Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Feb. 22, 2021 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | |
Document Type | 10-K | ||||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||||
City Area Code | (703) | ||||
Entity Address, Address Line One | 4300 Wilson Boulevard | ||||
Entity Incorporation, State or Country Code | DE | ||||
Document Transition Report | false | ||||
Document Quarterly Report | true | ||||
Amendment Flag | false | ||||
Document Period End Date | Dec. 31, 2020 | ||||
Entity File Number | 1-12291 | ||||
Common Stock, Value, Issued | $ (8,000,000) | $ (8,000,000) | $ (14.16) | ||
Document Fiscal Year Focus | 2020 | ||||
Document Fiscal Period Focus | FY | ||||
Trading Symbol | AES | ||||
Entity Registrant Name | THE AES CORPORATION | ||||
Entity Central Index Key | 0000874761 | ||||
Current Fiscal Year End Date | --12-31 | ||||
Entity Filer Category | Large Accelerated Filer | ||||
Entity Emerging Growth Company | false | ||||
Entity Small Business | false | ||||
Entity Common Stock, Shares Outstanding | 665,479,845 | ||||
Entity current reporting status | Yes | ||||
Entity Interactive Data Current | Yes | ||||
Entity Shell Company | false | ||||
Entity voluntary filers | No | ||||
Entity Well Known Seasoned Issuer | Yes | ||||
Entity Public Float | $ 9,420,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||
Entity Tax Identification Number | 54-1163725 | ||||
Entity Address, City or Town | Arlington, | ||||
Entity Address, State or Province | VA | ||||
Entity Address, Postal Zip Code | 22203 | ||||
Local Phone Number | 522-1315 | ||||
Security Exchange Name | NYSE | ||||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,089,000,000 | $ 1,029,000,000 |
Restricted cash | 297,000,000 | 336,000,000 |
Short-term investments | 335,000,000 | 400,000,000 |
Accounts receivable, net of allowance for doubtful accounts of $13 and $20, respectively | 1,300,000,000 | 1,479,000,000 |
Inventory | 461,000,000 | 487,000,000 |
Prepaid expenses | 102,000,000 | 80,000,000 |
Other current assets, net of allowance of $0 | 726,000,000 | 802,000,000 |
Current held-for-sale assets | 1,104,000,000 | 618,000,000 |
Total current assets | 5,414,000,000 | 5,231,000,000 |
Property, Plant and Equipment: | ||
Land | 417,000,000 | 447,000,000 |
Electric generation, distribution assets and other | 26,707,000,000 | 25,383,000,000 |
Accumulated depreciation | (8,472,000,000) | (8,505,000,000) |
Construction in progress | 4,174,000,000 | 5,249,000,000 |
Property, plant and equipment, net | 22,826,000,000 | 22,574,000,000 |
Other Assets: | ||
Investments in and advances to affiliates | 835,000,000 | 966,000,000 |
Debt service reserves and other deposits | 441,000,000 | 207,000,000 |
Goodwill | 1,061,000,000 | 1,059,000,000 |
Other intangible assets, net of accumulated amortization of $330 and $307, respectively | 827,000,000 | 469,000,000 |
Deferred Tax Assets, Tax Deferred Expense | 288,000,000 | 156,000,000 |
Loan receivable, net of allowance of $0 | 0 | 1,351,000,000 |
Other noncurrent assets, net of allowance of $21 and $0, respectively | 1,660,000,000 | 1,635,000,000 |
Noncurrent held-for-sale assets | 1,251,000,000 | 0 |
Total other assets | 6,363,000,000 | 5,843,000,000 |
TOTAL ASSETS | 34,603,000,000 | 33,648,000,000 |
CURRENT LIABILITIES | ||
Accounts payable | 1,156,000,000 | 1,311,000,000 |
Accrued interest | 191,000,000 | 201,000,000 |
Accrued non-income taxes | 257,000,000 | 253,000,000 |
Deferred Income | 438,000,000 | 34,000,000 |
Accrued and other liabilities | 1,223,000,000 | 987,000,000 |
Non-recourse debt, including $336 and $337, respectively, related to variable interest entities | 1,430,000,000 | 1,868,000,000 |
Current held-for-sale liabilities | 667,000,000 | 442,000,000 |
Total current liabilities | 5,362,000,000 | 5,096,000,000 |
NONCURRENT LIABILITIES | ||
Recourse debt | 3,446,000,000 | 3,391,000,000 |
Non-recourse debt, including $3,918 and $3,872, respectively, related to variable interest entities | 15,005,000,000 | 14,914,000,000 |
Deferred income taxes | 1,100,000,000 | 1,213,000,000 |
Other noncurrent liabilities | 3,241,000,000 | 2,917,000,000 |
Noncurrent held-for-sale liabilities | 857,000,000 | 0 |
Total noncurrent liabilities | 23,649,000,000 | 22,435,000,000 |
Commitments and Contingencies (see Notes 12 and 13) | ||
Redeemable stock of subsidiaries | 872,000,000 | 888,000,000 |
THE AES CORPORATION STOCKHOLDERS’ EQUITY | ||
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 818,398,654 issued and 665,370,128 outstanding at December 31, 2020 and 817,843,916 issued and 663,952,656 outstanding at December 31, 2019) | 8,000,000 | 8,000,000 |
Additional paid-in capital | 7,561,000,000 | 7,776,000,000 |
Accumulated deficit | (680,000,000) | (692,000,000) |
Accumulated other comprehensive loss | (2,397,000,000) | (2,229,000,000) |
Treasury stock, at cost (153,028,526 and 153,891,260 shares at December 31, 2020 and December 31, 2019, respectively) | (1,858,000,000) | (1,867,000,000) |
Total AES Corporation stockholders’ equity | 2,634,000,000 | 2,996,000,000 |
NONCONTROLLING INTERESTS | 2,086,000,000 | 2,233,000,000 |
Total equity | 4,720,000,000 | 5,229,000,000 |
TOTAL LIABILITIES AND EQUITY | 34,603,000,000 | 33,648,000,000 |
Consolidated Variable Interest Entities [Member] | ||
CURRENT LIABILITIES | ||
Non-recourse debt, including $336 and $337, respectively, related to variable interest entities | 336,000,000 | 337,000,000 |
NONCURRENT LIABILITIES | ||
Non-recourse debt, including $3,918 and $3,872, respectively, related to variable interest entities | $ 3,918,000,000 | $ 3,872,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 9,660 | $ 10,189 | $ 10,736 |
Cost of Goods and Services Sold | 6,967 | 7,840 | 8,163 |
Operating margin | 2,693 | 2,349 | 2,573 |
General and administrative expenses | (165) | (196) | (192) |
Interest expense | (1,038) | (1,050) | (1,056) |
Interest income | 268 | 318 | 310 |
Gain (Loss) on Extinguishment of Debt | (186) | (169) | (188) |
Other expense | 53 | 80 | 58 |
Other income | 75 | 145 | 72 |
Gain (loss) on disposal and sale of business interests | (95) | 28 | 984 |
Asset impairment expense | (864) | (185) | (208) |
Foreign currency transaction gains (losses) | 55 | (67) | (72) |
Other non-operating expense | (202) | (92) | (147) |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 488 | 1,001 | 2,018 |
Income tax expense | (216) | (352) | (708) |
Net equity in earnings (losses) of affiliates | (123) | (172) | 39 |
INCOME FROM CONTINUING OPERATIONS | 149 | 477 | 1,349 |
Loss from operations of discontinued businesses, net of income tax expense of $0, $0, and $2, respectively | 0 | 0 | (9) |
Gain from disposal of discontinued businesses, net of income tax expense of $0, $0, and $44, respectively | 3 | 1 | 225 |
NET INCOME (LOSS) | 152 | 478 | 1,565 |
Less: Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 106 | 175 | 364 |
Less: Loss from discontinued operations attributable to noncontrolling interests | 0 | 0 | 2 |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION | 46 | 303 | 1,203 |
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS: | |||
Income from continuing operations, net of tax | 43 | 302 | 985 |
Income from discontinued operations, net of tax | 3 | 1 | 218 |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION | $ 46 | $ 303 | $ 1,203 |
BASIC EARNINGS PER SHARE: | |||
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ 0.06 | $ 0.46 | $ 1.49 |
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax | 0.01 | 0 | 0.33 |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | 0.07 | 0.46 | 1.82 |
DILUTED EARNINGS PER SHARE: | |||
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax | 0.06 | 0.45 | 1.48 |
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax | 0.01 | 0 | 0.33 |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ 0.07 | $ 0.45 | $ 1.81 |
Electricity, Generation [Member] | |||
Revenues | $ 6,999 | $ 7,161 | $ 7,797 |
Cost of Goods and Services Sold | 4,732 | 5,356 | 5,690 |
Electric Distribution [Member] | |||
Revenues | 2,661 | 3,028 | 2,939 |
Cost of Goods and Services Sold | $ 2,235 | $ 2,484 | $ 2,473 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME (LOSS) | $ 152 | $ 478 | $ 1,565 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | |||
Foreign currency translation adjustments, net of income tax (expense) benefit of $(8), $1, and $2, respectively | (52) | (33) | (161) |
Reclassification to earnings, net of $0 income tax for all periods | 192 | 23 | (21) |
Total foreign currency translation adjustments | 140 | (10) | (182) |
Derivative activity: | |||
Change in derivative fair value, net of income tax benefit of $110, $74, and $27, respectively | (368) | (265) | (67) |
Reclassification to earnings, net of income tax expense of $17, $12, and $24, respectively | 74 | 42 | 93 |
Total change in fair value of derivatives | (294) | (223) | 26 |
Pension activity: | |||
Prior service cost for the period, net of income tax expense of $1, $0 and $1, respectively | 1 | 1 | (2) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | (14) | (23) | (1) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 0 | 28 | 8 |
Total pension adjustments | (13) | 6 | 5 |
OTHER COMPREHENSIVE LOSS | (167) | (227) | (151) |
COMPREHENSIVE INCOME (LOSS) | (15) | 251 | 1,414 |
Less: Comprehensive loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries | 4 | (102) | (425) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ (11) | $ 149 | $ 989 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Common Stock [Member]Cumulative Effect, Period of Adoption, Adjustment | Treasury Stock | Treasury StockCumulative Effect, Period of Adoption, Adjustment | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjustment | AOCI Attributable to Parent [Member] | AOCI Attributable to Parent [Member]Cumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interest [Member] | Noncontrolling Interest [Member]Cumulative Effect, Period of Adoption, Adjustment | |
Common Stock, Dividends, Per Share, Declared | $ 0.53 | |||||||||||||
Beginning Balance at Dec. 31, 2017 | $ 8 | $ (1,892) | $ 8,501 | $ (2,276) | $ (1,876) | $ 2,380 | ||||||||
Beginning Balance (Shares) at Dec. 31, 2017 | 816.3 | 155.9 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | $ 1,565 | $ 0 | $ 0 | 0 | 1,203 | 0 | 360 | |||||||
Total foreign currency translation adjustment, net of income tax | (182) | 0 | 0 | 0 | 0 | (235) | 53 | |||||||
Total change in derivative fair value, net of income tax | 26 | 0 | 0 | 0 | 0 | 14 | 10 | |||||||
Total pension adjustments, net of income tax | 5 | 0 | 0 | 0 | 0 | 7 | (2) | |||||||
OTHER COMPREHENSIVE LOSS | $ (151) | (214) | 61 | |||||||||||
Fair value adjustment (2) | [1] | 0 | 0 | (4) | 0 | 0 | 0 | |||||||
Disposition of business interests (3) | [2] | 0 | 0 | 0 | 0 | 0 | (250) | |||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 343 | ||||||||
Contributions from noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 9 | ||||||||
Dividends, Common Stock, Cash | $ 0 | $ 0 | (348) | 0 | 0 | 0 | ||||||||
Issuance and exercise of stock-based compensation benefit plans (Shares) | 0.9 | (1) | ||||||||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | $ 0 | $ 14 | 8 | 0 | 0 | 0 | ||||||||
Sales to noncontrolling interests | 0 | 0 | (3) | 0 | 0 | 98 | ||||||||
Acquisitions of noncontrolling interests | 0 | |||||||||||||
Ending Balance at Dec. 31, 2018 | $ 8 | $ (1,878) | 8,154 | (1,005) | (2,071) | 2,396 | $ 81 | |||||||
Ending Balance (Shares) at Dec. 31, 2018 | 817.2 | 154.9 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Stockholders' Equity Attributable to Parent | $ 0 | $ 0 | $ 0 | $ 68 | $ 19 | |||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.5528 | |||||||||||||
Net income | $ 478 | $ 0 | $ 0 | 0 | 303 | 0 | 182 | |||||||
Total foreign currency translation adjustment, net of income tax | (10) | 0 | 0 | 0 | 0 | 0 | (10) | |||||||
Total change in derivative fair value, net of income tax | (223) | 0 | 0 | 0 | 0 | (166) | (57) | |||||||
Total pension adjustments, net of income tax | 6 | 0 | 0 | 0 | 0 | 12 | (6) | |||||||
OTHER COMPREHENSIVE LOSS | (227) | (154) | (73) | |||||||||||
Fair value adjustment (2) | [1] | 0 | 0 | (6) | 0 | 0 | 0 | |||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 415 | ||||||||
Contributions from noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 7 | ||||||||
Dividends, Common Stock, Cash | $ 0 | $ 0 | (367) | 0 | 0 | 0 | ||||||||
Issuance and exercise of stock-based compensation benefit plans (Shares) | 0.6 | (1) | ||||||||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | $ 0 | $ 11 | 0 | 0 | 0 | 0 | ||||||||
Sales to noncontrolling interests | 0 | 0 | (5) | 0 | 0 | 136 | ||||||||
Acquisitions of noncontrolling interests | 0 | |||||||||||||
Ending Balance at Dec. 31, 2019 | 5,229 | $ 8 | $ (1,867) | 7,776 | (692) | (2,229) | 2,233 | 0 | ||||||
Ending Balance (Shares) at Dec. 31, 2019 | 817.8 | 153.9 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Temporary Equity, Net Income | (7) | |||||||||||||
Stockholders' Equity Attributable to Parent | $ 2,996 | 0 | 0 | 0 | 10 | (4) | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.5804 | |||||||||||||
Net income | $ 152 | $ 0 | $ 0 | 0 | 46 | 0 | 98 | |||||||
Total foreign currency translation adjustment, net of income tax | 140 | 0 | 0 | 0 | 0 | 192 | (52) | |||||||
Total change in derivative fair value, net of income tax | (294) | 0 | 0 | 0 | 0 | (237) | (29) | |||||||
Total pension adjustments, net of income tax | (13) | 0 | 0 | 0 | 0 | (12) | (1) | |||||||
OTHER COMPREHENSIVE LOSS | (167) | (57) | (82) | |||||||||||
Fair value adjustment (2) | [1] | 0 | 0 | (4) | 0 | 0 | 0 | |||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 419 | ||||||||
Dividends, Common Stock, Cash | $ 0 | $ 0 | (386) | 0 | 0 | 0 | ||||||||
Issuance and exercise of stock-based compensation benefit plans (Shares) | 0.6 | (0.9) | ||||||||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | $ 0 | $ 9 | 4 | 0 | 0 | 0 | ||||||||
Sales to noncontrolling interests | 0 | 0 | 260 | 0 | 9 | 210 | ||||||||
Acquisitions of noncontrolling interests | 0 | 0 | 89 | 0 | (121) | 49 | ||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | 0 | 0 | 0 | (1) | (111) | ||||||||
Ending Balance at Dec. 31, 2020 | 4,720 | $ 8 | $ (1,858) | $ 7,561 | $ (680) | $ (2,397) | $ 2,086 | $ (16) | ||||||
Ending Balance (Shares) at Dec. 31, 2020 | 818.4 | 153 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Temporary Equity, Net Income | 8 | |||||||||||||
Stockholders' Equity Attributable to Parent | $ 2,634 | $ 0 | $ 0 | $ 0 | $ (34) | $ 0 | ||||||||
[1] | Adjustment to record the redeemable stock of Colon at fair value. | |||||||||||||
[2] | See Note 25 — Held-for-Sale and Dispositions for further information. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES: | |||
Net income | $ 152 | $ 478 | $ 1,565 |
Adjustments to net income: | |||
Depreciation and amortization | 1,068 | 1,045 | 1,003 |
Loss (gain) on disposal and sale of business interests | 95 | (28) | (984) |
Impairment expenses | 1,066 | 277 | 355 |
Deferred income taxes | (233) | (8) | 313 |
Provisions for (Reversals of) Contingencies | 186 | (3) | (14) |
Loss on extinguishment of debt | 186 | 169 | 188 |
Gain (Loss) on Disposition of Other Assets | 19 | (54) | (27) |
Net gain from disposal and impairments of discontinued businesses | 0 | 0 | (269) |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 128 | 194 | 48 |
Other | 208 | 321 | 269 |
Changes in operating assets and liabilities: | |||
(Increase) decrease in accounts receivable | 48 | 73 | (206) |
(Increase) decrease in inventory | (20) | 28 | (36) |
(Increase) decrease in prepaid expenses and other current assets | 13 | 42 | (22) |
(Increase) decrease in other assets | (134) | (20) | (32) |
Increase (decrease) in accounts payable and other current liabilities | (186) | (6) | 62 |
Increase (decrease) in income tax payables, net and other tax payables | 59 | (83) | (7) |
Increase (Decrease) in Deferred Revenue | 431 | 28 | (12) |
Increase (decrease) in other liabilities | 79 | (101) | 67 |
Net cash provided by operating activities | 2,755 | 2,466 | 2,343 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (1,900) | (2,405) | (2,121) |
Acquisitions of business interests, net of cash and restricted cash acquired | (136) | (192) | (66) |
Proceeds from the sale of business interests, net of cash and restricted cash sold | 169 | 178 | 2,020 |
Sale of short-term investments | 627 | 666 | 1,302 |
Purchase of short-term investments | (653) | (770) | (1,411) |
Payments for Advance to Affiliate | (332) | (324) | (145) |
Proceeds from Insurance Settlement, Investing Activities | 9 | 150 | 17 |
Other investing | (79) | (24) | (101) |
Net cash used in investing activities | (2,295) | (2,721) | (505) |
FINANCING ACTIVITIES: | |||
Proceeds from Lines of Credit | 2,420 | 2,026 | 1,865 |
Repayments under the revolving credit facilities | (2,479) | (1,735) | (2,238) |
Issuance of recourse debt | 3,419 | 0 | 1,000 |
Repayments of recourse debt | (3,366) | (450) | (1,933) |
Issuance of non-recourse debt | 4,680 | 5,828 | 1,928 |
Repayments of non-recourse debt | (4,136) | (4,831) | (1,411) |
Payments for financing fees | (107) | (126) | (39) |
Distributions to noncontrolling interests | (422) | (427) | (340) |
Acquisitions of Noncontrolling Interests | 259 | 0 | 0 |
Sales to Noncontrolling Interests | 553 | 128 | 95 |
Issuance of Preferred Shares in Subsidiaries | 112 | 0 | 0 |
Dividends paid on AES common stock | (381) | (362) | (344) |
Payments for financed capital expenditures | (60) | (146) | (275) |
Other financing | (52) | 9 | 49 |
Net cash used in financing activities | (78) | (86) | (1,643) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (24) | (18) | (54) |
(Increase) decrease in cash, cash equivalents and restricted cash of held-for-sale businesses | (103) | (72) | 74 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 255 | (431) | 215 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning | 1,572 | 2,003 | 1,788 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending | 1,827 | 1,572 | 2,003 |
SUPPLEMENTAL DISCLOSURES: | |||
Cash payments for interest, net of amounts capitalized | 908 | 946 | 1,003 |
Cash payments for income taxes, net of refunds | 333 | 363 | 370 |
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Contributions of assets and liabilities for the Fluence transaction (see Note 19) | 100 | 95 | 90 |
Non Cash Refinancing of Non-recourse Debt | 0 | 1,081 | 0 |
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | 0 | 119 |
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 0 | 0 | 16 |
sPower [Member] | |||
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Reinvestment of Proceeds from Sale of Equity Method Investments | 0 | 58 | 0 |
Fluence [Member] | Non-cash [Member] | |||
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Contribution of Property | 0 | 61 | 20 |
Distributed Energy [Member] | |||
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Noncash or Part Noncash Acquisition, Value of Assets Acquired | 0 | 0 | 23 |
AES Brasil | |||
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Notes Issued | $ 47 | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 13 | $ 20 |
Other Current Assets, Allowance | 0 | 0 |
Finite-Lived Intangible Assets, Accumulated Amortization | 330 | 307 |
Loans and Leases Receivable, Allowance | 0 | 0 |
Other Noncurrent Assets, Allowance | 21 | 0 |
Non Recourse Debt Current | 1,430 | 1,868 |
Non Recourse Debt Non Current | $ 15,005 | $ 14,914 |
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) | 818,398,654 | 817,843,916 |
Common stock, shares outstanding (in shares) | 665,370,128 | 663,952,656 |
Treasury stock, shares (in shares) | 153,028,526 | 153,891,260 |
Consolidated Variable Interest Entities [Member] | ||
Non Recourse Debt Current | $ 336 | $ 337 |
Non Recourse Debt Non Current | $ 3,918 | $ 3,872 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income (loss) from operations of discontinued businesses, income tax benefit (expense) | $ 0 | $ 0 | $ (2) |
Gain (loss) from disposal of discontinued businesses, income tax benefit (expense) | $ 0 | $ 0 | $ (44) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax | $ 8 | $ (1) | $ (2) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 110 | 74 | 27 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (17) | (12) | (24) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax | 0 | 0 | 1 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | $ 0 | $ (13) | $ (2) |
General and Summary of Signific
General and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements Not Yet Adopted | New Accounting Pronouncements Issued But Not Yet Effective — The following table provides a brief description of recent accounting pronouncements that could have a material impact on the Company’s consolidated financial statements once adopted. Accounting pronouncements not listed below were assessed and determined to be either not applicable or are expected to have no material impact on the Company’s consolidated financial statements. New Accounting Standards Issued But Not Yet Effective ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2020-06, Debt - Debt with conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Equity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Equity’s Own Equity The amendments in this update affect entities that issue convertible instruments and/or contracts indexed to and potentially settled in an entity’s own equity. The new ASU eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares impact the diluted EPS computation. For fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2020-04 and 2021-01, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in these updates provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference to LIBOR or another reference rate expected to be discontinued by reference rate reform, and clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. These amendments are effective for a limited period of time (March 12, 2020 - December 31, 2022). Effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
INVENTORY | INVENTORY Inventory is valued primarily using the average-cost method. The following table summarizes the Company's inventory balances as of the dates indicated (in millions): December 31, 2020 2019 Fuel and other raw materials $ 223 $ 230 Spare parts and supplies 238 257 Total $ 461 $ 487 |
Property Plant and Equipment
Property Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENTThe 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. Estimated Useful Life December 31, (in years) 2020 2019 Electric generation and distribution facilities 5-40 $ 24,239 $ 22,869 Other buildings 5-51 1,507 1,612 Furniture, fixtures and equipment 3-30 333 319 Other 5-39 628 583 Total electric generation and distribution assets and other 26,707 25,383 Accumulated depreciation (8,472) (8,505) Net electric generation and distribution assets and other $ 18,235 $ 16,878 The following table summarizes depreciation expense (including the amortization of assets recorded under finance leases in 2020 and 2019 or capital leases in 2018, and the amortization of asset retirement obligations) and interest capitalized during development and construction on qualifying assets for the periods indicated (in millions): Years Ended December 31, 2020 2019 2018 Depreciation expense $ 1,004 $ 977 $ 960 Interest capitalized during development and construction 307 238 199 Property, plant and equipment, net of accumulated depreciation, of $10 billion was mortgaged, pledged or subject to liens as of December 31, 2020 and 2019, including assets classified as held-for-sale. The following table summarizes regulated and non-regulated generation and distribution property, plant and equipment and accumulated depreciation as of the dates indicated (in millions): December 31, 2020 2019 Regulated generation and distribution assets and other, gross $ 8,858 $ 8,570 Regulated accumulated depreciation (3,329) (3,029) Regulated generation and distribution assets and other, net 5,529 5,541 Non-regulated generation and distribution assets and other, gross 17,849 16,813 Non-regulated accumulated depreciation (5,143) (5,476) Non-regulated generation and distribution assets and other, net 12,706 11,337 Net electric generation and distribution assets and other $ 18,235 $ 16,878 |
Asset Retirement Obligation (No
Asset Retirement Obligation (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation Disclosure [Text Block] | ASSET RETIREMENT OBLIGATIONS The following table presents amounts recognized related to asset retirement obligations for the periods indicated (in millions): 2020 2019 Balance at January 1 $ 428 $ 415 Additional liabilities incurred 42 19 Liabilities settled (20) (12) Accretion expense 22 21 Change in estimated cash flows 3 58 Sale of plants (13) (71) Other — (2) Balance at December 31 $ 462 $ 428 The Company's asset retirement obligations include active ash landfills, water treatment basins and the removal or dismantlement of certain plants and equipment. The Company uses the cost approach to determine the initial value of ARO liabilities, which is estimated by discounting expected cash outflows to their present value using market-based rates at the initial recording of the liabilities. Cash outflows are based on the approximate future disposal costs as determined by market information, historical information or other management estimates. Subsequent downward revisions of ARO liabilities are discounted using the market-based rates that existed when the liability was initially recognized. These inputs to the fair value of the ARO liabilities are considered Level 3 inputs under the fair value hierarchy. During the year ended December 31, 2020, the Company increased the asset retirement obligations and corresponding assets at Chile and Hawaii, by $17 million and $12 million, respectively, and decreased the asset retirement obligation at DPL by $13 million. The increase at Chile is mostly due to the initial recognition of the ARO at Planta Solar II. The increase at Hawaii reflects the shortened useful life of the coal plant resulting from the passage of Senate Bill 2629, which prohibits issuing or renewing permits for coal power plants after December 31, 2022 and calls for ceasing all coal burning for electricity generation by that date. The decrease at DPL is attributable to the sale of the Hutchings facility in December 2020. During the year ended December 31, 2019, the Company increased the asset retirement obligation and corresponding asset at IPL by $75 million and decreased the asset retirement obligation at DPL by $87 million. The increase at IPL reflects an increase to estimated ash pond closure costs, including groundwater remediation as required by the EPA under the Resource Conservation and Recovery Act. The decrease at DPL was attributable to a revision of the estimated liabilities resulting from the retirement of the Stuart and Killen facilities, and their subsequent transfer in December 2019. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE The fair value of current financial assets and liabilities, debt service reserves, and other deposits approximate their reported carrying amounts. The estimated fair values of the Company's assets and liabilities have been determined using available market information. Because these amounts are estimates and based on hypothetical transactions to sell assets or transfer liabilities, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Valuation Techniques — The fair value measurement accounting guidance describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach, (2) income approach, and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on current market expectations of the return on those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. The Company measures its investments and derivatives at fair value on a recurring basis. Additionally, in connection with annual or event-driven impairment evaluations, certain nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis. These include long-lived tangible assets (i.e., property, plant and equipment), goodwill, and intangible assets (e.g., sales concessions, land use rights and water rights, etc.). In general, the Company determines the fair value of investments and derivatives using the market approach and the income approach, respectively. In the nonrecurring measurements of nonfinancial assets and liabilities, all three approaches are considered; however, the value estimated under the income approach is often the most representative of fair value. Investments — The Company's investments measured at fair value generally consist of marketable debt and equity securities. Equity securities are either measured at fair value using quoted market prices or based on comparisons to market data obtained for similar assets. Debt securities primarily consist of unsecured debentures and certificates of deposit held by our Brazilian subsidiaries. Returns and pricing on these instruments are generally indexed to the market interest rates in Brazil. Debt securities are measured at fair value based on comparisons to market data obtained for similar assets. Derivatives — Derivatives are measured at fair value using quoted market prices or the income approach utilizing volatilities, spot and forward benchmark interest rates (such as LIBOR and EURIBOR), foreign exchange rates, credit data, and commodity prices, as applicable. When significant inputs are not observable, the Company uses relevant techniques to determine the inputs, such as regression analysis or prices for similarly traded instruments available in the market. The Company's methodology to fair value its derivatives is to start with any observable inputs; however, in certain instances the published forward rates or prices may not extend through the remaining term of the contract, and management must make assumptions to extrapolate the curve, which necessitates the use of unobservable inputs, such as proxy commodity prices or historical settlements to forecast forward prices. Specifically, where there is limited forward curve data with respect to foreign exchange contracts beyond the traded points, the Company utilizes the interest rate differential approach to construct the remaining portion of the forward curve. Similarly, in certain instances, the spread that reflects the credit or nonperformance risk is unobservable, requiring the use of proxy yield curves of similar credit quality. To determine the fair value of a derivative, cash flows are discounted using the relevant spot benchmark interest rate. The Company then makes a credit valuation adjustment ("CVA"), as applicable, by further discounting the cash flows for nonperformance or credit risk based on the observable or estimated debt spread of the Company's subsidiary or its counterparty and the tenor of the respective derivative instrument. The CVA for potential future scenarios in which the derivative is in an asset position is based on the counterparty's credit ratings, credit default swap spreads, and debt spreads, as available. The CVA for potential future scenarios in which the derivative is in a liability position is based on the Parent Company's or the subsidiary's current debt spread. In the absence of readily obtainable credit information, the Parent Company's or the subsidiary's estimated credit rating (based on applying a standard industry model to historical financial information and then considering other relevant information) and spreads of comparably rated entities or the respective country's debt spreads are used as a proxy. All derivative instruments are analyzed individually and are subject to unique risk exposures. The fair value hierarchy of an asset or a liability is based on the level of significance of the input assumptions. An input assumption is considered significant if it affects the fair value by at least 10%. Assets and liabilities are classified as Level 3 when the use of unobservable inputs is significant. When the use of unobservable inputs is insignificant, assets and liabilities are classified as Level 2. Transfers between Level 3 and Level 2 result from changes in significance of unobservable inputs used to calculate the CVA. Debt — Recourse and non-recourse debt are carried at amortized cost. The fair value of recourse debt is estimated based on quoted market prices. The fair value of non-recourse debt is estimated based upon interest rates and other features of the loan. In general, the carrying amount of variable rate debt is a close approximation of its fair value. For fixed rate loans, the fair value is estimated using quoted market prices or discounted cash flow ("DCF") analyses. The fair value of recourse and non-recourse debt excludes accrued interest at the valuation date. The fair value was determined using available market information as of December 31, 2020. The Company is not aware of any factors that would significantly affect the fair value amounts subsequent to December 31, 2020. Nonrecurring measurements — For nonrecurring measurements derived using the income approach, fair value is generally determined using valuation models based on the principles of DCF. The income approach is most often used in the impairment evaluation of long-lived tangible assets, equity method investments, goodwill, and intangible assets. Where the use of market observable data is limited or not available for certain input assumptions, the Company develops its own estimates using a variety of techniques such as regression analysis and extrapolations. Depending on the complexity of a valuation, an independent valuation firm may be engaged to assist management in the valuation process. For nonrecurring measurements derived using the market approach, recent market transactions involving the sale of identical or similar assets are considered. The use of this approach is limited because it is often difficult to identify sale transactions of identical or similar assets. This approach is used in impairment evaluations of certain intangible assets. Otherwise, it is used to corroborate the fair value determined under the income approach. For nonrecurring measurements derived using the cost approach, fair value is typically based upon a replacement cost approach. This approach involves a considerable amount of judgment, which is why its use is limited to the measurement of long-lived tangible assets. Like the market approach, this approach is also used to corroborate the fair value determined under the income approach. Fair Value Considerations — In determining fair value, the Company considers the source of observable market data inputs, liquidity of the instrument, the credit risk of the counterparty, and the risk of the Company's or its counterparty's nonperformance. The conditions and criteria used to assess these factors are: Sources of market assumptions — The Company derives most of its market assumptions from market efficient data sources (e.g., Bloomberg and Reuters). To determine fair value where market data is not readily available, management uses comparable market sources and empirical evidence to develop its own estimates of market assumptions. Market liquidity — The Company evaluates market liquidity based on whether the financial or physical instrument, or the underlying asset, is traded in an active or inactive market. An active market exists if the prices are fully transparent to market participants, can be measured by market bid and ask quotes, the market has a relatively large proportion of trading volume as compared to the Company's current trading volume, and the market has a significant number of market participants that will allow the market to rapidly absorb the quantity of assets traded without significantly affecting the market price. Another factor the Company considers when determining whether a market is active or inactive is the presence of government or regulatory controls over pricing that could make it difficult to establish a market-based price when entering into a transaction. Nonperformance risk — Nonperformance risk refers to the risk that an obligation will not be fulfilled and affects the value at which a liability is transferred or an asset is sold. Nonperformance risk includes, but may not be limited to, the Company's or its counterparty's credit and settlement risk. Nonperformance risk adjustments are dependent on credit spreads, letters of credit, collateral, other arrangements available, and the nature of master netting arrangements. The Company is party to various interest rate swaps and options, foreign currency options and forwards, and derivatives and embedded derivatives, which subject the Company to nonperformance risk. The financial and physical instruments held at the subsidiary level are generally non-recourse to the Parent Company. Nonperformance risk on the investments held by the Company is incorporated in the fair value derived from quoted market data to mark the investments to fair value. Recurring Measurements — The following table presents, by level within the fair value hierarchy as described in Note 1— General and Summary of Significant Accounting Policies the Company's financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated (in millions). For the Company's investments in marketable debt securities, the security classes presented were determined based on the nature and risk of the security and are consistent with how the Company manages, monitors, and measures its marketable securities: December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets DEBT SECURITIES: Available-for-sale: Unsecured debentures $ — $ 21 $ — $ 21 $ — $ — $ — $ — Certificates of deposit — 238 — 238 — 326 — 326 Total debt securities — 259 — 259 — 326 — 326 EQUITY SECURITIES: Mutual funds 28 51 — 79 22 61 — 83 Total equity securities 28 51 — 79 22 61 — 83 DERIVATIVES: Interest rate derivatives — 13 — 13 — 31 — 31 Cross-currency derivatives — 5 — 5 — — — — Foreign currency derivatives — 15 146 161 — 17 93 110 Commodity derivatives — 8 2 10 — 28 2 30 Total derivatives — assets — 41 148 189 — 76 95 171 TOTAL ASSETS $ 28 $ 351 $ 148 $ 527 $ 22 $ 463 $ 95 $ 580 Liabilities DERIVATIVES: Interest rate derivatives $ — $ 374 $ 236 $ 610 $ — $ 144 $ 184 $ 328 Cross-currency derivatives — 2 2 4 — 10 11 21 Foreign currency derivatives — 43 — 43 — 44 — 44 Commodity derivatives — 22 — 22 — 29 2 31 Total derivatives — liabilities — 441 238 679 — 227 197 424 TOTAL LIABILITIES $ — $ 441 $ 238 $ 679 $ — $ 227 $ 197 $ 424 As of December 31, 2020, all AFS debt securities had stated maturities within one year. For the years ended December 31, 2019, and 2018, no other-than-temporary impairment of marketable securities were recognized in earnings or Other Comprehensive Income (Loss ) and as of January 1, 2020, credit-related impairments are recognized in earnings under ASC 326. See Note 1— General and Summary of Significant Accounting Policies for further information. Gains and losses on the sale of investments are determined using the specific-identification method. The following table presents gross proceeds from sale of AFS securities for the periods indicated (in millions): Year Ended December 31, 2020 2019 2018 Gross proceeds from sale of AFS securities $ 582 $ 663 $ 1,403 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, 2020 and 2019 (presented net by type of derivative in millions). Transfers between Level 3 and Level 2 principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment. Year Ended December 31, 2020 Interest Rate Cross Currency Foreign Currency Commodity Total Balance at January 1 $ (184) $ (11) $ 94 $ (1) $ (102) Total realized and unrealized gains (losses): Included in earnings 3 (2) 67 2 70 Included in other comprehensive income — derivative activity (84) (10) 23 — (71) Settlements 34 21 (39) 1 17 Transfers of assets/(liabilities), net into Level 3 (6) — — — (6) Transfers of (assets)/liabilities, net out of Level 3 1 — 1 — 2 Balance at December 31 $ (236) $ (2) $ 146 $ 2 $ (90) 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) $ 35 $ 2 $ 35 Year Ended December 31, 2019 Interest Rate Cross Currency Foreign Currency Commodity Total Balance at January 1 $ (140) $ — $ 199 $ 4 $ 63 Total realized and unrealized gains (losses): Included in earnings (1) — (65) (2) (68) Included in other comprehensive income — derivative activity (97) — (17) — (114) Included in regulatory (assets) liabilities — — — (5) (5) Settlements 8 — (23) 2 (13) Transfers of assets/(liabilities), net into Level 3 (2) (11) — — (13) Transfers of (assets)/liabilities, net out of Level 3 48 — — — 48 Balance at December 31 $ (184) $ (11) $ 94 $ (1) $ (102) 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 $ — $ — $ (67) $ (2) $ (69) The following table summarizes the significant unobservable inputs used for the Level 3 derivative assets (liabilities) as of December 31, 2020 (in millions, except range amounts): Type of Derivative Fair Value Unobservable Input Amount or Range (Weighted Average) Interest rate $ (236) Subsidiaries’ credit spreads 0.6% - 3.6% (3.5%) Cross-currency (2) Subsidiaries’ credit spreads 3.6% - 3.6% (3.6%) Foreign currency: Argentine peso 146 Argentine peso to USD currency exchange rate after one year 86 - 1,027 (405) Commodity: Other 2 Total $ (90) For interest rate derivatives and foreign currency derivatives, increases (decreases) in the estimates of the Company's own credit spreads would decrease (increase) the value of the derivatives in a liability position. For foreign currency derivatives, increases (decreases) in the estimate of the above exchange rate would increase (decrease) the value of the derivative. Nonrecurring Measurements The Company measures fair value using the applicable fair value measurement guidance. Impairment expense is measured by comparing the fair value at the evaluation date to the then-latest available carrying amount. The following table summarizes our major categories of assets measured at fair value on a nonrecurring basis and their level within the fair value hierarchy (in millions): Year Ended December 31, 2020 Measurement Date Carrying Amount (1) Fair Value Pre-tax Loss Assets Level 1 Level 2 Level 3 Long-lived assets held and used: AES Gener (2) 8/1/2020 $ 1,087 $ — $ — $ 306 $ 781 Hawaii (2) 8/31/2020 114 — — 76 38 Estrella del Mar I (2) 9/30/2020 44 — — 14 30 Equity method investments: OPGC (3) 03/31/2020 195 — — 152 43 OPGC (3) 06/30/2020 272 — 104 — 158 Year Ended December 31, 2019 Measurement Date Carrying Amount (1) Fair Value Pre-tax Loss Assets Level 1 Level 2 Level 3 Dispositions and held-for-sale businesses: (4) Kilroot and Ballylumford 04/12/2019 $ 232 $ — $ 118 $ — $ 115 Long-lived assets held and used: Hawaii (2) 12/31/2019 163 — — 103 60 Equity method investments: OPGC (3) 12/31/2019 304 — — 212 92 _____________________________ (1) Represents the carrying values at the dates of initial measurement, before fair value adjustment. (2) See Note 22— Asset Impairment Expense for further information. (3) See Note 8— In vestments I n and Advances to Affiliates for further information. (4) Per the Company's policy, pre-tax loss is limited to the impairment of long-lived assets. Any additional loss will be recognized on completion of the sale. See Note 22— Asset Impairment Expense and Note 25— Held-for-Sale and Dispositions for further information. The following table summarizes the significant unobservable inputs used in the Level 3 measurement of long-lived assets held and used measured on a nonrecurring basis during the year ended December 31, 2020 (in millions, except range amounts): December 31, 2020 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Long-lived assets held and used: AES Gener $ 306 Discounted cash flow Annual revenue growth (90)% to 10% (-2%) Variable margin (94)% to 24% (-3%) Weighted-average cost of capital 7% to 10% Hawaii 76 Discounted cash flow Monthly revenue growth (12)% to 13% (0%) Pre-tax operating margin 24% to 35% (29%) Weighted-average cost of capital 10% to 13% Estrella del Mar I 14 Comparable market transactions Sale price per kilowatt (USD) $160 to $520 ($315) Age of unit when sold (years) 15 to 25 (18) Equity method investments: OPGC (1) 152 Expected present value Annual dividend growth (25)% to 40% (2%) Weighted-average cost of equity 12 % Total $ 548 _____________________________ (1) Fair value measurement performed as of March 31, 2020, which included the Level 3 inputs shown above. The fair value measurement performed at June 30, 2020 included only Level 2 inputs; therefore, it is not included in this table. 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 the periods indicated, but for which fair value is disclosed: December 31, 2020 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 97 $ 197 $ — $ — $ 197 Liabilities: Non-recourse debt 16,354 18,403 5 15,301 3,097 Recourse debt 3,446 3,677 — 3,677 — December 31, 2019 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 98 $ 145 $ — $ — $ 145 Liabilities: Non-recourse debt 16,712 16,579 — 15,804 775 Recourse debt 3,396 3,529 — 3,529 — _____________________________ (1) These amounts primarily relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and amounts related to green blend and extend agreements in Chile and are included in Other noncurrent assets |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Volume of Activity — The following table presents the Company's maximum notional (in millions) over the remaining contractual period by type of derivative as of December 31, 2020, regardless of whether they are in qualifying cash flow hedging relationships, and the dates through which the maturities for each type of derivative range: Interest Rate and Foreign Currency Derivatives Maximum Notional Translated to USD Latest Maturity Interest Rate (LIBOR and EURIBOR) $ 4,772 2047 Cross-currency swaps (Chilean Unidad de Fomento and Brazilian Reais) 246 2028 Foreign Currency: Argentine peso 56 2026 Chilean peso 318 2022 Colombian peso 190 2023 Euro 149 2023 Others, primarily with weighted average remaining maturities of a year or less 31 2022 Commodity Derivatives Maximum Notional Latest Maturity Natural Gas (in MMBtu) 23 2021 Power (in MWhs) 6 2024 Coal (in Tons or Metric Tonnes) 7 2027 Accounting and Reporting — Assets and Liabilities — The following tables present the fair value of assets and liabilities related to the Company's derivative instruments as of the periods indicated (in millions): Fair Value December 31, 2020 December 31, 2019 Assets Designated Not Designated Total Designated Not Designated Total Interest rate derivatives $ 13 $ — $ 13 $ 31 $ — $ 31 Cross-currency derivatives 5 — 5 — — — Foreign currency derivatives 40 121 161 31 79 110 Commodity derivatives 2 8 10 — 30 30 Total assets $ 60 $ 129 $ 189 $ 62 $ 109 $ 171 Liabilities Interest rate derivatives $ 506 $ 104 $ 610 $ 323 $ 5 $ 328 Cross-currency derivatives 4 — 4 21 — 21 Foreign currency derivatives 8 35 43 22 22 44 Commodity derivatives — 22 22 2 29 31 Total liabilities $ 518 $ 161 $ 679 $ 368 $ 56 $ 424 December 31, 2020 December 31, 2019 Fair Value Assets Liabilities Assets Liabilities Current $ 51 $ 236 $ 72 $ 126 Noncurrent 138 443 99 298 Total $ 189 $ 679 $ 171 $ 424 Credit Risk-Related Contingent Features (1) December 31, 2020 December 31, 2019 Present value of liabilities subject to collateralization $ 6 $ — Cash collateral held by third parties or in escrow 6 — _____________________________ (1) Based on the credit rating of certain subsidiaries As of December 31, 2019, all derivative instruments subject to credit risk-related contingent features were in an asset position. Earnings and Other Comprehensive Income (Loss) — The following table presents the pre-tax gains (losses) recognized in AOCL and earnings related to all derivative instruments for the periods indicated (in millions): Years Ended December 31, 2020 2019 2018 Cash flow hedges Gains (losses) recognized in AOCL Interest rate derivatives $ (511) $ (290) $ (16) Cross-currency derivatives 3 (26) (26) Foreign currency derivatives 25 (23) (52) Commodity derivatives 5 — — Total $ (478) $ (339) $ (94) Gains (losses) reclassified from AOCL to earnings Interest rate derivatives $ (75) $ (28) $ (52) Cross-currency derivatives (5) (12) (43) Foreign currency derivatives (9) (13) (16) Commodity derivatives (2) (1) (6) Total $ (91) $ (54) $ (117) Loss reclassified from AOCL to earnings due to discontinuance of hedge accounting (1) $ — $ (2) $ — Gain (losses) recognized in earnings related to Ineffective portion of cash flow hedges $ — $ — $ (7) Not designated as hedging instruments: Interest rate derivatives (1) — — Foreign currency derivatives 68 (46) 148 Commodity derivatives and other (68) (6) 25 Total $ (1) $ (52) $ 173 _____________________________ (1) Cash flow hedge was discontinued on a cross-currency swap in 2019 because the underlying debt was prepaid. AOCL is expected to decrease pre-tax income from continuing operations for the twelve months ended December 31, 2021 by $98 million, primarily due to interest rate derivatives. |
Financing Receivables
Financing Receivables | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
FINANCING RECEIVABLES | FINANCING RECEIVABLES Receivables with contractual maturities of greater than one year are considered financing receivables. The following table presents financing receivables by country as of the dates indicated (in millions). As the Company applied the modified retrospective method of adoption for ASC 326 effective January 1, 2020, CECL reserves are included in the receivable balance as of December 31, 2020. See Note 1— General and Summary of Significant Accounting Policies for further information. December 31, 2020 December 31, 2019 December 31, Gross Receivable Allowance Net Receivable Receivable Argentina $ 48 $ 9 $ 39 $ 64 Chile 31 — 31 33 Other 31 — 31 12 Total $ 110 $ 9 $ 101 $ 109 Argentina Collection of the principal and interest on these receivables is subject to various business risks and uncertainties, including, but not limited to, the continued operation of power plants which generate cash for payments of these receivables, regulatory changes that could impact the timing and amount of collections, and economic conditions in Argentina. The Company monitors these risks, including the credit ratings of the Argentine government, on a quarterly basis to assess the collectability of these receivables. The Company accrues interest on these receivables 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. The decrease in Argentina financing receivables was primarily due to planned collections and unfavorable FX impacts. FONINVEMEM Agreements — As a result of energy market reforms in 2004 and 2010, AES Argentina entered into three agreements with the Argentine government, referred to as the FONINVEMEM Agreements, to contribute a portion of their accounts receivable into a fund for financing the construction of combined cycle and gas-fired plants. These receivables accrue interest and are collected in monthly installments over 10 years once the related plant begins operations. The FONINVEMEM receivables are denominated in Argentine pesos, but indexed to USD, which represents a foreign currency derivative. Due to differences between spot rates, used to remeasure the receivables, and discounted forward rates, used to value the foreign currency derivative, these two items will not perfectly offset over the life of the receivable. Once settled, the foreign currency derivative will offset the accumulated unrealized foreign currency losses resulting from the devaluation of the FONINVEMEM receivable. As of December 31, 2020 and 2019, 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 $146 million and $94 million, respectively. The receivables under the FONINVEMEM Agreements have been actively collected since the related plants commenced operations in 2010 and 2016. In assessing the collectability of the receivables under these agreements, the Company also considers historic collection evidence in accordance with the agreements. Other Agreements — Other agreements primarily consist of resolutions passed by the Argentine government in which AES Argentina will receive compensation for investments in new generation plants and technologies. The timing of collections depend on corresponding agreements and collectability of these receivables are assessed on an ongoing basis. Chile AES Gener has recorded receivables pertaining to revenues recognized on regulated energy contracts that were impacted by the Stabilization Fund created by the Chilean government in October 2019, in conjunction with the Tariff Stabilization Law. Historically, the government updated the prices for these contracts every six months to reflect the indexation the contracts have to exchange rates and commodities prices. The Stabilization Fund does not allow the pass-through of these contractual indexation updates to customers beyond the pricing in effect at July 1, 2019, until new lower-cost renewable contracts are incorporated into pricing in 2023. Consequently, costs incurred in excess of the July 1, 2019 price will be accumulated and borne by generators. On December 31, 2020, AES Gener executed an agreement for the sale of $105 million of receivables generated pursuant the Tariff Stabilization Law at a discount of $20 million. As a result of the agreement, as of December 31, 2020, $77 million of current receivables and $8 million of noncurrent receivables were recorded in Accounts receivable and Other noncurrent assets , respectively, pertaining to the Stabilization Fund. Additionally, $23 million of payment deferrals granted to mining customers as part of our green blend and extend agreements were recorded as financing receivables included in Other noncurrent assets |
Investments In and Advances To
Investments In and Advances To Affiliates | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS IN AND ADVANCES TO AFFILIATES | 8. 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, 2020 2019 2020 2019 Affiliate Country Carrying Value (in millions) Ownership Interest % sPower (1) United States $ 551 $ 442 50 % 50 % Uplight United States 85 91 32 % 32 % Mesa La Paz Mexico 60 66 50 % 50 % Energía Natural Dominicana Enadom (2) Dominican Republic 49 48 43 % 43 % OPGC India — 212 49 % 49 % Guacolda (3) Chile — 74 34 % 33 % Barry (4) United Kingdom — — 100 % 100 % Other affiliates (5) Various 90 33 Total $ 835 $ 966 _____________________________ (1) In January 2021, the sPower and AES Distributed Energy development platforms were merged to form AES Clean Energy Development. See Note 31— Subsequent Events for further information. (2) The Company's ownership in Energía Natural Dominicana Enadom is held through AES Andres, an 85%-owned consolidated subsidiary. AES Andres owns 50% of Energía Natural Dominicana Enadom, resulting in an AES effective ownership of 43%. (3) 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 of 34%. (4) Represents a VIE in which the Company holds a variable interest, but is not the primary beneficiary. (5) Includes Bosforo, Fluence, and Tucano equity method investments, and others, as well as a $67 million loan facility granted from Colon to an equity method affiliate in 2020. OPGC — In December 2019, an other-than-temporary impairment was identified at OPGC primarily due to the estimated market value of the Company's investment and other negative developments impacting future expected cash flows at the investee. A calculation of the fair value of the Company’s investment in OPGC was required to evaluate whether there was a loss in the carrying value of the investment. Based on management’s estimate of fair value of $212 million, the Company recognized an other-than-temporary impairment of $92 million in Other non-operating expense in December 2019. In March 2020, management’s updated estimate of fair value was $152 million and the Company recognized an additional other-than-temporary impairment of $43 million due to the economic slowdown. In June 2020, the Company agreed to sell its entire 49% stake in OPGC resulting in an additional other-than-temporary impairment of $158 million. Total other-than-temporary impairment for the year ended December 31, 2020 was $201 million, recognized in Other non-operating expense . In December 2020, the Company completed the sale for $135 million, resulting in a pre-tax gain on sale of $23 million, primarily due to the write-off of cumulative translation adjustments. Prior to its sale, the OPGC equity method investment was reported in the Eurasia SBU reportable segment. Fluence — In December 2020, Fluence entered into an agreement with the QIA whereby QIA will invest $125 million in Fluence. Following the completion of the transaction, which is expected in the second quarter of 2021, AES and Siemens are expected to each own approximately 44% of Fluence. The Fluence equity method investment is reported as part of Corporate and Other. Guacolda — In October 2019, Guacolda management reviewed the recoverability of the Guacolda asset group and determined the undiscounted cash flows did not exceed the carrying amount. Guacolda recognized a long-lived asset impairment at the investee level, which negatively impacted the Company's Net equity in earnings (losses) of affiliates by $158 million. In September 2020, Guacolda management identified additional impairment indicators primarily as a result of inability to re-contract Guacolda’s generation after expiration of its existing PPAs driven by lower energy prices in Chile and reduced forecasted cash flows resulting from decarbonization initiatives of the Chilean Government. Guacolda recognized a long-lived asset impairment at the investee level, which negatively impacted the Company's Net equity in earnings (losses) of affiliates by $127 million. As a result, the Company’s basis in its investment in Guacolda was reduced to zero and the equity method of accounting was suspended. As of December 31, 2020, the Company has not recognized $99 million of equity method losses which were in excess of the Company’s carrying amount. The Guacolda equity method investment is reported in the South America SBU reportable segment. Energía Natural Dominicana Enadom — In September 2019, AES Andres established a joint venture with Energas Group for the purpose of selling natural gas and related terminal services, storage, regasification, and transportation to customers in the Dominican Republic. Gas Natural del Este (subsequently renamed Energía Natural Dominicana Enadom), a wholly-owned subsidiary of the joint venture, acquired the Eastern Pipeline development project from AES Andres for total consideration of $55 million, resulting in a gain of $2 million. The transaction was considered a contribution of a nonfinancial asset in exchange for a noncontrolling interest in the joint venture. As the Company does not control the joint venture, it is accounted for as an equity method investment and is reported in the MCAC SBU reportable segment. Uplight — In July 2019, Simple Energy merged with Tendril, a previously unrelated party, to form Uplight, a new company that offers a comprehensive platform for utility customer engagement. As part of this merger, the Company contributed its ownership interest in Simple Energy and $53 million of cash in exchange for an ownership interest in the merged company. This transaction resulted in a gain on sale of $12 million and a total investment in Uplight of $98 million. As the Company does not control Uplight, it is accounted for as an equity method investment and is reported as part of Corporate and Other. sPower — In April 2019, the Company closed on the sale of approximately 48% of its interest in a portfolio of sPower’s operating assets for $173 million, subject to customary purchase price adjustments, of which $58 million was used to pay down debt at sPower. This sale resulted in a pre-tax gain on sale of business interests of $28 million. After the sale, the Company’s ownership interest in this portfolio of sPower’s operating assets decreased from 50% to approximately 26%. The sPower equity method investment is reported in the US and Utilities SBU reportable segment. Barry — 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, 2020 and 2019, other long-term liabilities included $46 million and $44 million related to this debt agreement. Summarized Financial Information — The following tables summarize financial information of the Company's 50%-or-less-owned affiliates and majority-owned unconsolidated subsidiaries that are accounted for using the equity method (in millions): 50%-or-less Owned Affiliates Majority-Owned Unconsolidated Subsidiaries Years ended December 31, 2020 2019 2018 2020 2019 2018 Revenue $ 1,880 $ 1,122 $ 962 $ 1 $ 49 $ 40 Operating margin (loss) 213 124 135 (3) (5) 3 Net income (loss) (538) (724) 14 (4) (7) (3) December 31, 2020 2019 2020 2019 Current assets $ 1,017 $ 831 $ 159 $ 166 Noncurrent assets 6,230 7,220 886 982 Current liabilities 1,294 1,271 121 141 Noncurrent liabilities 3,671 3,966 981 1,052 Stockholders' equity 2,282 2,814 (57) (45) At December 31, 2020, retained earnings included $120 million related to the undistributed losses of the Company's 50%-or-less owned affiliates. Distributions received from these affiliates were $14 million, $23 million, and $83 million for the years ended December 31, 2020, 2019, and 2018, respectively. As of December 31, 2020, the underlying equity in the net assets of our equity affiliates exceeded the aggregate carrying amount of our investments in equity affiliates by $150 million. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill — The following table summarizes the carrying amount of goodwill by reportable segment for the years ended December 31, 2020 and 2019 (in millions): US and Utilities South America MCAC Eurasia Total Balance as of December 31, 2019 Goodwill $ 2,786 $ 868 $ 16 $ — $ 3,670 Accumulated impairment losses (2,611) — — — (2,611) Net balance 175 868 16 — 1,059 Balance as of December 31, 2020 Goodwill 2,788 868 16 — 3,672 Accumulated impairment losses (2,611) — — — (2,611) Net balance $ 177 $ 868 $ 16 $ — $ 1,061 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, 2020 December 31, 2019 Gross Balance Accumulated Amortization Net Balance Gross Balance Accumulated Amortization Net Balance Subject to Amortization Internal-use software $ 386 $ (255) $ 131 $ 367 $ (228) $ 139 Contracts 157 (38) 119 134 (29) 105 Project development rights (1) 203 (5) 198 100 (1) 99 Emissions allowances (2) 64 — 64 24 — 24 Concession rights 201 (18) 183 39 (35) 4 Other (3) 59 (14) 45 43 (14) 29 Subtotal 1,070 (330) 740 707 (307) 400 Indefinite-Lived Intangible Assets Land use rights 39 — 39 21 — 21 Water rights 20 — 20 20 — 20 Transmission rights 22 — 22 23 — 23 Other 6 — 6 5 — 5 Subtotal 87 — 87 69 — 69 Total $ 1,157 $ (330) $ 827 $ 776 $ (307) $ 469 _____________________________ (1) Includes emission offset fee to the Air Quality Management District (AQMD) in order to transfer emission offsets from retired legacy Southland units to the new CCGT. (2) Acquired or purchased emissions allowances are finite-lived intangible assets that are expensed when utilized and included in net income for the year. (3) Includes management rights, renewable energy credits and incentives, and other individually insignificant intangible assets. The following tables summarize other intangible assets acquired during the periods indicated (in millions): December 31, 2020 Amount Subject to Amortization/Indefinite-Lived Weighted Average Amortization Period (in years) Amortization Method Internal-use software $ 35 Subject to Amortization 4 Straight-line Contracts 28 Subject to Amortization 20 Straight-line Project development rights 109 Subject to Amortization 30 Straight-line Emissions allowances 56 Subject to Amortization Various As utilized Transmission rights 20 Indefinite-Lived N/A N/A Concession rights (1) 184 Subject to Amortization 12 Straight-line Other 22 Various N/A N/A Total $ 454 December 31, 2019 Amount Subject to Amortization/Indefinite-Lived Weighted Average Amortization Period (in years) Amortization Method Internal-use software $ 61 Subject to Amortization 5 Straight-line Contracts 2 Subject to Amortization 35 Straight-line Project development rights 8 Subject to Amortization 29 Straight-line Emissions allowances 22 Subject to Amortization Various As utilized Transmission rights 23 Indefinite-Lived N/A N/A Other 5 Various N/A N/A Total $ 121 _____________________________ (1) Represents the fair value assigned to the extension of the Tietê hydroelectric plants' concession agreement with ANEEL, expected to be finalized in the first quarter of 2021. See Note 13— Contingencies for further information. The following table summarizes the estimated amortization expense by intangible asset category for 2021 through 2025: (in millions) 2021 2022 2023 2024 2025 Internal-use software $ 36 $ 30 $ 25 $ 23 $ 21 Contracts 9 9 9 6 6 Concession rights 16 16 17 16 16 Other 9 9 8 8 7 Total $ 70 $ 64 $ 59 $ 53 $ 50 Intangible asset amortization expense was $54 million, $45 million and $47 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 Recovery/Refund Period Regulatory assets Current regulatory assets: El Salvador energy pass through costs recovery $ 40 $ 56 Quarterly Other 73 57 1 year Total current regulatory assets 113 113 Noncurrent regulatory assets: IPL and DPL defined benefit pension obligations (1) 244 262 Various IPL environmental costs 81 85 Various IPL Petersburg Unit 1 retirement costs 75 — Over life of assets IPL deferred Midwest ISO costs 61 75 6 years Other 126 108 Various Total noncurrent regulatory assets 587 530 Total regulatory assets $ 700 $ 643 Regulatory liabilities Current regulatory liabilities: Overcollection of costs to be passed back to customers $ 47 $ 80 1 year Other 1 1 Various Total current regulatory liabilities 48 81 Noncurrent regulatory liabilities: IPL and DPL accrued costs of removal and AROs 863 863 Over life of assets IPL and DPL income taxes payable to customers through rates 174 209 Various Other 21 18 Various Total noncurrent regulatory liabilities 1,058 1,090 Total regulatory liabilities $ 1,106 $ 1,171 _____________________________ (1) Past expenditures on which the Company earns a rate of return . Our regulatory assets and current regulatory liabilities primarily consist of under or overcollection of costs that are generally non-controllable, such as purchased electricity, energy transmission, fuel costs, and other sector costs. These costs are recoverable or refundable as defined by the laws and regulations in our markets. Our regulatory assets also include defined pension and postretirement benefit obligations equal to the previously unrecognized actuarial gains and losses and prior service costs that are expected to be recovered through future rates. Additionally, our regulatory assets include the expected carrying value of IPL's Petersburg Unit 1 at its anticipated retirement date, which will be amortized over the life of the asset beginning on the date of retirement. Other current and noncurrent regulatory assets primarily consist of: • Undercollections on rate riders such as wholesale margin sharing and MISO costs at IPL and energy efficiency and storm costs at DPL; • Unamortized premiums reacquired or redeemed on long-term debt at IPL and DPL, which are amortized over the lives of the original issuances; and • OVEC costs at DPL. Our noncurrent regulatory liabilities primarily consist of obligations for removal costs which do not have an associated legal retirement obligation. Our noncurrent regulatory liabilities also include deferred income taxes related to differences in income recognition between tax laws and accounting methods, which will be passed through to our regulated customers via a decrease in future retail rates. In the accompanying Consolidated Balance Sheets, current regulatory assets and liabilities are reflected in Other current assets and Accrued and other liabilities , respectively, and noncurrent regulatory assets and liabilities are reflected in Other noncurrent assets and Other noncurrent liabilities , respectively. All of the regulatory assets and liabilities as of December 31, 2020 and December 31, 2019 are related to the US and Utilities SBU. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT NON-RECOURSE DEBT — The following table summarizes the carrying amount and terms of non-recourse debt at our subsidiaries as of the periods indicated (in millions): NON-RECOURSE DEBT Weighted Average Interest Rate Maturity December 31, 2020 2019 Variable Rate: Bank loans 3.93% 2021 – 2050 $ 3,494 $ 3,389 Notes and bonds 3.11% 2023 – 2030 800 1,056 Debt to (or guaranteed by) multilateral, export credit agencies or development banks (1) 1.67% 2023 – 2033 457 460 Fixed Rate: Bank loans 4.72% 2021 – 2040 2,965 2,900 Notes and bonds 5.20% 2021 – 2079 8,907 8,098 Debt to (or guaranteed by) multilateral, export credit agencies or development banks (1) 3.41% 2021 – 2023 34 1,110 Other 4.20% 2061 18 17 Unamortized (discount) premium & debt issuance (costs), net (321) (318) Subtotal $ 16,354 $ 16,712 Less: Current maturities (2) (1,426) (1,865) Noncurrent maturities (2) $ 14,928 $ 14,847 _____________________________ (1) Multilateral loans include loans funded and guaranteed by bilaterals, multilaterals, development banks and other similar institutions. (2) Excludes $4 million and $3 million (current) and $77 million and $67 million (noncurrent) finance lease liabilities included in the respective non-recourse debt line items on the Consolidated Balance Sheet as of December 31, 2020 and 2019, respectively. See Note 14— Leases for further information. 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 that economically fix the variable component of the interest rates on the portion of the variable rate debt being hedged in an aggregate notional principal amount of approximately $2 billion on non-recourse debt outstanding at December 31, 2020. Non-recourse debt as of December 31, 2020 is scheduled to reach maturity as shown below (in millions): December 31, Annual Maturities 2021 $ 1,439 2022 516 2023 1,017 2024 1,307 2025 996 Thereafter 11,400 Unamortized (discount) premium & debt issuance (costs), net (321) Total $ 16,354 As of December 31, 2020, AES subsidiaries with facilities under construction had a total of approximately $215 million of committed but unused credit facilities available to fund construction and other related costs. Excluding these facilities under construction, AES subsidiaries had approximately $868 million in various unused committed credit lines to support their working capital, debt service reserves and other business needs. These credit lines can be used for borrowings, letters of credit, or a combination of these uses. Significant transactions — During the year ended December 31, 2020, the Company's subsidiaries had the following significant debt transactions: Subsidiary Transaction Period Issuances Repayments Gain (Loss) on Extinguishment of Debt Southland (1) Q1, Q2, Q4 $ 283 $ (125) $ (1) AES Brasil Q2, Q3, Q4 375 (1) — Gener Q1, Q2 90 (8) — DPL (2) Q2, Q3 555 (520) (34) IPALCO Q2 475 (470) (2) Mong Duong Q2 150 — — Panama (3) Q3 1,485 (1,228) (16) Cochrane Q3 485 (445) (1) Angamos Q3 — (309) (5) _____________________________ (1) Issuances relate to the June 2017 long-term non-recourse debt financing to fund the Southland repowering construction projects. (2) Includes transactions at DPL and its subsidiary, DP&L. (3) Repayments relate to existing obligations at AES Panama, Changuinola, and Colon. Panama — In August 2020, AES Panama issued $1.4 billion aggregate principal of 4.375% senior secured notes and a $105 million term loan due in 2030 and 2023, respectively. The proceeds from the issuance were used to prepay $447 million, $171 million, and $610 million of outstanding indebtedness at AES Panama, Changuinola, and Colon, respectively. As a result of these transactions, the Company recognized a loss on extinguishment of debt of $16 million. Cochrane — In November 2019, Cochrane issued $430 million aggregate principal of 5.50% senior unsecured notes due in 2027 and entered into a $445 million 6.25% senior secured facility agreement due in 2034. The net proceeds from the issuance and draw down were used to prepay the outstanding principal of $833 million under its variable rate notes due in 2030. As a result of these transactions, the Company recognized a loss on extinguishment of debt of $24 million. In July 2020, Cochrane issued $485 million aggregate principal of 6.25% senior secured notes due in 2034. The net proceeds from the issuance were used to prepay the outstanding principal of $445 million plus accrued interest on its senior secured facility agreement executed in 2019. DPL — In April 2019, DPL issued $400 million aggregate principal of 4.35% senior unsecured notes due in 2029. The net proceeds from the issuance were used to redeem $400 million of the $780 million aggregate principal outstanding of its 7.25% senior unsecured notes due in 2021. As a result of these transactions, the Company recognized a loss on extinguishment of debt of $43 million. In June 2020, DPL issued $415 million aggregate principal of 4.125% senior secured notes due in 2025. In July 2020, the net proceeds from the issuance were used to prepay the outstanding principal of $380 million of its 7.25% senior unsecured notes due in 2021. As a result of these transactions, the Company recognized a loss on extinguishment of debt of $34 million. IPALCO — In April 2020, IPALCO issued $475 million aggregate principal of 4.25% senior secured notes due in 2030. The net proceeds from the issuance were used to prepay the outstanding principal of $405 million of its 3.45% senior unsecured notes and a $65 million term loan both due in July 2020. As a result of these transactions, the Company recognized a loss on extinguishment of debt of $2 million. Gener — In March 2019, Gener issued $550 million aggregate principal of 7.125% senior unsecured notes due in 2079. The net proceeds from the issuance were used to purchase via tender offer the outstanding principal of $450 million of its 8.375% senior unsecured notes due in 2073. In October 2019, Gener issued $450 million aggregate principal of 6.35% senior unsecured notes due in 2079. The net proceeds from the issuance were used to fund the acquisition of Los Cururos, purchase via tender offer $73 million and $55 million aggregate principal of its senior unsecured notes due in 2021 and 2025, respectively, and prepay the remaining outstanding principal of $119 million of its senior unsecured notes due in 2021. As a result of these transactions, the Company recognized a loss on extinguishment of debt of $29 million. Mong Duong — In August 2019, Mong Duong refinanced $1.1 billion aggregate principal of its existing senior secured notes due in 2029 with variable interest rates ranging from LIBOR + 2.25% to LIBOR + 4.15% in exchange for a fixed rate loan with a newly formed SPV, accounted for as an equity affiliate, due in 2029 with interest rates that vary from 4.41% to 7.18%. This refinancing was a non-cash transaction as the SPV acquired all of the outstanding rights and obligations of the original Mong Duong lenders. As a result of these transactions, the Company recognized a loss on extinguishment of debt of $31 million. As of December 31, 2020, Mong Duong met the held-for-sale criteria and the outstanding debt balances were reclassified to held-for-sale liabilities on the Consolidated Balance Sheet. DP&L — In June 2019, DP&L issued $425 million aggregate principal of 3.95% First Mortgage Bonds due in 2049. The net proceeds from the issuance were used to prepay the outstanding principal of $435 million under its variable rate $445 million credit agreement due in 2022. Non-Recourse Debt Covenants, Restrictions and Defaults — The terms of the Company's non-recourse debt include certain financial and nonfinancial covenants. These covenants are limited to subsidiary activity and vary among the subsidiaries. These covenants may include, but are not limited to, maintenance of certain reserves and financial ratios, minimum levels of working capital and limitations on incurring additional indebtedness. As of December 31, 2020 and 2019, approximately $587 million and $372 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 $1.7 billion at December 31, 2020. The following table summarizes the Company's subsidiary non-recourse debt in default (in millions) as of December 31, 2020. Due to the defaults, these amounts are included in the current portion of non-recourse debt: Primary Nature December 31, 2020 Subsidiary Debt in Default Net Assets AES Puerto Rico Covenant $ 238 $ 171 AES Ilumina (Puerto Rico) Covenant 31 19 AES Jordan Solar Covenant 7 1 Total $ 276 The above defaults are not payment defaults. In Puerto Rico, the subsidiary non-recourse debt defaults were triggered by failure to comply with covenants or other requirements contained in the non-recourse debt documents due to the bankruptcy of the offtaker. The AES Corporation's recourse debt agreements include cross-default clauses that will trigger if a subsidiary or group of subsidiaries for which the non-recourse debt is in default provides 20% or more of the Parent Company's total cash distributions from businesses for the four most recently completed fiscal quarters. As of December 31, 2020, the Company had no defaults which resulted in or were 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 revolving credit facility, restricted payments will be limited to regular quarterly shareholder dividends at the then-prevailing rate. Payment defaults and bankruptcy defaults would preclude the making of any restricted payments. RECOURSE DEBT — The following table summarizes the carrying amount and terms of recourse debt of the Company as of the periods indicated (in millions): Interest Rate Final Maturity December 31, 2020 December 31, 2019 Senior Unsecured Note 4.00% 2021 — 500 Senior Secured Term Loan LIBOR + 1.75% 2022 — 18 Senior Unsecured Note 4.875% 2023 — 613 Senior Unsecured Note 4.50% 2023 — 500 Drawings on revolving credit facility LIBOR + 1.75% 2024 70 180 Senior Unsecured Note 5.50% 2024 — 63 Senior Unsecured Note 5.50% 2025 — 544 Senior Unsecured Note 3.30% 2025 900 — Senior Unsecured Note 6.00% 2026 — 500 Senior Unsecured Note 1.375% 2026 800 — Senior Unsecured Note 5.125% 2027 — 500 Senior Unsecured Note 3.95% 2030 700 — Senior Unsecured Note 2.45% 2031 1,000 — Other (1) CDI + 7.00% 2026 18 — Unamortized (discount) premium & debt issuance (costs), net (41) (22) Subtotal $ 3,447 $ 3,396 Less: Current maturities (1) (5) Noncurrent maturities $ 3,446 $ 3,391 _____________________________ (1) Represents project-level limited recourse debt at AES Holdings Brasil Ltda. The following table summarizes the principal amounts due under our recourse debt for the next five years and thereafter (in millions): December 31, Net Principal Amounts Due 2021 $ 1 2022 3 2023 3 2024 74 2025 903 Thereafter 2,504 Unamortized (discount) premium & debt issuance (costs), net (41) Total recourse debt $ 3,447 During the first quarter of 2020, the Company drew $840 million on revolving lines of credit at the Parent Company, of which approximately $250 million was used to enhance our liquidity position due to the uncertain economic conditions surrounding the COVID-19 pandemic, and the remaining $590 million was used for other general corporate purposes. During the remainder of 2020, the Parent Company drew an additional $755 million and repaid $1.5 billion on these revolving lines of credit. The entire $250 million related to the COVID-19 pandemic was repaid during the second quarter of 2020. As of December 31, 2020, we had approximately $70 million of outstanding indebtedness on the Parent Company credit facility at a weighted average interest rate of 1.86%. In May 2020, the Company issued $900 million aggregate principal of 3.30% senior unsecured notes due in 2025 and $700 million of 3.95% senior unsecured notes due in 2030. The Company used the net proceeds from these issuances to purchase via tender offer a portion of the 4.00%, 4.50%, and 4.875% senior notes due in 2021, 2023, and 2023, respectively. Subsequent to the tender offers, the Company redeemed the remaining balance of its 4.00% and 4.875% senior notes due in 2021 and 2023, respectively, and $7 million of the remaining 4.50% senior notes due in 2023. As a result of these transactions, the Company recognized a loss on extinguishment of debt of $37 million. In December 2020, the Company issued $800 million aggregate principal of 1.375% senior unsecured notes due in 2026 and $1 billion aggregate principal of 2.45% senior unsecured notes due in 2031. The Company used the net proceeds from these issuances to purchase via tender offer the remaining balance of its 5.50%, 6.00%, and 5.125% senior notes due 2025, 2026, and 2027, respectively. Subsequent to the tender offers, the Company redeemed the remaining balance of its 4.50% and 5.50% notes due 2023 and 2024, respectively. As a result of these transactions, the Company recognized a loss on extinguishment of debt of $108 million. In September 2019, the Company prepaid $343 million aggregate principal of its LIBOR + 1.75% existing senior secured term loan due in 2022 and $100 million of its 4.875% senior unsecured notes due in 2023. As a result of these transactions, the Company recognized a loss on extinguishment of debt of $5 million. Recourse Debt Covenants and Guarantees — The Company's obligations under the revolving credit facility and indentures governing the senior notes due 2025 and 2030 are currently unsecured following the achievement of two investment grade ratings and the release of security in accordance with the terms of the facility and the notes. If the Company’s credit rating falls below "Investment Grade" from at least two of Fitch Investors Service Inc., Standard & Poor’s Ratings Services or Moody’s Investors Service, Inc., as determined in accordance with the terms of the revolving credit facility and indenture dated May 15, 2020 (BBB-, or in the case of Moody’s Investor Services, Inc. Baa3), then the obligations under the revolving credit facility and the indentures governing the senior notes due 2025 and 2030 become, subject to certain exceptions, secured by (i) all of the capital stock of domestic subsidiaries owned directly by the Company or certain subsidiaries and 65% of the capital stock of certain foreign subsidiaries owned directly by the Company and certain subsidiaries,and (ii) certain intercompany receivables, certain intercompany notes and certain intercompany tax sharing agreements. The revolving credit facility is subject to mandatory prepayment under certain circumstances, including the sale of certain assets. In such a situation, a portion of the net cash proceeds from the sale must be applied pro rata to repay loans outstanding under the revolving credit facility and certain other indebtedness, if any, subject to customary reinvestment rights. The revolving 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 revolving credit facility also contains financial covenants, evaluated quarterly, requiring the Company to maintain a minimum ratio of adjusted operating cash flow to interest charges on recourse debt of 2.5 times and a maximum ratio of recourse debt to adjusted operating cash flow of 5.75 times. The terms of the Company's senior notes contain certain customary covenants, including limitations on the Company's ability to incur liens or enter into sale and leaseback transactions. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | COMMITMENTS The Company enters into long-term contracts for construction projects, maintenance and service, transmission of electricity, operations services and purchases of electricity and fuel. In general, these contracts are subject to variable quantities or prices and are terminable only in limited circumstances. The following table shows the future minimum commitments for continuing operations under these contracts as of December 31, 2020 for 2021 through 2025 and thereafter as well as actual purchases under these contracts for the years ended December 31, 2020, 2019, and 2018 (in millions): Actual purchases during the year ended December 31, Electricity Purchase Contracts Fuel Purchase Contracts Other Purchase Contracts 2018 $ 827 $ 1,838 $ 1,671 2019 1,597 1,824 1,684 2020 756 1,573 1,506 Future commitments for the year ending December 31, 2021 $ 700 $ 1,370 $ 1,904 2022 500 815 636 2023 447 609 605 2024 434 495 570 2025 434 457 526 Thereafter 5,037 1,445 1,816 Total $ 7,552 $ 5,191 $ 6,057 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES Guarantees and Letters of Credit — In connection with certain project financings, acquisitions and dispositions, power purchases, and other agreements, the Parent Company has expressly undertaken limited obligations and commitments, most of which will only be effective or will be terminated upon the occurrence of future events. In the normal course of business, the Parent Company has entered into various agreements, mainly guarantees and letters of credit, to provide financial or performance assurance to third parties on behalf of AES businesses. These agreements are entered into primarily to support or enhance the creditworthiness otherwise achieved by a business on a stand-alone basis, thereby facilitating the availability of sufficient credit to accomplish their intended business purposes. Most of the contingent obligations relate to future performance commitments which the Company or its businesses expect to fulfill within the normal course of business. The expiration dates of these guarantees vary from less than one year to no more than 15 years. The following table summarizes the Parent Company's contingent contractual obligations as of December 31, 2020. Amounts presented in the following table represent the Parent Company's current undiscounted exposure to guarantees and the range of maximum undiscounted potential exposure. The maximum exposure is not reduced by the amounts, if any, that could be recovered under the recourse or collateralization provisions in the guarantees. There were 5 obligations made by the Parent Company for the direct benefit of the lenders associated with the non-recourse debt of its businesses. Contingent Contractual Obligations Amount (in millions) Number of Agreements Maximum Exposure Range for Each Agreement (in millions) Guarantees and commitments $ 1,358 69 $0 — 157 Letters of credit under the unsecured credit facilities 110 25 $0 — 56 Letters of credit under the revolving credit facility 77 17 $0 — 62 Surety bond 1 1 $1 Total $ 1,546 112 During the year ended December 31, 2020, the Company paid letter of credit fees ranging from 1% to 3% per annum on the outstanding amounts of letters of credit. Environmental — The Company periodically reviews its obligations as they relate to compliance with environmental laws, including site restoration and remediation. For the periods ended December 31, 2020 and 2019, the Company recognized liabilities of $5 million and $4 million for projected environmental remediation costs, respectively. 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, 2020. In aggregate, the Company estimates the range of potential losses related to environmental matters, where estimable, to be up to $12 million. The amounts considered reasonably possible do not include amounts accrued as discussed above. Litigation — The Company is involved in certain claims, suits and legal proceedings in the normal course of business. The Company accrues for litigation and claims when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company has recognized aggregate liabilities for all claims of approximately $28 million and $55 million as of December 31, 2020 and 2019, respectively. These amounts are reported on the Consolidated Balance Sheets within Accrued and other liabilities and Other noncurrent liabilities . A significant portion of these accrued liabilities relate to regulatory matters and commercial disputes in international jurisdictions. There can be no assurance that these accrued liabilities will be adequate to cover all existing and future claims or that we will have the liquidity to pay such claims as they arise. Where no accrued liability has been recognized, it is reasonably possible that some matters could be decided unfavorably to the Company and could require the Company to pay damages or make expenditures in amounts that could be material but could not be estimated as of December 31, 2020. The material contingencies where a loss is reasonably possible primarily include disputes with offtakers, suppliers and EPC contractors; alleged breaches of contract; alleged violation of laws and regulations; income tax and non-income tax matters with tax authorities; and regulatory matters. In aggregate, the Company estimates the range of potential losses, where estimable, related to these reasonably possible material contingencies to be between $245 million and $933 million. The amounts considered reasonably possible do not include the amounts accrued, as discussed above. These material contingencies do not include income tax-related contingencies which are considered part of our uncertain tax positions. Tietê GSF Settlement — In December 2020, ANEEL published a regulation establishing the terms and conditions for compensation to Tietê for the non-hydrological risk charged to hydro generators through the incorrect application of the GSF mechanism from 2013 until 2018. In accordance with the regulation, this compensation will be in the form of a concession extension period of approximately 2.6 years. As a result, the previously recognized contingent liabilities related to GSF payments were updated to reflect the Company's best estimate for the fair value of compensation to be received from the concession extension offered in conjunction with the regulation. This compensation was estimated to have a fair value of $184 million, and was recorded as a reversal of Non-Regulated Cost of Sales on the Consolidated Statements of Operations. The concession extension also met the criteria for |
Leases Leases
Leases Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lessor, Operating Leases [Text Block] | LESSOR — The Company has operating leases for certain generation contracts that contain provisions to provide capacity to a customer, which is a stand-ready obligation to deliver energy when required by the customer. Capacity payments are generally considered lease elements as they cover the majority of available output from a facility. The allocation of contract payments between the lease and non-lease elements is made at the inception of the lease. Lease payments from such contracts are recognized as lease revenue on a straight-line basis over the lease term, whereas variable lease payments are recognized when earned. The following table presents lease revenue from operating leases in which the Company is the lessor for the periods indicated (in millions): Twelve Months Ended December 31, Lease Income 2020 2019 Total Lease Revenue $ 580 $ 600 Less: Variable Lease Payments 66 70 Total Non-Variable Lease Revenue $ 514 $ 530 The following table presents the underlying gross assets and accumulated depreciation of operating leases included in Property, Plant and Equipment for the periods indicated (in millions): Twelve Months Ended December 31, Lease Income 2020 2019 Gross Assets $ 3,103 $ 2,909 Accumulated Depreciation 1,011 707 Net Assets $ 2,092 $ 2,202 The option to extend or terminate a lease is based on customary early termination provisions in the contract, such as payment defaults, bankruptcy, and lack of performance on energy delivery. The Company has not recognized any early terminations as of December 31, 2020. Certain leases may provide for variable lease payments based on usage or index-based (e.g., the U.S. Consumer Price Index) adjustments to lease payments. The following table shows the future lease receipts as of December 31, 2020 for 2021 through 2025 and thereafter (in millions): Future Cash Receipts for Sales-Type Leases Operating Leases 2021 $ 2 $ 489 2022 2 475 2023 3 411 2024 3 412 2025 3 412 Thereafter 39 1,034 Total 52 $ 3,233 Less: Imputed interest (24) Present value of total lease receipts $ 28 Battery Storage Lease Arrangements — The Company is constructing and operating projects that pair BESS with solar energy systems, which allows the project more flexibility on when to provide energy to the grid. The Company will enter into PPAs for the full output of the facility that allow customers the ability to determine when to charge and discharge the BESS. These arrangements include both lease and non-lease elements under ASC 842, with the BESS component constituting a sales-type lease. Upon commencement of the lease, the book value of the leased asset is removed from the balance sheet and a net investment in sales-type lease is recognized based on the present value of fixed payments under the contract and the residual value of the underlying asset. Due to the variable nature of lease payments under these contracts, the Company recorded losses at commencement of sales-type leases of $36 million for the year ended December 31, 2019. These amounts are recognized in Other expense in the Consolidated Statement of Operations. See Note 21— Other Income and Expense for further information. The Company recognized lease income on sales-type leases through variable payments of $5 million and interest income of $2 million for the year ended December 31, 2020. |
Leases of Lessee Disclosure | LESSEE — Right-of-use assets are long-term by nature. The following table summarizes the amounts recognized on the Consolidated Balance Sheets related to lease asset and liability balances as of the periods indicated (in millions): Consolidated Balance Sheet Classification December 31, 2020 December 31, 2019 Assets Right-of-use assets — finance leases Electric generation, distribution assets and other $ 74 $ 67 Right-of-use assets — operating leases Other noncurrent assets 275 248 Total right-of-use assets $ 349 $ 315 Liabilities Finance lease liabilities (current) Non-recourse debt (current liabilities) $ 4 $ 3 Finance lease liabilities (noncurrent) Non-recourse debt (noncurrent liabilities) 77 67 Total finance lease liabilities 81 70 Operating lease liabilities (current) Accrued and other liabilities 17 16 Operating lease liabilities (noncurrent) Other noncurrent liabilities 293 261 Total operating lease liabilities 310 277 Total lease liabilities $ 391 $ 347 The following table summarizes supplemental balance sheet information related to leases as of the periods indicated: Lease Term and Discount Rate December 31, 2020 December 31, 2019 Weighted-average remaining lease term — finance leases 31 years 32 years Weighted-average remaining lease term — operating leases 23 years 23 years Weighted-average discount rate — finance leases 4.11 % 4.99 % Weighted-average discount rate — operating leases 6.81 % 6.99 % The following table summarizes the components of lease expense recognized in Cost of Sales on the Consolidated Statements of Operations for the years ended (in millions): Twelve Months Ended December 31, Components of Lease Cost 2020 2019 Operating lease cost $ 36 $ 46 Finance lease cost: Amortization of right-of-use assets 3 2 Interest on lease liabilities 4 2 Short-term lease costs 13 38 Variable lease cost — 1 Total lease cost $ 56 $ 89 Operating cash outflows from operating leases included in the measurement of lease liabilities were $41 million and $48 million for the twelve months ended December 31, 2020 and 2019, respectively, and operating cash outflows from finance leases were $2 million for the twelve months ended December 31, 2020. Right-of-use assets obtained in exchange for new operating lease liabilities were $37 million for the twelve months ended December 31, 2020. The following table shows the future lease payments under operating and finance leases for continuing operations together with the present value of the net lease payments as of December 31, 2020 for 2021 through 2025 and thereafter (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases 2021 $ 5 $ 29 2022 5 29 2023 5 28 2024 4 27 2025 4 25 Thereafter 134 507 Total 157 645 Less: Imputed interest (76) (335) Present value of lease payments $ 81 $ 310 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
BENEFIT PLANS | BENEFIT PLANS Defined Contribution Plan — The Company sponsors four defined contribution plans ("the DC Plans"). Two plans cover U.S. non-union employees; one for Parent Company and certain US and Utilities SBU business employees, and one for DPL employees. The remaining two plans include union and non-union employees at IPL and union employees at DPL. The DC Plans are qualified under section 401 of the Internal Revenue Code. Most U.S. employees of the Company are eligible to participate in the appropriate plan except for those employees who are covered by a collective bargaining agreement, unless such agreement specifically provides that the employee is considered an eligible employee under a plan. Within the DC Plans, the Company provides matching contributions in addition to other non-matching contributions. Participants are fully vested in their own contributions. The Company's contributions vest over various time periods ranging from immediate up to five years. For the years ended December 31, 2020, 2019 and 2018, costs for defined contribution plans were approximately $21 million, $19 million and $21 million, respectively. Defined Benefit Plans — Certain of the Company's subsidiaries have defined benefit pension plans covering substantially all of their respective employees ("the DB Plans"). Pension benefits are based on years of credited service, age of the participant, and average earnings. Of the 28 active DB Plans as of December 31, 2020, five are at U.S. subsidiaries and the remaining plans are at foreign subsidiaries . The following table reconciles the Company's funded status, both domestic and foreign, as of the periods indicated (in millions): 2020 2019 U.S. Foreign U.S. Foreign CHANGE IN PROJECTED BENEFIT OBLIGATION: Benefit obligation as of January 1 $ 1,242 $ 224 $ 1,118 $ 417 Service cost 12 6 11 8 Interest cost 35 14 44 19 Employee contributions — — — — Plan amendments 1 — — — Plan curtailments — (6) — — Plan settlements — — — — Benefits paid (81) (9) (65) (9) Plan combinations — — — — Divestitures — — — (244) Actuarial (gain) loss 122 19 134 37 Effect of foreign currency exchange rate changes — (30) — (4) Benefit obligation as of December 31 $ 1,331 $ 218 $ 1,242 $ 224 CHANGE IN PLAN ASSETS: Fair value of plan assets as of January 1 $ 1,154 $ 129 $ 1,026 $ 410 Actual return on plan assets 168 13 185 19 Employer contributions 8 5 8 5 Employee contributions — — — — Plan settlements — — — — Benefits paid (81) (9) (65) (9) Divestitures — — — (296) Effect of foreign currency exchange rate changes — (26) — — Fair value of plan assets as of December 31 $ 1,249 $ 112 $ 1,154 $ 129 RECONCILIATION OF FUNDED STATUS Funded status as of December 31 $ (82) $ (106) $ (88) $ (95) The following table summarizes the amounts recognized on the Consolidated Balance Sheets related to the funded status of the DB Plans, both domestic and foreign, as of the periods indicated (in millions): December 31, 2020 2019 Amounts Recognized on the Consolidated Balance Sheets U.S. Foreign U.S. Foreign Noncurrent assets $ 9 $ — $ — $ — Accrued benefit liability—current — (8) — (7) Accrued benefit liability—noncurrent (91) (98) (88) (88) Net amount recognized at end of year $ (82) $ (106) $ (88) $ (95) The following table summarizes the Company's U.S. and foreign accumulated benefit obligation as of the periods indicated (in millions): December 31, 2020 2019 U.S. Foreign U.S. Foreign Accumulated Benefit Obligation $ 1,306 $ 199 $ 1,224 $ 188 Information for pension plans with an accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 494 $ 218 $ 1,242 $ 197 Accumulated benefit obligation 481 199 1,224 178 Fair value of plan assets 403 112 1,154 114 Information for pension plans with a projected benefit obligation in excess of plan assets: Projected benefit obligation $ 494 $ 218 $ 1,242 $ 224 Fair value of plan assets 403 112 1,154 129 The following table summarizes the significant weighted average assumptions used in the calculation of benefit obligation and net periodic benefit cost, both domestic and foreign, as of the periods indicated: December 31, 2020 2019 U.S. Foreign U.S. Foreign Benefit Obligation: Discount rate 2.45 % 7.53 % 3.32 % 7.58 % Rate of compensation increase 2.75 % 5.69 % 3.33 % 6.11 % Periodic Benefit Cost: Discount rate 3.32 % 7.58 % (1) 4.35 % 5.62 % (1) Expected long-term rate of return on plan assets 5.24 % 7.18 % 5.08 % 4.10 % Rate of compensation increase 2.86 % 6.13 % 3.34 % 4.78 % _____________________________ (1) Includes an inflation factor that is used to calculate future periodic benefit cost, but is not used to calculate the benefit obligation. The Company establishes its estimated long-term return on plan assets considering various factors, which include the targeted asset allocation percentages, historic returns, and expected future returns. The measurement of pension obligations, costs, and liabilities is dependent on a variety of assumptions. These assumptions include estimates of the present value of projected future pension payments to all plan participants, taking into consideration the likelihood of potential future events such as salary increases and demographic experience. These assumptions may have an effect on the amount and timing of future contributions. The assumptions used in developing the required estimates include the following key factors: discount rates, salary growth, retirement rates, inflation, expected return on plan assets, and mortality rates. The effects of actual results differing from the Company's assumptions are accumulated and amortized over future periods and, therefore, generally affect the Company's recognized expense in such future periods. Unrecognized gains or losses are amortized using the “corridor approach,” under which the net gain or loss in excess of 10% of the greater of the projected benefit obligation or the market-related value of the assets, if applicable, is amortized. Sensitivity of the Company's pension funded status to the indicated increase or decrease in the discount rate and long-term rate of return on plan assets assumptions is shown below. Note that these sensitivities may be asymmetric and are specific to the base conditions at year-end 2020. 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, 2020 is affected by the assumptions as of that date. Pension expense for 2020 is affected by the December 31, 2019 assumptions. The impact on pension expense from a one percentage point change in these assumptions is shown in the following table (in millions): Increase of 1% in the discount rate $ (9) Decrease of 1% in the discount rate 6 Increase of 1% in the long-term rate of return on plan assets (12) Decrease of 1% in the long-term rate of return on plan assets 12 The following table summarizes the components of the net periodic benefit cost, both domestic and foreign, for the years indicated (in millions): December 31, 2020 2019 2018 Components of Net Periodic Benefit Cost: U.S. Foreign U.S. Foreign U.S. Foreign Service cost $ 12 $ 6 $ 11 $ 8 $ 15 $ 12 Interest cost 35 14 44 19 40 22 Expected return on plan assets (58) (7) (52) (14) (64) (17) Amortization of prior service cost 5 — 5 — 5 — Amortization of net loss 14 2 15 1 18 3 Curtailment loss recognized — — — — 1 — Settlement loss recognized — — — — — 4 Total pension cost $ 8 $ 15 $ 23 $ 14 $ 15 $ 24 The following table summarizes the amounts reflected in AOCL, including AOCL attributable to noncontrolling interests, on the Consolidated Balance Sheet as of December 31, 2020, that have not yet been recognized as components of net periodic benefit cost (in millions): December 31, 2020 Accumulated Other Comprehensive Income (Loss) U.S. Foreign Prior service cost $ (3) $ 1 Unrecognized net actuarial loss (34) (69) Total $ (37) $ (68) The following table summarizes the Company's target allocation for 2020 and pension plan asset allocation, both domestic and foreign, as of the periods indicated: Percentage of Plan Assets as of December 31, Target Allocations 2020 2019 Asset Category U.S. Foreign U.S. Foreign U.S. Foreign Equity securities 41% 13% 43.79 % 14.85 % 32.22 % 15.37 % Debt securities 57% 82% 55.87 % 82.30 % 67.17 % 81.67 % Real estate 2% 2% — % 1.12 % 0.22 % 1.16 % Other —% 3% 0.34 % 1.73 % 0.39 % 1.80 % Total pension assets 100.00 % 100.00 % 100.00 % 100.00 % The U.S. DB Plans seek to achieve the following long-term investment objectives: • maintenance of sufficient income and liquidity to pay retirement benefits and other lump sum payments; • long-term rate of return in excess of the annualized inflation rate; • long-term rate of return, net of relevant fees, that meets or exceeds the assumed actuarial rate; and • long-term competitive rate of return on investments, net of expenses, that equals or exceeds various benchmark rates. The asset allocation is reviewed periodically to determine a suitable asset allocation which seeks to manage risk through portfolio diversification and takes into account the above-stated objectives, in conjunction with current funding levels, cash flow conditions, and economic and industry trends. The following table summarizes the Company's U.S. DB Plan assets by category of investment and level within the fair value hierarchy as of the periods indicated (in millions): December 31, 2020 December 31, 2019 U.S. Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Equity securities: (2) Mutual funds $ — $ 547 $ — $ 547 $ — $ 372 $ — $ 372 Debt securities: (2) Mutual funds (1) — 698 — 698 — 775 — 775 Real estate: (2) Real estate — — — — — 3 — 3 Other: Cash and cash equivalents 4 — — 4 4 — — 4 Total plan assets $ 4 $ 1,245 $ — $ 1,249 $ 4 $ 1,150 $ — $ 1,154 _____________________________ (1) Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment. (2) In 2019, the U.S. plans moved all investments except cash and cash equivalents into collective trusts; therefore, the balances under the equity securities, debt securities, and real estate categories shown above represent investments through collective trusts. The plans have chosen collective trusts for which the underlying investments are mutual funds, mutual funds for which debt securities are the primary underlying investment, or real estate in alignment with the target asset allocation. The investment strategy of the foreign DB Plans seeks to maximize return on investment while minimizing risk. The assumed asset allocation has less exposure to equities in order to closely match market conditions and near term forecasts. The following table summarizes the Company's foreign DB plan assets by category of investment and level within the fair value hierarchy as of the periods indicated (in millions): December 31, 2020 December 31, 2019 Foreign Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Equity securities: Mutual funds $ 16 $ — $ — $ 16 $ 19 $ — $ — $ 19 Private equity — — 1 1 — — 1 1 Debt securities: Government debt securities — — — — — — — — Mutual funds (1) 18 74 — 92 17 88 — 105 Real estate: Real estate — — 1 1 — — 2 2 Other: Cash and cash equivalents — — — — — — — — Other assets 1 — 1 2 1 — 1 2 Total plan assets $ 35 $ 74 $ 3 $ 112 $ 37 $ 88 $ 4 $ 129 _____________________________ (1) Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment. The following table summarizes the estimated cash flows for U.S. and foreign expected employer contributions and expected future benefit payments, both domestic and foreign (in millions): U.S. Foreign Expected employer contribution in 2021 $ 8 $ 15 Expected benefit payments for fiscal year ending: 2021 70 15 2022 71 13 2023 71 14 2024 71 16 2025 72 17 2026 - 2030 354 105 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Equity | EQUITY Equity Transactions with Noncontrolling Interests Southland Energy — In November 2020, the Company completed the sale of 35% of its ownership interest in the Southland Energy assets for $424 million, which decreased the Company's economic interest to 65%. However, under the terms of the purchase and sale agreement, the Company is entitled to all earnings or losses until March 1, 2021, and any distributions related thereto. This transaction resulted in a $275 million increase in Parent Company Stockholder's Equity due to an increase in additional paid-in-capital of $266 million, net of tax and transaction costs, and the reclassification of accumulated other comprehensive losses from AOCL to NCI of $9 million. As the Company maintained control after the sale, Southland Energy continues to be consolidated by the Company within the US and Utilities SBU reportable segment. Cochrane — In September 2020, AES Gener completed the sale of a portion of its stake in Cochrane. The transaction included the issuance of preferred shares and the sale of 5% of its stake in the subsidiary for $113 million, which decreased the Company’s economic interest in Cochrane to 38%. The preferred shareholders have the preferential right to receive an annual amount equal to $12 million, from any dividends or distributions of capital, until reaching the original investment of $113 million plus a specified rate of return. In November 2020, Cochrane distributed $12 million to the preferred shareholders. As the Company maintained control after the sale, Cochrane continues to be consolidated by the Company within the South America SBU reportable segment. AES Brasil — In August 2020, AES Holdings Brasil Ltda. ("AHB") completed the acquisition of an additional 18.5% ownership in AES Brasil for $240 million. During the fourth quarter of 2020 , through multiple transactions, AHB acquired another 1.3% ownership in AES Brasil for $16 million. In aggregate, these transactions increased the Company’s economic interest in AES Brasil to 44.1% and resulted in a $214 million decrease in Parent Company Stockholders’ Equity due to a decrease in additional paid-in-capital of $94 million and the reclassification of accumulated other comprehensive losses from NCI to AOCL of $120 million. AES Brasil is reported in the South America SBU reportable segment. Distributed Energy — In 2020, 2019 and 2018, Distributed Energy, through multiple transactions, sold noncontrolling interests in multiple project companies to tax equity partners. These transactions resulted in a $144 million, $133 million, and $98 million increase to noncontrolling interest in 2020, 2019, and 2018 respectively. Distributed Energy is reported in the US and Utilities SBU reportable segment. The following table summarizes the net income attributable to The AES Corporation and all transfers (to) from noncontrolling interests for the periods indicated (in millions): December 31, 2020 2019 2018 Net income attributable to The AES Corporation $ 46 $ 303 $ 1,203 Transfers from noncontrolling interest: Increase (decrease) in The AES Corporation's paid-in capital for sale of subsidiary shares 260 (5) (3) Increase (decrease) in The AES Corporation's paid-in-capital for purchase of subsidiary shares (89) — — Net transfers (to) from noncontrolling interest 171 (5) (3) Change from net income attributable to The AES Corporation and transfers (to) from noncontrolling interests $ 217 $ 298 $ 1,200 Accumulated Other Comprehensive Loss — The changes in AOCL by component, net of tax and noncontrolling interests, for the periods indicated were as follows (in millions): Foreign currency translation adjustment, net Derivative gains (losses), net Unfunded pension obligations, net Total Balance at December 31, 2018 $ (1,721) $ (300) $ (50) $ (2,071) Other comprehensive loss before reclassifications (23) (202) (15) (240) Amount reclassified to earnings 23 36 27 86 Other comprehensive income (loss) — (166) 12 (154) Cumulative effect of a change in accounting principle — (4) — (4) Balance at December 31, 2019 $ (1,721) $ (470) $ (38) $ (2,229) Other comprehensive loss before reclassifications — (309) (12) (321) Amount reclassified to earnings 192 72 — 264 Other comprehensive income (loss) 192 (237) (12) (57) Reclassification from NCI due to share sales and repurchases (115) 8 (4) (111) Balance at December 31, 2020 $ (1,644) $ (699) $ (54) $ (2,397) Reclassifications out of AOCL are presented in the following table. Amounts for the periods indicated are in millions and those in parenthesis indicate debits to the Consolidated Statements of Operations: Details About December 31, AOCL Components Affected Line Item in the Consolidated Statements of Operations 2020 2019 2018 Foreign currency translation adjustments, net Gain (loss) on disposal and sale of business interests $ (192) $ (23) $ 19 Net gain from disposal of discontinued operations — — 2 Net income (loss) attributable to The AES Corporation $ (192) $ (23) $ 21 Derivative gains (losses), net Non-regulated revenue $ (1) $ (1) $ (6) Non-regulated cost of sales (3) (12) (3) Interest expense (60) (26) (49) Gain (loss) on disposal and sale of business interests — 1 — Asset impairment expense (10) — — Foreign currency transaction gains (losses) (7) (12) (59) Income (loss) from continuing operations before taxes and equity in earnings of affiliates (81) (50) (117) Income tax benefit (expense) 17 13 24 Net equity in earnings (losses) of affiliates (10) (5) — Income (loss) from continuing operations (74) (42) (93) Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries 2 6 15 Net income (loss) attributable to The AES Corporation $ (72) $ (36) $ (78) Amortization of defined benefit pension actuarial losses, net Regulated cost of sales $ (1) $ — $ — Non-regulated cost of sales 1 — — Other expense — (2) (6) Gain (loss) on disposal and sale of business interests — (26) — Income (loss) from continuing operations before taxes and equity in earnings of affiliates — (28) (6) Income tax benefit (expense) — — 2 Income (loss) from continuing operations — (28) (4) Net gain (loss) from disposal of discontinued operations — — (2) Net income (loss) — (28) (6) Less: Income from continuing operations attributable to noncontrolling interests and redeemable stock of subsidiaries — 1 (1) Net income (loss) attributable to The AES Corporation $ — $ (27) $ (7) Total reclassifications for the period, net of income tax and noncontrolling interests $ (264) $ (86) $ (64) Common Stock Dividends — The Parent Company paid dividends of $0.1433 per outstanding share to its common stockholders during the first, second, third and fourth quarters of 2020 for dividends declared in December 2019, February 2020, July 2020, and October 2020, respectively. On December 4, 2020, the Board of Directors declared a quarterly common stock dividend of $0.1505 per share payable on February 12, 2021 to shareholders of record at the close of business on January 29, 2021. Stock Repurchase Program — No shares were repurchased in 2020. The cumulative repurchases from the commencement of the Stock Repurchase Program in July 2010 through December 31, 2020 totaled 154.3 million shares for a total cost of $1.9 billion, at an average price per share of $12.12 (including a nominal amount of commissions). As of December 31, 2020, $264 million remained available for repurchase under the Stock Repurchase Program. The common stock repurchased has been classified as treasury stock and accounted for using the cost method. A total of 153,028,526 and 153,891,260 shares were held as treasury stock at December 31, 2020 and December 31, 2019, 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 Stock Repurchase Program in July 2010. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT AND GEOGRAPHIC INFORMATION | SEGMENTS AND GEOGRAPHIC INFORMATION The segment reporting structure uses the Company's management reporting structure as its foundation to reflect how the Company manages the businesses internally and is mainly organized by geographic regions which provides a socio-political-economic understanding of our business. The management reporting structure is organized by four SBUs led by our President and Chief Executive Officer: US and Utilities, South America, MCAC, and Eurasia SBUs. Using the accounting guidance on segment reporting, the Company determined that its four operating segments are aligned with its four reportable segments corresponding to its SBUs. Corporate and Other — Included in "Corporate and Other" are the results of the AES self-insurance company and certain equity affiliates, corporate overhead costs which are not directly associated with the operations of our four reportable segments, and certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation. The Company uses Adjusted PTC as its primary segment performance measure. Adjusted PTC, a non-GAAP measure, is defined by the Company as pre-tax income from continuing operations attributable to The AES Corporation excluding gains or losses of the consolidated entity due to (a) unrealized gains or losses related to derivative transactions and equity securities; (b) unrealized foreign currency gains or losses; (c) gains, losses, benefits and costs associated with dispositions and acquisitions of business interests, including early plant closures, and gains and losses recognized at commencement of sales-type leases; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt; (f) costs directly associated with a major restructuring program, including, but not limited to, workforce reduction efforts, relocations, and office consolidation; and (g) net gains at Angamos, one of our businesses in the South America SBU, associated with the early contract terminations with Minera Escondida and Minera Spence. Adjusted PTC also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities. The Company has concluded Adjusted PTC better reflects the underlying business performance of the Company and is the most relevant measure considered in the Company's internal evaluation of the financial performance of its segments. Additionally, given its large number of businesses and complexity, the Company concluded that Adjusted PTC is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the Company's results. Revenue and Adjusted PTC are presented before inter-segment eliminations, which includes the effect of intercompany transactions with other segments except for interest, charges for certain management fees, and the write-off of intercompany balances, as applicable. All intra-segment activity has been eliminated within the segment. Inter-segment activity has been eliminated within the total consolidated results. The following tables present financial information by segment for the periods indicated (in millions): Total Revenue Year Ended December 31, 2020 2019 2018 US and Utilities SBU $ 3,918 $ 4,058 $ 4,230 South America SBU 3,159 3,208 3,533 MCAC SBU 1,766 1,882 1,728 Eurasia SBU 828 1,047 1,255 Corporate and Other 231 46 41 Eliminations (242) (52) (51) Total Revenue $ 9,660 $ 10,189 $ 10,736 Reconciliation from Income from Continuing Operations before Taxes and Equity in Earnings of Affiliates: Total Adjusted PTC Year Ended December 31, 2020 2019 2018 Income from continuing operations before taxes and equity in earnings of affiliates $ 488 $ 1,001 $ 2,018 Add: Net equity in earnings (losses) of affiliates (123) (172) 39 Less: Income from continuing operations before taxes, attributable to noncontrolling interests (192) (277) (509) Pre-tax contribution 173 552 1,548 Unrealized derivative and equity securities losses (gains) 3 113 33 Unrealized foreign currency losses (gains) (10) 36 51 Disposition/acquisition losses (gains) 112 12 (934) Impairment losses 928 406 307 Loss on extinguishment of debt 223 121 180 Net gains from early contract terminations at Angamos (182) — — Total Adjusted PTC $ 1,247 $ 1,240 $ 1,185 Total Adjusted PTC Year Ended December 31, 2020 2019 2018 US and Utilities SBU $ 505 $ 569 $ 511 South America SBU 534 504 519 MCAC SBU 287 367 300 Eurasia SBU 177 159 222 Corporate and Other (256) (347) (346) Eliminations — (12) (21) Total Adjusted PTC $ 1,247 $ 1,240 $ 1,185 Total Assets Depreciation and Amortization Capital Expenditures Year Ended December 31, 2020 2019 2018 2020 2019 2018 2020 2019 2018 US and Utilities SBU $ 14,464 $ 13,334 $ 12,286 $ 534 $ 465 $ 449 $ 1,099 $ 1,484 $ 1,373 South America SBU 11,329 11,314 10,941 294 315 300 650 692 662 MCAC SBU 4,847 4,770 4,462 164 183 141 183 344 302 Eurasia SBU 3,621 3,990 4,538 63 67 99 9 30 51 Corporate and Other 342 240 294 13 15 14 19 1 8 Total $ 34,603 $ 33,648 $ 32,521 $ 1,068 $ 1,045 $ 1,003 $ 1,960 $ 2,551 $ 2,396 Interest Income Interest Expense Year Ended December 31, 2020 2019 2018 2020 2019 2018 US and Utilities SBU $ 17 $ 18 $ 10 $ 371 $ 301 $ 287 South America SBU 64 95 92 237 285 283 MCAC SBU 14 22 20 157 142 124 Eurasia SBU 171 180 186 113 127 145 Corporate and Other 2 3 2 160 195 217 Total $ 268 $ 318 $ 310 $ 1,038 $ 1,050 $ 1,056 Investments in and Advances to Affiliates Net Equity in Earnings (Losses) of Affiliates Year Ended December 31, 2020 2019 2018 2020 2019 2018 US and Utilities SBU $ 568 $ 465 $ 538 $ (8) $ 11 $ 35 South America SBU 13 77 213 (80) (129) 15 MCAC SBU 168 107 5 (11) (13) (7) Eurasia SBU 1 215 293 4 (9) 14 Corporate and Other 85 102 65 (28) (32) (18) Total $ 835 $ 966 $ 1,114 $ (123) $ (172) $ 39 The following table presents information, by country, about the Company's consolidated operations for each of the three years ended December 31, 2020, 2019, and 2018, and as of December 31, 2020 and 2019 (in millions). Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located. Total Revenue Long-Lived Assets (1) Year Ended December 31, 2020 2019 2018 2020 2019 United States (2) $ 3,243 $ 3,230 $ 3,462 $ 10,360 $ 9,762 Non-U.S.: Chile 2,092 1,839 2,087 5,831 5,982 Dominican Republic 896 877 884 843 1,006 El Salvador 666 824 768 361 351 Panama 519 601 438 1,939 1,945 Bulgaria 444 459 426 1,149 1,106 Brazil 401 525 527 1,091 1,266 Colombia 358 472 428 355 340 Mexico 349 402 399 623 649 Argentina 308 373 487 484 393 Vietnam (3) 285 343 245 — 2 Jordan (4) 96 95 95 44 — United Kingdom (5) — 147 390 — — Philippines (6) — — 93 — — Other Non-U.S. 3 2 7 23 20 Total Non-U.S. 6,417 6,959 7,274 12,743 13,060 Total $ 9,660 $ 10,189 $ 10,736 $ 23,103 $ 22,822 _____________________________ (1) For purposes of this disclosure, long-lived assets implies hard assets that cannot be readily removed, and thus excludes intangibles. Long-lived assets disclosed above include amounts recorded in Property, plant and equipment, net and right-of-use assets for operating leases recorded in Other noncurrent assets on the Consolidated Balance Sheets. (2) Includes Puerto Rico revenues of $298 million, $294 million, and $257 million for the years ended December 31, 2020, 2019, and 2018, respectively, and long-lived assets of $533 million and $538 million as of December 31, 2020 and 2019, respectively. (3) The Mong Duong 2 power project is operated under a BOT contract. Future expected payments for the construction performance obligation are recognized in Loan receivable on the Consolidated Balance Sheets as of December 31, 2019. Mong Duong assets were classified as held-for-sale as of December 31, 2020. See Notes 20— Revenue 25— Held-For-Sale and Dispositions for further information. (4) The long-lived assets in Jordan were classified as held-for-sale as of December 31, 2019. As of June 30, 2020, Jordan solar assets were reclassified back to held-and-used. See Note 25— Held-For-Sale and Dispositions for further information. (5) The Kilroot and Ballylumford long-lived assets were deconsolidated upon completion of the sale in June 2019. See Note 25— Held-For-Sale and Dispositions for further information. (6) The Masinloc long-lived assets were deconsolidated upon completion of the sale in March 2018. See Note 25— Held-For-Sale and Dispositions for further information. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | RESTRICTED STOCK Restricted Stock Units — The Company issues RSUs under its long-term compensation plan. The RSUs are generally granted based upon a percentage of the participant's base salary. The units have a three-year vesting schedule and vest in one-third increments over the three-year period. In all circumstances, RSUs granted by AES do not entitle the holder the right, or obligate AES, to settle the RSU in cash or other assets of AES. For the years ended December 31, 2020, 2019, and 2018, 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, 2020, 2019, and 2018 had grant date fair values per RSU of $20.75, $17.53, and $10.55, 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, 2020 2019 2018 RSU expense before income tax $ 10 $ 10 $ 11 Tax benefit (2) (1) (2) RSU expense, net of tax $ 8 $ 9 $ 9 Total value of RSUs converted (1) $ 11 $ 12 $ 10 Total fair value of RSUs vested $ 10 $ 10 $ 16 _____________________________ (1) Amount represents fair market value on the date of conversion. Cash was not used to settle RSUs or compensation cost capitalized as part of the cost of an asset for the years ended December 31, 2020, 2019, and 2018. As of December 31, 2020, total unrecognized compensation cost related to RSUs of $12 million is expected to be recognized over a weighted average period of approximately 1.8 years. There were no modifications to RSU awards during the year ended December 31, 2020. A summary of the activity of RSUs for the year ended December 31, 2020 follows (RSUs in thousands): RSUs Weighted Average Grant Date Fair Values Weighted Average Remaining Vesting Term Nonvested at December 31, 2019 1,484 $ 13.73 Vested (806) 12.95 Forfeited and expired (47) 15.71 Granted 579 20.75 Nonvested at December 31, 2020 1,210 $ 17.53 1.4 Vested and expected to vest at December 31, 2020 1,104 $ 17.35 The Company initially recognizes compensation cost on the estimated number of instruments for which the requisite service is expected to be rendered. In 2020, AES has estimated a weighted average forfeiture rate of 7.23% for RSUs granted in 2020. 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 $11 million on a straight-line basis over a three-year period. The following table summarizes the RSUs that vested and were converted during the periods indicated (RSUs in thousands): Year Ended December 31, 2020 2019 2018 RSUs vested during the year 806 996 1,428 RSUs converted during the year, net of shares withheld for taxes 547 666 950 Shares withheld for taxes 259 329 478 OTHER SHARE BASED COMPENSATION The Company has three other share-based award programs. The Company has recorded expenses of $21 million, $22 million, and $20 million for 2020, 2019, and 2018, respectively, related to these programs. Stock options — AES grants options to purchase shares of common stock under stock option plans to non-employee directors. Under the terms of the plans, the Company may issue options to purchase shares of the Company's common stock at a price equal to 100% of the market price at the date the option is granted. Stock options issued in 2018, 2019, and 2020 have a three-year vesting schedule and vest in one-third increments over the three-year period. The stock options have a contractual term of 10 years. In all circumstances, stock options granted by AES do not entitle the holder the right, or obligate AES, to settle the stock option in cash or other assets of AES. Performance Stock Units — In 2018, 2019, and 2020, the Company issued PSUs to officers under its long-term compensation plan. PSUs are stock units which include performance conditions. Performance conditions are based on the Company's Proportional Free Cash Flow targets for 2018 and 2019. For 2020, performance conditions are based on the Company’s Parent Free Cash Flow target. The performance conditions determine the vesting and final share equivalent per PSU and can result in earning an award payout range of 0% to 200%, depending on the achievement. The Company believes it is probable that the performance condition will be met and will continue to be evaluated throughout the performance period. In all circumstances, PSUs granted by AES do not entitle the holder the right, or obligate AES, to settle the stock units in cash or other assets of AES. |
Redeemable Stock of Subsidiarie
Redeemable Stock of Subsidiaries | 12 Months Ended |
Dec. 31, 2020 | |
Temporary Equity [Abstract] | |
REDEEMABLE STOCK OF SUBSIDIARES | REDEEMABLE STOCK OF SUBSIDIARIES The following table is a reconciliation of changes in redeemable stock of subsidiaries (in millions): December 31, 2020 2019 Balance at the beginning of the period $ 888 $ 879 Contributions from holders of redeemable stock of subsidiaries — 10 Net income (loss) attributable to redeemable stock of subsidiaries 8 (7) Fair value adjustment 4 6 Other comprehensive loss attributable to redeemable stock of subsidiaries (28) — Balance at the end of the period $ 872 $ 888 The following table summarizes the Company's redeemable stock of subsidiaries balances as of the periods indicated (in millions): December 31, 2020 2019 IPALCO common stock $ 618 $ 618 Colon quotas (1) 194 210 IPL preferred stock 60 60 Total redeemable stock of subsidiaries $ 872 $ 888 _____________________________ (1) Characteristics of quotas are similar to common stock. Colon — Our partner in Colon made capital contributions of $10 million during the year ended December 31, 2019. No contributions were made in 2020. Any subsequent adjustments to allocate earnings and dividends to our partner, or measure the investment at fair value, will be classified as temporary equity each reporting period as it is probable that the shares will become redeemable. IPL — IPL had $60 million of cumulative preferred stock outstanding at December 31, 2020 and 2019, which represents five series of preferred stock. The total annual dividend requirements were approximately $3 million at December 31, 2020 and 2019. 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 |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE The following table presents our revenue from contracts with customers and other revenue for the periods indicated (in millions): Year Ended December 31, 2020 US and Utilities SBU South America SBU MCAC SBU Eurasia SBU Corporate, Other and Eliminations Total Regulated Revenue Revenue from contracts with customers $ 2,626 $ — $ — $ — $ — $ 2,626 Other regulated revenue 35 — — — — 35 Total regulated revenue 2,661 — — — — 2,661 Non-Regulated Revenue Revenue from contracts with customers 1,015 3,151 1,668 594 (10) 6,418 Other non-regulated revenue (1) 242 8 98 234 (1) 581 Total non-regulated revenue 1,257 3,159 $ 1,766 828 (11) 6,999 Total revenue $ 3,918 $ 3,159 $ 1,766 $ 828 $ (11) $ 9,660 Year Ended December 31, 2019 US and Utilities SBU South America SBU MCAC SBU Eurasia SBU Corporate, Other and Eliminations Total Regulated Revenue Revenue from contracts with customers $ 2,979 $ — $ — $ — $ — $ 2,979 Other regulated revenue 49 — — — — 49 Total regulated revenue 3,028 — $ — — $ — 3,028 Non-Regulated Revenue Revenue from contracts with customers 767 3,205 1,788 $ 799 (4) $ 6,555 Other non-regulated revenue (1) 263 3 94 248 (2) 606 Total non-regulated revenue 1,030 $ 3,208 1,882 $ 1,047 (6) $ 7,161 Total revenue $ 4,058 $ 3,208 $ 1,882 $ 1,047 $ (6) $ 10,189 Year Ended December 31, 2018 US and Utilities SBU South America SBU MCAC SBU Eurasia SBU Corporate, Other and Eliminations Total Regulated Revenue Revenue from contracts with customers $ 2,885 $ — $ — $ — $ — $ 2,885 Other regulated revenue 54 — — — — 54 Total regulated revenue 2,939 — $ — — $ — 2,939 Non-Regulated Revenue Revenue from contracts with customers 972 3,529 1,642 $ 943 (11) $ 7,075 Other non-regulated revenue (1) 319 4 86 312 1 722 Total non-regulated revenue 1,291 $ 3,533 1,728 $ 1,255 (10) $ 7,797 Total revenue $ 4,230 $ 3,533 $ 1,728 $ 1,255 $ (10) $ 10,736 _____________________________ (1) Other non-regulated revenue primarily includes lease and derivative revenue not accounted for under ASC 606. Contract Balances — The timing of revenue recognition, billings, and cash collections results in accounts receivable and contract liabilities. The contract liabilities from contracts with customers were $531 million and $117 million as of December 31, 2020 and December 31, 2019, respectively. During the years ended December 31, 2020 and 2019, we recognized revenue of $14 million and $13 million, respectively, that was included in the corresponding contract liability balance at the beginning of the periods. In August 2020, AES Gener reached an agreement with Minera Escondida and Minera Spence to early terminate two PPAs of the Angamos coal-fired plant in Chile, further accelerating AES Gener's decarbonization strategy. As a result of the termination payment, Angamos recognized a contract liability of $655 million, of which $55 million will be derecognized each month through the end of the remaining performance obligation in August 2021. As of December 31, 2020, the remaining contract liability is $383 million. A significant financing arrangement exists for our Mong Duong plant in Vietnam. The plant was constructed under a BOT contract and will be transferred to the Vietnamese government after the completion of a 25 year PPA. The performance obligation to construct the facility was substantially completed in 2015. Approximately $1.4 billion of contract consideration related to the construction, but not yet collected through the 25 year PPA, was reflected as a loan receivable as of December 31, 2019. As of December 31, 2020, Mong Duong met the held-for-sale criteria and the loan receivable balance of $1.3 billion, net of CECL reserve of $32 million, was reclassified to held-for-sale assets. Of the loan receivable balance, $80 million was classified as Current held-for-sale assets and $1.2 billion was classified as Noncurrent held-for-sale assets on the Consolidated Balance Sheet. Remaining Performance Obligations — The transaction price allocated to remaining performance obligations represents future consideration for unsatisfied (or partially unsatisfied) performance obligations at the end of the reporting period. As of December 31, 2020, the aggregate amount of transaction price allocated to remaining performance obligations was $11 million, primarily consisting of fixed consideration for the sale of renewable energy credits in long-term contracts in the U.S. We expect to recognize revenue on approximately one-fifth of the remaining performance obligations in 2021 and 2022, with the remainder recognized thereafter. |
Other Income and Expense
Other Income and Expense | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME AND EXPENSE | OTHER INCOME AND EXPENSE Other income generally includes gains on insurance recoveries in excess of property damage, gains on asset sales and liability extinguishments, favorable judgments on contingencies, allowance for funds used during construction, and other income from miscellaneous transactions. Other expense generally includes losses on asset sales and dispositions, losses on legal contingencies, defined benefit plan non-service costs, and losses from other miscellaneous transactions. The components are summarized as follows (in millions): Year Ended December 31, 2020 2019 2018 Other Income Gain on sale of assets (1) $ 46 $ — $ — Gain on insurance proceeds (2) — 118 — Gain on remeasurement of contingent consideration (3) — — 32 AFUDC (US Utilities) 5 3 8 Other 24 24 32 Total other income $ 75 $ 145 $ 72 Other Expense Loss on sale of receivables (4) $ 20 $ — $ — Legal contingencies and settlements 15 2 2 Loss on sale and disposal of assets (5) 7 22 30 Non-service pension and other postretirement costs 2 17 10 Loss on commencement of sales-type leases (6) — 36 — Allowance for other receivables — — 7 Other 9 3 9 Total other expense $ 53 $ 80 $ 58 _____________________________ (1) Primarily associated with the gain on sale of Redondo Beach land at Southland. See Note 25 — Held-for-Sale and Dispositions for further information. (2) Associated with recoveries for property damage at the Andres facility in the Dominican Republic from a lightning incident in September 2018 and the upgrade of the tunnel lining at Changuinola. (3) Related to the amendment of the Oahu purchase agreement. See Note 26— Acquisitions for further information. (4) Associated with a loss on sale of Stabilization Fund receivables at Gener. See Note 7— Financing Receivables for further information. (5) Associated with a loss due to the upgrade of the tunnel lining at Changuinola in 2019 and a loss due to damage from a lightning incident at the Andres facility in the Dominican Republic in September 2018. (6) Related to losses recognized at commencement of sales-type leases at Distributed Energy. See Note 14— Leases for further information. |
Asset Impairment Expense
Asset Impairment Expense | 12 Months Ended |
Dec. 31, 2019 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
ASSET IMPAIRMENT EXPENSE | ASSET IMPAIRMENT EXPENSE Year ended December 31, (in millions) 2020 2019 2018 AES Gener $ 781 $ — $ — Hawaii 38 60 — Estrella del Mar I 30 — — Kilroot and Ballylumford — 115 — Shady Point — — 157 Nejapa — — 37 Other 15 10 14 Total $ 864 $ 185 $ 208 AES Gener — In August 2020, AES Gener reached an agreement with Minera Escondida and Minera Spence to early terminate two PPAs of the Angamos coal-fired plant in Chile, further accelerating AES Gener’s decarbonization strategy. AES Gener also announced its intention to accelerate the retirement of the Ventanas 1 and Ventanas 2 coal-fired plants. Management will no longer be pursuing a contracting strategy for these assets and the plants will primarily be utilized as peaker plants and for grid stability. Due to these developments, the Company performed an impairment analysis and determined that the carrying amounts of these asset groups were not recoverable. As a result, the Company recognized asset impairment expense of $781 million. AES Gener is reported in the South America SBU reportable segment. Hawaii — During the fourth quarter of 2019, the Company tested the recoverability of its long-lived coal-fired asset in Hawaii. Uncertainty around the ability to contract the asset upon expiration of its existing PPA resulted in management's decision to reassess the economic useful life of the generation facility. A decrease in the useful life was identified as an impairment indicator and the Company determined that the carrying amount was not recoverable. The asset group, consisting of property, plant and equipment and intangible assets, was determined to have a fair value of $103 million using the income approach. As a result, the Company recognized asset impairment expense of $60 million as of December 31, 2019. In July 2020, the Hawaii State Legislature passed Senate Bill 2629 which will prohibit AES Hawaii from generating electricity from coal after December 31, 2022. Therefore, management further reassessed the economic useful life of the generation facility and a decrease in the useful life was identified as an impairment indicator. The Company performed an impairment analysis and determined that the carrying amount of the asset group was not recoverable. As a result, the Company recognized additional asset impairment expense of $38 million during the third quarter of 2020. Hawaii is reported in the US and Utilities SBU reportable segment. Estrella del Mar I — In August 2020, the Estrella del Mar I power barge was disconnected from the Panama grid and AES Panama is currently evaluating its options for the asset. Upon disconnection, the Company concluded that the barge was no longer part of the AES Panama asset group and performed an impairment analysis. The Company determined that the carrying amount of the asset was not recoverable and recognized asset impairment expense of $30 million. The asset met the held-for-sale criteria as of December 31, 2020. See Note 25 — Held-for-Sale and Dispositions for further information. Estrella del Mar I is reported in the MCAC SBU reportable segment. Kilroot and Ballylumford — In April 2019, the Company entered into an agreement to sell its entire 100% interest in the Kilroot coal and oil-fired plant and energy storage facility and the Ballylumford gas-fired plant in the United Kingdom. Upon meeting the held-for-sale criteria, the Company performed an impairment analysis and determined that the carrying value of the asset group of $232 million was greater than its fair value less costs to sell of $114 million. As a result, the Company recognized asset impairment expense of $115 million. The Company completed the sale of Kilroot and Ballylumford in June 2019. See Note 25 — Held-for-Sale and Dispositions for further information. Prior to their sale, Kilroot and Ballylumford were reported in the Eurasia SBU reportable segment. Shady Point — In December 2018, the Company entered into an agreement to sell Shady Point, a coal-fired generation facility in the U.S. Due first to the uncertainty around future cash flows, and then upon meeting the held-for-sale criteria, the Company performed an impairment analysis of the Shady Point asset group in the second, third and fourth quarters of 2018, resulting in the recognition of total asset impairment expense of $157 million for the year ended December 31, 2018. Using the market approach, the asset group was determined to have a fair value of $30 million as of December 31, 2018. The sale was completed in May 2019. See Note 25— Held-for-Sale and Dispositions for further information. Prior to the sale, Shady Point was reported in the US and Utilities SBU reportable segment. Nejapa — During the fourth quarter of 2018, the Company tested the recoverability of its long-lived assets at Nejapa, a landfill gas plant in El Salvador. Decreased production as a result of the landfill owner's failure to perform improvements necessary to continue extracting gas from the landfill was identified as an impairment indicator. The Company determined that the carrying amount was not recoverable. The asset group, consisting of property, plant, and equipment and intangible assets, was determined to have a fair value of $5 million using the income approach. As a result, the Company recognized asset impairment expense of $37 million as of December 31, 2018. Nejapa is reported in the US and Utilities SBU reportable segment. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income Tax Provision — The following table summarizes the expense for income taxes on continuing operations for the periods indicated (in millions): December 31, 2020 2019 2018 Federal: Current $ (8) $ (7) $ 7 Deferred (17) (4) 186 State: Current — (1) 2 Deferred 2 — 5 Foreign: Current 458 368 378 Deferred (219) (4) 130 Total $ 216 $ 352 $ 708 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, 2020 2019 2018 Statutory Federal tax rate 21 % 21 % 21 % State taxes, net of Federal tax benefit (6) % 6 % 2 % Taxes on foreign earnings 15 % 12 % 9 % Valuation allowance 16 % (2) % (2) % Change in tax law 3 % (1) % 6 % US Investment Tax Credit (8) % — % — % Other—net 3 % (1) % (1) % Effective tax rate 44 % 35 % 35 % For 2020, the 15% taxes on foreign earnings item includes $20 million of tax benefit associated with the Company's equity investment in Guacolda. Included in the 2020 (8)% U.S. investment tax credit is $35 million of benefit associated with the Na Pua Makani wind facility. Not included in the 2020 effective tax rate is $75 million of income tax expense recorded to additional paid-in-capital related to the Company's sale of 35% of its ownership interest in the Southland Energy assets. See Note 17— Equity for details of the sale. For 2019, the 12% taxes on foreign earnings item includes $19 million of tax benefit associated with the Company's equity investment in Guacolda. Included in the 2019 change in tax law amount of (1)% are the downward adjustments to the U.S. one-time transition tax expense and deferred tax remeasurement benefit resulting from the issuance of the final regulations in 2019, offset by the impact of deferred tax remeasurement expense related to the December 2019 Argentina tax law change. For 2018, the 6% change in tax law item relates primarily to changes in estimate under SAB 118 of the impacts of adoption of the TCJA. The Company recognized tax expense of $194 million related to revised estimates of the one-time transition tax in accordance with proposed regulations issued by the U.S. Treasury in 2018. The adjustment was due in large part to the approach the proposed regulations adopted to determine the fair value of our interests in publicly traded subsidiaries. The Company also recognized tax benefit of $77 million related to revised estimates of deferred tax remeasurement. Included in the 9% taxes on foreign earnings item is $124 million of U.S. GILTI tax expense related to foreign subsidiaries, including the sale of our interest in Masinloc. Income Tax Receivables and Payables — The current income taxes receivable and payable are included in Other Current Assets and Accrued and Other Liabilities , respectively, on the accompanying Consolidated Balance Sheets. The noncurrent income taxes receivable and payable are included in Other Noncurrent Assets and Other Noncurrent Liabilities , respectively, on the accompanying Consolidated Balance Sheets. The following table summarizes the income taxes receivable and payable as of the periods indicated (in millions): December 31, 2020 2019 Income taxes receivable—current $ 138 $ 131 Income taxes receivable—noncurrent 9 10 Total income taxes receivable $ 147 $ 141 Income taxes payable—current $ 284 $ 172 Income taxes payable—noncurrent — — Total income taxes payable $ 284 $ 172 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, 2020, the Company had federal net operating loss carryforwards for tax return purposes of approximately $2.1 billion, of which approximately $950 million expire in years 2033 to 2036 and $1.2 billion carry forward indefinitely. The Company also had federal general business tax credit carryforwards of approximately $66 million, of which $16 million expire in years 2021 to 2031 and $50 million expire in years 2032 to 2040. Additionally, the Company had state net operating loss carryforwards as of December 31, 2020 of approximately $7.3 billion expiring primarily in years 2021 to 2040. As of December 31, 2020, the Company had foreign net operating loss carryforwards of approximately $2.0 billion that expire at various times beginning in 2021 and some of which carry forward without expiration, and tax credits available in foreign jurisdictions of approximately $14 million, $13 million of which expire in 2021. Valuation allowances decreased $190 million during 2020 to $634 million at December 31, 2020. This net decrease was primarily the result of valuation allowance activity due to the liquidation of certain holding companies with net operating losses with full valuation allowances. Valuation allowances decreased $44 million during 2019 to $824 million at December 31, 2019. This net decrease was primarily the result of valuation allowance activity at certain of our Brazil subsidiaries and U.S. states. The Company believes that it is more likely than not that the net deferred tax assets as shown below will be realized when future taxable income is generated through the reversal of existing taxable temporary differences and income that is expected to be generated by businesses that have long-term contracts or a history of generating taxable income. The following table summarizes deferred tax assets and liabilities, as of the periods indicated (in millions): December 31, 2020 2019 Differences between book and tax basis of property $ (1,308) $ (1,426) Investment in U.S. tax partnerships (332) (44) Other taxable temporary differences (403) (287) Total deferred tax liability (2,043) (1,757) Operating loss carryforwards 1,156 1,060 Capital loss carryforwards 73 57 Bad debt and other book provisions 87 74 Tax credit carryforwards 78 33 Other deductible temporary differences 471 300 Total gross deferred tax asset 1,865 1,524 Less: Valuation allowance (634) (824) Total net deferred tax asset 1,231 700 Net deferred tax liability $ (812) $ (1,057) The Company considers undistributed earnings of certain foreign subsidiaries to be indefinitely reinvested outside of the U.S. Except for the one-time transition tax in the U.S., no taxes have been recorded with respect to our indefinitely reinvested earnings in accordance with the relevant accounting guidance for income taxes. Should the earnings be remitted as dividends, the Company may be subject to additional foreign withholding and state income taxes. Under the TCJA, future distributions from foreign subsidiaries will generally be subject to a federal dividends received deduction in the U.S. As of December 31, 2020, the cumulative amount of U.S. GAAP foreign un-remitted earnings upon which additional income taxes have not been provided is approximately $4 billion. It is not practicable to estimate the amount of any additional taxes which may be payable on the undistributed earnings. Income from operations in certain countries is subject to reduced tax rates as a result of satisfying specific commitments regarding employment and capital investment. The Company's income tax benefits related to the tax status of these operations are estimated to be $33 million, $26 million and $35 million for the years ended December 31, 2020, 2019 and 2018, respectively. The per share effect of these benefits after noncontrolling interests was $0.03, $0.02 and $0.04 for the years ended December 31, 2020, 2019 and 2018, respectively. Included in the Company's income tax benefits is the benefit related to our operations in Vietnam, which is estimated to be $16 million, $13 million and $19 million for the years ended December 31, 2020, 2019 and 2018, respectively. The per share effect of these benefits related to our operations in Vietnam after noncontrolling interest was $0.01, $0.01 and $0.01 for the years ended December 31, 2020, 2019 and 2018, respectively. The following table shows the income (loss) from continuing operations, before income taxes, net equity in earnings of affiliates and noncontrolling interests, for the periods indicated (in millions): December 31, 2020 2019 2018 U.S. $ (135) $ (57) $ (218) Non-U.S. 623 1,058 2,236 Total $ 488 $ 1,001 $ 2,018 Uncertain Tax Positions — Uncertain tax positions have been classified as noncurrent income tax liabilities unless they are expected to be paid within one year. The Company's policy for interest and penalties related to income tax exposures is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statements of Operations. The following table shows the total amount of gross accrued income taxes related to interest and penalties included in the Consolidated Balance Sheets for the periods indicated (in millions): December 31, 2020 2019 Interest related $ 1 $ 2 Penalties related — — The following table shows the expense/(benefit) related to interest and penalties on unrecognized tax benefits for the periods indicated (in millions): December 31, 2020 2019 2018 Total benefit for interest related to unrecognized tax benefits $ — $ (2) $ (3) Total expense for penalties related to unrecognized tax benefits — — — We are potentially subject to income tax audits in numerous jurisdictions in the U.S. and internationally until the applicable statute of limitations expires. Tax audits by their nature are often complex and can require several years to complete. The following is a summary of tax years potentially subject to examination in the significant tax and business jurisdictions in which we operate: Jurisdiction Tax Years Subject to Examination Argentina 2014-2020 Brazil 2015-2020 Chile 2017-2020 Colombia 2016-2020 Dominican Republic 2015-2020 El Salvador 2017-2020 Netherlands 2014-2020 Panama 2017-2020 United Kingdom 2017-2020 United States (Federal) 2017-2020 As of December 31, 2020, 2019 and 2018, the total amount of unrecognized tax benefits was $458 million, $465 million and $463 million, respectively. The total amount of unrecognized tax benefits that would benefit the effective tax rate as of December 31, 2020, 2019 and 2018 is $439 million, $448 million and $446 million, respectively, of which $33 million for each year would be in the form of tax attributes that would warrant a full valuation allowance. Further, the total amount of unrecognized tax benefit that would benefit the effective tax rate as of 2020 would be reduced by approximately $161 million of tax expense related to remeasurement from 35% to 21%. The total amount of unrecognized tax benefits anticipated to result in a net decrease to unrecognized tax benefits within 12 months of December 31, 2020 is estimated to be between $0 million and $10 million, primarily relating to statute of limitation lapses and tax exam settlements. The following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the periods indicated (in millions): 2020 2019 2018 Balance at January 1 $ 465 $ 463 $ 348 Additions for current year tax positions — 6 2 Additions for tax positions of prior years 3 4 146 Reductions for tax positions of prior years (6) (5) (26) Lapse of statute of limitations (4) (3) (7) Balance at December 31 $ 458 $ 465 $ 463 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS AND HELD-FOR-SALE BUSINESSES | DISCONTINUED OPERATIONS Eletropaulo — Due to a portfolio evaluation in the first half of 2016, management decided to pursue a strategic shift to reduce the Company's exposure to the Brazilian distribution market. In December 2017, all criteria were met for Eletropaulo to qualify as a discontinued operation. Therefore, its results of operations and financial position were reported as such in the consolidated financial statements for all periods presented. In June 2018, the Company completed the sale of its entire 17% ownership interest in Eletropaulo through a bidding process hosted by the Brazilian securities regulator, CVM. Gross proceeds of $340 million were received at our subsidiary in Brazil, subject to the payment of taxes. Upon disposal of Eletropaulo, the Company recorded a pre-tax gain on sale of $243 million (after-tax $199 million). Prior to its classification as discontinued operations, Eletropaulo was reported in the South America SBU reportable segment. Borsod — In 2011, Borsod, which held two coal and biomass-fired generation plants in Hungary, filed for liquidation and was deconsolidated with its historical operating results reflected in discontinued operations under prior accounting guidance. In October 2018, the liquidation was completed and the Company recognized a deferred gain of $26 million, primarily comprised of a $20 million write-off of cumulative translation balances. Prior to its classification as discontinued operations, Borsod was reported in the Eurasia SBU reportable segment. |
Held-for-Sale and Dispositions
Held-for-Sale and Dispositions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Held-for-Sale and Dispositions | Held-for-Sale Mong Duong — In December 2020, the Company entered into an agreement to sell its entire 51% ownership interest in Mong Duong, a coal-fired plant in Vietnam, and 51% equity interest in Mong Duong Finance Holdings B.V, an SPV accounted for as an equity affiliate. The sale is subject to regulatory approval and is expected to close in early 2022. As of December 31, 2020, the Mong Duong plant and SPV were classified as held-for-sale, but did not meet the criteria to be reported as discontinued operations. On a consolidated basis, the carrying value of the plant and SPV held-for-sale as of December 31, 2020 was $472 million. Mong Duong is reported in the Eurasia SBU reportable segment. Estrella del Mar I — The Estrella del Mar I power barge met the held-for-sale criteria as of December 31, 2020, but did not meet criteria to be reported as discontinued operations. On a consolidated basis, the carrying value of the power barge held-for-sale as of December 31, 2020 was $16 million. Estrella del Mar I is reported in the MCAC SBU reportable segment. Itabo — In June 2020, the Company entered into an agreement to sell its 43% ownership interest in Itabo, a coal-fired plant and gas turbine in Dominican Republic, for $101 million. In the fourth quarter of 2020, the expected sales price was reduced to $92 million, reflecting dividends distributed by Itabo. In February 2021, the sale was approved by the Superintendence of Electricity and is expected to close in the first quarter of 2021. As of December 31, 2020, Itabo was classified as held-for-sale, but did not meet the criteria to be reported as discontinued operations. On a consolidated basis, the carrying value of the Itabo facility held-for-sale as of December 31, 2020 was $189 million. Itabo is reported in the MCAC SBU reportable segment. Jordan — In February 2019, the Company entered into an agreement to sell its 36% ownership interest in two generation plants, IPP1 and IPP4, and a solar plant in Jordan. In December 2019, the original sales agreement expired, and in April 2020, one of the potential buyers withdrew from the transaction due to the uncertain economic conditions surrounding the COVID-19 pandemic. As of June 30, 2020, the solar plant no longer met the held-for-sale criteria, while the Company continued with an active process to complete the sale of its controlling interest in IPP1 and IPP4 and believed the sale remained probable. As such, the solar plant was reclassified as held and used as of June 30, 2020. In November 2020, the Company signed an agreement to sell 26% ownership interest in IPP1 and IPP4 for $58 million. The sale is expected to close in the second quarter of 2021. After completion of the sale, the Company will retain a 10% ownership interest in IPP1 and IPP4, which will be accounted for as an equity method investment. As of December 31, 2020, the generation plants were classified as held-for-sale, but did not meet the criteria to be reported as discontinued operations. On a consolidated basis, the carrying value of the plants held-for-sale as of December 31, 2020 was $154 million. Jordan is reported in the Eurasia SBU reportable segment. Excluding any impairment charges, pre-tax income attributable to AES of businesses held-for-sale as of December 31, 2020 was as follows (in millions): Year Ended December 31, 2020 2019 2018 Mong Duong $ 55 $ 34 $ 48 Estrella del Mar I 5 12 17 Itabo 41 30 33 Jordan 20 18 11 Total $ 121 $ 94 $ 109 Dispositions Uruguaiana — In September 2020, the Company completed the sale of its entire interest in AES Uruguaiana, resulting in a pre-tax loss on sale of $90 million, primarily due to the write-off of cumulative translation adjustments. As part of the sale agreement, the Company has guaranteed payment of certain contingent liabilities and provided indemnifications to the buyer which were estimated to have a fair value of $22 million. The sale did not meet the criteria to be reported as discontinued operations. Prior to its sale, Uruguaiana was reported in the South America SBU reportable segment. Kazakhstan Hydroelectric — Affiliates of the Company (the “Affiliates”) previously operated Shulbinsk HPP and Ust-Kamenogorsk HPP (the “HPPs”), two hydroelectric plants in Kazakhstan, under a concession agreement with the Republic of Kazakhstan (“ROK”). In April 2017, the ROK initiated the process to transfer these plants back to the ROK. The ROK indicated that arbitration would be necessary to determine the correct Return Share Transfer Payment ("RST") and, rather than paying the Affiliates, deposited the RST into an escrow account. In exchange, the Affiliates transferred 100% of the shares in the HPPs to the ROK, under protest and with a full reservation of rights. In February 2018, the Affiliates initiated the arbitration process in international court to recover at least $75 million of the RST placed in escrow, based on the September 30, 2017 RST calculation. In May 2020, the arbitrator issued a final decision in favor of the Affiliates, awarding the Affiliates a net amount of damages of approximately $45 million, which has been collected. AES recorded the remaining $30 million as a loss on sale during the quarter ended June 30, 2020. Prior to their transfer, the Kazakhstan HPPs were reported in the Eurasia SBU reportable segment. Redondo Beach Land — In March 2020, the Company completed the sale of land held by AES Redondo Beach, a gas-fired generating facility in California. The land’s carrying value was $24 million, resulting in a pre-tax gain on sale of $41 million, reported in Other income on the Condensed Consolidated Statement of Operations. AES Redondo Beach will lease back the land from the purchaser for the remainder of the generation facility’s useful life. Redondo Beach is reported in the US and Utilities SBU reportable segment. Stuart and Killen — In December 2019, DPL completed the transfer of the co-owned Stuart coal-fired and diesel-fired generating units and the Killen coal-fired generating unit and combustion turbine retired in May 2018, including the associated environmental liabilities. The transfer resulted in cash expenditures of $51 million and a gain on disposal of $20 million. Prior to their transfer, Stuart and Killen were reported in the US and Utilities SBU reportable segment. See Note 22 — Asset Impairment Expense for further information. Kilroot and Ballylumford — In June 2019, the Company completed the sale of its entire interest in the Kilroot coal and oil-fired plant and energy storage facility and the Ballylumford gas-fired plant in the United Kingdom for $118 million, resulting in a pre-tax loss on sale of $33 million primarily due to the write-off of cumulative translation adjustments and accumulated other comprehensive income balances. The sale did not meet the criteria to be reported as discontinued operations. Prior to the sale, Kilroot and Ballylumford were reported in the Eurasia SBU reportable segment. See Note 22 — Asset Impairment Expense for further information. Shady Point — In May 2019, the Company completed the sale of Shady Point, a U.S. coal-fired generating facility, for $29 million. The sale did not meet the criteria to be reported as discontinued operations. Prior to its sale, Shady Point was reported in the US and Utilities SBU reportable segment. See Note 22 — Asset Impairment Expense for further information. CTNG — In December 2018, AES Gener completed the sale of CTNG, an entity that holds transmission lines in Chile, for $225 million, resulting in a pre-tax gain on sale of $126 million after post-closing adjustments. The sale did not meet the criteria to be reported as discontinued operations. Prior to its sale, CTNG was reported in the South America SBU reportable segment. Electrica Santiago — In May 2018, AES Gener completed the sale of Electrica Santiago for total consideration of $287 million, resulting in a final pre-tax gain on sale of $70 million after post-closing adjustments. Electrica Santiago consisted of four gas and diesel-fired generation plants in Chile. The sale did not meet the criteria to be reported as discontinued operations. Prior to its sale, Electrica Santiago was reported in the South America SBU reportable segment. Masinloc — In March 2018, the Company completed the sale of its entire 51% equity interest in Masinloc for cash proceeds of $1.05 billion, resulting in a pre-tax gain on sale of $772 million after post-closing adjustments, subject to U.S. income tax. Masinloc consisted of a coal-fired generation plant in operation, a coal-fired generation plant under construction and an energy storage facility all located in the Philippines. The sale did not meet the criteria to be reported as discontinued operations. Prior to its sale, Masinloc was reported in the Eurasia SBU reportable segment. DPL peaker assets — In March 2018, DPL completed the sale of six of its combustion turbine and diesel-fired generation facilities and related assets ("DPL peaker assets") for total proceeds of $239 million, resulting in a loss on sale of $2 million. The sale did not meet the criteria to be reported as discontinued operations. Prior to their sale, the DPL peaker assets were reported in the US and Utilities SBU reportable segment. Beckjord facility — In February 2018, DPL transferred its interest in Beckjord, a coal-fired generation facility retired in 2014, including its obligations to remediate the facility and its site. The transfer resulted in cash expenditures of $15 million, inclusive of disposal charges, and a loss on disposal of $12 million. Prior to the transfer, Beckjord was reported in the US and Utilities SBU reportable segment. Advancion Energy Storage — In January 2018, the Company deconsolidated the AES Advancion energy storage development business and contributed it to the Fluence joint venture, resulting in a gain on sale of $23 million. See Note 8 — Investments in and Advances to Affiliates for further discussion. Prior to the transfer, the AES Advancion energy storage development business was reported as part of Corporate and Other. Excluding any impairment charge or gain/loss on sale, pre-tax income (loss) attributable to AES of disposed businesses was immaterial for the year ended December 31, 2020. The following table summarizes, excluding any impairment charge or gain/loss on sale, the pre-tax income (loss) attributable to AES of disposed businesses for the periods indicated (in millions): Year Ended December 31, 2019 2018 Kilroot and Ballylumford $ (1) $ 35 Stuart and Killen (1) 52 77 Shady Point (5) 19 Masinloc — 9 Other (2) 14 Total $ 44 $ 154 _____________________________ (1) After the retirement of Stuart and Killen in 2018, the Company entered into contracts to buy back all open capacity years for the plants at prices lower than the PJM capacity revenue prices. As such, the Company continued to earn capacity margin until the plants were transferred in December 2019. Reductions in the asset retirement obligations for ash ponds and landfills at Stuart and Killen in 2018 resulted in a $32 million reduction to cost of sales. See Note 4— Asset Retirement Obligations for further information. |
Acquisitions Acquisitions
Acquisitions Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions Disclosures [Text Block] | Ventus Wind Complex — In December 2020, AES Brasil completed the acquisition of the Ventus Wind Complex ("Ventus") for $91 million, including $4 million of expected working capital adjustments. At closing, the Company made an initial cash payment of $44 million. The remainder was recorded as a note payable, which will be substantially satisfied via a second installment payment expected to occur in the second quarter of 2021. The transaction was accounted for as an asset acquisition; therefore, the total amount of consideration, plus transaction costs, was allocated to the individual assets and liabilities assumed based on their relative fair values. Any differences arising from post-closing adjustments will be allocated accordingly. Ventus is reported in the South America SBU reportable segment. Penonome I — In May 2020, AES Panama completed the acquisition of the Penonome I wind farm from Goldwind International for $80 million. The transaction was accounted for as an asset acquisition, therefore the consideration transferred, plus transaction costs, was allocated to the individual assets and liabilities assumed based on their relative fair values. Any differences arising from post-closing adjustments will be allocated accordingly. Penonome I is reported in the MCAC SBU reportable segment. Los Cururos — In November 2019, AES Gener completed the acquisition of the Los Cururos wind farm and transmission lines in Chile from EPM Chile S.A. for total consideration of $143 million, including $5 million in working capital adjustments paid in the first quarter of 2020. The transaction was accounted for as an asset acquisition, therefore the consideration transferred, plus transaction costs, was allocated to the individual assets acquired and liabilities assumed based on their relative fair values. Los Cururos is reported in the South America SBU reportable segment. Distributed Energy — In December 2018, Distributed Energy acquired the outstanding noncontrolling interest in a partnership holding various solar projects from its tax equity partner for $23 million of consideration in a non-cash transaction through the assumption of debt, increasing the Company's ownership to 100%. The partnership was previously classified as an equity method investment. The transaction was accounted for as an asset acquisition, therefore the Company remeasured the equity investment at fair value and recognized a loss of $5 million in Other expense in the Consolidated Statement of Operations. The fair value of the investment, along with the consideration transferred, plus transaction costs, was allocated to the individual assets acquired and liabilities assumed based on their relative fair values. Distributed Energy is reported in the US and Utilities SBU reportable segment. Oahu — In November 2018, AES Oahu amended a 2017 agreement to acquire 100% of Na Pua Makani Power Partners, a partnership designed to develop and hold a wind project in Hawaii. The fair value of the initial consideration was $53 million, of which $48 million was contingent on meeting predefined development milestones. The transaction was accounted for as an acquisition of a variable interest entity that did not meet the definition of a business, therefore the assets acquired and liabilities assumed were recorded at their fair values, which equaled the fair value of the consideration. As a result of the amendment, the Company paid $11 million in 2018 and the contingent consideration was reduced to $5 million, resulting in a $32 million gain on remeasurement of contingent consideration recorded in Other income in the Consolidated Statement of Operations. AES Oahu is reported in the US and Utilities SBU reportable segment. Guaimbê Solar Complex — In September 2018, AES Brasil completed the acquisition of the Guaimbê Solar Complex (“Guaimbê”) from Cobra do Brasil for $152 million, comprised of the exchange of $119 million of non-convertible debentures in project financing and additional cash consideration of $33 million. The transaction was accounted for as an asset acquisition, therefore the consideration transferred, plus transaction costs, was allocated to the individual assets acquired and liabilities assumed based on their relative fair values. Guaimbê is reported in the South America SBU reportable segment. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic and diluted earnings per share are based on the weighted-average number of shares of common stock and potential common stock outstanding during the period. Potential common stock, for purposes of determining diluted earnings per share, includes the effects of dilutive RSUs and stock options. The effect of such potential common stock is computed using the treasury stock method. The following table is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computation for income from continuing operations for the years ended December 31, 2020, 2019 and 2018, where income represents the numerator and weighted-average shares represent the denominator. Year Ended December 31, 2020 2019 2018 (in millions, except per share data) Income Shares $ per Share Income Shares $ per Share Income Shares $ per Share BASIC EARNINGS PER SHARE Income (loss) from continuing operations attributable to The AES Corporation common stockholders $ 43 665 $ 0.06 $ 302 664 $ 0.46 $ 985 662 $ 1.49 EFFECT OF DILUTIVE SECURITIES Stock options — 1 — — — — — — — Restricted stock units — 2 — — 3 (0.01) — 3 (0.01) DILUTED EARNINGS PER SHARE $ 43 668 $ 0.06 $ 302 667 $ 0.45 $ 985 665 $ 1.48 The calculation of diluted earnings per share excluded 2 million outstanding stock awards for the year ended December 31, 2018, which would be anti-dilutive. These stock awards could potentially dilute basic earnings per share in the future. |
Risks and Uncertainties
Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
RISKS AND UNCERTAINTIES | RISKS AND UNCERTAINTIES AES is a diversified power generation and utility company organized into four market-oriented SBUs. See additional discussion of the Company's principal markets in Note 18— Segments and Geographic Information . Within our four SBUs, we have two primary lines of business: generation and utilities. The generation line of business uses a wide range of fuels and technologies to generate electricity such as coal, gas, hydro, wind, solar, and biomass. Our utilities business comprises businesses that transmit, distribute, and in certain circumstances, generate power. In addition, the Company has operations in the renewables area. These efforts include projects primarily in wind, solar, and energy storage. Operating and Economic Risks — The Company operates in several developing economies where macroeconomic conditions are typically more volatile than developed economies. Deteriorating market conditions and evolving industry expectations to transition away from fossil fuel sources for generation 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, and potential changes in the estimated useful lives of our thermal plants. 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 an investment grade rating from both Standard & Poor's and Fitch of BBB-, and a below-investment grade rating from Moody's of Ba1. A downgrade in our current investment grade ratings could affect the Company's ability to finance new and/or existing development projects at competitive interest rates. As of December 31, 2020, the Company had $1 billion of unrestricted cash and cash equivalents. During 2020, 66% 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 solar panels, wind turbines, 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; • potentially adverse tax consequences of operating in multiple jurisdictions; • difficulties in enforcing our contractual rights, enforcing judgments, or obtaining a just result in local jurisdictions; and • inability to obtain financing on expected terms. Any of these factors, individually or in combination with others, could materially and adversely affect our business, results of operations, and financial condition. In addition, our Latin American operations experience volatility in revenue and earnings which have caused and are expected to cause significant volatility in our results of operations and cash flows. The volatility is caused by regulatory and economic difficulties, political instability, indexation of certain PPAs to fuel prices, and currency fluctuations being experienced in many of these countries. This volatility reduces the predictability and enhances the uncertainty associated with cash flows from these businesses. Our inability to predict, influence or respond appropriately to changes in law or regulatory schemes, including any inability to obtain reasonable increases in tariffs or tariff adjustments for increased expenses, could adversely impact our results of operations or our ability to meet publicly announced projections or analysts' expectations. Furthermore, changes in laws or regulations or changes in the application or interpretation of regulatory provisions in jurisdictions where we operate, particularly our utility businesses where electricity tariffs are subject to regulatory review or approval, could adversely affect our business, including, but not limited to: • changes in the determination, definition, or classification of costs to be included as reimbursable or pass-through costs; • changes in the definition or determination of controllable or noncontrollable costs; • adverse changes in tax law; • changes in the definition of events which may or may not qualify as changes in economic equilibrium; • changes in the timing of tariff increases; • other changes in the regulatory determinations under the relevant concessions; or • changes in environmental regulations, including regulations relating to GHG emissions in any of our businesses. Any of the above events may result in lower margins for the affected businesses, which can adversely affect our results of operations. COVID-19 Pandemic — The COVID-19 pandemic has severely impacted global economic activity, including electricity and energy consumption, and caused significant volatility in financial markets. For the year ended December 31, 2020, the COVID-19 pandemic has had an impact on demand for electricity and, as a result, on the financial results and operations of the Company. The magnitude and duration of the COVID-19 pandemic is unknown at this time and may have material and adverse effects on our results of operations, financial condition and cash flows in future periods. Goodwill — The Company considers a reporting unit at risk of impairment when its fair value does not exceed its carrying amount by more than 10%. In 2019, during the annual goodwill impairment test performed as of October 1, the Company determined that the fair value of its Gener reporting unit exceeded its carrying value by 3%. Therefore, Gener's $868 million goodwill balance was considered to be "at risk", largely due to the Chilean Government's announcement to phase out coal generation by 2040, and a decline in long-term energy prices. As a result of the long-lived asset impairments at Gener during the third quarter of 2020, the Company determined there was a triggering event requiring a reassessment of goodwill impairment at September 1, 2020. The Company determined the fair value of its Gener reporting unit exceeded its carrying value by 13%. Although the fair value exceeds its carrying value by more than 10%, the Company continues to monitor the Gener reporting unit for potential interim goodwill impairment triggering events. The Company monitors its reporting units at risk of impairment for interim impairment indicators, and believes that the estimates and assumptions used in the calculations are reasonable as of December 31, 2020. Should the fair value of any of the Company’s reporting units fall below its carrying amount because of reduced operating performance, market declines, changes in the discount rate, regulatory changes, or other adverse conditions, goodwill impairment charges may be necessary in future periods. 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 the USD and the following currencies could create significant fluctuations in earnings and cash flows: the Argentine peso, the Brazilian real, the Chilean peso, the Colombian peso, the Dominican Republic peso, the Euro, the Indian rupee, and the Mexican peso. Argentina — In September 2019, currency controls were established by the Argentine government in order to control the devaluation of the Argentine peso and keep Argentine central bank reserves at acceptable levels. Restrictions on the flow of capital have limited the availability of international credit, and economic conditions in Argentina have further deteriorated, triggering additional devaluation of the Argentine peso and a deterioration of the country’s risk profile. 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 2020, 2019 or 2018. The cash flows and results of operations of our businesses depend on the credit quality of our customers and the continued ability of our 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Certain of our businesses in Panama and the Dominican Republic are partially owned by governments either directly or through state-owned institutions. In the ordinary course of business, these businesses enter into energy purchase and sale transactions, and transmission agreements with other state-owned institutions which are controlled by such governments. At two of our generation businesses in Mexico, the offtakers exercise significant influence, but not control, through representation on these businesses' Boards of Directors. These offtakers are also required to hold a nominal ownership interest in such businesses. In Chile, we provide capacity and energy under contractual arrangements to our investment which is accounted for under the equity method of accounting. Additionally, the Company provides certain support and management services to several of its affiliates under various agreements. The Company's Consolidated Statements of Operations included the following transactions with related parties for the periods indicated (in millions): Years Ended December 31, 2020 2019 2018 Revenue—Non-Regulated $ 1,506 $ 1,544 $ 1,533 Cost of Sales—Non-Regulated 504 531 342 Interest income 20 21 14 Interest expense 131 74 54 The following table summarizes the balances receivable from and payable to related parties included in the Company's Consolidated Balance Sheets as of the periods indicated (in millions): December 31, 2020 2019 Receivables from related parties $ 252 $ 370 Accounts and notes payable to related parties (1) 1,765 1,976 _____________________________ (1) Includes $1 billion of debt to Mong Duong Finance Holdings B.V., an SPV accounted for as an equity affiliate as of December 31, 2020 and 2019 (see Note 11— Debt ). As of December 31, 2020, the debt balance at the SPV was reclassified to held-for-sale liabilities on the Consolidated Balance Sheet. Also includes $181 million and $415 million of debt to Banco General S.A., a bank in Panama where our minority partner in Colon is part of its board of directors as of December 31, 2020 and 2019, respectively; and $379 million and $287 million of debt to Strabag, our EPC contractor and minority partner in Alto Maipo as of December 31, 2020 and 2019, respectively. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 and 2019 (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 2020 Mar 31 Jun 30 Sep 30 Dec 31 Revenue $ 2,338 $ 2,217 $ 2,545 $ 2,560 Operating margin 507 524 756 906 Income (loss) from continuing operations, net of tax (1) 229 — (481) 401 Income from discontinued operations, net of tax — 3 — — Net income (loss) $ 229 $ 3 $ (481) $ 401 Net income (loss) attributable to The AES Corporation $ 144 $ (83) $ (333) $ 318 Basic earnings (loss) per share: Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax $ 0.22 $ (0.13) $ (0.50) $ 0.48 Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax — 0.01 — — Net income (loss) attributable to The AES Corporation common stockholders $ 0.22 $ (0.12) $ (0.50) $ 0.48 Diluted earnings (loss) per share: Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax $ 0.22 $ (0.13) $ (0.50) $ 0.47 Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax — 0.01 — — Net income (loss) attributable to The AES Corporation common stockholders $ 0.22 $ (0.12) $ (0.50) $ 0.47 Dividends declared per common share $ 0.14 $ — $ 0.14 $ 0.29 Quarter Ended 2019 Mar 31 Jun 30 Sep 30 Dec 31 Revenue $ 2,650 $ 2,483 $ 2,625 $ 2,431 Operating margin 586 502 701 560 Income (loss) from continuing operations, net of tax (2) 233 66 298 (120) Income from discontinued operations, net of tax — 1 — — Net income (loss) $ 233 $ 67 $ 298 $ (120) Net income (loss) attributable to The AES Corporation $ 154 $ 17 $ 210 $ (78) Basic earnings (loss) per share: Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax $ 0.23 $ 0.02 $ 0.32 $ (0.12) Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax — — — — Net income (loss) attributable to The AES Corporation common stockholders $ 0.23 $ 0.02 $ 0.32 $ (0.12) Diluted earnings (loss) per share: Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax $ 0.23 $ 0.02 $ 0.32 $ (0.12) Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax — — — — Net income (loss) attributable to The AES Corporation common stockholders $ 0.23 $ 0.02 $ 0.32 $ (0.12) Dividends declared per common share $ 0.14 $ — $ 0.14 $ 0.28 _____________________________ (1) Includes pre-tax impairment expense of $849 million in the third quarter of 2020 (See Note 22— Asset Im pairment Expense ), other-than-temporary impairment of OPGC of $43 million and $158 million in the first and second quarters of 2020, respectively, and net equity in losses of affiliates, primarily at Guacolda, of $112 million in the third quarter of 2020 (See Note 8— Investments in and Advances to Affiliates ). (2) Includes pre-tax impairment expense of $116 million and $69 million in the second and fourth quarters of 2019, respectively (See Note 22— Asset Impairment Expense ), other-than-temporary impairment of OPGC of $92 million, and net equity in losses of affiliates, primarily at Guacolda, of $175 million in the fourth quarter of 2019 (See Note 8— Investments in and Advances to Affiliates ). |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Parent | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT | THE AES CORPORATION SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT BALANCE SHEETS DECEMBER 31, 2020 AND 2019 December 31, 2020 2019 (in millions) ASSETS Current Assets: Cash and cash equivalents $ 70 $ 11 Accounts and notes receivable from subsidiaries 188 238 Prepaid expenses and other current assets 55 35 Total current assets 313 284 Investment in and advances to subsidiaries and affiliates 6,426 6,782 Office Equipment: Cost 29 27 Accumulated depreciation (22) (20) Office equipment, net 7 7 Other Assets: Other intangible assets, net of accumulated amortization — 1 Deferred financing costs, net of accumulated amortization of $6 and $5, respectively 4 5 Deferred income taxes 25 14 Other assets 20 16 Total other assets 49 36 Total assets $ 6,795 $ 7,109 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 15 $ 20 Accounts and notes payable to subsidiaries 184 339 Accrued and other liabilities 344 221 Senior notes payable—current portion — 5 Total current liabilities 543 585 Long-term Liabilities: Senior notes payable 3,430 3,391 Accounts and notes payable to subsidiaries 28 28 Other long-term liabilities 160 109 Total long-term liabilities 3,618 3,528 Stockholders' equity: Common stock 8 8 Additional paid-in capital 7,561 7,776 Accumulated deficit (680) (692) Accumulated other comprehensive loss (2,397) (2,229) Treasury stock (1,858) (1,867) Total stockholders' equity 2,634 2,996 Total liabilities and equity $ 6,795 $ 7,109 See Notes to Schedule I. THE AES CORPORATION SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2020, 2019, AND 2018 For the Years Ended December 31, 2020 2019 2018 (in millions) Revenue from subsidiaries and affiliates $ 29 $ 30 $ 36 Equity in earnings of subsidiaries and affiliates 383 674 1,909 Interest income 31 53 39 General and administrative expenses (125) (148) (142) Other income 26 1 25 Other expense (6) (103) — Loss on extinguishment of debt (146) (5) (171) Interest expense (163) (197) (220) Income (loss) before income taxes 29 305 1,476 Income tax benefit (expense) 17 (2) (273) Net income (loss) $ 46 $ 303 $ 1,203 See Notes to Schedule I. THE AES CORPORATION SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT STATEMENTS OF COMPREHENSIVE INCOME (LOSS) YEARS ENDED DECEMBER 31, 2020, 2019, AND 2018 2020 2019 2018 (in millions) NET INCOME $ 46 $ 303 $ 1,203 Foreign currency translation activity: Foreign currency translation adjustments, net of income tax (expense) benefit of $(8), $1 and $2, respectively — (23) (214) Reclassification to earnings, net of $0 income tax for all periods 192 23 (21) Total foreign currency translation adjustments, net of tax 192 — (235) Derivative activity: Change in derivative fair value, net of income tax benefit of $90, $53 and $16, respectively (309) (202) (64) Reclassification to earnings, net of income tax expense of $19, $4 and $13, respectively 72 36 78 Total change in fair value of derivatives, net of tax (237) (166) 14 Pension activity: Prior service cost for the period, net of income tax expense of $1, $0 and $1, respectively — 1 (2) Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax benefit (expense) of $4, $6 and $(1), respectively (12) (16) 2 Reclassification of earnings, net of income tax expense of $0, $13 and $2, respectively — 27 7 Total change in unfunded pension obligation (12) 12 7 OTHER COMPREHENSIVE LOSS (57) (154) (214) COMPREHENSIVE INCOME (LOSS) $ (11) $ 149 $ 989 See Notes to Schedule I. THE AES CORPORATION SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2020, 2019, AND 2018 For the Years Ended December 31, 2020 2019 2018 (in millions) Net cash provided by operating activities $ 434 $ 583 $ 409 Investing Activities: Proceeds from the sale of business interests, net of expenses 412 196 1,222 Investment in and net advances to subsidiaries (652) (596) (216) Return of capital 346 411 242 Additions to property, plant and equipment (8) (8) (13) Purchase of short term investments, net (1) — — Net cash provided by (used in) investing activities 97 3 1,235 Financing Activities: (Repayments) Borrowings under the revolver, net (110) 180 (207) Borrowings of notes payable and other coupon bearing securities 3,397 — 1,000 Repayments of notes payable and other coupon bearing securities (3,366) (450) (1,933) Loans from (Repayments to) subsidiaries 25 40 (143) Proceeds from issuance of common stock 4 6 7 Common stock dividends paid (381) (362) (344) Payments for deferred financing costs (38) (3) (11) Other financing (3) (4) (5) Net cash used in financing activities (472) (593) (1,636) Effect of exchange rate changes on cash — (1) 1 Increase (Decrease) in cash and cash equivalents 59 (8) 9 Cash and cash equivalents, beginning 11 19 10 Cash and cash equivalents, ending $ 70 $ 11 $ 19 Supplemental Disclosures: Cash payments for interest, net of amounts capitalized $ 156 $ 192 $ 232 Cash payments (refunds) for income taxes $ (8) $ (5) $ 10 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 as well as effects of U.S. tax law reform enacted in 2017. 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. 2. Debt Senior and Unsecured Notes and Loans Payable ($ in millions) December 31, Interest Rate Maturity 2020 2019 Senior Unsecured Note 4.00% 2021 — 500 Senior Secured Term Loan LIBOR + 1.75% 2022 — 18 Senior Unsecured Note 4.875% 2023 — 613 Senior Unsecured Note 4.50% 2023 — 500 Drawings on revolving credit facility LIBOR + 1.75% 2024 70 180 Senior Unsecured Note 5.50% 2024 — 63 Senior Unsecured Note 5.50% 2025 — 544 Senior Unsecured Note 3.30% 2025 900 — Senior Unsecured Note 6.00% 2026 — 500 Senior Unsecured Note 1.375% 2026 800 — Senior Unsecured Note 5.125% 2027 — 500 Senior Unsecured Note 3.95% 2030 700 — Senior Unsecured Note 2.45% 2031 1,000 — Unamortized (discounts)/premiums & debt issuance (costs) (40) (22) Subtotal $ 3,430 $ 3,396 Less: Current maturities — (5) Total $ 3,430 $ 3,391 FUTURE MATURITIES OF RECOURSE DEBT — As of December 31, 2020 scheduled maturities are presented in the following table (in millions): December 31, Annual Maturities 2021 $ — 2022 — 2023 — 2024 70 2025 900 Thereafter 2,500 Unamortized (discount)/premium & debt issuance (costs) (40) Total debt $ 3,430 3. Dividends from Subsidiaries and Affiliates Cash dividends received from consolidated subsidiaries were $1.0 billion, $1.0 billion and $1.9 billion for the years ended December 31, 2020, 2019, and 2018, respectively. For the years ended December 31, 2020 and 2019, $302 million and $200 million, respectively, of the dividends paid to the Parent Company are derived from the sale of business interests and are classified as an investing activity for cash flow purposes. All other dividends are 4. Guarantees and Letters of Credit GUARANTEES — In connection with certain project financing, acquisitions and dispositions, power purchases and other agreements, the Parent Company has expressly undertaken limited obligations and commitments, most of which will only be effective or will be terminated upon the occurrence of future events. These obligations and commitments, excluding those collateralized by letter of credit and other obligations discussed below, were limited as of December 31, 2020 by the terms of the agreements, to an aggregate of approximately $1.4 billion, representing 69 agreements with individual exposures ranging up to $157 million. These amounts exclude normal and customary representations and warranties in agreements for the sale of assets (including ownership in associated legal entities) where the associated risk is considered to be nominal. LETTERS OF CREDIT — At December 31, 2020, the Parent Company had $77 million in letters of credit outstanding under the revolving credit facility, representing 17 agreements with individual exposures up to $62 million, and $110 million in letters of credit outstanding under the unsecured credit facilities, representing 25 agreements with individual exposures ranging up to $56 million. During the year ended December 31, 2020, the Parent Company paid letter of credit fees ranging from 1% to 3% per annum on the outstanding amounts. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Guacolda — In February 2021, AES Gener entered into an agreement to sell its 50% ownership interest in Guacolda, a coal-fired plant in Chile, for $34 million. The sale is subject to regulatory approval and is expected to close in the first half of 2021. As of December 31, 2020, the carrying value of the investment was zero. Pre-tax loss attributable to AES was $54 million and $88 million for the years ended December 31, 2020 and 2019, respectively. Pre-tax income attributable to AES was $11 million for the year ended December 31, 2018. Guacolda is reported in the South America SBU reportable segment. AES Clean Energy — On January 4, 2021, the sPower and AES Distributed Energy development platforms were merged to form AES Clean Energy Development, which will serve as the development vehicle for all future renewable projects in the U.S. Pro forma information has not been presented as the impact of this transaction, individually and in the aggregate, was not material to our consolidated financial results. Gener — On December 29, 2020, AES Gener commenced a preemptive rights offering for its existing shareholders to subscribe for up to 1,980,000,000 of newly issued shares to fund its renewable growth program. The period ended on February 5, 2021 and Inversiones Cachagua SpA, an AES subsidiary, subscribed for 1,347,200,571 shares at a cost of $205 million, increasing AES' indirect beneficial interest in AES Gener from 67.0% to 67.2%. |
General and Summary of Signif_2
General and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
PRINCIPLES OF CONSOLIDATION | PRINCIPLES OF CONSOLIDATION — The consolidated financial statements of the Company include the accounts of The AES Corporation and its controlled subsidiaries. Furthermore, VIEs in which the Company has an ownership interest and is the primary beneficiary, thus controlling the VIE, have been consolidated. Intercompany transactions and balances are eliminated in consolidation. Investments in entities where the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. |
USE OF ESTIMATES | USE OF ESTIMATES — U.S. GAAP requires the Company to make estimates and assumptions that affect the asset and liability balances reported as of the date of the consolidated financial statements, as well as the revenues and expenses recognized during the reporting period. Actual results could differ from those estimates. Items subject to such estimates and assumptions include: the carrying amount and estimated useful lives of long-lived assets; asset retirement obligations; impairment of goodwill, long-lived assets and equity method investments; valuation allowances for receivables and deferred tax assets; the recoverability of regulatory assets; regulatory liabilities; the fair value of financial instruments; the fair value of assets and liabilities acquired as business combinations or as asset acquisitions by variable interest entities; contingent consideration arising from business combinations or asset acquisitions by variable interest entities; the measurement of equity method investments or noncontrolling interest using the HLBV method for certain renewable generation partnerships; pension liabilities; the incremental borrowing rates used in the determination of lease liabilities; the determination of lease and non-lease components in certain generation contracts; environmental liabilities; and potential litigation claims and settlements. |
Held-for-sale and Disposal Groups [Policy Text Block] | HELD-FOR-SALE DISPOSAL GROUPS — A disposal group classified as held-for-sale is reflected on the balance sheet at the lower of its carrying amount or estimated fair value less cost to sell. A loss is recognized if the carrying amount of the disposal group exceeds its estimated fair value less cost to sell. This loss is limited to the carrying value of long-lived assets until the completion of the sale, at which point, any additional loss is recognized. If the fair value of the disposal group subsequently exceeds the carrying amount while the disposal group is still held-for-sale, any impairment expense previously recognized will be reversed up to the lesser of the previously recognized expense or the subsequent excess. Assets and liabilities related to a disposal group classified as held-for-sale are segregated in the current balance sheet in the period in which the disposal group is classified as held-for-sale. Assets and liabilities of held-for-sale disposal groups are classified as current when they are expected to be disposed of within twelve months. Transactions between the held-for-sale disposal group and businesses that are expected to continue to exist after the disposal are not eliminated to appropriately reflect the continuing operations and balances held-for-sale. See Note 25— Held-for-Sale and Dispositions for further information. |
DISCONTINUED OPERATIONS AND RECLASSIFICATIONS | DISCONTINUED OPERATIONS — Discontinued operations reporting occurs only when the disposal of a business or a group of businesses represents a strategic shift that has (or will have) a major effect on the Company's operations and financial results. The Company reports financial results for discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations. Prior period amounts in the Consolidated Statements of Operations and Consolidated Balance Sheets are retrospectively revised to reflect the businesses determined to be discontinued operations. The cash flows of businesses that are determined to be discontinued operations are included within the relevant categories within operating, investing and financing activities on the face of the Consolidated Statements of Cash Flows. Transactions between the businesses determined to be discontinued operations and businesses that are expected to continue to exist after the disposal are not eliminated to appropriately reflect the continuing operations and balances held-for-sale. The results of discontinued operations include any gain or loss recognized on closing or adjustment of the carrying amount to fair value less cost to sell, including gains or losses associated with noncontrolling interests upon completion of the disposal transaction. Adjustments related to components previously reported as discontinued operations under prior accounting guidance are presented as discontinued operations in the current period even if the disposed-of component to which the adjustments are related would not meet the criteria for presentation as a discontinued operation under current guidance. See Note 24— Discontinued Operations for further information. |
FAIR VALUE | FAIR VALUE — Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly, hypothetical transaction between market participants at the measurement date, or exit price. The Company applies the fair value measurement accounting guidance to financial assets and liabilities in determining the fair value of investments in marketable debt and equity securities, included in the Consolidated Balance Sheet line items Short-term investments and Other noncurrent assets ; derivative assets, included in Other current assets and Other noncurrent assets ; and, derivative liabilities, included in Accrued and other liabilities (current) and Other noncurrent liabilities . The Company applies the fair value measurement guidance to nonfinancial assets and liabilities upon the acquisition of a business or an asset acquisition by a variable interest entity, or in conjunction with the measurement of an asset retirement obligation or a potential impairment loss on an asset group, equity method investments, or goodwill. When determining the fair value measurements for assets and liabilities required to be reflected at their fair values, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the assets or liabilities, such as inherent risk, transfer restrictions and risk of nonperformance. The Company is prohibited from including transaction costs and any adjustments for blockage factors in determining fair value. In determining fair value measurements, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. Assets and liabilities are categorized within a fair value hierarchy based upon the lowest level of input that is significant to the fair value measurement: • Level 1: Quoted prices in active markets for identical assets or liabilities; • Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair values of the assets or liabilities. Any transfers between all levels within the fair value hierarchy levels are recognized at the end of the reporting period. |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS — The Company considers unrestricted cash on hand, cash balances not restricted as to withdrawal or usage, deposits in banks, certificates of deposit and short-term marketable securities with original maturities of three months or less to be cash and cash equivalents. |
RESTRICTED CASH AND DEBT SERVICE RESERVES | RESTRICTED CASH AND DEBT SERVICE RESERVES — Cash balances restricted as to withdrawal or usage, primarily via contract, are considered restricted cash. The following table provides a summary of cash, cash equivalents, and restricted cash amounts reported on the Consolidated Balance Sheets that reconcile to the total of such amounts as shown on the Consolidated Statements of Cash Flows (in millions): December 31, 2020 December 31, 2019 Cash and cash equivalents $ 1,089 $ 1,029 Restricted cash 297 336 Debt service reserves and other deposits 441 207 Cash, Cash Equivalents and Restricted Cash $ 1,827 $ 1,572 |
INVESTMENTS IN MARKETABLE SECURITIES | INVESTMENTS IN MARKETABLE SECURITIES — The Company's marketable investments are primarily unsecured debentures, certificates of deposit, government debt securities and money market funds. Short-term investments consist of marketable equity securities and debt securities with original maturities in excess of three months with remaining maturities of less than one year. Marketable debt securities where the Company has both the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost, net of any allowance for credit losses in accordance with ASC 326. Remaining marketable debt securities are classified as available-for-sale or trading and are carried at fair value. Unrealized gains or losses on available-for-sale debt securities that are not credit-related are reflected in AOCL, a separate component of equity, and the Consolidated Statements of Operations, respectively. Any credit-related impairments are recognized as an allowance with a corresponding impact recognized as a credit loss in Other Expense. Unrealized gains or losses on equity investments are reported in Other income . Interest and dividends on investments are reported in Interest income and Other income , respectively. Gains and losses on sales of investments are determined using the specific identification method. |
ACCOUNTS AND NOTES RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS | ACCOUNTS AND NOTES RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS — Accounts and notes receivable are carried at amortized cost. The Company periodically assesses the collectability of accounts receivable, considering factors such as historical collection experience, the age of accounts receivable and other currently available evidence supporting collectability, and records an allowance for doubtful accounts in accordance with ASC 326 for the estimated uncollectible amount as appropriate. Credit losses on accounts and notes receivable are generally recognized in Cost of Sales . Certain of our businesses charge interest on accounts receivable. Interest income is recognized on an accrual basis. When collection of such interest is not reasonably assured, interest income is recognized as cash is received. Individual accounts and notes receivable are written off when they are no longer deemed collectible. |
INVENTORY | INVENTORY — Inventory primarily consists of fuel and other raw materials used to generate power, and operational spare parts and supplies used to maintain power generation and distribution facilities. Inventory is carried at lower of cost or net realizable value. Cost is the sum of the purchase price and expenditures incurred to bring the inventory to its existing location. Inventory is primarily valued using the average cost method. Generally, if it is expected fuel inventory will not be recovered through revenue earned from power generation, an impairment is recognized to reflect the fuel at net realizable value. The carrying amount of spare parts and supplies is typically reduced only in instances where the items are considered obsolete. |
LONG-LIVED ASSETS | LONG-LIVED ASSETS — Long-lived assets include property, plant and equipment, assets under finance leases and intangible assets subject to amortization (i.e., finite-lived intangible assets). Property, plant and equipment — Property, plant and equipment are stated at cost, net of accumulated depreciation. The cost of renewals and improvements that extend the useful life of property, plant and equipment are capitalized. Construction progress payments, engineering costs, insurance costs, salaries, interest and other costs directly relating to construction in progress are capitalized during the construction period, provided the completion of the construction project is deemed probable, or expensed at the time construction completion is determined to no longer be probable. The continued capitalization of such costs is subject to risks related to successful completion, including those related to government approvals, site identification, financing, construction permitting and contract compliance. Construction-in-progress balances are transferred to electric generation and distribution assets when an asset group is ready for its intended use. Government subsidies, liquidated damages recovered for construction delays, and income tax credits are recorded as a reduction to property, plant and equipment and reflected in cash flows from investing activities. Maintenance and repairs are charged to expense as incurred. Depreciation, after consideration of salvage value and asset retirement obligations, is computed using the straight-line method over the estimated useful lives of the assets, which are determined on a composite or component basis. Capital spare parts, including rotable spare parts, are included in electric generation and distribution assets. If the spare part is considered a component, it is depreciated over its useful life after the part is placed in service. If the spare part is deemed part of a composite asset, the part is depreciated over the composite useful life even when being held as a spare part. Certain of the Company's subsidiaries operate under concession contracts. Certain estimates are utilized to determine depreciation expense for the subsidiaries, including the useful lives of the property, plant and equipment and the amounts to be recovered at the end of the concession contract. The amounts to be recovered under these concession contracts are based on estimates that are inherently uncertain and actual amounts recovered may differ from those estimates. These concession contracts are not within the scope of ASC 853— Service Concession Arrangements . |
INTANGIBLE ASSETS SUBJECT TO AMORTIZATION | Intangible Assets Subject to Amortization — Finite-lived intangible assets are amortized over their useful lives which range from 1 – 50 years and are included in the Consolidated Balance Sheet line item Other intangible assets. The Company accounts for purchased emission allowances as intangible assets and records an expense when they are utilized or sold. Granted emission allowances are valued at zero. |
IMPAIRMENT OF LONG-LIVED ASSETS | Impairment of Long-lived Assets — When circumstances indicate the carrying amount of long-lived assets in a held-for-use asset group may not be recoverable, the Company evaluates the assets for potential impairment using internal projections of undiscounted cash flows resulting from the use and eventual disposal of the assets. Events or changes in circumstances that may necessitate a recoverability evaluation include, but are not limited to, adverse changes in the regulatory environment, unfavorable changes in power prices or fuel costs, increased competition due to additional capacity in the grid, technological advancements, declining trends in demand, or an expectation it is more likely than not that the asset will be disposed of before the end of its previously estimated useful life. If the carrying amount of the assets exceeds the undiscounted cash flows, an impairment expense is recognized for the amount by which the carrying amount of the asset group exceeds its fair value (subject to the carrying amount not being reduced below fair value for any individual long-lived asset that is determinable without undue cost and effort). An impairment expense for certain assets may be reduced by the establishment of a regulatory asset if recovery through approved rates is probable. |
DEFERRED FINANCING COSTS | DEBT ISSUANCE COSTS — Costs incurred in connection with the issuance of long-term debt are deferred and presented as a direct reduction from the face amount of that debt and amortized over the related financing period using the effective interest method. Debt issuance costs related to a line-of-credit or revolving credit facility are deferred and presented as an asset and amortized over the related financing period. Make-whole payments in connection with early debt retirements are classified as cash flows used in financing activities. |
EQUITY METHOD INVESTMENTS | EQUITY METHOD INVESTMENTS — Investments in entities over which the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting and reported in Investments in and advances to affiliates on the Consolidated Balance Sheets. The Company’s proportionate share of the net income or loss of these companies is included in Net equity in earnings (losses) of affiliates on the Consolidated Statements of Operations . The Company utilizes the cumulative earning approach to determine whether distributions received from equity method investees are returns on investment or returns of investment. The Company discontinues the application of the equity method when an investment is reduced to zero and the Company is not otherwise committed to provide further financial support to the investee. The Company resumes the application of the equity method accounting to the extent that net income is greater than the share of net losses not previously recorded. Upon acquiring the investment, we determine the fair value of the identifiable assets and assumed liabilities and the basis difference between each fair value and the carrying amount of the corresponding asset or liability in the financial statements of the investee. The AES share of the amortization of the basis difference is recognized in Net equity in earnings (losses) of affiliates in the Consolidated Statements of Operations over the life of the asset or liability. The Company periodically assesses if impairment indicators exist at our equity method investments. When an impairment is observed, any excess of the carrying amount over its estimated fair value is recognized as impairment expense when the loss in value is deemed other-than-temporary and included in Other non-operating expense |
GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS | GOODWILL AND INDEFINITE-LIVED INTANGIBLE ASSETS — The Company evaluates goodwill and indefinite-lived intangible assets for impairment on an annual basis and whenever events or changes in circumstances necessitate an evaluation for impairment. The Company's annual impairment testing date is October 1 st . Goodwill — Goodwill represents the excess of the purchase price of the business acquisition over the fair value of identifiable net assets acquired. Goodwill resulting from an acquisition is assigned to the reporting units that are expected to benefit from the synergies of the acquisition. Generally, each AES business with a goodwill balance constitutes a reporting unit as they are not similar to other businesses in a segment nor are they reported to segment management together with other businesses. Goodwill is evaluated for impairment either under the qualitative assessment option or the quantitative test option to determine the fair value of the reporting unit. If goodwill is determined to be impaired, an impairment loss measured at the amount by which the reporting unit’s carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill, is recorded. |
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, and benefits. |
REGULATORY ASSETS AND LIABILITIES | REGULATORY ASSETS AND LIABILITIES — The Company recognizes assets and liabilities that result from regulated ratemaking processes. Regulatory assets generally represent incurred costs which have been deferred due to the probable future recovery via customer rates. Generally, returns earned on regulatory assets are reflected in the Consolidated Statements of Operations within Interest Income . Regulatory liabilities generally represent obligations to refund customers. Management continually assesses whether regulatory assets are probable of future recovery and regulatory liabilities are probable of future payment by considering factors such as applicable regulatory changes, recent rate orders applicable to other regulated entities, and the status of any pending or potential deregulation legislation. If future recovery of costs previously deferred ceases to be probable, the related regulatory assets are written off and recognized in income from continuing operations. |
PENSION AND OTHER POSTRETIREMENT PLANS | PENSION AND OTHER POSTRETIREMENT PLANS — The Company recognizes in its Consolidated Balance Sheets an asset or liability reflecting the funded status of pension and other postretirement plans with current-year changes in actuarial gains or losses recognized in AOCL, except for those plans at certain of the Company's regulated utilities that can recover portions of their pension and postretirement obligations through future rates. All plan assets are recorded at fair value. AES follows the measurement date provisions of the accounting guidance, which require a year-end measurement date of plan assets and obligations for all defined benefit plans. |
INCOME TAXES | INCOME TAXES — Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities, and their respective income tax basis. The Company establishes a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company's tax positions are evaluated under a more likely than not recognition threshold and measurement analysis before they are recognized for financial statement reporting. Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid within one year. The Company's policy for interest and penalties related to income tax exposures is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statements of Operations. The Company has elected to treat GILTI as an expense in the period in which the tax is accrued. Accordingly, no deferred tax assets or liabilities are recorded related to GILTI. The Company applies the flow-through method to account for its investment tax credits. |
ASSET RETIREMENT OBLIGATIONS | ASSET RETIREMENT OBLIGATIONS — The Company records the fair value of a liability for a legal obligation to retire an asset in the period in which the obligation is incurred. When a new liability is recognized, the Company capitalizes the costs of the liability by increasing the carrying amount of the related long-lived asset. The liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset. Upon settlement of the obligation, the Company eliminates the liability and, based on the actual cost to retire, may incur a gain or loss. |
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS — Noncontrolling interests are classified as a separate component of equity in the Consolidated Balance Sheets and Consolidated Statements of Changes in Equity. Additionally, net income and comprehensive income attributable to noncontrolling interests are reflected separately from consolidated net income and comprehensive income on the Consolidated Statements of Operations and Consolidated Statements of Changes in Equity. Any change in ownership of a subsidiary while the controlling financial interest is retained is accounted for as an equity transaction between the controlling and noncontrolling interests. Losses continue to be attributed to the noncontrolling interests, even when the noncontrolling interests' basis has been reduced to zero. Equity securities with redemption features that are not solely within the control of the issuer are classified outside of permanent equity. Generally, initial measurement will be at fair value. Subsequent measurement and classification vary depending on whether the instrument is probable of becoming redeemable. When the equity instrument is not probable of becoming redeemable, subsequent allocation of income and dividends is classified in permanent equity. For those securities where it is probable that the instrument will become redeemable or that are currently redeemable, AES recognizes changes in the fair value at each accounting period against retained earnings or additional paid-in-capital in the absence of retained earnings, subject to the floor of the initial fair value. Further, the allocation of income and dividends, as well as the adjustment to fair value, is classified outside permanent equity. Instruments that are mandatorily redeemable are classified as a liability. |
FOREIGN CURRENCY TRANSLATION | FOREIGN CURRENCY TRANSLATION — A business's functional currency is the currency of the primary economic environment in which the business operates and is generally the currency in which the business generates and expends cash. Subsidiaries and affiliates whose functional currency is a currency other than the U.S. dollar translate their assets and liabilities into U.S. dollars at the current exchange rates in effect at the end of the fiscal period. Adjustments arising from the translation of the balance sheet of such subsidiaries are included in AOCL. The revenue and expense accounts of such subsidiaries and affiliates are translated into U.S. dollars at the average exchange rates for the period. Gains and losses on intercompany foreign currency transactions that are long-term in nature and which the Company does not intend to settle in the foreseeable future, are also recognized in AOCL. Gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in determining net income. Accumulated foreign currency translation adjustments are reclassified from AOCL to net income only when realized upon sale or upon complete or substantially complete liquidation of the investment in a foreign entity. The accumulated adjustments are included in |
REVENUE RECOGNITION | REVENUE RECOGNITION — Revenue is earned from the sale of electricity from our utilities and the production and sale of electricity and capacity from our generation facilities. Revenue is recognized upon the transfer of control of promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Revenue is recorded net of any taxes assessed on and collected from customers, which are remitted to the governmental authorities. Utilities — Our utilities sell electricity directly to end-users, such as homes and businesses, and bill customers directly. The majority of our utility contracts have a single performance obligation, as the promises to transfer energy, capacity, and other distribution and/or transmission services are not distinct. Additionally, as the performance obligation is satisfied over time as energy is delivered, and the same method is used to measure progress, the performance obligation meets the criteria to be considered a series. Utility revenue is classified as regulated on the Consolidated Statements of Operations. In exchange for the right to sell or distribute electricity in a service territory, our utility businesses are subject to government regulation. This regulation sets the framework for the prices (“tariffs”) that our utilities are allowed to charge customers for electricity. Since tariffs are determined by the regulator, the price that our utilities have the right to bill corresponds directly with the value to the customer of the utility's performance completed in each period. The Company also has some month-to-month contracts. Revenue under these contracts is recognized using an output method measured by the MWh delivered each month, which best depicts the transfer of goods or services to the customer, at the approved tariff. The Company has businesses where it sells and purchases power to and from ISOs and RTOs. Our utility businesses generally purchase power to satisfy the demand of customers that is not contracted through separate PPAs. In these instances, the Company accounts for these transactions on a net hourly basis because the transactions are settled on a net hourly basis. In limited situations, a utility customer may choose to receive generation services from a third-party provider, in which case the Company may serve as a billing agent for the provider and recognize revenue on a net basis. Generation — Most of our generation fleet sells electricity under contracts to customers such as utilities, industrial users, and other intermediaries. Our generation contracts, based on specific facts and circumstances, can have one or more performance obligations as the promise to transfer energy, capacity, and other services may or may not be distinct depending on the nature of the market and terms of the contract. As the performance obligations are generally satisfied over time and use the same method to measure progress, the performance obligations meet the criteria to be considered a series. In measuring progress toward satisfaction of a performance obligation, the Company applies the "right to invoice" practical expedient when available, and recognizes revenue in the amount to which the Company has a right to consideration from a customer that corresponds directly with the value of the performance completed to date. Revenue from generation businesses is classified as non-regulated on the Consolidated Statements of Operations. For contracts determined to have multiple performance obligations, we allocate revenue to each performance obligation based on its relative standalone selling price using a market or expected cost plus margin approach. Additionally, the Company allocates variable consideration to one or more, but not all, distinct goods or services that form part of a single performance obligation when (1) the variable consideration relates specifically to the efforts to transfer the distinct good or service and (2) the variable consideration depicts the amount to which the Company expects to be entitled in exchange for transferring the promised good or service to the customer. Revenue from generation contracts is recognized using an output method, as energy and capacity delivered best depicts the transfer of goods or services to the customer. Performance obligations including energy or ancillary services (such as operations and maintenance and dispatch services) are generally measured by the MWh delivered. Capacity, which is a stand-ready obligation to deliver energy when required by the customer, is measured using MWs. In certain contracts, if plant availability exceeds a contractual target, the Company may receive a performance bonus payment, or if the plant availability falls below a guaranteed minimum target, we may incur a non-availability penalty. Such bonuses or penalties represent a form of variable consideration and are estimated and recognized when it is probable that there will not be a significant reversal. In assessing whether variable quantities are considered variable consideration or an option to acquire additional goods and services, the Company evaluates the nature of the promise and the legally enforceable rights in the contract. In some contracts, such as requirement contracts, the legally enforceable rights merely give the customer a right to purchase additional goods and services which are distinct. In these contracts, the customer's action results in a new obligation, and the variable quantities are considered an option. When energy or capacity is sold or purchased in the spot market or to ISOs, the Company assesses the facts and circumstances to determine gross versus net presentation of spot revenues and purchases. Generally, the nature of the performance obligation is to sell surplus energy or capacity above contractual commitments, or to purchase energy or capacity to satisfy deficits. Generally, on an hourly basis, a generator is either a net seller or a net buyer in terms of the amount of energy or capacity transacted with the ISO. In these situations, the Company recognizes revenue for the hours where the generator is a net seller and cost of sales for the hours where the generator is a net buyer. Certain generation contracts contain operating leases where capacity payments are generally considered lease elements. In such cases, the allocation between the lease and non-lease elements is made at the inception of the lease following the guidance in ASC 842. The transaction price allocated to a construction performance obligation is recognized as revenue over time as construction activity occurs, with revenue being fully recognized upon completion of construction. These contracts may include a difference in timing between revenue recognition and the collection of cash receipts, which may be collected over the term of the entire arrangement. The timing difference could result in a significant financing component for the construction performance obligation if determined to be a material component of the transaction price. The Company accounts for a significant financing component under the effective interest rate method, recognizing a long-term receivable for the expected future payments related to the construction performance obligation in the Loan Receivable line item on the Consolidated Balance Sheets. As payments are collected from the customer over the term of the contract, consideration related to the construction performance obligation is bifurcated between the principal repayment of the long-term receivable and the related interest income, recognized in the Consolidated Statements of Operations. Contract Balances — The timing of revenue recognition, billings, and cash collections results in accounts receivable and contract liabilities. Accounts receivable represent unconditional rights to consideration and consist of both billed amounts and unbilled amounts typically resulting from sales under long-term contracts when revenue recognized exceeds the amount billed to the customer. We bill both generation and utilities customers on a contractually agreed-upon schedule, typically at periodic intervals (e.g., monthly). The calculation of revenue earned but not yet billed is based on the number of days not billed in the month, the estimated amount of energy delivered during those days and the estimated average price per customer class for that month. Our contract liabilities consist of deferred revenue which is classified as current or noncurrent based on the timing of when we expect to recognize revenue. The current portion of our contract liabilities is reported in Accrued and other liabilities and the noncurrent portion is reported in Other noncurrent liabilities on the Consolidated Balance Sheets. Remaining Performance Obligations — The transaction price allocated to remaining performance obligations represents future consideration for unsatisfied (or partially unsatisfied) performance obligations at the end of the reporting period. The Company has elected to apply the optional disclosure exemptions under ASC 606. Therefore, the amount disclosed in Note 20— Revenue excludes contracts with an original length of one year or less, contracts for which we recognize revenue based on the amount we have the right to invoice for services performed, and variable consideration allocated entirely to a wholly unsatisfied performance obligation when the consideration relates specifically to our efforts to satisfy the performance obligation and depicts the amount to which we expect to be entitled. As such, consideration for energy is excluded from the amount disclosed as the variable consideration relates to the amount of energy delivered and reflects the value the Company expects to receive for the energy transferred. Estimates of revenue expected to be recognized in future periods also exclude unexercised customer options to purchase additional goods or services that do not represent material rights to the customer. |
Lessee, Leases [Policy Text Block] | LEASES — The Company has operating and finance leases for energy production facilities, land, office space, transmission lines, vehicles and other operating equipment in which the Company is the lessee. Operating leases with an initial term of 12 months or less are not recorded on the balance sheet, but are expensed on a straight-line basis over the lease term. The Company’s leases do not contain any material residual value guarantees, restrictive covenants or subleases. |
Lessor, Leases [Policy Text Block] | The Company has operating leases for certain generation contracts that contain provisions to provide capacity to a customer, which is a stand-ready obligation to deliver energy when required by the customer in which the Company is the lessor. Capacity payments are generally considered lease elements as they cover the majority of available output from a facility. The allocation of contract payments between the lease and non-lease elements is made at the inception of the lease. Fixed lease payments from such contracts are recognized as lease revenue on a straight-line basis over the lease term, whereas variable lease payments are recognized when earned. The Company has sales-type leases for BESS in which the Company is the lessor. These arrangements allow customers the ability to determine when to charge and discharge the BESS, representing the transfer of control and constitutes the arrangement as a sales-type lease. Upon commencement of the lease, the book value of the leased asset is removed from the balance sheet and a net investment in sales-type lease is recognized based on the present value of fixed payments under the contract and the residual value of the underlying asset. |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION — The Company grants share-based compensation in the form of stock options, restricted stock units, performance stock units, and performance cash units. The expense is based on the grant-date fair value of the equity or liability instrument issued and is recognized on a straight-line basis over the requisite service period, net of estimated forfeitures. The Company uses a Black-Scholes option pricing model to estimate the fair value of stock options granted to its employees. |
GENERAL AND ADMINISTRATIVE EXPENSES | GENERAL AND ADMINISTRATIVE EXPENSES — General and administrative expenses include corporate and other expenses related to corporate staff functions and initiatives, primarily executive management, finance, legal, human resources and information systems, which are not directly allocable to our business segments. Additionally, all costs associated with corporate business development efforts are classified as general and administrative expenses. |
DERIVATIVES AND HEDGING ACTIVITIES | DERIVATIVES AND HEDGING ACTIVITIES — Under the accounting standards for derivatives and hedging, the Company recognizes all contracts that meet the definition of a derivative, except those designated as normal purchase or normal sale at inception, as either assets or liabilities in the Consolidated Balance Sheets and measures those instruments at fair value. See Note 5— Fair Value and Fair value in this section for additional discussion regarding the determination of fair value. PPAs and fuel supply agreements are evaluated to assess if they contain either a derivative or an embedded derivative requiring separate valuation and accounting. Generally, these agreements do not meet the definition of a derivative, often due to the inability to be net settled. On a quarterly basis, we evaluate the markets for commodities to be delivered under these agreements to determine if facts and circumstances have changed such that the agreements could be net settled and meet the definition of a derivative. The Company typically designates its derivative instruments as cash flow hedges if they meet the criteria specified in ASC 815, Derivatives and Hedging . The Company enters into interest rate swap agreements in order to hedge the variability of expected future cash interest payments. Foreign currency contracts are used to reduce risks arising from the change in fair value of certain foreign currency denominated assets and liabilities. The objective of these practices is to minimize the impact of foreign currency fluctuations on operating results. The Company also enters into commodity contracts to economically hedge price variability inherent in electricity sales arrangements. The objectives of the commodity contracts are to minimize the impact of variability in spot electricity prices and stabilize estimated revenue streams. The Company does not use derivative instruments for speculative purposes. For our hedges, changes in fair value are deferred in AOCL and are recognized into earnings as the hedged transactions affect earnings. If a derivative is no longer highly effective, hedge accounting will be discontinued prospectively. For cash flow hedges of forecasted transactions, AES estimates the future cash flows of the forecasted transactions and evaluates the probability of the occurrence and timing of such transactions. 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 are recognized in earnings, they are generally classified as 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. Cash flows arising from derivatives are included in the Consolidated Statements of Cash Flows as an operating activity given the nature of the underlying risk being economically hedged and the lack of significant financing elements, except that cash flows on designated and qualifying hedges of variable-rate interest during construction are classified as an investing activity. The Company has elected not to offset net derivative positions in the financial statements. CREDIT LOSSES — In accordance with ASC 326, the Company records an allowance for current expected credit losses (“CECL”) for accounts and notes receivable, financing receivables, contract assets, net investments in leases recognized as a lessor, held-to-maturity debt securities, financial guarantees related to the non-payment of a financial obligation, and off-balance sheet credit exposures not accounted for as insurance. The CECL allowance is based on the asset's amortized cost and reflects management's expected risk of credit losses over the remaining contractual life of the asset. CECL allowances are estimated using relevant information about the collectibility of cash flows and consider information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions. See New Accounting Pronouncements below for further information regarding the impact on the Company's financial statements upon adoption of ASC 326. |
DERIVATIVES OFFSETTING FAIR VALUE AMOUNTS | The Company has elected not to offset net derivative positions in the financial statements. CREDIT LOSSES — In accordance with ASC 326, the Company records an allowance for current expected credit losses (“CECL”) for accounts and notes receivable, financing receivables, contract assets, net investments in leases recognized as a lessor, held-to-maturity debt securities, financial guarantees related to the non-payment of a financial obligation, and off-balance sheet credit exposures not accounted for as insurance. The CECL allowance is based on the asset's amortized cost and reflects management's expected risk of credit losses over the remaining contractual life of the asset. CECL allowances are estimated using relevant information about the collectibility of cash flows and consider information about past events, current conditions, and reasonable and supportable forecasts of future economic conditions. See New Accounting Pronouncements below for further information regarding the impact on the Company's financial statements upon adoption of ASC 326. |
SEGMENTS AND GEOGRAPHIC INFORMATION | The segment reporting structure uses the Company's management reporting structure as its foundation to reflect how the Company manages the businesses internally and is mainly organized by geographic regions which provides a socio-political-economic understanding of our business. The management reporting structure is organized by four SBUs led by our President and Chief Executive Officer: US and Utilities, South America, MCAC, and Eurasia SBUs. Using the accounting guidance on segment reporting, the Company determined that its four operating segments are aligned with its four reportable segments corresponding to its SBUs. Corporate and Other — Included in "Corporate and Other" are the results of the AES self-insurance company and certain equity affiliates, corporate overhead costs which are not directly associated with the operations of our four reportable segments, and certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation. The Company uses Adjusted PTC as its primary segment performance measure. Adjusted PTC, a non-GAAP measure, is defined by the Company as pre-tax income from continuing operations attributable to The AES Corporation excluding gains or losses of the consolidated entity due to (a) unrealized gains or losses related to derivative transactions and equity securities; (b) unrealized foreign currency gains or losses; (c) gains, losses, benefits and costs associated with dispositions and acquisitions of business interests, including early plant closures, and gains and losses recognized at commencement of sales-type leases; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt; (f) costs directly associated with a major restructuring program, including, but not limited to, workforce reduction efforts, relocations, and office consolidation; and (g) net gains at Angamos, one of our businesses in the South America SBU, associated with the early contract terminations with Minera Escondida and Minera Spence. Adjusted PTC also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities. The Company has concluded Adjusted PTC better reflects the underlying business performance of the Company and is the most relevant measure considered in the Company's internal evaluation of the financial performance of its segments. Additionally, given its large number of businesses and complexity, the Company concluded that Adjusted PTC is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the Company's results. Revenue and Adjusted PTC are presented before inter-segment eliminations, which includes the effect of intercompany transactions with other segments except for interest, charges for certain management fees, and the write-off of intercompany balances, as applicable. All intra-segment activity has been eliminated within the segment. Inter-segment activity has been eliminated within the total consolidated results. |
Earnings Per Share, Policy [Policy Text Block] | Basic and diluted earnings per share are based on the weighted-average number of shares of common stock and potential common stock outstanding during the period. Potential common stock, for purposes of determining diluted earnings per share, includes the effects of dilutive RSUs and stock options. The effect of such potential common stock is computed using the treasury stock method. |
Contingencies Contingencies (Po
Contingencies Contingencies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Loss Contingencies [Line Items] | |
Commitments and Contingencies, Policy [Policy Text Block] | The Company is involved in certain claims, suits and legal proceedings in the normal course of business. The Company accrues for litigation and claims when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company has recognized aggregate liabilities for all claims of approximately $28 million and $55 million as of December 31, 2020 and 2019, respectively. These amounts are reported on the Consolidated Balance Sheets within Accrued and other liabilities and Other noncurrent liabilities . A significant portion of these accrued liabilities relate to regulatory matters and commercial disputes in international jurisdictions. There can be no assurance that these accrued liabilities will be adequate to cover all existing and future claims or that we will have the liquidity to pay such claims as they arise. |
Leases (Policies)
Leases (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Early Termination [Policy Text Block] | The option to extend or terminate a lease is based on customary early termination provisions in the contract, such as payment defaults, bankruptcy, and lack of performance on energy delivery. |
Segments and Geographic Informa
Segments and Geographic Information Segments and Geographic Information (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | The segment reporting structure uses the Company's management reporting structure as its foundation to reflect how the Company manages the businesses internally and is mainly organized by geographic regions which provides a socio-political-economic understanding of our business. The management reporting structure is organized by four SBUs led by our President and Chief Executive Officer: US and Utilities, South America, MCAC, and Eurasia SBUs. Using the accounting guidance on segment reporting, the Company determined that its four operating segments are aligned with its four reportable segments corresponding to its SBUs. Corporate and Other — Included in "Corporate and Other" are the results of the AES self-insurance company and certain equity affiliates, corporate overhead costs which are not directly associated with the operations of our four reportable segments, and certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation. The Company uses Adjusted PTC as its primary segment performance measure. Adjusted PTC, a non-GAAP measure, is defined by the Company as pre-tax income from continuing operations attributable to The AES Corporation excluding gains or losses of the consolidated entity due to (a) unrealized gains or losses related to derivative transactions and equity securities; (b) unrealized foreign currency gains or losses; (c) gains, losses, benefits and costs associated with dispositions and acquisitions of business interests, including early plant closures, and gains and losses recognized at commencement of sales-type leases; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt; (f) costs directly associated with a major restructuring program, including, but not limited to, workforce reduction efforts, relocations, and office consolidation; and (g) net gains at Angamos, one of our businesses in the South America SBU, associated with the early contract terminations with Minera Escondida and Minera Spence. Adjusted PTC also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities. The Company has concluded Adjusted PTC better reflects the underlying business performance of the Company and is the most relevant measure considered in the Company's internal evaluation of the financial performance of its segments. Additionally, given its large number of businesses and complexity, the Company concluded that Adjusted PTC is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the Company's results. Revenue and Adjusted PTC are presented before inter-segment eliminations, which includes the effect of intercompany transactions with other segments except for interest, charges for certain management fees, and the write-off of intercompany balances, as applicable. All intra-segment activity has been eliminated within the segment. Inter-segment activity has been eliminated within the total consolidated results. |
Income Taxes Income Taxes (Poli
Income Taxes Income Taxes (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax, Policy [Policy Text Block] | INCOME TAXES — Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities, and their respective income tax basis. The Company establishes a valuation allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company's tax positions are evaluated under a more likely than not recognition threshold and measurement analysis before they are recognized for financial statement reporting. Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid within one year. The Company's policy for interest and penalties related to income tax exposures is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statements of Operations. The Company has elected to treat GILTI as an expense in the period in which the tax is accrued. Accordingly, no deferred tax assets or liabilities are recorded related to GILTI. The Company applies the flow-through method to account for its investment tax credits. |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | Basic and diluted earnings per share are based on the weighted-average number of shares of common stock and potential common stock outstanding during the period. Potential common stock, for purposes of determining diluted earnings per share, includes the effects of dilutive RSUs and stock options. The effect of such potential common stock is computed using the treasury stock method. |
General and Summary of Signif_3
General and Summary of Significant Accounting Policies Effect of Change in Estimate (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Change in Accounting Estimate [Line Items] | |
Schedule of Change in Accounting Estimate [Table Text Block] | . |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory Balance By Type | The following table summarizes the Company's inventory balances as of the dates indicated (in millions): December 31, 2020 2019 Fuel and other raw materials $ 223 $ 230 Spare parts and supplies 238 257 Total $ 461 $ 487 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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. Estimated Useful Life December 31, (in years) 2020 2019 Electric generation and distribution facilities 5-40 $ 24,239 $ 22,869 Other buildings 5-51 1,507 1,612 Furniture, fixtures and equipment 3-30 333 319 Other 5-39 628 583 Total electric generation and distribution assets and other 26,707 25,383 Accumulated depreciation (8,472) (8,505) Net electric generation and distribution assets and other $ 18,235 $ 16,878 |
Interest Capitalized During Development And Construction | The following table summarizes depreciation expense (including the amortization of assets recorded under finance leases in 2020 and 2019 or capital leases in 2018, and the amortization of asset retirement obligations) and interest capitalized during development and construction on qualifying assets for the periods indicated (in millions): Years Ended December 31, 2020 2019 2018 Depreciation expense $ 1,004 $ 977 $ 960 Interest capitalized during development and construction 307 238 199 |
Net Asset Value Of Regulated And Non-Regulated Assets And Accumulated Depreciation | The following table summarizes regulated and non-regulated generation and distribution property, plant and equipment and accumulated depreciation as of the dates indicated (in millions): December 31, 2020 2019 Regulated generation and distribution assets and other, gross $ 8,858 $ 8,570 Regulated accumulated depreciation (3,329) (3,029) Regulated generation and distribution assets and other, net 5,529 5,541 Non-regulated generation and distribution assets and other, gross 17,849 16,813 Non-regulated accumulated depreciation (5,143) (5,476) Non-regulated generation and distribution assets and other, net 12,706 11,337 Net electric generation and distribution assets and other $ 18,235 $ 16,878 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Asset Retirement Obligations [Table Text Block] | The following table presents amounts recognized related to asset retirement obligations for the periods indicated (in millions): 2020 2019 Balance at January 1 $ 428 $ 415 Additional liabilities incurred 42 19 Liabilities settled (20) (12) Accretion expense 22 21 Change in estimated cash flows 3 58 Sale of plants (13) (71) Other — (2) Balance at December 31 $ 462 $ 428 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Significant unobservable inputs, recurring | The following table summarizes the significant unobservable inputs used for the Level 3 derivative assets (liabilities) as of December 31, 2020 (in millions, except range amounts): Type of Derivative Fair Value Unobservable Input Amount or Range (Weighted Average) Interest rate $ (236) Subsidiaries’ credit spreads 0.6% - 3.6% (3.5%) Cross-currency (2) Subsidiaries’ credit spreads 3.6% - 3.6% (3.6%) Foreign currency: Argentine peso 146 Argentine peso to USD currency exchange rate after one year 86 - 1,027 (405) Commodity: Other 2 Total $ (90) |
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, 2020 and 2019 (presented net by type of derivative in millions). Transfers between Level 3 and Level 2 principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment. Year Ended December 31, 2020 Interest Rate Cross Currency Foreign Currency Commodity Total Balance at January 1 $ (184) $ (11) $ 94 $ (1) $ (102) Total realized and unrealized gains (losses): Included in earnings 3 (2) 67 2 70 Included in other comprehensive income — derivative activity (84) (10) 23 — (71) Settlements 34 21 (39) 1 17 Transfers of assets/(liabilities), net into Level 3 (6) — — — (6) Transfers of (assets)/liabilities, net out of Level 3 1 — 1 — 2 Balance at December 31 $ (236) $ (2) $ 146 $ 2 $ (90) 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) $ 35 $ 2 $ 35 Year Ended December 31, 2019 Interest Rate Cross Currency Foreign Currency Commodity Total Balance at January 1 $ (140) $ — $ 199 $ 4 $ 63 Total realized and unrealized gains (losses): Included in earnings (1) — (65) (2) (68) Included in other comprehensive income — derivative activity (97) — (17) — (114) Included in regulatory (assets) liabilities — — — (5) (5) Settlements 8 — (23) 2 (13) Transfers of assets/(liabilities), net into Level 3 (2) (11) — — (13) Transfers of (assets)/liabilities, net out of Level 3 48 — — — 48 Balance at December 31 $ (184) $ (11) $ 94 $ (1) $ (102) 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 $ — $ — $ (67) $ (2) $ (69) |
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 the periods indicated, but for which fair value is disclosed: December 31, 2020 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 97 $ 197 $ — $ — $ 197 Liabilities: Non-recourse debt 16,354 18,403 5 15,301 3,097 Recourse debt 3,446 3,677 — 3,677 — December 31, 2019 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 98 $ 145 $ — $ — $ 145 Liabilities: Non-recourse debt 16,712 16,579 — 15,804 775 Recourse debt 3,396 3,529 — 3,529 — _____________________________ (1) These amounts primarily relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and amounts related to green blend and extend agreements in Chile and are included in Other noncurrent assets |
Significant unobservable inputs, nonrecurring | The following table summarizes the significant unobservable inputs used in the Level 3 measurement of long-lived assets held and used measured on a nonrecurring basis during the year ended December 31, 2020 (in millions, except range amounts): December 31, 2020 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Long-lived assets held and used: AES Gener $ 306 Discounted cash flow Annual revenue growth (90)% to 10% (-2%) Variable margin (94)% to 24% (-3%) Weighted-average cost of capital 7% to 10% Hawaii 76 Discounted cash flow Monthly revenue growth (12)% to 13% (0%) Pre-tax operating margin 24% to 35% (29%) Weighted-average cost of capital 10% to 13% Estrella del Mar I 14 Comparable market transactions Sale price per kilowatt (USD) $160 to $520 ($315) Age of unit when sold (years) 15 to 25 (18) Equity method investments: OPGC (1) 152 Expected present value Annual dividend growth (25)% to 40% (2%) Weighted-average cost of equity 12 % Total $ 548 |
Fair value hierarchy for nonrecurring measurements table | The following table summarizes our major categories of assets measured at fair value on a nonrecurring basis and their level within the fair value hierarchy (in millions): Year Ended December 31, 2020 Measurement Date Carrying Amount (1) Fair Value Pre-tax Loss Assets Level 1 Level 2 Level 3 Long-lived assets held and used: AES Gener (2) 8/1/2020 $ 1,087 $ — $ — $ 306 $ 781 Hawaii (2) 8/31/2020 114 — — 76 38 Estrella del Mar I (2) 9/30/2020 44 — — 14 30 Equity method investments: OPGC (3) 03/31/2020 195 — — 152 43 OPGC (3) 06/30/2020 272 — 104 — 158 Year Ended December 31, 2019 Measurement Date Carrying Amount (1) Fair Value Pre-tax Loss Assets Level 1 Level 2 Level 3 Dispositions and held-for-sale businesses: (4) Kilroot and Ballylumford 04/12/2019 $ 232 $ — $ 118 $ — $ 115 Long-lived assets held and used: Hawaii (2) 12/31/2019 163 — — 103 60 Equity method investments: OPGC (3) 12/31/2019 304 — — 212 92 _____________________________ (1) Represents the carrying values at the dates of initial measurement, before fair value adjustment. (2) See Note 22— Asset Impairment Expense for further information. (3) See Note 8— In vestments I n and Advances to Affiliates for further information. (4) Per the Company's policy, pre-tax loss is limited to the impairment of long-lived assets. Any additional loss will be recognized on completion of the sale. See Note 22— Asset Impairment Expense and Note 25— Held-for-Sale and Dispositions for further information. |
Fair value hierarchy for recurring measurements table | The following table presents, by level within the fair value hierarchy as described in Note 1— General and Summary of Significant Accounting Policies the Company's financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated (in millions). For the Company's investments in marketable debt securities, the security classes presented were determined based on the nature and risk of the security and are consistent with how the Company manages, monitors, and measures its marketable securities: December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets DEBT SECURITIES: Available-for-sale: Unsecured debentures $ — $ 21 $ — $ 21 $ — $ — $ — $ — Certificates of deposit — 238 — 238 — 326 — 326 Total debt securities — 259 — 259 — 326 — 326 EQUITY SECURITIES: Mutual funds 28 51 — 79 22 61 — 83 Total equity securities 28 51 — 79 22 61 — 83 DERIVATIVES: Interest rate derivatives — 13 — 13 — 31 — 31 Cross-currency derivatives — 5 — 5 — — — — Foreign currency derivatives — 15 146 161 — 17 93 110 Commodity derivatives — 8 2 10 — 28 2 30 Total derivatives — assets — 41 148 189 — 76 95 171 TOTAL ASSETS $ 28 $ 351 $ 148 $ 527 $ 22 $ 463 $ 95 $ 580 Liabilities DERIVATIVES: Interest rate derivatives $ — $ 374 $ 236 $ 610 $ — $ 144 $ 184 $ 328 Cross-currency derivatives — 2 2 4 — 10 11 21 Foreign currency derivatives — 43 — 43 — 44 — 44 Commodity derivatives — 22 — 22 — 29 2 31 Total derivatives — liabilities — 441 238 679 — 227 197 424 TOTAL LIABILITIES $ — $ 441 $ 238 $ 679 $ — $ 227 $ 197 $ 424 |
Available-for-sale Securities [Table Text Block] | The following table presents gross proceeds from sale of AFS securities for the periods indicated (in millions): Year Ended December 31, 2020 2019 2018 Gross proceeds from sale of AFS securities $ 582 $ 663 $ 1,403 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Derivatives By Type Table | The following table presents the Company's maximum notional (in millions) over the remaining contractual period by type of derivative as of December 31, 2020, regardless of whether they are in qualifying cash flow hedging relationships, and the dates through which the maturities for each type of derivative range: Interest Rate and Foreign Currency Derivatives Maximum Notional Translated to USD Latest Maturity Interest Rate (LIBOR and EURIBOR) $ 4,772 2047 Cross-currency swaps (Chilean Unidad de Fomento and Brazilian Reais) 246 2028 Foreign Currency: Argentine peso 56 2026 Chilean peso 318 2022 Colombian peso 190 2023 Euro 149 2023 Others, primarily with weighted average remaining maturities of a year or less 31 2022 |
Commodity Derivatives By Type Table | Commodity Derivatives Maximum Notional Latest Maturity Natural Gas (in MMBtu) 23 2021 Power (in MWhs) 6 2024 Coal (in Tons or Metric Tonnes) 7 2027 |
Derivative Assets Liabilities At Fair Value Net By Balance Sheet Classification And Type Table | The following tables present the fair value of assets and liabilities related to the Company's derivative instruments as of the periods indicated (in millions): Fair Value December 31, 2020 December 31, 2019 Assets Designated Not Designated Total Designated Not Designated Total Interest rate derivatives $ 13 $ — $ 13 $ 31 $ — $ 31 Cross-currency derivatives 5 — 5 — — — Foreign currency derivatives 40 121 161 31 79 110 Commodity derivatives 2 8 10 — 30 30 Total assets $ 60 $ 129 $ 189 $ 62 $ 109 $ 171 Liabilities Interest rate derivatives $ 506 $ 104 $ 610 $ 323 $ 5 $ 328 Cross-currency derivatives 4 — 4 21 — 21 Foreign currency derivatives 8 35 43 22 22 44 Commodity derivatives — 22 22 2 29 31 Total liabilities $ 518 $ 161 $ 679 $ 368 $ 56 $ 424 December 31, 2020 December 31, 2019 Fair Value Assets Liabilities Assets Liabilities Current $ 51 $ 236 $ 72 $ 126 Noncurrent 138 443 99 298 Total $ 189 $ 679 $ 171 $ 424 Credit Risk-Related Contingent Features (1) December 31, 2020 December 31, 2019 Present value of liabilities subject to collateralization $ 6 $ — Cash collateral held by third parties or in escrow 6 — _____________________________ (1) Based on the credit rating of certain subsidiaries |
Gain Loss In Accumulated Other Comprehensive Income And Earnings On Effective Portion Of Qualifying Cash Flow Hedges Table | The following table presents the pre-tax gains (losses) recognized in AOCL and earnings related to all derivative instruments for the periods indicated (in millions): Years Ended December 31, 2020 2019 2018 Cash flow hedges Gains (losses) recognized in AOCL Interest rate derivatives $ (511) $ (290) $ (16) Cross-currency derivatives 3 (26) (26) Foreign currency derivatives 25 (23) (52) Commodity derivatives 5 — — Total $ (478) $ (339) $ (94) Gains (losses) reclassified from AOCL to earnings Interest rate derivatives $ (75) $ (28) $ (52) Cross-currency derivatives (5) (12) (43) Foreign currency derivatives (9) (13) (16) Commodity derivatives (2) (1) (6) Total $ (91) $ (54) $ (117) Loss reclassified from AOCL to earnings due to discontinuance of hedge accounting (1) $ — $ (2) $ — Gain (losses) recognized in earnings related to Ineffective portion of cash flow hedges $ — $ — $ (7) Not designated as hedging instruments: Interest rate derivatives (1) — — Foreign currency derivatives 68 (46) 148 Commodity derivatives and other (68) (6) 25 Total $ (1) $ (52) $ 173 |
Financing Receivables (Tables)
Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Financing Receivables | The following table presents financing receivables by country as of the dates indicated (in millions). As the Company applied the modified retrospective method of adoption for ASC 326 effective January 1, 2020, CECL reserves are included in the receivable balance as of December 31, 2020. See Note 1— General and Summary of Significant Accounting Policies for further information. December 31, 2020 December 31, 2019 December 31, Gross Receivable Allowance Net Receivable Receivable Argentina $ 48 $ 9 $ 39 $ 64 Chile 31 — 31 33 Other 31 — 31 12 Total $ 110 $ 9 $ 101 $ 109 |
Investments In and Advances T_2
Investments In and Advances To Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 2020 2019 Affiliate Country Carrying Value (in millions) Ownership Interest % sPower (1) United States $ 551 $ 442 50 % 50 % Uplight United States 85 91 32 % 32 % Mesa La Paz Mexico 60 66 50 % 50 % Energía Natural Dominicana Enadom (2) Dominican Republic 49 48 43 % 43 % OPGC India — 212 49 % 49 % Guacolda (3) Chile — 74 34 % 33 % Barry (4) United Kingdom — — 100 % 100 % Other affiliates (5) Various 90 33 Total $ 835 $ 966 _____________________________ (1) In January 2021, the sPower and AES Distributed Energy development platforms were merged to form AES Clean Energy Development. See Note 31— Subsequent Events for further information. (2) The Company's ownership in Energía Natural Dominicana Enadom is held through AES Andres, an 85%-owned consolidated subsidiary. AES Andres owns 50% of Energía Natural Dominicana Enadom, resulting in an AES effective ownership of 43%. (3) 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 of 34%. (4) Represents a VIE in which the Company holds a variable interest, but is not the primary beneficiary. (5) Includes Bosforo, Fluence, and Tucano equity method investments, and others, as well as a $67 million loan facility granted from Colon to an equity method affiliate in 2020. |
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, 2020 2019 2018 2020 2019 2018 Revenue $ 1,880 $ 1,122 $ 962 $ 1 $ 49 $ 40 Operating margin (loss) 213 124 135 (3) (5) 3 Net income (loss) (538) (724) 14 (4) (7) (3) December 31, 2020 2019 2020 2019 Current assets $ 1,017 $ 831 $ 159 $ 166 Noncurrent assets 6,230 7,220 886 982 Current liabilities 1,294 1,271 121 141 Noncurrent liabilities 3,671 3,966 981 1,052 Stockholders' equity 2,282 2,814 (57) (45) |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table summarizes the carrying amount of goodwill by reportable segment for the years ended December 31, 2020 and 2019 (in millions): US and Utilities South America MCAC Eurasia Total Balance as of December 31, 2019 Goodwill $ 2,786 $ 868 $ 16 $ — $ 3,670 Accumulated impairment losses (2,611) — — — (2,611) Net balance 175 868 16 — 1,059 Balance as of December 31, 2020 Goodwill 2,788 868 16 — 3,672 Accumulated impairment losses (2,611) — — — (2,611) Net balance $ 177 $ 868 $ 16 $ — $ 1,061 |
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, 2020 December 31, 2019 Gross Balance Accumulated Amortization Net Balance Gross Balance Accumulated Amortization Net Balance Subject to Amortization Internal-use software $ 386 $ (255) $ 131 $ 367 $ (228) $ 139 Contracts 157 (38) 119 134 (29) 105 Project development rights (1) 203 (5) 198 100 (1) 99 Emissions allowances (2) 64 — 64 24 — 24 Concession rights 201 (18) 183 39 (35) 4 Other (3) 59 (14) 45 43 (14) 29 Subtotal 1,070 (330) 740 707 (307) 400 Indefinite-Lived Intangible Assets Land use rights 39 — 39 21 — 21 Water rights 20 — 20 20 — 20 Transmission rights 22 — 22 23 — 23 Other 6 — 6 5 — 5 Subtotal 87 — 87 69 — 69 Total $ 1,157 $ (330) $ 827 $ 776 $ (307) $ 469 _____________________________ (1) Includes emission offset fee to the Air Quality Management District (AQMD) in order to transfer emission offsets from retired legacy Southland units to the new CCGT. (2) Acquired or purchased emissions allowances are finite-lived intangible assets that are expensed when utilized and included in net income for the year. (3) Includes management rights, renewable energy credits and incentives, and other individually insignificant intangible assets. |
Schedule of Acquired Intangible Assets By Major Class | The following tables summarize other intangible assets acquired during the periods indicated (in millions): December 31, 2020 Amount Subject to Amortization/Indefinite-Lived Weighted Average Amortization Period (in years) Amortization Method Internal-use software $ 35 Subject to Amortization 4 Straight-line Contracts 28 Subject to Amortization 20 Straight-line Project development rights 109 Subject to Amortization 30 Straight-line Emissions allowances 56 Subject to Amortization Various As utilized Transmission rights 20 Indefinite-Lived N/A N/A Concession rights (1) 184 Subject to Amortization 12 Straight-line Other 22 Various N/A N/A Total $ 454 December 31, 2019 Amount Subject to Amortization/Indefinite-Lived Weighted Average Amortization Period (in years) Amortization Method Internal-use software $ 61 Subject to Amortization 5 Straight-line Contracts 2 Subject to Amortization 35 Straight-line Project development rights 8 Subject to Amortization 29 Straight-line Emissions allowances 22 Subject to Amortization Various As utilized Transmission rights 23 Indefinite-Lived N/A N/A Other 5 Various N/A N/A Total $ 121 |
Schedule of Expected Amortization Expense | The following table summarizes the estimated amortization expense by intangible asset category for 2021 through 2025: (in millions) 2021 2022 2023 2024 2025 Internal-use software $ 36 $ 30 $ 25 $ 23 $ 21 Contracts 9 9 9 6 6 Concession rights 16 16 17 16 16 Other 9 9 8 8 7 Total $ 70 $ 64 $ 59 $ 53 $ 50 |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 Recovery/Refund Period Regulatory assets Current regulatory assets: El Salvador energy pass through costs recovery $ 40 $ 56 Quarterly Other 73 57 1 year Total current regulatory assets 113 113 Noncurrent regulatory assets: IPL and DPL defined benefit pension obligations (1) 244 262 Various IPL environmental costs 81 85 Various IPL Petersburg Unit 1 retirement costs 75 — Over life of assets IPL deferred Midwest ISO costs 61 75 6 years Other 126 108 Various Total noncurrent regulatory assets 587 530 Total regulatory assets $ 700 $ 643 Regulatory liabilities Current regulatory liabilities: Overcollection of costs to be passed back to customers $ 47 $ 80 1 year Other 1 1 Various Total current regulatory liabilities 48 81 Noncurrent regulatory liabilities: IPL and DPL accrued costs of removal and AROs 863 863 Over life of assets IPL and DPL income taxes payable to customers through rates 174 209 Various Other 21 18 Various Total noncurrent regulatory liabilities 1,058 1,090 Total regulatory liabilities $ 1,106 $ 1,171 _____________________________ (1) Past expenditures on which the Company earns a rate of return . |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Non-recourse debt [Table Text Block] | During the year ended December 31, 2020, the Company's subsidiaries had the following significant debt transactions: Subsidiary Transaction Period Issuances Repayments Gain (Loss) on Extinguishment of Debt Southland (1) Q1, Q2, Q4 $ 283 $ (125) $ (1) AES Brasil Q2, Q3, Q4 375 (1) — Gener Q1, Q2 90 (8) — DPL (2) Q2, Q3 555 (520) (34) IPALCO Q2 475 (470) (2) Mong Duong Q2 150 — — Panama (3) Q3 1,485 (1,228) (16) Cochrane Q3 485 (445) (1) Angamos Q3 — (309) (5) _____________________________ (1) Issuances relate to the June 2017 long-term non-recourse debt financing to fund the Southland repowering construction projects. (2) Includes transactions at DPL and its subsidiary, DP&L. (3) Repayments relate to existing obligations at AES Panama, Changuinola, and Colon. |
Carrying Amount and Terms of Non-Recourse Debt | The following table summarizes the carrying amount and terms of non-recourse debt at our subsidiaries as of the periods indicated (in millions): NON-RECOURSE DEBT Weighted Average Interest Rate Maturity December 31, 2020 2019 Variable Rate: Bank loans 3.93% 2021 – 2050 $ 3,494 $ 3,389 Notes and bonds 3.11% 2023 – 2030 800 1,056 Debt to (or guaranteed by) multilateral, export credit agencies or development banks (1) 1.67% 2023 – 2033 457 460 Fixed Rate: Bank loans 4.72% 2021 – 2040 2,965 2,900 Notes and bonds 5.20% 2021 – 2079 8,907 8,098 Debt to (or guaranteed by) multilateral, export credit agencies or development banks (1) 3.41% 2021 – 2023 34 1,110 Other 4.20% 2061 18 17 Unamortized (discount) premium & debt issuance (costs), net (321) (318) Subtotal $ 16,354 $ 16,712 Less: Current maturities (2) (1,426) (1,865) Noncurrent maturities (2) $ 14,928 $ 14,847 _____________________________ (1) 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 as of December 31, 2020 is scheduled to reach maturity as shown below (in millions): December 31, Annual Maturities 2021 $ 1,439 2022 516 2023 1,017 2024 1,307 2025 996 Thereafter 11,400 Unamortized (discount) premium & debt issuance (costs), net (321) Total $ 16,354 |
Debt In Default Table | The following table summarizes the Company's subsidiary non-recourse debt in default (in millions) as of December 31, 2020. Due to the defaults, these amounts are included in the current portion of non-recourse debt: Primary Nature December 31, 2020 Subsidiary Debt in Default Net Assets AES Puerto Rico Covenant $ 238 $ 171 AES Ilumina (Puerto Rico) Covenant 31 19 AES Jordan Solar Covenant 7 1 Total $ 276 |
Schedule of Recourse Debt Detail | The following table summarizes the carrying amount and terms of recourse debt of the Company as of the periods indicated (in millions): Interest Rate Final Maturity December 31, 2020 December 31, 2019 Senior Unsecured Note 4.00% 2021 — 500 Senior Secured Term Loan LIBOR + 1.75% 2022 — 18 Senior Unsecured Note 4.875% 2023 — 613 Senior Unsecured Note 4.50% 2023 — 500 Drawings on revolving credit facility LIBOR + 1.75% 2024 70 180 Senior Unsecured Note 5.50% 2024 — 63 Senior Unsecured Note 5.50% 2025 — 544 Senior Unsecured Note 3.30% 2025 900 — Senior Unsecured Note 6.00% 2026 — 500 Senior Unsecured Note 1.375% 2026 800 — Senior Unsecured Note 5.125% 2027 — 500 Senior Unsecured Note 3.95% 2030 700 — Senior Unsecured Note 2.45% 2031 1,000 — Other (1) CDI + 7.00% 2026 18 — Unamortized (discount) premium & debt issuance (costs), net (41) (22) Subtotal $ 3,447 $ 3,396 Less: Current maturities (1) (5) Noncurrent maturities $ 3,446 $ 3,391 _____________________________ (1) Represents project-level limited recourse debt at AES Holdings Brasil Ltda. December 31, Interest Rate Maturity 2020 2019 Senior Unsecured Note 4.00% 2021 — 500 Senior Secured Term Loan LIBOR + 1.75% 2022 — 18 Senior Unsecured Note 4.875% 2023 — 613 Senior Unsecured Note 4.50% 2023 — 500 Drawings on revolving credit facility LIBOR + 1.75% 2024 70 180 Senior Unsecured Note 5.50% 2024 — 63 Senior Unsecured Note 5.50% 2025 — 544 Senior Unsecured Note 3.30% 2025 900 — Senior Unsecured Note 6.00% 2026 — 500 Senior Unsecured Note 1.375% 2026 800 — Senior Unsecured Note 5.125% 2027 — 500 Senior Unsecured Note 3.95% 2030 700 — Senior Unsecured Note 2.45% 2031 1,000 — Unamortized (discounts)/premiums & debt issuance (costs) (40) (22) Subtotal $ 3,430 $ 3,396 Less: Current maturities — (5) Total $ 3,430 $ 3,391 |
Schedule of Future Maturities of Recourse Debt | The following table summarizes the principal amounts due under our recourse debt for the next five years and thereafter (in millions): December 31, Net Principal Amounts Due 2021 $ 1 2022 3 2023 3 2024 74 2025 903 Thereafter 2,504 Unamortized (discount) premium & debt issuance (costs), net (41) Total recourse debt $ 3,447 December 31, Annual Maturities 2021 $ — 2022 — 2023 — 2024 70 2025 900 Thereafter 2,500 Unamortized (discount)/premium & debt issuance (costs) (40) Total debt $ 3,430 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Electricity Purchase Contract Commitment | The following table shows the future minimum commitments for continuing operations under these contracts as of December 31, 2020 for 2021 through 2025 and thereafter as well as actual purchases under these contracts for the years ended December 31, 2020, 2019, and 2018 (in millions): Actual purchases during the year ended December 31, Electricity Purchase Contracts Fuel Purchase Contracts Other Purchase Contracts 2018 $ 827 $ 1,838 $ 1,671 2019 1,597 1,824 1,684 2020 756 1,573 1,506 Future commitments for the year ending December 31, 2021 $ 700 $ 1,370 $ 1,904 2022 500 815 636 2023 447 609 605 2024 434 495 570 2025 434 457 526 Thereafter 5,037 1,445 1,816 Total $ 7,552 $ 5,191 $ 6,057 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Contractual Obligations | The following table summarizes the Parent Company's contingent contractual obligations as of December 31, 2020. Amounts presented in the following table represent the Parent Company's current undiscounted exposure to guarantees and the range of maximum undiscounted potential exposure. The maximum exposure is not reduced by the amounts, if any, that could be recovered under the recourse or collateralization provisions in the guarantees. There were 5 obligations made by the Parent Company for the direct benefit of the lenders associated with the non-recourse debt of its businesses. Contingent Contractual Obligations Amount (in millions) Number of Agreements Maximum Exposure Range for Each Agreement (in millions) Guarantees and commitments $ 1,358 69 $0 — 157 Letters of credit under the unsecured credit facilities 110 25 $0 — 56 Letters of credit under the revolving credit facility 77 17 $0 — 62 Surety bond 1 1 $1 Total $ 1,546 112 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table shows the future lease payments under operating and finance leases for continuing operations together with the present value of the net lease payments as of December 31, 2020 for 2021 through 2025 and thereafter (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases 2021 $ 5 $ 29 2022 5 29 2023 5 28 2024 4 27 2025 4 25 Thereafter 134 507 Total 157 645 Less: Imputed interest (76) (335) Present value of lease payments $ 81 $ 310 |
Schedule of Lease Assets and Liabilities - Lessee [Table Text Block] | The following table summarizes the amounts recognized on the Consolidated Balance Sheets related to lease asset and liability balances as of the periods indicated (in millions): Consolidated Balance Sheet Classification December 31, 2020 December 31, 2019 Assets Right-of-use assets — finance leases Electric generation, distribution assets and other $ 74 $ 67 Right-of-use assets — operating leases Other noncurrent assets 275 248 Total right-of-use assets $ 349 $ 315 Liabilities Finance lease liabilities (current) Non-recourse debt (current liabilities) $ 4 $ 3 Finance lease liabilities (noncurrent) Non-recourse debt (noncurrent liabilities) 77 67 Total finance lease liabilities 81 70 Operating lease liabilities (current) Accrued and other liabilities 17 16 Operating lease liabilities (noncurrent) Other noncurrent liabilities 293 261 Total operating lease liabilities 310 277 Total lease liabilities $ 391 $ 347 |
Weighted-Average Lease Term and Discount Rate [Table Text Block] | The following table summarizes supplemental balance sheet information related to leases as of the periods indicated: Lease Term and Discount Rate December 31, 2020 December 31, 2019 Weighted-average remaining lease term — finance leases 31 years 32 years Weighted-average remaining lease term — operating leases 23 years 23 years Weighted-average discount rate — finance leases 4.11 % 4.99 % Weighted-average discount rate — operating leases 6.81 % 6.99 % |
Lease, Cost [Table Text Block] | The following table summarizes the components of lease expense recognized in Cost of Sales on the Consolidated Statements of Operations for the years ended (in millions): Twelve Months Ended December 31, Components of Lease Cost 2020 2019 Operating lease cost $ 36 $ 46 Finance lease cost: Amortization of right-of-use assets 3 2 Interest on lease liabilities 4 2 Short-term lease costs 13 38 Variable lease cost — 1 Total lease cost $ 56 $ 89 |
Sales-type Lease, Lease Income [Table Text Block] | The following table shows the future lease receipts as of December 31, 2020 for 2021 through 2025 and thereafter (in millions): Future Cash Receipts for Sales-Type Leases Operating Leases 2021 $ 2 $ 489 2022 2 475 2023 3 411 2024 3 412 2025 3 412 Thereafter 39 1,034 Total 52 $ 3,233 Less: Imputed interest (24) Present value of total lease receipts $ 28 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Net Funded Status | The following table reconciles the Company's funded status, both domestic and foreign, as of the periods indicated (in millions): 2020 2019 U.S. Foreign U.S. Foreign CHANGE IN PROJECTED BENEFIT OBLIGATION: Benefit obligation as of January 1 $ 1,242 $ 224 $ 1,118 $ 417 Service cost 12 6 11 8 Interest cost 35 14 44 19 Employee contributions — — — — Plan amendments 1 — — — Plan curtailments — (6) — — Plan settlements — — — — Benefits paid (81) (9) (65) (9) Plan combinations — — — — Divestitures — — — (244) Actuarial (gain) loss 122 19 134 37 Effect of foreign currency exchange rate changes — (30) — (4) Benefit obligation as of December 31 $ 1,331 $ 218 $ 1,242 $ 224 CHANGE IN PLAN ASSETS: Fair value of plan assets as of January 1 $ 1,154 $ 129 $ 1,026 $ 410 Actual return on plan assets 168 13 185 19 Employer contributions 8 5 8 5 Employee contributions — — — — Plan settlements — — — — Benefits paid (81) (9) (65) (9) Divestitures — — — (296) Effect of foreign currency exchange rate changes — (26) — — Fair value of plan assets as of December 31 $ 1,249 $ 112 $ 1,154 $ 129 RECONCILIATION OF FUNDED STATUS Funded status as of December 31 $ (82) $ (106) $ (88) $ (95) |
Schedule of Amounts Recognized in Balance Sheet | The following table summarizes the amounts recognized on the Consolidated Balance Sheets related to the funded status of the DB Plans, both domestic and foreign, as of the periods indicated (in millions): December 31, 2020 2019 Amounts Recognized on the Consolidated Balance Sheets U.S. Foreign U.S. Foreign Noncurrent assets $ 9 $ — $ — $ — Accrued benefit liability—current — (8) — (7) Accrued benefit liability—noncurrent (91) (98) (88) (88) Net amount recognized at end of year $ (82) $ (106) $ (88) $ (95) |
Schedule of Accumulated and Projected Benefit Obligations | The following table summarizes the Company's U.S. and foreign accumulated benefit obligation as of the periods indicated (in millions): December 31, 2020 2019 U.S. Foreign U.S. Foreign Accumulated Benefit Obligation $ 1,306 $ 199 $ 1,224 $ 188 Information for pension plans with an accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 494 $ 218 $ 1,242 $ 197 Accumulated benefit obligation 481 199 1,224 178 Fair value of plan assets 403 112 1,154 114 Information for pension plans with a projected benefit obligation in excess of plan assets: Projected benefit obligation $ 494 $ 218 $ 1,242 $ 224 Fair value of plan assets 403 112 1,154 129 |
Schedule of Assumptions Used | The following table summarizes the significant weighted average assumptions used in the calculation of benefit obligation and net periodic benefit cost, both domestic and foreign, as of the periods indicated: December 31, 2020 2019 U.S. Foreign U.S. Foreign Benefit Obligation: Discount rate 2.45 % 7.53 % 3.32 % 7.58 % Rate of compensation increase 2.75 % 5.69 % 3.33 % 6.11 % Periodic Benefit Cost: Discount rate 3.32 % 7.58 % (1) 4.35 % 5.62 % (1) Expected long-term rate of return on plan assets 5.24 % 7.18 % 5.08 % 4.10 % Rate of compensation increase 2.86 % 6.13 % 3.34 % 4.78 % _____________________________ (1) 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 following table (in millions): Increase of 1% in the discount rate $ (9) Decrease of 1% in the discount rate 6 Increase of 1% in the long-term rate of return on plan assets (12) Decrease of 1% in the long-term rate of return on plan assets 12 |
Schedule of Net Benefit Costs | The following table summarizes the components of the net periodic benefit cost, both domestic and foreign, for the years indicated (in millions): December 31, 2020 2019 2018 Components of Net Periodic Benefit Cost: U.S. Foreign U.S. Foreign U.S. Foreign Service cost $ 12 $ 6 $ 11 $ 8 $ 15 $ 12 Interest cost 35 14 44 19 40 22 Expected return on plan assets (58) (7) (52) (14) (64) (17) Amortization of prior service cost 5 — 5 — 5 — Amortization of net loss 14 2 15 1 18 3 Curtailment loss recognized — — — — 1 — Settlement loss recognized — — — — — 4 Total pension cost $ 8 $ 15 $ 23 $ 14 $ 15 $ 24 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | The following table summarizes the amounts reflected in AOCL, including AOCL attributable to noncontrolling interests, on the Consolidated Balance Sheet as of December 31, 2020, that have not yet been recognized as components of net periodic benefit cost (in millions): December 31, 2020 Accumulated Other Comprehensive Income (Loss) U.S. Foreign Prior service cost $ (3) $ 1 Unrecognized net actuarial loss (34) (69) Total $ (37) $ (68) |
Target / Actual Allocation Of Pension Plan Asset | The following table summarizes the Company's target allocation for 2020 and pension plan asset allocation, both domestic and foreign, as of the periods indicated: Percentage of Plan Assets as of December 31, Target Allocations 2020 2019 Asset Category U.S. Foreign U.S. Foreign U.S. Foreign Equity securities 41% 13% 43.79 % 14.85 % 32.22 % 15.37 % Debt securities 57% 82% 55.87 % 82.30 % 67.17 % 81.67 % Real estate 2% 2% — % 1.12 % 0.22 % 1.16 % Other —% 3% 0.34 % 1.73 % 0.39 % 1.80 % Total pension assets 100.00 % 100.00 % 100.00 % 100.00 % |
Schedule of Allocation of Plan Assets | The asset allocation is reviewed periodically to determine a suitable asset allocation which seeks to manage risk through portfolio diversification and takes into account the above-stated objectives, in conjunction with current funding levels, cash flow conditions, and economic and industry trends. The following table summarizes the Company's U.S. DB Plan assets by category of investment and level within the fair value hierarchy as of the periods indicated (in millions): December 31, 2020 December 31, 2019 U.S. Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Equity securities: (2) Mutual funds $ — $ 547 $ — $ 547 $ — $ 372 $ — $ 372 Debt securities: (2) Mutual funds (1) — 698 — 698 — 775 — 775 Real estate: (2) Real estate — — — — — 3 — 3 Other: Cash and cash equivalents 4 — — 4 4 — — 4 Total plan assets $ 4 $ 1,245 $ — $ 1,249 $ 4 $ 1,150 $ — $ 1,154 _____________________________ |
Fair Value Of Plan Assets By Category / Level (Foreign) | The investment strategy of the foreign DB Plans seeks to maximize return on investment while minimizing risk. The assumed asset allocation has less exposure to equities in order to closely match market conditions and near term forecasts. The following table summarizes the Company's foreign DB plan assets by category of investment and level within the fair value hierarchy as of the periods indicated (in millions): December 31, 2020 December 31, 2019 Foreign Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Equity securities: Mutual funds $ 16 $ — $ — $ 16 $ 19 $ — $ — $ 19 Private equity — — 1 1 — — 1 1 Debt securities: Government debt securities — — — — — — — — Mutual funds (1) 18 74 — 92 17 88 — 105 Real estate: Real estate — — 1 1 — — 2 2 Other: Cash and cash equivalents — — — — — — — — Other assets 1 — 1 2 1 — 1 2 Total plan assets $ 35 $ 74 $ 3 $ 112 $ 37 $ 88 $ 4 $ 129 _____________________________ (1) Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment. |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following table summarizes the estimated cash flows for U.S. and foreign expected employer contributions and expected future benefit payments, both domestic and foreign (in millions): U.S. Foreign Expected employer contribution in 2021 $ 8 $ 15 Expected benefit payments for fiscal year ending: 2021 70 15 2022 71 13 2023 71 14 2024 71 16 2025 72 17 2026 - 2030 354 105 |
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 2021 $ 8 $ 15 Expected benefit payments for fiscal year ending: 2021 70 15 2022 71 13 2023 71 14 2024 71 16 2025 72 17 2026 - 2030 354 105 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Net Income Attributable to Parent And Transfers To From Noncontrolling Interests [Text Block] | The following table summarizes the net income attributable to The AES Corporation and all transfers (to) from noncontrolling interests for the periods indicated (in millions): December 31, 2020 2019 2018 Net income attributable to The AES Corporation $ 46 $ 303 $ 1,203 Transfers from noncontrolling interest: Increase (decrease) in The AES Corporation's paid-in capital for sale of subsidiary shares 260 (5) (3) Increase (decrease) in The AES Corporation's paid-in-capital for purchase of subsidiary shares (89) — — Net transfers (to) from noncontrolling interest 171 (5) (3) Change from net income attributable to The AES Corporation and transfers (to) from noncontrolling interests $ 217 $ 298 $ 1,200 |
Components of Accumulated Other Comprehensive Income | The changes in AOCL by component, net of tax and noncontrolling interests, for the periods indicated were as follows (in millions): Foreign currency translation adjustment, net Derivative gains (losses), net Unfunded pension obligations, net Total Balance at December 31, 2018 $ (1,721) $ (300) $ (50) $ (2,071) Other comprehensive loss before reclassifications (23) (202) (15) (240) Amount reclassified to earnings 23 36 27 86 Other comprehensive income (loss) — (166) 12 (154) Cumulative effect of a change in accounting principle — (4) — (4) Balance at December 31, 2019 $ (1,721) $ (470) $ (38) $ (2,229) Other comprehensive loss before reclassifications — (309) (12) (321) Amount reclassified to earnings 192 72 — 264 Other comprehensive income (loss) 192 (237) (12) (57) Reclassification from NCI due to share sales and repurchases (115) 8 (4) (111) Balance at December 31, 2020 $ (1,644) $ (699) $ (54) $ (2,397) |
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of AOCL are presented in the following table. Amounts for the periods indicated are in millions and those in parenthesis indicate debits to the Consolidated Statements of Operations: Details About December 31, AOCL Components Affected Line Item in the Consolidated Statements of Operations 2020 2019 2018 Foreign currency translation adjustments, net Gain (loss) on disposal and sale of business interests $ (192) $ (23) $ 19 Net gain from disposal of discontinued operations — — 2 Net income (loss) attributable to The AES Corporation $ (192) $ (23) $ 21 Derivative gains (losses), net Non-regulated revenue $ (1) $ (1) $ (6) Non-regulated cost of sales (3) (12) (3) Interest expense (60) (26) (49) Gain (loss) on disposal and sale of business interests — 1 — Asset impairment expense (10) — — Foreign currency transaction gains (losses) (7) (12) (59) Income (loss) from continuing operations before taxes and equity in earnings of affiliates (81) (50) (117) Income tax benefit (expense) 17 13 24 Net equity in earnings (losses) of affiliates (10) (5) — Income (loss) from continuing operations (74) (42) (93) Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries 2 6 15 Net income (loss) attributable to The AES Corporation $ (72) $ (36) $ (78) Amortization of defined benefit pension actuarial losses, net Regulated cost of sales $ (1) $ — $ — Non-regulated cost of sales 1 — — Other expense — (2) (6) Gain (loss) on disposal and sale of business interests — (26) — Income (loss) from continuing operations before taxes and equity in earnings of affiliates — (28) (6) Income tax benefit (expense) — — 2 Income (loss) from continuing operations — (28) (4) Net gain (loss) from disposal of discontinued operations — — (2) Net income (loss) — (28) (6) Less: Income from continuing operations attributable to noncontrolling interests and redeemable stock of subsidiaries — 1 (1) Net income (loss) attributable to The AES Corporation $ — $ (27) $ (7) Total reclassifications for the period, net of income tax and noncontrolling interests $ (264) $ (86) $ (64) |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables present financial information by segment for the periods indicated (in millions): Total Revenue Year Ended December 31, 2020 2019 2018 US and Utilities SBU $ 3,918 $ 4,058 $ 4,230 South America SBU 3,159 3,208 3,533 MCAC SBU 1,766 1,882 1,728 Eurasia SBU 828 1,047 1,255 Corporate and Other 231 46 41 Eliminations (242) (52) (51) Total Revenue $ 9,660 $ 10,189 $ 10,736 Reconciliation from Income from Continuing Operations before Taxes and Equity in Earnings of Affiliates: Total Adjusted PTC Year Ended December 31, 2020 2019 2018 Income from continuing operations before taxes and equity in earnings of affiliates $ 488 $ 1,001 $ 2,018 Add: Net equity in earnings (losses) of affiliates (123) (172) 39 Less: Income from continuing operations before taxes, attributable to noncontrolling interests (192) (277) (509) Pre-tax contribution 173 552 1,548 Unrealized derivative and equity securities losses (gains) 3 113 33 Unrealized foreign currency losses (gains) (10) 36 51 Disposition/acquisition losses (gains) 112 12 (934) Impairment losses 928 406 307 Loss on extinguishment of debt 223 121 180 Net gains from early contract terminations at Angamos (182) — — Total Adjusted PTC $ 1,247 $ 1,240 $ 1,185 Total Adjusted PTC Year Ended December 31, 2020 2019 2018 US and Utilities SBU $ 505 $ 569 $ 511 South America SBU 534 504 519 MCAC SBU 287 367 300 Eurasia SBU 177 159 222 Corporate and Other (256) (347) (346) Eliminations — (12) (21) Total Adjusted PTC $ 1,247 $ 1,240 $ 1,185 Total Assets Depreciation and Amortization Capital Expenditures Year Ended December 31, 2020 2019 2018 2020 2019 2018 2020 2019 2018 US and Utilities SBU $ 14,464 $ 13,334 $ 12,286 $ 534 $ 465 $ 449 $ 1,099 $ 1,484 $ 1,373 South America SBU 11,329 11,314 10,941 294 315 300 650 692 662 MCAC SBU 4,847 4,770 4,462 164 183 141 183 344 302 Eurasia SBU 3,621 3,990 4,538 63 67 99 9 30 51 Corporate and Other 342 240 294 13 15 14 19 1 8 Total $ 34,603 $ 33,648 $ 32,521 $ 1,068 $ 1,045 $ 1,003 $ 1,960 $ 2,551 $ 2,396 Interest Income Interest Expense Year Ended December 31, 2020 2019 2018 2020 2019 2018 US and Utilities SBU $ 17 $ 18 $ 10 $ 371 $ 301 $ 287 South America SBU 64 95 92 237 285 283 MCAC SBU 14 22 20 157 142 124 Eurasia SBU 171 180 186 113 127 145 Corporate and Other 2 3 2 160 195 217 Total $ 268 $ 318 $ 310 $ 1,038 $ 1,050 $ 1,056 Investments in and Advances to Affiliates Net Equity in Earnings (Losses) of Affiliates Year Ended December 31, 2020 2019 2018 2020 2019 2018 US and Utilities SBU $ 568 $ 465 $ 538 $ (8) $ 11 $ 35 South America SBU 13 77 213 (80) (129) 15 MCAC SBU 168 107 5 (11) (13) (7) Eurasia SBU 1 215 293 4 (9) 14 Corporate and Other 85 102 65 (28) (32) (18) Total $ 835 $ 966 $ 1,114 $ (123) $ (172) $ 39 |
Revenue And PP&E By Country | The following table presents information, by country, about the Company's consolidated operations for each of the three years ended December 31, 2020, 2019, and 2018, and as of December 31, 2020 and 2019 (in millions). Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located. Total Revenue Long-Lived Assets (1) Year Ended December 31, 2020 2019 2018 2020 2019 United States (2) $ 3,243 $ 3,230 $ 3,462 $ 10,360 $ 9,762 Non-U.S.: Chile 2,092 1,839 2,087 5,831 5,982 Dominican Republic 896 877 884 843 1,006 El Salvador 666 824 768 361 351 Panama 519 601 438 1,939 1,945 Bulgaria 444 459 426 1,149 1,106 Brazil 401 525 527 1,091 1,266 Colombia 358 472 428 355 340 Mexico 349 402 399 623 649 Argentina 308 373 487 484 393 Vietnam (3) 285 343 245 — 2 Jordan (4) 96 95 95 44 — United Kingdom (5) — 147 390 — — Philippines (6) — — 93 — — Other Non-U.S. 3 2 7 23 20 Total Non-U.S. 6,417 6,959 7,274 12,743 13,060 Total $ 9,660 $ 10,189 $ 10,736 $ 23,103 $ 22,822 _____________________________ (1) For purposes of this disclosure, long-lived assets implies hard assets that cannot be readily removed, and thus excludes intangibles. Long-lived assets disclosed above include amounts recorded in Property, plant and equipment, net and right-of-use assets for operating leases recorded in Other noncurrent assets on the Consolidated Balance Sheets. (2) Includes Puerto Rico revenues of $298 million, $294 million, and $257 million for the years ended December 31, 2020, 2019, and 2018, respectively, and long-lived assets of $533 million and $538 million as of December 31, 2020 and 2019, respectively. (3) The Mong Duong 2 power project is operated under a BOT contract. Future expected payments for the construction performance obligation are recognized in Loan receivable on the Consolidated Balance Sheets as of December 31, 2019. Mong Duong assets were classified as held-for-sale as of December 31, 2020. See Notes 20— Revenue 25— Held-For-Sale and Dispositions for further information. (4) The long-lived assets in Jordan were classified as held-for-sale as of December 31, 2019. As of June 30, 2020, Jordan solar assets were reclassified back to held-and-used. See Note 25— Held-For-Sale and Dispositions for further information. (5) The Kilroot and Ballylumford long-lived assets were deconsolidated upon completion of the sale in June 2019. See Note 25— Held-For-Sale and Dispositions for further information. (6) The Masinloc long-lived assets were deconsolidated upon completion of the sale in March 2018. See Note 25— Held-For-Sale and Dispositions for further information. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share Based Compensation Summary of Financial Statement Components Restricted Stock Units Without Market Conditions | The following table summarizes the components of the Company's stock-based compensation related to its employee RSUs recognized in the Company's consolidated financial statements (in millions): December 31, 2020 2019 2018 RSU expense before income tax $ 10 $ 10 $ 11 Tax benefit (2) (1) (2) RSU expense, net of tax $ 8 $ 9 $ 9 Total value of RSUs converted (1) $ 11 $ 12 $ 10 Total fair value of RSUs vested $ 10 $ 10 $ 16 _____________________________ (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, 2020 follows (RSUs in thousands): RSUs Weighted Average Grant Date Fair Values Weighted Average Remaining Vesting Term Nonvested at December 31, 2019 1,484 $ 13.73 Vested (806) 12.95 Forfeited and expired (47) 15.71 Granted 579 20.75 Nonvested at December 31, 2020 1,210 $ 17.53 1.4 Vested and expected to vest at December 31, 2020 1,104 $ 17.35 |
Schedule of Share Based Compensation Restricted Stock Units Without Market Condition Vested And Converted | The following table summarizes the RSUs that vested and were converted during the periods indicated (RSUs in thousands): Year Ended December 31, 2020 2019 2018 RSUs vested during the year 806 996 1,428 RSUs converted during the year, net of shares withheld for taxes 547 666 950 Shares withheld for taxes 259 329 478 |
Redeemable Stock of Subsidiar_2
Redeemable Stock of Subsidiaries Redeemable Stock of Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | The following table is a reconciliation of changes in redeemable stock of subsidiaries (in millions): December 31, 2020 2019 Balance at the beginning of the period $ 888 $ 879 Contributions from holders of redeemable stock of subsidiaries — 10 Net income (loss) attributable to redeemable stock of subsidiaries 8 (7) Fair value adjustment 4 6 Other comprehensive loss attributable to redeemable stock of subsidiaries (28) — Balance at the end of the period $ 872 $ 888 The following table summarizes the Company's redeemable stock of subsidiaries balances as of the periods indicated (in millions): December 31, 2020 2019 IPALCO common stock $ 618 $ 618 Colon quotas (1) 194 210 IPL preferred stock 60 60 Total redeemable stock of subsidiaries $ 872 $ 888 _____________________________ (1) Characteristics of quotas are similar to common stock. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents our revenue from contracts with customers and other revenue for the periods indicated (in millions): Year Ended December 31, 2020 US and Utilities SBU South America SBU MCAC SBU Eurasia SBU Corporate, Other and Eliminations Total Regulated Revenue Revenue from contracts with customers $ 2,626 $ — $ — $ — $ — $ 2,626 Other regulated revenue 35 — — — — 35 Total regulated revenue 2,661 — — — — 2,661 Non-Regulated Revenue Revenue from contracts with customers 1,015 3,151 1,668 594 (10) 6,418 Other non-regulated revenue (1) 242 8 98 234 (1) 581 Total non-regulated revenue 1,257 3,159 $ 1,766 828 (11) 6,999 Total revenue $ 3,918 $ 3,159 $ 1,766 $ 828 $ (11) $ 9,660 Year Ended December 31, 2019 US and Utilities SBU South America SBU MCAC SBU Eurasia SBU Corporate, Other and Eliminations Total Regulated Revenue Revenue from contracts with customers $ 2,979 $ — $ — $ — $ — $ 2,979 Other regulated revenue 49 — — — — 49 Total regulated revenue 3,028 — $ — — $ — 3,028 Non-Regulated Revenue Revenue from contracts with customers 767 3,205 1,788 $ 799 (4) $ 6,555 Other non-regulated revenue (1) 263 3 94 248 (2) 606 Total non-regulated revenue 1,030 $ 3,208 1,882 $ 1,047 (6) $ 7,161 Total revenue $ 4,058 $ 3,208 $ 1,882 $ 1,047 $ (6) $ 10,189 Year Ended December 31, 2018 US and Utilities SBU South America SBU MCAC SBU Eurasia SBU Corporate, Other and Eliminations Total Regulated Revenue Revenue from contracts with customers $ 2,885 $ — $ — $ — $ — $ 2,885 Other regulated revenue 54 — — — — 54 Total regulated revenue 2,939 — $ — — $ — 2,939 Non-Regulated Revenue Revenue from contracts with customers 972 3,529 1,642 $ 943 (11) $ 7,075 Other non-regulated revenue (1) 319 4 86 312 1 722 Total non-regulated revenue 1,291 $ 3,533 1,728 $ 1,255 (10) $ 7,797 Total revenue $ 4,230 $ 3,533 $ 1,728 $ 1,255 $ (10) $ 10,736 _____________________________ (1) Other non-regulated revenue primarily includes lease and derivative revenue not accounted for under ASC 606. |
Other Income and Expenses (Tabl
Other Income and Expenses (Tables) | 12 Months Ended | |
Dec. 31, 2020 | ||
Other Income and Expenses [Abstract] | ||
Schedule of Other Nonoperating Income (Expense) | The components are summarized as follows (in millions): Year Ended December 31, 2020 2019 2018 Other Income Gain on sale of assets (1) $ 46 $ — $ — Gain on insurance proceeds (2) — 118 — Gain on remeasurement of contingent consideration (3) — — 32 AFUDC (US Utilities) 5 3 8 Other 24 24 32 Total other income $ 75 $ 145 $ 72 Other Expense Loss on sale of receivables (4) $ 20 $ — $ — Legal contingencies and settlements 15 2 2 Loss on sale and disposal of assets (5) 7 22 30 Non-service pension and other postretirement costs 2 17 10 Loss on commencement of sales-type leases (6) — 36 — Allowance for other receivables — — 7 Other 9 3 9 Total other expense $ 53 $ 80 $ 58 | [1],[2],[3],[4],[5],[6] |
[1] | Associated with a loss on sale of Stabilization Fund receivables at Gener. See Note 7— Financing Receivables for further information. | |
[2] | Primarily associated with the gain on sale of Redondo Beach land at Southland. See Note 25 — Held-for-Sale and Dispositions for further information. | |
[3] | Related to losses recognized at commencement of sales-type leases at Distributed Energy. See Note 14— Leases for further information. | |
[4] | Related to the amendment of the Oahu purchase agreement. See Note 26— Acquisitions for further information. | |
[5] | Associated with a loss due to the upgrade of the tunnel lining at Changuinola in 2019 and a loss due to damage from a lightning incident at the Andres facility in the Dominican Republic in September 2018. | |
[6] | Associated with recoveries for property damage at the Andres facility in the Dominican Republic from a lightning incident in September 2018 and the upgrade of the tunnel lining at Changuinola. |
Asset Impairment Expense (Table
Asset Impairment Expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset | Year ended December 31, (in millions) 2020 2019 2018 AES Gener $ 781 $ — $ — Hawaii 38 60 — Estrella del Mar I 30 — — Kilroot and Ballylumford — 115 — Shady Point — — 157 Nejapa — — 37 Other 15 10 14 Total $ 864 $ 185 $ 208 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income from Continuing Operations before taxes and equity in earnings of affiliates [Table Text Block] | The following table shows the income (loss) from continuing operations, before income taxes, net equity in earnings of affiliates and noncontrolling interests, for the periods indicated (in millions): December 31, 2020 2019 2018 U.S. $ (135) $ (57) $ (218) Non-U.S. 623 1,058 2,236 Total $ 488 $ 1,001 $ 2,018 |
Income Tax Expense On Continuing Operations | The following table summarizes the expense for income taxes on continuing operations for the periods indicated (in millions): December 31, 2020 2019 2018 Federal: Current $ (8) $ (7) $ 7 Deferred (17) (4) 186 State: Current — (1) 2 Deferred 2 — 5 Foreign: Current 458 368 378 Deferred (219) (4) 130 Total $ 216 $ 352 $ 708 |
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, 2020 2019 2018 Statutory Federal tax rate 21 % 21 % 21 % State taxes, net of Federal tax benefit (6) % 6 % 2 % Taxes on foreign earnings 15 % 12 % 9 % Valuation allowance 16 % (2) % (2) % Change in tax law 3 % (1) % 6 % US Investment Tax Credit (8) % — % — % Other—net 3 % (1) % (1) % Effective tax rate 44 % 35 % 35 % |
Schedule Of Income Tax Payable And Receivable | The following table summarizes the income taxes receivable and payable as of the periods indicated (in millions): December 31, 2020 2019 Income taxes receivable—current $ 138 $ 131 Income taxes receivable—noncurrent 9 10 Total income taxes receivable $ 147 $ 141 Income taxes payable—current $ 284 $ 172 Income taxes payable—noncurrent — — Total income taxes payable $ 284 $ 172 |
Summary Of Deferred Tax Assets And Liabilities | The following table summarizes deferred tax assets and liabilities, as of the periods indicated (in millions): December 31, 2020 2019 Differences between book and tax basis of property $ (1,308) $ (1,426) Investment in U.S. tax partnerships (332) (44) Other taxable temporary differences (403) (287) Total deferred tax liability (2,043) (1,757) Operating loss carryforwards 1,156 1,060 Capital loss carryforwards 73 57 Bad debt and other book provisions 87 74 Tax credit carryforwards 78 33 Other deductible temporary differences 471 300 Total gross deferred tax asset 1,865 1,524 Less: Valuation allowance (634) (824) Total net deferred tax asset 1,231 700 Net deferred tax liability $ (812) $ (1,057) |
Uncertain Tax Positions [Table Text Block] | The following table shows the total amount of gross accrued income taxes related to interest and penalties included in the Consolidated Balance Sheets for the periods indicated (in millions): December 31, 2020 2019 Interest related $ 1 $ 2 Penalties related — — The following table shows the expense/(benefit) related to interest and penalties on unrecognized tax benefits for the periods indicated (in millions): December 31, 2020 2019 2018 Total benefit for interest related to unrecognized tax benefits $ — $ (2) $ (3) Total expense for penalties related to unrecognized tax benefits — — — |
Tax Years Potentially Subject To Examination And Jurisdictions | The following is a summary of tax years potentially subject to examination in the significant tax and business jurisdictions in which we operate: Jurisdiction Tax Years Subject to Examination Argentina 2014-2020 Brazil 2015-2020 Chile 2017-2020 Colombia 2016-2020 Dominican Republic 2015-2020 El Salvador 2017-2020 Netherlands 2014-2020 Panama 2017-2020 United Kingdom 2017-2020 United States (Federal) 2017-2020 |
Unrecognized Tax Benefits | The following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the periods indicated (in millions): 2020 2019 2018 Balance at January 1 $ 465 $ 463 $ 348 Additions for current year tax positions — 6 2 Additions for tax positions of prior years 3 4 146 Reductions for tax positions of prior years (6) (5) (26) Lapse of statute of limitations (4) (3) (7) Balance at December 31 $ 458 $ 465 $ 463 |
Discontinued Operations and Hel
Discontinued Operations and Held-For-Sale Businesses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table summarizes, excluding any impairment charge or gain/loss on sale, the pre-tax income (loss) attributable to AES of disposed businesses for the periods indicated (in millions): Year Ended December 31, 2019 2018 Kilroot and Ballylumford $ (1) $ 35 Stuart and Killen (1) 52 77 Shady Point (5) 19 Masinloc — 9 Other (2) 14 Total $ 44 $ 154 _____________________________ (1) After the retirement of Stuart and Killen in 2018, the Company entered into contracts to buy back all open capacity years for the plants at prices lower than the PJM capacity revenue prices. As such, the Company continued to earn capacity margin until the plants were transferred in December 2019. Reductions in the asset retirement obligations for ash ponds and landfills at Stuart and Killen in 2018 resulted in a $32 million reduction to cost of sales. See Note 4— Asset Retirement Obligations for further information. |
Held-For-Sale Businesses and Di
Held-For-Sale Businesses and Dispositions Held-For-Sale Businesses and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Held-For-Sale Businesses and Dispositions [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table summarizes, excluding any impairment charge or gain/loss on sale, the pre-tax income (loss) attributable to AES of disposed businesses for the periods indicated (in millions): Year Ended December 31, 2019 2018 Kilroot and Ballylumford $ (1) $ 35 Stuart and Killen (1) 52 77 Shady Point (5) 19 Masinloc — 9 Other (2) 14 Total $ 44 $ 154 _____________________________ (1) After the retirement of Stuart and Killen in 2018, the Company entered into contracts to buy back all open capacity years for the plants at prices lower than the PJM capacity revenue prices. As such, the Company continued to earn capacity margin until the plants were transferred in December 2019. Reductions in the asset retirement obligations for ash ponds and landfills at Stuart and Killen in 2018 resulted in a $32 million reduction to cost of sales. See Note 4— Asset Retirement Obligations for further information. |
Disclosure Of Pretax Income of Businesses Held For Sale | Excluding any impairment charges, pre-tax income attributable to AES of businesses held-for-sale as of December 31, 2020 was as follows (in millions): Year Ended December 31, 2020 2019 2018 Mong Duong $ 55 $ 34 $ 48 Estrella del Mar I 5 12 17 Itabo 41 30 33 Jordan 20 18 11 Total $ 121 $ 94 $ 109 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018, where income represents the numerator and weighted-average shares represent the denominator. Year Ended December 31, 2020 2019 2018 (in millions, except per share data) Income Shares $ per Share Income Shares $ per Share Income Shares $ per Share BASIC EARNINGS PER SHARE Income (loss) from continuing operations attributable to The AES Corporation common stockholders $ 43 665 $ 0.06 $ 302 664 $ 0.46 $ 985 662 $ 1.49 EFFECT OF DILUTIVE SECURITIES Stock options — 1 — — — — — — — Restricted stock units — 2 — — 3 (0.01) — 3 (0.01) DILUTED EARNINGS PER SHARE $ 43 668 $ 0.06 $ 302 667 $ 0.45 $ 985 665 $ 1.48 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The Company's Consolidated Statements of Operations included the following transactions with related parties for the periods indicated (in millions): Years Ended December 31, 2020 2019 2018 Revenue—Non-Regulated $ 1,506 $ 1,544 $ 1,533 Cost of Sales—Non-Regulated 504 531 342 Interest income 20 21 14 Interest expense 131 74 54 |
Schedule of Related Party Receivables Payables | The following table summarizes the balances receivable from and payable to related parties included in the Company's Consolidated Balance Sheets as of the periods indicated (in millions): December 31, 2020 2019 Receivables from related parties $ 252 $ 370 Accounts and notes payable to related parties (1) 1,765 1,976 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended | |
Dec. 31, 2020 | ||
Quarterly Financial Information Disclosure [Abstract] | ||
Schedule of Quarterly Financial Information | Quarterly Financial Data — The following tables summarize the unaudited quarterly Condensed Consolidated Statements of Operations for the Company for 2020 and 2019 (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 2020 Mar 31 Jun 30 Sep 30 Dec 31 Revenue $ 2,338 $ 2,217 $ 2,545 $ 2,560 Operating margin 507 524 756 906 Income (loss) from continuing operations, net of tax (1) 229 — (481) 401 Income from discontinued operations, net of tax — 3 — — Net income (loss) $ 229 $ 3 $ (481) $ 401 Net income (loss) attributable to The AES Corporation $ 144 $ (83) $ (333) $ 318 Basic earnings (loss) per share: Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax $ 0.22 $ (0.13) $ (0.50) $ 0.48 Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax — 0.01 — — Net income (loss) attributable to The AES Corporation common stockholders $ 0.22 $ (0.12) $ (0.50) $ 0.48 Diluted earnings (loss) per share: Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax $ 0.22 $ (0.13) $ (0.50) $ 0.47 Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax — 0.01 — — Net income (loss) attributable to The AES Corporation common stockholders $ 0.22 $ (0.12) $ (0.50) $ 0.47 Dividends declared per common share $ 0.14 $ — $ 0.14 $ 0.29 Quarter Ended 2019 Mar 31 Jun 30 Sep 30 Dec 31 Revenue $ 2,650 $ 2,483 $ 2,625 $ 2,431 Operating margin 586 502 701 560 Income (loss) from continuing operations, net of tax (2) 233 66 298 (120) Income from discontinued operations, net of tax — 1 — — Net income (loss) $ 233 $ 67 $ 298 $ (120) Net income (loss) attributable to The AES Corporation $ 154 $ 17 $ 210 $ (78) Basic earnings (loss) per share: Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax $ 0.23 $ 0.02 $ 0.32 $ (0.12) Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax — — — — Net income (loss) attributable to The AES Corporation common stockholders $ 0.23 $ 0.02 $ 0.32 $ (0.12) Diluted earnings (loss) per share: Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax $ 0.23 $ 0.02 $ 0.32 $ (0.12) Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax — — — — Net income (loss) attributable to The AES Corporation common stockholders $ 0.23 $ 0.02 $ 0.32 $ (0.12) Dividends declared per common share $ 0.14 $ — $ 0.14 $ 0.28 _____________________________ (1) Includes pre-tax impairment expense of $849 million in the third quarter of 2020 (See Note 22— Asset Im pairment Expense ), other-than-temporary impairment of OPGC of $43 million and $158 million in the first and second quarters of 2020, respectively, and net equity in losses of affiliates, primarily at Guacolda, of $112 million in the third quarter of 2020 (See Note 8— Investments in and Advances to Affiliates ). (2) Includes pre-tax impairment expense of $116 million and $69 million in the second and fourth quarters of 2019, respectively (See Note 22— Asset Impairment Expense ), other-than-temporary impairment of OPGC of $92 million, and net equity in losses of affiliates, primarily at Guacolda, of $175 million in the fourth quarter of 2019 (See Note 8— Investments in and Advances to Affiliates ). | [1],[2] |
[1] | Includes pre-tax impairment expense of $116 million and $69 million in the second and fourth quarters of 2019, respectively (See Note 22— Asset Impairment Expense ), other-than-temporary impairment of OPGC of $92 million, and net equity in losses of affiliates, primarily at Guacolda, of $175 million in the fourth quarter of 2019 (See Note 8— Investments in and Advances to Affiliates ). | |
[2] | Includes pre-tax impairment expense of $849 million in the third quarter of 2020 (See Note 22— Asset Im pairment Expense ), other-than-temporary impairment of OPGC of $43 million and $158 million in the first and second quarters of 2020, respectively, and net equity in losses of affiliates, primarily at Guacolda, of $112 million in the third quarter of 2020 (See Note 8— Investments in and Advances to Affiliates ). |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information of Parent (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Details [Line Items] | |
Schedule of Recourse Debt Detail | The following table summarizes the carrying amount and terms of recourse debt of the Company as of the periods indicated (in millions): Interest Rate Final Maturity December 31, 2020 December 31, 2019 Senior Unsecured Note 4.00% 2021 — 500 Senior Secured Term Loan LIBOR + 1.75% 2022 — 18 Senior Unsecured Note 4.875% 2023 — 613 Senior Unsecured Note 4.50% 2023 — 500 Drawings on revolving credit facility LIBOR + 1.75% 2024 70 180 Senior Unsecured Note 5.50% 2024 — 63 Senior Unsecured Note 5.50% 2025 — 544 Senior Unsecured Note 3.30% 2025 900 — Senior Unsecured Note 6.00% 2026 — 500 Senior Unsecured Note 1.375% 2026 800 — Senior Unsecured Note 5.125% 2027 — 500 Senior Unsecured Note 3.95% 2030 700 — Senior Unsecured Note 2.45% 2031 1,000 — Other (1) CDI + 7.00% 2026 18 — Unamortized (discount) premium & debt issuance (costs), net (41) (22) Subtotal $ 3,447 $ 3,396 Less: Current maturities (1) (5) Noncurrent maturities $ 3,446 $ 3,391 _____________________________ (1) Represents project-level limited recourse debt at AES Holdings Brasil Ltda. December 31, Interest Rate Maturity 2020 2019 Senior Unsecured Note 4.00% 2021 — 500 Senior Secured Term Loan LIBOR + 1.75% 2022 — 18 Senior Unsecured Note 4.875% 2023 — 613 Senior Unsecured Note 4.50% 2023 — 500 Drawings on revolving credit facility LIBOR + 1.75% 2024 70 180 Senior Unsecured Note 5.50% 2024 — 63 Senior Unsecured Note 5.50% 2025 — 544 Senior Unsecured Note 3.30% 2025 900 — Senior Unsecured Note 6.00% 2026 — 500 Senior Unsecured Note 1.375% 2026 800 — Senior Unsecured Note 5.125% 2027 — 500 Senior Unsecured Note 3.95% 2030 700 — Senior Unsecured Note 2.45% 2031 1,000 — Unamortized (discounts)/premiums & debt issuance (costs) (40) (22) Subtotal $ 3,430 $ 3,396 Less: Current maturities — (5) Total $ 3,430 $ 3,391 |
Junior Subordinated Notes Payable | December 31, Interest Rate Maturity 2020 2019 Senior Unsecured Note 4.00% 2021 — 500 Senior Secured Term Loan LIBOR + 1.75% 2022 — 18 Senior Unsecured Note 4.875% 2023 — 613 Senior Unsecured Note 4.50% 2023 — 500 Drawings on revolving credit facility LIBOR + 1.75% 2024 70 180 Senior Unsecured Note 5.50% 2024 — 63 Senior Unsecured Note 5.50% 2025 — 544 Senior Unsecured Note 3.30% 2025 900 — Senior Unsecured Note 6.00% 2026 — 500 Senior Unsecured Note 1.375% 2026 800 — Senior Unsecured Note 5.125% 2027 — 500 Senior Unsecured Note 3.95% 2030 700 — Senior Unsecured Note 2.45% 2031 1,000 — Unamortized (discounts)/premiums & debt issuance (costs) (40) (22) Subtotal $ 3,430 $ 3,396 Less: Current maturities — (5) Total $ 3,430 $ 3,391 |
Future Maturities of Debt | The following table summarizes the principal amounts due under our recourse debt for the next five years and thereafter (in millions): December 31, Net Principal Amounts Due 2021 $ 1 2022 3 2023 3 2024 74 2025 903 Thereafter 2,504 Unamortized (discount) premium & debt issuance (costs), net (41) Total recourse debt $ 3,447 December 31, Annual Maturities 2021 $ — 2022 — 2023 — 2024 70 2025 900 Thereafter 2,500 Unamortized (discount)/premium & debt issuance (costs) (40) Total debt $ 3,430 |
General and Summary of Signif_4
General and Summary of Significant Accounting Policies (Finite Lived Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 1 year |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 50 years |
General and Summary of Signif_5
General and Summary of Significant Accounting Policies New Accounting Pronouncements Adopted (Details) - USD ($) | Jan. 01, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2017 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Financing Receivable, after Allowance for Credit Loss | $ 101,000,000 | $ 109,000,000 | $ 101,000,000 | $ 109,000,000 | |||||||||||||||
Other assets | $ 1,605,000,000 | 1,660,000,000 | 1,635,000,000 | 1,660,000,000 | 1,635,000,000 | $ 1,767,000,000 | |||||||||||||
Operating Lease, Right-of-Use Asset | 275,000,000 | 248,000,000 | 275,000,000 | 248,000,000 | |||||||||||||||
Revenues | 2,560,000,000 | $ 2,545,000,000 | $ 2,217,000,000 | $ 2,338,000,000 | 2,431,000,000 | $ 2,625,000,000 | $ 2,483,000,000 | $ 2,650,000,000 | 9,660,000,000 | 10,189,000,000 | $ 10,736,000,000 | ||||||||
Cost of Goods and Services Sold | (6,967,000,000) | (7,840,000,000) | (8,163,000,000) | ||||||||||||||||
Gross Profit | 906,000,000 | 756,000,000 | 524,000,000 | 507,000,000 | 560,000,000 | 701,000,000 | 502,000,000 | 586,000,000 | 2,693,000,000 | 2,349,000,000 | 2,573,000,000 | ||||||||
Interest income | 268,000,000 | 318,000,000 | 310,000,000 | ||||||||||||||||
Other Assets, Current | 800,000,000 | 726,000,000 | 802,000,000 | 726,000,000 | 802,000,000 | ||||||||||||||
Loan receivable, net of allowance of $0 | 0 | 1,351,000,000 | 0 | 1,351,000,000 | |||||||||||||||
Assets | 34,603,000,000 | 33,648,000,000 | 34,603,000,000 | 33,648,000,000 | 32,521,000,000 | ||||||||||||||
Retained Earnings (Accumulated Deficit) | (731,000,000) | (680,000,000) | (692,000,000) | (680,000,000) | (692,000,000) | ||||||||||||||
Cash and Cash Equivalents, at Carrying Value | 1,089,000,000 | 1,029,000,000 | 1,089,000,000 | 1,029,000,000 | |||||||||||||||
Restricted Cash and Cash Equivalents, Current | 297,000,000 | 336,000,000 | 297,000,000 | 336,000,000 | |||||||||||||||
Other Comprehensive Income (Loss), Effect of Change in Accounting Principle, Net of Taxes | (167,000,000) | (227,000,000) | (151,000,000) | ||||||||||||||||
Debt service reserves and other deposits | 441,000,000 | 207,000,000 | 441,000,000 | 207,000,000 | |||||||||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,827,000,000 | 1,572,000,000 | 1,827,000,000 | 1,572,000,000 | 2,003,000,000 | $ 1,788,000,000 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,397,000,000) | (2,229,000,000) | (2,397,000,000) | (2,229,000,000) | (2,071,000,000) | ||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 2,217,000,000 | 2,086,000,000 | 2,233,000,000 | 2,086,000,000 | 2,233,000,000 | ||||||||||||||
Liabilities and Equity | 34,603,000,000 | 33,648,000,000 | 34,603,000,000 | 33,648,000,000 | |||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 488,000,000 | 1,001,000,000 | 2,018,000,000 | ||||||||||||||||
Income (Loss) from Continuing Operations, net of Tax | 401,000,000 | (481,000,000) | [1] | 0 | [1] | 229,000,000 | [1] | (120,000,000) | [2] | 298,000,000 | 66,000,000 | [2] | 233,000,000 | 149,000,000 | 477,000,000 | 1,349,000,000 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 401,000,000 | (481,000,000) | 3,000,000 | 229,000,000 | (120,000,000) | 298,000,000 | 67,000,000 | 233,000,000 | 152,000,000 | 478,000,000 | 1,565,000,000 | ||||||||
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION | 318,000,000 | $ (333,000,000) | $ (83,000,000) | $ 144,000,000 | (78,000,000) | $ 210,000,000 | $ 17,000,000 | $ 154,000,000 | 46,000,000 | 303,000,000 | 1,203,000,000 | ||||||||
Accrued and other liabilities | 1,223,000,000 | 987,000,000 | 1,223,000,000 | 987,000,000 | 989,000,000 | ||||||||||||||
Other long-term liabilities | 3,241,000,000 | 2,917,000,000 | 3,241,000,000 | 2,917,000,000 | $ 2,949,000,000 | ||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 527,000,000 | 580,000,000 | 527,000,000 | 580,000,000 | |||||||||||||||
Financing Receivable, before Allowance for Credit Loss | 110,000,000 | 110,000,000 | |||||||||||||||||
Accounts and Financing Receivable, Allowance for Credit Loss | 68,000,000 | 62,000,000 | 62,000,000 | ||||||||||||||||
Financing Receivable, Allowance for Credit Loss | 9,000,000 | 9,000,000 | |||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Current | 20,000,000 | 13,000,000 | 20,000,000 | 13,000,000 | 20,000,000 | ||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (9,000,000) | ||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Recovery | 0 | ||||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (9,000,000) | ||||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 12,000,000 | ||||||||||||||||||
Allowance for Doubtful Accounts, Premiums and Other Receivables | 16,000,000 | 4,000,000 | 4,000,000 | ||||||||||||||||
Accounting Standards Update 2016-13 [Member] | |||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Accounts Receivable, before Allowance for Credit Loss, Current | 1,500,000,000 | ||||||||||||||||||
Accounting Standards Update 2016-02 [Member] | |||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Other assets | 253,000,000 | 253,000,000 | |||||||||||||||||
Accrued and other liabilities | 27,000,000 | 27,000,000 | |||||||||||||||||
Other long-term liabilities | 226,000,000 | 226,000,000 | |||||||||||||||||
Property, Plant and Equipment [Member] | |||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Operating Lease, Right-of-Use Asset | 3,103,000,000 | 2,909,000,000 | 3,103,000,000 | 2,909,000,000 | |||||||||||||||
Accumulated Amortization on PP&E [Member] | |||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Operating Lease, Right-of-Use Asset | 1,011,000,000 | 707,000,000 | 1,011,000,000 | 707,000,000 | |||||||||||||||
Accounts Receivable | |||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Current | 4,000,000 | 9,000,000 | 9,000,000 | ||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 11,000,000 | ||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (9,000,000) | ||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Recovery | (3,000,000) | ||||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 0 | ||||||||||||||||||
Mong Duong Subsidiary [Member] | |||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Accounts and Financing Receivable, Allowance for Credit Loss | 32,000,000 | 32,000,000 | |||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 0 | ||||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 0 | ||||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | ||||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Recovery | (2,000,000) | ||||||||||||||||||
Mong Duong Subsidiary [Member] | Accounting Standards Update 2016-13 [Member] | |||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Financing Receivable, before Allowance for Credit Loss | $ 1,400,000,000 | ||||||||||||||||||
Financing Receivable, Credit Loss Rate | 2.40% | ||||||||||||||||||
Accounts and Financing Receivable, Allowance for Credit Loss | $ 34,000,000 | ||||||||||||||||||
AES Argentina [Member] | |||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Financing Receivable, Allowance for Credit Loss | 20,000,000 | 20,000,000 | |||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Recovery | (1,000,000) | ||||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (9,000,000) | ||||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 1,000,000 | ||||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | ||||||||||||||||||
AES Argentina [Member] | Accounting Standards Update 2016-13 [Member] | |||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Financing Receivable, Credit Loss Rate | 41.20% | ||||||||||||||||||
Financing Receivable, Allowance for Credit Loss | $ 29,000,000 | ||||||||||||||||||
Gener Subsidiary [Member] | Accounting Standards Update 2016-13 [Member] | |||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Other assets | 1,514,000,000 | ||||||||||||||||||
Accrued and other liabilities | 962,000,000 | ||||||||||||||||||
Other long-term liabilities | 2,723,000,000 | ||||||||||||||||||
Financing Receivable, before Allowance for Credit Loss | 33,000,000 | 33,000,000 | |||||||||||||||||
Other Entity [Member] | |||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 0 | ||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 0 | ||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Recovery | 0 | ||||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 0 | ||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Noncurrent | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||||
Debt Securities [Member] | Accounting Standards Update 2016-13 [Member] | |||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 326,000,000 | ||||||||||||||||||
ARGENTINA | |||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Financing Receivable, after Allowance for Credit Loss | 39,000,000 | $ 64,000,000 | 39,000,000 | 64,000,000 | |||||||||||||||
Revenues | 308,000,000 | $ 373,000,000 | $ 487,000,000 | ||||||||||||||||
Financing Receivable, before Allowance for Credit Loss | 48,000,000 | 48,000,000 | |||||||||||||||||
Financing Receivable, Allowance for Credit Loss | $ 9,000,000 | $ 9,000,000 | |||||||||||||||||
[1] | Includes pre-tax impairment expense of $849 million in the third quarter of 2020 (See Note 22— Asset Im pairment Expense ), other-than-temporary impairment of OPGC of $43 million and $158 million in the first and second quarters of 2020, respectively, and net equity in losses of affiliates, primarily at Guacolda, of $112 million in the third quarter of 2020 (See Note 8— Investments in and Advances to Affiliates ). | ||||||||||||||||||
[2] | Includes pre-tax impairment expense of $116 million and $69 million in the second and fourth quarters of 2019, respectively (See Note 22— Asset Impairment Expense ), other-than-temporary impairment of OPGC of $92 million, and net equity in losses of affiliates, primarily at Guacolda, of $175 million in the fourth quarter of 2019 (See Note 8— Investments in and Advances to Affiliates ). |
General and Summary of Signif_6
General and Summary of Significant Accounting Policies Change in Accounting Estimate (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Change in Accounting Estimate [Line Items] | ||||
Accounts receivable, net of allowance for doubtful accounts of $13 and $20, respectively | $ 1,479 | $ 1,300 | $ 1,479 | |
Other Assets, Current | (800) | (726) | (802) | |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | (1,319) | (1,351) | ||
Other Assets, Noncurrent | (1,605) | (1,660) | (1,635) | $ (1,767) |
Retained Earnings (Accumulated Deficit) | (731) | (680) | (692) | |
Stockholders' Equity Attributable to Noncontrolling Interest | 2,217 | 2,086 | 2,233 | |
Loans and Leases Receivable, Allowance | 32 | 0 | 0 | |
Accounts Receivable, Allowance for Credit Loss, Current | 20 | 13 | 20 | |
Accounts and Financing Receivable, Allowance for Credit Loss | 68 | 62 | ||
Other Current Assets [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Deferred Income Tax Assets, Net | $ 165 | $ 156 | ||
Mong Duong Subsidiary [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Accounts and Financing Receivable, Allowance for Credit Loss | $ 32 | |||
Accounting Standards Update 2016-13 [Member] | Mong Duong Subsidiary [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Financing Receivable, Credit Loss Rate | 2.40% | |||
Accounts and Financing Receivable, Allowance for Credit Loss | $ 34 | |||
Accounting Standards Update 2016-13 [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Accounts receivable, net of allowance for doubtful accounts of $13 and $20, respectively | 0 | |||
Other Assets, Current | (2) | |||
Deferred Income Tax Assets, Net | 9 | |||
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | (32) | |||
Other Assets, Noncurrent | (30) | |||
Retained Earnings (Accumulated Deficit) | (39) | |||
Stockholders' Equity Attributable to Noncontrolling Interest | $ (16) |
Inventory (Details)
Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Fuel and other raw materials | $ 223 | $ 230 |
Spare parts and supplies | 238 | 257 |
Total | $ 461 | $ 487 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Components of PP&E) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | $ 26,707 | $ 25,383 |
Accumulated depreciation | (8,472) | (8,505) |
Property, Plant and Equipment, Net | 18,235 | 16,878 |
Electric generation and distribution facilities | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | $ 24,239 | 22,869 |
Electric generation and distribution facilities | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Electric generation and distribution facilities | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Other buildings | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | $ 1,507 | 1,612 |
Other buildings | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Other buildings | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 51 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | $ 333 | 319 |
Furniture and Fixtures [Member] | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Furniture and Fixtures [Member] | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 30 years | |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | $ 628 | $ 583 |
Other | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Other | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 39 years |
Property, Plant and Equipment_3
Property, Plant and Equipment (Depreciation Expense, Software Amortization and Capitalized Interest) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 1,004 | $ 977 | $ 960 |
Interest capitalized during development and construction | 307 | $ 238 | $ 199 |
Property plant and equipment, net of accumulated depreciation mortgaged, pledged or subject to liens | $ 10,000 |
Property, Plant and Equipment_4
Property, Plant and Equipment (Regulated and Non-Regulated Generation and Distribution PP&E) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | $ 26,707 | $ 25,383 |
Accumulated depreciation | (8,472) | (8,505) |
Net electric generation and distribution assets and other | 18,235 | 16,878 |
Regulated Operation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | 8,858 | 8,570 |
Accumulated depreciation | (3,329) | (3,029) |
Net electric generation and distribution assets and other | 5,529 | 5,541 |
Unregulated Operation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | 17,849 | 16,813 |
Accumulated depreciation | (5,143) | (5,476) |
Net electric generation and distribution assets and other | $ 12,706 | $ 11,337 |
Asset Retirement Obligation (De
Asset Retirement Obligation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset Retirement Obligation | $ 462 | $ 428 | $ 415 |
Asset Retirement Obligation, Liabilities Incurred | 42 | 19 | |
Asset Retirement Obligation, Liabilities Settled | 20 | 12 | |
Asset Retirement Obligation, Accretion Expense | 22 | 21 | |
Asset Retirement Obligation, Revision of Estimate | 3 | 58 | |
Asset Retirement Obligations, Sale of Plants | (13) | (71) | |
Asset Retirement Obligation, Other | 0 | (2) | |
IPL Subsidiary [Member] | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset Retirement Obligation, Revision of Estimate | 75 | ||
DPL Subsidiary | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset Retirement Obligation, Revision of Estimate | $ 87 | $ 32 | |
Asset Retirement Obligations, Sale of Plants | 13 | ||
Gener Subsidiary [Member] | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset Retirement Obligation, Liabilities Incurred | 17 | ||
Hawaii Subsidiary [Member] | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset Retirement Obligation, Liabilities Incurred | $ 12 |
Fair Value (Recurring Measureme
Fair Value (Recurring Measurements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 0 | $ 0 | $ 119 |
Proceeds from Sale of Available-for-sale Securities | 582 | 663 | $ 1,403 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 527 | 580 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 679 | 424 | |
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 | 28 | 22 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, 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 | 351 | 463 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 441 | 227 | |
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 | 148 | 95 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 238 | 197 | |
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 | 189 | 171 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 679 | 424 | |
Derivative [Member] | Commodity Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 22 | 31 | |
Derivative [Member] | Interest rate derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 610 | 328 | |
Derivative [Member] | Cross-currency derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 4 | 21 | |
Derivative [Member] | Foreign currency derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 43 | 44 | |
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 Reconciliation, 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 Reconciliation, 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 Reconciliation, 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 Reconciliation, 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 Reconciliation, 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 | 41 | 76 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 441 | 227 | |
Derivative [Member] | Level 2 | Commodity Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 22 | 29 | |
Derivative [Member] | Level 2 | Interest rate derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 374 | 144 | |
Derivative [Member] | Level 2 | Cross-currency derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 2 | 10 | |
Derivative [Member] | Level 2 | Foreign currency derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 43 | 44 | |
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 | 148 | 95 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 238 | 197 | |
Derivative [Member] | Level 3 | Commodity Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 2 | |
Derivative [Member] | Level 3 | Interest rate derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 236 | 184 | |
Derivative [Member] | Level 3 | Cross-currency derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 2 | 11 | |
Derivative [Member] | Level 3 | Foreign currency derivatives | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | 0 | |
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 | 21 | 0 | |
Other debt securities | Available-for-sale Securities [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
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 | 21 | 0 | |
Other debt securities | Available-for-sale Securities [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
Commodity Contract [Member] | Derivative [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 10 | 30 | |
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 | 8 | 28 | |
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 | 2 | 2 | |
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 | 238 | 326 | |
Certificates of Deposit [Member] | Available-for-sale Securities [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
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 | 238 | 326 | |
Certificates of Deposit [Member] | Available-for-sale Securities [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
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 | 259 | 326 | |
Debt securities | Available-for-sale Securities [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
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 | 259 | 326 | |
Debt securities | Available-for-sale Securities [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
Mutual Fund [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 | 79 | ||
Mutual Fund [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 | 28 | ||
Mutual Fund [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 | 51 | ||
Mutual Fund [Member] | Available-for-sale Securities [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | ||
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 | 83 | ||
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 | 22 | ||
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 | 61 | ||
Equity Funds [Member] | Available-for-sale Securities [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | ||
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 | 79 | 83 | |
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 | 28 | 22 | |
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 | 51 | 61 | |
Equity securities | Available-for-sale Securities [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
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 | 161 | 110 | |
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 | 15 | 17 | |
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 | 146 | 93 | |
Cross-currency derivatives | Derivative [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5 | 0 | |
Cross-currency derivatives | Derivative [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
Cross-currency derivatives | Derivative [Member] | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5 | 0 | |
Cross-currency derivatives | Derivative [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
Interest rate derivatives | Derivative [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 13 | 31 | |
Interest rate derivatives | Derivative [Member] | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
Interest rate derivatives | Derivative [Member] | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 13 | 31 | |
Interest rate derivatives | Derivative [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 0 | $ 0 |
Fair Value (Level 3 Reconciliat
Fair Value (Level 3 Reconciliation) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Assets Liabilities Value | $ (90) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (70) | $ 68 | |
Included in regulatory (assets) liabilities | (5) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (17) | 13 | |
Fair Value, Net Derivative Liability Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 6 | 13 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 48 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers out of Level 3 | 2 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (90) | (102) | $ 63 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 35 | (69) | |
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 | 2 | (2) | |
Included in regulatory (assets) liabilities | (5) | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 1 | 2 | |
Fair Value, Net Derivative Liability Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers out of Level 3 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 2 | (1) | 4 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 2 | (2) | |
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 | 67 | (65) | |
Included in regulatory (assets) liabilities | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (39) | (23) | |
Fair Value, Net Derivative Liability Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers out of Level 3 | 1 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 146 | 94 | 199 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 35 | (67) | |
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 | 3 | (1) | |
Included in regulatory (assets) liabilities | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 34 | 8 | |
Fair Value, Net Derivative Liability Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 6 | 2 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 48 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers out of Level 3 | 1 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (236) | (184) | (140) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | 0 | |
Cross Currency Interest Rate Contract [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (2) | 0 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | (10) | ||
Included in regulatory (assets) liabilities | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 21 | 0 | |
Fair Value, Net Derivative Liability Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | 11 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers out of Level 3 | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (2) | (11) | $ 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (2) | 0 | |
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) | 71 | 114 | |
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) | 23 | (17) | |
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) | $ (84) | (97) | |
Other comprehensive income - Derivative activity [Member] | Cross Currency Interest Rate Contract [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ 0 | ||
Argentina, Pesos | Minimum [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Derivative, Forward Exchange Rate | 86 | ||
Argentina, Pesos | Maximum [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Derivative, Forward Exchange Rate | 1,027 | ||
Argentina, Pesos | Weighted Average [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Derivative, Forward Exchange Rate | 405 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information) (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ (90) | $ (102) | $ 63 | |
Foreign Exchange Contract [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 146 | 94 | 199 | |
Interest Rate Contract | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (236) | (184) | (140) | |
Cross Currency Interest Rate Contract [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (2) | (11) | 0 | |
Commodity Contract [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 2 | $ (1) | $ 4 | |
Measurement Input, Entity Credit Risk [Member] | Interest Rate Contract | Minimum | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 0.60% | |||
Measurement Input, Entity Credit Risk [Member] | Interest Rate Contract | Maximum | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 3.60% | |||
Measurement Input, Entity Credit Risk [Member] | Interest Rate Contract | Weighted Average | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 3.50% | |||
Measurement Input, Entity Credit Risk [Member] | Cross Currency Interest Rate Contract [Member] | Minimum | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 3.60% | |||
Measurement Input, Entity Credit Risk [Member] | Cross Currency Interest Rate Contract [Member] | Maximum | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 3.60% | |||
Measurement Input, Entity Credit Risk [Member] | Cross Currency Interest Rate Contract [Member] | Weighted Average | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 3.60% |
Fair Value (Nonrecurring Measur
Fair Value (Nonrecurring Measurements) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Apr. 12, 2019 | Oct. 01, 2018 | ||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | $ 849,000,000 | $ 69,000,000 | $ 116,000,000 | $ 864,000,000 | $ 185,000,000 | $ 208,000,000 | |||||||
Other non-operating expense | 202,000,000 | 92,000,000 | 147,000,000 | ||||||||||
Shady Point [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 30,000,000 | ||||||||||||
Nejapa [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 5,000,000 | ||||||||||||
Guacolda Affiliate [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Equity Method Investment, Other than Temporary Impairment | 92,000,000 | ||||||||||||
Kilroot and Ballylumford [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 114,000,000 | 114,000,000 | |||||||||||
OPGC Affiliate [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 158,000,000 | $ 43,000,000 | 92,000,000 | 201,000,000 | |||||||||
Estimate of Fair Value Measurement [Member] | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 548,000,000 | ||||||||||||
Equity Method Investments [Member] | Reported Value Measurement [Member] | Guacolda Affiliate [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | $ 304,000,000 | |||||||||||
Long Lived Assets Held And Used [Member] | Nejapa [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | [2] | 60,000,000 | |||||||||||
Long Lived Assets Held And Used [Member] | Kilroot and Ballylumford [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | [3] | 115,000,000 | |||||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 232,000,000 | ||||||||||||
Long Lived Assets Held And Used [Member] | US Generation Facility [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | [2] | 781,000,000 | |||||||||||
Long Lived Assets Held And Used [Member] | AES Panama | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | 30,000,000 | ||||||||||||
Long Lived Assets Held And Used [Member] | AES Hawaii | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | 38,000,000 | ||||||||||||
Long Lived Assets Held And Used [Member] | OPGC | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Other Asset Impairment Charges | $ 158,000,000 | ||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Nejapa [Member] | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [2] | $ 0 | |||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Nejapa [Member] | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [2] | $ 0 | |||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Nejapa [Member] | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [2] | 103,000,000 | 103,000,000 | ||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | AES Panama | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 44,000,000 | ||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | AES Panama | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 0 | ||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | AES Panama | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 0 | ||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | AES Panama | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 14,000,000 | ||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | AES Hawaii | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 114,000,000 | ||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | AES Hawaii | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 0 | ||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | AES Hawaii | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 0 | ||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | AES Hawaii | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 76,000,000 | ||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | OPGC | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 272,000,000 | 272,000,000 | |||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | OPGC | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 0 | 0 | |||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | OPGC | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 104,000,000 | 104,000,000 | |||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | OPGC | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 0 | $ 0 | |||||||||||
Long Lived Assets Held And Used [Member] | Reported Value Measurement [Member] | Nejapa [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1],[2] | 163,000,000 | 163,000,000 | ||||||||||
Long Lived Assets Held For Sale [Member] | Guacolda Affiliate [Member] | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 0 | 0 | |||||||||||
Long Lived Assets Held For Sale [Member] | Guacolda Affiliate [Member] | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 0 | 0 | |||||||||||
Long Lived Assets Held For Sale [Member] | Guacolda Affiliate [Member] | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 212,000,000 | 212,000,000 | |||||||||||
Long Lived Assets Held For Sale [Member] | OPGC Affiliate [Member] | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 152,000,000 | 212,000,000 | 212,000,000 | ||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | OPGC Affiliate [Member] | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 0 | ||||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | OPGC Affiliate [Member] | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 0 | ||||||||||||
Long Lived Assets Held For Sale [Member] | Reported Value Measurement [Member] | OPGC Affiliate [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | 195,000,000 | |||||||||||
Fair Value, Nonrecurring [Member] | Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Kilroot and Ballylumford [Member] | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [3] | 0 | 0 | ||||||||||
Fair Value, Nonrecurring [Member] | Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Kilroot and Ballylumford [Member] | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [3] | 118,000,000 | |||||||||||
Fair Value, Nonrecurring [Member] | Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Kilroot and Ballylumford [Member] | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [3] | 0 | |||||||||||
Fair Value, Nonrecurring [Member] | Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | US Generation Facility [Member] | Level 1 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [2] | 0 | |||||||||||
Fair Value, Nonrecurring [Member] | Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | US Generation Facility [Member] | Level 2 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [2] | 0 | |||||||||||
Fair Value, Nonrecurring [Member] | Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | US Generation Facility [Member] | Level 3 | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [2] | 306,000,000 | |||||||||||
Fair Value, Nonrecurring [Member] | Long Lived Assets Held And Used [Member] | Reported Value Measurement [Member] | Kilroot and Ballylumford [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1],[3] | $ 232,000,000 | $ 232,000,000 | ||||||||||
Fair Value, Nonrecurring [Member] | Long Lived Assets Held And Used [Member] | Reported Value Measurement [Member] | US Generation Facility [Member] | |||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1],[2] | $ 1,087,000,000 | |||||||||||
[1] | Represents the carrying values at the dates of initial measurement, before fair value adjustment. | ||||||||||||
[2] | See Note 22— Asset Impairment Expense for further information. (3) See Note 8— In vestments I n and Advances to Affiliates for further information. | ||||||||||||
[3] | Per the Company's policy, pre-tax loss is limited to the impairment of long-lived assets. Any additional loss will be recognized on completion of the sale. See Note 22— Asset Impairment Expense and Note 25— Held-for-Sale and Dispositions for further information. |
Fair Value (Nonrecurring Unobse
Fair Value (Nonrecurring Unobservable Inputs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Fair Value | Level 3 | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Assets Carrying Amount Disclosure Nonrecurring | $ 548 | ||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Assets Liabilities Value | (90) | ||||
Laurel Mountain [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Assets Carrying Amount Disclosure Nonrecurring | $ 30 | ||||
Kilroot [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Assets Carrying Amount Disclosure Nonrecurring | $ 5 | ||||
Long Lived Assets Held For Sale [Member] | Level 3 | OPGC Affiliate [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Assets Carrying Amount Disclosure Nonrecurring | $ 152 | $ 212 | |||
Long Lived Assets Held And Used [Member] | Fair Value | AES Panama | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Assets Carrying Amount Disclosure Nonrecurring | 44 | ||||
Long Lived Assets Held And Used [Member] | Fair Value | Level 3 | Kilroot [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Assets Carrying Amount Disclosure Nonrecurring | [1] | $ 103 | |||
Long Lived Assets Held And Used [Member] | Fair Value | Level 3 | Gener Subsidiary [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Assets Carrying Amount Disclosure Nonrecurring | 306 | ||||
Long Lived Assets Held And Used [Member] | Fair Value | Level 3 | AES Panama | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Assets Carrying Amount Disclosure Nonrecurring | 14 | ||||
Long Lived Assets Held And Used [Member] | Hawaii Subsidiary [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Assets Carrying Amount Disclosure Nonrecurring | 103 | ||||
Long Lived Assets Held And Used [Member] | Level 3 | Hawaii Subsidiary [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Assets Carrying Amount Disclosure Nonrecurring | $ 76 | ||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Minimum | AES Gener | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | (90.00%) | ||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Maximum | AES Gener | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 10.00% | ||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Weighted Average | AES Gener | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | (2.00%) | ||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Minimum | Hawaii Subsidiary [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | (12.00%) | ||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Minimum | OPGC Affiliate [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | (25.00%) | ||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Maximum | Hawaii Subsidiary [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 13.00% | ||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Maximum | OPGC Affiliate [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 40.00% | ||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Weighted Average | Hawaii Subsidiary [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 0.00% | ||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Weighted Average | OPGC Affiliate [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 2.00% | ||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Minimum | AES Gener | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | (94.00%) | ||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Maximum | AES Gener | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 24.00% | ||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Weighted Average | AES Gener | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | (3.00%) | ||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Minimum | Hawaii Subsidiary [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 24.00% | ||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Maximum | Hawaii Subsidiary [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 35.00% | ||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Weighted Average | Hawaii Subsidiary [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 29.00% | ||||
Measurement Input, Discount Rate [Member] | Valuation, Income Approach [Member] | Minimum | AES Gener | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 7.00% | ||||
Measurement Input, Discount Rate [Member] | Valuation, Income Approach [Member] | Maximum | AES Gener | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 10.00% | ||||
Measurement Input, Discount Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Minimum | Hawaii Subsidiary [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 10.00% | ||||
Measurement Input, Discount Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Maximum | Hawaii Subsidiary [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 13.00% | ||||
Measurement Input, Discount Rate [Member] | Valuation, Income Approach [Member] | Long Lived Assets Held And Used [Member] | Weighted Average | OPGC Affiliate [Member] | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 12.00% | ||||
Sale price per kilowatt (USD) | Valuation, Income Approach [Member] | Minimum | Estrella del Mar I | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 16000.00% | ||||
Sale price per kilowatt (USD) | Valuation, Income Approach [Member] | Maximum | Estrella del Mar I | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 52000.00% | ||||
Sale price per kilowatt (USD) | Valuation, Income Approach [Member] | Weighted Average | Estrella del Mar I | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 31500.00% | ||||
Age of unit when sold | Valuation, Income Approach [Member] | Minimum | Estrella del Mar I | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 1500.00% | ||||
Age of unit when sold | Valuation, Income Approach [Member] | Maximum | Estrella del Mar I | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 2500.00% | ||||
Age of unit when sold | Valuation, Income Approach [Member] | Weighted Average | Estrella del Mar I | |||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||
Fair Value Measurement Inputs, Nonrecurring | 1800.00% | ||||
[1] | See Note 22— Asset Impairment Expense for further information. (3) See Note 8— In vestments I n and Advances to Affiliates for further information. |
Fair Value (Instruments Not Mea
Fair Value (Instruments Not Measured at Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Liabilities [Abstract] | |||
Recourse debt | $ 3,447 | $ 3,396 | |
Carrying Amount | |||
ASSETS | |||
Accounts receivable - noncurrent | [1] | 97 | 98 |
Non-Recourse Debt | 16,354 | 16,712 | |
Liabilities [Abstract] | |||
Recourse debt | 3,446 | 3,396 | |
Fair Value | |||
ASSETS | |||
Accounts receivable - noncurrent | [1] | 197 | 145 |
Non-Recourse Debt | 18,403 | 16,579 | |
Liabilities [Abstract] | |||
Recourse debt | 3,677 | 3,529 | |
Value added tax | 4 | 11 | |
Fair Value | Level 1 | |||
ASSETS | |||
Accounts receivable - noncurrent | 0 | 0 | |
Non-Recourse Debt | 5 | 0 | |
Liabilities [Abstract] | |||
Recourse debt | 0 | 0 | |
Fair Value | Level 2 | |||
ASSETS | |||
Accounts receivable - noncurrent | 0 | 0 | |
Non-Recourse Debt | 15,301 | 15,804 | |
Liabilities [Abstract] | |||
Recourse debt | 3,677 | 3,529 | |
Fair Value | Level 3 | |||
ASSETS | |||
Accounts receivable - noncurrent | [1] | 197 | 145 |
Non-Recourse Debt | 3,097 | 775 | |
Liabilities [Abstract] | |||
Recourse debt | $ 0 | $ 0 | |
[1] | These amounts primarily relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and amounts related to green blend and extend agreements in Chile and are included in Other noncurrent assets |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Outstanding Derivative Notionals and Terms by Type) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative, notional amount | $ 2,000,000,000 | |
Libor and Euribor [Member] | Interest Rate Contract | ||
Derivative [Line Items] | ||
Derivative, notional amount | 4,772,000,000 | |
Unidad de Fomento (funds code) | Cross Currency Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 246,000,000 | |
Argentina, Pesos | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 56,000,000 | |
Chilean Peso CLP [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 318,000,000 | |
Colombian Peso COP [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 190,000,000 | |
Brazil, Brazil Real | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 149,000,000 | |
No currency | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 31,000,000 | |
Other Noncurrent Assets [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Noncurrent | 138,000,000 | $ 99,000,000 |
Other Noncurrent Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Noncurrent | 443,000,000 | $ 298,000,000 |
Natural Gas and Natural Gas Liquids [Member] | ||
Derivative [Line Items] | ||
Commodity Contract Asset, Current | 23,000,000 | |
Energy [Domain] | ||
Derivative [Line Items] | ||
Commodity Contract Asset, Current | 6,000,000 | |
Coal [Member] | ||
Derivative [Line Items] | ||
Commodity Contract Asset, Current | $ 7,000,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Assets and LIabilities - Designated vs. Not Designated Hedging Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | $ 189 | $ 171 |
Total liability derivatives | 679 | 424 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 60 | 62 |
Total liability derivatives | 518 | 368 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 129 | 109 |
Total liability derivatives | 161 | 56 |
Interest Rate Contract | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 13 | 31 |
Total liability derivatives | 610 | 328 |
Interest Rate Contract | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 13 | 31 |
Total liability derivatives | 506 | 323 |
Interest Rate Contract | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 0 | 0 |
Total liability derivatives | 104 | 5 |
Cross Currency Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 5 | 0 |
Total liability derivatives | 4 | 21 |
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 5 | 0 |
Total liability derivatives | 4 | 21 |
Cross Currency Interest Rate Contract [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 0 | 0 |
Total liability derivatives | 0 | 0 |
Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 161 | 110 |
Total liability derivatives | 43 | 44 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 40 | 31 |
Total liability derivatives | 8 | 22 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 121 | 79 |
Total liability derivatives | 35 | 22 |
Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 10 | 30 |
Total liability derivatives | 22 | 31 |
Commodity Contract [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 2 | 0 |
Total liability derivatives | 0 | 2 |
Commodity Contract [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 8 | 30 |
Total liability derivatives | 22 | 29 |
Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Noncurrent | 138 | 99 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | $ 51 | $ 72 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Assets and Liabilities - Current vs. Noncurrent Derivative instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | $ 189 | $ 171 |
Total liability derivatives | 679 | 424 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | 236 | 126 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | $ 51 | $ 72 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Effective Portion of Cash Flow Hedges) (Details) - Cash Flow Hedging - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Losses) Recognized in AOCL, Effective Portion | $ (478) | $ (339) | $ (94) | ||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (91) | (54) | (117) | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | (1) | (52) | 173 | ||
Interest Rate Contract | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Losses) Recognized in AOCL, Effective Portion | (511) | (290) | (16) | ||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (75) | (28) | (52) | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | (7) | ||
AOCI before tax expected increase (decrease) next 12 months | (98) | ||||
Loss on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring | 0 | [1] | (2) | 0 | [1] |
Cross Currency Interest Rate Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Losses) Recognized in AOCL, Effective Portion | 3 | (26) | (26) | ||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (5) | (12) | (43) | ||
Foreign Exchange Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Losses) Recognized in AOCL, Effective Portion | 25 | (23) | (52) | ||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (9) | (13) | (16) | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 68 | (46) | 148 | ||
Commodity Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (Losses) Recognized in AOCL, Effective Portion | 5 | 0 | 0 | ||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (2) | (1) | (6) | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ (68) | $ (6) | $ 25 | ||
[1] | Cash flow hedge was discontinued on a cross-currency swap in 2019 because the underlying debt was prepaid. |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Ineffective Portion of Cash Flow Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Rate Contract | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (1) | $ 0 | $ 0 |
Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (91) | (54) | (117) |
Gain (Losses) Recognized in AOCL, Effective Portion | (478) | (339) | (94) |
Cash Flow Hedging | Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (75) | (28) | (52) |
Gain (Losses) Recognized in Earnings, Ineffective Portion | 0 | 0 | (7) |
Accumulated Other Comprehensive Income Loss Before Tax Expected Increase Decrease Next Twelve Months | 98 | ||
Gain (Losses) Recognized in AOCL, Effective Portion | (511) | (290) | (16) |
Cash Flow Hedging | Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (9) | (13) | (16) |
Gain (Losses) Recognized in AOCL, Effective Portion | 25 | (23) | (52) |
Cash Flow Hedging | Cross Currency Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (5) | (12) | (43) |
Gain (Losses) Recognized in AOCL, Effective Portion | $ 3 | $ (26) | $ (26) |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities (Credit Risk-Related Contingent Features) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Credit Risk-Related Contingent Features [Line Items] | ||
Derivative Liability, Fair Value of Collateral | $ 6 | $ 0 |
Derivative, Collateral, Right to Reclaim Cash | $ 6 | $ 0 |
Financing Receivables (Details)
Financing Receivables (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)agreement | Dec. 31, 2019USD ($) | |
Schedule of Financing Receivables [Line Items] | ||
Financing receivable | $ 101 | $ 109 |
Number of Foninvemem Agreements | agreement | 3 | |
Foninvemem Agreement, collection period | 10 years | |
Financing Receivable, before Allowance for Credit Loss | $ 110 | |
Financing Receivable, Allowance for Credit Loss | 9 | |
Deferred Income | 438 | 34 |
ARGENTINA | ||
Schedule of Financing Receivables [Line Items] | ||
Financing receivable | 39 | 64 |
Derivative Assets, Gross | 146 | 94 |
Financing Receivable, before Allowance for Credit Loss | 48 | |
Financing Receivable, Allowance for Credit Loss | 9 | |
Other Entity [Member] | ||
Schedule of Financing Receivables [Line Items] | ||
Financing receivable | 31 | 12 |
Financing Receivable, before Allowance for Credit Loss | 31 | |
Financing Receivable, Allowance for Credit Loss | 0 | |
CHILE | ||
Schedule of Financing Receivables [Line Items] | ||
Financing receivable | 31 | $ 33 |
Financing Receivable, before Allowance for Credit Loss | 31 | |
Financing Receivable, Allowance for Credit Loss | 0 | |
Accounts Receivable, before Allowance for Credit Loss | 105 | |
Receivables, Net, Current | 77 | |
Accounts Receivable, Noncurrent, Nonaccrual | 8 | |
Receivable with Imputed Interest, Discount | 20 | |
Deferred Income | $ 23 |
Investments In and Advances T_3
Investments In and Advances To Affiliates - Effective Equity Ownership Interest and Carrying Values (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Apr. 18, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Investments in and Advances to Affiliates [Line Items] | |||||||
Investments in and advances to affiliates | $ 835 | $ 966 | $ 1,114 | ||||
sPower [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Investments in and advances to affiliates | $ 551 | $ 442 | |||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 26.00% | 50.00% | |||
Uplight | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Investments in and advances to affiliates | $ 85 | $ 91 | |||||
Equity Method Investment, Ownership Percentage | 32.00% | 32.00% | |||||
Eolica Mesa La Paz [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Investments in and advances to affiliates | [1] | $ 60 | $ 66 | ||||
Equity Method Investment, Ownership Percentage | [1] | 50.00% | 50.00% | ||||
Energía Natural Dominicana Enadom | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Investments in and advances to affiliates | $ 49 | $ 48 | |||||
Equity Method Investment, Ownership Percentage | 43.00% | 43.00% | |||||
OPGC Affiliate [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Investments in and advances to affiliates | $ 0 | $ 212 | |||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | 49.00% | ||||
Guacolda Affiliate [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Investments in and advances to affiliates | $ 0 | $ 74 | |||||
Equity Method Investment, Ownership Percentage | 34.00% | 33.00% | |||||
Barry | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Investments in and advances to affiliates | [2] | $ 0 | $ 0 | ||||
Equity Method Investment, Ownership Percentage | [2] | 100.00% | 100.00% | ||||
Other Affiliates [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Investments in and advances to affiliates | [3] | $ 90 | $ 33 | ||||
[1] | The Company's ownership in Energía Natural Dominicana Enadom is held through AES Andres, an 85%-owned consolidated subsidiary. AES Andres owns 50% of Energía Natural Dominicana Enadom, resulting in an AES effective ownership of 43%. (3) 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 of 34%. | ||||||
[2] | Represents a VIE in which the Company holds a variable interest, but is not the primary beneficiary. | ||||||
[3] | Includes Bosforo, Fluence, and Tucano equity method investments, and others, as well as a $67 million loan facility granted from Colon to an equity method affiliate in 2020. |
Investments In and Advances T_4
Investments In and Advances To Affiliates - Summary of Financial Information of Affiliates & Subsidiaries (Details) - USD ($) | Apr. 18, 2019 | Sep. 30, 2019 | Jul. 31, 2019 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 01, 2019 | Mar. 31, 2019 | |
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Gain (Loss) on Disposition of Business | $ (95,000,000) | $ 28,000,000 | $ 984,000,000 | |||||||||||
OPGC Affiliate [Member] | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | 49.00% | 49.00% | 49.00% | |||||||||
Gain (Loss) on Disposition of Business | $ 23,000,000 | |||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 158,000,000 | $ 43,000,000 | $ 92,000,000 | $ 201,000,000 | ||||||||||
Equity Method Investment, Net Sales Proceeds | 135,000,000 | |||||||||||||
Fluence [Member] | Subsequent Event [Member] | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 44.00% | |||||||||||||
Fluence [Member] | Qatar Investment Authority | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Proceeds from Contributions from Affiliates | $ 125,000,000 | |||||||||||||
Guacolda Affiliate [Member] | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 34.00% | 33.00% | 34.00% | 33.00% | ||||||||||
Impaired Long-Lived Assets Held and Used, Facts and Circumstances Leading to Impairment | $ 127,000,000 | $ 158,000,000 | ||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 92,000,000 | |||||||||||||
Unrealized Gain (Loss) on Investments | $ 99,000,000 | |||||||||||||
Guacolda Affiliate [Member] | Subsequent Event [Member] | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Equity Method Investment, Net Sales Proceeds | $ 34,000,000 | |||||||||||||
Gas Natural del Este [Member] | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 55,000,000 | |||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 2,000,000 | |||||||||||||
Uplight | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 32.00% | 32.00% | 32.00% | 32.00% | ||||||||||
Business Combination, Consideration Transferred | $ 53,000,000 | |||||||||||||
Equity Method Investments | $ 98,000,000 | |||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 12,000,000 | |||||||||||||
sPower [Member] | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 26.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||
Gain (Loss) on Disposition of Business | $ 28,000,000 | |||||||||||||
Equity Method Investment, Ownership Percentage Sold | 48.00% | |||||||||||||
Equity Method Investment, Net Sales Proceeds | $ 173,000,000 | |||||||||||||
sPower [Member] | Long-term Debt | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Equity Method Investment, Net Sales Proceeds | $ 58,000,000 | |||||||||||||
Barry | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | [1] | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||
Other Long-term Debt | $ 46,000,000 | $ 44,000,000 | $ 46,000,000 | $ 44,000,000 | ||||||||||
Fair Value, Inputs, Level 3 [Member] | Long Lived Assets Held For Sale [Member] | OPGC Affiliate [Member] | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 152,000,000 | 212,000,000 | 212,000,000 | |||||||||||
Fair Value, Inputs, Level 3 [Member] | Long Lived Assets Held For Sale [Member] | Guacolda Affiliate [Member] | ||||||||||||||
Investments in and Advances to Affiliates [Line Items] | ||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 212,000,000 | $ 212,000,000 | ||||||||||||
[1] | Represents a VIE in which the Company holds a variable interest, but is not the primary beneficiary. |
Investments In and Advances T_5
Investments In and Advances To Affiliates - Summarized Financial Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenue | $ 2,560 | $ 2,545 | $ 2,217 | $ 2,338 | $ 2,431 | $ 2,625 | $ 2,483 | $ 2,650 | $ 9,660 | $ 10,189 | $ 10,736 |
Operating margin | 906 | 756 | 524 | 507 | 560 | 701 | 502 | 586 | 2,693 | 2,349 | 2,573 |
Net income | 401 | $ (481) | $ 3 | $ 229 | (120) | $ 298 | $ 67 | $ 233 | 152 | 478 | 1,565 |
Assets, Current | 5,414 | 5,231 | 5,414 | 5,231 | |||||||
Liabilities, Current | 5,362 | 5,096 | 5,362 | 5,096 | |||||||
Liabilities, Noncurrent | 23,649 | 22,435 | 23,649 | 22,435 | |||||||
Stockholders' Equity Attributable to Parent | 2,634 | 2,996 | 2,634 | 2,996 | |||||||
Undistributed Earnings Of Minority Owned Affiliates Included In Retained Earnings | 120 | 120 | |||||||||
Distributions Received From Minority Owned Affiliates | 14 | 23 | 83 | ||||||||
Basis Difference Between Carrying Amount And Investment | 150 | 150 | |||||||||
Minority Owned Affiliates | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenue | 1,880 | 1,122 | 962 | ||||||||
Operating margin | 213 | 124 | 135 | ||||||||
Net income | (538) | (724) | 14 | ||||||||
Assets, Current | 1,017 | 831 | 1,017 | 831 | |||||||
Assets, Noncurrent | 6,230 | 7,220 | 6,230 | 7,220 | |||||||
Liabilities, Current | 1,294 | 1,271 | 1,294 | 1,271 | |||||||
Liabilities, Noncurrent | 3,671 | 3,966 | 3,671 | 3,966 | |||||||
Stockholders' Equity Attributable to Parent | 2,282 | 2,814 | 2,282 | 2,814 | |||||||
Majority Owned Affiliates | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenue | 1 | 49 | 40 | ||||||||
Operating margin | (3) | (5) | 3 | ||||||||
Net income | (4) | (7) | $ (3) | ||||||||
Assets, Current | 159 | 166 | 159 | 166 | |||||||
Assets, Noncurrent | 886 | 982 | 886 | 982 | |||||||
Liabilities, Current | 121 | 141 | 121 | 141 | |||||||
Liabilities, Noncurrent | 981 | 1,052 | 981 | 1,052 | |||||||
Stockholders' Equity Attributable to Parent | $ (57) | $ (45) | $ (57) | $ (45) |
Total Other Non-Operating Expen
Total Other Non-Operating Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Other Nonoperating Income (Expense) [Line Items] | |||
Other Nonoperating Expense | $ (202) | $ (92) | $ (147) |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Goodwill Roll Forward) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill [Roll Forward] | ||
Goodwill | $ 3,672 | $ 3,670 |
Accumulated impairment losses | (2,611) | (2,611) |
Net balance | 1,061 | 1,059 |
Operating Segments [Member] | ANDES [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 868 | 868 |
Accumulated impairment losses | 0 | 0 |
Net balance | 868 | 868 |
Operating Segments [Member] | MCAC [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 16 | 16 |
Accumulated impairment losses | 0 | 0 |
Net balance | 16 | 16 |
Operating Segments [Member] | EURASIA [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 0 | 0 |
Accumulated impairment losses | 0 | 0 |
Net balance | 0 | 0 |
Operating Segments [Member] | US and Utilities SBU | ||
Goodwill [Roll Forward] | ||
Goodwill | 2,788 | 2,786 |
Accumulated impairment losses | (2,611) | (2,611) |
Net balance | $ 177 | $ 175 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | $ 1,070 | $ 707 | |
Accumulated Amortization | (330) | (307) | |
Net Balance | 740 | 400 | |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 87 | 69 | |
Indefinite- lived intangible assets, Amortization | 0 | 0 | |
Intangible Assets, Gross | 1,157 | 776 | |
Intangible Assets, Net | 827 | 469 | |
Land Use Rights [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 39 | 21 | |
Indefinite- lived intangible assets, Amortization | 0 | 0 | |
Water rights | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 20 | 20 | |
Indefinite- lived intangible assets, Amortization | 0 | 0 | |
Transmission Rights [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 22 | 23 | |
Indefinite- lived intangible assets, Amortization | 0 | 0 | |
Other | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 6 | 5 | |
Indefinite- lived intangible assets, Amortization | 0 | 0 | |
Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 386 | 367 | |
Accumulated Amortization | (255) | (228) | |
Net Balance | 131 | 139 | |
Emission allowances [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 64 | 24 | |
Accumulated Amortization | 0 | 0 | |
Net Balance | 64 | 24 | |
Project Development Rights [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 203 | 100 | |
Accumulated Amortization | (5) | (1) | |
Net Balance | 198 | 99 | |
Contracts | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 157 | 134 | |
Accumulated Amortization | (38) | (29) | |
Net Balance | 119 | 105 | |
Other | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 59 | 43 | |
Accumulated Amortization | (14) | (14) | |
Net Balance | [1] | 45 | 29 |
Compensation from Concession Agreement | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 201 | 39 | |
Accumulated Amortization | (18) | (35) | |
Net Balance | $ 183 | $ 4 | |
[1] | Acquired or purchased emissions allowances are finite-lived intangible assets that are expensed when utilized and included in net income for the year. (3) Includes management rights, renewable energy credits and incentives, and other individually insignificant intangible assets. |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Intangible Assets Acquired) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 454 | $ 121 |
Computer Software, Intangible Asset [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 35 | $ 61 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years | 5 years |
Other Intangible Assets [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Other intangible assets acquired | $ 22 | $ 5 |
Contracts | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 28 | $ 2 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | 35 years |
Project Development Rights [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 109 | $ 8 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 30 years | 29 years |
Emission allowances [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 56 | $ 22 |
Transmission Rights [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 23 | |
Compensation from Concession Agreement | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | |
Transmission Rights [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets Acquired | $ 20 | |
Compensation from Concession Agreement | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets Acquired | $ 184 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Expected Amortization Expense) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2021 | $ 70 |
2022 | 64 |
2023 | 59 |
2024 | 53 |
2025 | 50 |
Computer Software, Intangible Asset [Member] | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2021 | 36 |
2022 | 30 |
2023 | 25 |
2024 | 23 |
2025 | 21 |
Contract-Based Intangible Assets [Member] | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2021 | 9 |
2022 | 9 |
2023 | 9 |
2024 | 6 |
2025 | 6 |
Other | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2021 | 9 |
2022 | 9 |
2023 | 8 |
2024 | 8 |
2025 | 7 |
Compensation from Concession Agreement | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2021 | 16 |
2022 | 16 |
2023 | 17 |
2024 | 16 |
2025 | $ 16 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||
Amortization of Intangible Assets | $ 54 | $ 45 | $ 47 |
Goodwill | 1,061 | 1,059 | |
Goodwill | $ 3,672 | $ 3,670 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 54 | $ 45 | $ 47 |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Current Regulatory Assets | $ 113 | $ 113 | |
Total Non Current Regulatory Assets | $ 587 | 530 | |
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 6 years | ||
Total regulatory assets | $ 700 | 643 | |
Total Current Regulatory Liabilities | $ 48 | 81 | |
Remaining Recovery Period of Regulatory Liabilities | 1 year | ||
Total Non Current Regulatory Liabilities | $ 1,058 | 1,090 | |
Total regulatory liabilities | 1,106 | 1,171 | |
Overcollection of Costs [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Current Regulatory Liabilities | 47 | 80 | |
Deferred Income Tax Charge [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Non Current Regulatory Liabilities | 174 | 209 | |
Asset Retirement Obligation Costs | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Non Current Regulatory Liabilities | 863 | 863 | |
Other Regulatory Liabilities | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Current Regulatory Liabilities | 1 | 1 | |
Total Non Current Regulatory Liabilities | 21 | 18 | |
El Salvador Tariff Recoveries | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Current Regulatory Assets | 40 | 56 | |
Pension Costs | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Non Current Regulatory Assets | [1] | 244 | 262 |
Deferred Midwest Independent Service Operator Costs | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Non Current Regulatory Assets | 61 | 75 | |
Environmental Restoration Costs [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Non Current Regulatory Assets | 81 | 85 | |
Other Regulatory Assets | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Current Regulatory Assets | 73 | 57 | |
Total Non Current Regulatory Assets | 126 | 108 | |
Petersburg Unit Retirement Costs | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Non Current Regulatory Assets | $ 75 | $ 0 | |
[1] | Past expenditures on which the Company earns a rate of return . |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities Regulatory Assets and Liabilities - by Reportable Segment (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Assets | $ 700 | $ 643 |
Regulatory Liabilities | $ 1,106 | $ 1,171 |
Debt (Non-Recourse Debt Carryin
Debt (Non-Recourse Debt Carrying Amounts and Terms) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Unamortized Discounts [Member] | |||||
Debt Instrument [Line Items] | |||||
Non-Recourse Debt | $ (321) | $ (318) | |||
Non-recourse Debt, excluding Finance Lease Liabilities | 16,354 | 16,712 | |||
Non-recourse Debt Current Maturities | [1] | (1,426) | (1,865) | ||
Non-recourse Debt, excluding Finance Lease Liabilities, Noncurrent | [1] | 14,928 | 14,847 | ||
Derivative, notional amount | 2,000 | ||||
Finance Lease, Liability, Noncurrent | 77 | 67 | |||
Finance Lease, Liability, Current | 4 | 3 | |||
Gain (Loss) on Extinguishment of Debt | $ (186) | (169) | $ (188) | ||
AES Panama | |||||
Debt Instrument [Line Items] | |||||
Gain (Loss) on Extinguishment of Debt | $ (16) | ||||
Variable Rate Debt | Bank loans | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.93% | ||||
Non-Recourse Debt | $ (3,494) | (3,389) | |||
Variable Rate Debt | Notes and bonds | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.11% | ||||
Non-Recourse Debt | $ (800) | (1,056) | |||
Variable Rate Debt | Debt to (or guaranteed by) multilateral, export credit agencies or development banks | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | [2] | 1.67% | |||
Non-Recourse Debt | [2] | $ (457) | (460) | ||
Fixed Rate Debt | Bank loans | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.72% | ||||
Non-Recourse Debt | $ (2,965) | (2,900) | |||
Fixed Rate Debt | Notes and bonds | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 5.20% | ||||
Non-Recourse Debt | $ (8,907) | (8,098) | |||
Fixed Rate Debt | Debt to (or guaranteed by) multilateral, export credit agencies or development banks | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | [2] | 3.41% | |||
Non-Recourse Debt | [2] | $ (34) | (1,110) | ||
Fixed Rate Debt | Other | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.20% | ||||
Non-Recourse Debt | $ (18) | $ (17) | |||
[1] | Excludes $4 million and $3 million (current) and $77 million and $67 million (noncurrent) finance lease liabilities included in the respective non-recourse debt line items on the Consolidated Balance Sheet as of December 31, 2020 and 2019, respectively. See Note 14— Leases for further information. | ||||
[2] | Multilateral loans include loans funded and guaranteed by bilaterals, multilaterals, development banks and other similar institutions. |
Debt (Non-Recourse Debt Maturit
Debt (Non-Recourse Debt Maturity Schedule) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Details [Line Items] | ||
Non-Recourse Debt | $ (321) | |
Non Recourse Debt Total | 16,354 | $ 16,712 |
Construction line of credit facility remaining borrowing capacity | 215 | |
Other line of credit remaining borrowing capacity | 868 | |
Nonrecourse Debt | ||
Debt Details [Line Items] | ||
Long-Term Debt, Maturity, Year Two | 516 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 1,017 | |
Long-Term Debt, Maturity, Year Four | 1,307 | |
Long-Term Debt, Maturity, Year Five | 996 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 11,400 | |
Nonrecourse Debt | ||
Debt Details [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | $ 1,439 |
Debt (Non-recourse Debt Narrati
Debt (Non-recourse Debt Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Debt Instrument [Line Items] | |||||||||||||
Loss on extinguishment of debt | $ 186 | $ 169 | $ 188 | ||||||||||
Restricted cash and debt service reserves | $ 372 | 587 | 372 | ||||||||||
Restricted net assets | 1,700 | ||||||||||||
Finance Lease, Liability, Current | 3 | 4 | 3 | ||||||||||
AES Panama | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loss on extinguishment of debt | $ 16 | ||||||||||||
Non-Recourse Debt | AES Southland [Domain] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | [1] | 283 | |||||||||||
Repayments of long-term debt | (125) | ||||||||||||
Loss on extinguishment of debt | 1 | ||||||||||||
Non-Recourse Debt | Brazil subsidiary [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | [2] | 375 | |||||||||||
Repayments of long-term debt | [2] | (1) | |||||||||||
Loss on extinguishment of debt | [2] | $ 0 | |||||||||||
Non-Recourse Debt | Gener Subsidiary [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | $ 90 | $ 90 | |||||||||||
Repayments of long-term debt | (8) | ||||||||||||
Loss on extinguishment of debt | 0 | ||||||||||||
Non-Recourse Debt | DPL Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | $ 555 | 555 | |||||||||||
Repayments of long-term debt | (520) | ||||||||||||
Loss on extinguishment of debt | 34 | ||||||||||||
Non-Recourse Debt | IPALCO Enterprises, Inc. [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | 475 | 475 | |||||||||||
Repayments of long-term debt | (470) | ||||||||||||
Loss on extinguishment of debt | 2 | ||||||||||||
Non-Recourse Debt | Mong Duong Subsidiary [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | 150 | 150 | |||||||||||
Repayments of long-term debt | $ 0 | ||||||||||||
Loss on extinguishment of debt | 0 | ||||||||||||
Non-Recourse Debt | Cochrane Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | [3] | 485 | 485 | ||||||||||
Repayments of long-term debt | [3] | (445) | |||||||||||
Loss on extinguishment of debt | [3] | 1 | |||||||||||
Non-Recourse Debt | Angamos [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | 0 | 0 | |||||||||||
Repayments of long-term debt | (309) | ||||||||||||
Loss on extinguishment of debt | 5 | ||||||||||||
Non-Recourse Debt | AES Panama | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | 1,485 | 1,485 | |||||||||||
Repayments of long-term debt | (1,228) | ||||||||||||
Loss on extinguishment of debt | 16 | ||||||||||||
Nonrecourse [Member] | DPL Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loss on extinguishment of debt | 34 | ||||||||||||
Nonrecourse [Member] | IPALCO Enterprises, Inc. [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loss on extinguishment of debt | 2 | ||||||||||||
Nonrecourse [Member] | Colon [Domain] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Extinguishment of Debt, Amount | 610 | ||||||||||||
Nonrecourse [Member] | Changuinola [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Extinguishment of Debt, Amount | 171 | ||||||||||||
Nonrecourse [Member] | AES Panama | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Extinguishment of Debt, Amount | 447 | ||||||||||||
4.375% senior notes due 2030 [Member] | Senior Notes [Member] | AES Panama | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | $ 1,400 | $ 1,400 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.375% | 4.375% | |||||||||||
Panama Term Loan due 2023 [Member] | Non-Recourse Debt | AES Panama | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | $ 105 | $ 105 | |||||||||||
5.125% Senior Notes Due 2027 [Member] | Senior Notes [Member] | Cochrane Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | $ 430 | $ 430 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | |||||||||||
6.25% Senior Secured Facility Agreement due 2034 [Member] | Credit Facility [Domain] | Cochrane Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | $ 445 | $ 445 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | |||||||||||
6.25% Senior Secured Facility Agreement due 2034 [Member] | Senior Notes [Member] | Cochrane Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | $ 485 | $ 485 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | |||||||||||
4.35% Senior Notes due 2029 [Domain] | Senior Notes [Member] | DPL Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | $ 400 | $ 400 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.35% | 4.35% | |||||||||||
7.25% Senior Notes due 2021 [Domain] | DPL Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Extinguishment of Debt, Amount | $ 380 | $ 400 | |||||||||||
7.25% Senior Notes due 2021 [Domain] | Senior Notes [Member] | DPL Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | $ 780 | $ 780 | |||||||||||
7.25% Senior Notes due 2021 [Domain] | Unsecured Debt [Member] | DPL Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | 7.25% | 7.25% | 7.25% | |||||||||
7.25% Senior Notes due 2021 [Domain] | Unsecured Debt [Member] | Non-Recourse Debt | DPL Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loss on extinguishment of debt | $ 43 | ||||||||||||
4.125% senior secured notes due 2025 [Member] | Senior Notes [Member] | DPL Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | $ 415 | $ 415 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.125% | 4.125% | |||||||||||
4.25% senior secured notes due 2030 [Member] | Senior Notes [Member] | IPALCO Enterprises, Inc. [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | $ 475 | $ 475 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | |||||||||||
3.45% senior unsecured notes due 2020 [Member] | IPALCO Enterprises, Inc. [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Extinguishment of Debt, Amount | $ 405 | ||||||||||||
3.45% senior unsecured notes due 2020 [Member] | Unsecured Debt [Member] | IPALCO Enterprises, Inc. [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | 3.45% | |||||||||||
IPALCO term loan due 2020 [Member] | Non-Recourse Debt | IPALCO Enterprises, Inc. [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Extinguishment of Debt, Amount | $ 65 | ||||||||||||
7.125% Senior Unsecured Notes due 2079 [Member] | Senior Notes [Member] | Gener Subsidiary [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | $ 550 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.125% | ||||||||||||
8.35% Senior Unsecured Notes due 2073 [Member] | Gener Subsidiary [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.375% | ||||||||||||
Extinguishment of Debt, Amount | $ 450 | ||||||||||||
6.35% Senior Unsecured Notes due 2079 [Member] | Senior Notes [Member] | Gener Subsidiary [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | $ 450 | $ 450 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | 6.35% | |||||||||||
Senior unsecured notes due 2021 [Member] | Gener Subsidiary [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Extinguishment of Debt, Amount | $ 73 | $ 119 | |||||||||||
Senior unsecured notes due 2025 [Member] | Gener Subsidiary [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Extinguishment of Debt, Amount | 55 | ||||||||||||
LIBOR 4.15% Senior Notes Due In 2029 [Member] [Member] | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 4.15% | ||||||||||||
LIBOR 4.15% Senior Notes Due In 2029 [Member] [Member] | Senior Notes [Member] | Non-Recourse Debt | Mong Duong Subsidiary [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loss on extinguishment of debt | $ 31 | ||||||||||||
LIBOR 2.25% Senior Notes Due In 2029 [Member] | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 2.25% | ||||||||||||
LIBOR 2.25% Senior Notes Due In 2029 [Member] | Senior Notes [Member] | Mong Duong Subsidiary [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | $ 1,100 | ||||||||||||
4.41% SPV Loan [Member] | Senior Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.41% | ||||||||||||
7.18% SPV Loan [Member] [Member] | Senior Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.18% | ||||||||||||
3.95% Senior Notes due 2049 [Domain] | Senior Notes [Member] | DPL Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | $ 425 | $ 425 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | 3.95% | |||||||||||
Senior Notes [Member] | Cochrane Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Extinguishment of Debt, Amount | $ 445 | ||||||||||||
Variable Rate Debt | DPL Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Extinguishment of Debt, Amount | $ 435 | ||||||||||||
Variable Rate Debt | Cochrane Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Extinguishment of Debt, Amount | 833 | ||||||||||||
Variable Rate Debt | Senior Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt face amount | $ 445 | $ 445 | |||||||||||
Variable Rate Debt | Senior Notes [Member] | Gener Subsidiary [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loss on extinguishment of debt | $ (29) | ||||||||||||
Variable Rate Debt | Senior Notes [Member] | Cochrane Subsidiary | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Loss on extinguishment of debt | $ (24) | ||||||||||||
[1] | Issuances relate to the June 2017 long-term non-recourse debt financing to fund the Southland repowering construction projects. | ||||||||||||
[2] | Includes transactions at DPL and its subsidiary, DP&L. | ||||||||||||
[3] | Repayments relate to existing obligations at AES Panama, Changuinola, and Colon. |
Debt (Subsidiary Non-Recourse D
Debt (Subsidiary Non-Recourse Debt in Default or Accelerated) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Debt Details [Line Items] | |
Debt default amount | $ 276 |
Materiality threshold for cash distribution from business to Parent | 20.00% |
JORDAN | Covenant Violation | |
Debt Details [Line Items] | |
Debt default amount | $ 7 |
Net assets | 1 |
PUERTO RICO | Covenant Violation | |
Debt Details [Line Items] | |
Debt default amount | 238 |
Net assets | 171 |
AES llumina [Member] | Covenant Violation | |
Debt Details [Line Items] | |
Debt default amount | 31 |
Net assets | $ 19 |
Debt (Recourse Debt Carrying Am
Debt (Recourse Debt Carrying Amount and Terms) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Recourse Debt Total | $ 3,447 | $ 3,396 | |
Recourse Debt Current | (1) | (5) | |
Recourse Debt Non Current | $ 3,446 | 3,391 | |
Senior Secured Term Loan due 2022 [Member] | Recourse Debt | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.75% | ||
Revolving Credit Facility [Member] | Recourse Debt | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.75% | 1.75% | |
CDI + 7.00% Limited Recourse Debt | Recourse Debt | AES Holdings Brasil | |||
Debt Instrument [Line Items] | |||
Interest Rate | 7.00% | ||
Recourse Debt Total | $ 18 | 0 | |
Unamortized Discounts [Member] | |||
Debt Instrument [Line Items] | |||
Recourse Debt Total | (41) | ||
Parent Company [Member] | |||
Debt Instrument [Line Items] | |||
Recourse Debt Total | 3,430 | ||
Recourse Debt Current | $ 0 | ||
Parent Company [Member] | 4.0% Senior Notes Due 2021 [Domain] [Domain] | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.00% | ||
Recourse Debt Total | $ 0 | 500 | |
Parent Company [Member] | Senior Secured Term Loan due 2022 [Member] | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Recourse Debt Total | $ 0 | 18 | |
Parent Company [Member] | 4.875% Senior Notes Due 2023 [Member] [Member] | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.875% | ||
Recourse Debt Total | $ 0 | 613 | |
Parent Company [Member] | 4.5% Senior Notes Due 2023 [Domain] [Domain] | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.50% | ||
Recourse Debt Total | $ 0 | 500 | |
Parent Company [Member] | Revolving Credit Facility [Member] | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.86% | ||
Recourse Debt Total | $ 70 | 180 | |
Parent Company [Member] | 5.50% Senior Unsecured Note Due 2024 | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5.50% | ||
Recourse Debt Total | $ 0 | 63 | |
Parent Company [Member] | 5.50% Unsecured senior notes due 2025 [Domain] | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5.50% | ||
Recourse Debt Total | $ 0 | 544 | |
Parent Company [Member] | 3.30% Senior Notes Due 2025 | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.30% | ||
Recourse Debt Total | $ 900 | 0 | |
Parent Company [Member] | 6.00% senior notes due 2026 [Domain] | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 6.00% | ||
Recourse Debt Total | $ 0 | 500 | |
Parent Company [Member] | 1.375% Senior Notes Due 2026 | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.375% | ||
Recourse Debt Total | $ 800 | 0 | |
Parent Company [Member] | 5.125% Senior Notes Due 2027 [Member] | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5.125% | ||
Recourse Debt Total | $ 0 | 500 | |
Parent Company [Member] | 3.95% Senior Notes Due 2030 | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.95% | ||
Recourse Debt Total | $ 700 | 0 | |
Parent Company [Member] | 2.45% Senior Notes Due 2031 | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 2.45% | ||
Recourse Debt Total | $ 1,000 | 0 | |
Parent Company [Member] | Unamortized Discounts [Member] | |||
Debt Instrument [Line Items] | |||
Recourse Debt Total | $ (40) | $ (22) |
Debt (Recourse Debt Net Princip
Debt (Recourse Debt Net Principal Amounts Due Over Five Years) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Details [Line Items] | ||
Recourse Debt Total | $ 3,447 | $ 3,396 |
Debt Maturity Year One [Member] | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 1 | |
Debt Maturity Year Two [Member] | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 3 | |
Debt Maturity Year Three [Member] | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 3 | |
Debt Maturity Year Four [Member] | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 74 | |
Debt Maturity Year Five [Member] | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 903 | |
Thereafter | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 2,504 | |
Unamortized (discounts)/premiums & debt issuance (costs) | ||
Debt Details [Line Items] | ||
Recourse Debt Total | $ (41) |
Debt (Recourse Debt Narrative)
Debt (Recourse Debt Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||||||||
Proceeds from Lines of Credit | $ 2,420 | $ 2,026 | $ 1,865 | |||||
Repayments of Lines of Credit | 2,479 | 1,735 | 2,238 | |||||
Gain (Loss) on Extinguishment of Debt | (186) | (169) | (188) | |||||
Recourse Debt Total | $ 3,447 | $ 3,447 | $ 3,447 | 3,396 | ||||
LIBOR 1.75% Term Loan Due In 2022 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt terminated amount | $ 343 | |||||||
4.875% Senior Notes Due 2023 [Member] [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt terminated amount | $ 100 | |||||||
Senior Notes [Member] | 4.875% Senior Notes Due 2023 [Member] [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 4.875% | |||||||
Recourse Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of capital stock of foreign subsidiaries securing obligations | 65.00% | 65.00% | 65.00% | |||||
Maximum ratio of debt to cash flow | 5.75 | 5.75 | 5.75 | |||||
Minimum ratio of operating cash flow to interest charges | 2.5 | 2.5 | 2.5 | |||||
Recourse Debt | LIBOR | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.75% | 1.75% | ||||||
Unsecured Debt [Member] | Recourse Debt | 4.875% Senior Notes Due 2023 [Member] [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Gain (Loss) on Extinguishment of Debt | $ 5 | |||||||
Parent Company [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from Lines of Credit | $ 840 | |||||||
Repayments of Lines of Credit | $ 1,500 | |||||||
Gain (Loss) on Extinguishment of Debt | $ (146) | (5) | $ (171) | |||||
Recourse Debt Total | $ 3,430 | 3,430 | $ 3,430 | |||||
Parent Company [Member] | COVID-19 Liquidity [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from Lines of Credit | 250 | |||||||
Repayments of Lines of Credit | $ 250 | |||||||
Parent Company [Member] | Other General Corporate Purposes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from Lines of Credit | $ 590 | |||||||
Parent Company [Member] | Recourse Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from Lines of Credit | $ 755 | |||||||
Gain (Loss) on Extinguishment of Debt | $ (108) | (37) | ||||||
Parent Company [Member] | Recourse Debt | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.86% | 1.86% | 1.86% | |||||
Recourse Debt Total | $ 70 | $ 70 | $ 70 | 180 | ||||
Parent Company [Member] | Recourse Debt | 3.30% Senior Notes Due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | 900 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.30% | 3.30% | 3.30% | |||||
Recourse Debt Total | $ 900 | $ 900 | $ 900 | 0 | ||||
Parent Company [Member] | Recourse Debt | 4.0% Senior Notes Due 2021 [Domain] [Domain] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.00% | 4.00% | 4.00% | |||||
Recourse Debt Total | $ 0 | $ 0 | $ 0 | 500 | ||||
Parent Company [Member] | Recourse Debt | 4.875% Senior Notes Due 2023 [Member] [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.875% | 4.875% | 4.875% | |||||
Recourse Debt Total | $ 0 | $ 0 | $ 0 | 613 | ||||
Parent Company [Member] | Recourse Debt | 3.95% Senior Notes Due 2030 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | 700 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.95% | 3.95% | 3.95% | |||||
Recourse Debt Total | $ 700 | $ 700 | $ 700 | 0 | ||||
Parent Company [Member] | Recourse Debt | 4.5% Senior Notes Due 2023 [Domain] [Domain] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt terminated amount | $ 7 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.50% | 4.50% | 4.50% | |||||
Recourse Debt Total | $ 0 | $ 0 | $ 0 | 500 | ||||
Parent Company [Member] | Recourse Debt | 1.375% Senior Notes Due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | $ 800 | $ 800 | $ 800 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 1.375% | 1.375% | 1.375% | |||||
Recourse Debt Total | $ 800 | $ 800 | $ 800 | 0 | ||||
Parent Company [Member] | Recourse Debt | 2.45% Senior Notes Due 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | $ 1,000 | $ 1,000 | $ 1,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.45% | 2.45% | 2.45% | |||||
Recourse Debt Total | $ 1,000 | $ 1,000 | $ 1,000 | 0 | ||||
Parent Company [Member] | Recourse Debt | 5.50% Unsecured senior notes due 2025 [Domain] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.50% | 5.50% | 5.50% | |||||
Recourse Debt Total | $ 0 | $ 0 | $ 0 | 544 | ||||
Parent Company [Member] | Recourse Debt | 6.00% senior notes due 2026 [Domain] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.00% | 6.00% | 6.00% | |||||
Recourse Debt Total | $ 0 | $ 0 | $ 0 | 500 | ||||
Parent Company [Member] | Recourse Debt | 5.125% Senior Notes Due 2027 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.125% | 5.125% | 5.125% | |||||
Recourse Debt Total | $ 0 | $ 0 | $ 0 | 500 | ||||
Parent Company [Member] | Recourse Debt | 5.50% Senior Unsecured Note Due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.50% | 5.50% | 5.50% | |||||
Recourse Debt Total | $ 0 | $ 0 | $ 0 | $ 63 |
Commitments (Long-Term Purchase
Commitments (Long-Term Purchase Commitments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Electricity Purchase Contracts | |||
Long-Term Purchase Commitment [Line Items] | |||
Purchases Under Long Term Contracts | $ 756 | $ 1,597 | $ 827 |
Purchase Obligation, Due in Next Twelve Months | 700 | ||
Purchase Obligation, Due in Second Year | 500 | ||
Purchase Obligation, Due in Third Year | 447 | ||
Purchase Obligation, Due in Fourth Year | 434 | ||
Purchase Obligation, Due in Fifth Year | 434 | ||
Future Commitments Thereafter | 5,037 | ||
Future Commitments Total | 7,552 | ||
Fuel Purchase Contracts | |||
Long-Term Purchase Commitment [Line Items] | |||
Purchases Under Long Term Contracts | 1,573 | 1,824 | 1,838 |
Purchase Obligation, Due in Next Twelve Months | 1,370 | ||
Purchase Obligation, Due in Second Year | 815 | ||
Purchase Obligation, Due in Third Year | 609 | ||
Purchase Obligation, Due in Fourth Year | 495 | ||
Purchase Obligation, Due in Fifth Year | 457 | ||
Future Commitments Thereafter | 1,445 | ||
Future Commitments Total | 5,191 | ||
Other Purchase Contracts | |||
Long-Term Purchase Commitment [Line Items] | |||
Purchases Under Long Term Contracts | 1,506 | $ 1,684 | $ 1,671 |
Purchase Obligation, Due in Next Twelve Months | 1,904 | ||
Purchase Obligation, Due in Second Year | 636 | ||
Purchase Obligation, Due in Third Year | 605 | ||
Purchase Obligation, Due in Fourth Year | 570 | ||
Purchase Obligation, Due in Fifth Year | 526 | ||
Future Commitments Thereafter | 1,816 | ||
Future Commitments Total | $ 6,057 |
Contingencies (Loss Contingenci
Contingencies (Loss Contingencies) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2020USD ($)agreement | Dec. 31, 2020USD ($)agreement | Dec. 31, 2019USD ($) | |
Loss Contingencies [Line Items] | |||
Guarantor Obligations, Term | less than one year to no more than 15 years | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,546 | $ 1,546 | |
Number of Agreements | agreement | 112 | 112 | |
Environmental Remediation Contingency [Domain] | |||
Environmental Contingencies | |||
Liability recorded for projected environmental remediation costs | $ 5 | $ 5 | $ 4 |
Guarantee Obligations [Member] | |||
Loss Contingencies [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,358 | $ 1,358 | |
Number of Agreements | agreement | 69 | 69 | |
Litigation | |||
Litigation Contingencies | |||
Aggregate reserves for claims deemed both probable and reasonably estimable | $ 28 | $ 28 | 55 |
Parent Company [Member] | |||
Litigation Contingencies | |||
Other Intangible Assets, Net | 0 | 0 | $ 1 |
Parent Company [Member] | Guarantees [Member] | |||
Loss Contingencies [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,400 | $ 1,400 | |
Number of Agreements | agreement | 69 | 69 | |
AES Tiete [Domain] | Compensation from Concession Agreement | |||
Litigation Contingencies | |||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 2 years 7 months 6 days | ||
AES Tiete | |||
Litigation Contingencies | |||
Reversal of Cost of Goods Sold | $ 184 | $ 184 | |
AES Tiete | Compensation from Concession Agreement | |||
Litigation Contingencies | |||
Other Intangible Assets, Net | 184 | 184 | |
Unsecured Debt [Member] | Financial Standby Letter of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 110 | $ 110 | |
Number of Agreements | agreement | 25 | 25 | |
Secured Debt [Member] | Financial Standby Letter of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 77 | $ 77 | |
Number of Agreements | agreement | 17 | 17 | |
Secured Debt [Member] | Surety Bond | |||
Loss Contingencies [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1 | $ 1 | |
Number of Agreements | agreement | 1 | 1 | |
Minimum [Member] | Standby Letters of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.00% | ||
Minimum [Member] | Guarantee Obligations [Member] | |||
Environmental Contingencies | |||
Loss Contingency, Estimate of Possible Loss | $ 0 | $ 0 | |
Minimum [Member] | Litigation | |||
Environmental Contingencies | |||
Loss Contingency, Estimate of Possible Loss | 245 | 245 | |
Minimum [Member] | Unsecured Debt [Member] | Financial Standby Letter of Credit [Member] | |||
Environmental Contingencies | |||
Loss Contingency, Estimate of Possible Loss | 0 | 0 | |
Minimum [Member] | Secured Debt [Member] | Financial Standby Letter of Credit [Member] | |||
Environmental Contingencies | |||
Loss Contingency, Estimate of Possible Loss | 0 | 0 | |
Minimum [Member] | Secured Debt [Member] | Surety Bond | |||
Environmental Contingencies | |||
Loss Contingency, Estimate of Possible Loss | 1 | $ 1 | |
Maximum [Member] | Standby Letters of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 3.00% | ||
Maximum [Member] | Environmental Remediation Contingency [Domain] | |||
Environmental Contingencies | |||
Loss Contingency, Estimate of Possible Loss | 12 | $ 12 | |
Maximum [Member] | Guarantee Obligations [Member] | |||
Environmental Contingencies | |||
Loss Contingency, Estimate of Possible Loss | 157 | 157 | |
Maximum [Member] | Litigation | |||
Environmental Contingencies | |||
Loss Contingency, Estimate of Possible Loss | 933 | 933 | |
Maximum [Member] | Unsecured Debt [Member] | Financial Standby Letter of Credit [Member] | |||
Environmental Contingencies | |||
Loss Contingency, Estimate of Possible Loss | 56 | 56 | |
Maximum [Member] | Secured Debt [Member] | Financial Standby Letter of Credit [Member] | |||
Environmental Contingencies | |||
Loss Contingency, Estimate of Possible Loss | 62 | 62 | |
Maximum [Member] | Secured Debt [Member] | Surety Bond | |||
Environmental Contingencies | |||
Loss Contingency, Estimate of Possible Loss | $ 1 | $ 1 |
Leases Lessee (Details)
Leases Lessee (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 37 | |
Finance Lease, Principal Payments | 2 | |
Operating Lease, Payments | 41 | $ 48 |
Finance Lease Liabilities, Gross Difference, Amount [Abstract] | ||
Finance Lease, Liability, Undiscounted Excess Amount | 76 | |
Operating Lease Liabilities, Gross Difference, Amount [Abstract] | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 335 | |
Finance Lease, Liability, Payment, Due [Abstract] | ||
Finance Lease, Liability, Payments, Due Next Twelve Months | 5 | |
Finance Lease, Liability, Payments, Due Year Two | 5 | |
Finance Lease, Liability, Payments, Due Year Three | 5 | |
Finance Lease, Liability, Payments, Due Year Four | 4 | |
Finance Lease, Liability, Payments, Due Year Five | 4 | |
Finance Lease, Liability, Payments, Due after Year Five | 134 | |
Finance Lease, Liability, Payment, Due | 157 | |
Assets and Liabilities, Lessee [Abstract] | ||
Finance Lease, Right-of-Use Asset | 74 | 67 |
Operating Lease, Right-of-Use Asset | 275 | 248 |
Right-of-use Asset, Operating and Financing | 349 | 315 |
Finance Lease, Liability, Current | 4 | 3 |
Finance Lease, Liability, Noncurrent | 77 | 67 |
Finance Lease, Liability | 81 | 70 |
Lease Liability, Operating and Financing | 391 | 347 |
Operating Lease, Payments | 41 | $ 48 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 29 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 29 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 28 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 27 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 25 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 507 | |
Lessee, Operating Lease, Liability, Payments, Due | $ 645 | |
Lease, Cost [Abstract] | ||
Finance Lease, Weighted Average Remaining Lease Term | 31 years | 32 years |
Operating Lease, Weighted Average Remaining Lease Term | 23 years | 23 years |
Finance Lease, Weighted Average Discount Rate, Percent | 4.11% | 4.99% |
Operating Lease, Weighted Average Discount Rate, Percent | 6.81% | 6.99% |
Operating Lease, Cost | $ 36 | $ 46 |
Finance Lease, Right-of-Use Asset, Amortization | 3 | 2 |
Finance Lease, Interest Expense | 4 | 2 |
Short-term Lease, Cost | 13 | 38 |
Variable Lease, Cost | 0 | 1 |
Lease, Cost | 56 | 89 |
Other assets | ||
Assets and Liabilities, Lessee [Abstract] | ||
Operating Lease, Liability | 310 | 277 |
Other Current Assets [Member] | ||
Assets and Liabilities, Lessee [Abstract] | ||
Operating Lease, Liability, Current | 17 | 16 |
Other Noncurrent Assets [Member] | ||
Assets and Liabilities, Lessee [Abstract] | ||
Operating Lease, Liability, Noncurrent | $ 293 | $ 261 |
Leases Lessor (Details)
Leases Lessor (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessor, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 275,000,000 | $ 248,000,000 |
Sales-type Lease, Variable Lease Income | 5,000,000 | |
Sales-type Lease, Interest Income | 2,000,000 | |
Operating Lease, Lease Income | 580,000,000 | 600,000,000 |
Lease Income | 514,000,000 | 530,000,000 |
Variable Lease, Income | 66,000,000 | 70,000,000 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 8,472,000,000 | 8,505,000,000 |
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Next Twelve Months | 2,000,000 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Two Years | 2,000,000 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Three Years | 3,000,000 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years | 3,000,000 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Five Years | 3,000,000 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Thereafter | 39,000,000 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | 52,000,000 | |
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | 24,000,000 | |
Sales-type and Direct Financing Leases, Lease Receivable | 28,000,000 | |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | ||
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | 489,000,000 | |
Lessor, Operating Lease, Payments to be Received, Two Years | 475,000,000 | |
Lessor, Operating Lease, Payments to be Received, Three Years | 411,000,000 | |
Lessor, Operating Lease, Payments to be Received, Four Years | 412,000,000 | |
Lessor, Operating Lease, Payments to be Received, Five Years | 412,000,000 | |
Lessor, Operating Lease, Payments to be Received, Thereafter | 1,034,000,000 | |
Lessor, Operating Lease, Payments to be Received | 3,233,000,000 | |
Distributed Energy [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Sales-type and Direct Financing Leases, Profit (Loss) | (36,000,000) | |
Property, Plant and Equipment [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | 3,103,000,000 | 2,909,000,000 |
Assets | ||
Lessor, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | 2,092,000,000 | 2,202,000,000 |
Accumulated Amortization on PP&E [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 1,011,000,000 | $ 707,000,000 |
Benefit Plans (Narrative) (Deta
Benefit Plans (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)plan | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, number of plans | 4 | ||
Defined contribution plan, award vesting period | 5 years | ||
Defined contribution plan contributions | $ | $ 21 | $ 19 | $ 21 |
Defined benefit plan, number of plans disclosure | 28 | ||
U.S. Non-Union Number of Defined Contribution Plans | 2 | ||
Parent Company Number of Defined Contribution Plans | 1 | ||
DPL Number of Non-Union Defined Contribution Plans | 1 | ||
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, number of plans disclosure | 5 |
Benefit Plans (Net Funded Statu
Benefit Plans (Net Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | $ (9) | $ (9) | |
Defined Benefit Plan, Benefit Obligation, Business Combination | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Divestiture | 0 | (244) | |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | |
CHANGE IN PROJECTED BENEFIT OBLIGATION: | |||
Benefit obligation, beginning period | 224 | 417 | |
Service cost | 6 | 8 | $ 12 |
Interest cost | 14 | 19 | 22 |
Defined Benefit Plan, Benefit Obligation, Interest cost | 14 | 19 | |
Plan amendments | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | (6) | 0 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 0 | |
Actuarial (gain) loss | 19 | 37 | |
Effect of foreign currency exchange rate changes | (30) | (4) | |
Benefit obligation, ending period | 218 | 224 | 417 |
CHANGE IN PLAN ASSETS: | |||
Fair value of plan assets, beginning period | 129 | 410 | |
Actual return on plan assets | 13 | 19 | |
Employer contributions | 5 | 5 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 0 | |
Effect of foreign currency exchange rate changes | (26) | 0 | |
Fair value of plan assets, ending period | 112 | 129 | 410 |
Funded status as of December 31 | (106) | (95) | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (9) | (9) | |
Defined Benefit Plan, Plan Assets, Divestiture | 0 | (296) | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (81) | (65) | |
Defined Benefit Plan, Benefit Obligation, Business Combination | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Divestiture | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 0 | 0 | |
CHANGE IN PROJECTED BENEFIT OBLIGATION: | |||
Benefit obligation, beginning period | 1,242 | 1,118 | |
Service cost | 12 | 11 | 15 |
Interest cost | 35 | 44 | 40 |
Plan amendments | 1 | 0 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 0 | |
Actuarial (gain) loss | 122 | 134 | |
Effect of foreign currency exchange rate changes | 0 | 0 | |
Benefit obligation, ending period | 1,331 | 1,242 | 1,118 |
CHANGE IN PLAN ASSETS: | |||
Fair value of plan assets, beginning period | 1,154 | 1,026 | |
Actual return on plan assets | 168 | 185 | |
Employer contributions | 8 | 8 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 0 | |
Effect of foreign currency exchange rate changes | 0 | 0 | |
Fair value of plan assets, ending period | 1,249 | 1,154 | $ 1,026 |
Funded status as of December 31 | (82) | (88) | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (81) | (65) | |
Defined Benefit Plan, Plan Assets, Divestiture | $ 0 | $ 0 |
Benefit Plans (Amounts Recogniz
Benefit Plans (Amounts Recognized in the Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Foreign Plan [Member] | ||
AMOUNTS RECOGNIZED ON THE CONSOLIDATED BALANCE SHEETS | ||
Noncurrent assets | $ 0 | $ 0 |
Accrued benefit liability—current | (8) | (7) |
Accrued benefit liability—noncurrent | (98) | (88) |
Net amount recognized at end of year | (106) | (95) |
UNITED STATES | ||
AMOUNTS RECOGNIZED ON THE CONSOLIDATED BALANCE SHEETS | ||
Noncurrent assets | 9 | 0 |
Accrued benefit liability—current | 0 | 0 |
Accrued benefit liability—noncurrent | (91) | (88) |
Net amount recognized at end of year | $ (82) | $ (88) |
Benefit Plans (Accumulated Bene
Benefit Plans (Accumulated Benefit Obligation) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated Benefit Obligation | $ 199 | $ 188 |
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 218 | 197 |
Accumulated benefit obligation | 199 | 178 |
Fair value of plan assets | 112 | 114 |
Information for pension plans with a projected benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 218 | 224 |
Fair value of plan assets | 112 | 129 |
UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated Benefit Obligation | 1,306 | 1,224 |
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 494 | 1,242 |
Accumulated benefit obligation | 481 | 1,224 |
Fair value of plan assets | 403 | 1,154 |
Information for pension plans with a projected benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 494 | 1,242 |
Fair value of plan assets | $ 403 | $ 1,154 |
Benefit Plans Benefit Plans (We
Benefit Plans Benefit Plans (Weighted Average Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2020Rate | Dec. 31, 2019Rate | ||
Foreign Plan [Member] | |||
Benefit Obligation: | |||
Discount rate | 7.53% | 7.58% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | [1] | 7.58% | 5.62% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 7.18% | 4.10% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 6.13% | 4.78% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 5.69% | 6.11% | |
UNITED STATES | |||
Benefit Obligation: | |||
Discount rate | 2.45% | 3.32% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.32% | 4.35% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.24% | 5.08% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 2.86% | 3.34% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 2.75% | 3.33% | |
[1] | Includes an inflation factor that is used to calculate future periodic benefit cost, but is not used to calculate the benefit obligation |
Benefit Plans (Impact of One Po
Benefit Plans (Impact of One Point Change in Assumptions) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Defined Benefit Plan Assumptions Sensitivity To Changes [Abstract] | |
Increase of 1% in the discount rate | $ (9) |
Decrease of 1% in the discount rate | 6 |
Increase of 1% in the long-term rate of return on plan assets | (12) |
Decrease of 1% in the long-term rate of return on plan assets | $ 12 |
Benefit Plans (Net Periodic Ben
Benefit Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign Plan [Member] | |||
Components of Net Periodic Benefit Cost: | |||
Service cost | $ 6 | $ 8 | $ 12 |
Interest cost | 14 | 19 | 22 |
Expected return on plan assets | (7) | (14) | (17) |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net loss | 2 | 1 | 3 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | 0 | 0 |
Settlement loss recognized | 0 | 0 | 4 |
Total pension cost | 15 | 14 | 24 |
UNITED STATES | |||
Components of Net Periodic Benefit Cost: | |||
Service cost | 12 | 11 | 15 |
Interest cost | 35 | 44 | 40 |
Expected return on plan assets | (58) | (52) | (64) |
Amortization of prior service cost | 5 | 5 | 5 |
Amortization of net loss | 14 | 15 | 18 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | 0 | 1 |
Settlement loss recognized | 0 | 0 | 0 |
Total pension cost | $ 8 | $ 23 | $ 15 |
Benefit Plans (Accumulated Othe
Benefit Plans (Accumulated Other Comprehensive Income (Loss)) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Foreign Plan [Member] | |
Accumulated Other Comprehensive Income (Loss) | |
Prior service cost | $ 1 |
Unrecognized net actuarial loss | (69) |
Total | (68) |
UNITED STATES | |
Accumulated Other Comprehensive Income (Loss) | |
Prior service cost | (3) |
Unrecognized net actuarial loss | (34) |
Total | $ (37) |
Benefit Plans (Plan Asset Alloc
Benefit Plans (Plan Asset Allocations) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 112,000,000 | $ 129,000,000 | $ 410,000,000 |
Percentage of Plan Assets | 100.00% | 100.00% | |
Foreign Plan [Member] | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations | 13.00% | ||
Percentage of Plan Assets | 14.85% | 15.37% | |
Foreign Plan [Member] | Debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations | 82.00% | ||
Percentage of Plan Assets | 82.30% | 81.67% | |
Foreign Plan [Member] | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 1,000,000 | $ 2,000,000 | |
Target Allocations | 2.00% | ||
Percentage of Plan Assets | 1.12% | 1.16% | |
Foreign Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 | |
Foreign Plan [Member] | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations | 3.00% | ||
Percentage of Plan Assets | 1.73% | 1.80% | |
UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 1,249,000,000 | $ 1,154,000,000 | $ 1,026,000,000 |
Percentage of Plan Assets | 100.00% | 100.00% | |
UNITED STATES | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations | 41.00% | ||
Percentage of Plan Assets | 43.79% | 32.22% | |
UNITED STATES | Debt securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations | 57.00% | ||
Percentage of Plan Assets | 55.87% | 67.17% | |
UNITED STATES | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 3,000,000 | |
Target Allocations | 2.00% | ||
Percentage of Plan Assets | 0.00% | 0.22% | |
UNITED STATES | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 4,000,000 | $ 4,000,000 | |
UNITED STATES | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocations | 0.00% | ||
Percentage of Plan Assets | 0.34% | 0.39% | |
Fair Value, Inputs, Level 1 [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 35,000,000 | $ 37,000,000 | |
Fair Value, Inputs, Level 1 [Member] | Foreign Plan [Member] | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Foreign Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 4,000,000 | 4,000,000 | |
Fair Value, Inputs, Level 1 [Member] | UNITED STATES | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | UNITED STATES | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 4,000,000 | 4,000,000 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 74,000,000 | 88,000,000 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Plan [Member] | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,245,000,000 | 1,150,000,000 | |
Fair Value, Inputs, Level 2 [Member] | UNITED STATES | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 3,000,000 | |
Fair Value, Inputs, Level 2 [Member] | UNITED STATES | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 3,000,000 | 4,000,000 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Plan [Member] | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,000,000 | 2,000,000 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | UNITED STATES | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | UNITED STATES | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 |
Benefit Plans (Fair Value of Pl
Benefit Plans (Fair Value of Plan Assets) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | $ 1,249,000,000 | $ 1,154,000,000 | $ 1,026,000,000 | |
UNITED STATES | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 4,000,000 | 4,000,000 | ||
UNITED STATES | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 1,245,000,000 | 1,150,000,000 | ||
UNITED STATES | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
UNITED STATES | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 547,000,000 | 372,000,000 | ||
UNITED STATES | Mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
UNITED STATES | Mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 547,000,000 | 372,000,000 | ||
UNITED STATES | Mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
UNITED STATES | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [1] | 698,000,000 | 775,000,000 | |
UNITED STATES | Mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
UNITED STATES | Mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 698,000,000 | 775,000,000 | ||
UNITED STATES | Mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
UNITED STATES | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 3,000,000 | ||
UNITED STATES | Real estate | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
UNITED STATES | Real estate | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 3,000,000 | ||
UNITED STATES | Real estate | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
UNITED STATES | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 4,000,000 | 4,000,000 | ||
UNITED STATES | Cash and Cash Equivalents [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 4,000,000 | 4,000,000 | ||
UNITED STATES | Cash and Cash Equivalents [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
UNITED STATES | Cash and Cash Equivalents [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 112,000,000 | 129,000,000 | $ 410,000,000 | |
Foreign Plan [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 35,000,000 | 37,000,000 | ||
Foreign Plan [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 74,000,000 | 88,000,000 | ||
Foreign Plan [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 3,000,000 | 4,000,000 | ||
Foreign Plan [Member] | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 16,000,000 | 19,000,000 | ||
Foreign Plan [Member] | Mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 16,000,000 | 19,000,000 | ||
Foreign Plan [Member] | Mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Private equity | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 1,000,000 | 1,000,000 | ||
Foreign Plan [Member] | Private equity | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Private equity | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Private equity | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 1,000,000 | 1,000,000 | ||
Foreign Plan [Member] | Government debt securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Government debt securities | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Government debt securities | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Government debt securities | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [2] | 92,000,000 | 105,000,000 | |
Foreign Plan [Member] | Mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 18,000,000 | 17,000,000 | ||
Foreign Plan [Member] | Mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 74,000,000 | 88,000,000 | ||
Foreign Plan [Member] | Mutual funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 1,000,000 | 2,000,000 | ||
Foreign Plan [Member] | Real estate | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Real estate | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Real estate | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 1,000,000 | 2,000,000 | ||
Foreign Plan [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Cash and Cash Equivalents [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Other assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 2,000,000 | 2,000,000 | ||
Foreign Plan [Member] | Other assets | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 1,000,000 | 1,000,000 | ||
Foreign Plan [Member] | Other assets | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 0 | 0 | ||
Foreign Plan [Member] | Other assets | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | $ 1,000,000 | $ 1,000,000 | ||
[1] | Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment | |||
[2] | Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment |
Benefit Plans (Expected Future
Benefit Plans (Expected Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2020USD ($) |
UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contribution in 2021 | $ 8 |
Expected benefit payments for fiscal year ending: | |
2021 | 70 |
2022 | 71 |
2023 | 71 |
2024 | 71 |
2025 | 72 |
2026 - 2030 | 354 |
Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contribution in 2021 | 15 |
Expected benefit payments for fiscal year ending: | |
2021 | 15 |
2022 | 13 |
2023 | 14 |
2024 | 16 |
2025 | 17 |
2026 - 2030 | $ 105 |
Equity (Transactions with Nonco
Equity (Transactions with Noncontrolling Interests) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2020 | Mar. 20, 2018 | |
Noncontrolling Interest [Line Items] | |||||||
Gain (Loss) on Disposition of Business | $ (95,000,000) | $ 28,000,000 | $ 984,000,000 | ||||
Stockholders' Equity Attributable to Parent | $ 2,634,000,000 | 2,634,000,000 | 2,996,000,000 | ||||
Additional Paid in Capital | 7,561,000,000 | 7,561,000,000 | 7,776,000,000 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (2,397,000,000) | $ (2,397,000,000) | (2,229,000,000) | (2,071,000,000) | |||
AES Tiete [Domain] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 44.10% | 44.10% | |||||
Distributed Energy [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Sales to noncontrolling interests | $ 144,000,000 | 133,000,000 | 98,000,000 | ||||
Masinloc Subsidiary [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 51.00% | ||||||
AES Southland [Domain] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Sale of Stock, Percentage of Ownership after Transaction | 65.00% | ||||||
Additional Paid in Capital | $ 266,000,000 | $ 266,000,000 | |||||
Sale of Stock, Consideration Received on Transaction | 424,000,000 | ||||||
Stockholders' Equity, Period Increase (Decrease) | $ 275,000,000 | ||||||
Sale of Stock, Description of Transaction | 35 | ||||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ 9,000,000 | ||||||
AES Tiete [Domain] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Payments to Acquire Additional Interest in Subsidiaries | 16,000,000 | $ 240,000,000 | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent | $ 0.013 | $ 0.185 | |||||
AES Tiete | |||||||
Noncontrolling Interest [Line Items] | |||||||
Adjustments to Additional Paid in Capital, Other | 94,000,000 | ||||||
Stockholders' Equity, Period Increase (Decrease) | 214,000,000 | ||||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 120,000,000 | ||||||
AES Gener | |||||||
Noncontrolling Interest [Line Items] | |||||||
Sale of Stock, Percentage of Ownership after Transaction | 38.00% | ||||||
Preferred Units, Cumulative Cash Distributions | $ 12,000,000 | ||||||
Preferred Stock, Participation Rights | 12 million | ||||||
Sale of Stock, Consideration Received on Transaction | $ 113,000,000 | ||||||
Sale of Stock, Description of Transaction | 5 | ||||||
Investments | $ 113,000,000 | ||||||
Additional Paid-in Capital [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Sales to noncontrolling interests | 260,000,000 | (5,000,000) | (3,000,000) | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ (89,000,000) | $ 0 | $ 0 |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity [Abstract] | |||||||||||
Net income (loss) attributable to The AES Corporation | $ 318 | $ (333) | $ (83) | $ 144 | $ (78) | $ 210 | $ 17 | $ 154 | $ 46 | $ 303 | $ 1,203 |
Transfers from the noncontrolling interest: | |||||||||||
Net transfers (to) from noncontrolling interest | 171 | (5) | (3) | ||||||||
Change from net income attributable to The AES Corporation and transfers (to) from noncontrolling interests | 217 | 298 | 1,200 | ||||||||
Additional Paid-in Capital [Member] | |||||||||||
Transfers from the noncontrolling interest: | |||||||||||
Increase (decrease) in The AES Corporation's paid-in capital for sale of subsidiary shares | 260 | (5) | (3) | ||||||||
Increase (decrease) in The AES Corporation's paid-in-capital for purchase of subsidiary shares | 89 | 0 | 0 | ||||||||
Retained Earnings [Member] | |||||||||||
Transfers from the noncontrolling interest: | |||||||||||
Increase (decrease) in The AES Corporation's paid-in capital for sale of subsidiary shares | 0 | $ 0 | $ 0 | ||||||||
Increase (decrease) in The AES Corporation's paid-in-capital for purchase of subsidiary shares | $ 0 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Beginning Balance | $ (1,721) | $ (1,721) | |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax, Beginning Balance | (470) | (300) | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax, Beginning Balance | (38) | (50) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (2,229) | (2,071) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (321) | (240) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 264 | 86 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 140 | (10) | $ (182) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (294) | (223) | 26 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (13) | 6 | 5 |
Other Comprehensive Income (Loss), Net of Tax | (167) | (227) | (151) |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Ending Balance | (1,644) | (1,721) | (1,721) |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax, Ending Balance | (699) | (470) | (300) |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax, Ending Balance | (54) | (38) | (50) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (2,397) | (2,229) | (2,071) |
Available-for-Sale securities, net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | (23) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 192 | 23 | |
Derivative gains (losses), net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (309) | (202) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 72 | 36 | |
Unfunded pension obligations, net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (12) | (15) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 27 | |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 192 | 0 | (235) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | (237) | (166) | 14 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (12) | 12 | 7 |
Other Comprehensive Income (Loss), Net of Tax | (57) | (154) | $ (214) |
ASC 606 Impact [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Beginning Balance | 0 | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Ending Balance | 0 | ||
ASC 606 Impact [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (4) | ||
ASC 606 Impact [Member] | Derivative gains (losses), net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (4) | ||
ASC 606 Impact [Member] | Unfunded pension obligations, net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax, Beginning Balance | 0 | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax, Ending Balance | $ 0 | ||
Accounting Standards Update 2017-12 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (111) | ||
Accounting Standards Update 2017-12 [Member] | Available-for-Sale securities, net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (115) | ||
Accounting Standards Update 2017-12 [Member] | Derivative gains (losses), net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 8 | ||
Accounting Standards Update 2017-12 [Member] | Unfunded pension obligations, net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | $ (4) |
Equity (Reclassifications Out o
Equity (Reclassifications Out of AOCL) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Gain (Loss) on Disposition of Business | $ (95) | $ 28 | $ 984 | |||||||||||||
Impairment expenses | (1,066) | (277) | (355) | |||||||||||||
Cost of Goods and Services Sold | 6,967 | 7,840 | 8,163 | |||||||||||||
General and administrative expenses | 165 | 196 | 192 | |||||||||||||
Other Expenses | (53) | (80) | (58) | |||||||||||||
Interest expense | (1,038) | (1,050) | (1,056) | |||||||||||||
Foreign currency transaction gains (losses) | 55 | (67) | (72) | |||||||||||||
Income (loss) from continuing operations before taxes and equity in earnings of affiliates | 488 | 1,001 | 2,018 | |||||||||||||
Income tax expense | 216 | 352 | 708 | |||||||||||||
Net equity in earnings (losses) of affiliates | $ (112) | $ (175) | (123) | (172) | 39 | |||||||||||
Income (loss) from continuing operations | $ 401 | (481) | [1] | $ 0 | [1] | $ 229 | [1] | (120) | [2] | $ 298 | $ 66 | [2] | $ 233 | 149 | 477 | 1,349 |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | 0 | 0 | 9 | |||||||||||||
Net gain from disposal of discontinued operations | 3 | 1 | 225 | |||||||||||||
Net income (loss) | 401 | (481) | 3 | 229 | (120) | 298 | 67 | 233 | 152 | 478 | 1,565 | |||||
Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries | (106) | (175) | (364) | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 2 | |||||||||||||
Net income attributable to The AES Corporation | $ 318 | $ (333) | $ (83) | $ 144 | $ (78) | $ 210 | $ 17 | $ 154 | 46 | 303 | 1,203 | |||||
Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Net income attributable to The AES Corporation | (264) | (86) | (64) | |||||||||||||
Available-for-Sale securities, net | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Gain (Loss) on Disposition of Business | (192) | (23) | 19 | |||||||||||||
Net gain from disposal of discontinued operations | 0 | 0 | 2 | |||||||||||||
Net income attributable to The AES Corporation | (192) | (23) | 21 | |||||||||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Gain (Loss) on Disposition of Business | 0 | 1 | 0 | |||||||||||||
Impairment expenses | (10) | 0 | 0 | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (1) | (1) | (6) | |||||||||||||
Cost of Goods and Services Sold | (3) | (12) | (3) | |||||||||||||
Interest expense | (60) | (26) | (49) | |||||||||||||
Foreign currency transaction gains (losses) | (7) | (12) | (59) | |||||||||||||
Income tax expense | 17 | 13 | 24 | |||||||||||||
Net equity in earnings (losses) of affiliates | (10) | (5) | 0 | |||||||||||||
Derivative gains (losses), net | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Income (loss) from continuing operations before taxes and equity in earnings of affiliates | (81) | (50) | (117) | |||||||||||||
Income (loss) from continuing operations | (74) | (42) | (93) | |||||||||||||
Net income attributable to The AES Corporation | (72) | (36) | (78) | |||||||||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries | 2 | 6 | 15 | |||||||||||||
Amortization of defined benefit pension actuarial losses, net | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Income (loss) from continuing operations before taxes and equity in earnings of affiliates | 0 | (28) | (6) | |||||||||||||
Income (loss) from continuing operations | 0 | (28) | (4) | |||||||||||||
Net income (loss) | 0 | (28) | (6) | |||||||||||||
Net income attributable to The AES Corporation | 0 | (27) | (7) | |||||||||||||
Amortization of defined benefit pension actuarial losses, net | Reclassification out of Accumulated Other Comprehensive Income | Regulated Operation [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Cost of Goods and Services Sold | 1 | 0 | 0 | |||||||||||||
Amortization of defined benefit pension actuarial losses, net | Reclassification out of Accumulated Other Comprehensive Income | Unregulated Operation [Member] | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Cost of Goods and Services Sold | (1) | 0 | 0 | |||||||||||||
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries | 0 | 1 | (1) | |||||||||||||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||||||
Gain (Loss) on Disposition of Business | 0 | (26) | 0 | |||||||||||||
Other Expenses | 0 | (2) | 6 | |||||||||||||
Income tax expense | 0 | 0 | (2) | |||||||||||||
Net gain from disposal of discontinued operations | $ 0 | $ 0 | $ (2) | |||||||||||||
[1] | Includes pre-tax impairment expense of $849 million in the third quarter of 2020 (See Note 22— Asset Im pairment Expense ), other-than-temporary impairment of OPGC of $43 million and $158 million in the first and second quarters of 2020, respectively, and net equity in losses of affiliates, primarily at Guacolda, of $112 million in the third quarter of 2020 (See Note 8— Investments in and Advances to Affiliates ). | |||||||||||||||
[2] | Includes pre-tax impairment expense of $116 million and $69 million in the second and fourth quarters of 2019, respectively (See Note 22— Asset Impairment Expense ), other-than-temporary impairment of OPGC of $92 million, and net equity in losses of affiliates, primarily at Guacolda, of $175 million in the fourth quarter of 2019 (See Note 8— Investments in and Advances to Affiliates ). |
Equity Equity (Dividends) (Deta
Equity Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 12, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 |
Subsequent Event [Line Items] | |||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.1433 | $ 0.1433 | $ 0.1433 | $ 0.1433 | |||||||||
Dividends declared on common stock (per share amount) | $ 0.29 | $ 0.14 | $ 0 | $ 0.14 | $ 0.28 | $ 0.14 | $ 0 | $ 0.14 | $ 0.5804 | $ 0.5528 | $ 0.53 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 1,900 | ||||||||||||
Acquisition of treasury stock (shares) | 154,300,000 | ||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 12.12 | ||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 264 | $ 264 | $ 264 | ||||||||||
Treasury stock, shares (in shares) | 153,028,526 | 153,891,260 | 153,028,526 | 153,891,260 | 153,028,526 | ||||||||
Subsequent Event | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Dividends declared on common stock (per share amount) | $ 0.1505 |
Equity Equity (Stock Repurchase
Equity Equity (Stock Repurchases) (Details) - USD ($) $ / shares in Units, $ in Millions | 126 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Equity, Class of Treasury Stock [Line Items] | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 264 | |
Treasury Stock, Shares | 153,028,526 | 153,891,260 |
Acquisition of treasury stock (shares) | 154,300,000 | |
Treasury Stock Acquired, Average Cost Per Share | $ 12.12 | |
Treasury Stock, Value, Acquired, Cost Method | $ 1,900 |
Equity Deconsolidation (Details
Equity Deconsolidation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss) on Disposition of Business | $ (95) | $ 28 | $ 984 |
Segment and Geographic Inform_3
Segment and Geographic Information (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Segment Reporting Information [Line Items] | |
Number of Reportable Segments | 4 |
Segments and Geographic Infor_2
Segments and Geographic Information Segment and Geographic Information ( Revenue by Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | $ 2,560 | $ 2,545 | $ 2,217 | $ 2,338 | $ 2,431 | $ 2,625 | $ 2,483 | $ 2,650 | $ 9,660 | $ 10,189 | $ 10,736 |
US and Utilities SBU | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 3,918 | 4,058 | 4,230 | ||||||||
South America | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 3,159 | 3,208 | 3,533 | ||||||||
MCAC [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 1,766 | 1,882 | 1,728 | ||||||||
EURASIA [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 828 | 1,047 | 1,255 | ||||||||
Corporate and Other | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | (11) | (6) | (10) | ||||||||
Corporate, Non-Segment [Member] | Corporate and Other | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 231 | 46 | 41 | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | (242) | (52) | (51) | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 9,660 | 10,189 | 10,736 | ||||||||
Operating Segments [Member] | US and Utilities SBU | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 3,918 | 4,058 | 4,230 | ||||||||
Operating Segments [Member] | South America | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 3,159 | 3,208 | 3,533 | ||||||||
Operating Segments [Member] | MCAC [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 1,766 | 1,882 | 1,728 | ||||||||
Operating Segments [Member] | EURASIA [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | $ 828 | $ 1,047 | $ 1,255 |
Segments and Geographic Infor_3
Segments and Geographic Information Segment and Geographic Information (Adjusted Pre-Tax Contributions & Reconcilliation of Income Before Income Taxes) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment Reporting Information Adjusted Pretax Contribution | $ 1,247 | $ 1,240 | $ 1,185 | ||
Reconciliation To Income From Continuing Operations Before Taxes | |||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 488 | 1,001 | 2,018 | ||
Net equity in earnings (losses) of affiliates | $ (112) | $ (175) | (123) | (172) | 39 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (192) | (277) | (509) | ||
Pre-tax contribution | 173 | 552 | 1,548 | ||
Unrealized derivative and equity securities losses (gains) | (3) | (113) | (33) | ||
Unrealized foreign currency losses (gains) | 10 | (36) | (51) | ||
Disposition/acquisition losses (gains) | (112) | (12) | 934 | ||
Impairment losses | (928) | (406) | (307) | ||
Loss on extinguishment of debt | (223) | (121) | (180) | ||
Gain (Loss) on Contract Termination | (182) | 0 | 0 | ||
Operating Segments | US and Utilities SBU | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment Reporting Information Adjusted Pretax Contribution | 505 | 569 | 511 | ||
Reconciliation To Income From Continuing Operations Before Taxes | |||||
Net equity in earnings (losses) of affiliates | (8) | 11 | 35 | ||
Operating Segments | South America | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment Reporting Information Adjusted Pretax Contribution | 534 | 504 | 519 | ||
Reconciliation To Income From Continuing Operations Before Taxes | |||||
Net equity in earnings (losses) of affiliates | (80) | (129) | 15 | ||
Operating Segments | MCAC SBU | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment Reporting Information Adjusted Pretax Contribution | 287 | 367 | 300 | ||
Reconciliation To Income From Continuing Operations Before Taxes | |||||
Net equity in earnings (losses) of affiliates | (11) | (13) | (7) | ||
Operating Segments | EURASIA [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment Reporting Information Adjusted Pretax Contribution | 177 | 159 | 222 | ||
Reconciliation To Income From Continuing Operations Before Taxes | |||||
Net equity in earnings (losses) of affiliates | 4 | (9) | 14 | ||
Intersegment Eliminations | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment Reporting Information Adjusted Pretax Contribution | 0 | (12) | (21) | ||
Corporate, Non-Segment [Member] | Corporate and Other | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||
Segment Reporting Information Adjusted Pretax Contribution | (256) | (347) | (346) | ||
Reconciliation To Income From Continuing Operations Before Taxes | |||||
Net equity in earnings (losses) of affiliates | $ (28) | $ (32) | $ (18) |
Segments and Geographic Infor_4
Segments and Geographic Information Segment and Geographic Information (Assets, Depreciation and Amortization and Capital Expenditures ) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Total Assets | $ 33,648 | $ 34,603 | $ 33,648 | $ 32,521 | |
Depreciation and Amortization | 1,068 | 1,045 | 1,003 | ||
Capital Expenditures | 1,960 | 2,551 | 2,396 | ||
Interest Income | 268 | 318 | 310 | ||
Interest Expense | 1,038 | 1,050 | 1,056 | ||
Investments in and Advances to Affiliates | 966 | 835 | 966 | 1,114 | |
Net Equity in Earnings (Losses) of Affiliates | $ (112) | (175) | (123) | (172) | 39 |
Operating Segments [Member] | US and Utilities SBU | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 13,334 | 14,464 | 13,334 | 12,286 | |
Depreciation and Amortization | 534 | 465 | 449 | ||
Capital Expenditures | 1,099 | 1,484 | 1,373 | ||
Interest Income | 17 | 18 | 10 | ||
Interest Expense | 371 | 301 | 287 | ||
Investments in and Advances to Affiliates | 465 | 568 | 465 | 538 | |
Net Equity in Earnings (Losses) of Affiliates | (8) | 11 | 35 | ||
Operating Segments [Member] | South America | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 11,314 | 11,329 | 11,314 | 10,941 | |
Depreciation and Amortization | 294 | 315 | 300 | ||
Capital Expenditures | 650 | 692 | 662 | ||
Interest Income | 64 | 95 | 92 | ||
Interest Expense | 237 | 285 | 283 | ||
Investments in and Advances to Affiliates | 77 | 13 | 77 | 213 | |
Net Equity in Earnings (Losses) of Affiliates | (80) | (129) | 15 | ||
Operating Segments [Member] | MCAC SBU | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 4,770 | 4,847 | 4,770 | 4,462 | |
Depreciation and Amortization | 164 | 183 | 141 | ||
Capital Expenditures | 183 | 344 | 302 | ||
Interest Income | 14 | 22 | 20 | ||
Interest Expense | 157 | 142 | 124 | ||
Investments in and Advances to Affiliates | 107 | 168 | 107 | 5 | |
Net Equity in Earnings (Losses) of Affiliates | (11) | (13) | (7) | ||
Operating Segments [Member] | EURASIA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 3,990 | 3,621 | 3,990 | 4,538 | |
Depreciation and Amortization | 63 | 67 | 99 | ||
Capital Expenditures | 9 | 30 | 51 | ||
Interest Income | 171 | 180 | 186 | ||
Interest Expense | 113 | 127 | 145 | ||
Investments in and Advances to Affiliates | 215 | 1 | 215 | 293 | |
Net Equity in Earnings (Losses) of Affiliates | 4 | (9) | 14 | ||
Corporate, Non-Segment [Member] | Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Total Assets | 240 | 342 | 240 | 294 | |
Depreciation and Amortization | 13 | 15 | 14 | ||
Capital Expenditures | 19 | 1 | 8 | ||
Interest Income | 2 | 3 | 2 | ||
Interest Expense | 160 | 195 | 217 | ||
Investments in and Advances to Affiliates | $ 102 | 85 | 102 | 65 | |
Net Equity in Earnings (Losses) of Affiliates | $ (28) | $ (32) | $ (18) |
Segments and Geographic Infor_5
Segments and Geographic Information Segment and Geographic Information (Revenue and Assets by Country) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | $ 2,560 | $ 2,545 | $ 2,217 | $ 2,338 | $ 2,431 | $ 2,625 | $ 2,483 | $ 2,650 | $ 9,660 | $ 10,189 | $ 10,736 | |
Property, plant and equipment, net | 22,826 | 22,574 | 22,826 | 22,574 | ||||||||
Long-Lived Assets | 23,103 | 22,822 | 23,103 | 22,822 | ||||||||
UNITED STATES | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | [1] | 3,243 | 3,230 | 3,462 | ||||||||
Long-Lived Assets | [1] | 10,360 | 9,762 | 10,360 | 9,762 | |||||||
Total Non-U.S. | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 6,417 | 6,959 | 7,274 | |||||||||
Long-Lived Assets | 12,743 | 13,060 | 12,743 | 13,060 | ||||||||
VIET NAM | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | [2] | 285 | 343 | 245 | ||||||||
Long-Lived Assets | [2] | 0 | 2 | 0 | 2 | |||||||
PHILIPPINES | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | [3] | 0 | 0 | 93 | ||||||||
Long-Lived Assets | [3] | 0 | 0 | 0 | 0 | |||||||
Brazil | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 401 | 525 | 527 | |||||||||
Long-Lived Assets | 1,091 | 1,266 | 1,091 | 1,266 | ||||||||
CHILE | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 2,092 | 1,839 | 2,087 | |||||||||
Long-Lived Assets | 5,831 | 5,982 | 5,831 | 5,982 | ||||||||
Dominican Republic | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 896 | 877 | 884 | |||||||||
Long-Lived Assets | 843 | 1,006 | 843 | 1,006 | ||||||||
El Salvador | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 666 | 824 | 768 | |||||||||
Long-Lived Assets | 361 | 351 | 361 | 351 | ||||||||
Colombia | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 358 | 472 | 428 | |||||||||
Long-Lived Assets | 355 | 340 | 355 | 340 | ||||||||
ARGENTINA | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 308 | 373 | 487 | |||||||||
Long-Lived Assets | 484 | 393 | 484 | 393 | ||||||||
Mexico | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 349 | 402 | 399 | |||||||||
Long-Lived Assets | 623 | 649 | 623 | 649 | ||||||||
UNITED KINGDOM | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 0 | 147 | 390 | |||||||||
Long-Lived Assets | 0 | 0 | 0 | 0 | ||||||||
BULGARIA | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 444 | 459 | 426 | |||||||||
Long-Lived Assets | 1,149 | 1,106 | 1,149 | 1,106 | ||||||||
Panama | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 519 | 601 | 438 | |||||||||
Long-Lived Assets | 1,939 | 1,945 | 1,939 | 1,945 | ||||||||
Puerto Rico | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | [1] | 298 | 294 | 257 | ||||||||
Long-Lived Assets | [1] | 533 | 538 | 533 | 538 | |||||||
JORDAN | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 96 | 95 | 95 | |||||||||
Long-Lived Assets | 44 | 0 | 44 | 0 | ||||||||
Other Non-U.S. | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 3 | 2 | $ 7 | |||||||||
Long-Lived Assets | $ 23 | $ 20 | $ 23 | $ 20 | ||||||||
[1] | Includes Puerto Rico revenues of $298 million, $294 million, and $257 million for the years ended December 31, 2020, 2019, and 2018, respectively, and long-lived assets of $533 million and $538 million as of December 31, 2020 and 2019, respectively. | |||||||||||
[2] | The Mong Duong 2 power project is operated under a BOT contract. Future expected payments for the construction performance obligation are recognized in Loan receivable on the Consolidated Balance Sheets as of December 31, 2019. Mong Duong assets were classified as held-for-sale as of December 31, 2020. See Notes 20— Revenue 25— Held-For-Sale and Dispositions for further information. | |||||||||||
[3] | The Masinloc long-lived assets were deconsolidated upon completion of the sale in March 2018. See Note 25— Held-For-Sale and Dispositions for further information. |
Share-Based Compensation (Stock
Share-Based Compensation (Stock Option Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax compensation expense | $ 21 | $ 22 | $ 20 |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax compensation expense | 10 | 10 | 11 |
Tax benefit | (2) | (1) | (2) |
Compensation expense, net of tax | $ 8 | $ 9 | $ 9 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days |
Share-Based Compensation (Sto_2
Share-Based Compensation (Stock Option Activity) (Details) - Stock Options | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Option Grant Price As Percent Of Market Price | 100.00% |
Weighted Average Exercise Price (in dollars per share): | |
Stock option contractual term | 10 years |
Share-Based Compensation (RSU C
Share-Based Compensation (RSU Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pretax compensation expense | $ 21 | $ 22 | $ 20 | |
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pretax compensation expense | 10 | 10 | 11 | |
Tax benefit | (2) | (1) | (2) | |
Compensation expense, net of tax | 8 | 9 | 9 | |
Total value of RSUs converted | [1] | 11 | 12 | 10 |
Total fair value of RSUs vested | $ 10 | $ 10 | $ 16 | |
[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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Estimated Forfeiture Rate Non Officers | 7.23% | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | ||
RSUs (Number of Shares): | |||
Nonvested at beginning of period | 1,484 | ||
Vested | (806) | (996) | (1,428) |
Forfeited and expired | (47) | ||
Granted | 579 | ||
Nonvested at end of period | 1,210 | 1,484 | |
Vested and expected to vest at end of period | 1,104 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 12 | ||
Weighted Average Grant Date Fair Value (in dollars per share): | |||
Nonvested at beginning of period | $ 13.73 | ||
Vested | 12.95 | ||
Forfeited and expired | 15.71 | ||
Granted | 20.75 | ||
Nonvested at end of period | 17.53 | $ 13.73 | |
Vested and expected to vest at end of period | $ 17.35 | ||
Nonvested at end of period, weighted average remaining vesting term | 1 year 4 months 24 days | ||
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Related To Current Current Year Grants Per Year | $ 11 |
Share-Based Compensation (RSUs
Share-Based Compensation (RSUs Vested and Converted) (Details) - RSUs - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs vested during the year | 806 | 996 | 1,428 |
RSUs converted during the year, net of shares withheld for taxes | 547 | 666 | 950 |
Shares withheld for taxes | 259 | 329 | 478 |
Share-Based Compensation (PSU A
Share-Based Compensation (PSU Activity) (Details) - PSUs | Dec. 31, 2020 |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Award Payout Range | 0.00% |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Award Payout Range | 200.00% |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax compensation expense | $ 21 | $ 22 | $ 20 |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Estimated Forfeiture Rate Non Officers | 7.23% | ||
Pretax compensation expense | $ 10 | $ 10 | $ 11 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 12 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 17.53 | $ 13.73 | |
Weighted Average Grant Date Fair Value | $ 20.75 | ||
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Related To Current Current Year Grants Per Year | $ 11 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option grant price as percent of market price | 100.00% | ||
Stock option contractual term | 10 years | ||
Weighted Average [Member] | RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 20.75 | $ 17.53 | $ 10.55 |
Minimum | PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Award Payout Range | 0.00% | ||
Maximum | PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Award Payout Range | 200.00% |
Redeemable Stock of Subsidiar_3
Redeemable Stock of Subsidiaries (Narrative) (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($)quarterseries$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Temporary Equity [Line Items] | ||||
Temporary Equity, Accretion to Redemption Value | $ 4 | $ 6 | ||
Temporary equity carrying amount | 872 | 888 | $ 879 | |
Temporary Equity, Other Changes | 0 | 10 | ||
Temporary Equity, Net Income | 8 | (7) | ||
Colon [Domain] | ||||
Temporary Equity [Line Items] | ||||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | [1] | 194 | 210 | |
Temporary Equity, Other Changes | 0 | 10 | ||
IPALCO Enterprises, Inc. [Member] | ||||
Temporary Equity [Line Items] | ||||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 618 | 618 | ||
IPL Subsidiary | ||||
Temporary Equity [Line Items] | ||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | 60 | 60 | ||
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 | |||
IPL Subsidiary | Minimum | ||||
Temporary Equity [Line Items] | ||||
Temporary equity, redemption price per share | $ / shares | $ 100 | |||
IPL Subsidiary | Maximum | ||||
Temporary Equity [Line Items] | ||||
Temporary equity, redemption price per share | $ / shares | $ 118 | |||
Other Comprehensive Income (Loss) [Member] | ||||
Temporary Equity [Line Items] | ||||
Temporary Equity, Other Changes | $ (28) | $ 0 | ||
[1] | Characteristics of quotas are similar to common stock. |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues | $ 2,560 | $ 2,545 | $ 2,217 | $ 2,338 | $ 2,431 | $ 2,625 | $ 2,483 | $ 2,650 | $ 9,660 | $ 10,189 | $ 10,736 | ||
Loan receivable, net of allowance of $0 | $ 0 | $ 1,351 | 0 | 1,351 | |||||||||
Regulated Revenue [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 2,626 | 2,979 | 2,885 | ||||||||||
Other non-606 revenue | 35 | 49 | 54 | ||||||||||
Revenues | 2,661 | 3,028 | 2,939 | ||||||||||
Non-regulated revenue [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 6,418 | 6,555 | 7,075 | ||||||||||
Other non-606 revenue | 581 | [1] | 606 | [1] | 722 | ||||||||
Revenues | 6,999 | 7,161 | 7,797 | ||||||||||
US and Utilities [Domain] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues | 3,918 | 4,058 | 4,230 | ||||||||||
US and Utilities [Domain] | Regulated Revenue [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 2,626 | 2,979 | 2,885 | ||||||||||
Other non-606 revenue | 35 | 49 | 54 | ||||||||||
Revenues | 2,661 | 3,028 | 2,939 | ||||||||||
US and Utilities [Domain] | Non-regulated revenue [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 1,015 | 767 | 972 | ||||||||||
Other non-606 revenue | 242 | [1] | 263 | [1] | 319 | ||||||||
Revenues | 1,257 | 1,030 | 1,291 | ||||||||||
South America | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues | 3,159 | 3,208 | 3,533 | ||||||||||
South America | Regulated Revenue [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | ||||||||||
Other non-606 revenue | 0 | 0 | 0 | ||||||||||
Revenues | 0 | 0 | 0 | ||||||||||
South America | Non-regulated revenue [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 3,151 | 3,205 | 3,529 | ||||||||||
Other non-606 revenue | 8 | [1] | 3 | [1] | 4 | ||||||||
Revenues | 3,159 | 3,208 | 3,533 | ||||||||||
MCAC [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues | 1,766 | 1,882 | 1,728 | ||||||||||
MCAC [Member] | Regulated Revenue [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | ||||||||||
Other non-606 revenue | 0 | 0 | 0 | ||||||||||
Revenues | 0 | 0 | 0 | ||||||||||
MCAC [Member] | Non-regulated revenue [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 1,668 | 1,788 | 1,642 | ||||||||||
Other non-606 revenue | 98 | [1] | 94 | [1] | 86 | ||||||||
Revenues | 1,766 | 1,882 | 1,728 | ||||||||||
EURASIA [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues | 828 | 1,047 | 1,255 | ||||||||||
EURASIA [Member] | Regulated Revenue [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | ||||||||||
Other non-606 revenue | 0 | 0 | 0 | ||||||||||
Revenues | 0 | 0 | 0 | ||||||||||
EURASIA [Member] | Non-regulated revenue [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 594 | 799 | 943 | ||||||||||
Other non-606 revenue | 234 | [1] | 248 | [1] | 312 | ||||||||
Revenues | 828 | 1,047 | 1,255 | ||||||||||
Corporate Other And Other Eliminations [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues | (11) | (6) | (10) | ||||||||||
Corporate Other And Other Eliminations [Member] | Regulated Revenue [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | ||||||||||
Other non-606 revenue | 0 | 0 | 0 | ||||||||||
Revenues | 0 | 0 | 0 | ||||||||||
Corporate Other And Other Eliminations [Member] | Non-regulated revenue [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | (10) | (4) | (11) | ||||||||||
Other non-606 revenue | (1) | [1] | (2) | [1] | 1 | ||||||||
Revenues | $ (11) | $ (6) | $ (10) | ||||||||||
[1] | Other non-regulated revenue primarily includes lease and derivative revenue not accounted for under ASC 606. |
Revenue Contract Balances (Deta
Revenue Contract Balances (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue [Abstract] | |||
Contract with Customer, Liability | $ 531 | $ 117 | |
Contract with Customer, Liability, Revenue Recognized | 14 | 13 | |
Loan receivable, net of allowance of $0 | 0 | 1,351 | |
Disaggregation of Revenue [Line Items] | |||
Loan receivable, net of allowance of $0 | 0 | 1,351 | |
Contract with Customer, Liability | 531 | 117 | |
Financing Receivable, after Allowance for Credit Loss | 101 | 109 | |
Angamos [Member] | |||
Revenue [Abstract] | |||
Contract with Customer, Liability | $ 655 | 383 | |
Disaggregation of Revenue [Line Items] | |||
Contract with Customer, Liability | 655 | 383 | |
Servicing Liability at Amortized Cost, Amortization | $ 55 | ||
Mong Duong Subsidiary [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss and Fee | $ 1,400 | ||
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Mong Duong held-dfor-sale [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Accounts Receivable, Allowance for Credit Loss | 32 | ||
Financing Receivable, after Allowance for Credit Loss, Current | 80 | ||
Financing Receivable, after Allowance for Credit Loss | 1,300 | ||
Financing Receivable, after Allowance for Credit Loss, Noncurrent | $ 1,200 |
Revenue Remaining Performance O
Revenue Remaining Performance Obligations (Details) $ in Millions | Dec. 31, 2020USD ($) |
Remaining Performance Obligations [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 11 |
Other Income and Expense (Nonop
Other Income and Expense (Nonoperating Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain (Loss) on Disposition of Other Assets | $ 19 | $ (54) | $ (27) | |||
Other Income [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain (Loss) on Disposition of Other Assets | 46 | [1] | 0 | 0 | ||
Insured Event, Gain (Loss) | 0 | 118 | [2] | 0 | ||
Liquidation Basis of Accounting, Remeasurement, Gain (Loss) on Asset | 0 | 0 | ||||
Public Utilities, Allowance for Funds Used During Construction, Additions | 5 | 3 | 8 | |||
Other | 24 | 24 | 32 | |||
Other income | $ 75 | $ 145 | 72 | |||
Other Income [Member] | Na Pua Makani Power Partners [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Liquidation Basis of Accounting, Remeasurement, Gain (Loss) on Asset | [3] | $ 32 | ||||
[1] | Primarily associated with the gain on sale of Redondo Beach land at Southland. See Note 25 — Held-for-Sale and Dispositions for further information. | |||||
[2] | Associated with recoveries for property damage at the Andres facility in the Dominican Republic from a lightning incident in September 2018 and the upgrade of the tunnel lining at Changuinola. | |||||
[3] | Related to the amendment of the Oahu purchase agreement. See Note 26— Acquisitions for further information. |
Other Income and Expense (Other
Other Income and Expense (Other Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Schedule of other operating expense [Line Items] | ||||||
Other Expenses | $ 53 | $ 80 | $ 58 | |||
Other Expense [Member] | ||||||
Schedule of other operating expense [Line Items] | ||||||
Gain (Loss) on Sale of Financing Receivable | 20 | [1] | 0 | 0 | ||
Gain (Loss) Related to Litigation Settlement | 15 | 2 | 2 | |||
Loss On Sale And Disposal Of Assets | 7 | 22 | [2] | 30 | [2] | |
Defined Benefit Plan, Other Cost (Credit) | 2 | 17 | 10 | |||
Sales-type and Direct Financing Leases, Profit (Loss) | 0 | 36 | [3] | 0 | ||
Allowance for other receivables | 0 | 0 | 7 | |||
Other | 9 | 3 | 9 | |||
Other Expenses | $ 53 | $ 80 | $ 58 | |||
[1] | Associated with a loss on sale of Stabilization Fund receivables at Gener. See Note 7— Financing Receivables for further information. | |||||
[2] | Associated with a loss due to the upgrade of the tunnel lining at Changuinola in 2019 and a loss due to damage from a lightning incident at the Andres facility in the Dominican Republic in September 2018. | |||||
[3] | Related to losses recognized at commencement of sales-type leases at Distributed Energy. See Note 14— Leases for further information. |
Asset Impairment Expense (Impai
Asset Impairment Expense (Impairment of Long-Lived Assets Held and Used by Asset) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Impairment Expense [Line Items] | ||||||
Asset impairment expense | $ (849) | $ (69) | $ (116) | $ (864) | $ (185) | $ (208) |
Impairment of Long-Lived Assets Held-for-use | 864 | 185 | 208 | |||
Kilroot and Ballylumford [Member] | ||||||
Asset Impairment Expense [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 115 | 0 | |||
Hawaii Subsidiary [Member] | ||||||
Asset Impairment Expense [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | 38 | 38 | 60 | 0 | ||
Shady Point [Member] | ||||||
Asset Impairment Expense [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 157 | |||
Nejapa [Member] | ||||||
Asset Impairment Expense [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 37 | |||
Other | ||||||
Asset Impairment Expense [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | 15 | 10 | 14 | |||
AES Gener | ||||||
Asset Impairment Expense [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | $ 781 | 781 | 0 | |||
AES Panama | ||||||
Asset Impairment Expense [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | $ 30 | $ 0 | $ 0 |
Asset Impairment Expense (Narra
Asset Impairment Expense (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 12, 2019 | ||
Asset Impairment Expense [Line Items] | ||||||||
Impairment of Long-Lived Assets Held-for-use | $ 864 | $ 185 | $ 208 | |||||
Other Asset Impairment Charges | $ 849 | $ 69 | $ 116 | 864 | 185 | 208 | ||
Long-Lived Assets | 22,822 | 23,103 | 22,822 | |||||
Hawaii Subsidiary [Member] | ||||||||
Asset Impairment Expense [Line Items] | ||||||||
Impairment of Long-Lived Assets Held-for-use | $ 38 | 38 | 60 | 0 | ||||
Kilroot and Ballylumford [Member] | ||||||||
Asset Impairment Expense [Line Items] | ||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 115 | 0 | |||||
Assets carrying amount | $ 114 | 114 | ||||||
Shady Point [Member] | ||||||||
Asset Impairment Expense [Line Items] | ||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 157 | |||||
Assets carrying amount | 30 | |||||||
Nejapa [Member] | ||||||||
Asset Impairment Expense [Line Items] | ||||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 37 | |||||
Assets carrying amount | $ 5 | |||||||
Long Lived Assets Held And Used [Member] | Hawaii Subsidiary [Member] | ||||||||
Asset Impairment Expense [Line Items] | ||||||||
Impairment of Long-Lived Assets Held-for-use | 60 | |||||||
Assets carrying amount | $ 103 | |||||||
Long Lived Assets Held And Used [Member] | Kilroot and Ballylumford [Member] | ||||||||
Asset Impairment Expense [Line Items] | ||||||||
Other Asset Impairment Charges | [1] | 115 | ||||||
Assets carrying amount | $ 232 | |||||||
Long Lived Assets Held And Used [Member] | Nejapa [Member] | ||||||||
Asset Impairment Expense [Line Items] | ||||||||
Other Asset Impairment Charges | [2] | $ 60 | ||||||
[1] | Per the Company's policy, pre-tax loss is limited to the impairment of long-lived assets. Any additional loss will be recognized on completion of the sale. See Note 22— Asset Impairment Expense and Note 25— Held-for-Sale and Dispositions for further information. | |||||||
[2] | See Note 22— Asset Impairment Expense for further information. (3) See Note 8— In vestments I n and Advances to Affiliates for further information. |
Income Taxes (Components of Inc
Income Taxes (Components of Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal: | |||
Current | $ (8) | $ (7) | $ 7 |
Deferred | (17) | (4) | 186 |
State: | |||
Current | 0 | (1) | 2 |
Deferred | 2 | 0 | 5 |
Foreign: | |||
Current | 458 | 368 | 378 |
Deferred | $ (219) | $ (4) | $ 130 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Reconciliation) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory Federal tax rate | 21.00% | 21.00% | 21.00% |
State taxes, net of Federal tax benefit | (6.00%) | 6.00% | 2.00% |
Taxes on foreign earnings | 15.00% | 12.00% | 9.00% |
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent | 0.06 | ||
Valuation allowance | 16.00% | (2.00%) | (2.00%) |
Change in tax law | 3.00% | (1.00%) | 6.00% |
Income Tax Expense (Benefit) | $ 216,000,000 | $ 352,000,000 | $ 708,000,000 |
Other—net | 3.00% | (1.00%) | (1.00%) |
Effective tax rate | 44.00% | 35.00% | 35.00% |
Investment Tax Credit | $ (0.08) | $ 0 | $ 0 |
Federal | Latest Tax Year | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Operating Loss Carryforwards, Limitations on Use | 1.2 billion | ||
Guacolda Affiliate [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income Tax Expense (Benefit) | $ 20,000,000 | 19,000,000 | |
Na Pua Makani Power Partners [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Investment Tax Credit | $ (35,000,000) | ||
AES Southland [Domain] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Uncertain tax positions | 35.00% | ||
Investment Tax Credit | $ (75,000,000) | ||
UNITED STATES | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory Federal tax rate | 21.00% | ||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Income Tax Expense | $ 124,000,000 | ||
Tax Cuts and Jobs Act, Income Tax Expense (Benefit) | 194,000,000 | ||
Tax Cuts and Jobs Act, Measurement Period Adjustment, Income Tax Expense (Benefit) | $ 77,000,000 | ||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent | 0.09 | ||
Effective tax rate | 35.00% | ||
Non-US [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income Tax Expense (Benefit) | $ 33,000,000 | $ 26,000,000 | $ 35,000,000 |
Income Taxes (Income Tax Payabl
Income Taxes (Income Tax Payables and Income Tax Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Income taxes receivable—current | $ 138 | $ 131 |
Income Taxes Receivable, Noncurrent | 9 | 10 |
Total income taxes receivable | 147 | 141 |
Income taxes payable—current | 284 | 172 |
Income taxes payable—noncurrent | 0 | 0 |
Total income taxes payable | $ 284 | $ 172 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Tax Liabilities: | ||
Differences between book and tax basis of property | $ (1,308) | $ (1,426) |
Deferred Tax Liabilities, Investment in US Tax Partnerships | (332) | (44) |
Deferred income taxes | 1,100 | 1,213 |
Other taxable temporary differences | (403) | (287) |
Deferred Tax Liabilities, Gross | (2,043) | (1,757) |
Deferred Tax Assets: | ||
Operating loss carryforwards | 1,156 | 1,060 |
Capital loss carryforwards | 73 | 57 |
Bad debt and other book provisions | 87 | 74 |
Tax credit carryforwards | 78 | 33 |
Other deductible temporary differences | 471 | 300 |
Total gross deferred tax asset | 1,865 | 1,524 |
Less: Valuation allowance | (634) | (824) |
Total net deferred tax asset | 1,231 | 700 |
Total deferred tax liability | $ (812) | $ (1,057) |
Income Taxes (Income (Loss) fro
Income Taxes (Income (Loss) from Continuing Operations Before Income Tax) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
U.S. | $ (135) | $ (57) | $ (218) |
Non-U.S. | 623 | 1,058 | 2,236 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | $ 488 | $ 1,001 | $ 2,018 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 1 | $ 2 | |
Unrecognized Tax Benefits, Period Increase (Decrease) | $ 0 | $ (2) | $ 3 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 439 | $ 448 | $ 446 |
Effective Income Tax Rate Reconciliation, Percent | 44.00% | 35.00% | 35.00% |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 465 | $ 463 | |
Additions for current year tax positions | 0 | 6 | $ 2 |
Additions for tax positions of prior years | 3 | 4 | 146 |
Reductions for tax positions of prior years | (6) | (5) | (26) |
Lapse of statute of limitations | (4) | (3) | (7) |
Ending balance | 458 | 465 | 463 |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | 0 | |
Unrecognized Tax Benefits, Income Tax Penalties Expense | $ 0 | $ 0 | $ 0 |
UNITED STATES | |||
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 161 | ||
Effective Income Tax Rate Reconciliation, Percent | 35.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | |
Income Tax Disclosures [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent | 0.06 | |||
Deferred Tax Liabilities, Undistributed Foreign Earnings | $ 0 | |||
Undistributed Earnings of Foreign Subsidiaries | $ 4,000,000,000 | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 15.00% | 12.00% | 9.00% | |
Effective tax rate | 44.00% | 35.00% | 35.00% | |
Increase (decrease) in valuation allowance | $ (190,000,000) | $ (44,000,000) | ||
Valuation allowance | (634,000,000) | (824,000,000) | ||
Income tax expense | $ (216,000,000) | $ (352,000,000) | $ (708,000,000) | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | |
Tax benefits related to tax status of operations in countries subject to reduced tax rates per share (in dollars per share) | $ 0.03 | $ 0.02 | $ 0.04 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued: | ||||
Interest on income taxes accrued | $ 1,000,000 | $ 2,000,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | 0 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense: | ||||
Unrecognized Tax Benefits, Income Tax Penalties Expense | 0 | 0 | $ 0 | |
Uncertain Tax Positions Additional Disclosures: | ||||
Unrecognized tax benefits | 458,000,000 | 465,000,000 | 463,000,000 | $ 348,000,000 |
Unrecognized tax benefits that would impact effective tax rate | 439,000,000 | 448,000,000 | 446,000,000 | |
Unrecognized tax benefits that would impact effective tax rate portion with attributes warranting full valuation allowance | 33,000,000 | |||
Unrecognized Tax benefits Anticipated To Result In Ne Decrease of Unrecognized Tax Benefits WIthin 12 Months of Balance Sheet Date Minimum | 0 | |||
Unrecognized tax benefits anticipated to result in net decrease of unrecognized tax benefits within 12 months, maximum | 10,000,000 | |||
Federal | ||||
Income Tax Disclosures [Line Items] | ||||
Operating loss carryforward | 2,100,000,000 | |||
Foreign Tax Authority | ||||
Income Tax Disclosures [Line Items] | ||||
Operating loss carryforward | 2,000,000,000 | |||
State and Local Jurisdiction | ||||
Income Tax Disclosures [Line Items] | ||||
Operating loss carryforward | 7,300,000,000 | |||
General Business Tax Credit Carryforward | ||||
Income Tax Disclosures [Line Items] | ||||
Tax credit carryforward | 66,000,000 | |||
Foreign Jurisdictions | ||||
Income Tax Disclosures [Line Items] | ||||
Tax credit carryforward | 14,000,000 | |||
2021 Expiration | Foreign Jurisdictions | ||||
Income Tax Disclosures [Line Items] | ||||
Tax credit carryforward | 13,000,000 | |||
Non-US [Member] | ||||
Income Tax Disclosures [Line Items] | ||||
Income tax expense | (33,000,000) | (26,000,000) | (35,000,000) | |
VIET NAM | ||||
Income Tax Disclosures [Line Items] | ||||
Income tax expense | $ (16,000,000) | $ (13,000,000) | $ (19,000,000) | |
Tax benefits related to tax status of operations in countries subject to reduced tax rates per share (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Earliest Tax Year | Federal | ||||
Uncertain Tax Positions Additional Disclosures: | ||||
Operating Loss Carryforwards, Limitations on Use | 950 million | |||
Earliest Tax Year | General Business Tax Credit Carryforward | ||||
Income Tax Disclosures [Line Items] | ||||
Tax credit carryforward | $ 16,000,000 | |||
Latest Tax Year | Federal | ||||
Uncertain Tax Positions Additional Disclosures: | ||||
Operating Loss Carryforwards, Limitations on Use | 1.2 billion | |||
Latest Tax Year | General Business Tax Credit Carryforward | ||||
Income Tax Disclosures [Line Items] | ||||
Tax credit carryforward | $ 50,000,000 | |||
Guacolda Affiliate [Member] | ||||
Income Tax Disclosures [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | (1.00%) | |||
UNITED STATES | ||||
Income Tax Disclosures [Line Items] | ||||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Income Tax Expense | $ 124,000,000 | |||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent | 0.09 | |||
Tax Cuts and Jobs Act, Income Tax Expense (Benefit) | $ 194,000,000 | |||
Effective tax rate | 35.00% | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Tax Cuts and Jobs Act, Measurement Period Adjustment, Income Tax Expense (Benefit) | $ 77,000,000 | |||
Uncertain Tax Positions Additional Disclosures: | ||||
Unrecognized tax benefits that would impact effective tax rate | $ 161,000,000 |
Discontinued Operations and H_2
Discontinued Operations and Held-For-Sale Businesses (Schedule of Disposal Groups, Including Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income tax expense | $ 0 | $ 0 | $ 2 | |||
Income (loss) from operations of discontinued businesses, after income tax | 0 | 0 | (9) | |||
Net loss from disposal and impairments of discontinued businesses, after income tax | 3 | 1 | 225 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 3 | 1 | 218 | |||
Asset Impairment Charges | 1,066 | 277 | 355 | |||
Other Asset Impairment Charges | $ 849 | $ 69 | $ 116 | $ 864 | $ 185 | $ 208 |
Eletropaulo Subsidiary [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net loss from disposal and impairments of discontinued businesses, after income tax | $ 199 |
Discontinued Operations and H_3
Discontinued Operations and Held-For-Sale Businesses (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset Impairment Charges | $ 1,066 | $ 277 | $ 355 | ||||
Net loss from disposal and impairments of discontinued operations | (3) | (1) | (225) | ||||
Other Asset Impairment Charges | $ 849 | $ 69 | $ 116 | 864 | 185 | 208 | |
Income (Loss) from Continuing Operations Attributable to Parent | (43) | (302) | (985) | ||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | 1,251 | 0 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 3 | $ 1 | $ 218 | ||||
Borsod [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Discontinued Operation Deferred Gain on Disposal | 26 | ||||||
Disposal Group, Including Discontinued Operation, Foreign Currency Translation Gains (Losses) | $ 20 | ||||||
Eletropaulo Subsidiary [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Discontinued Operation, Equity Method Investment Retained after Disposal, Ownership Interest after Disposal | 17.00% | ||||||
Proceeds from divestiture of business | 340 | ||||||
Net loss from disposal and impairments of discontinued operations | (199) | ||||||
Impairment Expense Pre Tax Total | $ 243 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Details) - USD ($) | May 22, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 20, 2018 | Dec. 31, 2017 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Gain (Loss) on Disposition of Business | $ (95,000,000) | $ 28,000,000 | $ 984,000,000 | ||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 169,000,000 | 178,000,000 | 2,020,000,000 | ||||||||
Income (Loss) from Continuing Operations Attributable to Parent | (43,000,000) | (302,000,000) | (985,000,000) | ||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Asset Retirement Obligation, Revision of Estimate | $ 3,000,000 | 58,000,000 | |||||||||
JORDAN | |||||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Equity Method Investment, Ownership Percentage | 10.00% | ||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | $ 121,000,000 | 94,000,000 | 109,000,000 | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Mong Duong Subsidiary [Member] | |||||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 51.00% | ||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Mong Duong Finance Holdings B.V._Related Party [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | $ 55,000,000 | 34,000,000 | 48,000,000 | ||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 51.00% | ||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Itabo Disposal Group | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | $ 41,000,000 | 30,000,000 | 33,000,000 | ||||||||
Proceeds from Divestiture of Businesses | $ 101,000,000 | $ 92,000,000 | |||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 43.00% | ||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Estrella del Mar I | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | $ 5,000,000 | 12,000,000 | 17,000,000 | ||||||||
Assets Carrying Amount Disclosure Nonrecurring | 16,000,000 | ||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Itabo Opco [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 189,000,000 | ||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Mong Duong held-dfor-sale [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 472,000,000 | ||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | JORDAN | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | 20,000,000 | $ 18,000,000 | 11,000,000 | ||||||||
Assets Carrying Amount Disclosure Nonrecurring | 154,000,000 | ||||||||||
Proceeds from Divestiture of Businesses | $ 58,000,000 | ||||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 26.00% | 36.00% | |||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | $ 44,000,000 | 154,000,000 | |||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Kilroot and Ballylumford [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | (1,000,000) | 35,000,000 | |||||||||
Gain (Loss) on Disposition of Business | 33,000,000 | ||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 118,000,000 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | DPL Subsidiary [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | 52,000,000 | [1],[2] | 77,000,000 | ||||||||
Asset Retirement Obligation, Cash Paid to Settle | $ 51,000,000 | ||||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Pre-tax gain on disposal | 20,000,000 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Shady Point [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | (5,000,000) | 19,000,000 | |||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 29,000,000 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Redondo Beach [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 24,000,000 | ||||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Gain (Loss) on Disposition of Assets | 41,000,000 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Compania Transmisora del Norte Grande [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Gain (Loss) on Disposition of Business | 126,000,000 | ||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 225,000,000 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Beckjord Facility [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Asset Retirement Obligation, Cash Paid to Settle | $ 15,000,000 | ||||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Pre-tax gain on disposal | (12,000,000) | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Electrica Santiago (Gener ESSA) [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Gain (Loss) on Disposition of Business | $ 70,000,000 | ||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 287,000,000 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | DPL Peaking Generation [Domain] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Gain (Loss) on Disposition of Business | (2,000,000) | ||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 239,000,000 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Masinloc Subsidiary [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | 0 | 9,000,000 | |||||||||
Gain (Loss) on Disposition of Business | 772,000,000 | ||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 1,050,000,000 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Kazakhstan Hydro [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 75,000,000 | ||||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Pre-tax gain on disposal | (30,000,000) | ||||||||||
Proceeds from Legal Settlements | 45,000,000 | ||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Other Subsidiaries [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | (2,000,000) | 14,000,000 | |||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Uruguaiana [Member] | |||||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Pre-tax gain on disposal | (90,000,000) | ||||||||||
Guaranty Liabilities | $ 22,000,000 | ||||||||||
Disposal Group, Not Discontinued Operations [Member] | Advancion Energy Storage [Member] | |||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||
Gain (Loss) on Disposition of Business | $ 23,000,000 | ||||||||||
Masinloc Subsidiary [Member] | |||||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 51.00% | ||||||||||
Kazakhstan Hydro [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 100.00% | ||||||||||
DPL Subsidiary [Member] | |||||||||||
Dispositions and Held-for-Sales Businesses | |||||||||||
Asset Retirement Obligation, Revision of Estimate | $ 87,000,000 | $ 32,000,000 | |||||||||
[1] | After the retirement of Stuart and Killen in 2018, the Company entered into contracts to buy back all open capacity years for the plants at prices lower than the PJM capacity revenue prices. As such, the Company continued to earn capacity margin until the plants were transferred in December 2019. | ||||||||||
[2] | Reductions in the asset retirement obligations for ash ponds and landfills at Stuart and Killen in 2018 resulted in a $32 million reduction to cost of sales. See Note 4— Asset Retirement Obligations for further information. |
Acquisitions Acquistions (Detai
Acquisitions Acquistions (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 01, 2018 | ||
Business Acquisition [Line Items] | |||||||||
Project Financing Disbursed | $ 0 | $ 0 | $ 119 | ||||||
Other Income [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Liquidation Basis of Accounting, Remeasurement, Gain (Loss) on Asset | 0 | 0 | |||||||
Distributed Energy [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 23 | ||||||||
Business Combination, Ownership Percentage in Acquiree | 100.00% | 100.00% | |||||||
Business Combination, Equity Interest in Acquiree, Remeasurement Gain (Loss) | $ 5 | ||||||||
Na Pua Makani Power Partners [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||||
Business Combination, Consideration Transferred | 11 | $ 53 | |||||||
Business Combination, Contingent Consideration | $ 5 | 48 | |||||||
Na Pua Makani Power Partners [Member] | Other Income [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Liquidation Basis of Accounting, Remeasurement, Gain (Loss) on Asset | [1] | 32 | |||||||
Guaimbe Solar Complex [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Project Financing Disbursed | $ 119 | ||||||||
Asset acquisition, additional cash paid | $ 33 | ||||||||
Asset Acquisition, Consideration Transferred | $ 152 | ||||||||
Los Cururos [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Payments to Acquire Businesses, Gross | $ 5 | ||||||||
Asset Acquisition, Consideration Transferred | $ 143 | ||||||||
Penonome Wind [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Asset Acquisition, Purchase Price | 80 | ||||||||
Ventus Wind Complex [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Consideration Transferred | 91 | ||||||||
Payments to Acquire Businesses, Gross | $ 44 | ||||||||
Other Payments to Acquire Businesses | $ 4 | ||||||||
[1] | Related to the amendment of the Oahu purchase agreement. See Note 26— Acquisitions for further information. |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ 43 | $ 302 | $ 985 | ||||||||
Weighted Average Number of Shares Outstanding, Basic (in shares) | 665 | 664 | 662 | ||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.48 | $ (0.50) | $ (0.13) | $ 0.22 | $ (0.12) | $ 0.32 | $ 0.02 | $ 0.23 | $ 0.06 | $ 0.46 | $ 1.49 |
Weighted Average Number of Shares Outstanding, Diluted (in shares) | 668 | 667 | 665 | ||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.47 | $ (0.50) | $ (0.13) | $ 0.22 | $ (0.12) | $ 0.32 | $ 0.02 | $ 0.23 | $ 0.06 | $ 0.45 | $ 1.48 |
Share-based Payment Arrangement, Option [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ 0 | $ 0 | $ 0 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in shares) | 1 | 0 | 0 | ||||||||
Dilutive Securities Effect On Basic EPS, dilutive Stock Options, per diluted share | $ 0 | $ 0 | $ 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 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in shares) | 2 | 3 | 3 | ||||||||
Dilutive Securities Effect On Basic EPS, dilutive Restricted Stock Units, per diluted share | $ 0 | $ (0.01) | $ (0.01) |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2018shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive securities excluded from computation of earnings per share | 2 |
Risks And Uncertainties (Detail
Risks And Uncertainties (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)segmentintegerbusinessRate | Dec. 31, 2019USD ($) | |
Unusual Risk or Uncertainty [Line Items] | ||
Number of Reportable Segments | segment | 4 | |
Segment Reporting, Additional Information about Entity's Reportable Segments | business | 2 | |
Cash and Cash Equivalents, at Carrying Value | $ 1,089 | $ 1,029 |
Percentage of Total Revenue Non-U.S. | 66.00% | |
Goodwill, Gross | $ 3,672 | $ 3,670 |
Number Of Single Customers That Accounted For Ten Percent Or More Of Total Revenue | integer | 0 | |
Goodwill, Reporting Unit at Risk, Percentage | Rate | 10.00% | |
Cash and Cash Equivalents [Member] | ||
Unusual Risk or Uncertainty [Line Items] | ||
Cash and Cash Equivalents, at Carrying Value | $ 1,000 | |
Operating Segments [Member] | ANDES [Member] | ||
Unusual Risk or Uncertainty [Line Items] | ||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 13.00% | 3.00% |
Goodwill, Gross | $ 868 | $ 868 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of related Party Transactions) (Details) - Affiliated Entity - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Interest Income | $ 20 | $ 21 | $ 14 |
Interest expense | 131 | 74 | 54 |
Electricity, Generation [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue—Non-Regulated | 1,506 | 1,544 | 1,533 |
Cost of Sales—Non-Regulated | $ 504 | $ 531 | $ 342 |
Related Party Transactions (S_2
Related Party Transactions (Schedule of Related Party Receivables Payables) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Receivables from Related Parties | $ 252 | $ 370 | |
Accounts and notes payable to related parties (1) | [1] | 1,765 | 1,976 |
Strabag_EPC Contractor_Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts and notes payable to related parties (1) | 379 | 287 | |
Banco General_Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts and notes payable to related parties (1) | $ 181 | $ 415 | |
[1] | Includes $1 billion of debt to Mong Duong Finance Holdings B.V., an SPV accounted for as an equity affiliate as of December 31, 2020 and 2019 (see Note 11— Debt ). As of December 31, 2020, the debt balance at the SPV was reclassified to held-for-sale liabilities on the Consolidated Balance Sheet. Also includes $181 million and $415 million of debt to Banco General S.A., a bank in Panama where our minority partner in Colon is part of its board of directors as of December 31, 2020 and 2019, respectively; and $379 million and $287 million of debt to Strabag, our EPC contractor and minority partner in Alto Maipo as of December 31, 2020 and 2019, respectively. |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||
Gain (Loss) on Disposition of Business | $ (95) | $ 28 | $ 984 | |||||||||||||
Other Asset Impairment Charges | $ 849 | $ 69 | $ 116 | 864 | 185 | 208 | ||||||||||
Revenues | $ 2,560 | 2,545 | $ 2,217 | $ 2,338 | 2,431 | $ 2,625 | 2,483 | $ 2,650 | 9,660 | 10,189 | 10,736 | |||||
Net equity in earnings (losses) of affiliates | (112) | (175) | (123) | (172) | 39 | |||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||
Operating margin | 906 | 756 | 524 | 507 | 560 | 701 | 502 | 586 | 2,693 | 2,349 | 2,573 | |||||
Income (Loss) from Continuing Operations, net of Tax | 401 | (481) | [1] | 0 | [1] | 229 | [1] | (120) | [2] | 298 | 66 | [2] | 233 | 149 | 477 | 1,349 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 3 | 0 | 0 | 0 | 1 | 0 | ||||||||
NET INCOME (LOSS) | 401 | (481) | 3 | 229 | (120) | 298 | 67 | 233 | 152 | 478 | 1,565 | |||||
Net income (loss) attributable to The AES Corporation | $ 318 | $ (333) | $ (83) | $ 144 | $ (78) | $ 210 | $ 17 | $ 154 | $ 46 | $ 303 | $ 1,203 | |||||
Basic earnings (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ 0.48 | $ (0.50) | $ (0.13) | $ 0.22 | $ (0.12) | $ 0.32 | $ 0.02 | $ 0.23 | $ 0.06 | $ 0.46 | $ 1.49 | |||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0 | 0.33 | |||||
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | 0.48 | (0.50) | (0.12) | 0.22 | (0.12) | 0.32 | 0.02 | 0.23 | 0.07 | 0.46 | 1.82 | |||||
Diluted earnings (loss) per share: | ||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | 0.47 | (0.50) | (0.13) | 0.22 | (0.12) | 0.32 | 0.02 | 0.23 | 0.06 | 0.45 | 1.48 | |||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0 | 0.33 | |||||
Earnings Per Share, Diluted | 0.47 | (0.50) | (0.12) | 0.22 | (0.12) | 0.32 | 0.02 | 0.23 | 0.07 | 0.45 | 1.81 | |||||
Dividends declared per common share | $ 0.29 | $ 0.14 | $ 0 | $ 0.14 | $ 0.28 | $ 0.14 | $ 0 | $ 0.14 | $ 0.5804 | $ 0.5528 | $ 0.53 | |||||
OPGC Affiliate [Member] | ||||||||||||||||
Gain (Loss) on Disposition of Business | $ 23 | |||||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 158 | $ 43 | $ 92 | $ 201 | ||||||||||||
Guacolda Affiliate [Member] | ||||||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 92 | |||||||||||||||
UNITED STATES | ||||||||||||||||
Tax Cuts and Jobs Act, Income Tax Expense (Benefit) | 194 | |||||||||||||||
Tax Cuts and Jobs Act, Measurement Period Adjustment, Income Tax Expense (Benefit) | $ (77) | |||||||||||||||
[1] | Includes pre-tax impairment expense of $849 million in the third quarter of 2020 (See Note 22— Asset Im pairment Expense ), other-than-temporary impairment of OPGC of $43 million and $158 million in the first and second quarters of 2020, respectively, and net equity in losses of affiliates, primarily at Guacolda, of $112 million in the third quarter of 2020 (See Note 8— Investments in and Advances to Affiliates ). | |||||||||||||||
[2] | Includes pre-tax impairment expense of $116 million and $69 million in the second and fourth quarters of 2019, respectively (See Note 22— Asset Impairment Expense ), other-than-temporary impairment of OPGC of $92 million, and net equity in losses of affiliates, primarily at Guacolda, of $175 million in the fourth quarter of 2019 (See Note 8— Investments in and Advances to Affiliates ). |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information of Parent (Balance Sheet) (Details) - USD ($) | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2016 |
Current Assets: | |||||||
Cash and cash equivalents | $ 1,089,000,000 | $ 1,029,000,000 | |||||
Restricted cash | 297,000,000 | 336,000,000 | |||||
Assets, Current | 5,414,000,000 | 5,231,000,000 | |||||
Investment in and advances to subsidiaries and affiliates | 835,000,000 | 966,000,000 | $ 1,114,000,000 | ||||
Office Equipment: | |||||||
Cost | 26,707,000,000 | 25,383,000,000 | |||||
Accumulated depreciation | (8,472,000,000) | (8,505,000,000) | |||||
Property, plant and equipment, net | 22,826,000,000 | 22,574,000,000 | |||||
Other Assets: | |||||||
Deferred income taxes | 288,000,000 | 156,000,000 | |||||
Other assets | 1,660,000,000 | $ 1,605,000,000 | 1,635,000,000 | $ 1,767,000,000 | |||
Total other assets | 6,363,000,000 | 5,843,000,000 | |||||
Assets | 34,603,000,000 | 33,648,000,000 | 32,521,000,000 | ||||
Current Liabilities: | |||||||
Accounts payable | 1,156,000,000 | 1,311,000,000 | |||||
Accrued and other liabilities | 1,223,000,000 | 987,000,000 | 989,000,000 | ||||
Total current liabilities | 5,362,000,000 | 5,096,000,000 | |||||
Long-term Liabilities: | |||||||
Other long-term liabilities | 3,241,000,000 | 2,917,000,000 | $ 2,949,000,000 | ||||
Liabilities, Noncurrent | 23,649,000,000 | 22,435,000,000 | |||||
Stockholders' equity: | |||||||
Common stock | 8,000,000 | 8,000,000 | $ 14.16 | ||||
Additional paid-in capital | 7,561,000,000 | 7,776,000,000 | |||||
Accumulated deficit | (680,000,000) | $ (731,000,000) | (692,000,000) | ||||
Accumulated other comprehensive loss | (2,397,000,000) | (2,229,000,000) | (2,071,000,000) | ||||
Treasury stock | (1,858,000,000) | (1,867,000,000) | |||||
Total AES Corporation stockholders’ equity | 2,634,000,000 | 2,996,000,000 | |||||
TOTAL LIABILITIES AND EQUITY | 34,603,000,000 | 33,648,000,000 | |||||
Parent Company [Member] | |||||||
Current Assets: | |||||||
Cash and cash equivalents | 70,000,000 | 11,000,000 | $ 19,000,000 | $ 10,000,000 | |||
Accounts and notes receivable from subsidiaries | 188,000,000 | 238,000,000 | |||||
Prepaid expenses and other current assets | 55,000,000 | 35,000,000 | |||||
Assets, Current | 313,000,000 | 284,000,000 | |||||
Investment in and advances to subsidiaries and affiliates | 6,426,000,000 | 6,782,000,000 | |||||
Office Equipment: | |||||||
Cost | 29,000,000 | 27,000,000 | |||||
Accumulated depreciation | (22,000,000) | (20,000,000) | |||||
Property, plant and equipment, net | 7,000,000 | 7,000,000 | |||||
Other Intangible Assets, Net | 0 | 1,000,000 | |||||
Other Assets: | |||||||
Debt Issuance Costs, Noncurrent, Net | 4,000,000 | 5,000,000 | |||||
Deferred income taxes | 25,000,000 | 14,000,000 | |||||
Other assets | 20,000,000 | 16,000,000 | |||||
Total other assets | 49,000,000 | 36,000,000 | |||||
Assets | 6,795,000,000 | 7,109,000,000 | |||||
Current Liabilities: | |||||||
Accounts payable | 15,000,000 | 20,000,000 | |||||
Accounts and notes payable to subsidiaries | 184,000,000 | 339,000,000 | |||||
Accrued and other liabilities | 344,000,000 | 221,000,000 | |||||
Senior notes payable—current portion | 0 | 5,000,000 | |||||
Total current liabilities | 543,000,000 | 585,000,000 | |||||
Long-term Liabilities: | |||||||
Senior notes payable | 3,430,000,000 | 3,391,000,000 | |||||
Accounts and notes payable to subsidiaries | 28,000,000 | 28,000,000 | |||||
Other long-term liabilities | 160,000,000 | 109,000,000 | |||||
Liabilities, Noncurrent | 3,618,000,000 | 3,528,000,000 | |||||
Stockholders' equity: | |||||||
Common stock | 8,000,000 | 8,000,000 | |||||
Additional paid-in capital | 7,561,000,000 | 7,776,000,000 | |||||
Accumulated deficit | (680,000,000) | (692,000,000) | |||||
Accumulated other comprehensive loss | (2,397,000,000) | (2,229,000,000) | |||||
Treasury stock | (1,858,000,000) | (1,867,000,000) | |||||
Total AES Corporation stockholders’ equity | 2,634,000,000 | 2,996,000,000 | |||||
TOTAL LIABILITIES AND EQUITY | 6,795,000,000 | 7,109,000,000 | |||||
Accumulated Amortization, Debt Issuance Costs, Noncurrent | $ 6,000,000 | $ 5,000,000 |
Schedule I - Condensed Financ_4
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest income | $ 268 | $ 318 | $ 310 | ||||||||
General and administrative expenses | (165) | (196) | (192) | ||||||||
Other expense | (53) | (80) | (58) | ||||||||
Gain (Loss) on Extinguishment of Debt | (186) | (169) | (188) | ||||||||
Interest expense | (1,038) | (1,050) | (1,056) | ||||||||
Income (loss) before income taxes | (192) | (277) | (509) | ||||||||
Income tax benefit (expense) | (216) | (352) | (708) | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ 318 | $ (333) | $ (83) | $ 144 | $ (78) | $ 210 | $ 17 | $ 154 | 46 | 303 | 1,203 |
Parent Company | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenue from subsidiaries and affiliates | 29 | 30 | 36 | ||||||||
Equity in earnings of subsidiaries and affiliates | 383 | 674 | 1,909 | ||||||||
Interest income | 31 | 53 | 39 | ||||||||
General and administrative expenses | (125) | (148) | (142) | ||||||||
Other income | 26 | 1 | 25 | ||||||||
Other expense | (6) | (103) | 0 | ||||||||
Gain (Loss) on Extinguishment of Debt | (146) | (5) | (171) | ||||||||
Interest expense | (163) | (197) | (220) | ||||||||
Income (loss) before income taxes | 29 | 305 | 1,476 | ||||||||
Income tax benefit (expense) | 17 | (2) | (273) | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ 46 | $ 303 | $ 1,203 |
Schedule I - Condensed Financ_5
Schedule I - Condensed Financial Information of Parent (Statement of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ 318 | $ (333) | $ (83) | $ 144 | $ (78) | $ 210 | $ 17 | $ 154 | $ 46 | $ 303 | $ 1,203 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | |||||||||||
Foreign currency translation adjustments, net of income tax (expense) benefit of $(8), $1 and $2, respectively | (52) | (33) | (161) | ||||||||
Reclassification to earnings, net of $0 income tax for all periods | 192 | 23 | (21) | ||||||||
Total foreign currency translation adjustments | 140 | (10) | (182) | ||||||||
Derivative activity: | |||||||||||
Change in derivative fair value, net of income tax benefit of $90, $53 and $16, respectively | (368) | (265) | (67) | ||||||||
Reclassification to earnings, net of income tax expense of $19, $4 and $13, respectively | 74 | 42 | 93 | ||||||||
Total change in fair value of derivatives | (294) | (223) | 26 | ||||||||
Pension activity: | |||||||||||
Prior service cost for the period, net of income tax expense of $1, $0 and $1, respectively | (1) | (1) | 2 | ||||||||
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax benefit (expense) of $4, $6 and $(1), respectively | (14) | (23) | (1) | ||||||||
Reclassification of earnings, net of income tax expense of $0, $13 and $2, respectively | 0 | (28) | (8) | ||||||||
Total pension adjustments | (13) | 6 | 5 | ||||||||
OTHER COMPREHENSIVE LOSS | (167) | (227) | (151) | ||||||||
COMPREHENSIVE INCOME (LOSS) | (15) | 251 | 1,414 | ||||||||
OCI, Foreign Currency Transaction and Translation Gain (Loss), Arising During Period, Tax | (8) | 1 | 2 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | 0 | 0 | 0 | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (110) | (74) | (27) | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 17 | 12 | 24 | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax | 0 | 0 | (1) | ||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | (4) | (10) | (1) | ||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 0 | 13 | 2 | ||||||||
Parent Company | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | 46 | 303 | 1,203 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | |||||||||||
Foreign currency translation adjustments, net of income tax (expense) benefit of $(8), $1 and $2, respectively | 0 | (23) | (214) | ||||||||
Reclassification to earnings, net of $0 income tax for all periods | 192 | 23 | (21) | ||||||||
Total foreign currency translation adjustments | 192 | 0 | (235) | ||||||||
Derivative activity: | |||||||||||
Change in derivative fair value, net of income tax benefit of $90, $53 and $16, respectively | (309) | (202) | (64) | ||||||||
Reclassification to earnings, net of income tax expense of $19, $4 and $13, respectively | 72 | 36 | 78 | ||||||||
Total change in fair value of derivatives | (237) | (166) | 14 | ||||||||
Pension activity: | |||||||||||
Prior service cost for the period, net of income tax expense of $1, $0 and $1, respectively | 0 | 1 | (2) | ||||||||
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax benefit (expense) of $4, $6 and $(1), respectively | (12) | (16) | 2 | ||||||||
Reclassification of earnings, net of income tax expense of $0, $13 and $2, respectively | 0 | 27 | 7 | ||||||||
Total pension adjustments | (12) | 12 | 7 | ||||||||
OTHER COMPREHENSIVE LOSS | (57) | (154) | (214) | ||||||||
COMPREHENSIVE INCOME (LOSS) | (11) | 149 | 989 | ||||||||
OCI, Foreign Currency Transaction and Translation Gain (Loss), Arising During Period, Tax | (8) | 1 | 2 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | 0 | 0 | 0 | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 90 | 53 | 16 | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (19) | (4) | (13) | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax | (1) | 0 | (1) | ||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | 4 | 6 | (1) | ||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | $ 0 | $ (13) | $ (2) |
Schedule I - Condensed Financ_6
Schedule I - Condensed Financial Information of Parent (Statement of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ (2,755) | $ (2,466) | $ (2,343) |
Investing Activities: | |||
Sale of short-term investments | 627 | 666 | 1,302 |
Net cash used in investing activities | (2,295) | (2,721) | (505) |
Financing Activities: | |||
Common stock dividends paid | (381) | (362) | (344) |
Payments for deferred financing costs | (107) | (126) | (39) |
Proceeds from (Payments for) Other Financing Activities | (52) | 9 | 49 |
Net cash used in financing activities | (78) | (86) | (1,643) |
Effect of exchange rate changes on cash | (24) | (18) | (54) |
Cash and cash equivalents, beginning | 1,029 | ||
Cash and cash equivalents, ending | 1,089 | 1,029 | |
SUPPLEMENTAL DISCLOSURES: | |||
Cash payments for interest, net of amounts capitalized | (908) | (946) | (1,003) |
Cash payments for income taxes, net of refunds | (333) | (363) | (370) |
Parent Company [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | (434) | (583) | 409 |
Investing Activities: | |||
Proceeds from the sale of business interests, net of expenses | 412 | 196 | 1,222 |
Investment in and net advances to subsidiaries | (652) | (596) | (216) |
Return of capital | 346 | 411 | 242 |
Additions to property, plant and equipment | (8) | (8) | (13) |
Sale of short-term investments | (1) | 0 | 0 |
Net cash used in investing activities | 97 | 3 | 1,235 |
Financing Activities: | |||
(Repayments) Borrowings under the revolver, net | (110) | 180 | (207) |
Borrowings of notes payable and other coupon bearing securities | 3,397 | 0 | 1,000 |
Repayments of notes payable and other coupon bearing securities | (3,366) | (450) | (1,933) |
Loans from (Repayments to) subsidiaries | 25 | 40 | (143) |
Proceeds from issuance of common stock | 4 | 6 | 7 |
Common stock dividends paid | (381) | (362) | (344) |
Payments for deferred financing costs | (38) | (3) | (11) |
Proceeds from (Payments for) Other Financing Activities | (3) | (4) | (5) |
Net cash used in financing activities | (472) | (593) | (1,636) |
Effect of exchange rate changes on cash | 0 | (1) | 1 |
Total increase (decrease) in cash, cash equivalents and restricted cash | 59 | (8) | 9 |
Cash and cash equivalents, beginning | 11 | 19 | |
Cash and cash equivalents, ending | 70 | 11 | 19 |
SUPPLEMENTAL DISCLOSURES: | |||
Cash payments for interest, net of amounts capitalized | 156 | 192 | 232 |
Cash payments for income taxes, net of refunds | $ (8) | $ (5) | $ 10 |
Schedule I - Condensed Financ_7
Schedule I - Condensed Financial Information of Parent (Senior Notes and Junior Subordinated Notes) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | |||
Recourse Debt Total | $ 3,447 | $ 3,396 | |
Less: Current maturities | (1) | (5) | |
Recourse Debt Non Current | 3,446 | 3,391 | |
Unamortized (discounts)/premiums & debt issuance (costs) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Recourse Debt Total | $ (41) | ||
Recourse Debt | LIBOR | Senior Secured Term Loan due 2022 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Basis spread on variable rate | 1.75% | ||
Recourse Debt | LIBOR | Revolving Credit Facility [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Basis spread on variable rate | 1.75% | 1.75% | |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Recourse Debt Total | $ 3,430 | ||
Less: Current maturities | 0 | ||
Parent Company | Unamortized (discounts)/premiums & debt issuance (costs) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Recourse Debt Total | (40) | (22) | |
Parent Company | Recourse Debt | Senior Secured Term Loan due 2022 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Recourse Debt Total | $ 0 | 18 | |
Parent Company | Recourse Debt | 4.5% Senior Notes Due 2023 [Domain] [Domain] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest Rate | 4.50% | ||
Recourse Debt Total | $ 0 | 500 | |
Parent Company | Recourse Debt | 4.875% Senior Notes Due 2023 [Member] [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest Rate | 4.875% | ||
Recourse Debt Total | $ 0 | 613 | |
Parent Company | Recourse Debt | Revolving Credit Facility [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest Rate | 1.86% | ||
Recourse Debt Total | $ 70 | 180 | |
Parent Company | Recourse Debt | 4.0% Senior Notes Due 2021 [Domain] [Domain] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest Rate | 4.00% | ||
Recourse Debt Total | $ 0 | 500 | |
Parent Company | Recourse Debt | 5.50% Senior Unsecured Note Due 2024 | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest Rate | 5.50% | ||
Recourse Debt Total | $ 0 | 63 | |
Parent Company | Recourse Debt | 5.50% Unsecured senior notes due 2025 [Domain] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest Rate | 5.50% | ||
Recourse Debt Total | $ 0 | 544 | |
Parent Company | Recourse Debt | 6.00% senior notes due 2026 [Domain] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest Rate | 6.00% | ||
Recourse Debt Total | $ 0 | 500 | |
Parent Company | Recourse Debt Excluding Junior Subordinated Debt | |||
Condensed Financial Statements, Captions [Line Items] | |||
Recourse Debt Total | 3,430 | 3,396 | |
Recourse Debt Non Current | 3,430 | $ 3,391 | |
Debt Maturity Year One [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Recourse Debt Total | 1 | ||
Debt Maturity Year One [Member] | Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Recourse Debt Total | 0 | ||
Debt Maturity Year Two [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Recourse Debt Total | 3 | ||
Debt Maturity Year Two [Member] | Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Recourse Debt Total | 0 | ||
Debt Maturity Year Three [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Recourse Debt Total | 3 | ||
Debt Maturity Year Three [Member] | Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Recourse Debt Total | 0 | ||
Debt Maturity Year Four [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Recourse Debt Total | 74 | ||
Debt Maturity Year Four [Member] | Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Recourse Debt Total | 70 | ||
Debt Maturity Year Five [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Recourse Debt Total | 903 | ||
Debt Maturity Year Five [Member] | Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Recourse Debt Total | 900 | ||
Debt Maturity Thereafter [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Recourse Debt Total | 2,504 | ||
Debt Maturity Thereafter [Member] | Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Recourse Debt Total | $ 2,500 |
Schedule I - Condensed Financ_8
Schedule I - Condensed Financial Information of Parent (Dividends from Subsidiaries and Affiliates) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 169 | $ 178 | $ 2,020 |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Consolidated Subsidiaries | 1,000 | 1,000 | 1,900 |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Consolidated Subsidiaries | 1,000 | 1,000 | $ 1,900 |
Parent Company [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 302 | $ 200 |
Schedule I - Condensed Financ_9
Schedule I - Condensed Financial Information of Parent (Guarantees and Letters of Credit) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)agreement | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations number of agreements | agreement | 112 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,546 |
Guarantees [Member] | Parent Company | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations number of agreements | agreement | 69 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,400 |
Standby Letters of Credit [Member] | Minimum | |
Condensed Financial Statements, Captions [Line Items] | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 1.00% |
Standby Letters of Credit [Member] | Maximum | |
Condensed Financial Statements, Captions [Line Items] | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 3.00% |
Guarantee Obligations [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations number of agreements | agreement | 69 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,358 |
Guarantee Obligations [Member] | Minimum | |
Condensed Financial Statements, Captions [Line Items] | |
Loss Contingency, Estimate of Possible Loss | 0 |
Guarantee Obligations [Member] | Maximum | |
Condensed Financial Statements, Captions [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 157 |
Unsecured Debt [Member] | Financial Standby Letter of Credit [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations number of agreements | agreement | 25 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 110 |
Unsecured Debt [Member] | Financial Standby Letter of Credit [Member] | Minimum | |
Condensed Financial Statements, Captions [Line Items] | |
Loss Contingency, Estimate of Possible Loss | 0 |
Unsecured Debt [Member] | Financial Standby Letter of Credit [Member] | Maximum | |
Condensed Financial Statements, Captions [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 56 |
Secured Debt [Member] | Financial Standby Letter of Credit [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations number of agreements | agreement | 17 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 77 |
Secured Debt [Member] | Financial Standby Letter of Credit [Member] | Minimum | |
Condensed Financial Statements, Captions [Line Items] | |
Loss Contingency, Estimate of Possible Loss | 0 |
Secured Debt [Member] | Financial Standby Letter of Credit [Member] | Maximum | |
Condensed Financial Statements, Captions [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 62 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 23, 2021 | Feb. 05, 2021 | Dec. 29, 2020 | |
Gener | |||||||
Subsequent Event [Line Items] | |||||||
Preferred Stock, Shares Subscribed but Unissued | 1,980,000,000 | ||||||
Inversiones Cachagua SpA | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Own-share Lending Arrangement, Shares, Issued | 1,347,200,571 | ||||||
Preferred Stock, Value, Issued | $ 205 | ||||||
Guacolda Affiliate [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Income (Loss) from Subsidiaries, before Tax | $ (54) | $ (88) | $ 11 | ||||
Guacolda Affiliate [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from the sale of equity method investments | $ 34 | ||||||
Guacolda Affiliate [Member] | Subsequent Event [Member] | AES Gener | |||||||
Subsequent Event [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | ||||||
AES Gener | AES Gener | |||||||
Subsequent Event [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 67.00% | ||||||
AES Gener | Subsequent Event [Member] | AES Gener | |||||||
Subsequent Event [Line Items] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 67.20% |