expected volatility 25 % 24 % 23 % Expected annual dividend yield 3 % 1 % 1 % Expected option term (years) 7 6 6 Risk-free interest rate 1.86 % 1.86 % 1.13 % Fair value at grant date $ 2.07 $ 3.26 $ 2.23 |
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 consolidated financial statements in millions: December 31, 2015 2014 2013 Pretax compensation expense $ 3 $ 3 $ 2 Tax benefit (1 ) (1 ) (1 ) Stock options expense, net of tax $ 2 $ 2 $ 1 Total intrinsic value of options exercised $ 1 $ 1 $ 5 Total fair value of options vested 3 2 2 Cash received from the exercise of stock options 5 3 13 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the option activity for the year ended December 31, 2015 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, 2014 7,062 $ 14.83 Exercised (419 ) 10.76 Forfeited and expired (1,347 ) 17.49 Granted 1,859 11.89 Outstanding at December 31, 2015 7,155 $ 13.81 6 $ 1 Vested and expected to vest at December 31, 2015 6,771 $ 13.88 5.8 $ 1 Eligible for exercise at December 31, 2015 4,292 $ 14.70 4.1 $ 1 |
Schedule of Share Based Compensation Summary of Financial Statement Components Restricted Stock Units Without Market Conditions | The following table summarizes the components of the Company's stock-based compensation related to its employee RSUs recognized in the Company's consolidated financial statements in millions: December 31, 2015 2014 2013 RSU expense before income tax $ 13 $ 12 $ 12 Tax benefit (3 ) (3 ) (3 ) RSU expense, net of tax $ 10 $ 9 $ 9 Total value of RSUs converted (1) $ 16 $ 25 $ 10 Total fair value of RSUs vested $ 12 $ 13 $ 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, 2015 follows (number of RSUs in thousands): RSUs Weighted Average Grant Date Fair Values Weighted Average Remaining Vesting Term Nonvested at December 31, 2014 1,997 $ 13.20 Vested (954 ) 13.01 Forfeited and expired (236 ) 12.71 Granted 1,585 12.03 Nonvested at December 31, 2015 2,392 $ 12.55 1.7 Vested at December 31, 2015 — $ — Vested and expected to vest at December 31, 2015 2,105 $ 12.55 |
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, 2015 , 2014 , and 2013 (number of RSUs in thousands): 2015 2014 2013 RSUs vested during the year 954 1,037 942 RSUs converted during the year, net of shares withheld for taxes 1,238 1,734 905 Shares withheld for taxes 549 796 407 |
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 in millions: December 31, 2015 2014 2013 PSU expense before income tax $ 5 $ 6 $ 4 Tax benefit (1 ) (2 ) (1 ) PSU expense, net of tax $ 4 $ 4 $ 3 Total value of PSUs converted (1) $ 1 $ 4 $ — Total fair value of PSUs vested 3 1 — (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, 2015 follows (number of PSUs in thousands): PSUs Weighted Average Grant Date Fair Values Weighted Average Remaining Vesting Term Nonvested at December 31, 2014 1,331 $ 14.27 Vested (161 ) 16.73 Forfeited and expired (245 ) 15.27 Granted 626 10.06 Nonvested at December 31, 2015 1,551 $ 12.16 1.2 Vested at December 31, 2015 — $ — Vested and expected to vest at December 31, 2015 1,298 11.92 |
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, 2015 , 2014 , and 2013 (number of PSUs in thousands): 2015 2014 2013 PSUs vested during the year 161 85 — PSUs converted during the year, net of shares withheld for taxes 96 287 — Shares withheld for taxes 65 141 — |
Redeemable Stock of Subsidiar65
Redeemable Stock of Subsidiaries Redeemable Stock of Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | The following table summarizes the Company's redeemable stock of subsidiaries balances as of the periods indicated: December 31, Redeemable stock of subsidiaries (in millions) 2015 2014 Additional paid-in capital, IPALCO shares $ 377 $ — Book value, IPALCO shares - noncontrolling interest 83 — Total fair value of consideration received (1) 460 — IPL cumulative preferred stock 60 60 DPL cumulative preferred stock 18 18 Total cumulative preferred stock of subsidiaries (2) 78 78 Total redeemable stock of subsidiaries $ 538 $ 78 (1) See Note 16— Equity for further information on IPALCO equity transactions with noncontrolling interests. (2) Refer below for further information on outstanding shares of cumulative preferred stock of subsidiaries. |
Other Income and Expense (Table
Other Income and Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Components of Other Income | The components are summarized as follows (in millions): Years Ended December 31, 2015 2014 2013 Contract termination $ 20 $ — $ 60 Gain on sale of assets 19 68 12 Allowance for Funds Used During Construction (US Utilities) 17 9 6 Contingency reversal — 18 10 Gain on extinguishment of tax and other liabilities — — 9 Other 27 29 28 Total other income $ 83 $ 124 $ 125 |
Components of Other Expense | The components are summarized as follows (in millions): Years Ended December 31, 2015 2014 2013 Loss on sale and disposal of assets $ 48 $ 47 $ 51 Legal contingency 9 11 9 Contract termination — — 7 Other 8 10 9 Total other expense $ 65 $ 68 $ 76 |
Asset Impairment Expense (Table
Asset Impairment Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset | Years ended December 31, 2015 2014 2013 (in millions) Kilroot $ 121 $ — $ — Buffalo Gap III 116 — — U.K. Wind 37 12 — Ebute — 67 — East Bend (DP&L) — 12 — Beaver Valley — — 46 Conesville (DP&L) — — 26 Itabo (San Lorenzo) — — 16 Other 11 — 7 Total asset impairment expense $ 285 $ 91 $ 95 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense On Continuing Operations | The next table summarizes the expense for income taxes on continuing operations in millions for the periods indicated: December 31, 2015 2014 2013 Federal — Current $ 9 $ — $ (28 ) Deferred (56 ) (121 ) (110 ) State — Current 1 1 1 Deferred (5 ) 1 1 Foreign — Current 505 457 509 Deferred 11 81 (30 ) Total $ 465 $ 419 $ 343 |
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, 2015 2014 2013 Statutory Federal tax rate 35 % 35 % 35 % State taxes, net of Federal tax benefit (5 )% (1 )% (3 )% Taxes on foreign earnings 3 % (14 )% (4 )% Valuation allowance (5 )% (1 )% — % Uncertain tax positions — % — % (5 )% Bad debt deduction — % — % (3 )% Change in tax law — % 4 % (1 )% Goodwill impairment 10 % 4 % 12 % Other—net 3 % — % 2 % Effective tax rate 41 % 27 % 33 % Included in the favorable (14)% 2014 taxes on foreign earnings percentage above is approximately (8)% related to the 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 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 next table summarizes the income taxes receivable and payable in millions as of December 31, 2015 and 2014 : 2015 2014 Income taxes receivable—current $ 167 $ 217 Total income taxes receivable $ 167 $ 217 Income taxes payable—current $ 264 $ 299 Income taxes payable—noncurrent 35 2 Total income taxes payable $ 299 $ 301 |
Summary Of Deferred Tax Assets And Liabilities | The following table summarizes the deferred tax assets and liabilities in millions, as of December 31, 2015 and 2014 : 2015 2014 Differences between book and tax basis of property $ (2,240 ) $ (2,364 ) Other taxable temporary differences (299 ) (302 ) Total deferred tax liability (2,539 ) (2,666 ) Operating loss carryforwards 2,206 2,224 Capital loss carryforwards 66 137 Bad debt and other book provisions 191 221 Retirement costs 149 275 Tax credit carryforwards 55 58 Other deductible temporary differences 219 363 Total gross deferred tax asset 2,886 3,278 Less: valuation allowance (894 ) (997 ) Total net deferred tax asset 1,992 2,281 Net deferred tax (liability) $ (547 ) $ (385 ) |
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 in millions, for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 U.S. $ (612 ) $ (560 ) $ (575 ) Non-U.S. 1,734 2,136 1,623 Total $ 1,122 $ 1,576 $ 1,048 |
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 2009-2015 Brazil 2010-2015 Chile 2012-2015 Colombia 2013-2015 Dominican Republic 2012-2015 El Salvador 2012-2015 Netherlands 2013-2015 Philippines 2012-2015 United Kingdom 2010-2015 United States (Federal) 2011-2015 |
Unrecognized Tax Benefits | is a reconciliation of the beginning and ending amounts of unrecognized tax benefits in millions for the periods indicated: December 31, 2015 2014 2013 Balance at January 1 $ 395 $ 392 $ 475 Additions for current year tax positions 6 8 7 Additions for tax positions of prior years 12 14 10 Reductions for tax positions of prior years (7 ) (2 ) (3 ) Effects of foreign currency translation (7 ) (3 ) — Settlements (19 ) (2 ) (65 ) Lapse of statute of limitations (7 ) (12 ) (32 ) Balance at December 31 $ 373 $ 395 $ 392 |
Discontinued Operations and H69
Discontinued Operations and Held-For-Sale Businesses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 revenue, income from operations, income tax expense, and impairment and loss on disposal of all discontinued operations prior to the adoption of ASU No. 2014-08 for the periods indicated (in millions): Years Ended December 31, 2014 2013 Revenue $ 233 $ 689 Income (loss) from operations of discontinued businesses, before income tax $ 50 $ (3 ) Income tax expense (23 ) (24 ) Income (loss) from operations of discontinued businesses, after income tax $ 27 $ (27 ) Net loss from disposal and impairments of discontinued businesses, after income tax $ (56 ) $ (152 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Basic And Diluted Table | The following table is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computation for income from continuing operations for the years ended December 31, 2015 , 2014 and 2013 , where income represents the numerator and weighted-average shares represent the denominator. Values are in millions except per share data: Year Ended December 31, 2015 2014 2013 Income Shares $ per Share Income Shares $ per Share Income Shares $ per Share BASIC EARNINGS PER SHARE Income from continuing operations attributable to The AES Corporation common stockholders $ 306 687 $ 0.45 $ 789 720 $ 1.10 $ 284 743 $ 0.38 EFFECT OF DILUTIVE SECURITIES Stock options — — — — 1 — — 1 — Restricted stock units — 2 (0.01 ) — 3 (0.01 ) — 4 — DILUTED EARNINGS PER SHARE $ 306 689 $ 0.44 $ 789 724 $ 1.09 $ 284 748 $ 0.38 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The Company's Consolidated Statements of Operations included the following transactions with related parties in millions for the periods indicated: Years Ended December 31, 2015 2014 2013 Revenue—Non-Regulated $ 1,099 $ 1,188 $ 1,110 Cost of Sales—Non-Regulated 330 331 276 Interest Income 25 17 20 Interest Expense 33 9 8 |
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 in millions as of the periods indicated: December 31, 2015 2014 Receivables from related parties $ 181 $ 349 Accounts and notes payable to related parties 524 567 |
Selected Quarterly Financial 72
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following tables summarize the unaudited quarterly Condensed Consolidated Statements of Operations for the Company for 2015 and 2014 (amounts in millions, except per share data). Amounts have been restated to reflect discontinued operations in all periods presented and reflect all adjustments necessary in the opinion of management for a fair statement of the results for interim periods. Quarter Ended 2015 Mar 31 June 30 Sept 30 Dec 31 Revenue $ 3,984 $ 3,858 $ 3,721 $ 3,400 Operating margin 721 754 673 718 Income from continuing operations, net of tax (1) 254 264 203 41 Discontinued operations, net of tax — — — — Net income $ 254 $ 264 $ 203 $ 41 Net income (loss) attributable to The AES Corporation $ 142 $ 69 $ 180 $ (85 ) Basic income (loss) per share: Income (loss) from continuing operations attributable to The AES Corporation, net of tax $ 0.20 $ 0.10 $ 0.27 $ (0.13 ) Discontinued operations attributable to The AES Corporation, net of tax — — — — Basic income (loss) per share attributable to The AES Corporation $ 0.20 $ 0.10 $ 0.27 $ (0.13 ) Diluted income (loss) per share: Income (loss) from continuing operations attributable to The AES Corporation, net of tax $ 0.20 $ 0.10 $ 0.26 $ (0.13 ) Discontinued operations attributable to The AES Corporation, net of tax — — — — Diluted income (loss) per share attributable to The AES Corporation $ 0.20 $ 0.10 $ 0.26 $ (0.13 ) Dividends declared per common share $ — $ 0.10 $ 0.10 $ 0.21 Quarter Ended 2014 Mar 31 June 30 Sept 30 Dec 31 Revenue $ 4,262 $ 4,311 $ 4,441 $ 4,132 Operating margin 794 819 767 708 Income (loss) from continuing operations, net of tax (2,3) 89 281 508 298 Discontinued operations, net of tax (23 ) (6 ) — — Net income (loss) $ 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 ) $ 0.20 $ 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 ) $ 0.20 $ 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 (1) Includes pretax impairment expense of $8 million , $37 million , $231 million and $ 326 million , for the first, second, third and fourth quarters of 2015 , 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 third 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 and Held-for-Sale Businesses 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 in the fourth quarter of 2014. See Note 8 — Investments In And Advances To Affiliates for further discussion. (3) 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. |
Schedule I - Condensed Financ73
Schedule I - Condensed Financial Information of Parent (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Details [Line Items] | |
Schedule of Recourse Debt Detail | The table below summarizes the carrying amount (in millions) and terms of recourse debt of the Company as of the periods indicated: RECOURSE DEBT Interest Rate Final Maturity December 31, 2015 December 31, 2014 Senior Unsecured Note 7.75% 2015 $ — $ 151 Senior Unsecured Note 9.75% 2016 — 164 Senior Unsecured Note 8.00% 2017 181 525 Senior Unsecured Note LIBOR + 3% 2019 775 775 Senior Unsecured Note 8.00% 2020 469 625 Senior Unsecured Note 7.38% 2021 1,000 1,000 Senior Unsecured Note 4.88% 2023 750 750 Senior Unsecured Note 5.50% 2024 750 750 Senior Unsecured Note 5.50% 2025 575 — Term Convertible Trust Securities 6.75% 2029 517 517 Unamortized (Discounts)/Premiums (2 ) 1 SUBTOTAL 5,015 5,258 Less: Current maturities — (151 ) Total $ 5,015 $ 5,107 December 31, Interest Rate Maturity 2015 2014 Senior Unsecured Note 7.75% 2015 $ — $ 151 Senior Unsecured Note 9.75% 2016 — 164 Senior Unsecured Note 8.00% 2017 181 525 Senior Unsecured Note LIBOR + 3.00% 2019 775 775 Senior Unsecured Note 8.00% 2020 469 625 Senior Unsecured Note 7.38% 2021 1,000 1,000 Senior Unsecured Note 4.88% 2023 750 750 Senior Unsecured Note 5.50% 2024 750 750 Senior Unsecured Note 5.50% 2025 575 — Unamortized premium (discounts) (2 ) 1 SUBTOTAL 4,498 4,741 Less: Current maturities — (151 ) Total $ 4,498 $ 4,590 |
Junior Subordinated Notes Payable | December 31, Interest Rate Maturity 2015 2014 Term Convertible Trust Securities 6.75% 2029 $ 517 $ 517 |
Future Maturities of Debt | The table below summarizes the principal amounts due, net of unamortized discounts, under our recourse debt for the next five years and thereafter in millions: December 31, Net Principal Amounts Due 2016 $ — 2017 181 2018 — 2019 774 2020 469 Thereafter 3,591 Total recourse debt $ 5,015 Recourse debt as of December 31, 2015 is scheduled to reach maturity as presented in the table below in millions: December 31, Annual Maturities 2016 $ — 2017 181 2018 — 2019 774 2020 469 Thereafter 3,591 Total debt $ 5,015 |
Schedule II - Valuation and Q74
Schedule II - Valuation and Qualifying Accounts Schedule of Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
schedule of valuation and qualifying accounts [Table Text Block] | (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, 2013 $ 195 $ 38 $ (77 ) $ (22 ) $ 134 Year Ended December 31, 2014 134 61 (88 ) (11 ) 96 Year Ended December 31, 2015 96 88 (60 ) (29 ) 95 |
General and Summary of Signif75
General and Summary of Significant Accounting Policies (Finite Lived Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
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 Signif76
General and Summary of Significant Accounting Policies Accounting Pronouncements Not Yet Adopted (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0 |
Other Current Assets [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 24,000,000 |
Other Noncurrent Assets [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 356,000,000 |
Line of Credit [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Deferred Finance Costs, Current, Gross | 2,000,000 |
Deferred Finance Costs, Noncurrent, Gross | $ 24,000,000 |
General and Summary of Signif77
General and Summary of Significant Accounting Policies New Accounting Pronouncements Adopted (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)integer | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement, number of noncurrent deferred tax assets or liabilities | 1 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0 |
Other Comprehensive Income (Loss), Effect of Change in Accounting Principle, Net of Taxes | 13,000,000 |
Accounting Standard Update 2014-05 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | (18,000,000) |
Other Comprehensive Income (Loss), Effect of Change in Accounting Principle, Net of Taxes | 13,000,000 |
Other Noncurrent Assets [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 356,000,000 |
Other Noncurrent Assets [Member] | Accounting Standard Update 2014-05 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 1,500,000,000 |
Mong Duong Subsidiary [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Number of deliverables in an agreement | integer | 2 |
New Accounting Pronouncement or Change in Accounting Principle, Current Period Disclosures, Revenue Recognized, Amount | $ 0 |
General and Summary of Signif78
General and Summary of Significant Accounting Policies Change in Accounting Estimate (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Postretirement Benefit Costs [Member] | |
Change in Accounting Estimate [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | $ (2) |
Interest Expense [Member] | |
Change in Accounting Estimate [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | (11) |
UNITED STATES | Postretirement Benefit Costs [Member] | |
Change in Accounting Estimate [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | (1) |
UNITED STATES | Interest Expense [Member] | |
Change in Accounting Estimate [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | (9) |
UNITED KINGDOM | Postretirement Benefit Costs [Member] | |
Change in Accounting Estimate [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | (1) |
UNITED KINGDOM | Interest Expense [Member] | |
Change in Accounting Estimate [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | (2) |
Disaggregated Rate Approach [Member] | Postretirement Benefit Costs [Member] | |
Change in Accounting Estimate [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | 16 |
Disaggregated Rate Approach [Member] | Interest Expense [Member] | |
Change in Accounting Estimate [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | 49 |
Disaggregated Rate Approach [Member] | UNITED STATES | Postretirement Benefit Costs [Member] | |
Change in Accounting Estimate [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | 13 |
Disaggregated Rate Approach [Member] | UNITED STATES | Interest Expense [Member] | |
Change in Accounting Estimate [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | 42 |
Disaggregated Rate Approach [Member] | UNITED KINGDOM | Postretirement Benefit Costs [Member] | |
Change in Accounting Estimate [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | 3 |
Disaggregated Rate Approach [Member] | UNITED KINGDOM | Interest Expense [Member] | |
Change in Accounting Estimate [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | 7 |
Aggregated Rate Approach [Member] | Postretirement Benefit Costs [Member] | |
Change in Accounting Estimate [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | 18 |
Aggregated Rate Approach [Member] | Interest Expense [Member] | |
Change in Accounting Estimate [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | 60 |
Aggregated Rate Approach [Member] | UNITED STATES | Postretirement Benefit Costs [Member] | |
Change in Accounting Estimate [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | 14 |
Aggregated Rate Approach [Member] | UNITED STATES | Interest Expense [Member] | |
Change in Accounting Estimate [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | 51 |
Aggregated Rate Approach [Member] | UNITED KINGDOM | Postretirement Benefit Costs [Member] | |
Change in Accounting Estimate [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | 4 |
Aggregated Rate Approach [Member] | UNITED KINGDOM | Interest Expense [Member] | |
Change in Accounting Estimate [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Operating Results | $ 9 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Fuel and other raw materials | $ 343 | $ 357 |
Spare parts and supplies | 332 | 345 |
Total | $ 675 | $ 702 |
Property, Plant and Equipment80
Property, Plant and Equipment (Components of PP&E) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Property, Plant and Equipment [Line Items] | |||
Electric generation, distribution assets and other | $ 28,491 | $ 30,459 | |
Accumulated depreciation | (9,449) | (9,962) | |
Property, Plant and Equipment, Net | [1] | 19,042 | 20,497 |
Capitalized computer software, net | 83 | 115 | |
Electric generation and distribution facilities | |||
Property, Plant and Equipment [Line Items] | |||
Electric generation, distribution assets and other | $ 25,427 | 27,488 | |
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 | $ 1,868 | 1,694 | |
Other buildings | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | 3 years | ||
Other buildings | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | 53 years | ||
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Electric generation, distribution assets and other | $ 305 | 307 | |
Furniture and Fixtures [Member] | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Life | 2 years | ||
Furniture and Fixtures [Member] | 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 | $ 891 | $ 970 | |
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 | ||
[1] | (1) Net electric generation and distribution assets and other include unamortized internal-use software costs of $83 million and $115 million as of December 31, 2015 and 2014, respectively. |
Property, Plant and Equipment81
Property, Plant and Equipment (Depreciation Expense, Software Amortization and Capitalized Interest) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense (including amortization of assets recorded under capital leases) | $ 1,104 | $ 1,204 | $ 1,193 |
Amortization of internal-use software | 29 | 33 | 36 |
Interest capitalized during development and construction | 90 | 120 | $ 84 |
Property plant and equipment, net of accumulated depreciation mortgaged, pledged or subject to liens | $ 12,000 | $ 15,000 |
Property, Plant and Equipment82
Property, Plant and Equipment (Regulated and Non-Regulated Generation and Distribution PP&E) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | $ 28,491 | $ 30,459 |
Accumulated depreciation | (9,449) | (9,962) |
Net electric generation and distribution assets and other | 19,042 | 20,497 |
Regulated Operation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | 11,818 | 13,103 |
Accumulated depreciation | (4,351) | (4,841) |
Net electric generation and distribution assets and other | 7,467 | 8,262 |
Unregulated Operation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | 16,673 | 17,356 |
Accumulated depreciation | (5,098) | (5,121) |
Net electric generation and distribution assets and other | $ 11,575 | $ 12,235 |
Property, Plant and Equipment83
Property, Plant and Equipment (Asset Retirement Obligations) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Beginning balance | $ 209,000,000 | $ 142,000,000 |
Additional liabilities incurred | 43,000,000 | 51,000,000 |
Asset Retirement Obligation, Other [Line Items] | (5,000,000) | 0 |
Liabilities settled | (6,000,000) | (11,000,000) |
Accretion expense | 13,000,000 | 12,000,000 |
Change in estimated cash flows | (7,000,000) | 15,000,000 |
Ending balance | 247,000,000 | 209,000,000 |
Asset retirement obligation, legally restricted | $ 2,000,000 | $ 0 |
Property, Plant and Equipment84
Property, Plant and Equipment (Ownership of Coal-Fired Facilities) (Details) $ in Millions | Dec. 31, 2015USD ($)facility |
Jointly Owned Utility Plant Interests [Line Items] | |
Number of Coal-Fired Generation Facilities, Jointly Owned | facility | 5 |
Conesville Unit 4 | |
Jointly Owned Utility Plant Interests [Line Items] | |
Construction Work In Process | $ 1 |
Ownership | 17.00% |
Gross Plant In Service | $ 26 |
Accumulated Depreciation | 4 |
Killen Station | |
Jointly Owned Utility Plant Interests [Line Items] | |
Construction Work In Process | $ 2 |
Ownership | 67.00% |
Gross Plant In Service | $ 342 |
Accumulated Depreciation | 29 |
Miami Fort Units 7 and 8 | |
Jointly Owned Utility Plant Interests [Line Items] | |
Construction Work In Process | $ 6 |
Ownership | 36.00% |
Gross Plant In Service | $ 219 |
Accumulated Depreciation | 32 |
Stuart Station | |
Jointly Owned Utility Plant Interests [Line Items] | |
Construction Work In Process | $ 18 |
Ownership | 35.00% |
Gross Plant In Service | $ 236 |
Accumulated Depreciation | 19 |
Zimmer Station | |
Jointly Owned Utility Plant Interests [Line Items] | |
Construction Work In Process | $ 12 |
Ownership | 28.00% |
Gross Plant In Service | $ 188 |
Accumulated Depreciation | 44 |
Transmission | |
Jointly Owned Utility Plant Interests [Line Items] | |
Construction Work In Process | 0 |
Gross Plant In Service | 43 |
Accumulated Depreciation | 8 |
Total Jointly Owned Plant | |
Jointly Owned Utility Plant Interests [Line Items] | |
Construction Work In Process | 39 |
Gross Plant In Service | 1,054 |
Accumulated Depreciation | $ 136 |
Fair Value (Recurring Measureme
Fair Value (Recurring Measurements) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 895 | $ 1,029 | |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 490 | 514 | |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 15 | 15 | |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 581 | 789 | |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 167 | 294 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 299 | 225 | |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 323 | 220 | |
Available-for-sale Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 505 | 734 |
Available-for-sale Securities [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 0 | 0 |
Available-for-sale Securities [Member] | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 505 | 734 |
Available-for-sale Securities [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 0 | 0 |
Derivative [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 375 | 280 | |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 490 | 514 | |
Derivative [Member] | Commodity Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 33 | 17 | |
Derivative [Member] | Interest rate derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 358 | 416 | |
Derivative [Member] | Cross currency derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 43 | 29 | |
Derivative [Member] | Foreign currency derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 56 | 52 | |
Derivative [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | |
Derivative [Member] | Level 1 | Commodity Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | |
Derivative [Member] | Level 1 | Interest rate derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | |
Derivative [Member] | Level 1 | Cross currency derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | |
Derivative [Member] | Level 1 | Foreign currency derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | |
Derivative [Member] | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 76 | 55 | |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 167 | 294 | |
Derivative [Member] | Level 2 | Commodity Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 29 | 16 | |
Derivative [Member] | Level 2 | Interest rate derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 54 | 206 | |
Derivative [Member] | Level 2 | Cross currency derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 43 | 29 | |
Derivative [Member] | Level 2 | Foreign currency derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 41 | 43 | |
Derivative [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 299 | 225 | |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 323 | 220 | |
Derivative [Member] | Level 3 | Commodity Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 4 | 1 | |
Derivative [Member] | Level 3 | Interest rate derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 304 | 210 | |
Derivative [Member] | Level 3 | Cross currency derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 | |
Derivative [Member] | Level 3 | Foreign currency derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 15 | 9 | |
Other debt securities | Available-for-sale Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 327 | 501 |
Other debt securities | Available-for-sale Securities [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 0 | 0 |
Other debt securities | Available-for-sale Securities [Member] | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 327 | 501 |
Other debt securities | Available-for-sale Securities [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 0 | 0 |
Commodity Contract [Member] | Derivative [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 48 | 44 | |
Commodity Contract [Member] | Derivative [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
Commodity Contract [Member] | Derivative [Member] | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 41 | 37 | |
Commodity Contract [Member] | Derivative [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 7 | 7 | |
Certificates of Deposit [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 135 | 151 |
Certificates of Deposit [Member] | Available-for-sale Securities [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 0 | 0 |
Certificates of Deposit [Member] | Available-for-sale Securities [Member] | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 135 | 151 |
Certificates of Deposit [Member] | Available-for-sale Securities [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 0 | 0 |
Government debt securities [Domain] | Available-for-sale Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 28 | 57 |
Government debt securities [Domain] | Available-for-sale Securities [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 0 | 0 |
Government debt securities [Domain] | Available-for-sale Securities [Member] | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 28 | 57 |
Government debt securities [Domain] | Available-for-sale Securities [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 0 | 0 |
Debt securities | Available-for-sale Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 490 | 709 |
Debt securities | Available-for-sale Securities [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 0 | 0 |
Debt securities | Available-for-sale Securities [Member] | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 490 | 709 |
Debt securities | Available-for-sale Securities [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 0 | 0 |
Equity Funds [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 15 | 25 |
Equity Funds [Member] | Available-for-sale Securities [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 0 | 0 |
Equity Funds [Member] | Available-for-sale Securities [Member] | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 15 | 25 |
Equity Funds [Member] | Available-for-sale Securities [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 0 | 0 |
Equity Funds [Member] | Trading Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 15 | 15 | |
Equity Funds [Member] | Trading Securities [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 15 | 15 | |
Equity Funds [Member] | Trading Securities [Member] | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
Equity Funds [Member] | Trading Securities [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
Equity securities | Available-for-sale Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 15 | 25 |
Equity securities | Available-for-sale Securities [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 0 | 0 |
Equity securities | Available-for-sale Securities [Member] | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 15 | 25 |
Equity securities | Available-for-sale Securities [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | [1] | 0 | 0 |
Foreign currency derivatives | Derivative [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 327 | 236 | |
Foreign currency derivatives | Derivative [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
Foreign currency derivatives | Derivative [Member] | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 35 | 18 | |
Foreign currency derivatives | Derivative [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 292 | $ 218 | |
[1] | (1) Amortized cost approximated fair value at December 31, 2015 and 2014. |
Fair Value (Level 3 Reconciliat
Fair Value (Level 3 Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | $ 196 | $ 137 | |
Total gains (losses) (realized and unrealized): | |||
Included in regulatory (assets) liabilities | (18) | 16 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 33 | 11 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | (96) | 10 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (19) | 3 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (24) | 5 | $ (4) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 186 | 131 | |
Commodity Contract [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (1) | 1 | |
Total gains (losses) (realized and unrealized): | |||
Included in regulatory (assets) liabilities | (18) | 16 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 16 | (15) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 3 | 6 | 4 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (1) | (1) | |
Foreign Exchange Contract [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 198 | 134 | |
Total gains (losses) (realized and unrealized): | |||
Included in regulatory (assets) liabilities | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (7) | (4) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | (1) | 10 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (19) | 3 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 277 | 209 | 93 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 187 | 130 | |
Interest Rate Contract | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (1) | 2 | |
Total gains (losses) (realized and unrealized): | |||
Included in regulatory (assets) liabilities | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 24 | 30 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | (95) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (304) | (210) | $ (101) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | 2 | |
Other comprehensive income - Derivative activity [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (31) | (156) | |
Other comprehensive income - Derivative activity [Member] | Commodity Contract [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |
Other comprehensive income - Derivative activity [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | (2) | |
Other comprehensive income - Derivative activity [Member] | Interest Rate Contract | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (31) | (154) | |
Other Comprehensive Income- Foreign currency translation activity [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (94) | (12) | |
Other Comprehensive Income- Foreign currency translation activity [Member] | Commodity Contract [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |
Other Comprehensive Income- Foreign currency translation activity [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (103) | (25) | |
Other Comprehensive Income- Foreign currency translation activity [Member] | Interest Rate Contract | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ 9 | $ 13 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Fair Value Inputs Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ (24) | $ 5 | $ (4) |
Fair Value Derivative Assets Liabilities Measured On Recurring Basis Unobservable Inputs [Abstract] | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Assets Liabilities Value | (24) | ||
Foreign Exchange Contract [Member] | |||
Fair Value Inputs Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 277 | 209 | 93 |
Interest Rate Contract | |||
Fair Value Inputs Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ (304) | (210) | (101) |
Interest Rate Contract | Minimum | |||
Fair Value Inputs Quantitative Information [Line Items] | |||
Fair Value Inputs, Entity Credit Risk | 2.88% | ||
Interest Rate Contract | Maximum | |||
Fair Value Inputs Quantitative Information [Line Items] | |||
Fair Value Inputs, Entity Credit Risk | 8.88% | ||
Interest Rate Contract | Weighted Average | |||
Fair Value Inputs Quantitative Information [Line Items] | |||
Fair Value Inputs, Entity Credit Risk | 5.42% | ||
Commodity Contract [Member] | |||
Fair Value Inputs Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 3 | $ 6 | $ 4 |
Euro Member Countries, Euro | Foreign Exchange Contract [Member] | Minimum | |||
Fair Value Inputs Quantitative Information [Line Items] | |||
Fair Value Inputs, Entity Credit Risk | 8.88% | ||
Euro Member Countries, Euro | Foreign Exchange Contract [Member] | Maximum | |||
Fair Value Inputs Quantitative Information [Line Items] | |||
Fair Value Inputs, Entity Credit Risk | 8.88% | ||
Euro Member Countries, Euro | Foreign Exchange Contract [Member] | Weighted Average | |||
Fair Value Inputs Quantitative Information [Line Items] | |||
Fair Value Inputs, Entity Credit Risk | 8.88% | ||
Argentina, Pesos | Foreign Exchange Contract [Member] | |||
Fair Value Inputs Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 291 | ||
Argentina, Pesos | Foreign Exchange Contract [Member] | 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 | 0.1751 | ||
Argentina, Pesos | Foreign Exchange Contract [Member] | 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 | 0.3544 | ||
Argentina, Pesos | Foreign Exchange Contract [Member] | 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 | 0.2605 | ||
Derivative Financial Instruments, Assets [Member] | Euro Member Countries, Euro | Foreign Exchange Contract [Member] | |||
Fair Value Inputs Quantitative Information [Line Items] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ (14) |
Fair Value (Nonrecurring Measur
Fair Value (Nonrecurring Measurements) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 01, 2015 | Sep. 30, 2015 | Aug. 28, 2015 | Jun. 30, 2015 | Feb. 09, 2015 | Sep. 30, 2014 | Sep. 25, 2014 | Jun. 30, 2014 | Jun. 06, 2014 | Feb. 28, 2014 | ||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset Impairment Charges | $ 602,000,000 | $ 383,000,000 | $ 661,000,000 | |||||||||||||
Other non-operating expense | 0 | 128,000,000 | 129,000,000 | |||||||||||||
Goodwill impairment expense | 317,000,000 | 164,000,000 | $ 372,000,000 | |||||||||||||
East Bend DPL [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | 2,000,000 | |||||||||||||||
UK Wind (Newfield) [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | $ 0 | |||||||||||||||
UK Wind Development Projects [Domain] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | $ 1,000,000 | |||||||||||||||
Kilroot [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | $ 70,000,000 | |||||||||||||||
buffalo gap III [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | $ 118,000,000 | |||||||||||||||
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 | $ 10,000,000 | 18,000,000 | ||||||||||||||
Fair Value | Level 3 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | 217,000,000 | |||||||||||||||
Fair Value | Long Lived Assets Held And Used [Member] | Ebute [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 36,000,000 | ||||||||||||||
Fair Value | Long Lived Assets Held And Used [Member] | Kilroot [Member] | Level 3 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | 70,000,000 | |||||||||||||||
Fair Value | Long Lived Assets Held And Used [Member] | buffalo gap III [Member] | Level 3 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 118,000,000 | ||||||||||||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Cameroon businesses | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset Impairment Charges | [2] | 38,000,000 | ||||||||||||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Carrying Amount | Cameroon businesses | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [2] | 372,000,000 | ||||||||||||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Fair Value | Cameroon businesses | Level 1 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [2] | 0 | ||||||||||||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Fair Value | Cameroon businesses | Level 2 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [2] | 334,000,000 | ||||||||||||||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Fair Value | Cameroon businesses | Level 3 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [2] | 0 | ||||||||||||||
Equity Method Investments [Member] | Solar Spain [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Other non-operating expense | [3] | 0 | ||||||||||||||
Equity Method Investments [Member] | Entek | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Other non-operating expense | [3],[4] | 86,000,000 | ||||||||||||||
Equity Method Investments [Member] | Silver Ridge Power [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Other non-operating expense | [3],[4] | 42,000,000 | ||||||||||||||
Equity Method Investments [Member] | Carrying Amount | Solar Spain [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [3] | $ 29,000,000 | ||||||||||||||
Equity Method Investments [Member] | Carrying Amount | Entek | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [4] | $ 211,000,000 | ||||||||||||||
Equity Method Investments [Member] | Carrying Amount | Silver Ridge Power [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [3],[4] | 315,000,000 | ||||||||||||||
Equity Method Investments [Member] | Fair Value | Solar Spain [Member] | Level 1 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [3] | 0 | ||||||||||||||
Equity Method Investments [Member] | Fair Value | Solar Spain [Member] | Level 2 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [3] | 0 | ||||||||||||||
Equity Method Investments [Member] | Fair Value | Solar Spain [Member] | Level 3 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [3] | $ 29,000,000 | ||||||||||||||
Equity Method Investments [Member] | Fair Value | Entek | Level 1 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [4] | 0 | ||||||||||||||
Equity Method Investments [Member] | Fair Value | Entek | Level 2 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [4] | 125,000,000 | ||||||||||||||
Equity Method Investments [Member] | Fair Value | Entek | Level 3 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [4] | $ 0 | ||||||||||||||
Equity Method Investments [Member] | Fair Value | Silver Ridge Power [Member] | Level 1 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [3],[4] | 0 | ||||||||||||||
Equity Method Investments [Member] | Fair Value | Silver Ridge Power [Member] | Level 2 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [3],[4] | 0 | ||||||||||||||
Equity Method Investments [Member] | Fair Value | Silver Ridge Power [Member] | Level 3 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [3],[4] | 273,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value Measurement [Domain] | Ebute [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Other non-operating expense | [1] | 15,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | East Bend DPL [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Other non-operating expense | [1] | 12,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Ebute [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Other non-operating expense | [1] | 52,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | UK Wind (Newfield) [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Other non-operating expense | [1] | 12,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | UK Wind Development Projects [Domain] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Other non-operating expense | [1] | 37,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Kilroot [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Other non-operating expense | [1] | 121,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | buffalo gap III [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Other non-operating expense | [1] | 116,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Other Affiliates [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Other non-operating expense | 11,000,000 | |||||||||||||||
Long Lived Assets Held And Used [Member] | Carrying Amount | East Bend DPL [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 14,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Carrying Amount | Ebute [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | $ 51,000,000 | 99,000,000 | |||||||||||||
Long Lived Assets Held And Used [Member] | Carrying Amount | UK Wind (Newfield) [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | $ 12,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Carrying Amount | UK Wind Development Projects [Domain] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 38,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Carrying Amount | Kilroot [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 191,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Carrying Amount | buffalo gap III [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 234,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Carrying Amount | Other Affiliates [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | 32,000,000 | |||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | East Bend DPL [Member] | Level 1 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 0 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | East Bend DPL [Member] | Level 2 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 2,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | East Bend DPL [Member] | Level 3 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 0 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | Ebute [Member] | Level 1 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 0 | 0 | |||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | Ebute [Member] | Level 2 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 0 | 0 | |||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | Ebute [Member] | Level 3 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | $ 36,000,000 | $ 47,000,000 | |||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | UK Wind (Newfield) [Member] | Level 1 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 0 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | UK Wind (Newfield) [Member] | Level 2 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 0 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | UK Wind (Newfield) [Member] | Level 3 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | $ 0 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | UK Wind Development Projects [Domain] | Level 1 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 0 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | UK Wind Development Projects [Domain] | Level 2 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 1,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | Kilroot [Member] | Level 1 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 0 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | Kilroot [Member] | Level 2 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 0 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | Kilroot [Member] | Level 3 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | $ 70,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | buffalo gap III [Member] | Level 1 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 0 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | buffalo gap III [Member] | Level 2 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | 0 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | Other Affiliates [Member] | Level 1 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | 0 | |||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | Other Affiliates [Member] | Level 2 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | 21,000,000 | |||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | Other Affiliates [Member] | Level 3 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | 0 | |||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | Long Lived Assets Held And Used [Member] | UK Wind Development Projects [Domain] | Level 3 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [1] | $ 0 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Fair Value | Long Lived Assets Held And Used [Member] | buffalo gap III [Member] | Level 3 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | $ 118,000,000 | |||||||||||||||
Goodwill [Member] | DPLER | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Goodwill impairment expense | [5] | 136,000,000 | ||||||||||||||
Goodwill [Member] | Buffalo Gap | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Goodwill impairment expense | [5] | $ 28,000,000 | ||||||||||||||
Goodwill [Member] | DP&L [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Other non-operating expense | [3] | $ 317,000,000 | ||||||||||||||
Goodwill [Member] | Carrying Amount | DPLER | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [5] | $ 136,000,000 | ||||||||||||||
Goodwill [Member] | Carrying Amount | Buffalo Gap | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [5] | 28,000,000 | ||||||||||||||
Goodwill [Member] | Carrying Amount | DP&L [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [3] | $ 317,000,000 | ||||||||||||||
Goodwill [Member] | Fair Value | DPLER | Level 1 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [5] | 0 | ||||||||||||||
Goodwill [Member] | Fair Value | DPLER | Level 2 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [5] | 0 | ||||||||||||||
Goodwill [Member] | Fair Value | DPLER | Level 3 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [5] | $ 0 | ||||||||||||||
Goodwill [Member] | Fair Value | Buffalo Gap | Level 1 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [5] | 0 | ||||||||||||||
Goodwill [Member] | Fair Value | Buffalo Gap | Level 2 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [5] | 0 | ||||||||||||||
Goodwill [Member] | Fair Value | Buffalo Gap | Level 3 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [5] | $ 0 | ||||||||||||||
Goodwill [Member] | Fair Value | DP&L [Member] | Level 1 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [3] | 0 | ||||||||||||||
Goodwill [Member] | Fair Value | DP&L [Member] | Level 2 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [3] | 0 | ||||||||||||||
Goodwill [Member] | Fair Value | DP&L [Member] | Level 3 | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Abstract] | ||||||||||||||||
Asset fair value nonrecurring | [3] | $ 0 | ||||||||||||||
[1] | (1) See Note 21—Asset Impairment Expense for further information. | |||||||||||||||
[2] | (2) See Note 23—Discontinued Operations for further information. Fair value of long-lived assets held-for-sale is presented net of costs to sell. | |||||||||||||||
[3] | (3) See Note 8—Investments In and Advances to Affiliates for further information. | |||||||||||||||
[4] | (4) See Note 9—Other Non-Operating Expense for further information. | |||||||||||||||
[5] | (5) See Note 10—Goodwill and Other Intangible Assets for further information. |
Fair Value (Nonrecurring Unobse
Fair Value (Nonrecurring Unobservable Inputs) (Details) - Income Approach Valuation Technique [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Minimum | Long Lived Assets Held And Used [Member] | Kilroot [Member] | |
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |
Fair Value Inputs, Long-term Revenue Growth Rate | (88.00%) |
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | (74.00%) |
Minimum | Long Lived Assets Held And Used [Member] | buffalo gap III [Member] | |
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |
Fair Value Inputs, Long-term Revenue Growth Rate | (2.00%) |
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | (282.00%) |
Maximum | Long Lived Assets Held And Used [Member] | Kilroot [Member] | |
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |
Fair Value Inputs, Long-term Revenue Growth Rate | 6.00% |
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | 10.00% |
Maximum | Long Lived Assets Held And Used [Member] | buffalo gap III [Member] | |
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |
Fair Value Inputs, Long-term Revenue Growth Rate | 19.00% |
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | 58.00% |
Weighted Average | Long Lived Assets Held And Used [Member] | Kilroot [Member] | |
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |
Fair Value Inputs, Long-term Revenue Growth Rate | (7.00%) |
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | 0.00% |
Fair Value Inputs, Discount Rate | 6.00% |
Weighted Average | Long Lived Assets Held And Used [Member] | buffalo gap III [Member] | |
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |
Fair Value Inputs, Long-term Revenue Growth Rate | 3.00% |
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | 24.00% |
Fair Value Inputs, Discount Rate | 9.00% |
Equity Method Investments [Member] | Minimum | Solar Spain [Member] | |
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |
Fair Value Inputs, Long-term Revenue Growth Rate | (3.00%) |
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | (13.00%) |
Fair Value Inputs, Discount Rate | 12.00% |
Equity Method Investments [Member] | Maximum | Solar Spain [Member] | |
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |
Fair Value Inputs, Long-term Revenue Growth Rate | 0.00% |
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | 56.00% |
Fair Value Inputs, Discount Rate | 12.00% |
Equity Method Investments [Member] | Weighted Average | Solar Spain [Member] | |
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |
Fair Value Inputs, Long-term Revenue Growth Rate | 0.00% |
Fair Value Inputs, Long-term Pre-tax Operating Margin, Percent | 24.00% |
Fair Value Inputs, Discount Rate | 12.00% |
Fair Value (Instruments Not Mea
Fair Value (Instruments Not Measured at Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Liabilities [Abstract] | |||
Recourse debt | $ 5,015 | $ 5,258 | |
Carrying Amount | |||
ASSETS | |||
Accounts receivable - noncurrent | [1] | 270 | 257 |
Non-Recourse Debt | 15,792 | 15,600 | |
Liabilities [Abstract] | |||
Recourse debt | 5,015 | 5,258 | |
Fair Value | |||
ASSETS | |||
Accounts receivable - noncurrent | [1] | 342 | 246 |
Non-Recourse Debt | 15,939 | 16,008 | |
Liabilities [Abstract] | |||
Recourse debt | 4,696 | 5,552 | |
Value added tax | 27 | 36 | |
Fair Value | Level 1 | |||
ASSETS | |||
Accounts receivable - noncurrent | [1] | 0 | 0 |
Non-Recourse Debt | 0 | 0 | |
Liabilities [Abstract] | |||
Recourse debt | 0 | 0 | |
Fair Value | Level 2 | |||
ASSETS | |||
Accounts receivable - noncurrent | [1] | 20 | 0 |
Non-Recourse Debt | 13,672 | 12,538 | |
Liabilities [Abstract] | |||
Recourse debt | 4,696 | 5,552 | |
Fair Value | Level 3 | |||
ASSETS | |||
Accounts receivable - noncurrent | [1] | 322 | 246 |
Non-Recourse Debt | 2,267 | 3,470 | |
Liabilities [Abstract] | |||
Recourse debt | $ 0 | $ 0 | |
[1] | (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 $27 million and $36 million at December 31, 2015 and 2014, respectively. |
Investments In Marketable Sec91
Investments In Marketable Securities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | |||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | $ 462,000,000 | ||
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 28,000,000 | ||
Available-for-sale Securities, Realized Losses, Excluding Other than Temporary Impairments (Equal To or Less Than) | 1,000,000 | $ 1,000,000 | $ 1,000,000 |
Gross proceeds from sales of AFS securities | 4,902,000,000 | 4,569,000,000 | 4,406,000,000 |
Other than Temporary Impairment Losses, Investments | 0 | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 | |
Trading Securities, Realized Gain (Loss)- (Equal to or Less Than) | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 |
Derivative Instruments and He92
Derivative Instruments and Hedging Activities (Outstanding Derivative Notionals and Terms by Type) (Details) € in Millions, CLF in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2015CLF | ||||
Derivative [Line Items] | ||||||
Derivative, notional amount | $ 3,200 | |||||
Libor USD | Interest Rate Contract | ||||||
Derivative [Line Items] | ||||||
Derivative, notional amount | $ 2,872 | [1] | ||||
Weighted-Average Remaining Term | 11 years | [1] | ||||
% of Debt Currently Hedged by Index (2) | 48.00% | [1] | 48.00% | [1] | 48.00% | [1] |
Euribor EUR | Interest Rate Contract | ||||||
Derivative [Line Items] | ||||||
Derivative, notional amount | $ 524 | [1] | € 482 | [1] | ||
Weighted-Average Remaining Term | 6 years | [1] | ||||
% of Debt Currently Hedged by Index (2) | 83.00% | [1] | 83.00% | [1] | 83.00% | [1] |
Chilean Unidad De Fomento CLF | Cross Currency Interest Rate Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, notional amount | $ 159 | CLF 4 | ||||
Weighted-Average Remaining Term | 13 years | |||||
% of Debt Currently Hedged by Index (2) | 76.00% | 76.00% | 76.00% | |||
Current Notional | Libor USD | Interest Rate Contract | ||||||
Derivative [Line Items] | ||||||
Derivative, notional amount | $ 2,639 | [1] | ||||
Current Notional | Euribor EUR | Interest Rate Contract | ||||||
Derivative [Line Items] | ||||||
Derivative, notional amount | 524 | [1] | € 482 | [1] | ||
Current Notional | Chilean Unidad De Fomento CLF | Cross Currency Interest Rate Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, notional amount | $ 159 | CLF 4 | ||||
[1] | (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, 2015 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. |
Derivative Instruments and He93
Derivative Instruments and Hedging Activities (Foreign Currency Derivatives) (Details) - 12 months ended Dec. 31, 2015 € in Millions, £ in Millions, KZT in Millions, COP in Millions, CLP in Millions, CLF in Millions, BRL in Millions, ARS in Millions, $ in Millions | USD ($) | EUR (€) | [1] | COP | [1] | KZT | [1] | BRL | [1] | CLF | [1] | CLP | [1] | ARS | [1] | GBP (£) | [1] | |
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | $ 3,200 | |||||||||||||||||
Chilean Unidad De Fomento CLF | Foreign Exchange Option and Forward | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | $ 311 | CLF 9 | ||||||||||||||||
Derivative, average remaining maturity | [2] | 1 year | ||||||||||||||||
Chilean Peso CLP | Foreign Exchange Option and Forward | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | $ 119 | CLP 84,669 | ||||||||||||||||
Derivative, average remaining maturity | [2] | 1 year | ||||||||||||||||
Brazilian Real BRL | Foreign Exchange Option and Forward | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | $ 21 | BRL 80 | ||||||||||||||||
Derivative, average remaining maturity | [2] | 1 year | ||||||||||||||||
Euro EUR | Foreign Exchange Option and Forward | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | $ 35 | € 32 | ||||||||||||||||
Derivative, average remaining maturity | [2] | 1 year | ||||||||||||||||
Colombian Peso COP | Foreign Exchange Option and Forward | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | $ 80 | COP 252,166 | ||||||||||||||||
Derivative, average remaining maturity | [2] | 1 year | ||||||||||||||||
Argentine Peso ARS | Foreign Exchange Option and Forward | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | $ 178 | ARS 2,321 | ||||||||||||||||
Derivative, average remaining maturity | [2] | 10 years | ||||||||||||||||
British Pound GBP | Foreign Exchange Option and Forward | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | $ 32 | £ 22 | ||||||||||||||||
Derivative, average remaining maturity | [2] | 1 year | ||||||||||||||||
Kazakhstani Tenge | Embedded Derivative Financial Instruments | ||||||||||||||||||
Derivative [Line Items] | ||||||||||||||||||
Derivative, notional amount | $ 5 | KZT 1,691 | ||||||||||||||||
Derivative, average remaining maturity | [2] | 1 year | ||||||||||||||||
[1] | (1) Represents contractual notionals. The notionals for options have not been probability adjusted, which generally would decrease them. | |||||||||||||||||
[2] | (2) Represents the remaining tenor of our foreign currency derivatives weighted by the corresponding notional. These derivatives matures through 2026.December 31, 2015 Weighted-AverageCommodity Derivatives Notional Remaining Term(1) (in millions) (in years)Power (MWh) 10 3 |
Derivative Instruments and He94
Derivative Instruments and Hedging Activities (Commodity Derivatives) (Details) - Power MWh - Commodity Contract [Member] MWh in Millions | 12 Months Ended | |
Dec. 31, 2015MWh | ||
Derivative [Line Items] | ||
Derivative, Nonmonetary Notional Amount | 10 | |
Derivative average remaining maturity | 3 years | [1] |
[1] | (1) Represents the remaining tenor of our commodity derivatives weighted by the corresponding volume. These derivatives range in maturity through 2018. |
Derivative Instruments and He95
Derivative Instruments and Hedging Activities (Assets and LIabilities - Designated vs. Not Designated Hedging Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | $ 375 | $ 280 |
Total liability derivatives | 490 | 514 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 38 | 31 |
Total liability derivatives | 448 | 490 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 337 | 249 |
Total liability derivatives | 42 | 24 |
Interest Rate Contract | ||
Derivatives, Fair Value [Line Items] | ||
Total liability derivatives | 358 | 416 |
Interest Rate Contract | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total liability derivatives | 358 | 416 |
Interest Rate Contract | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total liability derivatives | 0 | 0 |
Cross Currency Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total liability derivatives | 43 | 29 |
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total liability derivatives | 43 | 29 |
Cross Currency Interest Rate Contract [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total liability derivatives | 0 | 0 |
Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 327 | 236 |
Total liability derivatives | 56 | 52 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 8 | 6 |
Total liability derivatives | 35 | 38 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 319 | 230 |
Total liability derivatives | 21 | 14 |
Other Contract | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 48 | 44 |
Total liability derivatives | 33 | 17 |
Other Contract | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 30 | 25 |
Total liability derivatives | 12 | 7 |
Other Contract | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 18 | 19 |
Total liability derivatives | $ 21 | $ 10 |
Derivative Instruments and He96
Derivative Instruments and Hedging Activities (Assets and Liabilities - Current vs. Noncurrent Derivative instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | $ 86 | $ 77 |
Derivative Liability, Current | 144 | 148 |
Derivative Asset, Noncurrent | 289 | 203 |
Derivative Liability, Noncurrent | 346 | 366 |
Total asset derivatives | 375 | 280 |
Total liability derivatives | 490 | 514 |
Asset, Formerly Accounted for as a Derivative, to be Amortized into Earnings | 147 | 161 |
Liability, Formerly Accounted for as a Derivative, to be Amortized into Earnings | 166 | 180 |
Contracts Subject To Netting Arrangements | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 57 | 53 |
Total liability derivatives | 467 | 507 |
Derivative Assets Not Offset Under Netting Arrangements | (18) | (10) |
Derivative Liabilities Not Offset Under Netting Arrangements | (18) | (10) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 0 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (38) | (26) |
Derivative Asset | 39 | 43 |
Derivative Liability | $ 411 | $ 471 |
Derivative Instruments and He97
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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in AOCL, Effective Portion | $ (73,000,000) | $ (430,000,000) | $ 139,000,000 |
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (77,000,000) | (125,000,000) | (180,000,000) |
Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in AOCL, Effective Portion | (103,000,000) | (421,000,000) | 155,000,000 |
AOCI before tax expected increase (decrease) next 12 months | (106,000,000) | ||
Interest Rate Contract | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (108,000,000) | (139,000,000) | (127,000,000) |
Loss on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring | 6,000,000 | $ 0 | |
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) | $ (2,000,000) | (5,000,000) |
Interest Rate Contract | Net Equity In Earnings Of Affiliates | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (2,000,000) | (3,000,000) | (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 | (4,000,000) | 0 | (21,000,000) |
Cross Currency Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in AOCL, Effective Portion | (20,000,000) | (25,000,000) | (18,000,000) |
AOCI before tax expected increase (decrease) next 12 months | (3,000,000) | ||
Cross Currency Interest Rate Contract [Member] | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (4,000,000) | 0 | (10,000,000) |
Cross Currency Interest Rate Contract [Member] | Foreign Currency Gain (Loss) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (20,000,000) | (23,000,000) | (18,000,000) |
Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in AOCL, Effective Portion | 10,000,000 | (28,000,000) | 0 |
AOCI before tax expected increase (decrease) next 12 months | 12,000,000 | ||
Foreign Exchange Contract [Member] | Foreign Currency Gain (Loss) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | 32,000,000 | 14,000,000 | 12,000,000 |
Other Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in AOCL, Effective Portion | 40,000,000 | 44,000,000 | 2,000,000 |
AOCI before tax expected increase (decrease) next 12 months | 16,000,000 | ||
Other Contract | Cost of Sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (12,000,000) | (2,000,000) | (2,000,000) |
Other Contract | Sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | $ 43,000,000 | $ 30,000,000 | $ (3,000,000) |
Derivative Instruments and He98
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Ineffective Portion of Cash Flow Hedges) (Details) - Cash Flow Hedging - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Ineffective Portion | $ (6) | $ (4) | $ 43 |
Interest Expense | Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Ineffective Portion | (4) | 0 | 42 |
Interest Expense | Cross Currency Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Ineffective Portion | 1 | (1) | 0 |
Net Equity In Earnings Of Affiliates | Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Ineffective Portion | 0 | (1) | 1 |
Foreign Currency Gain (Loss) | Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Ineffective Portion | $ (3) | $ (2) | $ 0 |
Derivative Instruments and He99
Derivative Instruments and Hedging Activities (Derivative Instruments Not Designated for Hedge Accounting) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net loss from disposal and impairments of discontinued operations | $ 0 | $ (56) | $ (152) |
Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | 182 | 202 | 29 |
Net loss from disposal and impairments of discontinued operations | 0 | 72 | 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 | 0 | (3) | (1) |
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 | 0 | (6) |
Not Designated as Hedging Instrument | Foreign Exchange Contract [Member] | Net Equity In Earnings Of Affiliates | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | 0 | (2) | (24) |
Not Designated as Hedging Instrument | Foreign Exchange Contract [Member] | Foreign Currency Gain (Loss) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | 211 | 146 | 64 |
Not Designated as Hedging Instrument | Other Contract | Sales | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Losses) Recognized in Earnings, Not Designated as Hedge Accounting | (8) | 5 | 11 |
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 | (16) | (3) | 1 |
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 | (5) | (6) | 2 |
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 | $ 0 | $ (7) | $ (18) |
Derivative Instruments and H100
Derivative Instruments and Hedging Activities (Credit Risk-Related Contingent Features) (Details) - DPL Subsidiary - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Credit Risk-Related Contingent Features [Line Items] | ||
Net liability position, derivative transactions | $ 28,000,000 | $ 12,000,000 |
Collateral posted for derivative transactions | 8,000,000 | 5,000,000 |
Additional collateral that could have been required | $ 2,000,000 | $ 1,000,000 |
Financing Receivables (Details)
Financing Receivables (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)agreement | Dec. 31, 2014USD ($)agreement | ||
Schedule of Financing Receivables [Line Items] | ||||
Financing receivable | $ 337 | $ 296 | $ 337 | |
Number of Foninvemem Agreements | agreement | 3 | |||
Foninvemem Agreement, collection period | 10 years | |||
Number of Foninvemem Agreements with active collections | agreement | 2 | |||
ARGENTINA | ||||
Schedule of Financing Receivables [Line Items] | ||||
Financing receivable | 278 | $ 237 | $ 278 | |
Derivative Assets, Gross | 208 | 292 | 208 | |
Interest Income, Other | 59 | |||
Embedded Derivative, Gain on Embedded Derivative | 106 | |||
CAMEROON | ||||
Schedule of Financing Receivables [Line Items] | ||||
Financing receivable | [1] | 44 | 0 | 44 |
UNITED STATES | ||||
Schedule of Financing Receivables [Line Items] | ||||
Financing receivable | 0 | 20 | 0 | |
Brazil | ||||
Schedule of Financing Receivables [Line Items] | ||||
Financing receivable | $ 15 | $ 39 | $ 15 | |
[1] | (1) Represents non-contingent consideration to be received in 2016 from the sale of the Cameroon businesses in 2014. Balance is classified as short-term as of December 31, 2015. See Note 23—Discontinued Operations. |
Investments In and Advances 102
Investments In and Advances To Affiliates - Effective Equity Ownership Interest and Carrying Values (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 13, 2014 | Jul. 02, 2014 | Dec. 31, 2013 | |
Investments in and Advances to Affiliates [Line Items] | ||||||
Investments in and advances to affiliates | $ 610 | $ 537 | $ 1,010 | |||
Gener Subsidiary [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 67.00% | 71.00% | ||||
Silver Ridge Power | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Solar Power PR, LLC | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Investments in and advances to affiliates | $ 0 | $ 2 | ||||
Equity Method Investment, Ownership Percentage | 0.00% | 50.00% | ||||
Barry | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Investments in and advances to affiliates | [1] | $ 0 | $ 0 | |||
Equity Method Investment, Ownership Percentage | [1] | 100.00% | 100.00% | |||
Elsta | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Investments in and advances to affiliates | [1] | $ 53 | $ 54 | |||
Equity Method Investment, Ownership Percentage | [1] | 50.00% | 50.00% | |||
Entek | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 49.62% | |||||
Guacolda Affiliate [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Investments in and advances to affiliates | [2] | $ 344 | $ 285 | |||
Equity Method Investment, Ownership Percentage | [2] | 33.00% | 35.00% | |||
OPGC | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Investments in and advances to affiliates | [3] | $ 195 | $ 194 | |||
Equity Method Investment, Ownership Percentage | [3] | 49.00% | 49.00% | |||
Other Affiliates [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Investments in and advances to affiliates | $ 1 | $ 2 | ||||
Main street power [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Investments in and advances to affiliates | [1] | $ 17 | $ 0 | |||
Equity Method Investment, Ownership Percentage | [1] | 94.00% | 0.00% | |||
Gener Subsidiary [Member] | Guacolda Affiliate [Member] | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
[1] | (1) Represent VIEs in which the Company holds a variable interest but is not the primary beneficiary. | |||||
[2] | (2) The Company's ownership in Guacolda is held through AES Gener, a 67%-owned consolidated subsidiary. AES Gener owns 50% of Guacolda, resulting in an AES effective ownership in Guacolda of 33%. | |||||
[3] | (3) OPGC has one coal-fired expansion project under development. The project started construction in April 2014 and is currently expected to begin operations in 2018. |
Investments In and Advances 103
Investments In and Advances To Affiliates - Summary of Financial Information of Affiliates & Subsidiaries (Details) - USD ($) | Sep. 24, 2015 | Oct. 13, 2014 | Jul. 02, 2014 | Jul. 01, 2014 | Apr. 11, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments in and Advances to Affiliates [Line Items] | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (3,883,000,000) | $ (3,286,000,000) | $ (3,883,000,000) | $ (3,286,000,000) | ||||||||
Investments in and advances to affiliates | $ 610,000,000 | 537,000,000 | 610,000,000 | 537,000,000 | $ 1,010,000,000 | |||||||
Gain (Loss) on Disposition of Business | 29,000,000 | 358,000,000 | 26,000,000 | |||||||||
Payments to Acquire Businesses and Interest in Affiliates | 17,000,000 | 728,000,000 | 7,000,000 | |||||||||
Proceeds from the sale of businesses, net of cash sold | 138,000,000 | 1,807,000,000 | 170,000,000 | |||||||||
Net equity in earnings of affiliates | $ 105,000,000 | 19,000,000 | 25,000,000 | |||||||||
Global Infrastructure Partners | ||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||
Proceeds from the sale of businesses, net of cash sold | $ 730,000,000 | |||||||||||
Entek | ||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||
Pre-tax loss of disposed businesses, Excluding gain on disposal, included in continuing operations | 9,000,000 | 29,000,000 | ||||||||||
TURKEY | ||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||
Investment In Affiliate Ownership Percentage Sold | 100.00% | 100.00% | ||||||||||
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 | |||||||||||
Equity Method Investment, Other than Temporary Impairment | 42,000,000 | |||||||||||
Equity Method Investment, Net Sales Proceeds | 179,000,000 | |||||||||||
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] | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 40,000,000 | |||||||||||
Investments in and advances to affiliates | $ 32,000,000 | $ 0 | $ 64,000,000 | $ 0 | $ 64,000,000 | |||||||
Barry | ||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | [1] | 100.00% | 100.00% | 100.00% | 100.00% | |||||||
Investments in and advances to affiliates | [1] | $ 0 | $ 0 | $ 0 | $ 0 | |||||||
Long Term Liabilities Associated With Debt Agreement Resulting In Loss Of Control | $ 49,000,000 | $ 52,000,000 | $ 49,000,000 | $ 52,000,000 | ||||||||
Elsta | ||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | [1] | 50.00% | 50.00% | 50.00% | 50.00% | |||||||
Investments in and advances to affiliates | [1] | $ 53,000,000 | $ 54,000,000 | $ 53,000,000 | $ 54,000,000 | |||||||
Impaired Long-Lived Assets Held and Used, Facts and Circumstances Leading to Impairment | 82,000,000 | |||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 129,000,000 | |||||||||||
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 | ||||||||||
Gain (Loss) on Disposition of Business | $ (4,000,000) | |||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 68,000,000 | $ 18,000,000 | $ 86,000,000 | |||||||||
Investment In Affiliate Ownership Percentage Sold | 49.62% | 49.62% | ||||||||||
guacolda [Member] | ||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | $ 728,000,000 | |||||||||||
guacolda [Member] | ||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||
Net equity in earnings of affiliates | 66,000,000 | |||||||||||
Solar Spain [Member] | ||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||
Equity Method Investment, Net Sales Proceeds | $ 31,000,000 | |||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 1,000,000 | |||||||||||
Parent [Member] | guacolda [Member] | ||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||
Net equity in earnings of affiliates | $ 46,000,000 | |||||||||||
[1] | (1) Represent VIEs in which the Company holds a variable interest but is not the primary beneficiary. |
Investments In and Advances 104
Investments In and Advances To Affiliates - Summarized Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenue | $ 14,963 | $ 17,146 | $ 15,891 | ||||||||
Operating margin | $ 718 | $ 673 | $ 754 | $ 721 | $ 708 | $ 767 | $ 819 | $ 794 | 2,866 | 3,088 | 3,247 |
Net income | 41 | $ 203 | $ 264 | $ 254 | 298 | $ 508 | $ 275 | $ 66 | 762 | 1,147 | 551 |
Assets, Current | 6,866 | 7,826 | 6,866 | 7,826 | |||||||
Liabilities, Current | 6,950 | 6,997 | 6,950 | 6,997 | |||||||
Liabilities, Noncurrent | 23,191 | 24,566 | 23,191 | 24,566 | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 3,022 | 3,053 | 3,022 | 3,053 | |||||||
Stockholders' Equity Attributable to Parent | 3,149 | 4,272 | 3,149 | 4,272 | |||||||
Undistributed Earnings Of Minority Owned Affiliates Included In Retained Earnings | 244 | 244 | |||||||||
Distributions Received From Minority Owned Affiliates | 18 | 28 | 6 | ||||||||
Basis Difference Between Carrying Amount And Investment | 162 | 162 | |||||||||
Minority Owned Affiliates | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenue | 641 | 928 | 1,099 | ||||||||
Operating margin | 152 | 206 | 295 | ||||||||
Net income | 210 | 59 | 53 | ||||||||
Assets, Current | 376 | 450 | 376 | 450 | |||||||
Assets, Noncurrent | 2,132 | 1,748 | 2,132 | 1,748 | |||||||
Liabilities, Current | 435 | 299 | 435 | 299 | |||||||
Liabilities, Noncurrent | 1,044 | 935 | 1,044 | 935 | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 17 | 0 | 17 | |||||||
Stockholders' Equity Attributable to Parent | 1,029 | 947 | 1,029 | 947 | |||||||
Majority Owned Affiliates | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenue | 24 | 2 | 2 | ||||||||
Operating margin | 11 | 0 | 0 | ||||||||
Net income | 6 | 0 | $ 0 | ||||||||
Assets, Current | 20 | 0 | 20 | 0 | |||||||
Assets, Noncurrent | 211 | 15 | 211 | 15 | |||||||
Liabilities, Current | 21 | 0 | 21 | 0 | |||||||
Liabilities, Noncurrent | 153 | 67 | 153 | 67 | |||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | |||||||
Stockholders' Equity Attributable to Parent | $ 57 | $ (52) | $ 57 | $ (52) |
Total Other Non-Operating Expen
Total Other Non-Operating Expense (Details) - USD ($) $ in Millions | Oct. 13, 2014 | Jul. 02, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Other Nonoperating Income (Expense) [Line Items] | ||||||
Other Nonoperating Expense | $ 0 | $ 128 | $ 129 | |||
Entek | ||||||
Schedule of Other Nonoperating Income (Expense) [Line Items] | ||||||
Investment In Affiliate Ownership Percentage Sold | 49.62% | |||||
Equity Method Investment, Purchase Price Agreement | $ 125 | $ 125 | ||||
Equity Method Investment, Other than Temporary Impairment | $ 68 | $ 18 | 86 | |||
Other Nonoperating Expense | 86 | 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 | ||||
Elsta | ||||||
Schedule of Other Nonoperating Income (Expense) [Line Items] | ||||||
Equity Method Investment, Other than Temporary Impairment | 129 | |||||
Other Nonoperating Expense | $ 0 | |||||
Equity Method Investments | 240 | |||||
Equity Method Investments, Fair Value Disclosure | $ 111 |
Goodwill and Other Intangibl106
Goodwill and Other Intangible Assets (Goodwill Roll Forward) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Goodwill [Roll Forward] | ||||
Goodwill | $ 3,912 | $ 3,896 | $ 3,954 | |
Accumulated impairment losses | (2,755) | (2,438) | (2,332) | |
Net balance | 1,157 | 1,458 | 1,622 | |
Goodwill impairment expense | (317) | (164) | (372) | |
Goodwill, Acquired During Period | 16 | |||
Ebute [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Written off Related to Sale of Business Unit | 58 | |||
US | ||||
Goodwill [Roll Forward] | ||||
Goodwill | 2,674 | 2,658 | 2,658 | |
Accumulated impairment losses | (2,633) | (2,316) | (2,152) | |
Net balance | 41 | 342 | 506 | |
Goodwill impairment expense | (317) | (164) | ||
Goodwill, Acquired During Period | 16 | |||
Andes | ||||
Goodwill [Roll Forward] | ||||
Goodwill | 899 | 899 | 899 | |
Accumulated impairment losses | 0 | 0 | 0 | |
Net balance | 899 | 899 | 899 | |
Goodwill impairment expense | 0 | 0 | ||
Goodwill, Acquired During Period | 0 | |||
MCAC | ||||
Goodwill [Roll Forward] | ||||
Goodwill | 149 | 149 | 149 | |
Accumulated impairment losses | 0 | 0 | 0 | |
Net balance | 149 | 149 | 149 | |
Goodwill impairment expense | 0 | 0 | ||
Goodwill, Acquired During Period | 0 | |||
Europe | ||||
Goodwill [Roll Forward] | ||||
Goodwill | 122 | 122 | [1] | 180 |
Accumulated impairment losses | (122) | (122) | (180) | |
Net balance | 0 | 0 | 0 | |
Goodwill impairment expense | 0 | 0 | ||
Goodwill, Acquired During Period | 0 | |||
Asia | ||||
Goodwill [Roll Forward] | ||||
Goodwill | 68 | 68 | 68 | |
Accumulated impairment losses | 0 | 0 | 0 | |
Net balance | 68 | 68 | $ 68 | |
Goodwill impairment expense | 0 | $ 0 | ||
Goodwill, Acquired During Period | $ 0 | |||
[1] | (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 $58 million and was sold in 2014. |
Goodwill and Other Intangibl107
Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | $ 243 | $ 362 | |
Accumulated Amortization | (97) | (158) | |
Net Balance | 146 | 204 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 68 | 77 | |
Intangible Assets, Gross | 311 | 439 | |
Intangible Assets, Net | 214 | 281 | |
Land Use Rights [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 38 | 37 | |
Water rights | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 17 | 20 | |
Other | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 13 | 20 | |
Project development rights | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | [1] | 4 | 28 |
Accumulated Amortization | [1] | (1) | (1) |
Net Balance | [1] | 3 | 27 |
Sales concessions | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 71 | 86 | |
Accumulated Amortization | (19) | (41) | |
Net Balance | 52 | 45 | |
Contractual payment rights | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | [2] | 66 | 69 |
Accumulated Amortization | [2] | (46) | (40) |
Net Balance | [2] | 20 | 29 |
Management rights | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 24 | 33 | |
Accumulated Amortization | (10) | (13) | |
Net Balance | 14 | 20 | |
Land Use Rights [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 28 | 25 | |
Accumulated Amortization | 0 | 0 | |
Net Balance | 28 | 25 | |
Contracts | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 29 | 36 | |
Accumulated Amortization | (12) | (19) | |
Net Balance | 17 | 17 | |
Customer relationships & contracts | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | [3] | 6 | 63 |
Accumulated Amortization | [3] | (6) | (39) |
Net Balance | [3] | 0 | 24 |
All other | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | [4] | 15 | 22 |
Accumulated Amortization | [4] | (3) | (5) |
Net Balance | [4] | $ 12 | $ 17 |
[1] | (1) 2014 balance includes U.K. Wind operations. In August 2014 these assets were sold, but did not meet the criteria to be reported as discontinued operations and their results are reflected within continuing operations. See Note 24—Dispositions and Held-for-Sale Businesses for further information. | ||
[2] | (2) Represent legal rights to receive system reliability payments from the regulator. | ||
[3] | (3) 2014 balance includes DPLER which is considered held-for-sale as of December 31, 2015. See Note 24—Dispositions and Held-for-Sale Businesses for further information. | ||
[4] | (4) Includes renewable energy certificates, emission allowances and various other intangible assets none of which is individually significant. |
Goodwill and Other Intangibl108
Goodwill and Other Intangible Assets (Intangible Assets Acquired) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets Acquired | $ 19 | |
Other intangible assets acquired | $ 40 | |
Renewable Energy Certificates [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets Acquired | 3 | |
Land Use Rights [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets Acquired | 13 | $ 16 |
Contracts | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 22 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |
Other Indefinite Lived Intangible Assets [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Other intangible assets acquired | $ 5 |
Goodwill and Other Intangibl109
Goodwill and Other Intangible Assets (Expected Amortization Expense) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,016 | $ 11 |
2,017 | 11 |
2,018 | 11 |
2,019 | 10 |
2,020 | 10 |
Sales concessions | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,016 | 7 |
2,017 | 7 |
2,018 | 7 |
2,019 | 7 |
2,020 | 7 |
All other | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,016 | 4 |
2,017 | 4 |
2,018 | 4 |
2,019 | 3 |
2,020 | $ 3 |
Goodwill and Other Intangibl110
Goodwill and Other Intangible Assets (Narrative) (Details) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2014USD ($)project | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Feb. 18, 2015 |
Goodwill [Line Items] | ||||||||
Goodwill impairment expense | $ 317,000,000 | $ 164,000,000 | $ 372,000,000 | |||||
Goodwill | $ 1,157,000,000 | $ 1,157,000,000 | $ 1,458,000,000 | 1,157,000,000 | 1,458,000,000 | 1,622,000,000 | ||
Goodwill, Acquired During Period | 16,000,000 | |||||||
Goodwill | 3,912,000,000 | 3,912,000,000 | 3,896,000,000 | 3,912,000,000 | 3,896,000,000 | $ 3,954,000,000 | ||
Buffalo Gap | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill impairment expense | $ 10,000,000 | $ 18,000,000 | ||||||
Number of wind projects | project | 3 | |||||||
DPLER | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill impairment expense | $ 136,000,000 | |||||||
Goodwill | 136,000,000 | |||||||
Goodwill, fair value | $ 0 | |||||||
Main street power [Member] | ||||||||
Goodwill [Line Items] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||
Goodwill, Acquired During Period | 16,000,000 | |||||||
Ebute [Member] | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill, Written off Related to Sale of Business Unit | $ 58,000,000 | |||||||
DPL Subsidiary [Member] | ||||||||
Goodwill [Line Items] | ||||||||
Goodwill impairment expense | 317,000,000 | |||||||
Goodwill | $ 317,000,000 | $ 317,000,000 | $ 317,000,000 |
Goodwill and Other Intangibl111
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 25 | $ 26 | $ 29 |
Regulatory Assets and Liabil112
Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 04, 2013 | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Total Current Regulatory Assets | $ 746 | $ 637 | |||
Total Non Current Regulatory Assets | 918 | 872 | |||
TOTAL REGULATORY ASSETS | 1,664 | 1,509 | |||
Total Current Regulatory Liabilities | 465 | 605 | |||
Total Non Current Regulatory Liabilities | $ 1,286 | $ 1,509 | |||
Total period for adjustments to the Regulatory Asset Base (Up to) | 4 years | 4 years | |||
TOTAL REGULATORY LIABILITIES | $ 1,751 | $ 2,114 | $ 269 | ||
Period of annual tariff adjustment | 12 months | ||||
Total period to recover or refund costs for annual tariff adjustment | 24 months | ||||
Brazil Tariff Estimated Rate Change Liability | |||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Total Current Regulatory Liabilities | [1] | $ 0 | $ 76 | ||
Total period to recover or refund costs for annual tariff adjustment | 2 years | ||||
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 | [2] | 12 | $ 22 | ||
Total Non Current Regulatory Liabilities | [2] | 5 | 11 | ||
Brazil Regulatory Asset Base Adjustment | |||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Total Current Regulatory Liabilities | [3] | 169 | 123 | ||
Total Non Current Regulatory Liabilities | [3] | 86 | 61 | ||
Brazil Tariff Recoveries Energy Purchases Liability | |||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Total Current Regulatory Liabilities | [4] | 105 | 144 | ||
Total Non Current Regulatory Liabilities | [4] | 30 | 128 | ||
Brazil Tariff Recoveries Transmission Costs Regulatory Fees And Other Liability | |||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Total Current Regulatory Liabilities | [4] | 120 | 174 | ||
Total Non Current Regulatory Liabilities | [4] | 29 | 97 | ||
Asset Retirement Obligation Costs | |||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Total Non Current Regulatory Liabilities | [5] | 759 | 727 | ||
Brazil Special Obligations | |||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Total Non Current Regulatory Liabilities | [6] | 370 | 484 | ||
Other Regulatory Liabilities | |||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Total Current Regulatory Liabilities | [7] | 59 | 66 | ||
Total Non Current Regulatory Liabilities | [7] | 7 | 1 | ||
Brazil Tariff Recoveries Energy Purchases Asset | |||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Total Current Regulatory Assets | [4] | 416 | 424 | ||
Total Non Current Regulatory Assets | [4] | 147 | 266 | ||
Brazil Tariff Recoveries Transmission Costs Regulatory Fees And Other Asset | |||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Total Current Regulatory Assets | [4] | 264 | 63 | ||
Total Non Current Regulatory Assets | [4] | 140 | 14 | ||
El Salvador Tariff Recoveries | |||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Total Current Regulatory Assets | [8] | 43 | 92 | ||
Pension Costs | |||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Total Non Current Regulatory Assets | [9],[10] | 227 | 329 | ||
Income Taxes Recoverable From Customers | |||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Total Non Current Regulatory Assets | [9],[11] | 36 | 74 | ||
Deferred Midwest Independent Service Operator Costs | |||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Total Non Current Regulatory Assets | [12] | 129 | 111 | ||
Other Regulatory Assets | |||||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||||
Total Current Regulatory Assets | [13] | 23 | 58 | ||
Total Non Current Regulatory Assets | [13] | 239 | 78 | ||
Other current regulatory assets that did not earn a rate of return | 8 | 22 | |||
Other noncurrent regulatory assets that did not earn a rate of return | $ 237 | $ 73 | |||
[1] | (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 was retroactive to July 2011 and 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 was lower than the previous rate, Eletropaulo was required to reduce customer tariffs for the difference over the next year. Accordingly, from July 2011 through June 2012, Eletropaulo recognized a regulatory liability for the estimated future refunds, 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 contemplated an amortization of 67.55% from July 4, 2013. The remaining balance, representing 32.45%, was considered in the next annual tariff adjustment. There was no recorded current regulatory liability at Eletropaulo as of December 31, 2015. | ||||
[2] | (9)Amounts received for costs expected to be incurred to improve the efficiency of our plants in Brazil as part of the IRT. | ||||
[3] | (13) Represents adjustments to the RAB resulting from an administrative ruling in December 2013 compelling Eletropaulo to refund customers beginning July 2014. | ||||
[4] | (1)Recoverable or refundable per Brazilian National Electric Energy Agency ("ANEEL") regulations through the Annual Tariff Adjustment ("IRT"). These costs are generally non-controllable and primarily consist of purchased electricity, energy transmission, and sector costs that are considered volatile. The costs are passed through for a period of 12 months as part of the IRT. Any remaining balance is considered in the subsequent IRT, 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. | ||||
[5] | (11)Obligations for removal costs which do not have an associated legal retirement obligation as defined by the accounting standards on asset retirement obligations. | ||||
[6] | (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. | ||||
[7] | (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 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. | ||||
[8] | (2)Deferred fuel costs incurred by our El Salvador subsidiaries associated with purchase of energy from the El Salvador spot market and 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 in the tariff reset period. | ||||
[9] | (4)Past expenditures on which the Company does not earn a rate of return. | ||||
[10] | (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. | ||||
[11] | (6)Probable 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. | ||||
[12] | (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. | ||||
[13] | (3)Includes assets with and without a rate of return. Other current regulatory assets that did not earn a rate of return were $8 million and $22 million, as of December 31, 2015 and 2014, respectively. Other noncurrent regulatory assets that did not earn a rate of return were $237 million and $73 million, as of December 31, 2015 and 2014, respectively. Other current and noncurrent regulatory assets primarily consist of:▪Unamortized losses on long-term debt reacquired or redeemed in prior periods at IPL and DPL, which are amortized over the lives of the original issues in accordance with the Federal Energy Regulatory Commission ("FERC") and PUCO rules.▪Unamortized carrying charges and certain other costs related to Petersburg unit 4 at IPL.▪Deferred storm costs incurred primarily in 2008 to repair storm damage at DPL; recovery was approved via order from the PUCO on December 17, 2014 and began January 2015.▪Additional Regulatory Asset Base ("RAB") from a favorable decision on tariff reset (administrative appeal) at Eletropaulo. |
Regulatory Assets and Liabil113
Regulatory Assets and Liabilities Regulatory Assets and Liabilities - by Reportable Segment (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | $ 1,664 | $ 1,509 | |
Regulatory Liabilities | 1,751 | 2,114 | $ 269 |
Brazil SBU | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | 971 | 787 | |
Regulatory Liabilities | 932 | 1,347 | |
US SBU | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | 650 | 631 | |
Regulatory Liabilities | 819 | 767 | |
MCAC SBU (El Salvador) | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Regulatory Assets | 43 | 91 | |
Regulatory Liabilities | $ 0 | $ 0 |
Debt (Non-Recourse Debt Carryin
Debt (Non-Recourse Debt Carrying Amounts and Terms) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Non Recourse Debt Total | [1] | $ 15,792 | $ 15,600 |
Non-recourse Debt Current Maturities | (2,529) | (1,982) | |
Non-recourse debt - noncurrent, balance at variable interest entities | 13,263 | 13,618 | |
Derivative, notional amount | $ 3,200 | ||
Interest rate swap, fixed minimum interest rate | 2.87% | ||
Interest rate swap, fixed maximum interest rate | 8.24% | ||
Variable Rate Debt | Bank loans | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | [2] | 4.37% | |
Non Recourse Debt Total | [2] | $ 2,352 | 1,893 |
Variable Rate Debt | Notes and bonds | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | [2] | 14.98% | |
Non Recourse Debt Total | [2] | $ 1,474 | 1,912 |
Variable Rate Debt | Debt to (or guaranteed by) multilateral, export credit agencies or development banks | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | [2],[3] | 2.39% | |
Non Recourse Debt Total | [2],[3] | $ 3,078 | 2,375 |
Variable Rate Debt | Other | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | [2] | 12.65% | |
Non Recourse Debt Total | [2] | $ 47 | 668 |
Fixed Rate Debt | Bank loans | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 5.11% | ||
Non Recourse Debt Total | $ 558 | 750 | |
Fixed Rate Debt | Notes and bonds | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 5.54% | ||
Non Recourse Debt Total | $ 7,948 | 7,654 | |
Fixed Rate Debt | Debt to (or guaranteed by) multilateral, export credit agencies or development banks | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | [3] | 5.39% | |
Non Recourse Debt Total | [3] | $ 309 | 259 |
Fixed Rate Debt | Other | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 8.66% | ||
Non Recourse Debt Total | $ 26 | $ 89 | |
[1] | . | ||
[2] | (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 $3.2 billion on non-recourse debt outstanding at December 31, 2015. These agreements economically fix the variable component of the interest rates on the portion of the variable-rate debt being hedged so that the total interest rate on that debt has been fixed at rates ranging from approximately 2.87% to 8.24%. These agreements expire at various dates from 2016 through 2033 | ||
[3] | (2)Multilateral loans include loans funded and guaranteed by bilaterals, multilaterals, development banks and other similar institutions. |
Debt (Non-Recourse Debt Maturit
Debt (Non-Recourse Debt Maturity Schedule) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Details [Line Items] | |||
Non Recourse Debt Total | [1] | $ 15,792 | $ 15,600 |
2,015 | |||
Debt Details [Line Items] | |||
Non Recourse Debt Total | 2,529 | ||
2,016 | |||
Debt Details [Line Items] | |||
Non Recourse Debt Total | 1,022 | ||
2,017 | |||
Debt Details [Line Items] | |||
Non Recourse Debt Total | 1,359 | ||
2,018 | |||
Debt Details [Line Items] | |||
Non Recourse Debt Total | 950 | ||
2,019 | |||
Debt Details [Line Items] | |||
Non Recourse Debt Total | 1,431 | ||
Thereafter | |||
Debt Details [Line Items] | |||
Non Recourse Debt Total | $ 8,501 | ||
[1] | . |
Debt (Subsidiary Non-Recourse D
Debt (Subsidiary Non-Recourse Debt in Default or Accelerated) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Debt Details [Line Items] | |
Debt default amount | $ 1,038 |
Maritza (Bulgaria) | |
Debt Details [Line Items] | |
Net assets | 657 |
Maritza (Bulgaria) | Covenant Violation | |
Debt Details [Line Items] | |
Debt default amount | 559 |
Sul Subsidiary [Member] | Covenant Violation | |
Debt Details [Line Items] | |
Debt default amount | 333 |
Net assets | 439 |
Kavarna (Bulgaria) | Covenant Violation | |
Debt Details [Line Items] | |
Debt default amount | 140 |
Net assets | 74 |
Sogrinsk [Member] | Covenant Violation | |
Debt Details [Line Items] | |
Debt default amount | 6 |
Net assets | $ 8 |
Debt (Non-recourse Debt Narrati
Debt (Non-recourse Debt Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Construction line of credit facility remaining borrowing capacity | $ 2,600,000,000 | ||
Other line of credit remaining borrowing capacity | 2,400,000,000 | ||
Loss on extinguishment of debt | 186,000,000 | $ 261,000,000 | $ 229,000,000 |
Restricted cash and debt service reserves | 513,000,000 | 245,000,000 | |
Restricted net assets | 2,000,000,000 | ||
Increase (Decrease) in Interest Expense, Debt | (64,000,000) | $ (48,000,000) | $ (34,000,000) |
Non-Recourse Debt | Construction Loans | |||
Debt Instrument [Line Items] | |||
Debt face amount | 123,000,000 | ||
Non-Recourse Debt | Mong Duong Subsidiary | Construction Loans | |||
Debt Instrument [Line Items] | |||
Debt face amount | 203,000,000 | ||
Non-Recourse Debt | Gener Subsidiary [Member] | |||
Debt Instrument [Line Items] | |||
Debt face amount | 1,100,000,000 | ||
Repayments of long-term debt | 423,000,000 | ||
Loss on extinguishment of debt | 19,000,000 | ||
Non-Recourse Debt | IPALCO Enterprises, Inc. [Member] | |||
Debt Instrument [Line Items] | |||
Debt face amount | 847,000,000 | ||
Repayments of long-term debt | 602,000,000 | ||
Loss on extinguishment of debt | 22,000,000 | ||
Non-Recourse Debt | Electropaulo | |||
Debt Instrument [Line Items] | |||
Debt face amount | 354,000,000 | ||
Repayments of long-term debt | 211,000,000 | ||
Non-Recourse Debt | DPL Subsidiary | |||
Debt Instrument [Line Items] | |||
Debt face amount | 325,000,000 | ||
Repayments of long-term debt | 475,000,000 | ||
Loss on extinguishment of debt | 2,000,000 | ||
Non-Recourse Debt | PANAMA | |||
Debt Instrument [Line Items] | |||
Debt face amount | 300,000,000 | ||
Repayments of long-term debt | 287,000,000 | ||
Loss on extinguishment of debt | 15,000,000 | ||
Non-Recourse Debt | Tiete Subsidiary | |||
Debt Instrument [Line Items] | |||
Debt face amount | 153,000,000 | ||
Repayments of long-term debt | 226,000,000 | ||
Non-Recourse Debt | Sul Subsidiary | |||
Debt Instrument [Line Items] | |||
Debt face amount | 513,000,000 | ||
Repayments of long-term debt | 486,000,000 | ||
Loss on extinguishment of debt | 4,000,000 | ||
Non-Recourse Debt | Andres [Member] | |||
Debt Instrument [Line Items] | |||
Debt face amount | 180,000,000 | ||
Repayments of long-term debt | 176,000,000 | ||
Loss on extinguishment of debt | 11,000,000 | ||
Non-Recourse Debt | Itabo (San Lorenzo) [Member] | |||
Debt Instrument [Line Items] | |||
Loss on extinguishment of debt | $ 8,000,000 |
Debt (Recourse Debt Carrying Am
Debt (Recourse Debt Carrying Amount and Terms) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Recourse Debt Total | $ 5,015 | $ 5,258 |
Recourse Debt Current | 0 | (151) |
Recourse Debt Non Current | 5,015 | $ 5,107 |
7.75% Senior Unsecured Note Due 2014 | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 7.75% | |
7.75% Senior Unsecured Note Due 2015 | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | $ 0 | $ 151 |
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 | $ 0 | $ 164 |
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 | $ 181 | $ 525 |
8.00% Senior Unsecured Note Due 2017 | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 8.00% | 8.00% |
Senior Unsecured Note LIBOR plus 3% due 2019 | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | $ 775 | $ 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 | $ 469 | $ 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 | $ 750 |
5.50% Senior Unsecured Note Due 2024 | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.50% | |
5.50% Unsecured senior notes due 2025 [Domain] | Recourse Debt | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.50% | |
Recourse Debt Total | $ 575 | 0 |
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 | $ 1 | |
Unamortized Premuim | ||
Debt Instrument [Line Items] | ||
Recourse Debt Total | $ (2) |
Debt (Recourse Debt Net Princip
Debt (Recourse Debt Net Principal Amounts Due Over Five Years) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Details [Line Items] | ||
Recourse Debt Total | $ 5,015 | $ 5,258 |
2,015 | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 0 | |
2,016 | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 181 | |
2,017 | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 0 | |
2,018 | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 774 | |
2,019 | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 469 | |
Thereafter | ||
Debt Details [Line Items] | ||
Recourse Debt Total | $ 3,591 |
Debt (Recourse Debt Narrative)
Debt (Recourse Debt Narrative) (Details) - USD ($) | Aug. 25, 2014 | Jun. 16, 2014 | May. 20, 2014 | Mar. 07, 2014 | Apr. 30, 2015 | Mar. 31, 2015 | Feb. 28, 2014 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 25, 2014 |
Debt Instrument [Line Items] | ||||||||||||
Increase (Decrease) in Interest Expense, Debt | $ (64,000,000) | $ (48,000,000) | $ (34,000,000) | |||||||||
Loss on extinguishment of debt | $ 186,000,000 | $ 261,000,000 | $ 229,000,000 | |||||||||
8% senior unsecured notes due 2017 and 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on extinguishment of debt | $ 82,000,000 | |||||||||||
Senior Notes [Member] | Five Point Five Zero Percent Senior Notes Due 2025 [Domain] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 5.50% | |||||||||||
Debt face amount | $ 575,000,000 | |||||||||||
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% | |||||||||||
Unsecured Debt [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on extinguishment of debt | $ 23,000,000 | |||||||||||
Unsecured Debt [Member] | 8.0% Senior Notes Due 2017 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt terminated amount | $ 344,000,000 | |||||||||||
Stated interest rate | 8.00% | |||||||||||
Unsecured Debt [Member] | 8.0% Senior Notes Due 2020 [Domain] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt terminated amount | $ 156,000,000 | |||||||||||
Stated interest rate | 8.00% | |||||||||||
Unsecured Debt [Member] | 7.75% Senior Notes Due 2015 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt terminated amount | $ 151,000,000 | |||||||||||
Stated interest rate | 7.75% | |||||||||||
Unsecured Debt [Member] | 9.75% Senior Notes Due 2016 [Member] [Domain] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt terminated amount | $ 164,000,000 | |||||||||||
Stated interest rate | 9.75% | |||||||||||
Recourse Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loss on 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 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 | $ 29,000,000 | $ 767,000,000 | ||||||||||
Loss on 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) $ / shares in Units, security in Thousands, shares in Millions, $ in Millions | 24 Months Ended | |
Dec. 31, 2000USD ($) | Dec. 31, 1999USD ($)securityquarter$ / sharesshares | |
Debt Disclosure [Abstract] | ||
Term convertible preferred securities issued by special purpose business trust | security | 10,350 | |
Current redemption value of term convertible preferred securities issued by special purpose business trust | $ 50 | |
Term convertible preferred securities issued by special purpose business trust par per share | $ 0.844 | |
Term convertible preferred securities issued by special purpose business trust total proceeds | $ | $ 517 | |
Junior subordinated convertible debentures purchased with proceeds from issuance of term convertible preferred securities | $ | $ 517 | |
Term convertible preferred securities dividend rate | 6.75% | |
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 | shares | 14.7 | |
Term convertible preferred securities number of quarters dividends may be deferred | quarter | 20 |
Commitments (Leases, Future Min
Commitments (Leases, Future Minimum Payments Due) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Future Commitments for Capital Leases: | |
2,016 | $ 14 |
2,017 | 12 |
2,018 | 11 |
2,019 | 10 |
2,020 | 10 |
Thereafter | 90 |
Total | 147 |
Less: Imputed interest | 90 |
Present value of total minimum lease payments | 57 |
Future Commitments for Operating Leases: | |
2,016 | 77 |
2,017 | 78 |
2,018 | 79 |
2,019 | 80 |
2,020 | 79 |
Thereafter | 898 |
Total | $ 1,291 |
Commitments (Long-Term Purchase
Commitments (Long-Term Purchase Commitments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Electricity Purchase Contracts | |||
Long-Term Purchase Commitment [Line Items] | |||
Purchases Under Long Term Contracts | $ 2,592 | $ 3,104 | $ 2,665 |
Future Commitments 2016 | 2,623 | ||
Future Commitments 2017 | 2,444 | ||
Future Commitments 2018 | 2,634 | ||
Future Commitments 2019 | 2,799 | ||
Future Commitments 2020 | 2,918 | ||
Future Commitments Thereafter | 24,176 | ||
Future Commitments Total | 37,594 | ||
Fuel Purchase Contracts | |||
Long-Term Purchase Commitment [Line Items] | |||
Purchases Under Long Term Contracts | 1,262 | 1,521 | 1,590 |
Future Commitments 2016 | 1,120 | ||
Future Commitments 2017 | 835 | ||
Future Commitments 2018 | 532 | ||
Future Commitments 2019 | 314 | ||
Future Commitments 2020 | 311 | ||
Future Commitments Thereafter | 2,141 | ||
Future Commitments Total | 5,253 | ||
Other Purchase Contracts | |||
Long-Term Purchase Commitment [Line Items] | |||
Purchases Under Long Term Contracts | 2,121 | $ 1,386 | $ 1,743 |
Future Commitments 2016 | 1,332 | ||
Future Commitments 2017 | 1,047 | ||
Future Commitments 2018 | 1,081 | ||
Future Commitments 2019 | 873 | ||
Future Commitments 2020 | 655 | ||
Future Commitments Thereafter | 4,395 | ||
Future Commitments Total | $ 9,383 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases, Operating [Abstract] | |||
Operating lease and rental expense | $ 67 | $ 58 | $ 46 |
Leases Capital [Abstract] | |||
Capital leased assets, gross | $ 72 | $ 80 |
Contingencies (Details)
Contingencies (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)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 19 years) | 19 years | |
Obligations made by the Parent Company associated with non-recourse debt | $ 14 | |
Contingent Contractual Obligations [Line Items] | ||
Amount | $ 490 | |
Number of Agreements | agreement | 26 | |
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 | $ 369 | |
Number of Agreements | agreement | 14 | |
Maximum Exposure Range, Lower Limit (equal to or less than) | $ 1 | |
Maximum exposure range, upper limit | 53 | |
Asset sale related indemnities | ||
Contingent Contractual Obligations [Line Items] | ||
Amount | $ 27 | [1] |
Number of Agreements | agreement | 1 | [1] |
Maximum exposure range, upper limit | $ 27 | [1] |
Cash collateralized letters of credit | ||
Contingent Contractual Obligations [Line Items] | ||
Amount | $ 32 | |
Number of Agreements | agreement | 4 | |
Maximum Exposure Range, Lower Limit (equal to or less than) | $ 1 | |
Maximum exposure range, upper limit | 15 | |
Cash collateralized letters of credit | Parent Company | ||
Contingent Contractual Obligations [Line Items] | ||
Amount | $ 32 | |
Letters of credit under the senior secured credit facility | ||
Contingent Contractual Obligations [Line Items] | ||
Number of Agreements | agreement | 7 | |
Letters of credit outstanding | $ 62 | |
Maximum Exposure Range, Lower Limit (equal to or less than) | 1 | |
Maximum exposure range, upper limit | $ 29 | |
[1] | (1) Excludes normal and customary representations and warranties in agreements for the sale of assets (including ownership in associated legal entities) where the associated risk is considered to be nominal. |
Contingencies (Loss Contingenci
Contingencies (Loss Contingencies) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Litigation Contingencies | ||||
Regulatory Liabilities | $ 1,751 | $ 2,114 | $ 269 | |
Reversal Of Legal Contingency | 0 | 18 | $ 10 | |
Environmental | ||||
Environmental Contingencies | ||||
Liability recorded for projected environmental remediation costs | 10 | 12 | ||
Loss Contingency, Range of Possible Loss, Maximum | 1 | |||
Litigation Contingencies | ||||
Loss Contingency, Range of Possible Loss, Maximum | 1 | |||
Litigation | ||||
Environmental Contingencies | ||||
Loss Contingency, Range of Possible Loss, Maximum | 1,400 | |||
Litigation Contingencies | ||||
Aggregate reserves for claims deemed both probable and reasonably estimable | 189 | $ 199 | ||
Minimum potential loss | 1,100 | |||
Loss Contingency, Range of Possible Loss, Maximum | $ 1,400 | |||
Eletropaulo [Domain] | ||||
Litigation Contingencies | ||||
Reversal Of Legal Contingency | $ 161 | |||
Regulated Revenue [Member] | Eletropaulo [Domain] | ||||
Litigation Contingencies | ||||
Reversal Of Legal Contingency | 97 | |||
Interest Expense | Eletropaulo [Domain] | ||||
Litigation Contingencies | ||||
Reversal Of Legal Contingency | $ 64 |
Benefit Plans (Narrative) (Deta
Benefit Plans (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)plan | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
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 | $ | $ 18 | $ 22 | $ 23 |
Defined benefit plan, number of plans disclosure | 33 | ||
U.S. Non-Union Number of Defined Contribution Plans | 2 | ||
Parent Company Number of Defined Contribution Plans | 1 | ||
IPL Number of Non-Union and Union Defined Contribution Plans | 1 | ||
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 ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Defined Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Settlements, Plan Assets | $ (3) | $ 0 | |
CHANGE IN PROJECTED BENEFIT OBLIGATION: | |||
Benefit obligation, beginning period | 1,235 | 1,059 | |
Service cost | 16 | 14 | $ 16 |
Interest cost | 48 | 50 | 46 |
Employee contributions | 0 | 0 | |
Plan amendments | 5 | 8 | |
Benefits paid | (61) | (59) | |
Actuarial (gain) loss | (68) | 163 | |
Effect of foreign currency exchange rate changes | 0 | 0 | |
Benefit obligation, ending period | 1,172 | 1,235 | 1,059 |
CHANGE IN PLAN ASSETS: | |||
Fair value of plan assets, beginning period | 1,061 | 941 | |
Actual return on plan assets | (7) | 123 | |
Employer contributions | 31 | 56 | |
Employee contributions | 0 | 0 | |
Benefits paid | (61) | (59) | |
Effect of foreign currency exchange rate changes | 0 | 0 | |
Fair value of plan assets, ending period | 1,021 | 1,061 | 941 |
Funded status as of December 31 | (151) | (174) | |
Defined Benefit Plan, Settlements, Benefit Obligation | (3) | 0 | |
Foreign Defined Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Settlements, Plan Assets | 0 | 0 | |
CHANGE IN PROJECTED BENEFIT OBLIGATION: | |||
Benefit obligation, beginning period | 4,363 | 4,749 | |
Service cost | 15 | 16 | 26 |
Interest cost | 351 | 489 | 515 |
Employee contributions | 3 | 4 | |
Plan amendments | 2 | (3) | |
Benefits paid | (300) | (415) | |
Actuarial (gain) loss | (160) | 87 | |
Effect of foreign currency exchange rate changes | (1,301) | (564) | |
Benefit obligation, ending period | 2,973 | 4,363 | 4,749 |
CHANGE IN PLAN ASSETS: | |||
Fair value of plan assets, beginning period | 3,272 | 3,605 | |
Actual return on plan assets | 182 | 360 | |
Employer contributions | 89 | 135 | |
Employee contributions | 3 | 4 | |
Benefits paid | (300) | (415) | |
Effect of foreign currency exchange rate changes | (962) | (417) | |
Fair value of plan assets, ending period | 2,284 | 3,272 | $ 3,605 |
Funded status as of December 31 | (689) | (1,091) | |
Defined Benefit Plan, Settlements, Benefit Obligation | $ 0 | $ 0 |
Benefit Plans (Amounts Recogniz
Benefit Plans (Amounts Recognized in the Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
AMOUNTS RECOGNIZED ON THE CONSOLIDATED BALANCE SHEETS | ||
Accrued benefit liability—noncurrent | $ (927) | $ (1,342) |
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 | (151) | (174) |
Net amount recognized at end of year | (151) | (174) |
Foreign Defined Benefit Plans | ||
AMOUNTS RECOGNIZED ON THE CONSOLIDATED BALANCE SHEETS | ||
Noncurrent assets | 67 | 51 |
Accrued benefit liability—current | (5) | (4) |
Accrued benefit liability—noncurrent | (751) | (1,138) |
Net amount recognized at end of year | $ (689) | $ (1,091) |
Benefit Plans (Accumulated Bene
Benefit Plans (Accumulated Benefit Obligation) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Defined Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated Benefit Obligation | $ 1,150 | $ 1,208 | |
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 1,172 | 1,235 | |
Accumulated benefit obligation | 1,150 | 1,208 | |
Fair value of plan assets | 1,021 | 1,061 | |
Information for pension plans with a projected benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 1,172 | 1,235 | |
Fair value of plan assets | 1,021 | 1,061 | |
Foreign Defined Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated Benefit Obligation | 2,931 | 4,301 | |
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | |||
Projected benefit obligation | 2,683 | 4,021 | |
Accumulated benefit obligation | 2,656 | 3,979 | |
Fair value of plan assets | 1,931 | 2,885 | |
Information for pension plans with a projected benefit obligation in excess of plan assets: | |||
Projected benefit obligation | [1] | 2,697 | 4,038 |
Fair value of plan assets | [1] | 1,942 | 2,897 |
Electropaulo | Foreign Defined Benefit Plans | |||
Information for pension plans with a projected benefit obligation in excess of plan assets: | |||
Projected benefit obligation | $ 700 | $ 1,100 | |
[1] | (1)$686 million and $1.1 billion of the total net unfunded projected benefit obligation is due to Eletropaulo in Brazil as of December 31, 2015 and 2014, respectively. |
Benefit Plans Benefit Plans (We
Benefit Plans Benefit Plans (Weighted Average Assumptions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
U.S. Defined Benefit Plans | |||
Benefit Obligation: | |||
Discount rates | 4.44% | 4.04% | |
Rates of compensation increase | [1] | 3.34% | 3.94% |
Periodic Benefit Cost: | |||
Discount rate | 4.04% | 4.89% | |
Expected long-term rate of return on plan assets | 6.67% | 6.92% | |
Rate of compensation increase | [1] | 3.94% | 3.94% |
Defined benefit plan, benefit obligation subsidiary using salary bonds | $ 6 | $ 748 | |
Defined Benefit Plan Obligation subsidiary using compensation increase | $ 742 | ||
Foreign Defined Benefit Plans | |||
Benefit Obligation: | |||
Discount rates | [2] | 11.37% | 10.47% |
Rates of compensation increase | 6.32% | 6.41% | |
Periodic Benefit Cost: | |||
Discount rate | 10.47% | 10.80% | |
Expected long-term rate of return on plan assets | 9.77% | 10.44% | |
Rate of compensation increase | 6.41% | 6.44% | |
[1] | (1)A U.S. subsidiary of the Company has defined benefit obligations of $6 million and $748 million as of December 31, 2015 and 2014, respectively, for which salary bands, rather than rates of compensation increases, are used to determine future benefit costs. Rates of compensation increases in the table above do not include amounts related to these specific defined benefit plans. A plan with a defined benefit obligation of $742 million at December 31, 2014 and which used salary bands at that date is using a rate of compensation increase as at December 31, 2015. The rate of compensation increase for this plan is included in the weighted average in the above table for calculating the benefit obligation as at December 31, 2015, but is not included in the weighted average for calculating the benefit obligation as at December 31, 2014 or the periodic benefit cost for 2014 or 2015. | ||
[2] | (2) Includes an inflation factor that is used to calculate future periodic benefit cost, but is not used to calculate the benefit obligation. |
Benefit Plans (Impact of One Po
Benefit Plans (Impact of One Point Change in Assumptions) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Assumptions Sensitivity To Changes [Abstract] | |
Increase of 1% in the discount rate | $ (32) |
Decrease of 1% in the discount rate | 27 |
Increase of 1% in the long-term rate of return on plan assets | (36) |
Decrease of 1% in the long-term rate of return on plan assets | $ 36 |
Benefit Plans (Net Periodic Ben
Benefit Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Defined Benefit Plans | |||
Components of Net Periodic Benefit Cost: | |||
Service cost | $ 16 | $ 14 | $ 16 |
Interest cost | 48 | 50 | 46 |
Expected return on plan assets | (70) | (67) | (64) |
Amortization of prior service cost | 7 | 6 | 5 |
Amortization of net loss | 20 | 13 | 23 |
Settlement gain recognized | 0 | 0 | 0 |
Total pension cost | 21 | 16 | 26 |
Foreign Defined Benefit Plans | |||
Components of Net Periodic Benefit Cost: | |||
Service cost | 15 | 16 | 26 |
Interest cost | 351 | 489 | 515 |
Expected return on plan assets | (247) | (362) | (484) |
Amortization of prior service cost | 0 | (1) | 0 |
Amortization of net loss | 28 | 37 | 77 |
Settlement gain recognized | 0 | (1) | 0 |
Total pension cost | $ 147 | $ 180 | $ 134 |
Benefit Plans (Accumulated Othe
Benefit Plans (Accumulated Other Comprehensive Income (Loss)) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
U.S. Defined Benefit Plans | |
Accumulated Other Comprehensive Income (Loss) | |
Prior service cost | $ 0 |
Unrecognized net actuarial gain (loss) | (6) |
Total | (6) |
Amounts expected to be reclassified to earnings in next fiscal year | |
Prior service cost | 0 |
Unrecognized net actuarial gain (loss) | 0 |
Total | 0 |
Foreign Defined Benefit Plans | |
Accumulated Other Comprehensive Income (Loss) | |
Prior service cost | (5) |
Unrecognized net actuarial gain (loss) | (1,092) |
Total | (1,097) |
Amounts expected to be reclassified to earnings in next fiscal year | |
Prior service cost | 0 |
Unrecognized net actuarial gain (loss) | (18) |
Total | $ (18) |
Benefit Plans (Plan Asset Alloc
Benefit Plans (Plan Asset Allocations) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
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 | 44.76% | 44.02% |
U.S. Defined Benefit Plans | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocations | 50.00% | |
Percentage of Plan Assets | 50.05% | 50.90% |
U.S. Defined Benefit Plans | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocations | 2.00% | |
Percentage of Plan Assets | 2.94% | 2.45% |
U.S. Defined Benefit Plans | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocations | 2.00% | |
Percentage of Plan Assets | 2.25% | 2.63% |
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 | 13.23% | 16.28% |
Target Allocations, Minimum | 15.00% | |
Target Allocations, Maximum | 29.00% | |
Foreign Defined Benefit Plans | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 81.10% | 78.85% |
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 | 3.24% | 3.15% |
Target Allocations, Minimum | 0.00% | |
Target Allocations, Maximum | 3.00% | |
Foreign Defined Benefit Plans | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 2.43% | 1.72% |
Target Allocations, Minimum | 0.00% | |
Target Allocations, Maximum | 5.00% |
Benefit Plans (Fair Value of Pl
Benefit Plans (Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Defined Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | $ 1,021 | $ 1,061 | $ 941 | |
U.S. Defined Benefit Plans | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 968 | 1,011 | ||
U.S. Defined Benefit Plans | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 53 | 50 | ||
U.S. Defined Benefit Plans | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
U.S. Defined Benefit Plans | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 457 | 467 | ||
U.S. Defined Benefit Plans | Mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 457 | 467 | ||
U.S. Defined Benefit Plans | Mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
U.S. Defined Benefit Plans | Mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
U.S. Defined Benefit Plans | Government debt securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 53 | 67 | ||
U.S. Defined Benefit Plans | Government debt securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 53 | 67 | ||
U.S. Defined Benefit Plans | Government debt securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
U.S. Defined Benefit Plans | Government debt securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
U.S. Defined Benefit Plans | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [1] | 458 | 473 | |
U.S. Defined Benefit Plans | Mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [1] | 458 | 473 | |
U.S. Defined Benefit Plans | Mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [1] | 0 | 0 | |
U.S. Defined Benefit Plans | Mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [1] | 0 | 0 | |
U.S. Defined Benefit Plans | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 30 | 26 | ||
U.S. Defined Benefit Plans | Real estate | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
U.S. Defined Benefit Plans | Real estate | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 30 | 26 | ||
U.S. Defined Benefit Plans | Real estate | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
U.S. Defined Benefit Plans | Cash and cash equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 4 | ||
U.S. Defined Benefit Plans | Cash and cash equivalents | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 4 | ||
U.S. Defined Benefit Plans | Cash and cash equivalents | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
U.S. Defined Benefit Plans | Cash and cash equivalents | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
U.S. Defined Benefit Plans | Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 23 | 24 | ||
U.S. Defined Benefit Plans | Other investments | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
U.S. Defined Benefit Plans | Other investments | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 23 | 24 | ||
U.S. Defined Benefit Plans | Other investments | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Defined Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 2,284 | 3,272 | 3,605 | |
Foreign Defined Benefit Plans | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 421 | 523 | ||
Foreign Defined Benefit Plans | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 1,623 | 2,353 | ||
Foreign Defined Benefit Plans | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 240 | 396 | $ 530 | |
Foreign Defined Benefit Plans | Common stock | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 9 | 21 | ||
Foreign Defined Benefit Plans | Common stock | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 9 | 21 | ||
Foreign Defined Benefit Plans | Common stock | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Defined Benefit Plans | Common stock | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Defined Benefit Plans | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 167 | 274 | ||
Foreign Defined Benefit Plans | Mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 167 | 274 | ||
Foreign Defined Benefit Plans | Mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Defined Benefit Plans | Mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Defined Benefit Plans | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [2] | 126 | 237 | |
Foreign Defined Benefit Plans | Private equity | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [2] | 0 | 0 | |
Foreign Defined Benefit Plans | Private equity | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [2] | 0 | 0 | |
Foreign Defined Benefit Plans | Private equity | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [2] | 126 | 237 | |
Foreign Defined Benefit Plans | Certificates of deposit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 2 | 3 | ||
Foreign Defined Benefit Plans | Certificates of deposit | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Defined Benefit Plans | Certificates of deposit | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 2 | 3 | ||
Foreign Defined Benefit Plans | Certificates of deposit | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Defined Benefit Plans | Unsecured debentures | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 5 | 10 | ||
Foreign Defined Benefit Plans | Unsecured debentures | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Defined Benefit Plans | Unsecured debentures | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 5 | 10 | ||
Foreign Defined Benefit Plans | Unsecured debentures | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Defined Benefit Plans | Government debt securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 90 | 110 | ||
Foreign Defined Benefit Plans | Government debt securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 11 | 12 | ||
Foreign Defined Benefit Plans | Government debt securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 79 | 98 | ||
Foreign Defined Benefit Plans | Government debt securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Defined Benefit Plans | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [3] | 1,753 | 2,451 | |
Foreign Defined Benefit Plans | Mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [3] | 218 | 215 | |
Foreign Defined Benefit Plans | Mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [3] | 1,535 | 2,236 | |
Foreign Defined Benefit Plans | Mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [3] | 0 | 0 | |
Foreign Defined Benefit Plans | Other debt securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 2 | 6 | ||
Foreign Defined Benefit Plans | Other debt securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Defined Benefit Plans | Other debt securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 2 | 6 | ||
Foreign Defined Benefit Plans | Other debt securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Defined Benefit Plans | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [2] | 74 | 103 | |
Foreign Defined Benefit Plans | Real estate | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [2] | 0 | 0 | |
Foreign Defined Benefit Plans | Real estate | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [2] | 0 | 0 | |
Foreign Defined Benefit Plans | Real estate | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [2] | 74 | 103 | |
Foreign Defined Benefit Plans | Cash and cash equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 1 | ||
Foreign Defined Benefit Plans | Cash and cash equivalents | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 1 | ||
Foreign Defined Benefit Plans | Cash and cash equivalents | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Defined Benefit Plans | Cash and cash equivalents | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Defined Benefit Plans | Participant loans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [4] | 37 | 52 | |
Foreign Defined Benefit Plans | Participant loans | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [4] | 0 | 0 | |
Foreign Defined Benefit Plans | Participant loans | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [4] | 0 | 0 | |
Foreign Defined Benefit Plans | Participant loans | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [4] | 37 | 52 | |
Foreign Defined Benefit Plans | Other assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 19 | 4 | ||
Foreign Defined Benefit Plans | Other assets | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 16 | 0 | ||
Foreign Defined Benefit Plans | Other assets | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Defined Benefit Plans | Other assets | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | $ 3 | $ 4 | ||
[1] | (1)Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment. | |||
[2] | (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. | |||
[3] | (2) Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment. | |||
[4] | (3) Loans to participants are stated at cost, which approximates fair value. |
Benefit Plans (Level 3 Roll For
Benefit Plans (Level 3 Roll Forward) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Level 3 | ||
CHANGE IN PLAN ASSETS: | ||
Defined Benefit Plan, Transfers Between Measurement Levels | $ 0 | $ 5 |
Foreign Defined Benefit Plans | ||
CHANGE IN PLAN ASSETS: | ||
Fair value of plan assets, beginning period | 3,272 | 3,605 |
Effect of foreign currency exchange rate changes | (962) | (417) |
Fair value of plan assets, ending period | 2,284 | 3,272 |
Foreign Defined Benefit Plans | Level 3 | ||
CHANGE IN PLAN ASSETS: | ||
Fair value of plan assets, beginning period | 396 | 530 |
Returns relating to assets still held at reporting date | (36) | (87) |
Purchases, sales and settlements, net | 0 | 1 |
Effect of foreign currency exchange rate changes | (120) | (53) |
Fair value of plan assets, ending period | $ 240 | $ 396 |
Benefit Plans (Expected Future
Benefit Plans (Expected Future Benefit Payments) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
U.S. Defined Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contribution in 2016 | $ 22 |
Expected benefit payments for fiscal year ending: | |
2,015 | 65 |
2,016 | 67 |
2,017 | 69 |
2,018 | 71 |
2,019 | 73 |
2021 - 2025 | 380 |
Foreign Defined Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contribution in 2016 | 100 |
Expected benefit payments for fiscal year ending: | |
2,015 | 268 |
2,016 | 277 |
2,017 | 289 |
2,018 | 299 |
2,019 | 309 |
2021 - 2025 | $ 1,686 |
Equity (Transactions with Nonco
Equity (Transactions with Noncontrolling Interests) (Details) - USD ($) | Nov. 18, 2015 | Feb. 11, 2015 | Jul. 15, 2014 | Dec. 31, 2015 | Apr. 30, 2015 | Feb. 28, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 01, 2015 | Mar. 15, 2015 | Jun. 25, 2014 |
Noncontrolling Interest [Line Items] | ||||||||||||||
Sale of subsidiary shares to noncontrolling interests | $ 0 | |||||||||||||
Sale of Stock, Consideration Received Per Transaction | $ 460,000,000 | $ 0 | ||||||||||||
Gain (Loss) on Disposition of Stock in Subsidiary | $ 0 | |||||||||||||
Acquire addition shares through December 31, 2015 | ||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||
Investment Options, acquisition percentage | 2.00% | |||||||||||||
Dominican Republic | ||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 10.00% | 8.00% | 10.00% | 8.00% | ||||||||||
Proceeds from divestiture of business | $ 83,000,000 | |||||||||||||
Sale Agreement, Buyer Option To Purchase Ownership Interest, Sales Price | $ 18,000,000 | $ 24,000,000 | ||||||||||||
Gain on Disposition of Stock in Subsidiary, Recorded to APIC | $ 7,000,000 | $ 29,000,000 | ||||||||||||
Cachagua [Member] | ||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 99.90% | |||||||||||||
Gener Subsidiary [Member] | ||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||
Gain on Disposition of Stock in Subsidiary, Recorded to APIC | $ 24,000,000 | |||||||||||||
Sale of Stock, Consideration Received Per Transaction | $ 145,000,000 | |||||||||||||
Sale of Stock, Percentage of Ownership before Transaction | 70.70% | |||||||||||||
Sale of Stock, Percentage of Ownership after Transaction | 66.70% | |||||||||||||
AES US Investment, Inc. | ||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||
Investment In Affiliate Ownership Percentage Sold | 15.00% | |||||||||||||
Sale of Stock, Consideration Received Per Transaction | $ 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 Noncontrolling Owners | 24.90% | |||||||||||||
sales agreement, Buyer option to purchase ownership interest, exercised | $ 214,000,000 | |||||||||||||
Future Noncontrolling Interest, Ownership by noncontrolling owner once transaction is complete | 30.00% | 30.00% | ||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||||||||
Sale of Stock, Consideration Received Per Transaction | $ 460,000,000 | |||||||||||||
Gener Subsidiary [Member] | ||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 4.00% | |||||||||||||
Jordan [Member] | ||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 30,000,000 | |||||||||||||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 40.00% | |||||||||||||
Dominican Republic | Acquire addition shares through December 31, 2015 | ||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||
Investment Options, acquisition percentage | 2.00% | |||||||||||||
Dominican Republic | Acquire additional shares through December 31, 2016 | ||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||
Investment Options, acquisition percentage | 10.00% | |||||||||||||
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] | ||||||||||||||
Investment Options, acquisition percentage | 17.65% | |||||||||||||
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 | 135,000,000 | ||||||||||||
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 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 | |||||||||||||
Additional Paid-in Capital [Member] | ||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||
Sale of subsidiary shares to noncontrolling interests | 323,000,000 | 29,000,000 | 16,000,000 | |||||||||||
Additional Paid-in Capital [Member] | AES Brasiliana [Domain] | ||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||
Other Restructuring Costs | 27,000,000 | |||||||||||||
Additional Paid-in Capital [Member] | IPALCO Enterprises, Inc. [Member] | ||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||
Sale of subsidiary shares to noncontrolling interests | 377,000,000 | |||||||||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Issuance Costs Not Expensed | $ 84,000,000 | 84,000,000 | ||||||||||||
Retained Earnings (Accumulated Deficit) | ||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||
Sale of subsidiary shares to noncontrolling interests | (377,000,000) | 0 | ||||||||||||
Retained Earnings (Accumulated Deficit) | IPALCO Enterprises, Inc. [Member] | ||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||
Sale of subsidiary shares to noncontrolling interests | (377,000,000) | 0 | ||||||||||||
Noncontrolling Interest [Member] | ||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||
Sale of subsidiary shares to noncontrolling interests | $ 119,000,000 | $ 173,000,000 | $ 91,000,000 | |||||||||||
Noncontrolling Interest [Member] | Masinloc Subsidiary | ||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||
Sale of subsidiary shares to noncontrolling interests | $ 130,000,000 |
Equity Equity - Net Income (Los
Equity Equity - Net Income (Loss) Attributable to The AES Corporation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||||
Net income attributable to The AES Corporation | $ (85) | $ 180 | $ 69 | $ 142 | $ 206 | $ 488 | $ 133 | $ (58) | $ 306 | $ 769 | $ 114 |
Transfers from the noncontrolling interest: | |||||||||||
Net increase in The AES Corporation's paid-in capital for sale of subsidiary shares | 0 | ||||||||||
Increase in The AES Corporation's paid-in capital for purchase of subsidiary shares | 0 | 7 | 0 | ||||||||
Net transfers (to) from noncontrolling interest | (54) | 36 | |||||||||
Change from net income attributable to The AES Corporation and transfers (to) from noncontrolling interests | 252 | 805 | |||||||||
Additional Paid-in Capital [Member] | |||||||||||
Transfers from the noncontrolling interest: | |||||||||||
Net increase in The AES Corporation's paid-in capital for sale of subsidiary shares | 323 | 29 | 16 | ||||||||
Increase in The AES Corporation's paid-in capital for purchase of subsidiary shares | 7 | $ (6) | |||||||||
Retained Earnings [Member] | |||||||||||
Transfers from the noncontrolling interest: | |||||||||||
Net increase in The AES Corporation's paid-in capital for sale of subsidiary shares | (377) | 0 | |||||||||
Increase in The AES Corporation's paid-in capital for purchase of subsidiary shares | 0 | ||||||||||
IPALCO Enterprises, Inc. [Member] | Additional Paid-in Capital [Member] | |||||||||||
Transfers from the noncontrolling interest: | |||||||||||
Net increase in The AES Corporation's paid-in capital for sale of subsidiary shares | 377 | ||||||||||
IPALCO Enterprises, Inc. [Member] | Retained Earnings [Member] | |||||||||||
Transfers from the noncontrolling interest: | |||||||||||
Net increase in The AES Corporation's paid-in capital for sale of subsidiary shares | $ (377) | $ 0 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (2,595) | ||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (396) | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (295) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3,286) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (660) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 50 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (1,019) | $ (494) | $ (334) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 9 | (259) | 247 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 77 | (20) | 431 |
Other Comprehensive Income (Loss), Net of Tax | (933) | (773) | 344 |
Other Comprehensive Income (Loss), Effect of Change in Accounting Principle, Net of Taxes | 13 | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (3,256) | (2,595) | |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (353) | (396) | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | (274) | (295) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3,883) | (3,286) | |
Available-for-Sale securities, net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (674) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ||
Other Comprehensive Income (Loss), Effect of Change in Accounting Principle, Net of Taxes | 13 | ||
Unrealized derivative gains (losses), net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (5) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 48 | ||
Other Comprehensive Income (Loss), Effect of Change in Accounting Principle, Net of Taxes | 0 | ||
Unfunded pension obligations, net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 19 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2 | ||
Other Comprehensive Income (Loss), Effect of Change in Accounting Principle, Net of Taxes | 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 | (674) | (332) | (227) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 43 | (108) | 174 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 21 | (4) | 91 |
Other Comprehensive Income (Loss), Net of Tax | $ (610) | $ (444) | $ 38 |
Equity (Reclassifications Out o
Equity (Reclassifications Out of AOCL) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Non-regulated revenue | $ 7,303 | $ 8,272 | $ 7,835 | ||||||||||||||||
Regulated cost of sales | (6,564) | (7,530) | (6,837) | ||||||||||||||||
Non-regulated cost of sales | (5,533) | (6,528) | (5,807) | ||||||||||||||||
General and administrative expenses | 196 | 187 | 220 | ||||||||||||||||
Interest expense | (1,436) | (1,471) | (1,482) | ||||||||||||||||
Other Income | 83 | 124 | 125 | ||||||||||||||||
Gain on sale of businesses | 29 | 358 | 26 | ||||||||||||||||
Foreign currency transaction gains (losses) | 105 | 11 | (22) | ||||||||||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | 1,122 | 1,576 | 1,048 | ||||||||||||||||
Income tax expense | (465) | (419) | (343) | ||||||||||||||||
Net equity in earnings of affiliates | 105 | 19 | 25 | ||||||||||||||||
Income from continuing operations | $ 41 | $ 203 | [1] | $ 264 | [1] | $ 254 | [1] | $ 298 | [2],[3] | $ 508 | [2],[3] | $ 281 | [2],[3] | $ 89 | [2],[3] | 762 | 1,176 | 730 | |
Net loss from disposal and impairments of discontinued operations | 0 | (56) | (152) | ||||||||||||||||
Net Income | 41 | 203 | 264 | 254 | 298 | 508 | 275 | 66 | 762 | 1,147 | 551 | ||||||||
Less: (Income) from continuing operations attributable to noncontrolling interests | (456) | (387) | (446) | ||||||||||||||||
Net income attributable to The AES Corporation | $ (85) | $ 180 | $ 69 | $ 142 | $ 206 | $ 488 | $ 133 | $ (58) | 306 | 769 | 114 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Net income attributable to The AES Corporation | [4] | (50) | (116) | (178) | |||||||||||||||
Available-for-Sale securities, net | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Gain on sale of businesses | [4] | 0 | 4 | (2) | |||||||||||||||
Net loss from disposal and impairments of discontinued operations | [4] | 0 | (38) | (35) | |||||||||||||||
Net income attributable to The AES Corporation | [4] | 0 | (34) | (37) | |||||||||||||||
Unrealized derivative gains (losses), net | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||
Non-regulated revenue | [4] | 43 | 30 | (3) | |||||||||||||||
Non-regulated cost of sales | [4] | (14) | (4) | (7) | |||||||||||||||
Interest expense | [4] | (112) | (139) | (137) | |||||||||||||||
Gain on sale of businesses | [4] | (4) | 0 | (21) | |||||||||||||||
Foreign currency transaction gains (losses) | [4] | 12 | (9) | (6) | |||||||||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | [4] | (75) | (122) | (174) | |||||||||||||||
Income tax expense | [4] | 11 | 26 | 41 | |||||||||||||||
Net equity in earnings of affiliates | [4] | (2) | (3) | (6) | |||||||||||||||
Income from continuing operations | [4] | (66) | (99) | (139) | |||||||||||||||
Less: (Income) from continuing operations attributable to noncontrolling interests | [4] | 18 | 27 | 11 | |||||||||||||||
Net income attributable to The AES Corporation | [4] | (48) | (72) | (128) | |||||||||||||||
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] | |||||||||||||||||||
Regulated cost of sales | [4] | (25) | (33) | (73) | |||||||||||||||
Non-regulated cost of sales | [4] | 2 | (5) | (4) | |||||||||||||||
General and administrative expenses | [4] | (2) | 0 | (1) | |||||||||||||||
Income from continuing operations before taxes and equity in earnings of affiliates | [4] | (25) | (38) | (78) | |||||||||||||||
Income tax expense | [4] | 9 | 7 | 26 | |||||||||||||||
Income from continuing operations | [4] | (16) | (31) | (52) | |||||||||||||||
Net loss from disposal and impairments of discontinued operations | [4] | 0 | 2 | 0 | |||||||||||||||
Net Income | [4] | (16) | (29) | (52) | |||||||||||||||
Less: (Income) from continuing operations attributable to noncontrolling interests | [4] | 14 | 19 | 39 | |||||||||||||||
Net income attributable to The AES Corporation | [4] | $ (2) | $ (10) | $ (13) | |||||||||||||||
[1] | (1)Includes pretax impairment expense of $8 million, $37 million, $231 million and $326 million, for the first, second, third and fourth quarters of 2015, 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] | (2) Includes a pretax gain of approximately $283 million for the third 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 and Held-for-Sale Businesses 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 in the fourth quarter of 2014. See Note 8—Investments In And Advances To Affiliates for further discussion. | ||||||||||||||||||
[3] | (3) Includes pretax impairment expense of $166 million, $107 million, $31 million and $79 million, for the first, second, third and fourth quarters of 2014, respectively. See Note 9—Other Non-Operating Expense, Note 10—Goodwill and Other Intangible Assets, and Note 21—Asset Impairment Expense for further discussion. | ||||||||||||||||||
[4] | (1) Amounts in parentheses indicate debits to the Consolidated Statements of Operations. |
Equity Equity (Dividends) (Deta
Equity Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 11, 2015 | Oct. 31, 2015 | Feb. 23, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Feb. 23, 2016 |
Subsequent Event [Line Items] | ||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | $ 0.1 | $ 0.1 | $ 0.10 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | ||||||||
Dividends declared on common stock (per share amount) | $ 0.11 | $ 0.21 | $ 0.1 | $ 0.1 | $ 0 | $ 0.15 | $ 0.05 | $ 0.05 | $ 0 | $ 0.41 | $ 0.25 | $ 0.17 | ||||
Stock repurchase program, additional authorized amount | $ 400 | |||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | $ 0 | $ 1,800 | |||||||||||||
Payments for Repurchase of Common Stock | $ 482 | $ 308 | $ 322 | |||||||||||||
Acquisition of treasury stock (shares) | 39,700,000 | 145,600,000 | ||||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 12.31 | |||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 343 | $ 343 | $ 343 | |||||||||||||
Treasury stock, shares (in shares) | 149,037,831 | 110,687,849 | 149,037,831 | 110,687,849 | 149,037,831 | |||||||||||
Stock Repurchase Program, Authorized Amount | $ 2,100 | $ 2,100 | $ 2,100 | |||||||||||||
Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 79 | $ 1,900 | ||||||||||||||
Acquisition of treasury stock (shares) | 8,700,000 | 154,300,000 | ||||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 12.12 | |||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 264 | $ 264 |
Equity Equity (Stock Repurchase
Equity Equity (Stock Repurchases) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | May. 18, 2015 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2015 |
Equity, Class of Treasury Stock [Line Items] | ||||
Sale of shares by noncontrolling interest, Shares | 60 | |||
Sale of shares by noncontrolling interest, per share | $ 13.25 | |||
Acquisition of treasury stock (shares) | 39.7 | 145.6 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 12.31 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | $ 0 | $ 1,800 | |
share repurchase program CIC buyback [Domain] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Acquisition of treasury stock (shares) | 20 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 13.07 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 261 | |||
Common Stock [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Sale of shares by noncontrolling interest, Shares | 40 |
Segment and Geographic Infor145
Segment and Geographic Information (Details) | 12 Months Ended |
Dec. 31, 2015segment | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 6 |
Number of Reportable Segments | 6 |
Segments and Geographic Info146
Segments and Geographic Information Segment and Geographic Information (Adjusted Pre-Tax Contributions & Reconcilliation of Income Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | $ 14,963 | $ 17,146 | $ 15,891 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 1,150 | 1,321 | 1,207 |
Reconciliation To Income From Continuing Operations Before Taxes | |||
Unrealized derivative gains | 166 | 135 | 57 |
Unrealized foreign currency losses | (96) | (110) | (41) |
Disposition/acquisition gains | 42 | 361 | 30 |
Impairment losses | (504) | (416) | (588) |
Loss on extinguishment of debt | (183) | (274) | (225) |
Pre-tax contribution | 575 | 1,017 | 440 |
Add: Income from continuing operations before taxes, attributable to noncontrolling interests | 652 | 578 | 633 |
Less: Net equity in earnings of affiliates | 105 | 19 | 25 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 1,122 | 1,576 | 1,048 |
US SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 3,593 | 3,826 | 3,630 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 372 | 455 | 451 |
Andes SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 2,479 | 2,638 | 2,638 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 499 | 427 | 372 |
Brazil SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 4,666 | 6,009 | 5,015 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 93 | 245 | 215 |
MCAC SBU (El Salvador) | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 2,351 | 2,680 | 2,712 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 345 | 378 | 351 |
Europe SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 1,187 | 1,433 | 1,347 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 240 | 353 | 352 |
Asia SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 684 | 558 | 550 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 99 | 48 | 144 |
Corporate and Other | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 3 | 2 | (1) |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | (498) | (585) | (678) |
Operating Segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 15,007 | 17,171 | 15,901 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 1,150 | 1,321 | 1,207 |
Operating Segments | US SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 3,593 | 3,826 | 3,630 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 360 | 445 | 440 |
Operating Segments | Andes SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 2,489 | 2,642 | 2,639 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 482 | 421 | 353 |
Operating Segments | Brazil SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 4,666 | 6,009 | 5,015 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 91 | 242 | 212 |
Operating Segments | MCAC SBU (El Salvador) | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 2,353 | 2,682 | 2,713 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 327 | 352 | 339 |
Operating Segments | Europe SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 1,191 | 1,439 | 1,347 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 235 | 348 | 345 |
Operating Segments | Asia SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 684 | 558 | 550 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 96 | 46 | 142 |
Operating Segments | Corporate and Other | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 31 | 15 | 7 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | (441) | (533) | (624) |
Intersegment Eliminations | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | (44) | (25) | (10) |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 0 | 0 | 0 |
Intersegment Eliminations | US SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 0 | 0 | 0 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 12 | 10 | 11 |
Intersegment Eliminations | Andes SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | (10) | (4) | (1) |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 17 | 6 | 19 |
Intersegment Eliminations | Brazil SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 0 | 0 | 0 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 2 | 3 | 3 |
Intersegment Eliminations | MCAC SBU (El Salvador) | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | (2) | (2) | (1) |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 18 | 26 | 12 |
Intersegment Eliminations | Europe SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | (4) | (6) | 0 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 5 | 5 | 7 |
Intersegment Eliminations | Asia SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | 0 | 0 | 0 |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | 3 | 2 | 2 |
Intersegment Eliminations | Corporate and Other | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Revenues | (28) | (13) | (8) |
Adjusted PTC | |||
External Adjusted Pre-Tax Contribution | $ (57) | $ (52) | $ (54) |
Segments and Geographic Info147
Segments and Geographic Information Segment and Geographic Information (Assets, Depreciation and Amortization and Capital Expenditures ) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Total Assets | $ 36,850 | $ 38,966 | $ 40,411 |
Depreciation and Amortization | 1,144 | 1,245 | 1,294 |
Capital Expenditures | 2,458 | 2,544 | 2,579 |
Interest Income | 524 | 365 | 275 |
Interest Expense | 1,436 | 1,471 | 1,482 |
Investments in and Advances to Affiliates | 610 | 537 | 1,010 |
Equity in Earnings (Losses) | 105 | 19 | 25 |
US SBU | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 9,844 | 10,062 | 9,952 |
Depreciation and Amortization | 443 | 450 | 440 |
Capital Expenditures | 861 | 534 | 426 |
Interest Income | 0 | 0 | 0 |
Interest Expense | 262 | 285 | 290 |
Investments in and Advances to Affiliates | 1 | 1 | 1 |
Equity in Earnings (Losses) | 0 | 0 | 0 |
Andes SBU | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 8,744 | 7,888 | 7,356 |
Depreciation and Amortization | 175 | 182 | 186 |
Capital Expenditures | 949 | 702 | 471 |
Interest Income | 77 | 87 | 37 |
Interest Expense | 154 | 160 | 135 |
Investments in and Advances to Affiliates | 345 | 287 | 248 |
Equity in Earnings (Losses) | 83 | 42 | 44 |
Brazil SBU | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 6,422 | 8,439 | 8,388 |
Depreciation and Amortization | 185 | 260 | 259 |
Capital Expenditures | 299 | 416 | 588 |
Interest Income | 299 | 249 | 210 |
Interest Expense | 349 | 331 | 364 |
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 | 4,830 | 4,948 | 5,075 |
Depreciation and Amortization | 155 | 144 | 145 |
Capital Expenditures | 201 | 192 | 111 |
Interest Income | 30 | 26 | 20 |
Interest Expense | 179 | 178 | 138 |
Investments in and Advances to Affiliates | 0 | 0 | 0 |
Equity in Earnings (Losses) | 0 | 0 | 4 |
Europe SBU | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 3,127 | 3,525 | 4,191 |
Depreciation and Amortization | 134 | 154 | 155 |
Capital Expenditures | 118 | 228 | 341 |
Interest Income | 1 | 1 | 2 |
Interest Expense | 73 | 98 | 80 |
Investments in and Advances to Affiliates | 53 | 54 | 286 |
Equity in Earnings (Losses) | 10 | (25) | (5) |
Asia SBU | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 3,197 | 2,972 | 2,810 |
Depreciation and Amortization | 32 | 32 | 33 |
Capital Expenditures | 13 | 429 | 576 |
Interest Income | 115 | 2 | 6 |
Interest Expense | 85 | 25 | 30 |
Investments in and Advances to Affiliates | 195 | 194 | 186 |
Equity in Earnings (Losses) | 8 | 10 | 10 |
Assets held-for-sale | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 96 | 0 | 1,718 |
Depreciation and Amortization | 0 | 55 | |
Depreciation Expense on Reclassified Assets | (1) | ||
Capital Expenditures | 0 | 13 | 52 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 590 | 1,132 | 921 |
Depreciation and Amortization | 20 | 24 | 21 |
Capital Expenditures | 17 | 30 | 14 |
Interest Income | 2 | 0 | 0 |
Interest Expense | 334 | 394 | 445 |
Investments in and Advances to Affiliates | 16 | 1 | 289 |
Equity in Earnings (Losses) | $ 4 | $ (8) | $ (28) |
Segments and Geographic Info148
Segments and Geographic Information Segment and Geographic Information (Revenue and Assets by Country) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 14,963 | $ 17,146 | $ 15,891 | |
Property, plant and equipment, net | 22,816 | 25,151 | ||
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | [1] | 3,597 | 3,828 | 3,630 |
Property, plant and equipment, net | [1] | 8,028 | 7,713 | |
United States | Discontinued Operations | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 2 | 23 | ||
Total Non-U.S. | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 11,366 | 13,318 | 12,261 | |
Property, plant and equipment, net | 14,788 | 17,438 | ||
Brazil | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 4,666 | 6,009 | 5,015 | |
Property, plant and equipment, net | 3,286 | 4,725 | ||
Chile | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 1,523 | 1,624 | 1,569 | |
Property, plant and equipment, net | 4,596 | 4,012 | ||
El Salvador | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 736 | 832 | 860 | |
Property, plant and equipment, net | 318 | 304 | ||
Dominican Republic | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 632 | 802 | 832 | |
Property, plant and equipment, net | 783 | 702 | ||
Colombia | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 557 | 552 | 523 | |
Property, plant and equipment, net | 446 | 430 | ||
United Kingdom | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 396 | 533 | 558 | |
Property, plant and equipment, net | 191 | 324 | ||
Argentina | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 399 | 463 | 545 | |
Property, plant and equipment, net | 193 | 222 | ||
Philippines | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 406 | 451 | 497 | |
Property, plant and equipment, net | 736 | 752 | ||
Mexico | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 383 | 434 | 440 | |
Property, plant and equipment, net | 716 | 733 | ||
Bulgaria | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 382 | 410 | 422 | |
Property, plant and equipment, net | 1,259 | 1,457 | ||
Puerto Rico | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 302 | 348 | 328 | |
Property, plant and equipment, net | 599 | 551 | ||
Panama | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 297 | 263 | 250 | |
Property, plant and equipment, net | 1,028 | 1,030 | ||
Jordan | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 248 | 262 | 142 | |
Property, plant and equipment, net | 470 | 484 | ||
Kazahkstan | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 155 | 161 | 156 | |
Property, plant and equipment, net | 146 | 206 | ||
SRI LANKA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 45 | 107 | 53 | |
Property, plant and equipment, net | 0 | 7 | ||
Cameroon | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | [2] | 0 | 0 | 0 |
Property, plant and equipment, net | [2] | 0 | 0 | |
Cameroon | Discontinued Operations | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 230 | 473 | ||
Ukraine | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | [3] | 0 | 0 | 0 |
Property, plant and equipment, net | [3] | 0 | 0 | |
Ukraine | Discontinued Operations | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 187 | |||
Vietnam | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | [4] | 233 | 0 | 0 |
Property, plant and equipment, net | [4] | 2 | 1,491 | |
Other Non-U.S. | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | [5] | 6 | 67 | 71 |
Property, plant and equipment, net | [5] | $ 19 | $ 8 | |
Other Non-U.S. | Discontinued Operations | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 6 | |||
[1] | (1)Excludes revenue of $2 million and $23 million for the years ended December 31, 2014 and 2013, respectively, related to Condon and Mid-West Wind, which are reflected as discontinued operations in the accompanying Consolidated Statements of Operations. | |||
[2] | (3) Excludes revenue of $230 million and $473 million for the years ended December 31, 2014 and 2013, respectively, related to Sonel, which is reflected as discontinued operations in the accompanying Consolidated Statements of Operations. | |||
[3] | (4) Excludes revenue of $187 million for the years ended December 31, 2013 related to Kievoblenergo and Rivnooblenergo, which are reflected as discontinued operations in the accompanying Consolidated Statements of Operations. | |||
[4] | (2) Property, plant & equipment as of December 31, 2015 includes the impact of adopting ASU No. 2014-05, Service Concession Arrangements, on a modified retrospective basis as of January 1, 2015. See Note 1—General and Summary of Significant Accounting Policies for more information. | |||
[5] | (5) Excludes revenue of $6 million for the years ended December 31, 2013 related to Saurashtra, which is reflected as discontinued operations in the accompanying Consolidated Statements of Operations. |
Share-Based Compensation (Fair
Share-Based Compensation (Fair Value Assumptions) (Details) - Stock Options - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Expected volatility | 25.00% | 24.00% | 23.00% |
Expected annual dividend yield | 3.00% | 1.00% | 1.00% |
Expected option term (years) | 7 years | 6 years | 6 years |
Risk-free interest rate | 1.86% | 1.86% | 1.13% |
Fair value at grant date (in dollars per share) | $ 2.07 | $ 3.26 | $ 2.23 |
Share-Based Compensation (Stock
Share-Based Compensation (Stock Option Compensation Expense) (Details) - Stock Options - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax compensation expense | $ 3 | $ 3 | $ 2 |
Tax benefit | (1) | (1) | (1) |
Total expense, net of tax | 2 | 2 | 1 |
Total intrinsic value of options exercised | 1 | 1 | 5 |
Total fair value of options vested | 3 | 2 | 2 |
Cash received from the exercise of stock options | $ 5 | $ 3 | $ 13 |
Share-Based Compensation (St151
Share-Based Compensation (Stock Option Activity) (Details) - Stock Options $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Options (Number of Shares): | |
Outstanding at beginning of period | shares | 7,062 |
Exercised | shares | (419) |
Forfeited and expired | shares | (1,347) |
Granted | shares | 1,859 |
Outstanding at end of period | shares | 7,155 |
Vested and expected to vest at end of period | shares | 6,771 |
Eligible for exercise at end of period | shares | 4,292 |
Weighted Average Exercise Price (in dollars per share): | |
Outstanding at beginning of period | $ / shares | $ 14.83 |
Exercised | $ / shares | 10.76 |
Forfeited and expired | $ / shares | 17.49 |
Granted | $ / shares | 11.89 |
Outstanding at end of period | $ / shares | 13.81 |
Vested and expected to vest at end of period | $ / shares | 13.88 |
Eligible for exercise at end of period | $ / shares | $ 14.70 |
Outstanding, weighted average remaining contractual term (in years) | 6 years |
Vested and expected to vest, weighted average remaining contractual term (in years) | 70 months |
Eligible for exercise, weighted average remaining contractual term (in years) | 49 months |
Outstanding, intrinsic value | $ | $ 1 |
Vested and expected to vest, intrinsic value | $ | 1 |
Eligible for exercise, intrinsic value | $ | $ 1 |
Share-Based Compensation (RSU C
Share-Based Compensation (RSU Compensation Expense) (Details) - RSUs - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pretax compensation expense | $ 13 | $ 12 | $ 12 | |
Tax benefit | (3) | (3) | (3) | |
Total expense, net of tax | 10 | 9 | 9 | |
Total value of RSUs converted | [1] | 16 | 25 | 10 |
Total fair value of RSUs vested | $ 12 | $ 13 | $ 12 | |
[1] | (1)Amount represents fair market value on the date of conversion. |
Share-Based Compensation (RSU A
Share-Based Compensation (RSU Activity) (Details) - RSUs - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period of straight-line expense, 2015 RSU's | 3 years | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 23 months | ||
RSUs (Number of Shares): | |||
Nonvested at beginning of period | 1,997 | ||
Vested | (954) | (1,037) | (942) |
Forfeited and expired | (236) | ||
Granted | 1,585 | ||
Nonvested at end of period | 2,392 | 1,997 | |
Vested at end of period | 0 | ||
Vested and expected to vest at end of period | 2,105 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 16 | ||
Weighted Average Grant Date Fair Value (in dollars per share): | |||
Nonvested at beginning of period | $ 13.20 | ||
Vested | 13.01 | ||
Forfeited and expired | 12.71 | ||
Granted | 12.03 | $ 14.60 | $ 11.19 |
Nonvested at end of period | 12.55 | $ 13.20 | |
Vested at end of period | 0 | ||
Vested and expected to vest at end of period | $ 12.55 | ||
Nonvested at end of period, weighted average remaining vesting term | 20 months |
Share-Based Compensation (RSUs
Share-Based Compensation (RSUs Vested and Converted) (Details) - RSUs - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs vested during the year | 954 | 1,037 | 942 |
RSUs converted during the year, net of shares withheld for taxes | 1,238 | 1,734 | 905 |
Shares withheld for taxes | 549 | 796 | 407 |
Share-Based Compensation (PSU C
Share-Based Compensation (PSU Compensation Expense) (Details) - PSUs - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
PSU expense before income tax | $ 5 | $ 6 | $ 4 | |
Tax benefit | (1) | (2) | (1) | |
Total expense, net of tax | 4 | 4 | 3 | |
Total value of PSUs converted | [1] | 1 | 4 | 0 |
Total fair value of PSUs vested | $ 3 | $ 1 | $ 0 | |
[1] | (1)Amount represents fair market value on the date of conversion. |
Share-Based Compensation (PSU A
Share-Based Compensation (PSU Activity) (Details) - PSUs - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PSUs (Number of Shares): | |||
Nonvested at beginning of period | 1,331 | ||
Vested | (161) | (85) | 0 |
Forfeited and expired | (245) | ||
Granted | 626 | ||
Nonvested at end of period | 1,551 | 1,331 | |
Vested at end of period | 0 | ||
Vested and expected to vest at end of period | 1,298 | ||
Weighted Average Grant Date Fair Value (in dollars per share): | |||
Nonvested at beginning of period | $ 14.27 | ||
Vested | 16.73 | ||
Forfeited and expired | 15.27 | ||
Granted | 10.06 | ||
Nonvested at end of period | 12.16 | $ 14.27 | |
Vested at end of period | 0 | ||
Vested and expected to vest at end of period | $ 11.92 | ||
Nonvested at end of period, weighted average remaining vesting term | 14 months |
Share-Based Compensation (PSUs
Share-Based Compensation (PSUs Vested and Converted) (Details) - PSUs - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vested during the year | 161 | 85 | 0 |
Award converted during the year, net of shares withheld for taxes | 96 | 287 | 0 |
Shares withheld for taxes | 65 | 141 | 0 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Jan. 01, 2011 | Dec. 31, 2010 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
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 | 16 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 4 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 22 months | ||||
Estimated forfeiture rate | 15.28% | ||||
Cost not yet recognized related to current year grants | $ 3.3 | ||||
Compensation cost not yet recognized related to current year grants per year | $ 1.1 | ||||
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 | $ 16 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 23 months | ||||
Estimated forfeiture rate | 13.53% | ||||
Compensation cost not yet recognized related to current year grants per year | $ 16 | ||||
Period before award can be converted to shares | 2 years | 2 years | |||
Weighted Average Grant Date Fair Value | $ 12.03 | $ 14.60 | $ 11.19 | ||
PSUs With Market Conditions | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award, percent with market condition | 50.00% | ||||
Performance stock units vesting rule measurement period | 3 years | ||||
Weighted Average Grant Date Fair Value | $ 8.22 | $ 15.19 | $ 13.28 | ||
Grants in period, weighted average grant date fair value percent of stock price | 69.00% | ||||
Increase in grant date fair value if market condition not applied | $ 1.1 | ||||
PSUs with Performance Condition | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award, percent with performance condition | 50.00% | ||||
Performance stock units vesting rule measurement period | 3 years | ||||
Weighted Average Grant Date Fair Value | $ 11.89 | ||||
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 | 20 months | ||||
Estimated forfeiture rate | 15.28% | ||||
Cost not yet recognized related to current year grants | $ 5 | ||||
Period of straight-line expense, 2015 PSUs | 3 years | ||||
Compensation cost not yet recognized related to current year grants per year | $ 2 | ||||
Weighted Average Grant Date Fair Value | $ 10.06 | ||||
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% |
Redeemable Stock of Subsidia159
Redeemable Stock of Subsidiaries (Narrative) (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)quarterseries$ / shares | Dec. 31, 2014USD ($)quarter$ / shares | |
Temporary Equity [Line Items] | ||
Sale of Stock, Consideration Received Per Transaction | $ 460 | $ 0 |
Redeemable stock of subsidiaries | 538 | 78 |
Temporary equity carrying amount | 78 | 78 |
IPL Subsidiary | ||
Temporary Equity [Line Items] | ||
Temporary equity carrying amount | $ 60 | 60 |
Number of preferred stock series | series | 5 | |
Temporary equity annual dividend requirement | $ 3 | $ 3 |
Number of consecutive quarters without paid dividends to invoke board of directors election rule | quarter | 4 | 4,000,000 |
IPL Subsidiary | Minimum | ||
Temporary Equity [Line Items] | ||
Temporary equity, redemption price per share | $ / shares | $ 100 | $ 100,000,000 |
IPL Subsidiary | Maximum | ||
Temporary Equity [Line Items] | ||
Temporary equity, redemption price per share | $ / shares | $ 118 | $ 118,000,000 |
DPL Subsidiary | ||
Temporary Equity [Line Items] | ||
Temporary equity carrying amount | $ 18 | $ 18 |
Number of preferred stock series | series | 3 | |
Temporary equity annual dividend requirement | $ 1 | $ 1 |
Number of consecutive quarters without paid dividends to invoke board of directors election rule | quarter | 4,000,000 | |
Number of quarters cumulative dividends in arrears to invoke board of directors election rule | quarter | 4 | |
DPL Subsidiary | Minimum | ||
Temporary Equity [Line Items] | ||
Temporary equity, redemption price per share | $ / shares | $ 101 | $ 101,000,000 |
DPL Subsidiary | Maximum | ||
Temporary Equity [Line Items] | ||
Temporary equity, redemption price per share | $ / shares | $ 103 | $ 103,000,000 |
IPALCO Enterprises, Inc. [Member] | ||
Temporary Equity [Line Items] | ||
Sale of Stock, Consideration Received Per Transaction | $ 460 | |
Redeemable stock of subsidiaries | 83 | $ 0 |
Additional Paid-in Capital [Member] | IPALCO Enterprises, Inc. [Member] | ||
Temporary Equity [Line Items] | ||
Unrealized Gain (Loss) on Investments | $ 377 | $ 0 |
Other Income and Expense (Nonop
Other Income and Expense (Nonoperating Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Contract termination - Beaver Valley | $ 20 | $ 0 | $ 60 |
Gain on sale of assets | 19 | 68 | 12 |
Other Nonoperating Income | 17 | 9 | 6 |
Contingency reversal | 0 | 18 | 10 |
Gain on extinguishment of tax and other liabilities | 0 | 0 | 9 |
Other | 27 | 29 | 28 |
Total other income | $ 83 | $ 124 | $ 125 |
Other Income and Expense (Other
Other Income and Expense (Other Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income and Expenses [Abstract] | |||
Loss on sale and disposal of assets | $ 48 | $ 47 | $ 51 |
Legal settlement | 9 | 11 | 9 |
Contract termination | 0 | 0 | 7 |
Other | 8 | 10 | 9 |
Total other expense | $ 65 | $ 68 | $ 76 |
Asset Impairment Expense (Impai
Asset Impairment Expense (Impairment of Long-Lived Assets Held and Used by Asset) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||||
Asset impairment expense | $ 285 | $ 91 | $ 95 | |
Kilroot [Member] | ||||
Debt Instrument [Line Items] | ||||
Asset impairment expense | $ 121 | 121 | 0 | 0 |
buffalo gap III [Member] | ||||
Debt Instrument [Line Items] | ||||
Asset impairment expense | 116 | 116 | 0 | 0 |
UK Wind Development Projects [Domain] | ||||
Debt Instrument [Line Items] | ||||
Asset impairment expense | $ 37 | 37 | ||
Ebute [Member] | ||||
Debt Instrument [Line Items] | ||||
Asset impairment expense | 0 | 67 | 0 | |
UK Wind (Newfield) [Member] | ||||
Debt Instrument [Line Items] | ||||
Asset impairment expense | 12 | 0 | ||
DP&L (East Bend) | ||||
Debt Instrument [Line Items] | ||||
Asset impairment expense | 0 | 12 | 0 | |
Beaver Valley | ||||
Debt Instrument [Line Items] | ||||
Asset impairment expense | 0 | 0 | 46 | |
Conesville (DP&L) | ||||
Debt Instrument [Line Items] | ||||
Asset impairment expense | 0 | 0 | 26 | |
Itabo (San Lorenzo) | ||||
Debt Instrument [Line Items] | ||||
Asset impairment expense | 0 | 0 | 16 | |
Other | ||||
Debt Instrument [Line Items] | ||||
Asset impairment expense | $ 11 | $ 0 | $ 7 |
Asset Impairment Expense (Narra
Asset Impairment Expense (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2015USD ($)project | Jun. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Aug. 28, 2015USD ($) | Sep. 30, 2013USD ($) | ||
Debt Instrument [Line Items] | |||||||||
Other Asset Impairment Charges | $ 285,000,000 | $ 91,000,000 | $ 95,000,000 | ||||||
Kilroot [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Assets, fair value | $ 70,000,000 | ||||||||
Other Asset Impairment Charges | $ 121,000,000 | 121,000,000 | 0 | 0 | |||||
Ebute [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Other Asset Impairment Charges | 0 | 67,000,000 | 0 | ||||||
Long-Lived Assets | [1] | 103,000,000 | |||||||
UK Wind (Newfield) [Member] | |||||||||
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 | |||||||
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 | ||||||||
Other Asset Impairment Charges | 0 | 12,000,000 | 0 | ||||||
Beaver Valley | |||||||||
Debt Instrument [Line Items] | |||||||||
Lump sum payment received for termination of PPA | 60,000,000 | ||||||||
Other Asset Impairment Charges | 0 | 0 | 46,000,000 | ||||||
Conesville (DP&L) | |||||||||
Debt Instrument [Line Items] | |||||||||
Assets, fair value | 0 | ||||||||
Other Asset Impairment Charges | 0 | 0 | 26,000,000 | ||||||
Itabo (San Lorenzo) | |||||||||
Debt Instrument [Line Items] | |||||||||
Assets, fair value | $ 7,000,000 | ||||||||
Other Asset Impairment Charges | 0 | 0 | 16,000,000 | ||||||
Assets carrying amount | $ 23,000,000 | ||||||||
buffalo gap III [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Assets, fair value | 118,000,000 | ||||||||
Other Asset Impairment Charges | 116,000,000 | 116,000,000 | $ 0 | $ 0 | |||||
UK Wind Development Projects [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Assets, fair value | $ 1,000,000 | ||||||||
Other Asset Impairment Charges | 37,000,000 | $ 37,000,000 | |||||||
number of projects no longer being pursued | project | 2 | ||||||||
number of impaired projects | project | 4 | ||||||||
Long-Lived Assets | $ 38,000,000 | ||||||||
Long Lived Assets Held And Used [Member] | Fair Value | Ebute [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Assets, fair value | [1] | $ 36,000,000 | |||||||
[1] | (1) See Note 21—Asset Impairment Expense for further information. |
Income Taxes (Components of Inc
Income Taxes (Components of Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Federal: | |||
Current | $ 9 | $ 0 | $ (28) |
Deferred | (56) | (121) | (110) |
State: | |||
Current | 1 | 1 | 1 |
Deferred | (5) | 1 | 1 |
Foreign: | |||
Current | 505 | 457 | 509 |
Deferred | 11 | 81 | (30) |
Total | $ 465 | $ 419 | $ 343 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Reconciliation) (Details) - project | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 22, 2014 | Jun. 25, 2014 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||||
Statutory Federal tax rate | 35.00% | 35.00% | 35.00% | ||
State taxes, net of Federal tax benefit | (5.00%) | (1.00%) | (3.00%) | ||
Taxes on foreign earnings | 3.00% | (14.00%) | (4.00%) | ||
Valuation allowance | (5.00%) | (1.00%) | 0.00% | ||
Uncertain tax positions | 0.00% | 0.00% | (5.00%) | ||
Bad debt deduction | 0.00% | 0.00% | (3.00%) | ||
Change in tax law | 0.00% | 4.00% | (1.00%) | ||
Goodwill impairment | 10.00% | 4.00% | 12.00% | ||
Other—net | 3.00% | 0.00% | 2.00% | ||
Effective tax rate | 41.00% | 27.00% | 33.00% | ||
Masinloc Subsidiary | |||||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||||
Component of taxes on foreign earnings | (8.00%) | ||||
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 ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Income taxes receivable—current | $ 167 | $ 217 |
Total income taxes receivable | 167 | 217 |
Income taxes payable—current | 264 | 299 |
Income taxes payable—noncurrent | 35 | 2 |
Total income taxes payable | $ 299 | $ 301 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Liabilities: | ||
Differences between book and tax basis of property | $ (2,240) | $ (2,364) |
Other taxable temporary differences | (299) | (302) |
Deferred Tax Liabilities, Gross | 2,539 | 2,666 |
Deferred Tax Assets: | ||
Operating loss carryforwards | 2,206 | 2,224 |
Capital loss carryforwards | 66 | 137 |
Bad debt and other book provisions | 191 | 221 |
Retirement costs | 149 | 275 |
Tax credit carryforwards | 55 | 58 |
Other deductible temporary differences | 219 | 363 |
Total gross deferred tax asset | 2,886 | 3,278 |
Less: valuation allowance | (894) | (997) |
Total net deferred tax asset | 1,992 | 2,281 |
Total deferred tax liability | $ (547) | $ (385) |
Income Taxes (Income (Loss) fro
Income Taxes (Income (Loss) from Continuing Operations Before Income Tax) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
U.S. | $ (612) | $ (560) | $ (575) |
Non-U.S. | 1,734 | 2,136 | 1,623 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | $ 1,122 | $ 1,576 | $ 1,048 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 395 | $ 392 | $ 475 |
Additions for current year tax positions | 6 | 8 | 7 |
Additions for tax positions of prior years | 12 | 14 | 10 |
Reductions for tax positions of prior years | (7) | (2) | (3) |
Effects of foreign currency translation | (7) | (3) | 0 |
Settlements | (19) | (2) | (65) |
Lapse of statute of limitations | (7) | (12) | (32) |
Ending balance | $ 373 | $ 395 | $ 392 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosures [Line Items] | ||||
Effective tax rate | 41.00% | 27.00% | 33.00% | |
Increase (decrease) in valuation allowance | $ (103) | $ (93) | ||
Valuation allowance | 894 | 997 | ||
Tax benefits related to tax status of operations in countries subject to reduced tax rates | 21 | 38 | $ 70 | |
Income tax expense | $ (465) | $ (419) | $ (343) | |
Tax benefits related to tax status of operations in countries subject to reduced tax rates per share (in dollars per share) | $ 0.02 | $ 0.04 | $ 0.09 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued: | ||||
Interest on income taxes accrued | $ 8 | $ 14 | ||
Income tax penalties accrued | 0 | 1 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense: | ||||
Interest on income taxes expense | 0 | 3 | $ (4) | |
Income tax penalties expense | 0 | 0 | (3) | |
Uncertain Tax Positions Additional Disclosures: | ||||
Unrecognized tax benefits | 373 | 395 | 392 | $ 475 |
Unrecognized tax benefits that would impact effective tax rate | 343 | 366 | 360 | |
Unrecognized tax benefits that would impact effective tax rate portion with attributes warranting full valuation allowance | 24 | $ 24 | $ 26 | |
Unrecognized tax benefits anticipated to result in net decrease of unrecognized tax benefits within 12 months, minimum | 15 | |||
Unrecognized tax benefits anticipated to result in net decrease of unrecognized tax benefits within 12 months, maximum | 25 | |||
Federal | ||||
Income Tax Disclosures [Line Items] | ||||
Operating loss carryforwards | 3,500 | |||
Operating loss carryforwards amount related to stock option deductions to be recognized in APIC | 87 | |||
State and Local Jurisdiction | ||||
Income Tax Disclosures [Line Items] | ||||
Operating loss carryforwards | 8,400 | |||
Foreign Tax Authority | ||||
Income Tax Disclosures [Line Items] | ||||
Operating loss carryforwards | 3,500 | |||
General Business Tax Credit Carryforward | ||||
Income Tax Disclosures [Line Items] | ||||
Tax credit carryforward | 18 | |||
Federal Alternative Minimum Tax | ||||
Income Tax Disclosures [Line Items] | ||||
Tax credit carryforward | 5 | |||
Foreign Jurisdictions | ||||
Income Tax Disclosures [Line Items] | ||||
Tax credit carryforward | 32 | |||
Year 2018 to 2025 | Foreign Jurisdictions | ||||
Income Tax Disclosures [Line Items] | ||||
Tax credit carryforward | 24 | |||
No Expiration | ||||
Income Tax Disclosures [Line Items] | ||||
Tax credit carryforward | 8 | |||
VIET NAM | ||||
Income Tax Disclosures [Line Items] | ||||
Income tax expense | $ 8 | |||
Tax benefits related to tax status of operations in countries subject to reduced tax rates per share (in dollars per share) | $ 0.01 | |||
2015 through 2018 [Member] | VIET NAM | ||||
Income Tax Disclosures [Line Items] | ||||
Effective tax rate | 0.00% | |||
2019 through 2027 [Member] [Member] | VIET NAM | ||||
Income Tax Disclosures [Line Items] | ||||
Effective tax rate | 5.00% | |||
2028 and beyond [Member] [Member] | VIET NAM | ||||
Income Tax Disclosures [Line Items] | ||||
Effective tax rate | 10.00% |
Discontinued Operations and 171
Discontinued Operations and Held-For-Sale Businesses (Schedule of Disposal Groups, Including Discontinued Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Revenue | $ 233 | $ 689 | |
Income (loss) from operations of discontinued businesses, before income tax | 50 | (3) | |
Income tax expense | $ 0 | (23) | (24) |
Income (loss) from operations of discontinued businesses, after income tax | 0 | 27 | (27) |
Net loss from disposal and impairments of discontinued businesses, after income tax | $ 0 | $ (56) | $ (152) |
Discontinued Operations and 172
Discontinued Operations and Held-For-Sale Businesses (Narrative) (Details) | Jan. 27, 2016USD ($) | Dec. 31, 2015USD ($) | Jul. 01, 2015USD ($) | Feb. 24, 2014USD ($) | Jan. 30, 2014USD ($) | Apr. 29, 2013USD ($)business | Jun. 30, 2014USD ($) | Nov. 30, 2013USD ($)project | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Aug. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Asset Impairment Charges | $ 602,000,000 | $ 383,000,000 | $ 661,000,000 | |||||||||||
Net loss from disposal and impairments of discontinued operations | 0 | (56,000,000) | (152,000,000) | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 306,000,000 | 789,000,000 | 284,000,000 | |||||||||||
Cameroon businesses | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Asset Impairment Charges | $ 101,000,000 | |||||||||||||
Equity method investments (4) | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Proceeds from divestiture of business | $ 8,000,000 | |||||||||||||
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 Charges | $ 47,000,000 | |||||||||||||
Fair value less costs to sell | $ 30,000,000 | |||||||||||||
Number of wind projects | project | 3 | |||||||||||||
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 Charges | 65,000,000 | |||||||||||||
Net loss from disposal and impairments of discontinued operations | $ (2,000,000) | |||||||||||||
Number of wind projects | project | 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 Charges | $ 38,000,000 | |||||||||||||
Number of power distribution businesses sold | business | 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% | |||||||||||||
Rivne | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Divestiture of ownership in subsidiary percent | 84.60% | |||||||||||||
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] | ||||||||||||||
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] | ||||||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 200,000,000 | $ 200,000,000 | ||||||||||||
Proceeds from divestiture of business | 156,000,000 | |||||||||||||
Net 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 | ||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | DPLER | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Proceeds from divestiture of business | $ 76,000,000 | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 11,000,000 | (129,000,000) | 6,000,000 | |||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Kelanitissa [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Divestiture of ownership in subsidiary percent | 90.00% | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | (7,000,000) | 1,000,000 | 16,000,000 | |||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Armenia Mountain | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 6,000,000 | $ 7,000,000 | $ 4,000,000 | |||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Armenia Mountain | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Proceeds from divestiture of business | $ 64,000,000 | |||||||||||||
Subsequent Event [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Kelanitissa [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Proceeds from divestiture of business | $ 18,000,000 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Details) $ in Millions | Jul. 01, 2015USD ($) | Aug. 22, 2014USD ($)project | Apr. 26, 2013USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Aug. 31, 2015 | Nov. 20, 2014 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 306 | $ 789 | $ 284 | ||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Proceeds from Sale of Ownership Interests | 154 | 83 | 109 | ||||||||
Ebute [Member] | |||||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Ownership interest sold | 95.00% | ||||||||||
Proceeds from Sale of Ownership Interests | $ 22 | ||||||||||
Pre-tax gain on disposal | $ (6) | ||||||||||
Pre-tax loss of disposed businesses, Excluding gain on disposal, included in continuing operations | (27) | ||||||||||
Pre-tax income of disposed businesses, Excluding gain on disposal, included in continuing operations | (29) | ||||||||||
AES NBO | |||||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Ownership interest sold | 100.00% | ||||||||||
UK Wind Projects | |||||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Ownership interest sold | 100.00% | ||||||||||
Proceeds from Sale of Ownership Interests | $ 158 | ||||||||||
Pre-tax gain on disposal | $ 78 | ||||||||||
Pre-tax loss of disposed businesses, Excluding gain on disposal, included in continuing operations | (18) | 3 | |||||||||
AES Cartagena | |||||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Pre-tax gain on disposal | $ 20 | ||||||||||
Proceeds from sale of ownership interest in Cartagena | $ 24 | ||||||||||
UK Wind Projects | |||||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Number of U.K. Wind Projects Sold | project | 4 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Armenia Mountain [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from Divestiture of Businesses | $ 64 | ||||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Pre-tax gain on disposal | $ 22 | ||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Armenia Mountain [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 6 | 7 | 4 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Kelanitissa [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Divestiture Of Ownership In Subsidiary Percent | 90.00% | ||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ (7) | $ 1 | $ 16 |
Acquisitions Acquistions (Detai
Acquisitions Acquistions (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Feb. 18, 2015 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||
Goodwill, Acquired During Period | $ 16 | ||
Main street power [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||
Business Combination, Consideration Transferred | $ 25 | ||
Payments to Acquire Businesses, Gross | 20 | ||
Business Combination, Consideration Transferred, Other | $ 5 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 4 | $ 4 | |
Goodwill, Acquired During Period | $ 16 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||||||||||
Income from continuing operations, net of tax | $ 306 | $ 789 | $ 284 | ||||||||
Weighted Average Number of Shares Outstanding, Basic (in shares) | 687 | 720 | 743 | ||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.13) | $ 0.27 | $ 0.10 | $ 0.20 | $ 0.29 | $ 0.68 | $ 0.20 | $ (0.07) | $ 0.45 | $ 1.10 | $ 0.38 |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants (in shares) | 0 | 1 | 1 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in shares) | 2 | 3 | 4 | ||||||||
Income (Loss) From Continuing Operations Diluted | $ 306 | $ 789 | $ 284 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted (in shares) | 689 | 724 | 748 | ||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ (0.13) | $ 0.26 | $ 0.10 | $ 0.20 | $ 0.29 | $ 0.67 | $ 0.20 | $ (0.07) | $ 0.44 | $ 1.09 | $ 0.38 |
Employee Stock Option [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | 0 | 0 | 0 | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ (0.01) | $ (0.01) | $ 0 | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 0 | $ 0 | $ 0 | ||||||||
Equity Option [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 0 | $ 0 | $ 0 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.13) | $ 0.27 | $ 0.10 | $ 0.20 | $ 0.29 | $ 0.68 | $ 0.20 | $ (0.07) | $ 0.45 | $ 1.10 | $ 0.38 |
Income Loss From Continuing Operations Diluted | $ 306 | $ 789 | $ 284 | ||||||||
Antidilutive securities excluded from computation of earnings per share | 8 | 6 | 7 | ||||||||
Convertible Debt Securities [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Antidilutive securities excluded from computation of earnings per share | 15 | 15 | 15 |
Risks And Uncertainties (Detail
Risks And Uncertainties (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($)businesssegmentcustomer | Dec. 31, 2014USD ($)customer | Dec. 31, 2013USD ($)customer | Dec. 31, 2012USD ($) | |
Unusual Risk or Uncertainty [Line Items] | ||||
Number of strategic business units | segment | 6 | |||
Segment Reporting, Additional Information about Entity's Reportable Segments | business | 2 | |||
Cash and cash equivalents | $ 1,262 | $ 1,539 | $ 1,642 | $ 1,900 |
Percent of revenue generated outside US | 76.00% | |||
Number of customers that accounted for 10% of more of total revenue | customer | 0 | 0 | 0 | |
Maritza [Member] | ||||
Unusual Risk or Uncertainty [Line Items] | ||||
Allowance for Doubtful Accounts Receivable | $ 0 | |||
Total Maritza Receivables | 351 | |||
Past due receivables [Member] | Maritza [Member] | ||||
Unusual Risk or Uncertainty [Line Items] | ||||
Total Maritza Receivables | $ 307 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of related Party Transactions) (Details) - Affiliated Entity - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Interest Income | $ 25 | $ 17 | $ 20 |
Interest Expense | 33 | 9 | 8 |
Electricity Generation Plant, Non-Nuclear [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue—Non-Regulated | 1,099 | 1,188 | 1,110 |
Cost of Sales—Non-Regulated | $ 330 | $ 331 | $ 276 |
Related Party Transactions (179
Related Party Transactions (Schedule of Related Party Receivables Payables) (Details) - Affiliated Entity - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Receivables from Related Parties | $ 181 | $ 349 |
Accounts and notes payable to related parties | $ 524 | $ 567 |
Related Party Transactions Tran
Related Party Transactions Transactions with Significant Shareholders (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | May. 18, 2015 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 12.31 | |||
Treasury Stock, Shares, Acquired | 39.7 | 145.6 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | $ 0 | $ 1,800 | |
share repurchase program CIC buyback [Domain] | ||||
Related Party Transaction [Line Items] | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 13.07 | |||
Treasury Stock, Shares, Acquired | 20 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 261 | |||
share repurchase program CIC buyback [Domain] | China investment Corporation (CIC) [Member] | ||||
Related Party Transaction [Line Items] | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 13.07 | |||
Treasury Stock, Shares, Acquired | 20 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 261 |
Selected Quarterly Financial181
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 11, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||
Revenue | $ 3,400 | $ 3,721 | $ 3,858 | $ 3,984 | $ 4,132 | $ 4,441 | $ 4,311 | $ 4,262 | $ 14,963 | $ 17,146 | $ 15,891 | ||||||||
Operating margin | 718 | 673 | 754 | 721 | 708 | 767 | 819 | 794 | 2,866 | 3,088 | 3,247 | ||||||||
Income (loss) from continuing operations, net of tax | 41 | 203 | [1] | 264 | [1] | 254 | [1] | 298 | [2],[3] | 508 | [2],[3] | 281 | [2],[3] | 89 | [2],[3] | 762 | 1,176 | 730 | |
Discontinued operations, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | (6) | (23) | |||||||||||
NET INCOME | 41 | 203 | 264 | 254 | 298 | 508 | 275 | 66 | 762 | 1,147 | 551 | ||||||||
Net income (loss) attributable to The AES Corporation | $ (85) | $ 180 | $ 69 | $ 142 | $ 206 | $ 488 | $ 133 | $ (58) | $ 306 | $ 769 | $ 114 | ||||||||
Basic income (loss) per share: | |||||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | $ (0.13) | $ 0.27 | $ 0.10 | $ 0.20 | $ 0.29 | $ 0.68 | $ 0.20 | $ (0.07) | $ 0.45 | $ 1.10 | $ 0.38 | ||||||||
Discontinued operations attributable to The AES Corporation, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | (0.02) | (0.01) | 0 | (0.03) | (0.23) | ||||||||
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | (0.13) | 0.27 | 0.10 | 0.20 | 0.29 | 0.68 | 0.18 | (0.08) | 0.45 | 1.07 | 0.15 | ||||||||
Diluted income (loss) per share: | |||||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation, net of tax | (0.13) | 0.26 | 0.10 | 0.20 | 0.29 | 0.67 | 0.20 | (0.07) | 0.44 | 1.09 | 0.38 | ||||||||
Discontinued operations attributable to The AES Corporation, net of tax | 0 | 0 | 0 | 0 | 0 | 0 | (0.02) | (0.01) | 0 | (0.03) | (0.23) | ||||||||
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | (0.13) | 0.26 | 0.10 | 0.20 | 0.29 | 0.67 | 0.18 | (0.08) | 0.44 | 1.06 | 0.15 | ||||||||
Dividends declared per common share | $ 0.11 | $ 0.21 | $ 0.1 | $ 0.1 | $ 0 | $ 0.15 | $ 0.05 | $ 0.05 | $ 0 | $ 0.41 | $ 0.25 | $ 0.17 | |||||||
Impairment expense pre-tax total | $ 326 | $ 231 | $ 37 | $ 8 | $ 79 | $ 31 | $ 107 | $ 166 | |||||||||||
Net equity in earnings of affiliates | $ (105) | $ (19) | $ (25) | ||||||||||||||||
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 | |||||||||||||||||
[1] | (1)Includes pretax impairment expense of $8 million, $37 million, $231 million and $326 million, for the first, second, third and fourth quarters of 2015, 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] | (2) Includes a pretax gain of approximately $283 million for the third 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 and Held-for-Sale Businesses 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 in the fourth quarter of 2014. See Note 8—Investments In And Advances To Affiliates for further discussion. | ||||||||||||||||||
[3] | (3) Includes pretax impairment expense of $166 million, $107 million, $31 million and $79 million, for the first, second, third and fourth quarters of 2014, respectively. See Note 9—Other Non-Operating Expense, Note 10—Goodwill and Other Intangible Assets, and Note 21—Asset Impairment Expense for further discussion. |
Subsequent Event Subsequent 182
Subsequent Event Subsequent Events (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Feb. 15, 2016 | Jan. 27, 2016 | Feb. 23, 2016 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2015 | Feb. 23, 2016 | Feb. 11, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Treasury Stock, Shares, Acquired | 39.7 | 145.6 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | $ 0 | $ 1,800 | |||||
Stock Repurchase Program, Authorized Amount | 2,100 | $ 2,100 | ||||||
Treasury Stock Acquired, Average Cost Per Share | $ 12.31 | |||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 343 | $ 343 | ||||||
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% | |||||||
Subsequent Event | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Treasury Stock, Shares, Acquired | 8.7 | 154.3 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 79 | $ 1,900 | ||||||
Treasury Stock Acquired, Average Cost Per Share | $ 12.12 | |||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 264 | $ 264 | ||||||
Extinguishment of Debt, Amount | $ 125 | |||||||
IPP4 [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Subsequent Event | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Sale of Stock, Percentage of Ownership after Transaction | 36.00% | |||||||
Proceeds from Divestiture of Businesses | $ 21 | |||||||
Kelanitissa [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Subsequent Event | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from Divestiture of Businesses | $ 18 |
Schedule I - Condensed Finan183
Schedule I - Condensed Financial Information of Parent (Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current Assets: | ||||
Cash and cash equivalents | $ 1,262 | $ 1,539 | $ 1,642 | $ 1,900 |
Restricted cash | 295 | 283 | ||
Deferred income taxes | 0 | 275 | ||
Total current assets | 6,866 | 7,826 | ||
Investment in and advances to subsidiaries and affiliates | 610 | 537 | 1,010 | |
Office Equipment: | ||||
Cost | 28,491 | 30,459 | ||
Accumulated depreciation | (9,449) | (9,962) | ||
Property, plant and equipment, net | 22,816 | 25,151 | ||
Other Assets: | ||||
Deferred income taxes | 543 | 662 | ||
Other Assets | 2,536 | 2,640 | ||
Total other assets | 7,168 | 5,989 | ||
TOTAL ASSETS | 36,850 | 38,966 | 40,411 | |
Current Liabilities: | ||||
Accounts payable | 1,721 | 2,278 | ||
Accrued and other liabilities | 2,436 | 2,326 | ||
Total current liabilities | 6,950 | 6,997 | ||
Long-term Liabilities: | ||||
Other long-term liabilities | 2,896 | 3,222 | ||
Total noncurrent liabilities | 23,191 | 24,566 | ||
Stockholders' equity: | ||||
Common stock | 8 | 8 | ||
Additional paid-in capital | 8,718 | 8,409 | ||
Retained earnings | 143 | 512 | ||
Accumulated other comprehensive loss | (3,883) | (3,286) | ||
Treasury stock | (1,837) | (1,371) | ||
Total AES Corporation stockholders’ equity | 3,149 | 4,272 | ||
TOTAL LIABILITIES AND EQUITY | 36,850 | 38,966 | ||
Parent Company | ||||
Current Assets: | ||||
Cash and cash equivalents | 186 | 511 | $ 131 | $ 305 |
Restricted cash | 32 | 81 | ||
Accounts and notes receivable from subsidiaries | 264 | 380 | ||
Deferred income taxes | 0 | 142 | ||
Prepaid expenses and other current assets | 26 | 57 | ||
Total current assets | 508 | 1,171 | ||
Investment in and advances to subsidiaries and affiliates | 7,764 | 9,063 | ||
Office Equipment: | ||||
Cost | 135 | 157 | ||
Accumulated depreciation | (112) | (114) | ||
Property, plant and equipment, net | 23 | 43 | ||
Other Assets: | ||||
Deferred financing costs (net of accumulated amortization of $75 and $81, respectively) | 49 | 61 | ||
Deferred income taxes | 1,028 | 872 | ||
Other Assets | 1 | 1 | ||
Total other assets | 1,078 | 934 | ||
TOTAL ASSETS | 9,373 | 11,211 | ||
Current Liabilities: | ||||
Accounts payable | 16 | 25 | ||
Accounts and notes payable to subsidiaries | 97 | 80 | ||
Accrued and other liabilities | 204 | 212 | ||
Senior notes payable—current portion | 0 | 151 | ||
Total current liabilities | 317 | 468 | ||
Long-term Liabilities: | ||||
Senior notes payable | 4,498 | 4,590 | ||
Junior subordinated notes and debentures payable | 517 | 517 | ||
Accounts and notes payable to subsidiaries | 873 | 1,352 | ||
Other long-term liabilities | 19 | 12 | ||
Total noncurrent liabilities | 5,907 | 6,471 | ||
Stockholders' equity: | ||||
Common stock | 8 | 8 | ||
Additional paid-in capital | 8,718 | 8,409 | ||
Retained earnings | 143 | 512 | ||
Accumulated other comprehensive loss | (3,883) | (3,286) | ||
Treasury stock | (1,837) | (1,371) | ||
Total AES Corporation stockholders’ equity | 3,149 | 4,272 | ||
TOTAL LIABILITIES AND EQUITY | $ 9,373 | $ 11,211 |
Schedule I - Condensed Finan184
Schedule I - Condensed Financial Information of Parent (Balance Sheet Parenthetical) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Deferred financing costs, accumulated amortization | $ 75 | $ 81 |
Schedule I - Condensed Finan185
Schedule I - Condensed Financial Information of Parent Schedule I - Condensed Financial Information of Parent (Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Interest income | $ 524 | $ 365 | $ 275 | |||||||||
General and administrative expenses | (196) | (187) | (220) | |||||||||
Other income | 83 | 124 | 125 | |||||||||
Other expense | (65) | (68) | (76) | |||||||||
Loss on extinguishment of debt | (186) | (261) | (229) | |||||||||
Interest expense | (1,436) | (1,471) | (1,482) | |||||||||
Income tax benefit | (465) | (419) | (343) | |||||||||
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION | $ (85) | $ 180 | $ 69 | $ 142 | $ 206 | $ 488 | $ 133 | $ (58) | 306 | 769 | $ 114 | |
Parent Company | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Revenue from subsidiaries and affiliates | 24 | 29 | $ 32 | |||||||||
Equity in earnings of subsidiaries and affiliates | 859 | 1,313 | 498 | |||||||||
Interest income | 24 | 59 | 66 | |||||||||
General and administrative expenses | (154) | (161) | (171) | |||||||||
Other income | 24 | 8 | 14 | |||||||||
Other expense | (6) | (30) | (11) | |||||||||
Loss on extinguishment of debt | (105) | (193) | (165) | |||||||||
Interest expense | (364) | (422) | (436) | |||||||||
Income (loss) before income taxes | 302 | 603 | (173) | |||||||||
Income tax benefit | 4 | 166 | 287 | |||||||||
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION | $ 306 | $ 769 | $ 114 |
Schedule I - Condensed Finan186
Schedule I - Condensed Financial Information of Parent (Statement of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net income (loss) attributable to The AES Corporation | $ (85) | $ 180 | $ 69 | $ 142 | $ 206 | $ 488 | $ 133 | $ (58) | $ 306 | $ 769 | $ 114 | |
Foreign currency translation activity: | ||||||||||||
Foreign currency translation adjustments, net of income tax (expense) benefit of $1, $(7) and $10, respectively | (1,019) | (491) | (375) | |||||||||
Reclassification to earnings, net of income tax (expense) benefit of $0, $0 and $0, respectively | 0 | (3) | 41 | |||||||||
Total foreign currency translation adjustments | (1,019) | (494) | (334) | |||||||||
Derivative activity: | ||||||||||||
Change in derivative fair value, net of income tax (expense) benefit of $4, $51 and $(31), respectively | (57) | (358) | 108 | |||||||||
Reclassification to earnings, net of income tax (expense) benefit of $(12), $(37) and $(32), respectively | 66 | 99 | 139 | |||||||||
Total change in fair value of derivatives | 9 | (259) | 247 | |||||||||
Pension activity: | ||||||||||||
Prior service cost for the period, net of income tax (expense) benefit of $0, $0 and $0, respectively | 1 | 0 | 0 | |||||||||
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax (expense) benefit of $(7), $9 and $(42), respectively | 60 | (49) | 379 | |||||||||
Reclassification of earnings due to amortization of net actuarial loss, net of income tax (expense) benefit of $(2), $0 and $(5), respectively | 16 | 29 | 52 | |||||||||
Total pension adjustments | 77 | (20) | 431 | |||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | (933) | (773) | 344 | |||||||||
COMPREHENSIVE (LOSS) INCOME | (171) | 374 | $ 895 | |||||||||
Parent Company | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net income (loss) attributable to The AES Corporation | 306 | 769 | $ 114 | |||||||||
Foreign currency translation activity: | ||||||||||||
Foreign currency translation adjustments, net of income tax (expense) benefit of $1, $(7) and $10, respectively | (674) | (366) | (263) | |||||||||
Reclassification to earnings, net of income tax (expense) benefit of $0, $0 and $0, respectively | 0 | 34 | 36 | |||||||||
Total foreign currency translation adjustments | (674) | (332) | (227) | |||||||||
Derivative activity: | ||||||||||||
Change in derivative fair value, net of income tax (expense) benefit of $4, $51 and $(31), respectively | (5) | (180) | 46 | |||||||||
Reclassification to earnings, net of income tax (expense) benefit of $(12), $(37) and $(32), respectively | 48 | 72 | 128 | |||||||||
Total change in fair value of derivatives | 43 | (108) | 174 | |||||||||
Pension activity: | ||||||||||||
Prior service cost for the period, net of income tax (expense) benefit of $0, $0 and $0, respectively | 1 | (1) | 0 | |||||||||
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax (expense) benefit of $(7), $9 and $(42), respectively | 18 | (13) | 78 | |||||||||
Reclassification of earnings due to amortization of net actuarial loss, net of income tax (expense) benefit of $(2), $0 and $(5), respectively | 2 | 10 | 13 | |||||||||
Total pension adjustments | 21 | (4) | 91 | |||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | (610) | (444) | 38 | |||||||||
COMPREHENSIVE (LOSS) INCOME | $ (304) | $ 325 | $ 152 |
Schedule I - Condensed Finan187
Schedule I - Condensed Financial Information of Parent (Statement of Comprehensive Income Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Foreign currency translation adjustments, income tax | $ 1 | $ (7) | $ 10 |
Foreign currency, reclassification to earnings, income tax | 0 | 0 | 0 |
Change in derivative fair value, income tax | 16 | 72 | (31) |
Derivative reclassification to earnings, income tax | (11) | (26) | (41) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit), Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | (29) | 27 | (198) |
Pension, amortization of net actuarial loss, income tax | (9) | (7) | (26) |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Foreign currency translation adjustments, income tax | 1 | (7) | 10 |
Foreign currency, reclassification to earnings, income tax | 0 | 0 | 0 |
Change in derivative fair value, income tax | 4 | 51 | (31) |
Derivative reclassification to earnings, income tax | (12) | (37) | (32) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost (Credit), Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | (7) | 9 | (42) |
Pension, amortization of net actuarial loss, income tax | $ (2) | $ 0 | $ (5) |
Schedule I - Condensed Finan188
Schedule I - Condensed Financial Information of Parent (Statement of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 2,134 | $ 1,791 | $ 2,715 |
Investing Activities: | |||
Decrease in restricted cash | (159) | 419 | 44 |
(Purchase) sale of short term investments, net | (17) | (728) | (7) |
Net cash used in investing activities | (2,366) | (656) | (1,774) |
Financing Activities: | |||
Borrowings (payments) under the revolver, net | 959 | 836 | 1,139 |
Purchase of treasury stock | (482) | (308) | (322) |
Common stock dividends paid | (276) | (144) | (119) |
Payments for deferred financing costs | (90) | (158) | (176) |
Proceeds from (Payments for) Other Financing Activities | (7) | 27 | 14 |
Net cash provided by (used in) financing activities | 28 | (1,262) | (1,136) |
Effect of exchange rate changes on cash | (52) | (51) | (59) |
Total decrease in cash and cash equivalents | (277) | (103) | (258) |
Cash and cash equivalents, beginning | 1,539 | 1,642 | 1,900 |
Cash and cash equivalents, ending | 1,262 | 1,539 | 1,642 |
SUPPLEMENTAL DISCLOSURES: | |||
Cash payments for interest, net of amounts capitalized | 1,265 | 1,351 | 1,398 |
Cash payments for income taxes, net of refunds | 388 | 480 | 570 |
Parent Company | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 475 | 449 | 418 |
Investing Activities: | |||
Expenses related to asset sales | 0 | (4) | (5) |
Investment in and net advances to subsidiaries | (221) | (69) | 201 |
Return of capital | 501 | 740 | 230 |
Decrease in restricted cash | 49 | 96 | 50 |
Additions to property, plant and equipment | (11) | (31) | (11) |
(Purchase) sale of short term investments, net | 0 | (1) | 1 |
Net cash used in investing activities | 318 | 731 | 466 |
Financing Activities: | |||
Borrowings (payments) under the revolver, net | 0 | 0 | 0 |
Borrowings of notes payable and other coupon bearing securities | 575 | 1,525 | 750 |
Repayments of notes payable and other coupon bearing securities | (915) | (2,117) | (1,210) |
Loans (to) from subsidiaries | 0 | 263 | (152) |
Purchase of treasury stock | (482) | (308) | (322) |
Proceeds from issuance of common stock | 4 | 1 | 13 |
Common stock dividends paid | (276) | (144) | (119) |
Payments for deferred financing costs | (6) | (20) | (17) |
Proceeds from (Payments for) Other Financing Activities | (18) | 0 | 0 |
Net cash provided by (used in) financing activities | (1,118) | (800) | (1,057) |
Effect of exchange rate changes on cash | 0 | 0 | (1) |
Total decrease in cash and cash equivalents | (325) | 380 | (174) |
Cash and cash equivalents, beginning | 511 | 131 | 305 |
Cash and cash equivalents, ending | 186 | 511 | 131 |
SUPPLEMENTAL DISCLOSURES: | |||
Cash payments for interest, net of amounts capitalized | 314 | 373 | 442 |
Cash payments for income taxes, net of refunds | $ 0 | $ (2) | $ 11 |
Schedule I - Condensed Finan189
Schedule I - Condensed Financial Information of Parent (Senior Notes and Junior Subordinated Notes) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | $ 5,015 | $ 5,258 |
Less: Current maturities | 0 | (151) |
Recourse Debt Non Current | 5,015 | 5,107 |
7.75% Senior Unsecured Note Due 2015 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 0 | 151 |
9.75% Senior Unsecured Note Due 2016 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 0 | 164 |
8.00% Senior Unsecured Note Due 2017 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 181 | 525 |
Senior Unsecured Note LIBOR plus 3% due 2019 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 775 | 775 |
8.00% Senior Unsecured Note Due 2020 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 469 | 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 | 750 |
Unamortized Discounts | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 1 | |
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% | |
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 | 5.50% Unsecured senior notes due 2025 [Domain] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 5.50% | |
Recourse Debt Total | $ 575 | $ 0 |
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 | $ 5,015 | |
Junior subordinated notes and debentures payable | 517 | 517 |
Long-term Debt of Registrant, Maturities, Repayments of Principal, Fiscal Year Maturity [Abstract] | ||
2,016 | 0 | |
2,017 | 181 | |
2,018 | 0 | |
2,019 | 774 | |
2,020 | 469 | |
Thereafter | 3,591 | |
Parent Company | 7.75% Senior Unsecured Note Due 2015 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 0 | 151 |
Parent Company | 9.75% Senior Unsecured Note Due 2016 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 0 | 164 |
Parent Company | 8.00% Senior Unsecured Note Due 2017 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 181 | 525 |
Parent Company | Senior Unsecured Note LIBOR plus 3% due 2019 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 775 | 775 |
Parent Company | 8.00% Senior Unsecured Note Due 2020 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 469 | 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 | 750 |
Parent Company | 5.50% Unsecured senior notes due 2025 [Domain] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 5.50% | |
Recourse Debt Total | $ 575 | 0 |
Parent Company | Unamortized Discounts | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | $ (2) | $ 1 |
Parent Company | Recourse Debt | 7.75% Senior Unsecured Note Due 2014 | ||
Condensed Financial Statements, Captions [Line Items] | ||
Interest Rate | 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 | 4.875% | 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 | $ 4,498 | $ 4,741 |
Less: Current maturities | 0 | (151) |
Recourse Debt Non Current | $ 4,498 | $ 4,590 |
Schedule I - Condensed Finan190
Schedule I - Condensed Financial Information of Parent (Dividends from Subsidiaries and Affiliates) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | $ 748 | $ 880 | $ 818 |
Schedule I - Condensed Finan191
Schedule I - Condensed Financial Information of Parent (Guarantees and Letters of Credit) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)agreement | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations maximum exposure, total | $ 490,000,000 |
Obligations number of agreements | agreement | 26 |
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 | $ 369,000,000 |
Obligations number of agreements | agreement | 14 |
Guarantees | Parent Company | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations, Minimum Individual Exposures | $ 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 | agreement | 15 |
Guarantees and Asset Sale Related Indemnities (Combined) [Member] | Parent Company | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations maximum exposure, total | $ 396,000,000 |
Letter of Credit | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations number of agreements | agreement | 7 |
Letters of credit outstanding | $ 62,000,000 |
Letter of Credit | Parent Company | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations, Minimum Individual Exposures | 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 | $ 32,000,000 |
Obligations number of agreements | agreement | 4 |
Cash Collateralized Letters Of Credit | Parent Company | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations maximum exposure, total | $ 32,000,000 |
Obligations, Minimum Individual Exposures | 1,000,000 |
Obligations, individual exposures (minimum less than $1 million) | $ 15,000,000 |
Schedule II - Valuation and 192
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation Allowances and Reserves, Balance | $ 96 | $ 134 | $ 195 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 88 | 61 | 38 |
Valuation Allowances and Reserves, Deductions | (60) | (88) | (77) |
Valuation Allowances and Reserves, Adjustments | (29) | (11) | (22) |
Valuation Allowances and Reserves, Balance | $ 95 | $ 96 | $ 134 |
Uncategorized Items - aes-20151
Label | Element | Value |
Sonel [Member] | ||
Divestiture Of Ownership In Subsidiary Percent | aes_DivestitureOfOwnershipInSubsidiaryPercent | 56.00% |