Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Feb. 22, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Document Type | 10-K | ||||
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, 2021 | ||||
Entity File Number | 1-12291 | ||||
Common Stock, Value, Issued | $ (8,000,000) | $ (8,000,000) | $ (26.07) | ||
Document Fiscal Year Focus | 2021 | ||||
Document Fiscal Period Focus | FY | ||||
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 | 667,395,142 | ||||
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 | $ 17,370,000,000 | ||||
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 | ||||
ICFR Auditor Attestation Flag | true | ||||
Common Stock [Member] | |||||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||||
Trading Symbol | AES | ||||
Security Exchange Name | NYSE | ||||
Corporate Units [Domain] | |||||
Title of 12(b) Security | Corporate Units | ||||
Trading Symbol | AESC | ||||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | Tysons, Virginia |
Auditor Firm ID | 42 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 943,000,000 | $ 1,089,000,000 |
Restricted cash | 304,000,000 | 297,000,000 |
Short-term investments | 232,000,000 | 335,000,000 |
Accounts receivable, net of allowance for doubtful accounts of $5 and $13, respectively | 1,418,000,000 | 1,300,000,000 |
Inventory | 604,000,000 | 461,000,000 |
Prepaid expenses | 142,000,000 | 102,000,000 |
Other current assets | 897,000,000 | 726,000,000 |
Current held-for-sale assets | 816,000,000 | 1,104,000,000 |
Total current assets | 5,356,000,000 | 5,414,000,000 |
Property, Plant and Equipment: | ||
Land | 426,000,000 | 417,000,000 |
Electric generation, distribution assets and other | 25,552,000,000 | 26,707,000,000 |
Accumulated depreciation | (8,486,000,000) | (8,472,000,000) |
Construction in progress | 2,414,000,000 | 4,174,000,000 |
Property, plant and equipment, net | 19,906,000,000 | 22,826,000,000 |
Other Assets: | ||
Investments in and advances to affiliates | 1,080,000,000 | 835,000,000 |
Debt service reserves and other deposits | 237,000,000 | 441,000,000 |
Goodwill | 1,177,000,000 | 1,061,000,000 |
Other intangible assets, net of accumulated amortization of $385 and $330, respectively | 1,450,000,000 | 827,000,000 |
Deferred Tax Assets, Tax Deferred Expense | 409,000,000 | 288,000,000 |
Other noncurrent assets, net of allowance of $23 and $21, respectively | 2,188,000,000 | 1,660,000,000 |
Noncurrent held-for-sale assets | 1,160,000,000 | 1,251,000,000 |
Total other assets | 7,701,000,000 | 6,363,000,000 |
TOTAL ASSETS | 32,963,000,000 | 34,603,000,000 |
CURRENT LIABILITIES | ||
Accounts payable | 1,153,000,000 | 1,156,000,000 |
Accrued interest | 182,000,000 | 191,000,000 |
Accrued non-income taxes | 266,000,000 | 257,000,000 |
Deferred Income | 85,000,000 | 438,000,000 |
Accrued and other liabilities | 1,120,000,000 | 1,223,000,000 |
Non-recourse debt, including $302 and $336, respectively, related to variable interest entities | 1,367,000,000 | 1,430,000,000 |
Current held-for-sale liabilities | 559,000,000 | 667,000,000 |
Total current liabilities | 4,732,000,000 | 5,362,000,000 |
NONCURRENT LIABILITIES | ||
Recourse debt | 3,729,000,000 | 3,446,000,000 |
Non-recourse debt, including $2,223 and $3,918, respectively, related to variable interest entities | 13,603,000,000 | 15,005,000,000 |
Deferred income taxes | 977,000,000 | 1,100,000,000 |
Other noncurrent liabilities | 3,358,000,000 | 3,241,000,000 |
Noncurrent held-for-sale liabilities | 740,000,000 | 857,000,000 |
Total noncurrent liabilities | 22,407,000,000 | 23,649,000,000 |
Commitments and Contingencies (see Notes 12 and 13) | ||
Redeemable stock of subsidiaries | 1,257,000,000 | 872,000,000 |
THE AES CORPORATION STOCKHOLDERS’ EQUITY | ||
Preferred stock (without par value, 50,000,000 shares authorized; 1,043,050 issued and outstanding at December 31, 2021) | 825,000,000 | 0 |
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 818,717,043 issued and 666,793,625 outstanding at December 31, 2021 and 818,398,654 issued and 665,370,128 outstanding at December 31, 2020) | 8,000,000 | 8,000,000 |
Additional paid-in capital | 7,119,000,000 | 7,561,000,000 |
Accumulated deficit | (1,089,000,000) | (680,000,000) |
Accumulated other comprehensive loss | (2,220,000,000) | (2,397,000,000) |
Treasury stock, at cost (151,923,418 and 153,028,526 shares at December 31, 2021 and December 31, 2020, respectively) | (1,845,000,000) | (1,858,000,000) |
Total AES Corporation stockholders’ equity | 2,798,000,000 | 2,634,000,000 |
NONCONTROLLING INTERESTS | 1,769,000,000 | 2,086,000,000 |
Total equity | 4,567,000,000 | 4,720,000,000 |
TOTAL LIABILITIES AND EQUITY | 32,963,000,000 | 34,603,000,000 |
Consolidated Variable Interest Entities [Member] | ||
CURRENT LIABILITIES | ||
Non-recourse debt, including $302 and $336, respectively, related to variable interest entities | 302,000,000 | 336,000,000 |
NONCURRENT LIABILITIES | ||
Non-recourse debt, including $2,223 and $3,918, respectively, related to variable interest entities | $ 2,223,000,000 | $ 3,918,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 11,141 | $ 9,660 | $ 10,189 |
Cost of Goods and Services Sold | 8,430 | 6,967 | 7,840 |
Operating margin | 2,711 | 2,693 | 2,349 |
General and administrative expenses | (166) | (165) | (196) |
Interest expense | (911) | (1,038) | (1,050) |
Interest income | 298 | 268 | 318 |
Gain (Loss) on Extinguishment of Debt | (78) | (186) | (169) |
Other expense | 60 | 53 | 80 |
Other income | 410 | 75 | 145 |
Gain (loss) on disposal and sale of business interests | (1,683) | (95) | 28 |
Asset impairment expense | (1,575) | (864) | (185) |
Foreign currency transaction gains (losses) | (10) | 55 | (67) |
Other non-operating expense | 0 | (202) | (92) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | (1,064) | 488 | 1,001 |
Income tax benefit (expense) | 133 | (216) | (352) |
Net equity in losses of affiliates | (24) | (123) | (172) |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (955) | 149 | 477 |
Gain from disposal of discontinued businesses, net of income tax expense of $1, $0, and $0, respectively | 4 | 3 | 1 |
NET INCOME (LOSS) | (951) | 152 | 478 |
Less: Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | (542) | 106 | 175 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | (409) | 46 | 303 |
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS: | |||
Income (loss) from continuing operations, net of tax | (413) | 43 | 302 |
Income from discontinued operations, net of tax | 4 | 3 | 1 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ (409) | $ 46 | $ 303 |
BASIC EARNINGS PER SHARE: | |||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ (0.62) | $ 0.06 | $ 0.46 |
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax | 0.01 | 0.01 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | (0.61) | 0.07 | 0.46 |
DILUTED EARNINGS PER SHARE: | |||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | (0.62) | 0.06 | 0.45 |
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax | 0.01 | 0.01 | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ (0.61) | $ 0.07 | $ 0.45 |
Electricity, Generation [Member] | |||
Revenues | $ 8,273 | $ 6,999 | $ 7,161 |
Cost of Goods and Services Sold | 5,982 | 4,732 | 5,356 |
Electric Distribution [Member] | |||
Revenues | 2,868 | 2,661 | 3,028 |
Cost of Goods and Services Sold | $ 2,448 | $ 2,235 | $ 2,484 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
NET INCOME (LOSS) | $ (951) | $ 152 | $ 478 |
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 $0, $(8), and $1, respectively | (130) | (52) | (33) |
Reclassification to earnings, net of $0 income tax for all periods | 3 | 192 | 23 |
Total foreign currency translation adjustments | (127) | 140 | (10) |
Derivative activity: | |||
Change in derivative fair value, net of income tax benefit of $1, $110, and $74, respectively | 5 | (368) | (265) |
Reclassification to earnings, net of income tax expense of $105, $17, and $12, respectively | (387) | (74) | (42) |
Total change in fair value of derivatives | 392 | (294) | (223) |
Pension activity: | |||
Prior service cost for the period, net of income tax expense of $0, $1 and $0, respectively | 0 | 1 | 1 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | 26 | (14) | (23) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 1 | 0 | 28 |
Total pension adjustments | 27 | (13) | 6 |
OTHER COMPREHENSIVE INCOME (LOSS) | 292 | (167) | (227) |
COMPREHENSIVE INCOME (LOSS) | (659) | (15) | 251 |
Less: Comprehensive loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries | 438 | 4 | (102) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ (221) | $ (11) | $ 149 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Treasury Stock | 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 | Preferred Stock | |
Beginning Balance at Dec. 31, 2018 | $ 8 | $ (1,878) | $ 8,154 | $ (1,005) | $ (2,071) | $ 2,396 | $ 0 | ||||||
Beginning Balance (Shares) at Dec. 31, 2018 | 817,200,000 | 154,900,000 | 0 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) | $ 478 | 0 | 303 | 0 | 182 | ||||||||
Total foreign currency translation adjustment, net of income tax | (10) | 0 | 0 | 0 | (10) | ||||||||
Total change in derivative fair value, net of income tax | 0 | 0 | (166) | (57) | |||||||||
Total pension adjustments, net of income tax | 6 | 0 | 0 | 12 | (6) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | (227) | (154) | (73) | ||||||||||
Fair value adjustment (2) | [1] | (6) | 0 | 0 | 0 | ||||||||
Gain (Loss) on Disposition of Business | $ 28 | ||||||||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | 415 | |||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | ||||||||||||
Contributions from noncontrolling interests | 0 | 0 | 0 | 7 | |||||||||
Sales to noncontrolling interests | (5) | 0 | 0 | 136 | |||||||||
Dividends, Common Stock, Cash | (367) | 0 | 0 | 0 | |||||||||
Stock Issued and exercised during period, shares, share-based compensation | 600,000 | (1,000,000) | |||||||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | $ 0 | $ 11 | 0 | 0 | 0 | 0 | |||||||
Ending Balance at Dec. 31, 2019 | $ 8 | $ (1,867) | 7,776 | (692) | (2,229) | 2,233 | $ 0 | $ 0 | |||||
Ending Balance (Shares) at Dec. 31, 2019 | 817,800,000 | 153,900,000 | 0 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Stockholders' Equity Attributable to Parent | $ 0 | $ 10 | $ (4) | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.5804 | ||||||||||||
Net income (loss) | $ 152 | 0 | 46 | 0 | 98 | ||||||||
Total foreign currency translation adjustment, net of income tax | 140 | 0 | 0 | 192 | (52) | ||||||||
Total change in derivative fair value, net of income tax | 0 | 0 | (237) | (29) | |||||||||
Total pension adjustments, net of income tax | (13) | 0 | 0 | (12) | (1) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | (167) | (57) | (82) | ||||||||||
Fair value adjustment (2) | [1] | (4) | 0 | 0 | 0 | ||||||||
Gain (Loss) on Disposition of Business | (95) | ||||||||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | 419 | |||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (89) | 0 | (121) | (49) | |||||||||
Sales to noncontrolling interests | 260 | 0 | 9 | 210 | |||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | 0 | 1 | 111 | |||||||||
Dividends, Common Stock, Cash | (386) | 0 | 0 | 0 | |||||||||
Stock Issued and exercised during period, shares, share-based compensation | 600,000 | (900,000) | |||||||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | $ 0 | $ 9 | 4 | 0 | 0 | 0 | |||||||
Ending Balance at Dec. 31, 2020 | 4,720 | $ 8 | $ (1,858) | 7,561 | (680) | (2,397) | 2,086 | $ (16) | $ 0 | ||||
Ending Balance (Shares) at Dec. 31, 2020 | 818,400,000 | 153,000,000 | 0 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Stockholders' Equity Attributable to Parent | 2,634 | $ 0 | $ (34) | $ 0 | |||||||||
Preferred stock (without par value, 50,000,000 shares authorized; 1,043,050 issued and outstanding at December 31, 2021) | $ 0 | ||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.6095 | ||||||||||||
Net income (loss) | $ (951) | 0 | (409) | 0 | (536) | ||||||||
Total foreign currency translation adjustment, net of income tax | (127) | 0 | 0 | (83) | (44) | ||||||||
Total change in derivative fair value, net of income tax | 0 | 0 | 247 | 126 | |||||||||
Total pension adjustments, net of income tax | 27 | 0 | 0 | 24 | 3 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | 292 | 188 | 85 | ||||||||||
Fair value adjustment (2) | [1] | (4) | 0 | 0 | 0 | ||||||||
Gain (Loss) on Disposition of Business | (1,683) | 0 | 0 | 0 | (132) | ||||||||
Distributions to noncontrolling interests | 0 | 0 | 0 | 281 | |||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (9) | 0 | (11) | (4) | |||||||||
Contributions from noncontrolling interests | 0 | 0 | 0 | 220 | |||||||||
Sales to noncontrolling interests | (7) | 0 | 0 | 180 | |||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | 0 | 0 | 151 | |||||||||
Dividends, Common Stock, Cash | (406) | 0 | 0 | 0 | |||||||||
Stock Issued and exercised during period, shares, share-based compensation | 300,000 | (1,000,000) | |||||||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax | $ 0 | $ 13 | 0 | 0 | 0 | 0 | |||||||
Ending Balance at Dec. 31, 2021 | 4,567 | $ 8 | $ (1,845) | 7,119 | (1,089) | (2,220) | 1,769 | $ 825 | |||||
Ending Balance (Shares) at Dec. 31, 2021 | 818,700,000 | 152,000,000 | 1,000,000 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Stockholders' Equity Attributable to Parent | $ 2,798 | ||||||||||||
Preferred Stock, Shares Issued | 1,043,050 | 1,000,000 | |||||||||||
Preferred stock (without par value, 50,000,000 shares authorized; 1,043,050 issued and outstanding at December 31, 2021) | $ 825 | $ 825 | |||||||||||
Preferred Stock, Including Additional Paid in Capital | $ (16) | $ 0 | $ 0 | $ 0 | |||||||||
[1] | Adjustment to record the redeemable stock of Colon at fair value. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES: | |||
Net income (loss) | $ (951) | $ 152 | $ 478 |
Adjustments to net income (loss): | |||
Depreciation and amortization | 1,056 | 1,068 | 1,045 |
Loss (gain) on disposal and sale of business interests | 1,683 | 95 | (28) |
Impairment expense | 1,575 | 1,066 | 277 |
Deferred income taxes | (406) | (233) | (8) |
Provisions for (reversals of) contingencies | 10 | 186 | (3) |
Loss on extinguishment of debt | 78 | 186 | 169 |
Gain on remeasurement to acquisition date fair value | (254) | 0 | 0 |
Loss of affiliates, net of dividends | 36 | 128 | 194 |
Emissions allowance expense | 337 | 135 | 143 |
Other | 120 | 54 | 232 |
Changes in operating assets and liabilities: | |||
(Increase) decrease in accounts receivable | (170) | 48 | 73 |
(Increase) decrease in inventory | (93) | (20) | 28 |
(Increase) decrease in prepaid expenses and other current assets | (168) | 13 | 42 |
(Increase) decrease in other assets | (285) | (134) | (20) |
Increase (decrease) in accounts payable and other current liabilities | (251) | (186) | (6) |
Increase (decrease) in income tax payables, net and other tax payables | (271) | 59 | (83) |
Increase (decrease) in deferred income | (314) | 431 | 28 |
Increase (decrease) in other liabilities | 190 | 79 | (101) |
Net cash provided by operating activities | 1,902 | 2,755 | 2,466 |
INVESTING ACTIVITIES: | |||
Capital expenditures | (2,116) | (1,900) | (2,405) |
Acquisitions of business interests, net of cash and restricted cash acquired | (658) | (136) | (192) |
Proceeds from the sale of business interests, net of cash and restricted cash sold | 95 | 169 | 178 |
Sale of short-term investments | 616 | 627 | 666 |
Purchase of short-term investments | (519) | (653) | (770) |
Contributions and loans to equity affiliates | (427) | (332) | (324) |
Affiliate repayments and returns of capital | 320 | 158 | 131 |
Purchase of emissions allowances | 265 | 188 | 137 |
Other investing | (97) | (40) | 132 |
Net cash used in investing activities | (3,051) | (2,295) | (2,721) |
FINANCING ACTIVITIES: | |||
Borrowings under the revolving credit facilities | 2,802 | 2,420 | 2,026 |
Repayments under the revolving credit facilities | (2,420) | (2,479) | (1,735) |
Issuance of recourse debt | 7 | 3,419 | 0 |
Repayments of recourse debt | (26) | (3,366) | (450) |
Issuance of non-recourse debt | 1,644 | 4,680 | 5,828 |
Repayments of non-recourse debt | (2,012) | (4,136) | (4,831) |
Payments for financing fees | (32) | (107) | (126) |
Distributions to noncontrolling interests | (284) | (422) | (427) |
Acquisitions of noncontrolling interests | 117 | 259 | 0 |
Contributions from noncontrolling interests | 365 | 1 | 17 |
Sales to noncontrolling interests | 173 | 553 | 128 |
Issuance of preferred shares in subsidiaries | 153 | 112 | 0 |
Issuance of preferred stock | 1,014 | 0 | 0 |
Dividends paid on AES common stock | (401) | (381) | (362) |
Payments for financed capital expenditures | (24) | (60) | (146) |
Other financing | (45) | (53) | (8) |
Net cash provided by (used in) financing activities | 797 | (78) | (86) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (46) | (24) | (18) |
(Increase) decrease in cash, cash equivalents and restricted cash of held-for-sale businesses | 55 | (103) | (72) |
Total increase (decrease) in cash, cash equivalents and restricted cash | (343) | 255 | (431) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning | 1,827 | 1,572 | 2,003 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending | 1,484 | 1,827 | 1,572 |
SUPPLEMENTAL DISCLOSURES: | |||
Cash payments for interest, net of amounts capitalized | 815 | 908 | 946 |
Cash payments for income taxes, net of refunds | 459 | 333 | 363 |
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Dividends declared but not yet paid | 105 | 100 | 95 |
Notes payable issued for the acquisition of business interests (see Notes 17 and 25) | 258 | 47 | 0 |
Refinancing of non-recourse debt at Mong Duong | 0 | 0 | 1,081 |
sPower [Member] | |||
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Partial reinvestment of consideration from the sPower transaction | 0 | 0 | 58 |
Fluence [Member] | Non-cash [Member] | |||
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Contribution of Property | 0 | 0 | 61 |
AES Clean Energy | Non-cash [Member] | |||
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Contribution of Property | $ 118 | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 5,000,000 | $ 13,000,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 385,000,000 | 330,000,000 |
Other Noncurrent Assets, Allowance | 23,000,000 | 21,000,000 |
Non Recourse Debt Current | 1,367,000,000 | 1,430,000,000 |
Non Recourse Debt Non Current | $ 13,603,000,000 | $ 15,005,000,000 |
Preferred Stock, Shares Authorized | 50,000,000 | |
Preferred Stock, Shares Issued | 1,043,050 | |
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) | 818,717,043 | 818,398,654 |
Common stock, shares outstanding (in shares) | 666,793,625 | 665,370,128 |
Treasury stock, shares (in shares) | 151,923,418 | 153,028,526 |
Preferred stock (without par value, 50,000,000 shares authorized; 1,043,050 issued and outstanding at December 31, 2021) | $ 825,000,000 | $ 0 |
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 818,717,043 issued and 666,793,625 outstanding at December 31, 2021 and 818,398,654 issued and 665,370,128 outstanding at December 31, 2020) | 8,000,000 | 8,000,000 |
Consolidated Variable Interest Entities [Member] | ||
Non Recourse Debt Current | 302,000,000 | 336,000,000 |
Non Recourse Debt Non Current | $ 2,223,000,000 | $ 3,918,000,000 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Gain (loss) from disposal of discontinued businesses, income tax benefit (expense) | $ (1) | $ 0 | $ 0 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax | $ 0 | $ 8 | $ (1) |
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 | 1 | 110 | 74 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (105) | (17) | (12) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | $ (3) | $ 0 | $ (13) |
General and Summary of Signific
General and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers This update is to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the following: 1. Recognition of an acquired contract liability 2. Payment terms and their effect on subsequent revenue recognized by the acquirer. Early adoption of the amendments is permitted, including adoption in an interim period. An entity that early adopts in an interim period should apply the amendments (1) retrospectively to all business combinations for which the acquisition date occurs on or after the beginning of the fiscal year that includes the interim period of early application and (2) prospectively to all business combinations that occur on or after the date of initial application. For fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the impact of adopting the standard on its consolidated financial statements. 2021-05, Leases (Topic 842), Lessors—Certain Leases with Variable Lease Payments The amendments in this update affect lessors with lease contracts that (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: (a) The lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in paragraphs 842-10-25-2 through 25-3, (b) The lessor would have otherwise recognized a day-one loss. This update could be applied either (1) retrospectively to leases that commenced or were modified on or after the adoption of Update 2016-02 or (2) prospectively to leases that commence or are modified on or after the date that an entity first applies the amendments. Earlier application is permitted. 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. Upon adoption, the Company expects that the majority of our Battery Storage lease arrangements will qualify as operating leases under the new guidance, which should reduce the likelihood of recognizing day-one losses on these arrangements in the future. Losses on these arrangements of $13 million, $0, and $36 million were recorded for the years ended December 31, 2021, 2020, and 2019, respectively. 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, 2021 | |
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, 2021 2020 Fuel and other raw materials $ 366 $ 223 Spare parts and supplies 238 238 Total $ 604 $ 461 |
Property Plant and Equipment
Property Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The following table summarizes the components of the electric generation and distribution assets and other property, plant and equipment (in millions) with their estimated useful lives (in years). The amounts are stated net of all prior asset impairment losses recognized. Estimated Useful Life December 31, (in years) 2021 2020 Electric generation and distribution facilities 5-39 $ 22,909 $ 24,239 Other buildings 5-51 1,552 1,507 Furniture, fixtures and equipment 3-30 356 333 Other 1-39 735 628 Total electric generation and distribution assets and other 25,552 26,707 Accumulated depreciation (8,486) (8,472) Net electric generation and distribution assets and other $ 17,066 $ 18,235 The following table summarizes depreciation expense (including the amortization of assets recorded under finance leases in 2021, 2020 and 2019, 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, 2021 2020 2019 Depreciation expense $ 972 $ 1,004 $ 977 Interest capitalized during development and construction 226 307 238 Property, plant and equipment, net of accumulated depreciation, of $9 billion and $10 billion was mortgaged, pledged or subject to liens as of December 31, 2021 and 2020, respectively, 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, 2021 2020 Regulated generation and distribution assets and other, gross $ 9,151 $ 8,858 Regulated accumulated depreciation (3,655) (3,329) Regulated generation and distribution assets and other, net 5,496 5,529 Non-regulated generation and distribution assets and other, gross 16,401 17,849 Non-regulated accumulated depreciation (4,831) (5,143) Non-regulated generation and distribution assets and other, net 11,570 12,706 Net electric generation and distribution assets and other $ 17,066 $ 18,235 |
Asset Retirement Obligation (No
Asset Retirement Obligation (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation Disclosure [Text Block] | ASSET RETIREMENT OBLIGATIONSThe following table presents amounts recognized related to asset retirement obligations for the periods indicated (in millions): 2021 2020 Balance at January 1 $ 462 $ 428 Additional liabilities incurred 27 42 Liabilities assumed in acquisition 96 — Liabilities settled (15) (20) Accretion expense 22 22 Change in estimated cash flows 13 3 Sale of plants — (13) Other 1 — Balance at December 31 $ 606 $ 462 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, 2021, the Company increased the asset retirement obligations and corresponding assets at AES Clean Energy and Chile by $93 million and $36 million, respectively. The increase at AES Clean Energy is mostly due to the initial recognition of asset retirement obligations as a result of the New York Wind acquisition. The increase at Chile is primarily due to shortened useful lives of the Ventanas and Angamos coal plants, additional liabilities incurred due to the development of the Andes Solar 2b plant, and an upward revision of estimated cash flows at the Los Cururos plant. During the year ended December 31, 2020, the Company increased the asset retirement obligations and corresponding assets at Chile and AES 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 the Andes Solar 2b plant. The increase at AES 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. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE The fair value of current financial assets and liabilities, debt service reserves, and other deposits approximate their reported carrying amounts. The estimated fair values of the Company's assets and liabilities have been determined using available market information. Because these amounts are estimates and based on hypothetical transactions to sell assets or transfer liabilities, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. 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, 2021. The Company is not aware of any factors that would significantly affect the fair value amounts subsequent to December 31, 2021. 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, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets DEBT SECURITIES: Available-for-sale: Unsecured debentures $ — $ — $ — $ — $ — $ 21 $ — $ 21 Certificates of deposit — 199 — 199 — 238 — 238 Total debt securities — 199 — 199 — 259 — 259 EQUITY SECURITIES: Mutual funds 31 13 — 44 28 51 — 79 Total equity securities 31 13 — 44 28 51 — 79 DERIVATIVES: Interest rate derivatives — 51 2 53 — 13 — 13 Cross-currency derivatives — 5 — 5 — 5 — 5 Foreign currency derivatives — 29 108 137 — 15 146 161 Commodity derivatives — 32 6 38 — 8 2 10 Total derivatives — assets — 117 116 233 — 41 148 189 TOTAL ASSETS $ 31 $ 329 $ 116 $ 476 $ 28 $ 351 $ 148 $ 527 Liabilities DERIVATIVES: Interest rate derivatives $ — $ 286 $ 8 $ 294 $ — $ 374 $ 236 $ 610 Cross-currency derivatives — 11 — 11 — 2 2 4 Foreign currency derivatives — 35 — 35 — 43 — 43 Commodity derivatives — 37 7 44 — 22 — 22 Total derivatives — liabilities — 369 15 384 — 441 238 679 TOTAL LIABILITIES $ — $ 369 $ 15 $ 384 $ — $ 441 $ 238 $ 679 As of December 31, 2021, all available-for-sale debt securities had stated maturities within one year. For the years ended December 31, 2021 and 2020, no impairments of marketable securities were recognized in earnings or Other Comprehensive Income (Loss ). Gains and losses on the sale of investments are determined using the specific-identification method. The following table presents gross proceeds from sale of available-for-sale securities for the periods indicated (in millions): Year Ended December 31, 2021 2020 2019 Gross proceeds from sale of available-for-sale securities $ 578 $ 582 $ 663 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, 2021 and 2020 (presented net by type of derivative in millions). Transfers between Level 3 and Level 2 principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment. Year Ended December 31, 2021 Interest Rate Cross Currency Foreign Currency Commodity Total Balance at January 1 $ (236) $ (2) $ 146 $ 2 $ (90) Total realized and unrealized gains (losses): Included in earnings 13 (10) (7) (1) (5) Included in other comprehensive income — derivative activity 4 — (3) (5) (4) Included in regulatory (assets) liabilities — — — 1 1 Settlements 216 3 (28) (1) 190 Transfers of assets/(liabilities), net into Level 3 (3) — — 3 — Transfers of (assets)/liabilities, net out of Level 3 — 9 — — 9 Balance at December 31 $ (6) $ — $ 108 $ (1) $ 101 Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period $ 2 $ 4 $ (35) $ — $ (29) 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 The following table summarizes the significant unobservable inputs used for the Level 3 derivative assets (liabilities) as of December 31, 2021 (in millions, except range amounts): Type of Derivative Fair Value Unobservable Input Amount or Range (Weighted Average) Interest rate $ (6) Subsidiaries’ credit spreads 0.9% - 3.2% (2.3%) Foreign currency: Argentine peso 108 Argentine peso to USD currency exchange rate after one year 105 - 478 (245) Commodity: Other (1) Total $ 101 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, 2021 Measurement Date Carrying Amount (1) Fair Value Pre-tax Loss Assets Level 1 Level 2 Level 3 Dispositions: (2) Estrella del Mar I 9/30/2021 $ 17 $ — $ 6 $ — $ 11 Alto Maipo (3) 11/30/2021 2,339 — — 2,043 — Long-lived assets held and used: (4) Puerto Rico 3/31/2021 548 — — 73 475 Mountain View I & II 4/30/2021 78 — — 11 67 Ventanas 3 & 4 6/30/2021 661 — — 12 649 Angamos 6/30/2021 241 — — 86 155 Buffalo Gap III 12/31/2021 91 — — — 91 Buffalo Gap II 12/31/2021 73 — — — 73 Buffalo Gap I 12/31/2021 29 — — — 29 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: (4) Angamos 8/1/2020 $ 870 $ — $ — $ 306 $ 564 Ventanas 1 & 2 8/1/2020 213 — — — 213 Hawaii 8/31/2020 114 — — 76 38 Estrella del Mar I 9/30/2020 44 — — 14 30 Equity method investments: OPGC (5) 3/31/2020 195 — — 152 43 OPGC (5) 6/30/2020 272 — 104 — 158 _____________________________ (1) Represents the carrying values at the dates of initial measurement, before fair value adjustment. (2) See Note 24 — Held - f o r-Sale and Dispositions for further information. (3) Fair value measurement performed for purposes of allocating $224 million of goodwill to the carrying amount of Alto Maipo in determining the loss on disposal. The goodwill allocation was determined based on the relative fair value of Alto Maipo, which was included in the AES Andes reporting unit. Note that the Pre- tax Loss column excludes the loss on disposal as this fair value measurement is only one component of such loss. See Note 24 — Held - f or -Sale and Dispositions for further information. (4) See Note 22— Asset Impairment Expense for further information. (5) See Note 8— Investments In and Advances to Affiliates 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, 2021 (in millions, except range amounts): December 31, 2021 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Long-lived assets held and used: Puerto Rico $ 73 Discounted cash flow Annual revenue growth (80)% to 8% (—%) Annual variable margin 37% to 97% (—%) Weighted-average cost of capital 18% to —% Mountain View I & II 11 Discounted cash flow Annual revenue growth (69)% to 54% (—%) Annual variable margin (10)% to 56% (46%) Weighted-average cost of capital 8% Ventanas 3 & 4 12 Discounted cash flow Annual revenue growth (18)% to 23% (2%) Annual variable margin (5)% to 21% (6%) Weighted-average cost of capital 11% Angamos 86 Discounted cash flow Annual revenue growth (8)% to 58% (8%) Annual variable margin (8)% to 53% (11%) Weighted-average cost of capital 11% Buffalo Gap III — Discounted cash flow Annual revenue growth (12)% to 6% (—%) Pre-tax operating margin (18)% to 29% (2%) Weighted-average cost of capital 11% Buffalo Gap II — Discounted cash flow Annual revenue growth (10)% to 6% (—%) Pre-tax operating margin (26)% to 39% (-11%) Weighted-average cost of capital 11% Buffalo Gap I — Discounted cash flow Annual revenue growth (12)% to 6% (-1%) Pre-tax operating margin (45)% to 45% (-37%) Weighted-average cost of capital 11% Alto Maipo 2,043 Discounted cash flow Annual revenue growth (14)% to 14% (2%) Pre-tax operating margin (18)% to 8% (2%) Weighted-average cost of capital 7% Total $ 2,225 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, 2021 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 55 $ 117 $ — $ — $ 117 Liabilities: Non-recourse debt 14,811 16,091 — 16,065 26 Recourse debt 3,754 3,818 — 3,818 — December 31, 2020 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 97 $ 197 $ — $ — $ 197 Liabilities: Non-recourse debt 16,354 18,403 5 15,301 3,097 Recourse debt 3,446 3,677 — 3,677 — _____________________________ (1) These amounts primarily relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and amounts related to green blend agreements in Chile and are included in Other noncurrent assets |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, regardless of whether they are in qualifying cash flow hedging relationships, and the dates through which the maturities for each type of derivative range: Interest Rate and Foreign Currency Derivatives Maximum Notional Translated to USD Latest Maturity Interest rate (LIBOR and EURIBOR) $ 5,014 2059 Cross-currency swaps (Brazilian Reais) 254 2026 Foreign currency: Argentine peso 12 2026 Chilean peso 366 2024 Colombian peso 121 2023 Euro 87 2023 Brazilian real 5 2022 Commodity Derivatives Maximum Notional Latest Maturity Natural Gas (in MMBtu) 93 2029 Power (in MWhs) 18 2043 Coal (in Tons or Metric Tonnes) 8 2027 Accounting and Reporting — Assets and Liabilities — The following tables present the fair value of assets and liabilities related to the Company's derivative instruments as of the periods indicated (in millions): Fair Value December 31, 2021 December 31, 2020 Assets Designated Not Designated Total Designated Not Designated Total Interest rate derivatives $ 53 $ — $ 53 $ 13 $ — $ 13 Cross-currency derivatives 5 — 5 5 — 5 Foreign currency derivatives 28 109 137 40 121 161 Commodity derivatives 6 32 38 2 8 10 Total assets $ 92 $ 141 $ 233 $ 60 $ 129 $ 189 Liabilities Interest rate derivatives $ 288 $ 6 $ 294 $ 506 $ 104 $ 610 Cross-currency derivatives 11 — 11 4 — 4 Foreign currency derivatives 23 12 35 8 35 43 Commodity derivatives 11 33 44 — 22 22 Total liabilities $ 333 $ 51 $ 384 $ 518 $ 161 $ 679 December 31, 2021 December 31, 2020 Fair Value Assets Liabilities Assets Liabilities Current $ 85 $ 83 $ 51 $ 236 Noncurrent 148 301 138 443 Total $ 233 $ 384 $ 189 $ 679 Credit Risk-Related Contingent Features (1) December 31, 2021 December 31, 2020 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, 2021, 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, 2021 2020 2019 Cash flow hedges Gains (losses) recognized in AOCL Interest rate derivatives $ 51 $ (511) $ (290) Cross-currency derivatives (11) 3 (26) Foreign currency derivatives (34) 25 (23) Commodity derivatives (1) 5 — Total $ 5 $ (478) $ (339) Gains (losses) reclassified from AOCL to earnings Interest rate derivatives $ (419) $ (75) $ (28) Cross-currency derivatives (15) (5) (12) Foreign currency derivatives (62) (9) (13) Commodity derivatives 4 (2) (1) Total $ (492) $ (91) $ (54) Loss reclassified from AOCL to earnings due to discontinuance of hedge accounting (1) $ — $ — $ (2) Gain (losses) recognized in earnings related to Not designated as hedging instruments: Interest rate derivatives $ 105 $ (1) $ — Foreign currency derivatives 29 68 (46) Commodity derivatives and other (28) (68) (6) Total $ 106 $ (1) $ (52) _____________________________ (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, 2022 by $100 million, primarily due to interest rate derivatives. |
Financing Receivables
Financing Receivables | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
FINANCING RECEIVABLES | FINANCING RECEIVABLES Receivables with contractual maturities of greater than one year are considered financing receivables. The following table presents financing receivables by country as of the dates indicated (in millions). 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, 2021. See Note 1— General and Summary of Significant Accounting Policies for further information. December 31, 2021 December 31, 2020 Gross Receivable Allowance Net Receivable Gross Receivable Allowance Net Receivable Argentina $ 11 $ 1 $ 10 $ 48 $ 9 $ 39 Chile 17 — 17 31 — 31 Other 30 — 30 31 — 31 Total $ 58 $ 1 $ 57 $ 110 $ 9 $ 101 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, 2021 and 2020, 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 $108 million and $146 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 Andes 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 Andes executed an agreement for the sale of receivables generated pursuant the Tariff Stabilization Law. As a result of the agreement, as of December 31, 2021, $34 million of current receivables and $9 million of noncurrent receivables were recorded in Accounts receivable and Other noncurrent assets , respectively, pertaining to the Stabilization Fund. Additionally, $8 million of payment deferrals granted to mining customers as part of our green blend 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, 2021 | |
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, 2021 2020 2021 2020 Affiliate Country Carrying Value (in millions) Ownership Interest % sPower (1) United States $ 492 $ 551 50 % 50 % Fluence (2) United States 304 — 34 % 50 % Uplight United States 103 85 29 % 32 % Energía Natural Dominicana Enadom (3) Dominican Republic 53 49 43 % 43 % Mesa La Paz Mexico 48 60 50 % 50 % Grupo Energía Gas Panamá Panama 41 — 49 % — % Barry (4) United Kingdom — — 100 % 100 % Other affiliates (5) Various 39 90 Total $ 1,080 $ 835 _____________________________ (1) In January 2021, the sPower and AES Renewable Holdings development platforms were merged to form AES Clean Energy Development. See Note 25— Acquisitions for further information. (2) During 2020, Fluence incurred losses resulting in a negative Investments in and advances to affiliates balance for the Company. As we had guaranteed obligations of Fluence, equity method accounting was not suspended and the negative carrying value of $12 million was recorded to Other noncurrent liabilities . Subsequent to Fluence's IPO in November 2021, AES recognized a gain upon dilution of its interest in Fluence which is now included in our Investments in and advances to affiliates balance. (3) The Company's ownership in Energía Natural Dominicana Enadom is held through Andres, an 85%-owned consolidated subsidiary. Andres owns 50% of Energía Natural Dominicana Enadom, resulting in an AES effective ownership of 43%. (4) Represents a VIE in which the Company holds a variable interest, but is not the primary beneficiary. (5) Includes Bosforo and Tucano equity method investments, and others. During 2020, a $67 million loan facility was granted from Colon to Gas Natural Atlántico II that was eliminated due to consolidation in 2021. Gas Natural Atlántico II — In September 2021, the Company acquired the remaining equity interest in Gas Natural Atlántico II, S. de. R.L., a partnership whose purpose is to construct transmission lines for Colon. After additional assets were acquired, the Company remeasured the investment at the acquisition-date fair value, resulting in the recognition of a $6 million gain, recorded in Other income . The partnership, previously recorded as an equity method investment, is now consolidated by AES and is reported in the MCAC SBU reportable segment. Uplight — In July 2021, the Company closed on a transaction involving existing and new shareholders of Uplight. As part of the transaction, the Company contributed $37 million to Uplight; however, AES’s ownership interest in Uplight decreased from 32.3% to 29.6% primarily due to larger contributions from other investors. The transaction was accounted for as a partial disposition in which AES recognized a loss of $25 million in Gain (loss) on disposal and sale of business interests , mainly as a result of the settlement of share based awards at Uplight as well as the expenses associated with the transaction. In October 2021, the Company contributed an additional $23 million to Uplight. AES' ownership interest decreased to 29.4% as a result of equity granted to retained executives at a company acquired by Uplight. As the Company still does not control Uplight after the transaction, it continues to be accounted for as an equity method investment and is reported as part of Corporate and Other. Fluence — In June 2021, Fluence issued new shares to the Qatar Investment Authority (“QIA”) for $125 million, which following the completion of the transaction, represented a 13.6% ownership interest in Fluence. As a result of the transaction, which AES has accounted for as a partial disposition, AES’ ownership interest in Fluence decreased from 50% to 43.2% and the Company recognized a gain of $60 million in Gain (loss) on disposal and sale of business interests . On November 1, 2021, Fluence completed its IPO of 35,650,000 of its Class A common stock at a price of $28 per share, including the exercise of the underwriters’ option. Fluence received approximately $936 million in proceeds, after expenses, as a result of the transaction. AES’ ownership interest in Fluence decreased to 34.2%. The Company recognized a gain of $325 million in Gain (loss) on disposal and sale of business interests. As the Company still does not control Fluence after the transaction, it continues to be accounted for as an equity method investment and is reported as part of Corporate and Other. Grupo Energía Gas Panamá — In April 2021, Grupo Energía Gas Panamá, a joint venture between AES and InterEnergy Power & Gas Limited, completed the acquisition of a combined cycle natural gas development project. AES holds a 49% ownership interest in the affiliate and as of December 31, 2021, the Company contributed $44 million to 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. sPower — In February 2021, the Company substantially completed the merger of the sPower and AES Renewable Holdings development platforms to form AES Clean Energy Development, a consolidated entity, which will serve as the development vehicle for all future renewable projects in the U.S. Since the sPower development platform was carved-out of AES’ existing equity method investment, this transaction resulted in a $102 million decrease in the carrying value of the sPower investment and the Company recognized a gain of $214 million in Other income . In December 2021, AES acquired an additional 25% ownership in specifically identified projects of the sPower development platform. As a result, the Company recognized a gain of $35 million in Other income. Subsequent to the transaction, AES has a 75% ownership interest in specifically identified projects of sPower through its ownership of AES Clean Energy Development, and 50% ownership interest in the sPower equity method investment. See Note 25 — Acquisitions for further information. As the Company still does not control sPower after the transaction, it continues to be accounted for as an equity method investment and is reported in the US and Utilities SBU reportable segment. Guacolda — In September 2020, Guacolda management reviewed the recoverability of the Guacolda asset group and determined the undiscounted cash flows did not exceed the carrying amount. Impairment indicators were identified primarily as a result of inability to re-contract Guacolda’s generation after expiration of its existing PPAs driven by lower energy prices in Chile and reduced forecasted cash flows resulting from decarbonization initiatives of the Chilean Government. Guacolda recognized a long-lived asset impairment at the investee level, which negatively impacted the Company's Net equity in losses of affiliates by $127 million. As a result, the Company’s basis in its investment in Guacolda was reduced to zero and the equity method of accounting was suspended. In February 2021, AES Andes entered into an agreement to sell its 50% ownership interest in Guacolda for $34 million. On July 20, 2021, the Company completed the sale, resulting in a pre-tax gain on sale of $34 million, recorded in Gain (loss) on disposal and sale of business interests . Prior to its sale, the Guacolda equity method investment was reported in the South America SBU reportable segment. OPGC — In March 2020, an other-than-temporary impairment was identified at OPGC primarily due to the estimated market value of the Company's investment and the economic slowdown. A calculation of the fair value of the Company’s investment in OPGC was required to evaluate whether there was a loss in the carrying value of the investment. Based on management’s estimate of fair value of $152 million, the Company recognized an other-than-temporary impairment of $43 million. In 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 six months ended June 30, 2020 was $201 million recognized in Other non-operating expense . In December 2020, the Company completed the sale of its interest in OPGC. Prior to its sale, the OPGC equity method investment was reported in the Eurasia 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, 2021 and 2020, other long-term liabilities included $44 million and $46 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 (1) Majority-Owned Unconsolidated Subsidiaries Years ended December 31, 2021 2020 2019 2021 2020 2019 Revenue $ 1,316 $ 1,880 $ 1,122 $ 1 $ 1 $ 49 Operating margin (loss) (53) 213 124 (1) (3) (5) Net income (loss) (242) (538) (724) (3) (4) (7) December 31, 2021 2020 2021 2020 Current assets $ 1,180 $ 1,017 $ 868 $ 159 Noncurrent assets 6,497 6,230 25 886 Current liabilities 1,414 1,294 859 121 Noncurrent liabilities 3,602 3,671 60 981 Noncontrolling interests 1 — — — Stockholders' equity 2,660 2,282 (26) (57) _____________________________ (1) As of July 1, 2021, AES began to account for its investment in Fluence quarterly, on a three-month lag. This shift in timing is necessary due to the nature of the entity subsequent to its IPO. At December 31, 2021, retained earnings included $169 million related to the undistributed losses of the Company's 50%-or-less owned affiliates. Distributions received from these affiliates were $25 million, $14 million, and $23 million for the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021, the underlying equity in the net assets of our equity affiliates exceeded the aggregate carrying amount of our investments in equity affiliates by $37 million. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 (in millions): US and Utilities South America MCAC Eurasia Corporate and Other Total 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 Goodwill acquired during the year (1) 339 — — — 1 340 Goodwill derecognized during the year (2) — (224) — — — (224) Balance as of December 31, 2021 Goodwill 3,127 644 16 — 1 3,788 Accumulated impairment losses (2,611) — — — — (2,611) Net balance $ 516 $ 644 $ 16 $ — $ 1 $ 1,177 _____________________________ (1) See Note 25 —Acquisitions for further information. (2) See Note 24 — Held - f or -Sale and Dispositions for further information. 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, 2021 December 31, 2020 Gross Balance Accumulated Amortization Net Balance Gross Balance Accumulated Amortization Net Balance Subject to Amortization Internal-use software $ 457 $ (279) $ 178 $ 386 $ (255) $ 131 Contracts 183 (48) 135 157 (38) 119 Project development rights (1) 819 (8) 811 203 (5) 198 Emissions allowances (2) 18 — 18 64 — 64 Concession rights 195 (33) 162 201 (18) 183 Other (3) 111 (17) 94 59 (14) 45 Subtotal 1,783 (385) 1,398 1,070 (330) 740 Indefinite-Lived Intangible Assets Land use rights 28 — 28 39 — 39 Water rights 3 — 3 20 — 20 Transmission rights 19 — 19 22 — 22 Other 2 — 2 6 — 6 Subtotal 52 — 52 87 — 87 Total $ 1,835 $ (385) $ 1,450 $ 1,157 $ (330) $ 827 _____________________________ (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, 2021 Amount Subject to Amortization/Indefinite-Lived Weighted Average Amortization Period (in years) Amortization Method Internal-use software $ 89 Subject to Amortization 6 Straight-line Contracts 35 Subject to Amortization 12 Straight-line Project development rights 667 Subject to Amortization 35 Straight-line Emissions allowances 22 Subject to Amortization Various As utilized Transmission rights — Indefinite-Lived N/A N/A Concession rights (1) 7 Subject to Amortization 12 Straight-line Other 2 Various N/A N/A Total $ 822 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 _____________________________ (1) Represents the fair value assigned to the extension of the Tietê hydroelectric plants' concession agreement with ANEEL. See Note 13— Contingencies for further information. The following table summarizes the estimated amortization expense by intangible asset category for 2022 through 2026: (in millions) 2022 2023 2024 2025 2026 Internal-use software $ 32 $ 28 $ 27 $ 25 $ 24 Contracts 10 10 7 7 6 Concession rights 16 17 16 16 16 Other 6 7 7 7 8 Total $ 64 $ 62 $ 57 $ 55 $ 54 Intangible asset amortization expense was $69 million, $54 million and $45 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 Recovery/Refund Period Regulatory assets Current regulatory assets: El Salvador energy pass through costs recovery $ 80 $ 40 Quarterly Other 88 73 1 year Total current regulatory assets 168 113 Noncurrent regulatory assets: AES Indiana and AES Ohio defined benefit pension obligations (1) 191 244 Various AES Indiana deferred fuel and purchased power costs 84 — To be determined AES Indiana environmental costs 76 81 Various AES Indiana Petersburg Units 1 and 2 retirement costs 300 75 Over life of assets AES Indiana deferred Midwest ISO costs 48 61 5 years Other 135 126 Various Total noncurrent regulatory assets 834 587 Total regulatory assets $ 1,002 $ 700 Regulatory liabilities Current regulatory liabilities: Overcollection of costs to be passed back to customers $ 18 $ 47 1 year Other 1 1 Various Total current regulatory liabilities 19 48 Noncurrent regulatory liabilities: AES Indiana and AES Ohio accrued costs of removal and AROs 868 863 Over life of assets AES Indiana and AES Ohio income taxes payable to customers through rates 158 174 Various Other 30 21 Various Total noncurrent regulatory liabilities 1,056 1,058 Total regulatory liabilities $ 1,075 $ 1,106 _____________________________ (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 carrying value of AES Indiana's Petersburg Unit 1 at its retirement date and the expected carrying value of Petersburg Unit 2 at its anticipated retirement date, which are amortized over the life of the assets beginning on the dates of retirement. Other current and noncurrent regulatory assets primarily consist of: • Undercollections on rate riders such as wholesale margin sharing and demand side management costs at AES Indiana and energy efficiency and transmission costs at AES Ohio; • Unamortized premiums reacquired or redeemed on long-term debt at AES Indiana, which are amortized over the lives of the original issuances; and • OVEC costs, vegetation management costs, and storm costs at AES Ohio. 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, 2021 and December 31, 2020 are related to the US and Utilities SBU. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 Variable Rate: Bank loans 1.89% 2022 - 2079 $ 2,345 $ 3,494 Notes and bonds 1.01% 2022 - 2041 1,121 800 Debt to (or guaranteed by) multilateral, export credit agencies or development banks (1) 2.07% 2023 - 2026 79 457 Other 4.44% 2022 - 2027 125 — Fixed Rate: Bank loans 3.58% 2022 - 2033 359 2,965 Notes and bonds 5.03% 2022 - 2079 10,914 8,907 Debt to (or guaranteed by) multilateral, export credit agencies or development banks (1) 6.75% 2024 3 34 Other 7.06% 2022 - 2061 79 18 Unamortized (discount) premium & debt issuance (costs), net (214) (321) Subtotal $ 14,811 $ 16,354 Less: Current maturities (2) (1,361) (1,426) Noncurrent maturities (2) (3) $ 13,450 $ 14,928 _____________________________ (1) Multilateral loans include loans funded and guaranteed by bilaterals, multilaterals, development banks and other similar institutions. (2) Excludes $6 million and $4 million (current) and $128 million and $77 million (noncurrent) finance lease liabilities included in the respective non-recourse debt line items on the Consolidated Balance Sheet as of December 31, 2021 and 2020, respectively. See Note 14— Leases for further information. (3) Excludes $25 million of failed sale-leaseback transaction liabilities included in the non-recourse debt line items on the Consolidated Balance Sheet as of December 31, 2021. 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 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 $1.3 billion on non-recourse debt outstanding at December 31, 2021. Non-recourse debt as of December 31, 2021 is scheduled to reach maturity as shown below (in millions): December 31, Annual Maturities 2022 $ 1,370 2023 874 2024 1,378 2025 1,393 2026 815 Thereafter 9,195 Unamortized (discount) premium & debt issuance (costs), net (214) Total $ 14,811 As of December 31, 2021, AES subsidiaries with facilities under construction had a total of approximately $7 million of committed but unused credit facilities available to fund construction and other related costs. Excluding these facilities under construction, AES subsidiaries had approximately $823 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, 2021, the Company's subsidiaries had the following significant debt transactions: Subsidiary Transaction Period Issuances Repayments Loss on Extinguishment of Debt AES Brasil Q1, Q4 412 (382) (27) AES Clean Energy Development (1) Q3, Q4 502 — — Andres (2) Q2 300 (274) (14) AES Andes Q3 — (129) (14) IPALCO Q3 95 (95) — _____________________________ (1) Issuances relate to AES Clean Energy and AES Renewable Holdings. (2) Repayments relate to Andres and DPP. 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 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 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. 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, 2021 and 2020, approximately $370 million and $587 million, respectively, of restricted cash was maintained in accordance with certain covenants of the non-recourse debt agreements. 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 $1.5 billion at December 31, 2021. The following table summarizes the Company's subsidiary non-recourse debt in default (in millions) as of December 31, 2021. Due to the defaults, these amounts are included in the current portion of non-recourse debt: Primary Nature December 31, 2021 Subsidiary Debt in Default Net Assets AES Puerto Rico Covenant $ 201 $ (182) AES Ilumina (Puerto Rico) Covenant 29 25 AES Jordan Solar Covenant 7 5 Total $ 237 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, 2021, 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, 2021 December 31, 2020 Senior Unsecured Note 3.30% 2025 900 900 Drawings on revolving credit facility LIBOR + 1.75% 2026 365 70 Senior Unsecured Note 1.375% 2026 800 800 Senior Unsecured Note 3.95% 2030 700 700 Senior Unsecured Note 2.45% 2031 1,000 1,000 Other (1) CDI + 7.00% 2022 25 18 Unamortized (discount) premium & debt issuance (costs), net (36) (41) Subtotal $ 3,754 $ 3,447 Less: Current maturities (25) (1) Noncurrent maturities $ 3,729 $ 3,446 _____________________________ (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 2022 $ 25 2023 — 2024 — 2025 900 2026 1,165 Thereafter 1,700 Unamortized (discount) premium & debt issuance (costs), net (36) Total recourse debt $ 3,754 In September 2021, AES executed an amendment to its revolving credit facility. The aggregate commitment under the new agreement is $1.25 billion and matures in September 2026. The prior credit agreement had an aggregate commitment of $1 billion and matured on December 20, 2024. As of December 31, 2021, AES had outstanding drawings under its revolving credit facility of $365 million. In July 2021, AES offered to exchange up to $800 million of the newly registered 1.375% Senior Notes due in 2026 for up to $800 million of the existing unregistered 1.375% Senior Notes due in 2026 and up to $1 billion of our newly registered 2.45% Senior Notes due in 2031 for up to $1 billion of the existing unregistered 2.45% Senior Notes due in 2031. The terms of the new notes are identical in all material respects to the terms of the old notes with the exception that the new notes have been registered under the Securities Act of 1933, as amended. In August 2021, $798 million and $997 million of the 2026 and 2031 Notes were exchanged under the offer, respectively. Although not all investors participated in the exchange, there was no change to the outstanding indebtedness. 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. 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. 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 contains customary covenants and restrictions on the Company's ability to engage in certain activities, including, but not limited to, limitations on liens; restrictions on mergers and acquisitions and the disposition of assets; and other financial reporting requirements. The revolving credit facility also contains one financial covenant, evaluated quarterly, requiring the Company to maintain 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, 2021 | |
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, 2021 for 2022 through 2026 and thereafter as well as actual purchases under these contracts for the years ended December 31, 2021, 2020, and 2019 (in millions): Actual purchases during the year ended December 31, Electricity Purchase Contracts Fuel Purchase Contracts Other Purchase Contracts 2019 $ 1,597 $ 1,824 $ 1,684 2020 756 1,573 1,506 2021 709 2,070 1,261 Future commitments for the year ending December 31, 2022 $ 714 $ 1,882 $ 5,896 2023 570 1,157 617 2024 551 881 322 2025 546 837 230 2026 529 639 181 Thereafter 5,894 113 1,585 Total $ 8,804 $ 5,509 $ 8,831 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021. Amounts presented in the following table represent the Parent Company's current undiscounted exposure to guarantees and the range of maximum undiscounted potential exposure. The maximum exposure is not reduced by the amounts, if any, that could be recovered under the recourse or collateralization provisions in the guarantees. There were 9 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 $ 2,162 90 $0 — 400 Letters of credit under the unsecured credit facilities 119 31 $0 — 42 Letters of credit under the revolving credit facility 48 26 $0 — 16 Surety bond 2 2 $1 Total $ 2,331 149 During the year ended December 31, 2021, 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, 2021 and 2020, the Company recognized liabilities of $4 million and $5 million, respectively, for projected environmental remediation costs. Due to the uncertainties associated with environmental assessment and remediation activities, future costs of compliance or remediation could be higher or lower than the amount currently accrued. Moreover, where no liability has been recognized, it is reasonably possible that the Company may be required to incur remediation costs or make expenditures in amounts that could be material but could not be estimated as of December 31, 2021. In aggregate, the Company estimates the range of potential losses related to environmental matters, where estimable, to be up to $11 million. The amounts considered reasonably possible do not include amounts accrued as discussed above. Litigation — The Company is involved in certain claims, suits and legal proceedings in the normal course of business. The Company accrues for litigation and claims when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company has recognized aggregate liabilities for all claims of approximately $23 million and $28 million as of December 31, 2021 and 2020, 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, 2021. The material contingencies where a loss is reasonably possible primarily include disputes with offtakers, suppliers and EPC contractors; alleged breaches of contract; alleged violation of laws and regulations; income tax and non-income tax matters with tax authorities; and regulatory matters. In aggregate, the Company estimates the range of potential losses, where estimable, related to these reasonably possible material contingencies to be between $255 million and $898 million. The amounts considered reasonably possible do not include the amounts accrued, as discussed above. Income tax-related material contingencies already considered as part of our uncertain tax positions are excluded from this note. See Note 23— Income Taxes of this Form 10-K for further information. 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 2.7 years. As a result, the previously recognized contingent liabilities related to GSF payments were updated to reflect the Company's best estimate for the fair value of compensation to be received from the concession extension offered in conjunction with the regulation. This compensation was estimated to have a fair value of $184 million, and was recorded as a reversal of Non-Regulated Cost of Sales on the Consolidated Statements of Operations for the year ended December 31, 2020. The concession extension also met the criteria for recognition as a definite-lived intangible asset, which was amortized from the date of the agreement until the end of the new concession period. The value of the concession extension was based on a preliminary time-value equivalent calculation made by the CCEE and subsequent adjustments requested by Tietê, which was determined to be fair value. In March 2021, the CCEE’s final calculation of fair value was $190 million and the Company recognized an additional reversal of Non-Regulated Cost of Sales of $6 million. Both the concession extension period and its equivalent asset value are subject to a final agreement between ANEEL and AES. |
Leases Leases
Leases Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | 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, 2021 December 31, 2020 Assets Right-of-use assets — finance leases Electric generation, distribution assets and other $ 125 $ 74 Right-of-use assets — operating leases Other noncurrent assets 278 275 Total right-of-use assets $ 403 $ 349 Liabilities Finance lease liabilities (current) Non-recourse debt (current liabilities) $ 6 $ 4 Finance lease liabilities (noncurrent) Non-recourse debt (noncurrent liabilities) 128 77 Total finance lease liabilities 134 81 Operating lease liabilities (current) Accrued and other liabilities 20 17 Operating lease liabilities (noncurrent) Other noncurrent liabilities 294 293 Total operating lease liabilities 314 310 Total lease liabilities $ 448 $ 391 The following table summarizes supplemental balance sheet information related to leases as of the periods indicated: Lease Term and Discount Rate December 31, 2021 December 31, 2020 Weighted-average remaining lease term — finance leases 32 years 31 years Weighted-average remaining lease term — operating leases 23 years 23 years Weighted-average discount rate — finance leases 4.65 % 4.11 % Weighted-average discount rate — operating leases 6.70 % 6.81 % 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 2021 2020 Operating lease cost $ 36 $ 36 Finance lease cost: Amortization of right-of-use assets 4 3 Interest on lease liabilities 4 4 Short-term lease costs 21 13 Variable lease cost 1 — Total lease cost $ 66 $ 56 Operating cash outflows from operating leases included in the measurement of lease liabilities were $39 million and $41 million for the twelve months ended December 31, 2021 and 2020, respectively, and operating cash outflows from finance leases were $2 million for each of the twelve months ended December 31, 2021 and 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, 2021 for 2022 through 2026 and thereafter (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases 2022 $ 8 $ 32 2023 9 30 2024 7 29 2025 6 27 2026 7 26 Thereafter 240 488 Total 277 632 Less: Imputed interest (143) (318) Present value of lease payments $ 134 $ 314 |
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 2021 2020 Total lease revenue $ 595 $ 580 Less: Variable lease revenue 75 66 Total non-variable lease revenue $ 520 $ 514 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 Assets 2021 2020 Gross assets $ 2,423 $ 3,103 Accumulated depreciation 765 1,011 Net assets $ 1,658 $ 2,092 The option to extend or terminate a lease is based on customary early termination provisions in the contract, such as payment defaults, bankruptcy, or lack of performance on energy delivery. The Company has not recognized any early terminations as of December 31, 2021. Certain leases may provide for variable lease payments based on usage or index-based (e.g., the U.S. Consumer Price Index) adjustments to lease payments. The following table shows the future lease receipts as of December 31, 2021 for 2022 through 2026 and thereafter (in millions): Future Cash Receipts for Sales-Type Leases Operating Leases 2022 $ 20 $ 460 2022 20 398 2023 21 398 2024 21 399 2026 21 282 Thereafter 315 747 Total 418 $ 2,684 Less: Imputed interest (198) Present value of total lease receipts $ 220 Battery Storage Lease Arrangements — The Company is constructing and operating projects that pair BESS with solar energy systems, which allows the project more flexibility on when to provide energy to the grid. The Company will enter into PPAs for the full output of the facility that allow customers the ability to determine when to charge and discharge the BESS. These arrangements include both lease and non-lease elements under ASC 842, with the BESS component constituting a sales-type lease. Upon commencement of the lease, the book value of the leased asset is removed from the balance sheet and a net investment in sales-type lease is recognized based on the present value of fixed payments under the contract and the residual value of the underlying asset. Due to the variable nature of lease payments under these contracts, the Company recorded losses at commencement of sales-type leases of $13 million for the year ended December 31, 2021. No losses were recorded for the year ended December 31, 2020. 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 $3 million and $5 million and interest income of $15 million and $2 million for the years ended December 31, 2021 and 2020, respectively. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
BENEFIT PLANS | BENEFIT PLANS Defined Contribution Plans — 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 AES Indiana 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, 2021, 2020 and 2019, costs for defined contribution plans were approximately $26 million, $21 million and $19 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 32 active DB Plans as of December 31, 2021, 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): 2021 2020 U.S. Foreign U.S. Foreign Change in projected benefit obligation: Benefit obligation as of January 1 $ 1,331 $ 218 $ 1,242 $ 224 Service cost 14 6 12 6 Interest cost 24 15 35 14 Plan amendments 8 — 1 — Plan curtailments — (23) — (6) Plan settlements — (1) — — Benefits paid (101) (10) (81) (9) Actuarial (gain) loss (51) (16) 122 19 Effect of foreign currency exchange rate changes — (16) — (30) Benefit obligation as of December 31 $ 1,225 $ 173 $ 1,331 $ 218 Change in plan assets: Fair value of plan assets as of January 1 $ 1,249 $ 112 $ 1,154 $ 129 Actual return on plan assets 60 9 168 13 Employer contributions 10 4 8 5 Plan settlements — (1) — — Benefits paid (101) (10) (81) (9) Effect of foreign currency exchange rate changes — (8) — (26) Fair value of plan assets as of December 31 $ 1,218 $ 106 $ 1,249 $ 112 Reconciliation of funded status: Funded status as of December 31 $ (7) $ (67) $ (82) $ (106) 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, 2021 2020 Amounts Recognized on the Consolidated Balance Sheets U.S. Foreign U.S. Foreign Noncurrent assets $ 49 $ 7 $ 9 $ — Accrued benefit liability—current — (7) — (8) Accrued benefit liability—noncurrent (56) (67) (91) (98) Net amount recognized at end of year $ (7) $ (67) $ (82) $ (106) The following table summarizes the Company's U.S. and foreign accumulated benefit obligation as of the periods indicated (in millions): December 31, 2021 2020 U.S. Foreign U.S. Foreign Accumulated benefit obligation $ 1,199 $ 165 $ 1,306 $ 199 Information for pension plans with an accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 458 $ 165 $ 494 $ 218 Accumulated benefit obligation 442 159 481 199 Fair value of plan assets 402 91 403 112 Information for pension plans with a projected benefit obligation in excess of plan assets: Projected benefit obligation $ 458 $ 165 $ 494 $ 218 Fair value of plan assets 402 91 403 112 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, 2021 2020 U.S. Foreign U.S. Foreign Benefit Obligation: Discount rate 2.82 % 10.45 % 2.45 % 7.53 % Rate of compensation increase 2.75 % 7.76 % 2.75 % 5.69 % Periodic Benefit Cost: Discount rate 2.45 % 7.53 % (1) 3.32 % 7.58 % (1) Expected long-term rate of return on plan assets 4.91 % 8.02 % 5.24 % 7.18 % Rate of compensation increase 2.75 % 5.69 % 2.86 % 6.13 % _____________________________ (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 2021. 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, 2021 is affected by the assumptions as of that date. Pension expense for 2021 is affected by the December 31, 2020 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 $ (3) Decrease of 1% in the discount rate 5 Increase of 1% in the long-term rate of return on plan assets (13) Decrease of 1% in the long-term rate of return on plan assets 13 The following table summarizes the components of the net periodic benefit cost, both domestic and foreign, for the years indicated (in millions): December 31, 2021 2020 2019 Components of Net Periodic Benefit Cost: U.S. Foreign U.S. Foreign U.S. Foreign Service cost $ 14 $ 6 $ 12 $ 6 $ 11 $ 8 Interest cost 24 15 35 14 44 19 Expected return on plan assets (59) (8) (58) (7) (52) (14) Amortization of prior service cost 4 — 5 — 5 — Amortization of net loss 15 3 14 2 15 1 Curtailment (gain) loss recognized — (17) — — — — Total pension cost $ (2) $ (1) $ 8 $ 15 $ 23 $ 14 The following table summarizes the amounts reflected in AOCL, including AOCL attributable to noncontrolling interests, on the Consolidated Balance Sheet as of December 31, 2021, that have not yet been recognized as components of net periodic benefit cost (in millions): December 31, 2021 Accumulated Other Comprehensive Income (Loss) U.S. Foreign Prior service cost $ (3) $ 3 Unrecognized net actuarial loss (23) (42) Total $ (26) $ (39) The following table summarizes the Company's target allocation for 2021 and pension plan asset allocation, both domestic and foreign, as of the periods indicated: Percentage of Plan Assets as of December 31, Target Allocations 2021 2020 Asset Category U.S. Foreign U.S. Foreign U.S. Foreign Equity securities 31% 12% 31.26 % 14.76 % 43.79 % 14.85 % Debt securities 69% 82% 68.37 % 82.40 % 55.87 % 82.30 % Real estate —% 2% — % 1.11 % — % 1.12 % Other —% 4% 0.37 % 1.73 % 0.34 % 1.73 % 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, 2021 December 31, 2020 U.S. Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Equity securities: (2) Mutual funds $ — $ 381 $ — $ 381 $ — $ 547 $ — $ 547 Debt securities: (2) Mutual funds (1) — 833 — 833 — 698 — 698 Other: Cash and cash equivalents 4 — — 4 4 — — 4 Total plan assets $ 4 $ 1,214 $ — $ 1,218 $ 4 $ 1,245 $ — $ 1,249 _____________________________ (1) Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment. (2) For the U.S. plans, the balances under the equity securities and debt securities categories represent investments through collective trusts. The plans have chosen collective trusts for which the underlying investments are mutual funds or mutual funds for which debt securities are the primary underlying investment. 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, 2021 December 31, 2020 Foreign Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Equity securities: Mutual funds $ 15 $ — $ — $ 15 $ 16 $ — $ — $ 16 Private equity — — 1 1 — — 1 1 Debt securities: Mutual funds (1) 18 69 — 87 18 74 — 92 Real estate: Real estate — — 1 1 — — 1 1 Other: Other assets 1 — 1 2 1 — 1 2 Total plan assets $ 34 $ 69 $ 3 $ 106 $ 35 $ 74 $ 3 $ 112 _____________________________ (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 2022 $ 8 $ 8 Expected benefit payments for fiscal year ending: 2022 67 15 2023 67 14 2024 68 16 2025 68 17 2026 69 18 2027 - 2031 342 115 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Equity | EQUITY Equity Units In March 2021, the Company issued 10,430,500 Equity Units with a total notional value of $1,043 million. Each Equity Unit has a stated amount of $100 and was initially issued as a Corporate Unit, consisting of a forward stock purchase contract (“2024 Purchase Contracts”) and a 10% undivided beneficial ownership interest in one share of 0% Series A Cumulative Perpetual Convertible Preferred Stock, issued without par and with a liquidation preference of $1,000 per share (“Series A Preferred Stock”). Upon reconsideration of the nature of the Equity Units, the Company re-evaluated its accounting assessment and concluded that the Equity Units should be accounted for as one unit of account based on the economic linkage between the 2024 Purchase Contracts and the Series A Preferred Stock, as well as the Company's assessment of the applicable accounting guidance relating to combining freestanding instruments. The Equity Units represent mandatorily convertible preferred stock. Accordingly, the shares associated with the combined instrument are reflected in diluted earnings per share using the if-converted method. In the fourth quarter of 2021, the Company also corrected the classification of certain amounts in the Consolidated Balance Sheet and Statement of Changes in Equity to reflect the 2024 Purchase Contracts and Series A Preferred Stock as one unit of account. The corrections have no impact on the Company's net earnings, total assets, cash flows, or segment information. In conjunction with the issuance of the Equity Units, the Company received approximately $1 billion in proceeds, net of underwriting costs and commissions, before offering expenses. The proceeds for the issuance of 1,043,050 shares are attributed to the Series A Preferred Stock for $825 million, $205 million for the present value of the quarterly payments due to holders of the 2024 Purchase Contracts ("Contract Adjustment Payments"), and a beneficial conversion feature of $13 million. The proceeds will be used for the development of the AES renewable businesses, U.S. utility businesses, LNG infrastructure, and for other developments determined by management. The Series A Preferred Stock will initially not bear any dividends and the liquidation preference of the convertible preferred stock will not accrete. The Series A Preferred Stock has no maturity date and will remain outstanding unless converted by holders or redeemed by the Company. Holders of the shares of the convertible preferred stock will have limited voting rights. The Series A Preferred Stock is pledged as collateral to support holders’ purchase obligations under the 2024 Purchase Contracts and will be remarketed. In connection with any successful remarketing, the Company may increase the dividend rate, increase the conversion rate, and modify the earliest redemption date for the convertible preferred stock. After any successful remarketing in connection with which the dividend rate on the convertible preferred stock is increased, the Company will pay cumulative dividends on the convertible preferred stock, if declared by the board of directors, quarterly in arrears from the applicable remarketing settlement date. Holders of Corporate Units may create Treasury Units or Cash Settled Units from their Corporate Units as provided in the Purchase Contract Agreement by substituting Treasury securities or cash, respectively, for the Convertible Preferred Stock comprising a part of the Corporate Units. The Company may not redeem the Series A Preferred Stock prior to March 22, 2024. At the election of the Company, on or after March 22, 2024, the Company may redeem for cash, all or any portion of the outstanding shares of the Series A Preferred Stock at a redemption price equal to 100% of the liquidation preference, plus any accumulated and unpaid dividends. The 2024 Purchase Contracts obligate the holders to purchase, on February 15, 2024, for a price of $100 in cash, a maximum number of 57,215,465 shares of the Company’s common stock (subject to customary anti-dilution adjustments). The 2024 Purchase Contract holders may elect to settle their obligation early, in cash. The Series A Preferred Stock is pledged as collateral to guarantee the holders’ obligations to purchase common stock under the terms of the 2024 Purchase Contracts. The initial settlement rate determining the number of shares that each holder must purchase will not exceed the maximum settlement rate of 3.864, determined over a market value averaging period preceding February 15, 2024. The settlement rate will be calculated using an initial reference price of $25.88, equal to the last reported sale price of the Company’s common stock on March 4, 2021. If the applicable market value of the Company’s common stock is less than or equal to the reference price, the settlement rate will be the maximum settlement rate; and if the applicable market value of common stock is greater than the reference price, the settlement rate will be a number of shares of the Company’s common stock equal to $100 divided by the applicable market value. Upon successful remarketing of the Series A Preferred Stock ("Remarketed Series A Preferred Stock"), the Company expects to receive additional cash proceeds of $1 billion and issue shares of Remarketed Series A Preferred Stock. The Company pays Contract Adjustment Payments to the holders of the 2024 Purchase Contracts at a rate of 6.875% per annum, payable quarterly in arrears on February 15, May 15, August 15, and November 15, commencing on May 15, 2021. The $205 million present value of the Contract Adjustment Payments at inception reduces the Series A Preferred Stock. As each quarterly Contract Adjustment Payment is made, the related liability is reduced and the difference between the cash payment and the present value will accrete to interest expense, approximately $5 million over the three-year term. The holders can settle the 2024 Purchase Contracts early, for cash, subject to certain exceptions and conditions in the prospectus supplement. Upon early settlement of any 2024 Purchase Contracts, the Company will deliver the number of shares of its common stock equal to 85% of the number of shares of common stock that would have otherwise been deliverable. Equity Transactions with Noncontrolling Interests Colon — In September 2021, the Company acquired the remaining 49.9% minority ownership interest in Colon, becoming its sole owner. In conjunction with the acquisition, a note payable was recorded that is expected to be satisfied over two installments by the end of 2023. This transaction resulted in a $12 million decrease in Parent Company Stockholders’ Equity due to a decrease in additional paid-in-capital of $8 million and the reclassification of accumulated other comprehensive losses from Redeemable stock of subsidiaries to AOCL of $4 million. Colon is reported in the MCAC SBU reportable segment. Chile Renovables — In July 2021, AES Andes completed the sale of a 49% ownership interest in Chile Renovables SpA (“Chile Renovables”), a subsidiary which owns the Los Cururos wind facility, to Global Infrastructure Management, LLC (“GIP”) for $53 million. AES Andes retained a 51% ownership interest in Chile Renovables and the transaction decreased the Company’s indirect ownership in the subsidiary to 34%. As part of the transaction, AES Andes will contribute a specified pipeline of renewable development projects to Chile Renovables as the projects reach commercial operations, and GIP will make additional contributions to maintain its 49% ownership interest. As the Company maintained control after the transaction, Chile Renovables continues to be consolidated by the Company within the South America SBU reportable segment. Guaimbê Holding — In April 2021, Guaimbê Solar Holding S.A (“Guaimbê Holding”), a subsidiary of AES Brasil which wholly owns the Guaimbê solar complex and the Alto Sertão II wind facility, issued preferred shares representing 19.9% ownership in the subsidiary for total proceeds of $158 million. The transaction decreased the Company’s indirect ownership interest in the operational entities from 45.3% to 36.3%. As the Company maintained control after the transaction, Guaimbê Holding continues to be consolidated by the Company within the South America SBU reportable segment. AES Andes — On December 29, 2020, AES Andes commenced a preemptive rights offering for its existing shareholders to subscribe for up to 1.98 billion of newly issued shares to fund its renewable growth program. The period ended on February 5, 2021 and Inversiones Cachagua SpA, an AES subsidiary, subscribed for 1.35 billion shares at a cost of $205 million, increasing AES’ indirect beneficial interest in AES Andes from 67% to 67.1%. The noncontrolling interest holders subscribed for 629 million shares, resulting in additional capital contributions of $94 million. In December 2021, AES Andes sold shares acquired in the 2020 share buyback program as required by the holding period terms of the program, resulting in a decline in the Company's indirect beneficial interest in AES Andes from 67.1% to 67%. This transaction resulted in a $3 million decrease in Parent Company Stockholder's Equity due to a decrease in additional paid-in-capital. AES Andes is reported in the South America SBU reportable segment. 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 Andes 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 Stockholder's 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. In addition, AHB committed to migrate AES Tietê to the Novo Mercado, which is a listing segment of the Brazilian stock exchange that requires equity capital to be composed only of common shares. On December 18, 2020, the AES Tietê board approved a proposal for the corporate reorganization and exchange of shares issued by AES Tietê with newly issued shares of AES Brasil, a formerly wholly-owned entity of AES Tietê, with the intent to list AES Brasil on Novo Mercado as the 100% shareholder of AES Tietê. The reorganization and the exchange of shares was completed on March 26, 2021, and the shares issued by AES Brasil started trading on Novo Mercado on March 29, 2021. The Company maintains majority representation on AES Brasil’s board of directors, and as such, continues to consolidate AES Brasil’s results in the South America SBU reportable segment. Through multiple transactions in 2021, AHB acquired an additional 1.6% ownership in AES Brasil for $17 million. These transactions increased the Company’s economic interest in AES Brasil to 45.7% and resulted in a $13 million decrease in Parent Company Stockholder’s Equity due to a decrease in additional paid-in-capital of $6 million and the reclassification of accumulated other comprehensive losses from NCI to AOCL of $7 million. In October 2021, AES Brasil concluded a follow-on offering for the issuance of 93 million newly issued shares, which further increased the Company's indirect beneficial interest in AES Brasil to 46.7% and resulted in a $7 million increase in Parent Company Stockholder's Equity due to an increase in additional paid-in capital. AES Renewable Holdings — In 2021, 2020 and 2019, AES Renewable Holdings, through multiple transactions, sold noncontrolling interests in multiple project companies to tax equity partners. These transactions resulted in a $127 million, $144 million, and $133 million increase to noncontrolling interest in 2021, 2020, and 2019 respectively. AES Renewable Holdings 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, 2021 2020 2019 Net income (loss) attributable to The AES Corporation $ (409) $ 46 $ 303 Transfers from noncontrolling interest: Increase (decrease) in The AES Corporation's paid-in capital for sale of subsidiary shares (7) 260 (5) Increase (decrease) in The AES Corporation's paid-in-capital for purchase of subsidiary shares (9) (89) — Net transfers (to) from noncontrolling interest (16) 171 (5) Change from net income attributable to The AES Corporation and transfers (to) from noncontrolling interests $ (425) $ 217 $ 298 Deconsolidations Alto Maipo — In November 2021, Alto Maipo SpA filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code. The Company determined it no longer had control over Alto Maipo and deconsolidated the business, which increased Parent Company Stockholder's Equity by $182 million due to the disposition of $177 million of accumulated other comprehensive loss and $5 million of accumulated deficit. See Note 24 — Held - f o r-Sale and Dispositions for further information. 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, 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) Other comprehensive income (loss) before reclassifications (86) (7) 23 (70) Amount reclassified to earnings 3 254 1 258 Other comprehensive income (loss) (83) 247 24 188 Reclassification from NCI due to share sales and repurchases (7) (4) — (11) Balance at December 31, 2021 $ (1,734) $ (456) $ (30) $ (2,220) 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 2021 2020 2019 Foreign currency translation adjustments, net Gain (loss) on disposal and sale of business interests $ (3) $ (192) $ (23) Net income (loss) attributable to The AES Corporation $ (3) $ (192) $ (23) Derivative gains (losses), net Non-regulated revenue $ (1) $ (1) $ (1) Non-regulated cost of sales 1 (3) (12) Interest expense (85) (60) (26) Gain (loss) on disposal and sale of business interests (362) — 1 Asset impairment expense (13) (10) — Foreign currency transaction gains (losses) (15) (7) (12) Income (loss) from continuing operations before taxes and equity in earnings of affiliates (475) (81) (50) Income tax benefit (expense) 105 17 13 Net equity in earnings (losses) of affiliates (17) (10) (5) Income (loss) from continuing operations (387) (74) (42) Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries 133 2 6 Net income (loss) attributable to The AES Corporation $ (254) $ (72) $ (36) Amortization of defined benefit pension actuarial losses, net Regulated cost of sales $ — $ (1) $ — Non-regulated cost of sales (1) 1 — Other expense (3) — (2) Gain (loss) on disposal and sale of business interests — — (26) Income (loss) from continuing operations before taxes and equity in earnings of affiliates (4) — (28) Income tax benefit (expense) 3 — — Income (loss) from continuing operations (1) — (28) Less: Income from continuing operations attributable to noncontrolling interests and redeemable stock of subsidiaries — — 1 Net income (loss) attributable to The AES Corporation $ (1) $ — $ (27) Total reclassifications for the period, net of income tax and noncontrolling interests $ (258) $ (264) $ (86) Common Stock Dividends — The Parent Company paid dividends of $0.1505 per outstanding share to its common stockholders during the first, second, third and fourth quarters of 2021 for dividends declared in December 2020, February 2021, July 2021, and October 2021, respectively. On December 3, 2021, the Board of Directors declared a quarterly common stock dividend of $0.1580 per share payable on February 15, 2022 to shareholders of record at the close of business on February 1, 2022. Stock Repurchase Program — No shares were repurchased in 2021. The cumulative repurchases from the commencement of the Stock Repurchase Program in July 2010 through December 31, 2021 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, 2021, $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 151,923,418 and 153,028,526 shares were held as treasury stock at December 31, 2021 and December 31, 2020, 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, 2021 | |
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. In January 2022, we internally announced a reorganization as a part of our ongoing strategy to align our business to meet our customers' needs and deliver on our major strategic objectives. The Company is currently evaluating the impact this reorganization will have on our segment reporting structure. Corporate and Other — Included in "Corporate and Other" are the results of the AES self-insurance company and certain equity affiliates, corporate overhead costs which are not directly associated with the operations of our four reportable segments, and certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation. The Company uses Adjusted PTC as its primary segment performance measure. Adjusted PTC, a non-GAAP measure, is defined by the Company as pre-tax income from continuing operations attributable to The AES Corporation excluding gains or losses of the consolidated entity due to (a) unrealized gains or losses related to derivative transactions and equity securities; (b) unrealized foreign currency gains or losses; (c) gains, losses, benefits and costs associated with dispositions and acquisitions of business interests, including early plant closures, and gains and losses recognized at commencement of sales-type leases; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt; and (f) net gains at Angamos, one of our businesses in the South America SBU, associated with the early contract terminations with Minera Escondida and Minera Spence. Adjusted PTC also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities. The Company has concluded 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, 2021 2020 2019 US and Utilities SBU $ 4,335 $ 3,918 $ 4,058 South America SBU 3,541 3,159 3,208 MCAC SBU 2,157 1,766 1,882 Eurasia SBU 1,123 828 1,047 Corporate and Other 116 231 46 Eliminations (131) (242) (52) Total Revenue $ 11,141 $ 9,660 $ 10,189 Reconciliation from Income (Loss) from Continuing Operations before Taxes and Equity in Earnings of Affiliates: Total Adjusted PTC Year Ended December 31, 2021 2020 2019 Income (loss) from continuing operations before taxes and equity in earnings of affiliates $ (1,064) $ 488 $ 1,001 Add: Net equity in losses of affiliates (24) (123) (172) Less: Loss (income) from continuing operations before taxes, attributable to noncontrolling interests 644 (192) (277) Pre-tax contribution (444) 173 552 Unrealized derivative and equity securities losses (gains) (1) 3 113 Unrealized foreign currency losses (gains) 14 (10) 36 Disposition/acquisition losses 861 112 12 Impairment losses 1,153 928 406 Loss on extinguishment of debt 91 223 121 Net gains from early contract terminations at Angamos (256) (182) — Total Adjusted PTC $ 1,418 $ 1,247 $ 1,240 Total Adjusted PTC Year Ended December 31, 2021 2020 2019 US and Utilities SBU $ 660 $ 505 $ 569 South America SBU 423 534 504 MCAC SBU 314 287 367 Eurasia SBU 196 177 159 Corporate and Other (182) (256) (347) Eliminations 7 — (12) Total Adjusted PTC $ 1,418 $ 1,247 $ 1,240 Total Assets Depreciation and Amortization Capital Expenditures Year Ended December 31, 2021 2020 2019 2021 2020 2019 2021 2020 2019 US and Utilities SBU $ 16,512 $ 14,464 $ 13,334 $ 549 $ 534 $ 465 $ 1,115 $ 1,099 $ 1,484 South America SBU 7,728 11,329 11,314 273 294 315 833 650 692 MCAC SBU 4,545 4,847 4,770 155 164 183 143 183 344 Eurasia SBU 3,466 3,621 3,990 66 63 67 20 9 30 Corporate and Other 712 342 240 13 13 15 29 19 1 Total $ 32,963 $ 34,603 $ 33,648 $ 1,056 $ 1,068 $ 1,045 $ 2,140 $ 1,960 $ 2,551 Interest Income Interest Expense Year Ended December 31, 2021 2020 2019 2021 2020 2019 US and Utilities SBU $ 28 $ 17 $ 18 $ 362 $ 371 $ 301 South America SBU 100 64 95 239 237 285 MCAC SBU 7 14 22 139 157 142 Eurasia SBU 161 171 180 98 113 127 Corporate and Other 2 2 3 73 160 195 Total $ 298 $ 268 $ 318 $ 911 $ 1,038 $ 1,050 Investments in and Advances to Affiliates Net Equity in Earnings (Losses) of Affiliates Year Ended December 31, 2021 2020 2019 2021 2020 2019 US and Utilities SBU $ 510 $ 568 $ 465 $ 83 $ (8) $ 11 South America SBU 19 13 77 — (80) (129) MCAC SBU 144 168 107 (23) (11) (13) Eurasia SBU — 1 215 2 4 (9) Corporate and Other 407 85 102 (86) (28) (32) Total $ 1,080 $ 835 $ 966 $ (24) $ (123) $ (172) The following table presents information, by country, about the Company's consolidated operations for each of the three years ended December 31, 2021, 2020, and 2019, and as of December 31, 2021 and 2020 (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, 2021 2020 2019 2021 2020 United States (2) $ 3,531 $ 3,243 $ 3,230 $ 11,034 $ 10,360 Non-U.S.: Chile 2,297 2,092 1,839 2,241 5,831 Dominican Republic 1,087 896 877 892 843 El Salvador 792 666 824 371 361 Bulgaria 700 444 459 1,020 1,149 Panama 595 519 601 1,907 1,939 Brazil 471 401 525 1,215 1,091 Mexico 471 349 402 614 623 Argentina 390 308 373 470 484 Colombia 383 358 472 349 355 Vietnam (3) 320 285 343 — — Jordan 98 96 95 42 44 United Kingdom (4) — — 147 — — Other Non-U.S. 6 3 2 28 23 Total Non-U.S. 7,610 6,417 6,959 9,149 12,743 Total $ 11,141 $ 9,660 $ 10,189 $ 20,183 $ 23,103 _____________________________ (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 $311 million, $298 million, and $294 million for the years ended December 31, 2021, 2020, and 2019, respectively, and long-lived assets of $79 million and $533 million as of December 31, 2021 and 2020, respectively. (3) Mong Duong assets were classified as held-for-sale as of December 31, 2021 and 2020. See Notes 20— Revenue 24— Held - f o r-Sale and Dispositions for further information. (4) The Kilroot and Ballylumford long-lived assets were deconsolidated upon completion of the sale in June 2019. See Note 24— Held - f or- Sale and Dispositions for further information. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, 2020, and 2019, 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, 2021, 2020, and 2019 had grant date weighted average fair values per RSU of $26.46, $20.75, and $17.53, respectively. The 2021 RSUs awarded to certain executives have a performance condition related to the achievement of environmental, social and governance goals for the three-year period ended December 31, 2023. This performance condition can cause the number of units that vest to increase or decrease by up to 15% of the total units for all three years. The adjustment will be reflected in the number of units that vest at the end of the three years. 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, 2021 2020 2019 RSU expense before income tax $ 12 $ 10 $ 10 Tax benefit (2) (2) (1) RSU expense, net of tax $ 10 $ 8 $ 9 Total value of RSUs converted (1) $ 13 $ 11 $ 12 Total fair value of RSUs vested $ 10 $ 10 $ 10 _____________________________ (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, 2021, 2020, and 2019. As of December 31, 2021, total unrecognized compensation cost related to RSUs of $26 million is expected to be recognized over a weighted average period of approximately 2.75 years. There were no modifications to RSU awards during the year ended December 31, 2021. A summary of the activity of RSUs for the year ended December 31, 2021 follows (RSUs in thousands): RSUs Weighted Average Grant Date Fair Values Weighted Average Remaining Vesting Term Nonvested at December 31, 2020 1,210 $ 17.53 Vested (634) 15.63 Forfeited and expired (109) 23.46 Granted 1,091 26.46 Nonvested at December 31, 2021 1,558 $ 24.14 2.29 Expected to vest at December 31, 2021 1,420 $ 24.10 The Company initially recognizes compensation cost on the estimated number of instruments for which the requisite service is expected to be rendered. In 2021, AES has estimated a weighted average forfeiture rate of 5.3% for RSUs granted in 2021. 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 $27 million on a straight-line basis over a weighted average period of 3.4 years. The following table summarizes the RSUs that vested and were converted during the periods indicated (RSUs in thousands): Year Ended December 31, 2021 2020 2019 RSUs vested during the year 634 806 996 RSUs converted during the year, net of shares withheld for taxes 452 547 666 Shares withheld for taxes 182 259 329 OTHER SHARE BASED COMPENSATION The Company has three other share-based award programs. The Company has recorded expenses of $14 million, $21 million, and $22 million for 2021, 2020, and 2019, 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 2019, 2020, and 2021 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 2019, 2020, and 2021, 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 2019. For 2020 and 2021, 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, 2021 | |
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, 2021 2020 Balance at the beginning of the period $ 872 $ 888 Contributions from holders of redeemable stock of subsidiaries 579 — Net income (loss) attributable to redeemable stock of subsidiaries (6) 8 Fair value adjustment 4 4 Other comprehensive loss attributable to redeemable stock of subsidiaries 19 (28) Acquisition and reclassification of stock of subsidiaries (211) — Balance at the end of the period $ 1,257 $ 872 The following table summarizes the Company's redeemable stock of subsidiaries balances as of the periods indicated (in millions): December 31, 2021 2020 IPALCO common stock $ 700 $ 618 AES Clean Energy Development common stock 497 — AES Indiana preferred stock 60 60 Colon quotas (1) — 194 Total redeemable stock of subsidiaries $ 1,257 $ 872 _____________________________ (1) Characteristics of quotas are similar to common stock. IPALCO — On December 13, 2021, CDPQ made equity capital contributions of $34 million to AES U.S. Investments, subsequently contributed to IPALCO by AES U.S. Investments, and $48 million to IPALCO as part of a capital call to raise proceeds for AES Indiana's TDSIC and replacement generation projects. The Company and CDPQ made capital contributions on a proportional share basis; therefore, the capital call did not change CDPQ or AES' ownership interests in IPALCO. Colon — On September 13, 2021, the Company acquired the remaining 49.9% minority ownership interest in Colon, reducing the value of the Colon temporary equity to zero. See Note 17— Equity for further information. AES Clean Energy Development — On February 1, 2021, the Company substantially completed the merger of the sPower and AES Renewable Holdings development platforms to form AES Clean Energy Development, which will serve as the development vehicle for all future renewable projects in the U.S. As part of the transaction, AlMCo, our existing partner in the sPower equity method investment, received a 25% minority ownership interest in the newly formed entity along with certain partnership rights, though not currently in effect, that would enable AIMCo to exit in the future. As a result, the minority ownership interest is considered temporary equity. AIMCo made capital contributions of $240 million during the year ended December 31, 2021. During the second quarter of 2021, the Company recorded measurement period adjustments to the estimated fair values of the sPower and AES Renewable Holdings development platforms and the value of the partnership rights initially recorded in the first quarter of 2021, which resulted in an $81 million increase in the value of the temporary equity. These measurement period adjustments primarily relate to higher expected developer profits and a higher growth rate, reflective of additional information that became available regarding market participants’ views of the value of early-stage renewable development projects as of the date of acquisition. The temporary equity will be adjusted for earnings or losses allocated to the noncontrolling interest under ASC 810. Any subsequent changes in the redemption value of the exit rights will be recognized against permanent equity in accordance with ASC 480-10-S99, as it is probable that the shares will become redeemable. See Note 25 — Acquisitions for further information. AES Indiana — AES Indiana had $60 million of cumulative preferred stock outstanding at December 31, 2021 and 2020, which represents five series of preferred stock. The total annual dividend requirements were approximately $3 million at December 31, 2021 and 2020. 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 AES Indiana's board of directors if AES Indiana has not paid dividends to its preferred stockholders for four consecutive quarters. Based on the preferred stockholders' ability to elect a majority of AES Indiana's board of directors in this circumstance, the redemption of the preferred shares is considered to be not solely within the control of the issuer and the preferred stock is considered temporary equity. |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 US and Utilities SBU South America SBU MCAC SBU Eurasia SBU Corporate, Other and Eliminations Total Regulated Revenue Revenue from contracts with customers $ 2,831 $ — $ — $ — $ — $ 2,831 Other regulated revenue 37 — — — — 37 Total regulated revenue 2,868 — — — — 2,868 Non-Regulated Revenue Revenue from contracts with customers 1,132 3,531 2,057 881 (15) 7,586 Other non-regulated revenue (1) 335 10 100 242 — 687 Total non-regulated revenue 1,467 3,541 2,157 1,123 (15) 8,273 Total revenue $ 4,335 $ 3,541 $ 2,157 $ 1,123 $ (15) $ 11,141 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 _____________________________ (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 $216 million and $531 million as of December 31, 2021 and December 31, 2020, respectively. During the years ended December 31, 2021 and 2020, we recognized revenue of $410 million and $14 million, respectively, that was included in the corresponding contract liability balance at the beginning of the periods. In August 2020, AES Andes 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 Andes' decarbonization strategy. As a result of the termination payment, Angamos recognized a contract liability of $655 million, of which $55 million was derecognized each month through the end of the remaining performance obligation in August 2021. 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. Contract consideration related to the construction, but not yet collected through the 25 year PPA, was reflected on the Consolidated Balance Sheet. As of December 31, 2021 and December 31, 2020, Mong Duong met the held-for-sale criteria and the loan receivable balance of $1.2 billion and $1.3 billion, net of CECL reserve of $30 million and $32 million, respectively, was reclassified to held-for-sale assets. Of the loan receivable balance, $91 million and $80 million was classified as Current held-for-sale assets , and $1.1 billion and $1.2 billion was classified as Noncurrent held-for-sale assets , respectively. 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, 2021, the aggregate amount of transaction price allocated to remaining performance obligations was $9 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 2022 and 2023, with the remainder recognized thereafter. |
Other Income and Expense
Other Income and Expense | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 Other Income Gain on remeasurement to acquisition-date fair value (1) $ 254 $ — $ — Legal settlements (2) 53 — — Gain on remeasurement of contingent consideration (3) 28 — — Gain on sale of assets (4) 24 46 — Gain on pension curtailment 11 — — Non-service pension income 10 — — AFUDC (US Utilities) 8 5 3 Gain on insurance proceeds (5) — — 118 Other 22 24 24 Total other income $ 410 $ 75 $ 145 Other Expense Loss on sale and disposal of assets (6) $ 14 $ 7 $ 22 Loss on commencement of sales-type leases (7) 13 — 36 Loss on sale of receivables (8) 9 20 — Legal contingencies and settlements 2 15 2 Non-service pension and other postretirement costs — 2 17 Other 22 9 3 Total other expense $ 60 $ 53 $ 80 _____________________________ (1) Primarily related to the remeasurement of our existing equity interest in sPower’s development platform as part of the step acquisition to form AES Clean Energy Development. See Note 25— Acquisitions for further information. (2) Primarily related to settlement of legal arbitration at Alto Maipo. (3) Primarily related to the remeasurement of contingent consideration on the Great Cove Solar acquisition at Clean Energy See Note 25— Acquisitions for further information. (4) For the year ended December 31, 2020, primarily associated with the gain on sale of Redondo Beach land at Southland. See Note 24— Held-for-Sale and Dispositions for further information. (5) 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. (6) For the year ended December 31, 2019, associated with a loss due to the upgrade of the tunnel lining at Changuinola. (7) Related to losses recognized at commencement of sales-type leases at AES Renewable Holdings. See Note 14— Leases for further information. (8) Associated with a loss on sale of Stabilization Fund receivables at AES Andes. See Note 7— Financing Receivables for further information. |
Asset Impairment Expense
Asset Impairment Expense | 12 Months Ended |
Dec. 31, 2020 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
ASSET IMPAIRMENT EXPENSE | ASSET IMPAIRMENT EXPENSE Year ended December 31, (in millions) 2021 2020 2019 Ventanas 3 & 4 $ 649 $ — $ — Puerto Rico 475 — — Angamos 155 564 — Buffalo Gap III 91 — — Buffalo Gap II 73 — — Mountain View I & II 67 — — Buffalo Gap I 29 — — Estrella del Mar I 11 30 — Ventanas 1 & 2 — 213 — Hawaii — 38 60 Kilroot and Ballylumford — — 115 Other 25 19 10 Total $ 1,575 $ 864 $ 185 Buffalo Gap — During the fourth quarter of 2021, due to an expired PPA and volatile spot prices in the ERCOT market, management concluded that the carrying value of the long-lived assets of Buffalo Gap I, II, and III wind generation facilities may not be recoverable. As such, the Company performed an impairment analysis and determined that the fair value of each asset group, using the income approach, was zero for Buffalo Gap I, II and III. As a result, the Company recognized pre-tax asset impairment expense of $29 million, $73 million, and $91 million at Buffalo Gap I, II, and III, respectively. Buffalo Gap is reported in the US and Utilities SBU reportable segment. Ventanas and Angamos — In August 2020, AES Andes 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 Andes’ decarbonization strategy. AES Andes 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. The Angamos asset group was determined to have a fair value of $306 million, using the income approach. As a result, the Company recognized pre-tax asset impairment expense of $564 million and $213 million at Angamos and Ventanas 1 & 2, respectively. In July 2021, AES Andes entered into an agreement committing to accelerate the retirement of the Ventanas 3, Ventanas 4, Angamos 1, and Angamos 2 coal-fired plants in Chile. Due to these strategic developments, the Company performed impairment analyses as of June 30, 2021, and determined that the carrying amounts of the asset groups were not recoverable. The Ventanas 3 & 4 and Angamos asset groups were determined to have fair values of $12 million and $86 million, respectively, using the income approach. As a result, the Company recognized pre-tax asset impairment expense of $649 million and $155 million, respectively. Ventanas and Angamos are reported in the South America SBU reportable segment. Mountain View I & II — In April 2021, the Company approved plans to execute a repowering project for the Mountain View I & II wind facility and signed two new PPAs for the energy and capacity related to the repowered asset. As the repowering will result in decommissioning the majority of the existing wind turbines in advance of their depreciable lives, the execution of the new PPAs was identified as an impairment indicator. The asset group was determined to have a fair value of $11 million using the income approach. As a result, the Company recognized pre-tax asset impairment expense of $67 million. Mountain View I & II is reported in the US and Utilities SBU reportable segment. Puerto Rico — New factors arose in the first quarter of 2021 associated with the economic costs and operational and reputational risks of disposal of coal combustion residuals off island. In addition, new legislative initiatives surrounding the prohibition of coal generation assets in Puerto Rico were introduced. Collectively, these factors along with management’s decision on how to best achieve our stated decarbonization goals resulted in an indicator of impairment at our asset group in Puerto Rico. As such, management performed a recoverability test in accordance with ASC 360 and concluded that Puerto Rico’s undiscounted cash flows did not exceed the carrying value of the asset group. The fair value of the asset group was determined to be $73 million, resulting in pre-tax impairment expense of $475 million. Puerto Rico 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. 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. In September 2021, the Company recognized additional asset impairment expense of $11 million due to a change in the estimated market value of the power barge. See Note 24 —Held-for-Sale and Dispositions for further information. Estrella del Mar I is reported in the MCAC 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. The Company announced in November 2020 its intention to retire the generation facility in 2022. Hawaii is reported in the US and Utilities 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 24 — Held-for-Sale and Dispositions for further information. Prior to their sale, Kilroot and Ballylumford were reported in the Eurasia SBU reportable segment. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 Federal: Current $ (2) $ (8) $ (7) Deferred 42 (17) (4) State: Current 1 — (1) Deferred 18 2 — Foreign: Current 273 458 368 Deferred (465) (219) (4) Total $ (133) $ 216 $ 352 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, 2021 2020 2019 Statutory Federal tax rate 21 % 21 % 21 % State taxes, net of Federal tax benefit (6) % (6) % 6 % Taxes on foreign earnings (2) % 15 % 12 % Valuation allowance 7 % 16 % (2) % Uncertain tax positions 16 % — % — % Change in tax law (1) % 3 % (1) % U.S. Investment Tax Credit — % (8) % — % Alto Maipo deconsolidation (17) % — % — % Noncontrolling interest on Buffalo Gap impairments (3) % — % — % Other—net (2) % 3 % (1) % Effective tax rate 13 % 44 % 35 % For 2021, included in the 7% for valuation allowance is approximately $93 million related to the release of valuation allowance at one of our Brazilian subsidiaries. Included in the 16% uncertain tax positions is approximately $176 million of income tax benefit related to effective settlement resulting from the exam closure of the Company’s U.S. 2017 tax return, the focus of which was on the TCJA one-time transition tax. The (17)% included in the Alto Maipo deconsolidation item above primarily reflects the lack of tax benefit for approximately $775 million of the $2,074 million pretax Alto Maipo deconsolidation loss. Also included in this item is approximately $41 million of tax benefit related to resulting tax over book outside basis difference in Alto Maipo, which is offset by $41 million of tax expense in the valuation allowance line item. The (3)% Buffalo Gap impairments item relates to the amounts of impairment allocated to tax equity noncontrolling interest which are nondeductible. 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. 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, 2021 2020 Income taxes receivable—current $ 184 $ 138 Income taxes receivable—noncurrent 2 9 Total income taxes receivable $ 186 $ 147 Income taxes payable—current $ 133 $ 284 Income taxes payable—noncurrent — — Total income taxes payable $ 133 $ 284 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, 2021, the Company had federal net operating loss carryforwards for tax return purposes of approximately $1.9 billion, of which approximately $540 million expire in years 2034 to 2036 and $1.4 billion carry forward indefinitely. The Company also had federal general business tax credit carryforwards of approximately $68 million, of which $14 million expire in years 2022 to 2032 and $54 million expire in years 2035 to 2041. Additionally, the Company had state net operating loss carryforwards as of December 31, 2021 of approximately $6.8 billion expiring primarily in years 2022 to 2040. As of December 31, 2021, the Company had foreign net operating loss carryforwards of approximately $1.2 billion that expire at various times beginning in 2022 and some of which carry forward without expiration, and tax credits available in foreign jurisdictions of approximately $2 million, which primarily carry forward without expiration. Valuation allowances decreased $106 million during 2021 to $528 million at December 31, 2021. This net decrease was primarily due to the release of valuation allowance at one of our Brazilian subsidiaries. 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. 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, 2021 2020 Differences between book and tax basis of property $ (961) $ (1,308) Investment in U.S. tax partnerships (629) (332) Other taxable temporary differences (418) (403) Total deferred tax liability (2,008) (2,043) Operating loss carryforwards 979 1,156 Capital loss carryforwards 77 73 Bad debt and other book provisions 380 87 Tax credit carryforwards 68 78 Other deductible temporary differences 464 471 Total gross deferred tax asset 1,968 1,865 Less: Valuation allowance (528) (634) Total net deferred tax asset 1,440 1,231 Net deferred tax liability $ (568) $ (812) 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, 2021, the cumulative amount of U.S. GAAP foreign un-remitted earnings upon which additional income taxes have not been provided is approximately $3 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 $27 million, $33 million and $26 million for the years ended December 31, 2021, 2020 and 2019, respectively. The per share effect of these benefits after noncontrolling interests was $0.02, $0.03 and $0.02 for the years ended December 31, 2021, 2020 and 2019, 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, $16 million and $13 million for the years ended December 31, 2021, 2020 and 2019, 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, 2021, 2020 and 2019, 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, 2021 2020 2019 U.S. $ 622 $ (135) $ (57) Non-U.S. (1,686) 623 1,058 Total $ (1,064) $ 488 $ 1,001 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, 2021 2020 Interest related $ 2 $ 1 Penalties related 1 — The following table shows the expense/(benefit) related to interest and penalties on unrecognized tax benefits for the periods indicated (in millions): December 31, 2021 2020 2019 Total benefit for interest related to unrecognized tax benefits $ 1 $ — $ (2) Total expense for penalties related to unrecognized tax benefits 1 — — 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 2015-2021 Brazil 2016-2021 Chile 2018-2021 Colombia 2016-2021 Dominican Republic 2019-2021 El Salvador 2018-2021 Netherlands 2015-2021 Panama 2018-2021 United Kingdom 2018-2021 United States (Federal) 2017-2021 As of December 31, 2021, 2020 and 2019, the total amount of unrecognized tax benefits was $122 million, $458 million and $465 million, respectively. The total amount of unrecognized tax benefits that would benefit the effective tax rate as of December 31, 2021, 2020 and 2019 is $122 million, $439 million and $448 million, respectively, of which $4 million, $33 million, and $33 million, respectively, 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 2021 would be reduced by approximately $34 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, 2021 is estimated to be between zero 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): 2021 2020 2019 Balance at January 1 $ 458 $ 465 $ 463 Additions for current year tax positions 28 — 6 Additions for tax positions of prior years 14 3 4 Reductions for tax positions of prior years — (6) (5) Settlements (377) — — Lapse of statute of limitations (1) (4) (3) Balance at December 31 $ 122 $ 458 $ 465 The 2021 settlement amount of $377 million above primarily relates to effective settlement of historic unrecognized tax benefits as a result of the exam closure of the Company’s U.S. 2017 tax return, the focus of which was on the TCJA one-time transition tax assessed on cumulative foreign earnings and profits. This amount is based on the pre-TCJA income tax rate of 35% though the actual impact to the Company’s income tax expense is an income tax benefit computed at 21%. The Company and certain of its subsidiaries are currently under examination by the relevant taxing authorities for various tax years. The Company regularly assesses the potential outcome of these examinations in each of the taxing jurisdictions when determining the adequacy of the amount of unrecognized tax benefit recorded. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, we believe we have appropriately accrued for our uncertain tax benefits. However, audit outcomes and the timing of audit settlements and future events that would impact our previously recorded unrecognized tax benefits and the range of anticipated increases or decreases in unrecognized tax benefits are subject to significant uncertainty. It is possible that the ultimate outcome of current or future examinations may exceed our provision for current unrecognized tax benefits in amounts that could be material, but cannot be estimated as of December 31, 2021. Our effective tax rate and net income in any given future period could therefore be materially impacted. |
Held-for-Sale and Dispositions
Held-for-Sale and Dispositions | 12 Months Ended |
Dec. 31, 2021 | |
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 2023. As of December 31, 2021, the Mong Duong plant and SPV were classified as held-for-sale, but did not meet the criteria to be reported as discontinued operations. On a consolidated basis, the carrying value of the plant and SPV held-for-sale as of December 31, 2021 was $501 million. Mong Duong is reported in the Eurasia SBU reportable segment. Jordan — In November 2020, the Company signed an agreement to sell 26% ownership interest in IPP1 and IPP4 for $58 million. The sale is expected to close in the first half of 2022. 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, 2021, 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, 2021 was $175 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, 2021 was as follows (in millions): Year Ended December 31, 2021 2020 2019 Mong Duong $ 56 $ 55 $ 34 Jordan 21 20 18 Total $ 77 $ 75 $ 52 Dispositions Colon transmission line — In December 2021, Gas Natural Atlántico II S. de. R.L., completed the sale of its transmission line to Empresa de Distribucion Electrica, S.A., a government entity in charge of transmission of energy in Panama, for $51 million, resulting in a pre-tax gain on sale of $6 million, reported in Other income on the Consolidated Statement of Operations. The sale did not meet the criteria to be reported as discontinued operations. Prior to its sale, the Colon transmission line was reported in the MCAC SBU reportable segment. Alto Maipo — In November 2021, Alto Maipo SpA filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code. Therefore, the Company determined it no longer had control over Alto Maipo, resulting in its deconsolidation. The Company recorded a pre-tax loss on deconsolidation of $2,074 million in Gain (Loss) on disposal and sale of business interests on the Consolidated Statement of Operations. As Alto Maipo represents a component of AES Andes’ single reporting unit, the carrying value of the net assets of Alto Maipo included an allocation of $224 million of AES Andes’ consolidated goodwill balance of $868 million prior to deconsolidation. The Company allocated AES Andes’ goodwill based on the relative fair value of the component, which was determined based on the relative fair values of the business to be disposed and the portion of the reporting unit to be retained. Subsequent to the deconsolidation of Alto Maipo, the company evaluated the remaining Andes Reporting Unit goodwill and determined the goodwill was not at-risk. The deconsolidation did not meet the criteria to be reported as discontinued operations. After deconsolidation, the Company's retained investment in Alto Maipo was recognized as a financial asset with zero fair value, utilizing a restructuring model of cash flows and a cost of equity of 21%. Prior to deconsolidation, Alto Maipo was reported in the South America SBU reportable segment. See Note 5 — Fair Value Note 9 — Goo dwill and Other Intangible Assets and Note 17 — Equity for further information. Estrella del Mar I — In November 2021, the Company completed the sale of the Estrella del Mar I power barge for $6 million. The sale did not meet the criteria to be reported as discontinued operations. Prior to its sale, Estrella del Mar I was reported in the MCAC SBU reportable segment. See Note 22 — Asset Impairment Expense for further information. AES Tietê Inova Soluções — In June 2021, the Company completed the sale of its ownership in AES Inova Soluções, an investment platform in distributed solar generation, for $20 million, resulting in a pre-tax loss on sale of $1 million. The sale did not meet the criteria to be reported as discontinued operations. Prior to its sale, AES Tietê Inova Soluções was reported in the South America SBU reportable segment. Itabo — In April 2021, the Company completed the sale of its 43% ownership interest in Itabo, a coal-fired plant and gas turbine in Dominican Republic, for $88 million, resulting in a pre-tax gain on sale of $4 million. The sale did not meet the criteria to be reported as discontinued operations. Prior to its sale, Itabo was reported in the MCAC SBU reportable segment. 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 $95 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 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. 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, 2021 2020 2019 Alto Maipo $ 35 $ 11 $ (6) Itabo 5 41 30 Estrella de Mar I — 5 12 Stuart and Killen (1) — — 52 Shady Point — — (5) Other — — (3) Total $ 40 $ 57 $ 80 _____________________________ (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. |
Acquisitions Acquisitions
Acquisitions Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions Disclosures [Text Block] | Hardy Hills Solar — In December 2021, AES Indiana completed the acquisition of Hardy Hills solar project, which included assets of $52 million primarily consisting of a development project intangible asset. The transaction was accounted for as an asset acquisition of a variable interest entity that did not meet the definition of a business; therefore, the individual assets and liabilities were recorded at their fair values. A $6 million gain was recorded in Other income on the Consolidated Statement of Operations for the difference between the consideration transferred and the assets and liabilities recognized. The total consideration included $3 million of contingent consideration dependent on the amount of certain future costs incurred by the project. Any differences arising from post-closing adjustments will be allocated accordingly. Hardy Hills Solar is reported in the US and Utilities SBU reportable segment. Community Energy — In December 2021, AES Clean Energy Development, LLC completed the acquisition of Community Energy, LLC for $217 million cash consideration, including customary purchase price adjustments, plus the assumption of $38 million of non-recourse debt. At closing, the Company made a cash payment of $232 million, which included $15 million of the assumed non-recourse debt. The transaction was accounted for as a business combination; therefore, the assets acquired and liabilities assumed at the acquisition date were recorded at their fair values, which resulted in the recognition of $90 million of goodwill. The Company has recorded preliminary amounts for the purchase price allocation; however, the Company may continue to make adjustments. Community Energy is reported in the US and Utilities SBU reportable segment. sPower Projects — In December 2021, AES Clean Energy Development Holdings, LLC entered into an agreement with AIMCo, our minority partner in AES Clean Energy Development, LLC and our partner in the sPower equity method investment. As part of this transaction, AES acquired an additional 25% ownership interest in specifically identified projects of sPower from AIMCo, in exchange for a 25% ownership interest in the Mountain View and Laurel Mountain wind operating projects, plus $28 million cash. The transaction was accounted for as an asset acquisition. The sPower projects received were remeasured at their acquisition-date fair values, resulting in the recognition of a $35 million gain, recorded in Other Income on the Consolidated Statement of Operations. See Note 8 — Investments in and Advances to Affiliates for further information. The Company recorded $3 million in additional paid-in-capital, representing the difference between the fair value of the consideration transferred and the recognition of the noncontrolling interest. Subsequent to the closing of the transaction, AES holds a 75% ownership interest in the Mountain View and Laurel Mountain wind operating projects and a 75% ownership interest in specifically identified projects of sPower through its ownership of AES Clean Energy Development, LLC, and 50% ownership interest in the sPower equity method investment. AIMCo holds the remaining 25% minority interest in AES Clean Energy Development, LLC and 50% ownership interest in sPower. sPower projects are reported in the US and Utilities SBU reportable segment. New York Wind — In November 2021, AES Clean Energy Development, LLC completed the acquisition of Cogentrix Valcour Intermediate Holdings, LLC for $352 million cash consideration, including customary purchase price adjustments, plus the assumption of $126 million of non-recourse debt. The transaction includes operating wind assets spread across six sites and will complement AES Clean Energy’s existing operating and development solar and energy storage assets in the state of New York. The transaction was accounted for as a business combination, therefore, the assets acquired and liabilities assumed at acquisition date were recorded at their fair values, which resulted in the recognition of $199 million of goodwill. This goodwill represents the opportunity to repower the acquired assets and thus obtain additional cash flows from the asset group. The Company has recorded preliminary amounts for the purchase price allocation; however, the Company may continue to make adjustments pertaining to derivatives, leases, revenue from contracts with customers, and deferred taxes during the measurement period. New York Wind is reported in the US and Utilities SBU reportable segment. Serra Verde Wind Complex — In July 2021, AES Brasil completed the acquisition of the Serra Verde Wind Complex for $18 million, subject to customary working capital adjustments, of which $6 million was paid in cash and the remaining $12 million will be paid in two annual installments ending on July 19, 2023. The transaction was accounted for as an asset acquisition of variable interest entities 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. Any differences arising from post-closing adjustments will be allocated accordingly. Serra Verde is reported in the South America SBU. Cajuína Wind Complex — In May 2021, AES Brasil completed the acquisition of the Cajuína Wind Complex phase I for $22 million, subject to customary working capital adjustments. On July 29, 2021, AES Brasil completed the acquisition of the Cajuína Wind Complex phase II for $24 million, subject to customary working capital adjustments, including $3 million of contingent consideration. The Company made initial cash payments of $6 million for each acquisition and the remaining balances will be paid in three annual installments ending on March 31, 2024 and on July 29, 2024, respectively. These transactions were accounted for as asset acquisitions of variable interest entities 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. Any differences arising from post-closing adjustments will be allocated accordingly. Cajuína is reported in the South America SBU. Cubico Wind Complex — In April 2021, AES Brasil completed the acquisition of the Cubico Wind Complex for $109 million, subject to customary working capital adjustments. The transaction was accounted for as an asset acquisition, therefore the consideration transferred, plus transaction costs, were allocated to the individual assets acquired and liabilities assumed based on their relative fair values. Any differences arising from post-closing adjustments will be allocated accordingly. Cubico is reported in the South America SBU. AES Clean Energy Development — In February 2021, the Company substantially completed the merger of the sPower and AES Renewable Holdings development platforms to form AES Clean Energy Development, which will serve as the development vehicle for all future renewable projects in the U.S. As part of the transaction, AES acquired an additional 25% ownership interest in the sPower development platform from AIMCo, our existing partner in the sPower equity method investment, in exchange for a 25% ownership interest in specifically identified development entities of AES Renewable Holdings, certain future exit rights in the new partnership, and $7 million of cash. The sPower development platform was carved-out of AES’ existing equity method investment. AES’ basis in the portion of assets transferred was $102 million, and the contribution to AES Clean Energy Development resulted in a corresponding decrease in the carrying value of the sPower investment. See Note 8 — Investments in and Advances to Affiliates for further information. During the first quarter of 2021, the sPower development assets transferred were remeasured at their acquisition-date preliminary fair values, resulting in the recognition of a $36 million gain, recorded in Other income on the Consolidated Statement of Operations. The Company recorded $81 million in Goodwill as of the acquisition date, representing the difference between the fair value of the consideration transferred, the noncontrolling interest in the sPower development platform, and the acquisition-date fair value of the Company’s previously held equity interest and the fair value of the identifiable assets acquired and liabilities assumed. During the second quarter of 2021, the Company recorded measurement period adjustments as result of additional facts and circumstances that existed as of the date of the acquisition but were not yet known as of the time of the valuation performed in the first quarter of 2021. These measurement period adjustments primarily relate to higher expected developer profits and a higher growth rate, reflective of additional information that became available regarding market participants’ views of the value of early-stage renewable development projects as of the date of acquisition. As a result, the estimated acquisition-date carrying value and fair values of the sPower development assets transferred were increased, which resulted in the recognition of an additional $178 million gain, for an updated gain of $214 million. Furthermore, the estimated goodwill as of the acquisition date was reduced to $45 million, as a result of adjustments to the fair value of the consideration paid and updates to the fair values of separately identifiable intangible assets. The Company finalized the purchase price allocation in the third quarter of 2021, which did not result in any material measurement period adjustments. Subsequent to the closing of the transaction, AES holds a 75% ownership interest in AES Clean Energy Development. AIMCo holds the remaining 25% minority interest along with certain partnership rights, though currently not in effect, that would enable AIMCo to exit in the future. AIMCo’s minority interest is recorded as temporary equity in Redeemable stock of subsidiaries on the Consolidated Balance Sheet. See Note 16 — Redeemable Stock of Subsidiaries for further information. AES Clean Energy Development is reported in the US and Utilities SBU reportable segment. Great Cove Solar— In January 2021 and May 2021, AES Clean Energy Development, LLC completed the acquisitions of Great Cove I and II, respectively. The fair value of the initial consideration paid to acquire Great Cove I and Great Cove II was $13 million and $24 million, which included contingent consideration liabilities of $6 million and $22 million, respectively. These acquisitions were accounted for as asset acquisitions of variable interest entities 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. During the third quarter of 2021, the contingent liabilities which related primarily to certain price adjustment features were remeasured, resulting in contingent consideration assets of $2 million and $12 million for Great Cove I and Great Cove II, respectively. This remeasurement resulted in a gain of $32 million recorded in Other income in the Consolidated Statement of Operations during the third quarter of 2021. In October 2021, the Company amended the agreement, resulting in the reclassification of the previously contingent consideration assets to Prepaid Expenses . In December 2021, the Company acquired Community Energy, LLC (as further described above), and such remaining prepaid amounts were written off to Other income in the Consolidated Statement of Operations. Great Cove Solar is reported in the US and Utilities SBU reportable segment. Ventus Wind Complex — In December 2020, AES Brasil completed the acquisition of the Ventus Wind Complex ("Ventus") for $90 million, including $3 million of working capital adjustments. At closing, the Company made an initial cash payment of $44 million. The remainder was paid in the second and third 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 Andes 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. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic and diluted earnings per share are based on the weighted-average number of shares of common stock and potential common stock outstanding during the period. Potential common stock, for purposes of determining diluted earnings per share, includes the effects of dilutive RSUs, stock options, and equity units. The effect of such potential common stock is computed using the treasury stock method for RSUs and stock options, and is computed using the if-converted method for equity units. 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, 2021, 2020 and 2019, where income represents the numerator and weighted-average shares represent the denominator. Year Ended December 31, 2021 2020 2019 (in millions, except per share data) Loss Shares $ per Share Income Shares $ per Share Income Shares $ per Share BASIC EARNINGS (LOSS) PER SHARE Income (loss) from continuing operations attributable to The AES Corporation common stockholders $ (413) 666 $ (0.62) $ 43 665 $ 0.06 $ 302 664 $ 0.46 EFFECT OF DILUTIVE SECURITIES Stock options — — — — 1 — — — — Restricted stock units — — — — 2 — — 3 (0.01) DILUTED EARNINGS (LOSS) PER SHARE $ (413) 666 $ (0.62) $ 43 668 $ 0.06 $ 302 667 $ 0.45 For the year ended December 31, 2021, the calculation of diluted earnings per share excluded 5 million outstanding stock awards and 40 million shares underlying our March 2021 Equity Units because their impact would be anti-dilutive given the loss from continuing operations. These shares could potentially dilute basic earnings per share in the future. Had the Company generated income, 4 million and 33 million potential shares of common stock related to the stock awards and the Equity Units, respectively, would have been included in diluted weighted-average shares outstanding. As described in Note 17 — Equity , the Company issued 10,430,500 Equity Units in March 2021 with a total notional value of $1,043 million. Each Equity Unit has a stated amount of $100 and was initially issued as a Corporate Unit, consisting of a 2024 Purchase Contract and a 10% undivided beneficial ownership interest in one share of Series A Preferred Stock. Prior to February 15, 2024, the Series A Preferred Stock may be converted at the option of the holder only in connection with a fundamental change. On and after February 15, 2024, the Series A Preferred Stock may be converted freely at the option of the holder. Upon conversion, the Company will deliver to the holder with respect to each share of Series A Preferred Stock being converted (i) a share of our Series B Preferred Stock, or, solely with respect to conversions in connection with a redemption, cash and (ii) shares of our common stock, if any, in respect of any conversion value in excess of the liquidation preference of the preferred stock being converted. The conversion rate is initially 31.5428 shares of common stock per one share of Series A Preferred Stock, which is equivalent to an initial conversion price of approximately $31.70 per share of common stock. The Series A Preferred Stock and the 2024 Purchase Contracts are being accounted for as one unit of account. In calculating diluted EPS, the Company has applied the if-converted method beginning in the third quarter of 2021 to determine the impact of the forward purchase feature and considered if there are incremental shares that should be included related to the Series A Preferred conversion value. Previously, the Company had applied the treasury stock method with respect to the Equity Units, which had no impact on reported diluted EPS. |
Risks and Uncertainties
Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, the Company had $943 million of unrestricted cash and cash equivalents. During 2021, 68% 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.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. Alto Maipo — On August 27, 2021, Alto Maipo updated its creditors with respect to the construction budget and long-term business plan for the project, which considers different scenarios for spot prices, decarbonization initiatives, and hydrological conditions, among other significant variables. Under some of these scenarios, Alto Maipo may experience reduced future cash flows, which would limit its ability to repay debt. Alto Maipo’s management initiated negotiations with its creditors to restructure its obligations and achieve a sustainable long-term capital structure for Alto Maipo. On November 17, 2021, Alto Maipo SpA commenced a reorganization proceeding in accordance with Chapter 11 of the U.S. Bankruptcy Code, through a voluntary petition. Consequently, after the Chapter 11 filing, the Company is no longer considered to have control over Alto Maipo, which resulted in its deconsolidation. The Company recognized an after-tax loss of approximately $1.2 billion, net of noncontrolling interests, in the Consolidated Statement of Operations in the fourth quarter of 2021, associated with the loss of control attributable to the former controlling interest. Alto Maipo is party to a restructuring support agreement to which holders of more than 78% of the outstanding senior indebtedness are party, and which contemplates a plan of reorganization in which AES Andes will own all of the equity of the reorganized company. If Alto Maipo is unable to renegotiate the terms of its financial arrangements with its creditors and is unable to meet its obligations under those arrangements as they come due, the creditors may enforce their rights under the credit agreements. These finance agreements are non-recourse with respect to The AES Corporation. 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 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 2021, 2020 or 2019. 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, 2021 | |
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. 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, 2021 2020 2019 Revenue—Non-Regulated $ 1,159 $ 1,506 $ 1,544 Cost of Sales—Non-Regulated 324 504 531 Interest income 12 20 21 Interest expense 88 131 74 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, 2021 2020 Receivables from related parties $ 131 $ 252 Accounts and notes payable to related parties (1) 1,421 1,765 _____________________________ (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, 2021 and 2020 (see Note 11— Debt ). As of December 31, 2021, the debt balance at the SPV was reclassified to held-for-sale liabilities on the Consolidated Balance Sheet. Also includes $181 million of debt to Banco General S.A., a bank in Panama where our former minority partner in Colon is part of its board of directors as of December 31, 2020; and $379 million of debt to Strabag, our EPC contractor and minority partner in Alto Maipo as of December 31, 2020. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 and 2020 (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 2021 Mar 31 Jun 30 Sep 30 Dec 31 Revenue $ 2,635 $ 2,700 $ 3,036 $ 2,770 Operating margin 664 728 760 559 Income (loss) from continuing operations, net of tax (1) (29) (81) 485 (1,330) Income from discontinued operations, net of tax — 4 — — Net income (loss) $ (29) $ (77) $ 485 $ (1,330) Net income (loss) attributable to The AES Corporation $ (148) $ 28 $ 343 $ (632) Basic earnings (loss) per share: Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax $ (0.22) $ 0.03 $ 0.52 $ (0.95) 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) $ 0.04 $ 0.52 $ (0.95) Diluted earnings (loss) per share: Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax $ (0.22) $ 0.03 $ 0.48 $ (0.95) 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) $ 0.04 $ 0.48 $ (0.95) Dividends declared per common share $ 0.15 $ — $ 0.15 $ 0.31 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 (2) 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 _____________________________ (1) Includes pre-tax impairment expense of $473 million, $872 million, and $201 million in the first, second, and fourth quarters of 2021, respectively (See Note 22— Asset Impairment Expense ), and pre-tax loss on sale of business interests of $1.8 billion, primarily due to the deconsolidation of Alto Maipo, in the fourth quarter of 2021 (See Note 24— Held-for-Sale and Dispositions ). (2) Includes pre-tax impairment expense of $849 million in the third quarter of 2020 (See Note 22— Asset Impairment 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 ). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS AES Brasil Preferred Shares — On January 6, 2022, Guaimbê Holding issued preferred shares representing 3.5% ownership in the subsidiary for total proceeds of $63 million. The transaction decreased the Company’s indirect ownership interest in the operational entities from 37.4% to 35.8%. As the Company maintained control after the transaction, Guaimbê Holding continues to be consolidated by the Company within the South America SBU reportable segment. AES Andes — In January 2022, Inversiones Cachagua SpA, a wholly-owned AES subsidiary in Chile, completed a tender offer for the shares of AES Andes held by minority shareholders. Upon completion, AES' indirect beneficial interest in AES Andes increased from 67% to 99%. The AES Corporation — In February 2022, the Company announced its intent to exit coal generation by year-end 2025 versus our prior expectation of a reduction to below 10% by year-end 2025, subject to necessary approvals. The Company is currently evaluating the impact that this new goal will have on our financial statements. |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Parent | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 AND 2020 December 31, 2021 2020 (in millions) ASSETS Current Assets: Cash and cash equivalents $ 40 $ 70 Accounts and notes receivable from subsidiaries 231 188 Prepaid expenses and other current assets 50 55 Total current assets 321 313 Investment in and advances to subsidiaries and affiliates 7,159 6,426 Office Equipment: Cost 29 29 Accumulated depreciation (23) (22) Office equipment, net 6 7 Other Assets: Deferred financing costs, net of accumulated amortization of $7 and $6, respectively 6 4 Deferred income taxes — 25 Other assets 33 20 Total other assets 39 49 Total assets $ 7,525 $ 6,795 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 17 $ 15 Accounts and notes payable to subsidiaries 161 184 Accrued and other liabilities 340 344 Total current liabilities 518 543 Long-term Liabilities: Senior notes payable 3,729 3,430 Accounts and notes payable to subsidiaries — 28 Other long-term liabilities 480 160 Total long-term liabilities 4,209 3,618 Stockholders' equity: Preferred stock 825 — Common stock 8 8 Additional paid-in capital 7,119 7,561 Accumulated deficit (1,089) (680) Accumulated other comprehensive loss (2,220) (2,397) Treasury stock (1,845) (1,858) Total stockholders' equity 2,798 2,634 Total liabilities and equity $ 7,525 $ 6,795 See Notes to Schedule I. THE AES CORPORATION SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2021, 2020, AND 2019 For the Years Ended December 31, 2021 2020 2019 (in millions) Revenue from subsidiaries and affiliates $ 28 $ 29 $ 30 Equity in earnings of subsidiaries and affiliates (47) 383 674 Interest income 20 31 53 General and administrative expenses (121) (125) (148) Other income 51 26 1 Other expense (65) (6) (103) Loss on extinguishment of debt — (146) (5) Interest expense (74) (163) (197) Income (loss) before income taxes (208) 29 305 Income tax benefit (expense) (201) 17 (2) Net income (loss) $ (409) $ 46 $ 303 See Notes to Schedule I. THE AES CORPORATION SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT STATEMENTS OF COMPREHENSIVE INCOME (LOSS) YEARS ENDED DECEMBER 31, 2021, 2020, AND 2019 2021 2020 2019 (in millions) NET INCOME (LOSS) $ (409) $ 46 $ 303 Foreign currency translation activity: Foreign currency translation adjustments, net of income tax (expense) benefit of $0, $(8) and $1, respectively (86) — (23) Reclassification to earnings, net of $0 income tax for all periods 3 192 23 Total foreign currency translation adjustments, net of tax (83) 192 — Derivative activity: Change in derivative fair value, net of income tax benefit of $8, $90 and $53, respectively (7) (309) (202) Reclassification to earnings, net of income tax expense of $73, $19 and $4, respectively 254 72 36 Total change in fair value of derivatives, net of tax 247 (237) (166) Pension activity: Prior service cost for the period, net of income tax expense of $0, $1 and $0, respectively — — 1 Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax (expense) benefit of $(9), $4 and $6, respectively 23 (12) (16) Reclassification of earnings, net of income tax expense of $3, $0 and $13, respectively 1 — 27 Total change in unfunded pension obligation 24 (12) 12 OTHER COMPREHENSIVE INCOME (LOSS) 188 (57) (154) COMPREHENSIVE INCOME (LOSS) $ (221) $ (11) $ 149 See Notes to Schedule I. THE AES CORPORATION SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2021, 2020, AND 2019 For the Years Ended December 31, 2021 2020 2019 (in millions) Net cash provided by operating activities $ 570 $ 434 $ 583 Investing Activities: Proceeds from the sale of business interests, net of expenses 64 412 196 Investment in and net advances to subsidiaries (2,260) (652) (596) Return of capital 698 346 411 Additions to property, plant and equipment (14) (8) (8) Purchase of short term investments, net — (1) — Net cash provided by (used in) investing activities (1,512) 97 3 Financing Activities: (Repayments) Borrowings under the revolver, net 295 (110) 180 Borrowings of notes payable and other coupon bearing securities — 3,397 — Repayments of notes payable and other coupon bearing securities — (3,366) (450) Loans from (Repayments to) subsidiaries — 25 40 Issuance of preferred stock 1,014 — — Proceeds from issuance of common stock 8 4 6 Common stock dividends paid (401) (381) (362) Payments for deferred financing costs (4) (38) (3) Sales to noncontrolling interests (1) — — Other financing 1 (3) (4) Net cash used in financing activities 912 (472) (593) Effect of exchange rate changes on cash — — (1) Increase (Decrease) in cash and cash equivalents (30) 59 (8) Cash and cash equivalents, beginning 70 11 19 Cash and cash equivalents, ending $ 40 $ 70 $ 11 Supplemental Disclosures: Cash payments for interest, net of amounts capitalized $ 79 $ 156 $ 192 Cash payments (refunds) for income taxes — (8) (5) 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 2021 2020 Senior Unsecured Note 3.30% 2025 900 900 Drawings on revolving credit facility LIBOR + 1.75% 2026 365 70 Senior Unsecured Note 1.375% 2026 800 800 Senior Unsecured Note 3.95% 2030 700 700 Senior Unsecured Note 2.45% 2031 1,000 1,000 Unamortized (discounts)/premiums & debt issuance (costs) (36) (40) Total $ 3,729 $ 3,430 FUTURE MATURITIES OF RECOURSE DEBT — As of December 31, 2021 scheduled maturities are presented in the following table (in millions): December 31, Annual Maturities 2022 $ — 2023 — 2024 — 2025 900 2026 1,165 Thereafter 1,700 Unamortized (discount)/premium & debt issuance (costs) (36) Total debt $ 3,729 3. Dividends from Subsidiaries and Affiliates Cash dividends received from consolidated subsidiaries were $894 million, $1 billion, and $1 billion for the years ended December 31, 2021, 2020, and 2019, respectively. For the years ended December 31 2021, 2020, and 2019, $65 million, $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 classified as operating activities. There were no cash dividends received from affiliates accounted for by the equity method for the years ended December 31, 2021, 2020, and 2019. 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, 2021 by the terms of the agreements, to an aggregate of approximately $2.2 billion, representing 90 agreements with individual exposures ranging up to $400 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, 2021, the Parent Company had $48 million in letters of credit outstanding under the revolving credit facility, representing 26 agreements with individual exposures up to $16 million, and $119 million in letters of credit outstanding under the unsecured credit facilities, representing 31 agreements with individual exposures ranging up to $42 million. During the year ended December 31, 2021, the Parent Company paid letter of credit fees ranging from 1% to 3% per annum on the outstanding amounts. |
General and Summary of Signif_2
General and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 24— 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. |
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 of 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, 2021 December 31, 2020 Cash and cash equivalents $ 943 $ 1,089 Restricted cash 304 297 Debt service reserves and other deposits 237 441 Cash, Cash Equivalents and Restricted Cash $ 1,484 $ 1,827 |
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 Comprehensive Income (Loss). 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 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 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. The Company's accounting policy for releasing the income tax effects from AOCL occurs on a portfolio basis. |
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 |
REVENUE RECOGNITION | REVENUE RECOGNITION — Revenue is earned from the sale of electricity from our utilities,the production and sale of electricity and capacity from our generation facilities, and development and construction of 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. 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 to deliver energy are generally satisfied when the MW is generated. Performance obligations for capacity and ancillary services (such as operations and maintenance and dispatch services) are satisfied over time as the Company stands ready to perform under the terms of the contract. 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. 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. 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. 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. 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. Right-of-use assets represent our right to use an underlying asset for the lease term while lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized on commencement of the lease based on the present value of lease payments over the lease term. Generally, the rate implicit in the lease is not readily determinable; as such, we use the subsidiaries’ incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company determines discount rates based on its existing credit rates of its unsecured borrowings, which are then adjusted for the appropriate lease term and currency. The right-of-use asset also includes any lease payments made and excludes lease incentives that are paid or payable to the lessee at commencement. The lease term includes the option to extend or terminate the lease if it is reasonably certain that the option will be exercised. |
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. The following table represents the rollforward of the allowance for credit losses for the periods indicated (in millions): Twelve Months Ended December 31, 2021 Accounts Receivable (1) Mong Duong Loan Receivable (2) Argentina Receivables Other Total CECL reserve balance at beginning of period $ 9 $ 32 $ 20 $ 1 $ 62 Current period provision 9 — 7 — 16 Write-offs charged against allowance (11) — — — (11) Recoveries collected 2 (2) — — — Foreign exchange — — (4) — (4) CECL reserve balance at end of period $ 9 $ 30 $ 23 $ 1 $ 63 Twelve Months Ended December 31, 2020 Accounts Receivable (1) Mong Duong Loan Receivable (2) Argentina Receivables Other Total CECL reserve balance at beginning of period $ 4 $ 34 $ 29 $ 1 $ 68 Current period provision 11 — 1 — 12 Write-offs charged against allowance (9) — — — (9) Recoveries collected 3 (2) (1) — — Foreign exchange — — (9) — (9) CECL reserve balance at end of period $ 9 $ 32 $ 20 $ 1 $ 62 _____________________________ (1) Excludes operating lease receivable allowances and contractual dispute allowances of $2 million and $4 million as of December 31, 2021 and 2020, respectively. Those reserves are not in scope under ASC 326. (2) Mong Duong loan receivable credit losses allowance was reclassified to held-for-sale assets on the Consolidated Balance Sheet as of December 31, 2020. |
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. The following table represents the rollforward of the allowance for credit losses for the periods indicated (in millions): Twelve Months Ended December 31, 2021 Accounts Receivable (1) Mong Duong Loan Receivable (2) Argentina Receivables Other Total CECL reserve balance at beginning of period $ 9 $ 32 $ 20 $ 1 $ 62 Current period provision 9 — 7 — 16 Write-offs charged against allowance (11) — — — (11) Recoveries collected 2 (2) — — — Foreign exchange — — (4) — (4) CECL reserve balance at end of period $ 9 $ 30 $ 23 $ 1 $ 63 Twelve Months Ended December 31, 2020 Accounts Receivable (1) Mong Duong Loan Receivable (2) Argentina Receivables Other Total CECL reserve balance at beginning of period $ 4 $ 34 $ 29 $ 1 $ 68 Current period provision 11 — 1 — 12 Write-offs charged against allowance (9) — — — (9) Recoveries collected 3 (2) (1) — — Foreign exchange — — (9) — (9) CECL reserve balance at end of period $ 9 $ 32 $ 20 $ 1 $ 62 _____________________________ (1) Excludes operating lease receivable allowances and contractual dispute allowances of $2 million and $4 million as of December 31, 2021 and 2020, respectively. Those reserves are not in scope under ASC 326. (2) Mong Duong loan receivable credit losses allowance was reclassified to held-for-sale assets on the Consolidated Balance Sheet as of December 31, 2020. |
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. In January 2022, we internally announced a reorganization as a part of our ongoing strategy to align our business to meet our customers' needs and deliver on our major strategic objectives. The Company is currently evaluating the impact this reorganization will have on our segment reporting structure. Corporate and Other — Included in "Corporate and Other" are the results of the AES self-insurance company and certain equity affiliates, corporate overhead costs which are not directly associated with the operations of our four reportable segments, and certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation. The Company uses Adjusted PTC as its primary segment performance measure. Adjusted PTC, a non-GAAP measure, is defined by the Company as pre-tax income from continuing operations attributable to The AES Corporation excluding gains or losses of the consolidated entity due to (a) unrealized gains or losses related to derivative transactions and equity securities; (b) unrealized foreign currency gains or losses; (c) gains, losses, benefits and costs associated with dispositions and acquisitions of business interests, including early plant closures, and gains and losses recognized at commencement of sales-type leases; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt; and (f) net gains at Angamos, one of our businesses in the South America SBU, associated with the early contract terminations with Minera Escondida and Minera Spence. Adjusted PTC also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities. The Company has concluded 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, stock options, and equity units. The effect of such potential common stock is computed using the treasury stock method for RSUs and stock options, and is computed using the if-converted method for equity units. |
Contingencies Contingencies (Po
Contingencies Contingencies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 $23 million and $28 million as of December 31, 2021 and 2020, 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, 2021 | |
Leases [Abstract] | |
Early Termination [Policy Text Block] | The option to extend or terminate a lease is based on customary early termination provisions in the contract, such as payment defaults, bankruptcy, or lack of performance on energy delivery. |
Segments and Geographic Informa
Segments and Geographic Information Segments and Geographic Information (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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. In January 2022, we internally announced a reorganization as a part of our ongoing strategy to align our business to meet our customers' needs and deliver on our major strategic objectives. The Company is currently evaluating the impact this reorganization will have on our segment reporting structure. Corporate and Other — Included in "Corporate and Other" are the results of the AES self-insurance company and certain equity affiliates, corporate overhead costs which are not directly associated with the operations of our four reportable segments, and certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation. The Company uses Adjusted PTC as its primary segment performance measure. Adjusted PTC, a non-GAAP measure, is defined by the Company as pre-tax income from continuing operations attributable to The AES Corporation excluding gains or losses of the consolidated entity due to (a) unrealized gains or losses related to derivative transactions and equity securities; (b) unrealized foreign currency gains or losses; (c) gains, losses, benefits and costs associated with dispositions and acquisitions of business interests, including early plant closures, and gains and losses recognized at commencement of sales-type leases; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt; and (f) net gains at Angamos, one of our businesses in the South America SBU, associated with the early contract terminations with Minera Escondida and Minera Spence. Adjusted PTC also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities. The Company has concluded 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, 2021 | |
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. The Company's accounting policy for releasing the income tax effects from AOCL occurs on a portfolio basis. |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | Basic and diluted earnings per share are based on the weighted-average number of shares of common stock and potential common stock outstanding during the period. Potential common stock, for purposes of determining diluted earnings per share, includes the effects of dilutive RSUs, stock options, and equity units. The effect of such potential common stock is computed using the treasury stock method for RSUs and stock options, and is computed using the if-converted method for equity units. |
General and Summary of Signif_3
General and Summary of Significant Accounting Policies Effect of Change in Estimate (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Change in Accounting Estimate [Line Items] | |
Schedule of Change in Accounting Estimate [Table Text Block] | . |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 Fuel and other raw materials $ 366 $ 223 Spare parts and supplies 238 238 Total $ 604 $ 461 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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) 2021 2020 Electric generation and distribution facilities 5-39 $ 22,909 $ 24,239 Other buildings 5-51 1,552 1,507 Furniture, fixtures and equipment 3-30 356 333 Other 1-39 735 628 Total electric generation and distribution assets and other 25,552 26,707 Accumulated depreciation (8,486) (8,472) Net electric generation and distribution assets and other $ 17,066 $ 18,235 |
Interest Capitalized During Development And Construction | The following table summarizes depreciation expense (including the amortization of assets recorded under finance leases in 2021, 2020 and 2019, 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, 2021 2020 2019 Depreciation expense $ 972 $ 1,004 $ 977 Interest capitalized during development and construction 226 307 238 |
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, 2021 2020 Regulated generation and distribution assets and other, gross $ 9,151 $ 8,858 Regulated accumulated depreciation (3,655) (3,329) Regulated generation and distribution assets and other, net 5,496 5,529 Non-regulated generation and distribution assets and other, gross 16,401 17,849 Non-regulated accumulated depreciation (4,831) (5,143) Non-regulated generation and distribution assets and other, net 11,570 12,706 Net electric generation and distribution assets and other $ 17,066 $ 18,235 |
Asset Retirement Obligation (Ta
Asset Retirement Obligation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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): 2021 2020 Balance at January 1 $ 462 $ 428 Additional liabilities incurred 27 42 Liabilities assumed in acquisition 96 — Liabilities settled (15) (20) Accretion expense 22 22 Change in estimated cash flows 13 3 Sale of plants — (13) Other 1 — Balance at December 31 $ 606 $ 462 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 (in millions, except range amounts): Type of Derivative Fair Value Unobservable Input Amount or Range (Weighted Average) Interest rate $ (6) Subsidiaries’ credit spreads 0.9% - 3.2% (2.3%) Foreign currency: Argentine peso 108 Argentine peso to USD currency exchange rate after one year 105 - 478 (245) Commodity: Other (1) Total $ 101 |
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, 2021 and 2020 (presented net by type of derivative in millions). Transfers between Level 3 and Level 2 principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment. Year Ended December 31, 2021 Interest Rate Cross Currency Foreign Currency Commodity Total Balance at January 1 $ (236) $ (2) $ 146 $ 2 $ (90) Total realized and unrealized gains (losses): Included in earnings 13 (10) (7) (1) (5) Included in other comprehensive income — derivative activity 4 — (3) (5) (4) Included in regulatory (assets) liabilities — — — 1 1 Settlements 216 3 (28) (1) 190 Transfers of assets/(liabilities), net into Level 3 (3) — — 3 — Transfers of (assets)/liabilities, net out of Level 3 — 9 — — 9 Balance at December 31 $ (6) $ — $ 108 $ (1) $ 101 Total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period $ 2 $ 4 $ (35) $ — $ (29) 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 |
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, 2021 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 55 $ 117 $ — $ — $ 117 Liabilities: Non-recourse debt 14,811 16,091 — 16,065 26 Recourse debt 3,754 3,818 — 3,818 — December 31, 2020 Carrying Amount Fair Value Total Level 1 Level 2 Level 3 Assets: Accounts receivable — noncurrent (1) $ 97 $ 197 $ — $ — $ 197 Liabilities: Non-recourse debt 16,354 18,403 5 15,301 3,097 Recourse debt 3,446 3,677 — 3,677 — _____________________________ (1) These amounts primarily relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and amounts related to green blend 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, 2021 (in millions, except range amounts): December 31, 2021 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Long-lived assets held and used: Puerto Rico $ 73 Discounted cash flow Annual revenue growth (80)% to 8% (—%) Annual variable margin 37% to 97% (—%) Weighted-average cost of capital 18% to —% Mountain View I & II 11 Discounted cash flow Annual revenue growth (69)% to 54% (—%) Annual variable margin (10)% to 56% (46%) Weighted-average cost of capital 8% Ventanas 3 & 4 12 Discounted cash flow Annual revenue growth (18)% to 23% (2%) Annual variable margin (5)% to 21% (6%) Weighted-average cost of capital 11% Angamos 86 Discounted cash flow Annual revenue growth (8)% to 58% (8%) Annual variable margin (8)% to 53% (11%) Weighted-average cost of capital 11% Buffalo Gap III — Discounted cash flow Annual revenue growth (12)% to 6% (—%) Pre-tax operating margin (18)% to 29% (2%) Weighted-average cost of capital 11% Buffalo Gap II — Discounted cash flow Annual revenue growth (10)% to 6% (—%) Pre-tax operating margin (26)% to 39% (-11%) Weighted-average cost of capital 11% Buffalo Gap I — Discounted cash flow Annual revenue growth (12)% to 6% (-1%) Pre-tax operating margin (45)% to 45% (-37%) Weighted-average cost of capital 11% Alto Maipo 2,043 Discounted cash flow Annual revenue growth (14)% to 14% (2%) Pre-tax operating margin (18)% to 8% (2%) Weighted-average cost of capital 7% Total $ 2,225 |
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, 2021 Measurement Date Carrying Amount (1) Fair Value Pre-tax Loss Assets Level 1 Level 2 Level 3 Dispositions: (2) Estrella del Mar I 9/30/2021 $ 17 $ — $ 6 $ — $ 11 Alto Maipo (3) 11/30/2021 2,339 — — 2,043 — Long-lived assets held and used: (4) Puerto Rico 3/31/2021 548 — — 73 475 Mountain View I & II 4/30/2021 78 — — 11 67 Ventanas 3 & 4 6/30/2021 661 — — 12 649 Angamos 6/30/2021 241 — — 86 155 Buffalo Gap III 12/31/2021 91 — — — 91 Buffalo Gap II 12/31/2021 73 — — — 73 Buffalo Gap I 12/31/2021 29 — — — 29 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: (4) Angamos 8/1/2020 $ 870 $ — $ — $ 306 $ 564 Ventanas 1 & 2 8/1/2020 213 — — — 213 Hawaii 8/31/2020 114 — — 76 38 Estrella del Mar I 9/30/2020 44 — — 14 30 Equity method investments: OPGC (5) 3/31/2020 195 — — 152 43 OPGC (5) 6/30/2020 272 — 104 — 158 _____________________________ (1) Represents the carrying values at the dates of initial measurement, before fair value adjustment. (2) See Note 24 — Held - f o r-Sale and Dispositions for further information. (3) Fair value measurement performed for purposes of allocating $224 million of goodwill to the carrying amount of Alto Maipo in determining the loss on disposal. The goodwill allocation was determined based on the relative fair value of Alto Maipo, which was included in the AES Andes reporting unit. Note that the Pre- tax Loss column excludes the loss on disposal as this fair value measurement is only one component of such loss. See Note 24 — Held - f or -Sale and Dispositions for further information. (4) See Note 22— Asset Impairment Expense for further information. (5) See Note 8— Investments In and Advances to Affiliates 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, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets DEBT SECURITIES: Available-for-sale: Unsecured debentures $ — $ — $ — $ — $ — $ 21 $ — $ 21 Certificates of deposit — 199 — 199 — 238 — 238 Total debt securities — 199 — 199 — 259 — 259 EQUITY SECURITIES: Mutual funds 31 13 — 44 28 51 — 79 Total equity securities 31 13 — 44 28 51 — 79 DERIVATIVES: Interest rate derivatives — 51 2 53 — 13 — 13 Cross-currency derivatives — 5 — 5 — 5 — 5 Foreign currency derivatives — 29 108 137 — 15 146 161 Commodity derivatives — 32 6 38 — 8 2 10 Total derivatives — assets — 117 116 233 — 41 148 189 TOTAL ASSETS $ 31 $ 329 $ 116 $ 476 $ 28 $ 351 $ 148 $ 527 Liabilities DERIVATIVES: Interest rate derivatives $ — $ 286 $ 8 $ 294 $ — $ 374 $ 236 $ 610 Cross-currency derivatives — 11 — 11 — 2 2 4 Foreign currency derivatives — 35 — 35 — 43 — 43 Commodity derivatives — 37 7 44 — 22 — 22 Total derivatives — liabilities — 369 15 384 — 441 238 679 TOTAL LIABILITIES $ — $ 369 $ 15 $ 384 $ — $ 441 $ 238 $ 679 |
Schedule of Realized Gain (Loss) | The following table presents gross proceeds from sale of available-for-sale securities for the periods indicated (in millions): Year Ended December 31, 2021 2020 2019 Gross proceeds from sale of available-for-sale securities $ 578 $ 582 $ 663 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, regardless of whether they are in qualifying cash flow hedging relationships, and the dates through which the maturities for each type of derivative range: Interest Rate and Foreign Currency Derivatives Maximum Notional Translated to USD Latest Maturity Interest rate (LIBOR and EURIBOR) $ 5,014 2059 Cross-currency swaps (Brazilian Reais) 254 2026 Foreign currency: Argentine peso 12 2026 Chilean peso 366 2024 Colombian peso 121 2023 Euro 87 2023 Brazilian real 5 2022 |
Commodity Derivatives By Type Table | Commodity Derivatives Maximum Notional Latest Maturity Natural Gas (in MMBtu) 93 2029 Power (in MWhs) 18 2043 Coal (in Tons or Metric Tonnes) 8 2027 |
Derivative Assets Liabilities At Fair Value Net By Balance Sheet Classification And Type Table | The following tables present the fair value of assets and liabilities related to the Company's derivative instruments as of the periods indicated (in millions): Fair Value December 31, 2021 December 31, 2020 Assets Designated Not Designated Total Designated Not Designated Total Interest rate derivatives $ 53 $ — $ 53 $ 13 $ — $ 13 Cross-currency derivatives 5 — 5 5 — 5 Foreign currency derivatives 28 109 137 40 121 161 Commodity derivatives 6 32 38 2 8 10 Total assets $ 92 $ 141 $ 233 $ 60 $ 129 $ 189 Liabilities Interest rate derivatives $ 288 $ 6 $ 294 $ 506 $ 104 $ 610 Cross-currency derivatives 11 — 11 4 — 4 Foreign currency derivatives 23 12 35 8 35 43 Commodity derivatives 11 33 44 — 22 22 Total liabilities $ 333 $ 51 $ 384 $ 518 $ 161 $ 679 December 31, 2021 December 31, 2020 Fair Value Assets Liabilities Assets Liabilities Current $ 85 $ 83 $ 51 $ 236 Noncurrent 148 301 138 443 Total $ 233 $ 384 $ 189 $ 679 Credit Risk-Related Contingent Features (1) December 31, 2021 December 31, 2020 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, 2021, all derivative instruments subject to credit risk-related contingent features were in an asset position. |
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, 2021 2020 2019 Cash flow hedges Gains (losses) recognized in AOCL Interest rate derivatives $ 51 $ (511) $ (290) Cross-currency derivatives (11) 3 (26) Foreign currency derivatives (34) 25 (23) Commodity derivatives (1) 5 — Total $ 5 $ (478) $ (339) Gains (losses) reclassified from AOCL to earnings Interest rate derivatives $ (419) $ (75) $ (28) Cross-currency derivatives (15) (5) (12) Foreign currency derivatives (62) (9) (13) Commodity derivatives 4 (2) (1) Total $ (492) $ (91) $ (54) Loss reclassified from AOCL to earnings due to discontinuance of hedge accounting (1) $ — $ — $ (2) Gain (losses) recognized in earnings related to Not designated as hedging instruments: Interest rate derivatives $ 105 $ (1) $ — Foreign currency derivatives 29 68 (46) Commodity derivatives and other (28) (68) (6) Total $ 106 $ (1) $ (52) |
Financing Receivables (Tables)
Financing Receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021. See Note 1— General and Summary of Significant Accounting Policies for further information. December 31, 2021 December 31, 2020 Gross Receivable Allowance Net Receivable Gross Receivable Allowance Net Receivable Argentina $ 11 $ 1 $ 10 $ 48 $ 9 $ 39 Chile 17 — 17 31 — 31 Other 30 — 30 31 — 31 Total $ 58 $ 1 $ 57 $ 110 $ 9 $ 101 |
Investments In and Advances T_2
Investments In and Advances To Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2021 2020 Affiliate Country Carrying Value (in millions) Ownership Interest % sPower (1) United States $ 492 $ 551 50 % 50 % Fluence (2) United States 304 — 34 % 50 % Uplight United States 103 85 29 % 32 % Energía Natural Dominicana Enadom (3) Dominican Republic 53 49 43 % 43 % Mesa La Paz Mexico 48 60 50 % 50 % Grupo Energía Gas Panamá Panama 41 — 49 % — % Barry (4) United Kingdom — — 100 % 100 % Other affiliates (5) Various 39 90 Total $ 1,080 $ 835 _____________________________ (1) In January 2021, the sPower and AES Renewable Holdings development platforms were merged to form AES Clean Energy Development. See Note 25— Acquisitions for further information. (2) During 2020, Fluence incurred losses resulting in a negative Investments in and advances to affiliates balance for the Company. As we had guaranteed obligations of Fluence, equity method accounting was not suspended and the negative carrying value of $12 million was recorded to Other noncurrent liabilities . Subsequent to Fluence's IPO in November 2021, AES recognized a gain upon dilution of its interest in Fluence which is now included in our Investments in and advances to affiliates balance. (3) The Company's ownership in Energía Natural Dominicana Enadom is held through Andres, an 85%-owned consolidated subsidiary. Andres owns 50% of Energía Natural Dominicana Enadom, resulting in an AES effective ownership of 43%. (4) Represents a VIE in which the Company holds a variable interest, but is not the primary beneficiary. |
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 (1) Majority-Owned Unconsolidated Subsidiaries Years ended December 31, 2021 2020 2019 2021 2020 2019 Revenue $ 1,316 $ 1,880 $ 1,122 $ 1 $ 1 $ 49 Operating margin (loss) (53) 213 124 (1) (3) (5) Net income (loss) (242) (538) (724) (3) (4) (7) December 31, 2021 2020 2021 2020 Current assets $ 1,180 $ 1,017 $ 868 $ 159 Noncurrent assets 6,497 6,230 25 886 Current liabilities 1,414 1,294 859 121 Noncurrent liabilities 3,602 3,671 60 981 Noncontrolling interests 1 — — — Stockholders' equity 2,660 2,282 (26) (57) _____________________________ (1) As of July 1, 2021, AES began to account for its investment in Fluence quarterly, on a three-month lag. This shift in timing is necessary due to the nature of the entity subsequent to its IPO. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 (in millions): US and Utilities South America MCAC Eurasia Corporate and Other Total 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 Goodwill acquired during the year (1) 339 — — — 1 340 Goodwill derecognized during the year (2) — (224) — — — (224) Balance as of December 31, 2021 Goodwill 3,127 644 16 — 1 3,788 Accumulated impairment losses (2,611) — — — — (2,611) Net balance $ 516 $ 644 $ 16 $ — $ 1 $ 1,177 |
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, 2021 December 31, 2020 Gross Balance Accumulated Amortization Net Balance Gross Balance Accumulated Amortization Net Balance Subject to Amortization Internal-use software $ 457 $ (279) $ 178 $ 386 $ (255) $ 131 Contracts 183 (48) 135 157 (38) 119 Project development rights (1) 819 (8) 811 203 (5) 198 Emissions allowances (2) 18 — 18 64 — 64 Concession rights 195 (33) 162 201 (18) 183 Other (3) 111 (17) 94 59 (14) 45 Subtotal 1,783 (385) 1,398 1,070 (330) 740 Indefinite-Lived Intangible Assets Land use rights 28 — 28 39 — 39 Water rights 3 — 3 20 — 20 Transmission rights 19 — 19 22 — 22 Other 2 — 2 6 — 6 Subtotal 52 — 52 87 — 87 Total $ 1,835 $ (385) $ 1,450 $ 1,157 $ (330) $ 827 _____________________________ (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, 2021 Amount Subject to Amortization/Indefinite-Lived Weighted Average Amortization Period (in years) Amortization Method Internal-use software $ 89 Subject to Amortization 6 Straight-line Contracts 35 Subject to Amortization 12 Straight-line Project development rights 667 Subject to Amortization 35 Straight-line Emissions allowances 22 Subject to Amortization Various As utilized Transmission rights — Indefinite-Lived N/A N/A Concession rights (1) 7 Subject to Amortization 12 Straight-line Other 2 Various N/A N/A Total $ 822 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 |
Schedule of Expected Amortization Expense | The following table summarizes the estimated amortization expense by intangible asset category for 2022 through 2026: (in millions) 2022 2023 2024 2025 2026 Internal-use software $ 32 $ 28 $ 27 $ 25 $ 24 Contracts 10 10 7 7 6 Concession rights 16 17 16 16 16 Other 6 7 7 7 8 Total $ 64 $ 62 $ 57 $ 55 $ 54 |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 Recovery/Refund Period Regulatory assets Current regulatory assets: El Salvador energy pass through costs recovery $ 80 $ 40 Quarterly Other 88 73 1 year Total current regulatory assets 168 113 Noncurrent regulatory assets: AES Indiana and AES Ohio defined benefit pension obligations (1) 191 244 Various AES Indiana deferred fuel and purchased power costs 84 — To be determined AES Indiana environmental costs 76 81 Various AES Indiana Petersburg Units 1 and 2 retirement costs 300 75 Over life of assets AES Indiana deferred Midwest ISO costs 48 61 5 years Other 135 126 Various Total noncurrent regulatory assets 834 587 Total regulatory assets $ 1,002 $ 700 Regulatory liabilities Current regulatory liabilities: Overcollection of costs to be passed back to customers $ 18 $ 47 1 year Other 1 1 Various Total current regulatory liabilities 19 48 Noncurrent regulatory liabilities: AES Indiana and AES Ohio accrued costs of removal and AROs 868 863 Over life of assets AES Indiana and AES Ohio income taxes payable to customers through rates 158 174 Various Other 30 21 Various Total noncurrent regulatory liabilities 1,056 1,058 Total regulatory liabilities $ 1,075 $ 1,106 _____________________________ (1) Past expenditures on which the Company earns a rate of return . |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Non-recourse debt [Table Text Block] | During the year ended December 31, 2021, the Company's subsidiaries had the following significant debt transactions: Subsidiary Transaction Period Issuances Repayments Loss on Extinguishment of Debt AES Brasil Q1, Q4 412 (382) (27) AES Clean Energy Development (1) Q3, Q4 502 — — Andres (2) Q2 300 (274) (14) AES Andes Q3 — (129) (14) IPALCO Q3 95 (95) — _____________________________ (1) Issuances relate to AES Clean Energy and AES Renewable Holdings. (2) Repayments relate to Andres and DPP. |
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, 2021 2020 Variable Rate: Bank loans 1.89% 2022 - 2079 $ 2,345 $ 3,494 Notes and bonds 1.01% 2022 - 2041 1,121 800 Debt to (or guaranteed by) multilateral, export credit agencies or development banks (1) 2.07% 2023 - 2026 79 457 Other 4.44% 2022 - 2027 125 — Fixed Rate: Bank loans 3.58% 2022 - 2033 359 2,965 Notes and bonds 5.03% 2022 - 2079 10,914 8,907 Debt to (or guaranteed by) multilateral, export credit agencies or development banks (1) 6.75% 2024 3 34 Other 7.06% 2022 - 2061 79 18 Unamortized (discount) premium & debt issuance (costs), net (214) (321) Subtotal $ 14,811 $ 16,354 Less: Current maturities (2) (1,361) (1,426) Noncurrent maturities (2) (3) $ 13,450 $ 14,928 _____________________________ (1) Multilateral loans include loans funded and guaranteed by bilaterals, multilaterals, development banks and other similar institutions. (2) Excludes $6 million and $4 million (current) and $128 million and $77 million (noncurrent) finance lease liabilities included in the respective non-recourse debt line items on the Consolidated Balance Sheet as of December 31, 2021 and 2020, respectively. See Note 14— Leases for further information. |
Schedule For Maturity For Non-Recourse Debt | Non-recourse debt as of December 31, 2021 is scheduled to reach maturity as shown below (in millions): December 31, Annual Maturities 2022 $ 1,370 2023 874 2024 1,378 2025 1,393 2026 815 Thereafter 9,195 Unamortized (discount) premium & debt issuance (costs), net (214) Total $ 14,811 |
Debt In Default Table | The following table summarizes the Company's subsidiary non-recourse debt in default (in millions) as of December 31, 2021. Due to the defaults, these amounts are included in the current portion of non-recourse debt: Primary Nature December 31, 2021 Subsidiary Debt in Default Net Assets AES Puerto Rico Covenant $ 201 $ (182) AES Ilumina (Puerto Rico) Covenant 29 25 AES Jordan Solar Covenant 7 5 Total $ 237 |
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, 2021 December 31, 2020 Senior Unsecured Note 3.30% 2025 900 900 Drawings on revolving credit facility LIBOR + 1.75% 2026 365 70 Senior Unsecured Note 1.375% 2026 800 800 Senior Unsecured Note 3.95% 2030 700 700 Senior Unsecured Note 2.45% 2031 1,000 1,000 Other (1) CDI + 7.00% 2022 25 18 Unamortized (discount) premium & debt issuance (costs), net (36) (41) Subtotal $ 3,754 $ 3,447 Less: Current maturities (25) (1) Noncurrent maturities $ 3,729 $ 3,446 _____________________________ (1) Represents project-level limited recourse debt at AES Holdings Brasil Ltda. December 31, Interest Rate Maturity 2021 2020 Senior Unsecured Note 3.30% 2025 900 900 Drawings on revolving credit facility LIBOR + 1.75% 2026 365 70 Senior Unsecured Note 1.375% 2026 800 800 Senior Unsecured Note 3.95% 2030 700 700 Senior Unsecured Note 2.45% 2031 1,000 1,000 Unamortized (discounts)/premiums & debt issuance (costs) (36) (40) Total $ 3,729 $ 3,430 |
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 2022 $ 25 2023 — 2024 — 2025 900 2026 1,165 Thereafter 1,700 Unamortized (discount) premium & debt issuance (costs), net (36) Total recourse debt $ 3,754 December 31, Annual Maturities 2022 $ — 2023 — 2024 — 2025 900 2026 1,165 Thereafter 1,700 Unamortized (discount)/premium & debt issuance (costs) (36) Total debt $ 3,729 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 for 2022 through 2026 and thereafter as well as actual purchases under these contracts for the years ended December 31, 2021, 2020, and 2019 (in millions): Actual purchases during the year ended December 31, Electricity Purchase Contracts Fuel Purchase Contracts Other Purchase Contracts 2019 $ 1,597 $ 1,824 $ 1,684 2020 756 1,573 1,506 2021 709 2,070 1,261 Future commitments for the year ending December 31, 2022 $ 714 $ 1,882 $ 5,896 2023 570 1,157 617 2024 551 881 322 2025 546 837 230 2026 529 639 181 Thereafter 5,894 113 1,585 Total $ 8,804 $ 5,509 $ 8,831 |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Contractual Obligations | The following table summarizes the Parent Company's contingent contractual obligations as of December 31, 2021. Amounts presented in the following table represent the Parent Company's current undiscounted exposure to guarantees and the range of maximum undiscounted potential exposure. The maximum exposure is not reduced by the amounts, if any, that could be recovered under the recourse or collateralization provisions in the guarantees. There were 9 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 $ 2,162 90 $0 — 400 Letters of credit under the unsecured credit facilities 119 31 $0 — 42 Letters of credit under the revolving credit facility 48 26 $0 — 16 Surety bond 2 2 $1 Total $ 2,331 149 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
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, 2021 December 31, 2020 Assets Right-of-use assets — finance leases Electric generation, distribution assets and other $ 125 $ 74 Right-of-use assets — operating leases Other noncurrent assets 278 275 Total right-of-use assets $ 403 $ 349 Liabilities Finance lease liabilities (current) Non-recourse debt (current liabilities) $ 6 $ 4 Finance lease liabilities (noncurrent) Non-recourse debt (noncurrent liabilities) 128 77 Total finance lease liabilities 134 81 Operating lease liabilities (current) Accrued and other liabilities 20 17 Operating lease liabilities (noncurrent) Other noncurrent liabilities 294 293 Total operating lease liabilities 314 310 Total lease liabilities $ 448 $ 391 |
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, 2021 December 31, 2020 Weighted-average remaining lease term — finance leases 32 years 31 years Weighted-average remaining lease term — operating leases 23 years 23 years Weighted-average discount rate — finance leases 4.65 % 4.11 % Weighted-average discount rate — operating leases 6.70 % 6.81 % |
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 2021 2020 Operating lease cost $ 36 $ 36 Finance lease cost: Amortization of right-of-use assets 4 3 Interest on lease liabilities 4 4 Short-term lease costs 21 13 Variable lease cost 1 — Total lease cost $ 66 $ 56 |
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, 2021 for 2022 through 2026 and thereafter (in millions): Maturity of Lease Liabilities Finance Leases Operating Leases 2022 $ 8 $ 32 2023 9 30 2024 7 29 2025 6 27 2026 7 26 Thereafter 240 488 Total 277 632 Less: Imputed interest (143) (318) Present value of lease payments $ 134 $ 314 |
Operating Lease, Lease Income | 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 2021 2020 Total lease revenue $ 595 $ 580 Less: Variable lease revenue 75 66 Total non-variable lease revenue $ 520 $ 514 |
Sales-type Lease, Lease Income [Table Text Block] | The following table shows the future lease receipts as of December 31, 2021 for 2022 through 2026 and thereafter (in millions): Future Cash Receipts for Sales-Type Leases Operating Leases 2022 $ 20 $ 460 2022 20 398 2023 21 398 2024 21 399 2026 21 282 Thereafter 315 747 Total 418 $ 2,684 Less: Imputed interest (198) Present value of total lease receipts $ 220 |
Property, Plant, and Equipment, Lessor Asset under Operating Lease | The following table presents the underlying gross assets and accumulated depreciation of operating leases included in Property, Plant and Equipment for the periods indicated (in millions): Twelve Months Ended December 31, Lease Assets 2021 2020 Gross assets $ 2,423 $ 3,103 Accumulated depreciation 765 1,011 Net assets $ 1,658 $ 2,092 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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): 2021 2020 U.S. Foreign U.S. Foreign Change in projected benefit obligation: Benefit obligation as of January 1 $ 1,331 $ 218 $ 1,242 $ 224 Service cost 14 6 12 6 Interest cost 24 15 35 14 Plan amendments 8 — 1 — Plan curtailments — (23) — (6) Plan settlements — (1) — — Benefits paid (101) (10) (81) (9) Actuarial (gain) loss (51) (16) 122 19 Effect of foreign currency exchange rate changes — (16) — (30) Benefit obligation as of December 31 $ 1,225 $ 173 $ 1,331 $ 218 Change in plan assets: Fair value of plan assets as of January 1 $ 1,249 $ 112 $ 1,154 $ 129 Actual return on plan assets 60 9 168 13 Employer contributions 10 4 8 5 Plan settlements — (1) — — Benefits paid (101) (10) (81) (9) Effect of foreign currency exchange rate changes — (8) — (26) Fair value of plan assets as of December 31 $ 1,218 $ 106 $ 1,249 $ 112 Reconciliation of funded status: Funded status as of December 31 $ (7) $ (67) $ (82) $ (106) |
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, 2021 2020 Amounts Recognized on the Consolidated Balance Sheets U.S. Foreign U.S. Foreign Noncurrent assets $ 49 $ 7 $ 9 $ — Accrued benefit liability—current — (7) — (8) Accrued benefit liability—noncurrent (56) (67) (91) (98) Net amount recognized at end of year $ (7) $ (67) $ (82) $ (106) |
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, 2021 2020 U.S. Foreign U.S. Foreign Accumulated benefit obligation $ 1,199 $ 165 $ 1,306 $ 199 Information for pension plans with an accumulated benefit obligation in excess of plan assets: Projected benefit obligation $ 458 $ 165 $ 494 $ 218 Accumulated benefit obligation 442 159 481 199 Fair value of plan assets 402 91 403 112 Information for pension plans with a projected benefit obligation in excess of plan assets: Projected benefit obligation $ 458 $ 165 $ 494 $ 218 Fair value of plan assets 402 91 403 112 |
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, 2021 2020 U.S. Foreign U.S. Foreign Benefit Obligation: Discount rate 2.82 % 10.45 % 2.45 % 7.53 % Rate of compensation increase 2.75 % 7.76 % 2.75 % 5.69 % Periodic Benefit Cost: Discount rate 2.45 % 7.53 % (1) 3.32 % 7.58 % (1) Expected long-term rate of return on plan assets 4.91 % 8.02 % 5.24 % 7.18 % Rate of compensation increase 2.75 % 5.69 % 2.86 % 6.13 % _____________________________ (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 $ (3) Decrease of 1% in the discount rate 5 Increase of 1% in the long-term rate of return on plan assets (13) Decrease of 1% in the long-term rate of return on plan assets 13 |
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, 2021 2020 2019 Components of Net Periodic Benefit Cost: U.S. Foreign U.S. Foreign U.S. Foreign Service cost $ 14 $ 6 $ 12 $ 6 $ 11 $ 8 Interest cost 24 15 35 14 44 19 Expected return on plan assets (59) (8) (58) (7) (52) (14) Amortization of prior service cost 4 — 5 — 5 — Amortization of net loss 15 3 14 2 15 1 Curtailment (gain) loss recognized — (17) — — — — Total pension cost $ (2) $ (1) $ 8 $ 15 $ 23 $ 14 |
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, 2021, that have not yet been recognized as components of net periodic benefit cost (in millions): December 31, 2021 Accumulated Other Comprehensive Income (Loss) U.S. Foreign Prior service cost $ (3) $ 3 Unrecognized net actuarial loss (23) (42) Total $ (26) $ (39) |
Target / Actual Allocation Of Pension Plan Asset | The following table summarizes the Company's target allocation for 2021 and pension plan asset allocation, both domestic and foreign, as of the periods indicated: Percentage of Plan Assets as of December 31, Target Allocations 2021 2020 Asset Category U.S. Foreign U.S. Foreign U.S. Foreign Equity securities 31% 12% 31.26 % 14.76 % 43.79 % 14.85 % Debt securities 69% 82% 68.37 % 82.40 % 55.87 % 82.30 % Real estate —% 2% — % 1.11 % — % 1.12 % Other —% 4% 0.37 % 1.73 % 0.34 % 1.73 % 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, 2021 December 31, 2020 U.S. Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Equity securities: (2) Mutual funds $ — $ 381 $ — $ 381 $ — $ 547 $ — $ 547 Debt securities: (2) Mutual funds (1) — 833 — 833 — 698 — 698 Other: Cash and cash equivalents 4 — — 4 4 — — 4 Total plan assets $ 4 $ 1,214 $ — $ 1,218 $ 4 $ 1,245 $ — $ 1,249 _____________________________ (1) Mutual funds categorized as debt securities consist of mutual funds for which debt securities are the primary underlying investment. (2) For the U.S. plans, the balances under the equity securities and debt securities categories represent investments through collective trusts. The plans have chosen collective trusts for which the underlying investments are mutual funds or mutual funds for which debt securities are the primary underlying investment. |
Fair Value Of Plan Assets By Category / Level (Foreign) | The investment strategy of the foreign 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, 2021 December 31, 2020 Foreign Plans Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Equity securities: Mutual funds $ 15 $ — $ — $ 15 $ 16 $ — $ — $ 16 Private equity — — 1 1 — — 1 1 Debt securities: Mutual funds (1) 18 69 — 87 18 74 — 92 Real estate: Real estate — — 1 1 — — 1 1 Other: Other assets 1 — 1 2 1 — 1 2 Total plan assets $ 34 $ 69 $ 3 $ 106 $ 35 $ 74 $ 3 $ 112 _____________________________ (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 2022 $ 8 $ 8 Expected benefit payments for fiscal year ending: 2022 67 15 2023 67 14 2024 68 16 2025 68 17 2026 69 18 2027 - 2031 342 115 |
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 2022 $ 8 $ 8 Expected benefit payments for fiscal year ending: 2022 67 15 2023 67 14 2024 68 16 2025 68 17 2026 69 18 2027 - 2031 342 115 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 Net income (loss) attributable to The AES Corporation $ (409) $ 46 $ 303 Transfers from noncontrolling interest: Increase (decrease) in The AES Corporation's paid-in capital for sale of subsidiary shares (7) 260 (5) Increase (decrease) in The AES Corporation's paid-in-capital for purchase of subsidiary shares (9) (89) — Net transfers (to) from noncontrolling interest (16) 171 (5) Change from net income attributable to The AES Corporation and transfers (to) from noncontrolling interests $ (425) $ 217 $ 298 |
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, 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) Other comprehensive income (loss) before reclassifications (86) (7) 23 (70) Amount reclassified to earnings 3 254 1 258 Other comprehensive income (loss) (83) 247 24 188 Reclassification from NCI due to share sales and repurchases (7) (4) — (11) Balance at December 31, 2021 $ (1,734) $ (456) $ (30) $ (2,220) |
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 2021 2020 2019 Foreign currency translation adjustments, net Gain (loss) on disposal and sale of business interests $ (3) $ (192) $ (23) Net income (loss) attributable to The AES Corporation $ (3) $ (192) $ (23) Derivative gains (losses), net Non-regulated revenue $ (1) $ (1) $ (1) Non-regulated cost of sales 1 (3) (12) Interest expense (85) (60) (26) Gain (loss) on disposal and sale of business interests (362) — 1 Asset impairment expense (13) (10) — Foreign currency transaction gains (losses) (15) (7) (12) Income (loss) from continuing operations before taxes and equity in earnings of affiliates (475) (81) (50) Income tax benefit (expense) 105 17 13 Net equity in earnings (losses) of affiliates (17) (10) (5) Income (loss) from continuing operations (387) (74) (42) Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries 133 2 6 Net income (loss) attributable to The AES Corporation $ (254) $ (72) $ (36) Amortization of defined benefit pension actuarial losses, net Regulated cost of sales $ — $ (1) $ — Non-regulated cost of sales (1) 1 — Other expense (3) — (2) Gain (loss) on disposal and sale of business interests — — (26) Income (loss) from continuing operations before taxes and equity in earnings of affiliates (4) — (28) Income tax benefit (expense) 3 — — Income (loss) from continuing operations (1) — (28) Less: Income from continuing operations attributable to noncontrolling interests and redeemable stock of subsidiaries — — 1 Net income (loss) attributable to The AES Corporation $ (1) $ — $ (27) Total reclassifications for the period, net of income tax and noncontrolling interests $ (258) $ (264) $ (86) |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 US and Utilities SBU $ 4,335 $ 3,918 $ 4,058 South America SBU 3,541 3,159 3,208 MCAC SBU 2,157 1,766 1,882 Eurasia SBU 1,123 828 1,047 Corporate and Other 116 231 46 Eliminations (131) (242) (52) Total Revenue $ 11,141 $ 9,660 $ 10,189 Reconciliation from Income (Loss) from Continuing Operations before Taxes and Equity in Earnings of Affiliates: Total Adjusted PTC Year Ended December 31, 2021 2020 2019 Income (loss) from continuing operations before taxes and equity in earnings of affiliates $ (1,064) $ 488 $ 1,001 Add: Net equity in losses of affiliates (24) (123) (172) Less: Loss (income) from continuing operations before taxes, attributable to noncontrolling interests 644 (192) (277) Pre-tax contribution (444) 173 552 Unrealized derivative and equity securities losses (gains) (1) 3 113 Unrealized foreign currency losses (gains) 14 (10) 36 Disposition/acquisition losses 861 112 12 Impairment losses 1,153 928 406 Loss on extinguishment of debt 91 223 121 Net gains from early contract terminations at Angamos (256) (182) — Total Adjusted PTC $ 1,418 $ 1,247 $ 1,240 Total Adjusted PTC Year Ended December 31, 2021 2020 2019 US and Utilities SBU $ 660 $ 505 $ 569 South America SBU 423 534 504 MCAC SBU 314 287 367 Eurasia SBU 196 177 159 Corporate and Other (182) (256) (347) Eliminations 7 — (12) Total Adjusted PTC $ 1,418 $ 1,247 $ 1,240 Total Assets Depreciation and Amortization Capital Expenditures Year Ended December 31, 2021 2020 2019 2021 2020 2019 2021 2020 2019 US and Utilities SBU $ 16,512 $ 14,464 $ 13,334 $ 549 $ 534 $ 465 $ 1,115 $ 1,099 $ 1,484 South America SBU 7,728 11,329 11,314 273 294 315 833 650 692 MCAC SBU 4,545 4,847 4,770 155 164 183 143 183 344 Eurasia SBU 3,466 3,621 3,990 66 63 67 20 9 30 Corporate and Other 712 342 240 13 13 15 29 19 1 Total $ 32,963 $ 34,603 $ 33,648 $ 1,056 $ 1,068 $ 1,045 $ 2,140 $ 1,960 $ 2,551 Interest Income Interest Expense Year Ended December 31, 2021 2020 2019 2021 2020 2019 US and Utilities SBU $ 28 $ 17 $ 18 $ 362 $ 371 $ 301 South America SBU 100 64 95 239 237 285 MCAC SBU 7 14 22 139 157 142 Eurasia SBU 161 171 180 98 113 127 Corporate and Other 2 2 3 73 160 195 Total $ 298 $ 268 $ 318 $ 911 $ 1,038 $ 1,050 Investments in and Advances to Affiliates Net Equity in Earnings (Losses) of Affiliates Year Ended December 31, 2021 2020 2019 2021 2020 2019 US and Utilities SBU $ 510 $ 568 $ 465 $ 83 $ (8) $ 11 South America SBU 19 13 77 — (80) (129) MCAC SBU 144 168 107 (23) (11) (13) Eurasia SBU — 1 215 2 4 (9) Corporate and Other 407 85 102 (86) (28) (32) Total $ 1,080 $ 835 $ 966 $ (24) $ (123) $ (172) |
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, 2021, 2020, and 2019, and as of December 31, 2021 and 2020 (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, 2021 2020 2019 2021 2020 United States (2) $ 3,531 $ 3,243 $ 3,230 $ 11,034 $ 10,360 Non-U.S.: Chile 2,297 2,092 1,839 2,241 5,831 Dominican Republic 1,087 896 877 892 843 El Salvador 792 666 824 371 361 Bulgaria 700 444 459 1,020 1,149 Panama 595 519 601 1,907 1,939 Brazil 471 401 525 1,215 1,091 Mexico 471 349 402 614 623 Argentina 390 308 373 470 484 Colombia 383 358 472 349 355 Vietnam (3) 320 285 343 — — Jordan 98 96 95 42 44 United Kingdom (4) — — 147 — — Other Non-U.S. 6 3 2 28 23 Total Non-U.S. 7,610 6,417 6,959 9,149 12,743 Total $ 11,141 $ 9,660 $ 10,189 $ 20,183 $ 23,103 _____________________________ (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 $311 million, $298 million, and $294 million for the years ended December 31, 2021, 2020, and 2019, respectively, and long-lived assets of $79 million and $533 million as of December 31, 2021 and 2020, respectively. (3) Mong Duong assets were classified as held-for-sale as of December 31, 2021 and 2020. See Notes 20— Revenue 24— Held - f o r-Sale and Dispositions for further information. (4) The Kilroot and Ballylumford long-lived assets were deconsolidated upon completion of the sale in June 2019. See Note 24— Held - f or- Sale and Dispositions for further information. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 RSU expense before income tax $ 12 $ 10 $ 10 Tax benefit (2) (2) (1) RSU expense, net of tax $ 10 $ 8 $ 9 Total value of RSUs converted (1) $ 13 $ 11 $ 12 Total fair value of RSUs vested $ 10 $ 10 $ 10 _____________________________ (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, 2021 follows (RSUs in thousands): RSUs Weighted Average Grant Date Fair Values Weighted Average Remaining Vesting Term Nonvested at December 31, 2020 1,210 $ 17.53 Vested (634) 15.63 Forfeited and expired (109) 23.46 Granted 1,091 26.46 Nonvested at December 31, 2021 1,558 $ 24.14 2.29 Expected to vest at December 31, 2021 1,420 $ 24.10 |
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, 2021 2020 2019 RSUs vested during the year 634 806 996 RSUs converted during the year, net of shares withheld for taxes 452 547 666 Shares withheld for taxes 182 259 329 |
Redeemable Stock of Subsidiar_2
Redeemable Stock of Subsidiaries Redeemable Stock of Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 Balance at the beginning of the period $ 872 $ 888 Contributions from holders of redeemable stock of subsidiaries 579 — Net income (loss) attributable to redeemable stock of subsidiaries (6) 8 Fair value adjustment 4 4 Other comprehensive loss attributable to redeemable stock of subsidiaries 19 (28) Acquisition and reclassification of stock of subsidiaries (211) — Balance at the end of the period $ 1,257 $ 872 The following table summarizes the Company's redeemable stock of subsidiaries balances as of the periods indicated (in millions): December 31, 2021 2020 IPALCO common stock $ 700 $ 618 AES Clean Energy Development common stock 497 — AES Indiana preferred stock 60 60 Colon quotas (1) — 194 Total redeemable stock of subsidiaries $ 1,257 $ 872 _____________________________ (1) Characteristics of quotas are similar to common stock. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 US and Utilities SBU South America SBU MCAC SBU Eurasia SBU Corporate, Other and Eliminations Total Regulated Revenue Revenue from contracts with customers $ 2,831 $ — $ — $ — $ — $ 2,831 Other regulated revenue 37 — — — — 37 Total regulated revenue 2,868 — — — — 2,868 Non-Regulated Revenue Revenue from contracts with customers 1,132 3,531 2,057 881 (15) 7,586 Other non-regulated revenue (1) 335 10 100 242 — 687 Total non-regulated revenue 1,467 3,541 2,157 1,123 (15) 8,273 Total revenue $ 4,335 $ 3,541 $ 2,157 $ 1,123 $ (15) $ 11,141 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 _____________________________ (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, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | The components are summarized as follows (in millions): Year Ended December 31, 2021 2020 2019 Other Income Gain on remeasurement to acquisition-date fair value (1) $ 254 $ — $ — Legal settlements (2) 53 — — Gain on remeasurement of contingent consideration (3) 28 — — Gain on sale of assets (4) 24 46 — Gain on pension curtailment 11 — — Non-service pension income 10 — — AFUDC (US Utilities) 8 5 3 Gain on insurance proceeds (5) — — 118 Other 22 24 24 Total other income $ 410 $ 75 $ 145 Other Expense Loss on sale and disposal of assets (6) $ 14 $ 7 $ 22 Loss on commencement of sales-type leases (7) 13 — 36 Loss on sale of receivables (8) 9 20 — Legal contingencies and settlements 2 15 2 Non-service pension and other postretirement costs — 2 17 Other 22 9 3 Total other expense $ 60 $ 53 $ 80 |
Asset Impairment Expense (Table
Asset Impairment Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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) 2021 2020 2019 Ventanas 3 & 4 $ 649 $ — $ — Puerto Rico 475 — — Angamos 155 564 — Buffalo Gap III 91 — — Buffalo Gap II 73 — — Mountain View I & II 67 — — Buffalo Gap I 29 — — Estrella del Mar I 11 30 — Ventanas 1 & 2 — 213 — Hawaii — 38 60 Kilroot and Ballylumford — — 115 Other 25 19 10 Total $ 1,575 $ 864 $ 185 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 U.S. $ 622 $ (135) $ (57) Non-U.S. (1,686) 623 1,058 Total $ (1,064) $ 488 $ 1,001 |
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, 2021 2020 2019 Federal: Current $ (2) $ (8) $ (7) Deferred 42 (17) (4) State: Current 1 — (1) Deferred 18 2 — Foreign: Current 273 458 368 Deferred (465) (219) (4) Total $ (133) $ 216 $ 352 |
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, 2021 2020 2019 Statutory Federal tax rate 21 % 21 % 21 % State taxes, net of Federal tax benefit (6) % (6) % 6 % Taxes on foreign earnings (2) % 15 % 12 % Valuation allowance 7 % 16 % (2) % Uncertain tax positions 16 % — % — % Change in tax law (1) % 3 % (1) % U.S. Investment Tax Credit — % (8) % — % Alto Maipo deconsolidation (17) % — % — % Noncontrolling interest on Buffalo Gap impairments (3) % — % — % Other—net (2) % 3 % (1) % Effective tax rate 13 % 44 % 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, 2021 2020 Income taxes receivable—current $ 184 $ 138 Income taxes receivable—noncurrent 2 9 Total income taxes receivable $ 186 $ 147 Income taxes payable—current $ 133 $ 284 Income taxes payable—noncurrent — — Total income taxes payable $ 133 $ 284 |
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, 2021 2020 Differences between book and tax basis of property $ (961) $ (1,308) Investment in U.S. tax partnerships (629) (332) Other taxable temporary differences (418) (403) Total deferred tax liability (2,008) (2,043) Operating loss carryforwards 979 1,156 Capital loss carryforwards 77 73 Bad debt and other book provisions 380 87 Tax credit carryforwards 68 78 Other deductible temporary differences 464 471 Total gross deferred tax asset 1,968 1,865 Less: Valuation allowance (528) (634) Total net deferred tax asset 1,440 1,231 Net deferred tax liability $ (568) $ (812) |
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, 2021 2020 Interest related $ 2 $ 1 Penalties related 1 — The following table shows the expense/(benefit) related to interest and penalties on unrecognized tax benefits for the periods indicated (in millions): December 31, 2021 2020 2019 Total benefit for interest related to unrecognized tax benefits $ 1 $ — $ (2) Total expense for penalties related to unrecognized tax benefits 1 — — |
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 2015-2021 Brazil 2016-2021 Chile 2018-2021 Colombia 2016-2021 Dominican Republic 2019-2021 El Salvador 2018-2021 Netherlands 2015-2021 Panama 2018-2021 United Kingdom 2018-2021 United States (Federal) 2017-2021 |
Unrecognized Tax Benefits | The following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the periods indicated (in millions): 2021 2020 2019 Balance at January 1 $ 458 $ 465 $ 463 Additions for current year tax positions 28 — 6 Additions for tax positions of prior years 14 3 4 Reductions for tax positions of prior years — (6) (5) Settlements (377) — — Lapse of statute of limitations (1) (4) (3) Balance at December 31 $ 122 $ 458 $ 465 |
Held-For-Sale Businesses and Di
Held-For-Sale Businesses and Dispositions Held-For-Sale Businesses and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 Alto Maipo $ 35 $ 11 $ (6) Itabo 5 41 30 Estrella de Mar I — 5 12 Stuart and Killen (1) — — 52 Shady Point — — (5) Other — — (3) Total $ 40 $ 57 $ 80 _____________________________ (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. |
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, 2021 was as follows (in millions): Year Ended December 31, 2021 2020 2019 Mong Duong $ 56 $ 55 $ 34 Jordan 21 20 18 Total $ 77 $ 75 $ 52 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Basic And Diluted Table | The following table is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computation for income from continuing operations for the years ended December 31, 2021, 2020 and 2019, where income represents the numerator and weighted-average shares represent the denominator. Year Ended December 31, 2021 2020 2019 (in millions, except per share data) Loss Shares $ per Share Income Shares $ per Share Income Shares $ per Share BASIC EARNINGS (LOSS) PER SHARE Income (loss) from continuing operations attributable to The AES Corporation common stockholders $ (413) 666 $ (0.62) $ 43 665 $ 0.06 $ 302 664 $ 0.46 EFFECT OF DILUTIVE SECURITIES Stock options — — — — 1 — — — — Restricted stock units — — — — 2 — — 3 (0.01) DILUTED EARNINGS (LOSS) PER SHARE $ (413) 666 $ (0.62) $ 43 668 $ 0.06 $ 302 667 $ 0.45 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 Revenue—Non-Regulated $ 1,159 $ 1,506 $ 1,544 Cost of Sales—Non-Regulated 324 504 531 Interest income 12 20 21 Interest expense 88 131 74 |
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, 2021 2020 Receivables from related parties $ 131 $ 252 Accounts and notes payable to related parties (1) 1,421 1,765 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 and 2020 (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 2021 Mar 31 Jun 30 Sep 30 Dec 31 Revenue $ 2,635 $ 2,700 $ 3,036 $ 2,770 Operating margin 664 728 760 559 Income (loss) from continuing operations, net of tax (1) (29) (81) 485 (1,330) Income from discontinued operations, net of tax — 4 — — Net income (loss) $ (29) $ (77) $ 485 $ (1,330) Net income (loss) attributable to The AES Corporation $ (148) $ 28 $ 343 $ (632) Basic earnings (loss) per share: Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax $ (0.22) $ 0.03 $ 0.52 $ (0.95) 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) $ 0.04 $ 0.52 $ (0.95) Diluted earnings (loss) per share: Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax $ (0.22) $ 0.03 $ 0.48 $ (0.95) 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) $ 0.04 $ 0.48 $ (0.95) Dividends declared per common share $ 0.15 $ — $ 0.15 $ 0.31 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 (2) 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 _____________________________ (1) Includes pre-tax impairment expense of $473 million, $872 million, and $201 million in the first, second, and fourth quarters of 2021, respectively (See Note 22— Asset Impairment Expense ), and pre-tax loss on sale of business interests of $1.8 billion, primarily due to the deconsolidation of Alto Maipo, in the fourth quarter of 2021 (See Note 24— Held-for-Sale and Dispositions ). (2) Includes pre-tax impairment expense of $849 million in the third quarter of 2020 (See Note 22— Asset Impairment 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, 2021 | |
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, 2021 December 31, 2020 Senior Unsecured Note 3.30% 2025 900 900 Drawings on revolving credit facility LIBOR + 1.75% 2026 365 70 Senior Unsecured Note 1.375% 2026 800 800 Senior Unsecured Note 3.95% 2030 700 700 Senior Unsecured Note 2.45% 2031 1,000 1,000 Other (1) CDI + 7.00% 2022 25 18 Unamortized (discount) premium & debt issuance (costs), net (36) (41) Subtotal $ 3,754 $ 3,447 Less: Current maturities (25) (1) Noncurrent maturities $ 3,729 $ 3,446 _____________________________ (1) Represents project-level limited recourse debt at AES Holdings Brasil Ltda. December 31, Interest Rate Maturity 2021 2020 Senior Unsecured Note 3.30% 2025 900 900 Drawings on revolving credit facility LIBOR + 1.75% 2026 365 70 Senior Unsecured Note 1.375% 2026 800 800 Senior Unsecured Note 3.95% 2030 700 700 Senior Unsecured Note 2.45% 2031 1,000 1,000 Unamortized (discounts)/premiums & debt issuance (costs) (36) (40) Total $ 3,729 $ 3,430 |
Junior Subordinated Notes Payable | December 31, Interest Rate Maturity 2021 2020 Senior Unsecured Note 3.30% 2025 900 900 Drawings on revolving credit facility LIBOR + 1.75% 2026 365 70 Senior Unsecured Note 1.375% 2026 800 800 Senior Unsecured Note 3.95% 2030 700 700 Senior Unsecured Note 2.45% 2031 1,000 1,000 Unamortized (discounts)/premiums & debt issuance (costs) (36) (40) Total $ 3,729 $ 3,430 |
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 2022 $ 25 2023 — 2024 — 2025 900 2026 1,165 Thereafter 1,700 Unamortized (discount) premium & debt issuance (costs), net (36) Total recourse debt $ 3,754 December 31, Annual Maturities 2022 $ — 2023 — 2024 — 2025 900 2026 1,165 Thereafter 1,700 Unamortized (discount)/premium & debt issuance (costs) (36) Total debt $ 3,729 |
General and Summary of Signif_4
General and Summary of Significant Accounting Policies (Finite Lived Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Financing Receivable, after Allowance for Credit Loss | $ 57,000,000 | $ 101,000,000 | $ 57,000,000 | $ 101,000,000 | |||||||||||||||
Other assets | $ 1,605,000,000 | 2,188,000,000 | 1,660,000,000 | 2,188,000,000 | 1,660,000,000 | $ 1,635,000,000 | |||||||||||||
Operating Lease, Right-of-Use Asset | 278,000,000 | 275,000,000 | 278,000,000 | 275,000,000 | |||||||||||||||
Revenues | 2,770,000,000 | $ 3,036,000,000 | $ 2,700,000,000 | $ 2,635,000,000 | 2,560,000,000 | $ 2,545,000,000 | $ 2,217,000,000 | $ 2,338,000,000 | 11,141,000,000 | 9,660,000,000 | 10,189,000,000 | ||||||||
Cost of Goods and Services Sold | (8,430,000,000) | (6,967,000,000) | (7,840,000,000) | ||||||||||||||||
Gross Profit | 559,000,000 | 760,000,000 | 728,000,000 | 664,000,000 | 906,000,000 | 756,000,000 | 524,000,000 | 507,000,000 | 2,711,000,000 | 2,693,000,000 | 2,349,000,000 | ||||||||
Interest income | 298,000,000 | 268,000,000 | 318,000,000 | ||||||||||||||||
Other Assets, Current | 800,000,000 | 897,000,000 | 726,000,000 | 897,000,000 | 726,000,000 | 802,000,000 | |||||||||||||
Assets | 32,963,000,000 | 34,603,000,000 | 32,963,000,000 | 34,603,000,000 | 33,648,000,000 | ||||||||||||||
Retained Earnings (Accumulated Deficit) | (731,000,000) | (1,089,000,000) | (680,000,000) | (1,089,000,000) | (680,000,000) | (692,000,000) | |||||||||||||
Cash and Cash Equivalents, at Carrying Value | 943,000,000 | 1,089,000,000 | 943,000,000 | 1,089,000,000 | |||||||||||||||
Restricted Cash and Cash Equivalents, Current | 304,000,000 | 297,000,000 | 304,000,000 | 297,000,000 | |||||||||||||||
Other Comprehensive Income (Loss), Effect of Change in Accounting Principle, Net of Taxes | 292,000,000 | (167,000,000) | (227,000,000) | ||||||||||||||||
Debt service reserves and other deposits | 237,000,000 | 441,000,000 | 237,000,000 | 441,000,000 | |||||||||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,484,000,000 | 1,827,000,000 | 1,484,000,000 | 1,827,000,000 | 1,572,000,000 | $ 2,003,000,000 | |||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,220,000,000) | (2,397,000,000) | (2,220,000,000) | (2,397,000,000) | (2,229,000,000) | ||||||||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 2,217,000,000 | 1,769,000,000 | 2,086,000,000 | 1,769,000,000 | 2,086,000,000 | 2,233,000,000 | |||||||||||||
Liabilities and Equity | 32,963,000,000 | 34,603,000,000 | 32,963,000,000 | 34,603,000,000 | |||||||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (1,064,000,000) | 488,000,000 | 1,001,000,000 | ||||||||||||||||
Income (Loss) from Continuing Operations, net of Tax | (1,330,000,000) | [1] | 485,000,000 | (81,000,000) | [1] | (29,000,000) | [1] | 401,000,000 | (481,000,000) | [2] | 0 | [2] | 229,000,000 | [2] | (955,000,000) | 149,000,000 | 477,000,000 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (1,330,000,000) | 485,000,000 | (77,000,000) | (29,000,000) | 401,000,000 | (481,000,000) | 3,000,000 | 229,000,000 | (951,000,000) | 152,000,000 | 478,000,000 | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | (632,000,000) | $ 343,000,000 | $ 28,000,000 | $ (148,000,000) | 318,000,000 | $ (333,000,000) | $ (83,000,000) | $ 144,000,000 | (409,000,000) | 46,000,000 | 303,000,000 | ||||||||
Accrued and other liabilities | 1,120,000,000 | 1,223,000,000 | 1,120,000,000 | 1,223,000,000 | |||||||||||||||
Other long-term liabilities | 3,358,000,000 | 3,241,000,000 | 3,358,000,000 | 3,241,000,000 | |||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 476,000,000 | 527,000,000 | 476,000,000 | 527,000,000 | |||||||||||||||
Financing Receivable, before Allowance for Credit Loss | 58,000,000 | 110,000,000 | 58,000,000 | 110,000,000 | |||||||||||||||
Accounts and Financing Receivable, Allowance for Credit Loss | 63,000,000 | 62,000,000 | 63,000,000 | 62,000,000 | 68,000,000 | ||||||||||||||
Financing Receivable, Allowance for Credit Loss | 1,000,000 | 9,000,000 | 1,000,000 | 9,000,000 | |||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Current | 20,000,000 | 5,000,000 | 13,000,000 | 5,000,000 | 13,000,000 | ||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 16,000,000 | 12,000,000 | |||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (11,000,000) | (9,000,000) | |||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | |||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (4,000,000) | (9,000,000) | |||||||||||||||||
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 | ||||||||||||||||||
Property, Plant and Equipment [Member] | |||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Operating Lease, Right-of-Use Asset | 2,423,000,000 | 3,103,000,000 | 2,423,000,000 | 3,103,000,000 | |||||||||||||||
Accumulated Amortization on PP&E [Member] | |||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Operating Lease, Right-of-Use Asset | 765,000,000 | 1,011,000,000 | 765,000,000 | 1,011,000,000 | |||||||||||||||
Accounts Receivable | |||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Current | 9,000,000 | 9,000,000 | 9,000,000 | 9,000,000 | 4,000,000 | ||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 9,000,000 | 11,000,000 | |||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (11,000,000) | (9,000,000) | |||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Recovery | (2,000,000) | (3,000,000) | |||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 0 | 0 | |||||||||||||||||
Mong Duong Subsidiary [Member] | |||||||||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Current | 30,000,000 | 32,000,000 | 30,000,000 | 32,000,000 | 34,000,000 | ||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 0 | 0 | |||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | |||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Recovery | (2,000,000) | (2,000,000) | |||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 0 | 0 | |||||||||||||||||
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] | |||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Current | 23,000,000 | 20,000,000 | 23,000,000 | 20,000,000 | 29,000,000 | ||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 7,000,000 | 1,000,000 | |||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | |||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Recovery | 0 | (1,000,000) | |||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (4,000,000) | (9,000,000) | |||||||||||||||||
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] | |||||||||||||||||||
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, Current | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 0 | 0 | |||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | |||||||||||||||||
Accounts Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | |||||||||||||||||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 0 | 0 | |||||||||||||||||
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 | 10,000,000 | 39,000,000 | 10,000,000 | 39,000,000 | |||||||||||||||
Revenues | 390,000,000 | 308,000,000 | $ 373,000,000 | ||||||||||||||||
Financing Receivable, before Allowance for Credit Loss | 11,000,000 | 48,000,000 | 11,000,000 | 48,000,000 | |||||||||||||||
Financing Receivable, Allowance for Credit Loss | $ 1,000,000 | $ 9,000,000 | $ 1,000,000 | $ 9,000,000 | |||||||||||||||
[1] | Includes pre-tax impairment expense of $473 million, $872 million, and $201 million in the first, second, and fourth quarters of 2021, respectively (See Note 22— Asset Impairment Expense ), and pre-tax loss on sale of business interests of $1.8 billion, primarily due to the deconsolidation of Alto Maipo, in the fourth quarter of 2021 (See Note 24— Held-for-Sale and Dispositions ). | ||||||||||||||||||
[2] | Includes pre-tax impairment expense of $849 million in the third quarter of 2020 (See Note 22— Asset Impairment 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 $112 million in the third quarter of 2020 (See Note 8— Investments in and Advances to Affiliates ). |
General and Summary of Signif_6
General and Summary of Significant Accounting Policies Change in Accounting Estimate (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Change in Accounting Estimate [Line Items] | ||||
Accounts receivable, net of allowance for doubtful accounts of $5 and $13, respectively | $ 1,479 | $ 1,418 | $ 1,300 | $ 1,479 |
Other Assets, Current | (800) | (897) | (726) | (802) |
Accounts and Financing Receivable, after Allowance for Credit Loss, Noncurrent | (1,319) | (1,351) | ||
Other Assets, Noncurrent | (1,605) | (2,188) | (1,660) | (1,635) |
Retained Earnings (Accumulated Deficit) | (731) | (1,089) | (680) | (692) |
Stockholders' Equity Attributable to Noncontrolling Interest | 2,217 | 1,769 | 2,086 | 2,233 |
Loans and Leases Receivable, Allowance | 32 | |||
Accounts Receivable, Allowance for Credit Loss, Current | 20 | 5 | 13 | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 16 | 12 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (11) | (9) | ||
Accounts Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | (4) | (9) | ||
Accounts and Financing Receivable, Allowance for Credit Loss | 63 | 62 | 68 | |
Other Current Assets [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Deferred Income Tax Assets, Net | $ 165 | 156 | ||
Accounts Receivable | ||||
Change in Accounting Estimate [Line Items] | ||||
Accounts Receivable, Allowance for Credit Loss, Current | 9 | 9 | 4 | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 9 | 11 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (11) | (9) | ||
Accounts Receivable, Allowance for Credit Loss, Recovery | (2) | (3) | ||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 0 | 0 | ||
Mong Duong Subsidiary [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Accounts Receivable, Allowance for Credit Loss, Current | 30 | 32 | 34 | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 0 | 0 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | ||
Accounts Receivable, Allowance for Credit Loss, Recovery | (2) | (2) | ||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 0 | 0 | ||
Other Entity [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Accounts Receivable, Allowance for Credit Loss, Current | 1 | 1 | 1 | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 0 | 0 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | ||
Accounts Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | 0 | 0 | ||
AES Argentina [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Accounts Receivable, Allowance for Credit Loss, Current | 23 | 20 | $ 29 | |
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 7 | 1 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | ||
Accounts Receivable, Allowance for Credit Loss, Recovery | 0 | (1) | ||
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | $ (4) | $ (9) | ||
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] | AES Argentina [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Financing Receivable, Credit Loss Rate | 41.20% | |||
Accounting Standards Update 2016-13 [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Accounts receivable, net of allowance for doubtful accounts of $5 and $13, 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, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Fuel and other raw materials | $ 366 | $ 223 |
Spare parts and supplies | 238 | 238 |
Total | $ 604 | $ 461 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Components of PP&E) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | $ 25,552 | $ 26,707 |
Accumulated depreciation | (8,486) | (8,472) |
Property, Plant and Equipment, Net | 17,066 | 18,235 |
Electric generation and distribution facilities | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | $ 22,909 | 24,239 |
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 | 39 years | |
Other buildings | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | $ 1,552 | 1,507 |
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 | $ 356 | 333 |
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 | $ 735 | $ 628 |
Other | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 1 year | |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 972 | $ 1,004 | $ 977 |
Interest capitalized during development and construction | 226 | 307 | $ 238 |
Property plant and equipment, net of accumulated depreciation mortgaged, pledged or subject to liens | $ 9,000 | $ 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, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | $ 25,552 | $ 26,707 |
Accumulated depreciation | (8,486) | (8,472) |
Net electric generation and distribution assets and other | 17,066 | 18,235 |
Regulated Operation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | 9,151 | 8,858 |
Accumulated depreciation | (3,655) | (3,329) |
Net electric generation and distribution assets and other | 5,496 | 5,529 |
Unregulated Operation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Electric generation, distribution assets and other | 16,401 | 17,849 |
Accumulated depreciation | (4,831) | (5,143) |
Net electric generation and distribution assets and other | $ 11,570 | $ 12,706 |
Asset Retirement Obligation (De
Asset Retirement Obligation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset Retirement Obligation | $ 606 | $ 462 | $ 428 |
Asset Retirement Obligation, Liabilities Incurred | 27 | 42 | |
Asset Retirement Obligation, Assumed in Acquisition | 96 | 0 | |
Asset Retirement Obligation, Liabilities Settled | 15 | 20 | |
Asset Retirement Obligation, Accretion Expense | 22 | 22 | |
Asset Retirement Obligation, Revision of Estimate | 13 | 3 | |
Asset Retirement Obligations, Sale of Plants | 0 | (13) | |
Asset Retirement Obligation, Other | 1 | 0 | |
DPL Subsidiary | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset Retirement Obligations, Sale of Plants | 13 | ||
Hawaii Subsidiary [Member] | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset Retirement Obligation, Liabilities Incurred | 12 | ||
Andes Chile Subsidiary | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset Retirement Obligation, Liabilities Incurred | $ 17 | ||
Asset Retirement Obligation, Revision of Estimate | 36 | ||
AES Clean Energy | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset Retirement Obligation, Assumed in Acquisition | $ 93 |
Fair Value (Recurring Measureme
Fair Value (Recurring Measurements) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 476 | $ 527 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 384 | 679 | |
Proceeds from Sale of Available-for-sale Securities, Equity | $ 663 | ||
Proceeds from Sale of Debt Securities, Available-for-sale | 578 | 582 | |
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 | 31 | 28 | |
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 | 329 | 351 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 369 | 441 | |
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 | 116 | 148 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 15 | 238 | |
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 | 233 | 189 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 384 | 679 | |
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 | 44 | 22 | |
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 | 294 | 610 | |
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 | 11 | 4 | |
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 | 35 | 43 | |
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 | 117 | 41 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 369 | 441 | |
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 | 37 | 22 | |
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 | 286 | 374 | |
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 | 11 | 2 | |
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 | 35 | 43 | |
Derivative [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 116 | 148 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 15 | 238 | |
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 | 7 | 0 | |
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 | 8 | 236 | |
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 | 0 | 2 | |
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 | 0 | 21 | |
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 | 0 | 21 | |
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 | 38 | 10 | |
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 | 32 | 8 | |
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 | 6 | 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 | 199 | 238 | |
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 | 199 | 238 | |
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 | 199 | 259 | |
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 | 199 | 259 | |
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 | 44 | ||
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 | 31 | ||
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 | 13 | ||
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 | 79 | ||
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 | 28 | ||
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 | 51 | ||
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 | 44 | 79 | |
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 | 31 | 28 | |
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 | 13 | 51 | |
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 | 137 | 161 | |
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 | 29 | 15 | |
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 | 108 | 146 | |
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 | 5 | |
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 | 5 | |
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 | 53 | 13 | |
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 | 51 | 13 | |
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 | $ 2 | $ 0 |
Fair Value (Level 3 Reconciliat
Fair Value (Level 3 Reconciliation) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
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 | $ 101 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | 5 | $ (70) | |
Included in regulatory (assets) liabilities | 1 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (190) | (17) | |
Fair Value, Net Derivative Liability Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 0 | 6 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 2 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers out of Level 3 | 9 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 101 | (90) | $ (102) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (29) | 35 | |
Commodity Contract [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings | (1) | 2 | |
Included in regulatory (assets) liabilities | 1 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (1) | 1 | |
Fair Value, Net Derivative Liability Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 3 | 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 | (1) | 2 | (1) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 0 | 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 | (7) | 67 | |
Included in regulatory (assets) liabilities | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (28) | (39) | |
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 | 1 | ||
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 | 108 | 146 | 94 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | (35) | 35 | |
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 | 13 | 3 | |
Included in regulatory (assets) liabilities | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 216 | 34 | |
Fair Value, Net Derivative Liability Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers into Level 3 | 3 | 6 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 1 | ||
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 | (6) | (236) | (184) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 2 | 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 | (10) | (2) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||
Included in regulatory (assets) liabilities | 0 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | 3 | 21 | |
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 | 9 | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 0 | (2) | $ (11) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Period Increase (Decrease) | 4 | (2) | |
Other comprehensive income - Derivative activity [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Other Comprehensive Income (Loss) | 4 | 71 | |
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) | (5) | 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) | (3) | 23 | |
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) | $ 4 | (84) | |
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) | $ (10) | ||
Argentina, Pesos | Foreign Exchange Contract [Member] | Weighted Average [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Derivative, Forward Exchange Rate | 245 | ||
Argentina, Pesos | Foreign Exchange Contract [Member] | Minimum | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Derivative, Forward Exchange Rate | 105 | ||
Argentina, Pesos | Foreign Exchange Contract [Member] | Maximum | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Derivative, Forward Exchange Rate | 478 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information) (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 101 | $ (90) | $ (102) | |
Foreign Exchange Contract [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 108 | 146 | 94 | |
Interest Rate Contract | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (6) | (236) | (184) | |
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 | 0 | (2) | (11) | |
Commodity Contract [Member] | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ (1) | $ 2 | $ (1) | |
Measurement Input, Entity Credit Risk [Member] | Interest Rate Contract | Minimum | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 0.90% | |||
Measurement Input, Entity Credit Risk [Member] | Interest Rate Contract | Maximum | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 3.20% | |||
Measurement Input, Entity Credit Risk [Member] | Interest Rate Contract | Weighted Average | ||||
Fair Value Inputs Quantitative Information [Line Items] | ||||
Fair Value Measurement Inputs, Nonrecurring | 2.30% |
Fair Value (Nonrecurring Measur
Fair Value (Nonrecurring Measurements) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2019 | Apr. 12, 2019 | ||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Other Asset Impairment Charges | $ 1,575,000,000 | $ 864,000,000 | $ 185,000,000 | ||||||||||||
Other non-operating expense | $ 0 | 202,000,000 | $ 92,000,000 | ||||||||||||
Buffalo Gap [Member] | Maximum | Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Fair Value Measurement Inputs, Nonrecurring | 6.00% | ||||||||||||||
Kilroot and Ballylumford [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 114,000,000 | ||||||||||||||
OPGC Affiliate [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Equity Method Investment, Other than Temporary Impairment | 43,000,000 | ||||||||||||||
buffalo gap II [Member] [Member] | Maximum | Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Fair Value Measurement Inputs, Nonrecurring | 6.00% | ||||||||||||||
OPGC | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 158,000,000 | $ 43,000,000 | $ 201,000,000 | ||||||||||||
Angamos [Member] | Maximum | Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Fair Value Measurement Inputs, Nonrecurring | 58.00% | ||||||||||||||
buffalo gap III | Maximum | Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Fair Value Measurement Inputs, Nonrecurring | 6.00% | ||||||||||||||
AES PR | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 73,000,000 | ||||||||||||||
AES PR | Maximum | Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Fair Value Measurement Inputs, Nonrecurring | 8.00% | ||||||||||||||
Mountain View Power Partners | Maximum | Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Fair Value Measurement Inputs, Nonrecurring | 54.00% | ||||||||||||||
Ventanas 3 & 4 | Maximum | Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Fair Value Measurement Inputs, Nonrecurring | 23.00% | ||||||||||||||
Alto Maipo | Maximum | Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Fair Value Measurement Inputs, Nonrecurring | 14.00% | ||||||||||||||
Estimate of Fair Value Measurement [Member] | Level 3 | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 2,225,000,000 | ||||||||||||||
Equity Method Investments [Member] | OPGC Affiliate [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Other Asset Impairment Charges | 158,000,000 | ||||||||||||||
Equity Method Investments [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] | 272,000,000 | 195,000,000 | 272,000,000 | |||||||||||
Equity Method Investments [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 | 0 | |||||||||||||
Equity Method Investments [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 | 104,000,000 | 104,000,000 | |||||||||||||
Equity Method Investments [Member] | Estimate of Fair Value Measurement [Member] | OPGC Affiliate [Member] | 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] | Buffalo Gap [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Other Asset Impairment Charges | 29,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Kilroot and Ballylumford [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 232,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | buffalo gap II [Member] [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Other Asset Impairment Charges | 73,000,000 | ||||||||||||||
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] | Angamos [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Other Asset Impairment Charges | 155,000,000 | 564,000,000 | [2] | ||||||||||||
Long Lived Assets Held And Used [Member] | buffalo gap III | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Other Asset Impairment Charges | 91,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Ventanas 1 & 2 | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Other Asset Impairment Charges | 213,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | AES PR | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Other Asset Impairment Charges | [2] | 475,000,000 | |||||||||||||
Long Lived Assets Held And Used [Member] | Mountain View Power Partners | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Other Asset Impairment Charges | 67,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Ventanas 3 & 4 | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Other Asset Impairment Charges | 649,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Reported 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] | Reported 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] | Reported Value Measurement [Member] | Angamos [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1],[2] | 870,000,000 | |||||||||||||
Long Lived Assets Held And Used [Member] | Reported Value Measurement [Member] | Ventanas 1 & 2 | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 213,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Buffalo Gap [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 29,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Buffalo Gap [Member] | 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] | Buffalo Gap [Member] | 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] | Buffalo Gap [Member] | 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] | Estimate of Fair Value Measurement [Member] | buffalo gap II [Member] [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 73,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | buffalo gap II [Member] [Member] | 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] | buffalo gap II [Member] [Member] | 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] | buffalo gap II [Member] [Member] | 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] | 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 | 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] | Angamos [Member] | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 241,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Angamos [Member] | Level 1 | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 0 | 0 | [2] | ||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Angamos [Member] | Level 2 | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 0 | 0 | [2] | ||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Angamos [Member] | Level 3 | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 306,000,000 | [2] | $ 86,000,000 | 86,000,000 | 306,000,000 | ||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | buffalo gap III | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 91,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | buffalo gap III | 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] | buffalo gap III | 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] | buffalo gap III | 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] | Estimate of Fair Value Measurement [Member] | Ventanas 1 & 2 | 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] | Ventanas 1 & 2 | 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] | Ventanas 1 & 2 | Level 3 | |||||||||||||||
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] | Mountain View Power Partners | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 78,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Mountain View Power Partners | 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] | Mountain View Power Partners | 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] | Mountain View Power Partners | Level 3 | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 11,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Ventanas 3 & 4 | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 661,000,000 | ||||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Ventanas 3 & 4 | 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] | Ventanas 3 & 4 | 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] | Ventanas 3 & 4 | Level 3 | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 12,000,000 | 12,000,000 | |||||||||||||
Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | Alto Maipo | Level 3 | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 2,043,000,000 | ||||||||||||||
Long Lived Assets Held For Sale [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] | 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] | OPGC Affiliate [Member] | Level 3 | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 152,000,000 | ||||||||||||||
Long Lived Assets Held For Sale [Member] | AES Panama | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Other Asset Impairment Charges | 11,000,000 | ||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 17,000,000 | ||||||||||||||
Long Lived Assets Held For Sale [Member] | Alto Maipo | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Other Asset Impairment Charges | $ 0 | ||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | 2,339,000,000 | ||||||||||||||
Long Lived Assets Held For Sale [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 For Sale [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 | 6,000,000 | ||||||||||||||
Long Lived Assets Held For Sale [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 | 0 | ||||||||||||||
Long Lived Assets Held For Sale [Member] | Estimate of Fair Value Measurement [Member] | Alto Maipo | 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] | Alto Maipo | 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] | Estimate of Fair Value Measurement [Member] | Alto Maipo | Level 3 | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 2,043,000,000 | ||||||||||||||
Fair Value, Nonrecurring [Member] | Long Lived Assets Held And Used [Member] | Reported Value Measurement [Member] | AES PR | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [1],[2] | 548,000,000 | |||||||||||||
Fair Value, Nonrecurring [Member] | Long Lived Assets Held And Used [Member] | Estimate of Fair Value Measurement [Member] | AES PR | 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] | AES PR | 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] | AES PR | Level 3 | |||||||||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||||||||
Assets Carrying Amount Disclosure Nonrecurring | [2] | $ 73,000,000 | |||||||||||||
[1] | Represents the carrying values at the dates of initial measurement, before fair value adjustment. (2) See Note 24 — Held - f o r-Sale and Dispositions for further information. (3) Fair value measurement performed for purposes of allocating $224 million of goodwill to the carrying amount of Alto Maipo in determining the loss on disposal. The goodwill allocation was determined based on the relative fair value of Alto Maipo, which was included in the AES Andes reporting unit. Note that the Pre- tax Loss column excludes the loss on disposal as this fair value measurement is only one component of such loss. See Note 24 — Held - f or -Sale and Dispositions for further information. | ||||||||||||||
[2] | See Note 22— Asset Impairment Expense for further information. (5) See Note 8— Investments In and Advances to Affiliates for further information. |
Fair Value (Nonrecurring Unobse
Fair Value (Nonrecurring Unobservable Inputs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | ||
Fair Value | Level 3 | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 2,225 | ||||||||
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Assets Liabilities Value | 101 | ||||||||
AES PR | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 73 | ||||||||
Long Lived Assets Held For Sale [Member] | Fair Value | Level 3 | AES Panama | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 0 | ||||||||
Long Lived Assets Held For Sale [Member] | Fair Value | Level 3 | Alto Maipo | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Assets Carrying Amount Disclosure Nonrecurring | 2,043 | ||||||||
Long Lived Assets Held For Sale [Member] | AES Panama | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Assets Carrying Amount Disclosure Nonrecurring | 17 | ||||||||
Long Lived Assets Held For Sale [Member] | Alto Maipo | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Assets Carrying Amount Disclosure Nonrecurring | 2,339 | ||||||||
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 | ||||||||
Long Lived Assets Held And Used [Member] | Fair Value | Buffalo Gap [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Assets Carrying Amount Disclosure Nonrecurring | 29 | ||||||||
Long Lived Assets Held And Used [Member] | Fair Value | buffalo gap II [Member] [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Assets Carrying Amount Disclosure Nonrecurring | 73 | ||||||||
Long Lived Assets Held And Used [Member] | Fair Value | Mountain View Power Partners | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 78 | ||||||||
Long Lived Assets Held And Used [Member] | Fair Value | Angamos [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Assets Carrying Amount Disclosure Nonrecurring | 241 | ||||||||
Long Lived Assets Held And Used [Member] | Fair Value | Ventanas 3 & 4 | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Assets Carrying Amount Disclosure Nonrecurring | 661 | ||||||||
Long Lived Assets Held And Used [Member] | Fair Value | buffalo gap III | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Assets Carrying Amount Disclosure Nonrecurring | 91 | ||||||||
Long Lived Assets Held And Used [Member] | Fair Value | Level 3 | Buffalo Gap [Member] | |||||||||
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] | Fair Value | Level 3 | buffalo gap II [Member] [Member] | |||||||||
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] | Fair Value | Level 3 | Gener Subsidiary [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 73 | ||||||||
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] | Fair Value | Level 3 | Mountain View Power Partners | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Assets Carrying Amount Disclosure Nonrecurring | 11 | ||||||||
Long Lived Assets Held And Used [Member] | Fair Value | Level 3 | Angamos [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Assets Carrying Amount Disclosure Nonrecurring | 86 | 86 | $ 306 | [1] | $ 306 | ||||
Long Lived Assets Held And Used [Member] | Fair Value | Level 3 | Ventanas 3 & 4 | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Assets Carrying Amount Disclosure Nonrecurring | $ 12 | 12 | |||||||
Long Lived Assets Held And Used [Member] | Fair Value | Level 3 | buffalo gap III | |||||||||
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] | Fair Value | Level 3 | Alto Maipo | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Assets Carrying Amount Disclosure Nonrecurring | 2,043 | ||||||||
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 | $ 12 | ||||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Minimum | Buffalo Gap [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] | Minimum | buffalo gap II [Member] [Member] | |||||||||
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] | Minimum | Mountain View Power Partners | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | (69.00%) | ||||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Minimum | Angamos [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | (8.00%) | ||||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Minimum | AES PR | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | (80.00%) | ||||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Minimum | Ventanas 3 & 4 | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | (18.00%) | ||||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Minimum | buffalo gap III | |||||||||
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] | Minimum | Alto Maipo | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | (14.00%) | ||||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Maximum | Buffalo Gap [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 6.00% | ||||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Maximum | buffalo gap II [Member] [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 6.00% | ||||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Maximum | Mountain View Power Partners | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 54.00% | ||||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Maximum | Angamos [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 58.00% | ||||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Maximum | AES PR | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 8.00% | ||||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Maximum | Ventanas 3 & 4 | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 23.00% | ||||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Maximum | buffalo gap III | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 6.00% | ||||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Maximum | Alto Maipo | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 14.00% | ||||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Weighted Average | Buffalo Gap [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | (1.00%) | ||||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Weighted Average | buffalo gap II [Member] [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] | Weighted Average | Mountain View Power Partners | |||||||||
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] | Weighted Average | Angamos [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 8.00% | ||||||||
Measurement Input, Long-term Revenue Growth Rate [Member] | Valuation, Income Approach [Member] | Weighted Average | AES PR | |||||||||
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] | Weighted Average | Ventanas 3 & 4 | |||||||||
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] | Weighted Average | buffalo gap III | |||||||||
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] | Weighted Average | Alto Maipo | |||||||||
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 | Buffalo Gap [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | (45.00%) | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Minimum | buffalo gap II [Member] [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | (26.00%) | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Minimum | Mountain View Power Partners | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | (10.00%) | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Minimum | Angamos [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | (8.00%) | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Minimum | AES PR | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 37.00% | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Minimum | Ventanas 3 & 4 | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | (5.00%) | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Minimum | buffalo gap III | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | (18.00%) | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Minimum | Alto Maipo | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | (18.00%) | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Maximum | Buffalo Gap [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 45.00% | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Maximum | buffalo gap II [Member] [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 39.00% | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Maximum | Mountain View Power Partners | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 56.00% | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Maximum | Angamos [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 53.00% | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Maximum | AES PR | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 97.00% | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Maximum | Ventanas 3 & 4 | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 21.00% | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Maximum | buffalo gap III | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 29.00% | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Weighted Average | Buffalo Gap [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | (37.00%) | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Weighted Average | buffalo gap II [Member] [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | (11.00%) | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Weighted Average | Mountain View Power Partners | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 46.00% | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Weighted Average | Angamos [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 11.00% | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Weighted Average | AES PR | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 0.00% | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Weighted Average | Ventanas 3 & 4 | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 6.00% | ||||||||
Measurement Input, Operating Margin [Member] | Valuation, Income Approach [Member] | Weighted Average | buffalo gap III | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 2.00% | ||||||||
Measurement Input, Discount Rate [Member] | Valuation, Income Approach [Member] | Minimum | AES PR | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 18.00% | ||||||||
Measurement Input, Discount Rate [Member] | Valuation, Income Approach [Member] | Maximum | AES PR | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 0.00% | ||||||||
Measurement Input, Discount Rate [Member] | Valuation, Income Approach [Member] | Weighted Average | Buffalo Gap [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 11.00% | ||||||||
Measurement Input, Discount Rate [Member] | Valuation, Income Approach [Member] | Weighted Average | buffalo gap II [Member] [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 11.00% | ||||||||
Measurement Input, Discount Rate [Member] | Valuation, Income Approach [Member] | Weighted Average | Mountain View Power Partners | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 8.00% | ||||||||
Measurement Input, Discount Rate [Member] | Valuation, Income Approach [Member] | Weighted Average | Angamos [Member] | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 11.00% | ||||||||
Measurement Input, Discount Rate [Member] | Valuation, Income Approach [Member] | Weighted Average | Ventanas 3 & 4 | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 11.00% | ||||||||
Measurement Input, Discount Rate [Member] | Valuation, Income Approach [Member] | Weighted Average | buffalo gap III | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 11.00% | ||||||||
Sale price per kilowatt (USD) | Valuation, Income Approach [Member] | Maximum | Alto Maipo | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 8.00% | ||||||||
Sale price per kilowatt (USD) | Valuation, Income Approach [Member] | Weighted Average | Alto Maipo | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 2.00% | ||||||||
Age of unit when sold | Valuation, Income Approach [Member] | Weighted Average | Alto Maipo | |||||||||
Fair Value Assets Measured On Nonrecurring Basis Unobservable Inputs [Line Items] | |||||||||
Fair Value Measurement Inputs, Nonrecurring | 7.00% | ||||||||
[1] | See Note 22— Asset Impairment Expense for further information. (5) See Note 8— Investments In 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, 2021 | Dec. 31, 2020 | |
Liabilities [Abstract] | |||
Recourse debt | $ 3,754 | $ 3,447 | |
Carrying Amount | |||
ASSETS | |||
Accounts receivable - noncurrent | [1] | 55 | 97 |
Non-Recourse Debt | 14,811 | 16,354 | |
Liabilities [Abstract] | |||
Recourse debt | 3,754 | 3,446 | |
Fair Value | |||
ASSETS | |||
Accounts receivable - noncurrent | [1] | 117 | 197 |
Non-Recourse Debt | 16,091 | 18,403 | |
Liabilities [Abstract] | |||
Recourse debt | 3,818 | 3,677 | |
Value added tax | 2 | 4 | |
Fair Value | Level 1 | |||
ASSETS | |||
Accounts receivable - noncurrent | 0 | 0 | |
Non-Recourse Debt | 0 | 5 | |
Liabilities [Abstract] | |||
Recourse debt | 0 | 0 | |
Fair Value | Level 2 | |||
ASSETS | |||
Accounts receivable - noncurrent | 0 | 0 | |
Non-Recourse Debt | 16,065 | 15,301 | |
Liabilities [Abstract] | |||
Recourse debt | 3,818 | 3,677 | |
Fair Value | Level 3 | |||
ASSETS | |||
Accounts receivable - noncurrent | [1] | 117 | 197 |
Non-Recourse Debt | 26 | 3,097 | |
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 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, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative, notional amount | $ 1,300,000,000 | |
Libor and Euribor [Member] | Interest Rate Contract | ||
Derivative [Line Items] | ||
Derivative, notional amount | 5,014,000,000 | |
Unidad de Fomento (funds code) | Cross Currency Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 254,000,000 | |
Argentina, Pesos | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 12,000,000 | |
Chilean Peso CLP [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 366,000,000 | |
Colombian Peso COP [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 121,000,000 | |
Brazil, Brazil Real | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 5,000,000 | |
Euro Member Countries, Euro | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | 87,000,000 | |
Other Noncurrent Assets [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Noncurrent | 148,000,000 | $ 138,000,000 |
Other Noncurrent Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Noncurrent | 301,000,000 | $ 443,000,000 |
Natural Gas and Natural Gas Liquids [Member] | ||
Derivative [Line Items] | ||
Commodity Contract Asset, Current | 93,000,000 | |
Energy [Domain] | ||
Derivative [Line Items] | ||
Commodity Contract Asset, Current | 18,000,000 | |
Coal [Member] | ||
Derivative [Line Items] | ||
Commodity Contract Asset, Current | $ 8,000,000 |
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, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | $ 233 | $ 189 |
Total liability derivatives | 384 | 679 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 92 | 60 |
Total liability derivatives | 333 | 518 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 141 | 129 |
Total liability derivatives | 51 | 161 |
Interest Rate Contract | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 53 | 13 |
Total liability derivatives | 294 | 610 |
Interest Rate Contract | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 53 | 13 |
Total liability derivatives | 288 | 506 |
Interest Rate Contract | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 0 | 0 |
Total liability derivatives | 6 | 104 |
Cross Currency Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 5 | 5 |
Total liability derivatives | 11 | 4 |
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 5 | 5 |
Total liability derivatives | 11 | 4 |
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 | 137 | 161 |
Total liability derivatives | 35 | 43 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 28 | 40 |
Total liability derivatives | 23 | 8 |
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 109 | 121 |
Total liability derivatives | 12 | 35 |
Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 38 | 10 |
Total liability derivatives | 44 | 22 |
Commodity Contract [Member] | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 6 | 2 |
Total liability derivatives | 11 | 0 |
Commodity Contract [Member] | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | 32 | 8 |
Total liability derivatives | 33 | 22 |
Other Noncurrent Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Noncurrent | 148 | 138 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | $ 85 | $ 51 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Assets and Liabilities - Current vs. Noncurrent Derivative instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Total asset derivatives | $ 233 | $ 189 |
Total liability derivatives | 384 | 679 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Current | 83 | 236 |
Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Current | $ 85 | $ 51 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | $ (492) | $ (91) | $ (54) | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 106 | (1) | (52) | ||
Interest Rate Contract | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (419) | (75) | (28) | ||
AOCI before tax expected increase (decrease) next 12 months | 100 | ||||
Loss on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring | 0 | [1] | 0 | (2) | [1] |
Cross Currency Interest Rate Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (15) | (5) | (12) | ||
Foreign Exchange Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | (62) | (9) | (13) | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | 29 | 68 | (46) | ||
Commodity Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gains (Losses) Reclassified from AOCL into Earnings, Effective Portion | 4 | (2) | (1) | ||
Gain (Loss) on Derivative Instruments, Net, Pretax | $ (28) | $ (68) | $ (6) | ||
[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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Rate Contract | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 105 | $ (1) | $ 0 |
Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (492) | (91) | (54) |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 5 | (478) | (339) |
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 | (419) | (75) | (28) |
Accumulated Other Comprehensive Income Loss Before Tax Expected Increase Decrease Next Twelve Months | (100) | ||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 51 | (511) | (290) |
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 | (62) | (9) | (13) |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (34) | 25 | (23) |
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 | (15) | (5) | (12) |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (11) | 3 | (26) |
Cash Flow Hedging | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 4 | (2) | (1) |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | $ (1) | $ 5 | $ 0 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities (Credit Risk-Related Contingent Features) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Credit Risk-Related Contingent Features [Line Items] | ||
Derivative Liability, Fair Value of Collateral | $ 0 | $ 6 |
Derivative, Collateral, Right to Reclaim Cash | $ 0 | $ 6 |
Financing Receivables (Details)
Financing Receivables (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)agreement | Dec. 31, 2020USD ($) | |
Schedule of Financing Receivables [Line Items] | ||
Financing receivable | $ 57 | $ 101 |
Number of Foninvemem Agreements | agreement | 3 | |
Foninvemem Agreement, collection period | 10 years | |
Financing Receivable, before Allowance for Credit Loss | $ 58 | 110 |
Financing Receivable, Allowance for Credit Loss | 1 | 9 |
Deferred Income | 85 | 438 |
ARGENTINA | ||
Schedule of Financing Receivables [Line Items] | ||
Financing receivable | 10 | 39 |
Derivative Assets, Gross | 108 | 146 |
Financing Receivable, before Allowance for Credit Loss | 11 | 48 |
Financing Receivable, Allowance for Credit Loss | 1 | 9 |
Other Entity [Member] | ||
Schedule of Financing Receivables [Line Items] | ||
Financing receivable | 30 | 31 |
Financing Receivable, before Allowance for Credit Loss | 30 | 31 |
Financing Receivable, Allowance for Credit Loss | 0 | 0 |
CHILE | ||
Schedule of Financing Receivables [Line Items] | ||
Financing receivable | 17 | 31 |
Financing Receivable, before Allowance for Credit Loss | 17 | 31 |
Financing Receivable, Allowance for Credit Loss | 0 | $ 0 |
Receivables, Net, Current | 34 | |
Accounts Receivable, Noncurrent, Nonaccrual | 9 | |
Deferred Income | $ 8 |
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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments in and Advances to Affiliates [Line Items] | |||||||
Investments in and advances to affiliates | $ 1,080 | $ 835 | $ 966 | ||||
Other long-term liabilities | 3,358 | 3,241 | |||||
sPower [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Investments in and advances to affiliates | $ 492 | $ 551 | |||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||||
Equity Method Investment, Ownership Acquired | 25.00% | ||||||
Uplight | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Investments in and advances to affiliates | $ 103 | $ 85 | |||||
Equity Method Investment, Ownership Percentage | 29.40% | 29.60% | 32.30% | 32.00% | |||
Eolica Mesa La Paz [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Investments in and advances to affiliates | [1] | $ 48 | $ 60 | ||||
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 | $ 53 | $ 49 | |||||
Equity Method Investment, Ownership Percentage | 43.00% | 43.00% | |||||
Guacolda Affiliate [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||
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% | ||||
Grupo Energia Gas Panama | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Investments in and advances to affiliates | $ 41 | $ 0 | |||||
Equity Method Investment, Ownership Percentage | 49.00% | 0.00% | |||||
Colon [Domain] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Due from Affiliates | $ 67 | ||||||
Fluence [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Investments in and advances to affiliates | $ 304 | $ 0 | |||||
Equity Method Investment, Ownership Percentage | 34.00% | 43.20% | 50.00% | 50.00% | |||
Other long-term liabilities | $ 12 | ||||||
Other Affiliates [Member] | |||||||
Investments in and Advances to Affiliates [Line Items] | |||||||
Investments in and advances to affiliates | [3] | $ 39 | $ 90 | ||||
[1] | The Company's ownership in Energía Natural Dominicana Enadom is held through Andres, an 85%-owned consolidated subsidiary. Andres owns 50% of Energía Natural Dominicana Enadom, resulting in an AES effective ownership of 43%. | ||||||
[2] | Represents a VIE in which the Company holds a variable interest, but is not the primary beneficiary. | ||||||
[3] | Includes Bosforo and Tucano equity method investments, and others. During 2020, a $67 million loan facility was granted from Colon to Gas Natural Atlántico II that was eliminated due to consolidation in 2021. |
Investments In and Advances T_4
Investments In and Advances To Affiliates - Summary of Financial Information of Affiliates & Subsidiaries (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 01, 2021 | Mar. 04, 2021 | ||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Gain (Loss) on Disposition of Business | $ (1,683,000,000) | $ (95,000,000) | $ 28,000,000 | ||||||||||||
Business Combination, Consideration Transferred | $ 28,000,000 | ||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 178,000,000 | $ 36,000,000 | $ 214,000,000 | ||||||||||||
Shares Issued, Price Per Share | $ 25.88 | ||||||||||||||
Qatar Investment Authority | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Equity Method Investment, Purchase Price Agreement | $ 125,000,000 | ||||||||||||||
Qatar Investment Authority | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Equity Method Investment, Ownership Percentage Sold | 13.60% | 13.60% | |||||||||||||
OPGC Affiliate [Member] | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 43,000,000 | ||||||||||||||
Fluence [Member] | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 34.00% | 43.20% | 50.00% | 43.20% | 34.00% | 50.00% | |||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 325,000,000 | $ 60,000,000 | |||||||||||||
Shares, Issued | 35,650 | ||||||||||||||
Shares Issued, Price Per Share | $ 28 | ||||||||||||||
Proceeds from divestiture of business | $ 936,000,000 | ||||||||||||||
Fluence [Member] | Additional Decimal Displayed | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 34.20% | 34.20% | |||||||||||||
Guacolda Affiliate [Member] | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 34,000,000 | ||||||||||||||
Equity Method Investment, Purchase Price Agreement | $ 34,000,000 | ||||||||||||||
Equity Method Investment Long Lived Asset Impairment | $ 127,000,000 | ||||||||||||||
Uplight | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 29.40% | 29.60% | 32.30% | 32.30% | 29.40% | 32.00% | |||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 25,000,000 | ||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 23,000,000 | $ 37,000,000 | |||||||||||||
sPower [Member] | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | ||||||||||||
Business Combination, Consideration Transferred | $ 102,000,000 | ||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 35,000,000 | ||||||||||||||
Equity Method Investment, Ownership Acquired | 25.00% | 25.00% | |||||||||||||
Barry | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Equity Method Investment, Ownership Percentage | [1] | 100.00% | 100.00% | 100.00% | |||||||||||
Other Long-term Debt | $ 44,000,000 | $ 44,000,000 | $ 46,000,000 | ||||||||||||
Colon [Domain] | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 6,000,000 | ||||||||||||||
Grupo Energia Gas Panama | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | 0.00% | ||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 44,000,000 | ||||||||||||||
OPGC | |||||||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 49.00% | ||||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 158,000,000 | $ 43,000,000 | $ 201,000,000 | ||||||||||||
Equity Method Investments, Fair Value Disclosure | 152,000,000 | ||||||||||||||
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 | ||||||||||||||
[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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenue | $ 2,770 | $ 3,036 | $ 2,700 | $ 2,635 | $ 2,560 | $ 2,545 | $ 2,217 | $ 2,338 | $ 11,141 | $ 9,660 | $ 10,189 | |
Operating margin | 559 | 760 | 728 | 664 | 906 | 756 | 524 | 507 | 2,711 | 2,693 | 2,349 | |
Net income (loss) | (1,330) | $ 485 | $ (77) | $ (29) | 401 | $ (481) | $ 3 | $ 229 | (951) | 152 | 478 | |
Assets, Current | 5,356 | 5,414 | 5,356 | 5,414 | ||||||||
Liabilities, Current | 4,732 | 5,362 | 4,732 | 5,362 | ||||||||
Liabilities, Noncurrent | 22,407 | 23,649 | 22,407 | 23,649 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 1,769 | 2,086 | 1,769 | 2,086 | 2,233 | $ 2,217 | ||||||
Stockholders' Equity Attributable to Parent | 2,798 | 2,634 | 2,798 | 2,634 | ||||||||
Undistributed Earnings Of Minority Owned Affiliates Included In Retained Earnings | 169 | 169 | ||||||||||
Distributions Received From Minority Owned Affiliates | 25 | 14 | 23 | |||||||||
Basis Difference Between Carrying Amount And Investment | 37 | 37 | ||||||||||
Minority Owned Affiliates | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenue | 1,316 | 1,880 | 1,122 | |||||||||
Operating margin | (53) | 213 | 124 | |||||||||
Net income (loss) | (242) | (538) | (724) | |||||||||
Assets, Current | 1,180 | 1,017 | 1,180 | 1,017 | ||||||||
Assets, Noncurrent | 6,497 | 6,230 | 6,497 | 6,230 | ||||||||
Liabilities, Current | 1,414 | 1,294 | 1,414 | 1,294 | ||||||||
Liabilities, Noncurrent | 3,602 | 3,671 | 3,602 | 3,671 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 1 | 0 | 1 | 0 | ||||||||
Stockholders' Equity Attributable to Parent | 2,660 | 2,282 | 2,660 | 2,282 | ||||||||
Majority Owned Affiliates | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Revenue | 1 | 1 | 49 | |||||||||
Operating margin | (1) | (3) | (5) | |||||||||
Net income (loss) | (3) | (4) | $ (7) | |||||||||
Assets, Current | 868 | 159 | 868 | 159 | ||||||||
Assets, Noncurrent | 25 | 886 | 25 | 886 | ||||||||
Liabilities, Current | 859 | 121 | 859 | 121 | ||||||||
Liabilities, Noncurrent | 60 | 981 | 60 | 981 | ||||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | ||||||||
Stockholders' Equity Attributable to Parent | $ (26) | $ (57) | $ (26) | $ (57) |
Total Other Non-Operating Expen
Total Other Non-Operating Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Other Nonoperating Income (Expense) [Line Items] | |||
Other Nonoperating Expense | $ 0 | $ (202) | $ (92) |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Goodwill Roll Forward) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Goodwill | $ 3,788 | $ 3,672 |
Accumulated impairment losses | (2,611) | (2,611) |
Net balance | 1,177 | 1,061 |
Goodwill, Acquired During Period | 340 | |
Goodwill, Written off Related to Sale of Business Unit | (224) | |
Operating Segments [Member] | MCAC [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 16 | 16 |
Accumulated impairment losses | 0 | 0 |
Net balance | 16 | 16 |
Goodwill, Acquired During Period | 0 | |
Goodwill, Written off Related to Sale of Business Unit | 0 | |
Operating Segments [Member] | EURASIA [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill | 0 | 0 |
Accumulated impairment losses | 0 | 0 |
Net balance | 0 | 0 |
Goodwill, Acquired During Period | 0 | |
Goodwill, Written off Related to Sale of Business Unit | 0 | |
Operating Segments [Member] | US and Utilities SBU | ||
Goodwill [Roll Forward] | ||
Goodwill | 3,127 | 2,788 |
Accumulated impairment losses | (2,611) | (2,611) |
Net balance | 516 | 177 |
Goodwill, Acquired During Period | 339 | |
Goodwill, Written off Related to Sale of Business Unit | 0 | |
Operating Segments [Member] | South America | ||
Goodwill [Roll Forward] | ||
Goodwill | 644 | 868 |
Accumulated impairment losses | 0 | 0 |
Net balance | 644 | 868 |
Goodwill, Acquired During Period | 0 | |
Goodwill, Written off Related to Sale of Business Unit | (224) | |
Operating Segments [Member] | Corporate and Other | ||
Goodwill [Roll Forward] | ||
Goodwill | 1 | 0 |
Accumulated impairment losses | 0 | 0 |
Net balance | 1 | $ 0 |
Goodwill, Acquired During Period | 1 | |
Goodwill, Written off Related to Sale of Business Unit | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | $ 1,783 | $ 1,070 | |
Accumulated Amortization | (385) | (330) | |
Net Balance | 1,398 | 740 | |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 52 | 87 | |
Indefinite- lived intangible assets, Amortization | 0 | 0 | |
Intangible Assets, Gross | 1,835 | 1,157 | |
Intangible Assets, Net | 1,450 | 827 | |
Land Use Rights [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 28 | 39 | |
Indefinite- lived intangible assets, Amortization | 0 | 0 | |
Water rights | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 3 | 20 | |
Indefinite- lived intangible assets, Amortization | 0 | 0 | |
Transmission Rights [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 19 | 22 | |
Indefinite- lived intangible assets, Amortization | 0 | 0 | |
Other | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 2 | 6 | |
Indefinite- lived intangible assets, Amortization | 0 | 0 | |
Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 457 | 386 | |
Accumulated Amortization | (279) | (255) | |
Net Balance | 178 | 131 | |
Emission allowances [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 18 | 64 | |
Accumulated Amortization | 0 | 0 | |
Net Balance | 18 | 64 | |
Project Development Rights [Member] | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 819 | 203 | |
Accumulated Amortization | (8) | (5) | |
Net Balance | 811 | 198 | |
Contracts | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 183 | 157 | |
Accumulated Amortization | (48) | (38) | |
Net Balance | 135 | 119 | |
Other | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 111 | 59 | |
Accumulated Amortization | (17) | (14) | |
Net Balance | [1] | 94 | 45 |
Compensation from Concession Agreement | |||
Finite-Lived Intangible Assets, Net [Abstract] | |||
Gross Balance | 195 | 201 | |
Accumulated Amortization | (33) | (18) | |
Net Balance | $ 162 | $ 183 | |
[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, 2021 | Dec. 31, 2020 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 822 | $ 454 |
Computer Software, Intangible Asset [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 89 | $ 35 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years | 4 years |
Other Intangible Assets [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Other intangible assets acquired | $ 2 | $ 22 |
Contracts | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 35 | $ 28 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | 20 years |
Project Development Rights [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 667 | $ 109 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 35 years | 30 years |
Emission allowances [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 22 | $ 56 |
Transmission Rights [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived Intangible Assets Acquired | $ 20 | |
Compensation from Concession Agreement | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | 12 years |
Transmission Rights [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets Acquired | $ 0 | |
Compensation from Concession Agreement | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets Acquired | $ 7 | $ 184 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Expected Amortization Expense) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2021 | $ 64 |
2022 | 62 |
2023 | 57 |
2024 | 55 |
2025 | 54 |
Computer Software, Intangible Asset [Member] | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2021 | 32 |
2022 | 28 |
2023 | 27 |
2024 | 25 |
2025 | 24 |
Contract-Based Intangible Assets [Member] | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2021 | 10 |
2022 | 10 |
2023 | 7 |
2024 | 7 |
2025 | 6 |
Other | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2021 | 6 |
2022 | 7 |
2023 | 7 |
2024 | 7 |
2025 | 8 |
Compensation from Concession Agreement | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2021 | 16 |
2022 | 17 |
2023 | 16 |
2024 | 16 |
2025 | $ 16 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | |||
Amortization of Intangible Assets | $ 69 | $ 54 | $ 45 |
Goodwill | 1,177 | 1,061 | |
Goodwill, Acquired During Period | 340 | ||
Goodwill | $ 3,788 | $ 3,672 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 69 | $ 54 | $ 45 |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Current Regulatory Assets | $ 168 | $ 113 | |
Total Non Current Regulatory Assets | $ 834 | 587 | |
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | 5 years | ||
Total regulatory assets | $ 1,002 | 700 | |
Total Current Regulatory Liabilities | $ 19 | 48 | |
Remaining Recovery Period of Regulatory Liabilities | 1 year | ||
Total Non Current Regulatory Liabilities | $ 1,056 | 1,058 | |
Total regulatory liabilities | 1,075 | 1,106 | |
Overcollection of Costs [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Current Regulatory Liabilities | 18 | 47 | |
Deferred Income Tax Charge [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Non Current Regulatory Liabilities | 158 | 174 | |
Asset Retirement Obligation Costs | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Non Current Regulatory Liabilities | 868 | 863 | |
Other Regulatory Liabilities | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Current Regulatory Liabilities | 1 | 1 | |
Total Non Current Regulatory Liabilities | 30 | 21 | |
El Salvador Tariff Recoveries | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Current Regulatory Assets | 80 | 40 | |
Pension Costs | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Non Current Regulatory Assets | [1] | 191 | 244 |
Deferred Midwest Independent Service Operator Costs | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Non Current Regulatory Assets | 48 | 61 | |
Environmental Restoration Costs [Member] | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Non Current Regulatory Assets | 76 | 81 | |
Other Regulatory Assets | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Current Regulatory Assets | 88 | 73 | |
Total Non Current Regulatory Assets | 135 | 126 | |
Petersburg Unit Retirement Costs | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Non Current Regulatory Assets | 300 | 75 | |
Deferred Fuel and Purchase Power Costs | |||
Schedule of Regulatory Assets and Liabilities [Line Items] | |||
Total Non Current Regulatory Assets | $ 84 | $ 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, 2021 | Dec. 31, 2020 |
Schedule of Regulatory Assets and Liabilities [Line Items] | ||
Regulatory Assets | $ 1,002 | $ 700 |
Regulatory Liabilities | $ 1,075 | $ 1,106 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Unamortized Discounts [Member] | |||||
Debt Instrument [Line Items] | |||||
Non-Recourse Debt | $ (214) | $ (321) | |||
Non-recourse Debt, excluding Finance Lease Liabilities | 14,811 | 16,354 | |||
Non-recourse Debt Current Maturities | [1] | (1,361) | (1,426) | ||
Non-recourse Debt, excluding Finance Lease Liabilities, Noncurrent | [1] | 13,450 | 14,928 | ||
Derivative, notional amount | 1,300 | ||||
Finance Lease, Liability, Noncurrent | 128 | 77 | |||
Finance Lease, Liability, Current | 6 | 4 | |||
Gain (Loss) on Extinguishment of Debt | (78) | (186) | $ (169) | ||
AES Panama | |||||
Debt Instrument [Line Items] | |||||
Gain (Loss) on Extinguishment of Debt | $ (16) | ||||
AES Clean Energy | |||||
Debt Instrument [Line Items] | |||||
Available-for-sale Securities, Failed Auction, Value | $ 25 | ||||
Variable Rate Debt | Bank loans | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 1.89% | ||||
Non-Recourse Debt | $ (2,345) | (3,494) | |||
Variable Rate Debt | Notes and bonds | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 1.01% | ||||
Non-Recourse Debt | $ (1,121) | (800) | |||
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] | 2.07% | |||
Non-Recourse Debt | [2] | $ (79) | (457) | ||
Variable Rate Debt | Other | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.44% | ||||
Non-Recourse Debt | $ (125) | 0 | |||
Fixed Rate Debt | Bank loans | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.58% | ||||
Non-Recourse Debt | $ (359) | (2,965) | |||
Fixed Rate Debt | Notes and bonds | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 5.03% | ||||
Non-Recourse Debt | $ (10,914) | (8,907) | |||
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] | 6.75% | |||
Non-Recourse Debt | [2] | $ (3) | (34) | ||
Fixed Rate Debt | Other | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 7.06% | ||||
Non-Recourse Debt | $ (79) | $ (18) | |||
[1] | Excludes $6 million and $4 million (current) and $128 million and $77 million (noncurrent) finance lease liabilities included in the respective non-recourse debt line items on the Consolidated Balance Sheet as of December 31, 2021 and 2020, respectively. See Note 14— Leases for further information. (3) Excludes $25 million of failed sale-leaseback transaction liabilities included in the non-recourse debt line items on the Consolidated Balance Sheet as of December 31, 2021. | ||||
[2] | Multilateral loans include loans funded and guaranteed by bilaterals, multilaterals, development banks and other similar institutions. |
Debt (Non-Recourse Debt Maturit
Debt (Non-Recourse Debt Maturity Schedule) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Details [Line Items] | ||
Non-Recourse Debt | $ (214) | |
Non Recourse Debt Total | 14,811 | $ 16,354 |
Construction line of credit facility remaining borrowing capacity | 7 | |
Other line of credit remaining borrowing capacity | 823 | |
Nonrecourse Debt | ||
Debt Details [Line Items] | ||
Long-Term Debt, Maturity, Year Two | 874 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three | 1,378 | |
Long-Term Debt, Maturity, Year Four | 1,393 | |
Long-Term Debt, Maturity, Year Five | 815 | |
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | 9,195 | |
Nonrecourse Debt | ||
Debt Details [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months | $ 1,370 |
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, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Debt Instrument [Line Items] | ||||||||
Loss on extinguishment of debt | $ 78 | $ 186 | $ 169 | |||||
Restricted cash and debt service reserves | 370 | 587 | ||||||
Restricted net assets | 1,500 | |||||||
Finance Lease, Liability, Current | 6 | $ 4 | ||||||
AES Panama | ||||||||
Debt Instrument [Line Items] | ||||||||
Loss on extinguishment of debt | $ 16 | |||||||
Non-Recourse Debt | Brazil subsidiary [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of long-term debt | [1] | (382) | ||||||
Loss on extinguishment of debt | [1] | 27 | ||||||
Proceeds from Issuance of Debt | [1] | 412 | ||||||
Non-Recourse Debt | IPALCO Enterprises, Inc. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of long-term debt | $ (95) | |||||||
Loss on extinguishment of debt | 0 | |||||||
Proceeds from Issuance of Debt | 95 | |||||||
Non-Recourse Debt | AES Clean Energy | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of long-term debt | 0 | |||||||
Loss on extinguishment of debt | 0 | |||||||
Proceeds from Issuance of Debt | $ 502 | |||||||
Non-Recourse Debt | AES Andres | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of long-term debt | $ (274) | |||||||
Loss on extinguishment of debt | 14 | |||||||
Proceeds from Issuance of Debt | $ 300 | |||||||
Non-Recourse Debt | ANDES [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of long-term debt | (129) | |||||||
Loss on extinguishment of debt | 14 | |||||||
Proceeds from Issuance of Debt | $ 0 | |||||||
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 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.375% | |||||||
Panama Term Loan due 2023 [Member] | Non-Recourse Debt | AES Panama | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | $ 105 | |||||||
6.25% Senior Secured Facility Agreement due 2034 [Member] | Senior Notes [Member] | Cochrane Subsidiary | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | $ 485 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||||
7.25% Senior Notes due 2021 [Domain] | DPL Subsidiary | ||||||||
Debt Instrument [Line Items] | ||||||||
Extinguishment of Debt, Amount | $ 380 | |||||||
7.25% Senior Notes due 2021 [Domain] | Unsecured Debt [Member] | DPL Subsidiary | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | |||||||
4.125% senior secured notes due 2025 [Member] | Senior Notes [Member] | DPL Subsidiary | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | $ 415 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 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 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 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% | |||||||
IPALCO term loan due 2020 [Member] | Non-Recourse Debt | IPALCO Enterprises, Inc. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Extinguishment of Debt, Amount | $ 65 | |||||||
Senior Notes [Member] | Cochrane Subsidiary | ||||||||
Debt Instrument [Line Items] | ||||||||
Extinguishment of Debt, Amount | $ 445 | |||||||
[1] | Repayments relate to Andres and DPP. |
Debt (Subsidiary Non-Recourse D
Debt (Subsidiary Non-Recourse Debt in Default or Accelerated) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Debt Details [Line Items] | |
Debt default amount | $ 237 |
Materiality threshold for cash distribution from business to Parent | 20.00% |
JORDAN | Covenant Violation | |
Debt Details [Line Items] | |
Debt default amount | $ 7 |
Net assets | (5) |
PUERTO RICO | Covenant Violation | |
Debt Details [Line Items] | |
Debt default amount | 201 |
Net assets | (182) |
AES llumina [Member] | Covenant Violation | |
Debt Details [Line Items] | |
Debt default amount | 29 |
Net assets | $ (25) |
Debt (Recourse Debt Carrying Am
Debt (Recourse Debt Carrying Amount and Terms) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | |||
Recourse Debt Total | $ 3,754 | $ 3,447 | |
Recourse Debt Current | (25) | (1) | |
Recourse Debt Non Current | $ 3,729 | 3,446 | |
Revolving Credit Facility [Member] | Recourse Debt | LIBOR | Revolving Credit Facility due 2026 | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.75% | ||
CDI + 7.00% Limited Recourse Debt | Recourse Debt | AES Holdings Brasil | |||
Debt Instrument [Line Items] | |||
Interest Rate | 7.00% | ||
Recourse Debt Total | $ 25 | 18 | |
Unamortized Discounts [Member] | |||
Debt Instrument [Line Items] | |||
Recourse Debt Total | (36) | (41) | |
Parent Company [Member] | |||
Debt Instrument [Line Items] | |||
Recourse Debt Total | 3,729 | ||
Parent Company [Member] | Revolving Credit Facility [Member] | Recourse Debt | Revolving Facility 2026 | |||
Debt Instrument [Line Items] | |||
Recourse Debt Total | $ 365 | 70 | |
Parent Company [Member] | 5.50% Senior Unsecured Note Due 2024 | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5.50% | ||
Parent Company [Member] | 5.50% Unsecured senior notes due 2025 [Domain] | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5.50% | ||
Parent Company [Member] | 3.30% Senior Notes Due 2025 | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.30% | ||
Recourse Debt Total | $ 900 | $ 900 | |
Parent Company [Member] | 6.00% senior notes due 2026 [Domain] | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 6.00% | ||
Parent Company [Member] | 1.375% Senior Notes Due 2026 | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.375% | 1.375% | |
Recourse Debt Total | $ 800 | $ 800 | |
Parent Company [Member] | 5.125% Senior Notes Due 2027 [Member] | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5.125% | ||
Parent Company [Member] | 3.95% Senior Notes Due 2030 | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.95% | ||
Recourse Debt Total | $ 700 | $ 700 | |
Parent Company [Member] | 2.45% Senior Notes Due 2031 | Recourse Debt | |||
Debt Instrument [Line Items] | |||
Interest Rate | 2.45% | 2.45% | |
Recourse Debt Total | $ 1,000 | $ 1,000 | |
Parent Company [Member] | Unamortized Discounts [Member] | |||
Debt Instrument [Line Items] | |||
Recourse Debt Total | $ (36) | $ (40) |
Debt (Recourse Debt Net Princip
Debt (Recourse Debt Net Principal Amounts Due Over Five Years) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Details [Line Items] | ||
Recourse Debt Total | $ 3,754 | $ 3,447 |
Debt Maturity Year One [Member] | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 25 | |
Debt Maturity Year Two [Member] | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 0 | |
Debt Maturity Year Three [Member] | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 0 | |
Debt Maturity Year Four [Member] | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 900 | |
Debt Maturity Year Five [Member] | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 1,165 | |
Thereafter | ||
Debt Details [Line Items] | ||
Recourse Debt Total | 1,700 | |
Unamortized (discounts)/premiums & debt issuance (costs) | ||
Debt Details [Line Items] | ||
Recourse Debt Total | $ (36) | $ (41) |
Debt (Recourse Debt Narrative)
Debt (Recourse Debt Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2021 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | ||||||||||
Borrowings under the revolving credit facilities | $ 2,802 | $ 2,420 | $ 2,026 | |||||||
Repayments of Lines of Credit | 2,420 | 2,479 | 1,735 | |||||||
Gain (Loss) on Extinguishment of Debt | (78) | (186) | (169) | |||||||
Recourse Debt Total | $ 3,447 | $ 3,447 | $ 3,754 | 3,447 | ||||||
Senior Notes [Member] | Corporate and Other | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 2.45% | |||||||||
Senior Notes [Member] | Revolving Credit Facility due 2026 | Corporate and Other | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt face amount | $ 1,250 | |||||||||
Senior Notes [Member] | Revolving Credit Facility due 2024 | Corporate and Other | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt face amount | $ 1,000 | |||||||||
Senior Notes [Member] | 1.375% Senior Notes Due 2026 | Corporate and Other | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Conversion, Converted Instrument, Amount | $ 798 | |||||||||
Senior Notes [Member] | 1.375% Senior Notes Due 2026 | Corporate and Other | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 1.375% | |||||||||
Debt face amount | $ 800 | |||||||||
Senior Notes [Member] | 1.375% Senior Notes Due 2026 | Corporate and Other | Unsecured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 1.375% | |||||||||
Debt face amount | $ 800 | |||||||||
Senior Notes [Member] | 2.45% Senior Notes Due 2031 | Corporate and Other | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Conversion, Converted Instrument, Amount | 997 | |||||||||
Senior Notes [Member] | 2.45% Senior Notes Due 2031 | Corporate and Other | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt face amount | $ 1,000 | |||||||||
Senior Notes [Member] | 2.45% Senior Notes Due 2031 | Corporate and Other | Unsecured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 2.45% | |||||||||
Debt face amount | $ 1,000 | |||||||||
Recourse Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of capital stock of foreign subsidiaries securing obligations | 65.00% | |||||||||
Maximum ratio of debt to cash flow | 5.75 | |||||||||
Parent Company [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowings under the revolving credit facilities | $ 840 | |||||||||
Repayments of Lines of Credit | 1,500 | |||||||||
Gain (Loss) on Extinguishment of Debt | $ 0 | (146) | $ (5) | |||||||
Recourse Debt Total | 3,729 | |||||||||
Parent Company [Member] | COVID-19 Liquidity [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowings under the revolving credit facilities | 250 | |||||||||
Repayments of Lines of Credit | $ 250 | |||||||||
Parent Company [Member] | Other General Corporate Purposes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowings under the revolving credit facilities | $ 590 | |||||||||
Parent Company [Member] | Recourse Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowings under the revolving credit facilities | 755 | |||||||||
Gain (Loss) on Extinguishment of Debt | (108) | (37) | ||||||||
Parent Company [Member] | Recourse Debt | Revolving Credit Facility [Member] | Revolving Facility 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Recourse Debt Total | 70 | 70 | $ 365 | 70 | ||||||
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% | |||||||||
Recourse Debt Total | 900 | 900 | $ 900 | 900 | ||||||
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% | |||||||||
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% | |||||||||
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% | |||||||||
Recourse Debt Total | 700 | 700 | $ 700 | 700 | ||||||
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% | ||||||||
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% | 1.375% | ||||||
Recourse Debt Total | $ 800 | $ 800 | $ 800 | $ 800 | ||||||
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% | 2.45% | ||||||
Recourse Debt Total | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | ||||||
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% | |||||||||
Parent Company [Member] | Recourse Debt | 6.00% senior notes due 2026 [Domain] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.00% | |||||||||
Parent Company [Member] | Recourse Debt | 5.125% Senior Notes Due 2027 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.125% | |||||||||
Parent Company [Member] | Recourse Debt | Revolving Credit Facility due 2026 | Revolving Facility 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Recourse Debt Total | $ 365 | |||||||||
Parent Company [Member] | Recourse Debt | 5.50% Senior Unsecured Note Due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.50% |
Commitments (Long-Term Purchase
Commitments (Long-Term Purchase Commitments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Electricity Purchase Contracts | |||
Long-Term Purchase Commitment [Line Items] | |||
Purchases Under Long Term Contracts | $ 709 | $ 756 | $ 1,597 |
Purchase Obligation, Due in Next Twelve Months | 714 | ||
Purchase Obligation, Due in Second Year | 570 | ||
Purchase Obligation, Due in Third Year | 551 | ||
Purchase Obligation, Due in Fourth Year | 546 | ||
Purchase Obligation, Due in Fifth Year | 529 | ||
Future Commitments Thereafter | 5,894 | ||
Future Commitments Total | 8,804 | ||
Fuel Purchase Contracts | |||
Long-Term Purchase Commitment [Line Items] | |||
Purchases Under Long Term Contracts | 2,070 | 1,573 | 1,824 |
Purchase Obligation, Due in Next Twelve Months | 1,882 | ||
Purchase Obligation, Due in Second Year | 1,157 | ||
Purchase Obligation, Due in Third Year | 881 | ||
Purchase Obligation, Due in Fourth Year | 837 | ||
Purchase Obligation, Due in Fifth Year | 639 | ||
Future Commitments Thereafter | 113 | ||
Future Commitments Total | 5,509 | ||
Other Purchase Contracts | |||
Long-Term Purchase Commitment [Line Items] | |||
Purchases Under Long Term Contracts | 1,261 | $ 1,506 | $ 1,684 |
Purchase Obligation, Due in Next Twelve Months | 5,896 | ||
Purchase Obligation, Due in Second Year | 617 | ||
Purchase Obligation, Due in Third Year | 322 | ||
Purchase Obligation, Due in Fourth Year | 230 | ||
Purchase Obligation, Due in Fifth Year | 181 | ||
Future Commitments Thereafter | 1,585 | ||
Future Commitments Total | $ 8,831 |
Contingencies (Loss Contingenci
Contingencies (Loss Contingencies) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021USD ($)agreement | Dec. 31, 2021USD ($)agreement | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Loss Contingencies [Line Items] | ||||
Guarantor Obligations, Term | less than one year to no more than 15 years | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 2,331 | $ 2,331 | ||
Number of Agreements | agreement | 149 | 149 | ||
Environmental Remediation Contingency [Domain] | ||||
Environmental Contingencies | ||||
Liability recorded for projected environmental remediation costs | $ 4 | $ 4 | $ 5 | |
Guarantee Obligations [Member] | ||||
Loss Contingencies [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 2,162 | $ 2,162 | ||
Number of Agreements | agreement | 90 | 90 | ||
Litigation | ||||
Litigation Contingencies | ||||
Aggregate reserves for claims deemed both probable and reasonably estimable | $ 23 | $ 23 | 28 | |
Parent Company [Member] | Guarantees [Member] | ||||
Loss Contingencies [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 2,200 | $ 2,200 | ||
Number of Agreements | agreement | 90 | 90 | ||
AES Tiete [Domain] | Compensation from Concession Agreement | ||||
Litigation Contingencies | ||||
Reversal of Cost of Goods Sold | 6 | |||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 2 years 8 months 12 days | |||
Other Intangible Assets, Net | $ 190 | |||
AES Tiete | ||||
Litigation Contingencies | ||||
Reversal of Cost of Goods Sold | 184 | |||
AES Tiete | Compensation from Concession Agreement | ||||
Litigation Contingencies | ||||
Other Intangible Assets, Net | $ 184 | |||
Unsecured Debt [Member] | Financial Standby Letter of Credit [Member] | ||||
Loss Contingencies [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 119 | $ 119 | ||
Number of Agreements | agreement | 31 | 31 | ||
Secured Debt [Member] | Financial Standby Letter of Credit [Member] | ||||
Loss Contingencies [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 48 | $ 48 | ||
Number of Agreements | agreement | 26 | 26 | ||
Secured Debt [Member] | Surety Bond | ||||
Loss Contingencies [Line Items] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 2 | $ 2 | ||
Number of Agreements | agreement | 2 | 2 | ||
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 | 255 | 255 | ||
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 | 11 | $ 11 | ||
Maximum [Member] | Guarantee Obligations [Member] | ||||
Environmental Contingencies | ||||
Loss Contingency, Estimate of Possible Loss | 400 | 400 | ||
Maximum [Member] | Litigation | ||||
Environmental Contingencies | ||||
Loss Contingency, Estimate of Possible Loss | 898 | 898 | ||
Maximum [Member] | Unsecured Debt [Member] | Financial Standby Letter of Credit [Member] | ||||
Environmental Contingencies | ||||
Loss Contingency, Estimate of Possible Loss | 42 | 42 | ||
Maximum [Member] | Secured Debt [Member] | Financial Standby Letter of Credit [Member] | ||||
Environmental Contingencies | ||||
Loss Contingency, Estimate of Possible Loss | 16 | 16 | ||
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, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 37 | |
Finance Lease, Principal Payments | $ 2 | 2 |
Operating Lease, Payments | 39 | 41 |
Finance Lease Liabilities, Gross Difference, Amount [Abstract] | ||
Finance Lease, Liability, Undiscounted Excess Amount | 143 | |
Operating Lease Liabilities, Gross Difference, Amount [Abstract] | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 318 | |
Finance Lease, Liability, Payment, Due [Abstract] | ||
Finance Lease, Liability, Payments, Due Next Twelve Months | 8 | |
Finance Lease, Liability, Payments, Due Year Two | 9 | |
Finance Lease, Liability, Payments, Due Year Three | 7 | |
Finance Lease, Liability, Payments, Due Year Four | 6 | |
Finance Lease, Liability, Payments, Due Year Five | 7 | |
Finance Lease, Liability, Payments, Due after Year Five | 240 | |
Finance Lease, Liability, Payment, Due | 277 | |
Assets and Liabilities, Lessee [Abstract] | ||
Finance Lease, Right-of-Use Asset | 125 | 74 |
Operating Lease, Right-of-Use Asset | 278 | 275 |
Right-of-use Asset, Operating and Financing | 403 | 349 |
Finance Lease, Liability, Current | 6 | 4 |
Finance Lease, Liability, Noncurrent | 128 | 77 |
Finance Lease, Liability | 134 | 81 |
Operating Lease, Liability, Current | 20 | 17 |
Operating Lease, Liability, Noncurrent | 294 | 293 |
Lease Liability, Operating and Financing | 448 | 391 |
Operating Lease, Payments | 39 | 41 |
Finance Lease, Principal Payments | 2 | 2 |
Operating Lease, Liability | 314 | $ 310 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 32 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 30 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 29 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 27 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 26 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 488 | |
Lessee, Operating Lease, Liability, Payments, Due | $ 632 | |
Lease, Cost [Abstract] | ||
Finance Lease, Weighted Average Remaining Lease Term | 32 years | 31 years |
Operating Lease, Weighted Average Remaining Lease Term | 23 years | 23 years |
Finance Lease, Weighted Average Discount Rate, Percent | 4.65% | 4.11% |
Operating Lease, Weighted Average Discount Rate, Percent | 6.70% | 6.81% |
Operating Lease, Cost | $ 36 | $ 36 |
Finance Lease, Right-of-Use Asset, Amortization | 4 | 3 |
Finance Lease, Interest Expense | 4 | 4 |
Short-term Lease, Cost | 21 | 13 |
Variable Lease, Cost | 1 | 0 |
Lease, Cost | $ 66 | $ 56 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Non Recourse Debt Current | Non Recourse Debt Current |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Non Recourse Debt Non Current | Non Recourse Debt Non Current |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued and other liabilities | Accrued and other liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other long-term liabilities | Other long-term liabilities |
Leases Lessor (Details)
Leases Lessor (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lessor, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 278,000,000 | $ 275,000,000 |
Sales-type Lease, Variable Lease Income | 3,000,000 | 5,000,000 |
Sales-type Lease, Interest Income | 15,000,000 | 2,000,000 |
Operating Lease, Lease Income | 595,000,000 | 580,000,000 |
Lease Income | 520,000,000 | 514,000,000 |
Variable Lease, Income | 75,000,000 | 66,000,000 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 8,486,000,000 | 8,472,000,000 |
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 | 20,000,000 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Two Years | 20,000,000 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Three Years | 21,000,000 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years | 21,000,000 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Five Years | 21,000,000 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Thereafter | 315,000,000 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | 418,000,000 | |
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | 198,000,000 | |
Sales-type and Direct Financing Leases, Lease Receivable | 220,000,000 | |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | ||
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | 460,000,000 | |
Lessor, Operating Lease, Payments to be Received, Two Years | 398,000,000 | |
Lessor, Operating Lease, Payments to be Received, Three Years | 398,000,000 | |
Lessor, Operating Lease, Payments to be Received, Four Years | 399,000,000 | |
Lessor, Operating Lease, Payments to be Received, Five Years | 282,000,000 | |
Lessor, Operating Lease, Payments to be Received, Thereafter | 747,000,000 | |
Lessor, Operating Lease, Payments to be Received | 2,684,000,000 | |
Distributed Energy [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Sales-type Lease, Selling Profit (Loss) | (13,000,000) | |
Property, Plant and Equipment [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | 2,423,000,000 | 3,103,000,000 |
Assets | ||
Lessor, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | 1,658,000,000 | 2,092,000,000 |
Accumulated Amortization on PP&E [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 765,000,000 | $ 1,011,000,000 |
Benefit Plans (Narrative) (Deta
Benefit Plans (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)plan | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan, number of plans | 4 | ||
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 | ||
Defined contribution plan, award vesting period | 5 years | ||
Defined contribution plan contributions | $ | $ 26 | $ 21 | $ 19 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
UNITED STATES | |||
Change in projected benefit obligation: | |||
Benefit obligation, beginning period | $ 1,331 | $ 1,242 | |
Service cost | 14 | 12 | $ 11 |
Interest cost | 24 | 35 | 44 |
Plan amendments | 8 | 1 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (101) | (81) | |
Actuarial (gain) loss | (51) | 122 | |
Effect of foreign currency exchange rate changes | 0 | 0 | |
Benefit obligation, ending period | 1,225 | 1,331 | 1,242 |
Change in plan assets: | |||
Fair value of plan assets, beginning period | 1,249 | 1,154 | |
Actual return on plan assets | 60 | 168 | |
Employer contributions | 10 | 8 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (101) | (81) | |
Effect of foreign currency exchange rate changes | 0 | 0 | |
Fair value of plan assets, ending period | 1,218 | 1,249 | 1,154 |
Funded status as of December 31 | (7) | (82) | |
Foreign Plan [Member] | |||
Change in projected benefit obligation: | |||
Benefit obligation, beginning period | 218 | 224 | |
Service cost | 6 | 6 | 8 |
Interest cost | 15 | 14 | 19 |
Defined Benefit Plan, Benefit Obligation, Interest cost | 15 | 14 | |
Plan amendments | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | (23) | (6) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | (1) | 0 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (10) | (9) | |
Actuarial (gain) loss | (16) | 19 | |
Effect of foreign currency exchange rate changes | (16) | (30) | |
Benefit obligation, ending period | 173 | 218 | 224 |
Change in plan assets: | |||
Fair value of plan assets, beginning period | 112 | 129 | |
Actual return on plan assets | 9 | 13 | |
Employer contributions | 4 | 5 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | (1) | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (10) | (9) | |
Effect of foreign currency exchange rate changes | (8) | (26) | |
Fair value of plan assets, ending period | 106 | 112 | $ 129 |
Funded status as of December 31 | $ (67) | $ (106) |
Benefit Plans (Amounts Recogniz
Benefit Plans (Amounts Recognized in the Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
UNITED STATES | ||
AMOUNTS RECOGNIZED ON THE CONSOLIDATED BALANCE SHEETS | ||
Noncurrent assets | $ 49 | $ 9 |
Accrued benefit liability—current | 0 | 0 |
Accrued benefit liability—noncurrent | (56) | (91) |
Net amount recognized at end of year | (7) | (82) |
Foreign Plan [Member] | ||
AMOUNTS RECOGNIZED ON THE CONSOLIDATED BALANCE SHEETS | ||
Noncurrent assets | 7 | 0 |
Accrued benefit liability—current | (7) | (8) |
Accrued benefit liability—noncurrent | (67) | (98) |
Net amount recognized at end of year | $ (67) | $ (106) |
Benefit Plans (Accumulated Bene
Benefit Plans (Accumulated Benefit Obligation) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 1,199 | $ 1,306 |
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 458 | 494 |
Accumulated benefit obligation | 442 | 481 |
Fair value of plan assets | 402 | 403 |
Information for pension plans with a projected benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 458 | 494 |
Fair value of plan assets | 402 | 403 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 165 | 199 |
Information for pension plans with an accumulated benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 165 | 218 |
Accumulated benefit obligation | 159 | 199 |
Fair value of plan assets | 91 | 112 |
Information for pension plans with a projected benefit obligation in excess of plan assets: | ||
Projected benefit obligation | 165 | 218 |
Fair value of plan assets | $ 91 | $ 112 |
Benefit Plans Benefit Plans (We
Benefit Plans Benefit Plans (Weighted Average Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2021Rate | Dec. 31, 2020Rate | ||
UNITED STATES | |||
Benefit Obligation: | |||
Discount rate | 2.82% | 2.45% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 2.75% | 2.75% | |
Periodic Benefit Cost: | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.45% | 3.32% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.91% | 5.24% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 2.75% | 2.86% | |
Foreign Plan [Member] | |||
Benefit Obligation: | |||
Discount rate | 10.45% | 7.53% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 7.76% | 5.69% | |
Periodic Benefit Cost: | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | [1] | 7.53% | 7.58% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 8.02% | 7.18% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 5.69% | 6.13% | |
[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, 2021USD ($) | |
Defined Benefit Plan Assumptions Sensitivity To Changes [Abstract] | |
Increase of 1% in the discount rate | $ (3) |
Decrease of 1% in the discount rate | 5 |
Increase of 1% in the long-term rate of return on plan assets | (13) |
Decrease of 1% in the long-term rate of return on plan assets | $ 13 |
Benefit Plans (Net Periodic Ben
Benefit Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
UNITED STATES | |||
Components of Net Periodic Benefit Cost: | |||
Service cost | $ 14 | $ 12 | $ 11 |
Interest cost | 24 | 35 | 44 |
Expected return on plan assets | (59) | (58) | (52) |
Amortization of prior service cost | 4 | 5 | 5 |
Amortization of net loss | 15 | 14 | 15 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 0 | 0 | 0 |
Total pension cost | (2) | 8 | 23 |
Foreign Plan [Member] | |||
Components of Net Periodic Benefit Cost: | |||
Service cost | 6 | 6 | 8 |
Interest cost | 15 | 14 | 19 |
Expected return on plan assets | (8) | (7) | (14) |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net loss | 3 | 2 | 1 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | 17 | 0 | 0 |
Total pension cost | $ (1) | $ 15 | $ 14 |
Benefit Plans (Accumulated Othe
Benefit Plans (Accumulated Other Comprehensive Income (Loss)) (Details) $ in Millions | Dec. 31, 2021USD ($) |
UNITED STATES | |
Accumulated Other Comprehensive Income (Loss) | |
Prior service cost | $ (3) |
Unrecognized net actuarial loss | (23) |
Total | (26) |
Foreign Plan [Member] | |
Accumulated Other Comprehensive Income (Loss) | |
Prior service cost | 3 |
Unrecognized net actuarial loss | (42) |
Total | $ (39) |
Benefit Plans (Plan Asset Alloc
Benefit Plans (Plan Asset Allocations) (Details) | Dec. 31, 2021Rate | Dec. 31, 2020Rate |
UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 100.00% | 100.00% |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 100.00% | 100.00% |
Equity securities | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocations | 31.00% | |
Percentage of Plan Assets | 31.26% | 43.79% |
Equity securities | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocations | 12.00% | |
Percentage of Plan Assets | 14.76% | 14.85% |
Debt securities | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocations | 69.00% | |
Percentage of Plan Assets | 68.37% | 55.87% |
Debt securities | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocations | 82.00% | |
Percentage of Plan Assets | 82.40% | 82.30% |
Real estate | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocations | 0.00% | |
Percentage of Plan Assets | 0.00% | 0.00% |
Real estate | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocations | 2.00% | |
Percentage of Plan Assets | 1.11% | 1.12% |
Other | UNITED STATES | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocations | 0.00% | |
Percentage of Plan Assets | 0.37% | 0.34% |
Other | Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocations | 4.00% | |
Percentage of Plan Assets | 1.73% | 1.73% |
Benefit Plans (Fair Value of Pl
Benefit Plans (Fair Value of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
UNITED STATES | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | $ 1,218 | $ 1,249 | $ 1,154 | |
UNITED STATES | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 4 | 4 | ||
UNITED STATES | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 1,214 | 1,245 | ||
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 | 381 | 547 | ||
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 | 381 | 547 | ||
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] | 833 | 698 | |
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 | 833 | 698 | ||
UNITED STATES | Mutual funds | 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 | 4 | ||
UNITED STATES | Cash and Cash Equivalents [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 4 | 4 | ||
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 | 106 | 112 | $ 129 | |
Foreign Plan [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 34 | 35 | ||
Foreign Plan [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 69 | 74 | ||
Foreign Plan [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 3 | 3 | ||
Foreign Plan [Member] | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 15 | 16 | ||
Foreign Plan [Member] | Mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 15 | 16 | ||
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 | 1 | ||
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 | 1 | ||
Foreign Plan [Member] | Mutual funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | [2] | 87 | 92 | |
Foreign Plan [Member] | Mutual funds | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 18 | 18 | ||
Foreign Plan [Member] | Mutual funds | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 69 | 74 | ||
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 | 1 | ||
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 | 1 | ||
Foreign Plan [Member] | Other assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 2 | 2 | ||
Foreign Plan [Member] | Other assets | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total plan assets | 1 | 1 | ||
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 | $ 1 | ||
[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, 2021USD ($) |
UNITED STATES | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contribution in 2022 | $ 8 |
Expected benefit payments for fiscal year ending: | |
2022 | 67 |
2023 | 67 |
2024 | 68 |
2025 | 68 |
2026 | 69 |
2027 - 2031 | 342 |
Foreign Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contribution in 2022 | 8 |
Expected benefit payments for fiscal year ending: | |
2022 | 15 |
2023 | 14 |
2024 | 16 |
2025 | 17 |
2026 | 18 |
2027 - 2031 | $ 115 |
Equity (Equity Units) (Details)
Equity (Equity Units) (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)$ / sharesshares | Mar. 04, 2021$ / shares | Dec. 31, 2020USD ($) | |
Equity [Abstract] | |||
Equity Unit, Shares Issued | shares | 10,430,500 | ||
Corporate Equity Unit, Stated Value Per Share | $ / shares | $ 100 | ||
Preferred Stock, Beneficial Ownership Interest in One Share | 0.10 | ||
Preferred Stock, Dividend Rate, Percentage | 0.00% | ||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 1,000 | ||
Proceeds from Equity Units, net of underwriting costs and commissions, before offering expenses | $ 1,000 | ||
Preferred Stock, Shares Issued | shares | 1,043,050 | ||
Preferred stock (without par value, 50,000,000 shares authorized; 1,043,050 issued and outstanding at December 31, 2021) | $ 825 | $ 0 | |
Preferred Stock, Redemption Percentage | 1 | ||
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share | $ / shares | $ 100 | ||
Forward Contract Indexed to Issuer's Equity, Shares | shares | 57,215,465 | ||
Forward Contract Indexed to Issuer's Equity, Settlement Rate | shares | 3.864 | ||
Shares Issued, Price Per Share | $ / shares | $ 25.88 | ||
Forward Contract Indexed to Equity, Settlement, Cash, Amount | $ 1,000 | ||
Forward Contract Indexed to Issuer's Equity, Interest Rate | 0.06875 | ||
Forward Contract Indexed to Issuer's Equity, Present Value of Interest Payments | $ 205 | ||
Accretion Expense | $ 5 | ||
Preferred Shares Deliverable Upon Early Settlement of Purchase Contracts | 0.85 | ||
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature | $ 13 | ||
Corporate Unit, Notional Value | $ 1,043 |
Equity (Transactions with Nonco
Equity (Transactions with Noncontrolling Interests) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 13, 2021 | Nov. 30, 2020 | Jan. 01, 2020 | |
Noncontrolling Interest [Line Items] | ||||||||||
Gain (Loss) on Disposition of Business | $ (1,683,000,000) | $ (95,000,000) | $ 28,000,000 | |||||||
Stockholders' Equity Attributable to Parent | $ 2,798,000,000 | 2,798,000,000 | 2,634,000,000 | |||||||
Additional Paid in Capital | 7,119,000,000 | 7,119,000,000 | 7,561,000,000 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (2,220,000,000) | (2,220,000,000) | (2,397,000,000) | (2,229,000,000) | ||||||
Redeemable noncontrolling interest, percentage acquired by parent | 49.90% | |||||||||
Contributions from noncontrolling interests | 365,000,000 | 1,000,000 | 17,000,000 | |||||||
Retained Earnings (Accumulated Deficit) | $ (1,089,000,000) | $ (1,089,000,000) | (680,000,000) | (692,000,000) | $ (731,000,000) | |||||
AES Tiete [Domain] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 44.10% | 44.10% | ||||||||
Chile Renovables SpA | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% | 51.00% | ||||||||
AES Brasil | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 46.70% | 45.70% | 45.70% | 46.70% | ||||||
Distributed Energy [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Sales to noncontrolling interests | $ 127,000,000 | $ 144,000,000 | 133,000,000 | |||||||
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 | $ 113,000,000 | ||||||||
Chile Renovables SpA | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Sale of Stock, Consideration Received on Transaction | $ 53,000,000 | |||||||||
Sale of Stock, Description of Transaction | 49 | |||||||||
Indirect ownership percentage in subsidiary by parent | 34.00% | 34.00% | ||||||||
Guaimbe Solar Complex [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Sale of Stock, Percentage of Ownership before Transaction | 45.30% | |||||||||
Sale of Stock, Percentage of Ownership after Transaction | 36.30% | |||||||||
Sale of Stock, Consideration Received on Transaction | $ 158,000,000 | |||||||||
Sale of Stock, Description of Transaction | 19.9 | |||||||||
AES Andes | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Sale of Stock, Percentage of Ownership before Transaction | 67.10% | 67.00% | ||||||||
Sale of Stock, Percentage of Ownership after Transaction | 67.00% | 67.10% | ||||||||
Stockholders' Equity, Period Increase (Decrease) | $ 3,000,000 | |||||||||
Stock Issued During Period, Shares, New Issues | 1,980,000,000 | |||||||||
Common Stock, Shares Subscribed but Unissued | 1,350,000,000 | |||||||||
Investment Owned, at Cost | $ 205,000,000 | |||||||||
Other Noncontrolling Interests | 629,000,000 | |||||||||
Contributions from noncontrolling interests | $ 94,000,000 | |||||||||
Colon [Domain] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Adjustments to Additional Paid in Capital, Other | $ 8,000,000 | |||||||||
Stockholders' Equity, Period Increase (Decrease) | 12,000,000 | |||||||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ 4,000,000 | |||||||||
Redeemable noncontrolling interest, percentage acquired by parent | 49.90% | |||||||||
AES Brasil | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | |||||||||
Adjustments to Additional Paid in Capital, Other | $ 6,000,000 | |||||||||
Sale of Stock, Percentage of Ownership before Transaction | 37.40% | |||||||||
Stockholders' Equity, Period Increase (Decrease) | $ 7,000,000 | 13,000,000 | ||||||||
Payments to Acquire Additional Interest in Subsidiaries | 17,000,000 | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent | 0.016 | |||||||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ 7,000,000 | |||||||||
Stock Issued During Period, Shares, New Issues | 93,000,000 | |||||||||
Alto Maipo | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Stockholders' Equity, Period Increase (Decrease) | $ 182,000,000 | |||||||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 177,000,000 | |||||||||
Retained Earnings (Accumulated Deficit) | $ 5,000,000 | 5,000,000 | ||||||||
Additional Paid-in Capital [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Gain (Loss) on Disposition of Business | 0 | |||||||||
Sales to noncontrolling interests | (7,000,000) | $ 260,000,000 | (5,000,000) | |||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 9,000,000 | $ 89,000,000 | $ 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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||||||||||
Net income (loss) attributable to The AES Corporation | $ (632) | $ 343 | $ 28 | $ (148) | $ 318 | $ (333) | $ (83) | $ 144 | $ (409) | $ 46 | $ 303 |
Transfers from the noncontrolling interest: | |||||||||||
Net transfers (to) from noncontrolling interest | (16) | 171 | (5) | ||||||||
Change from net income attributable to The AES Corporation and transfers (to) from noncontrolling interests | (425) | 217 | 298 | ||||||||
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 | (7) | 260 | (5) | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (9) | (89) | 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 | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 0 | $ 0 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Beginning Balance | $ (1,644) | $ (1,721) | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax, Beginning Balance | (54) | (38) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance | (2,397) | (2,229) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (70) | (321) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 258 | 264 | |
Reclassification to earnings, net of income tax expense of $105, $17, and $12, respectively | (387) | (74) | $ (42) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (127) | 140 | (10) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 27 | (13) | 6 |
Other Comprehensive Income (Loss), Net of Tax | 292 | (167) | (227) |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Ending Balance | (1,734) | (1,644) | (1,721) |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax, Ending Balance | (30) | (54) | (38) |
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | (456) | (699) | (470) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance | (2,220) | (2,397) | (2,229) |
Available-for-Sale securities, net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (86) | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3 | 192 | |
Derivative gains (losses), net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (7) | (309) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 254 | 72 | |
Unfunded pension obligations, net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 23 | (12) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1 | 0 | |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification to earnings, net of income tax expense of $105, $17, and $12, respectively | 247 | (237) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (83) | 192 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 24 | (12) | 12 |
Other Comprehensive Income (Loss), Net of Tax | 188 | (57) | $ (154) |
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 | (115) | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax, Ending Balance | (115) | ||
ASC 606 Impact [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (111) | ||
ASC 606 Impact [Member] | Derivative gains (losses), net | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 8 | ||
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 | (4) | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax, Ending Balance | $ (4) | ||
Accounting Standards Update 2017-12 [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (11) | ||
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 | (7) | ||
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 | (4) | ||
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 | $ 0 |
Equity (Reclassifications Out o
Equity (Reclassifications Out of AOCL) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Gain (Loss) on Disposition of Business | $ (1,683) | $ (95) | $ 28 | ||||||||||||||
Impairment expenses | (1,575) | (1,066) | (277) | ||||||||||||||
Cost of Goods and Services Sold | 8,430 | 6,967 | 7,840 | ||||||||||||||
General and administrative expenses | 166 | 165 | 196 | ||||||||||||||
Other Expenses | (60) | (53) | (80) | ||||||||||||||
Interest expense | (911) | (1,038) | (1,050) | ||||||||||||||
Foreign currency transaction gains (losses) | (10) | 55 | (67) | ||||||||||||||
Income (loss) from continuing operations before taxes and equity in earnings of affiliates | (1,064) | 488 | 1,001 | ||||||||||||||
Income tax expense | (133) | 216 | 352 | ||||||||||||||
Net equity in earnings (losses) of affiliates | (24) | (123) | (172) | ||||||||||||||
Income (loss) from continuing operations | $ (1,330) | [1] | $ 485 | $ (81) | [1] | $ (29) | [1] | $ 401 | $ (481) | [2] | $ 0 | [2] | $ 229 | [2] | (955) | 149 | 477 |
Net gain from disposal of discontinued operations | 4 | 3 | 1 | ||||||||||||||
Net income (loss) | (1,330) | 485 | (77) | (29) | 401 | (481) | 3 | 229 | (951) | 152 | 478 | ||||||
Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries | 542 | (106) | (175) | ||||||||||||||
Net income attributable to The AES Corporation | $ (632) | $ 343 | $ 28 | $ (148) | $ 318 | $ (333) | $ (83) | $ 144 | (409) | 46 | 303 | ||||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Net income attributable to The AES Corporation | (258) | (264) | (86) | ||||||||||||||
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 | (3) | (192) | (23) | ||||||||||||||
Net income attributable to The AES Corporation | (3) | (192) | (23) | ||||||||||||||
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 | (362) | 0 | 1 | ||||||||||||||
Impairment expenses | (13) | (10) | 0 | ||||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (1) | (1) | (1) | ||||||||||||||
Cost of Goods and Services Sold | 1 | (3) | (12) | ||||||||||||||
Interest expense | (85) | (60) | (26) | ||||||||||||||
Foreign currency transaction gains (losses) | (15) | (7) | (12) | ||||||||||||||
Income tax expense | 105 | 17 | 13 | ||||||||||||||
Net equity in earnings (losses) of affiliates | (17) | (10) | (5) | ||||||||||||||
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 | (475) | (81) | (50) | ||||||||||||||
Income (loss) from continuing operations | (387) | (74) | (42) | ||||||||||||||
Net income attributable to The AES Corporation | (254) | (72) | (36) | ||||||||||||||
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 | 133 | 2 | 6 | ||||||||||||||
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 | (4) | 0 | (28) | ||||||||||||||
Income (loss) from continuing operations | (1) | 0 | (28) | ||||||||||||||
Net income attributable to The AES Corporation | (1) | 0 | (27) | ||||||||||||||
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 | 0 | (1) | 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 | 1 | 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 | 0 | 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 | 0 | (26) | ||||||||||||||
Other Expenses | (3) | 0 | 2 | ||||||||||||||
Income tax expense | $ (3) | $ 0 | $ 0 | ||||||||||||||
[1] | Includes pre-tax impairment expense of $473 million, $872 million, and $201 million in the first, second, and fourth quarters of 2021, respectively (See Note 22— Asset Impairment Expense ), and pre-tax loss on sale of business interests of $1.8 billion, primarily due to the deconsolidation of Alto Maipo, in the fourth quarter of 2021 (See Note 24— Held-for-Sale and Dispositions ). | ||||||||||||||||
[2] | Includes pre-tax impairment expense of $849 million in the third quarter of 2020 (See Note 22— Asset Impairment 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 $112 million in the third quarter of 2020 (See Note 8— Investments in and Advances to Affiliates ). |
Equity Equity (Dividends) (Deta
Equity Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 15, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2020 |
Subsequent Event [Line Items] | ||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.1505 | $ 0.1505 | $ 0.1505 | $ 0.1505 | ||||||||
Dividends declared on common stock (per share amount) | $ 0.31 | $ 0.15 | $ 0 | $ 0.15 | $ 0.29 | $ 0.14 | $ 0 | $ 0.14 | $ 0.6095 | $ 0.5804 | ||
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 | ||||||||||
Treasury stock, shares (in shares) | 151,923,418 | 153,028,526 | 151,923,418 | 153,028,526 | 153,028,526 | |||||||
Subsequent Event | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.1580 |
Equity Equity (Stock Repurchase
Equity Equity (Stock Repurchases) (Details) - USD ($) $ / shares in Units, $ in Millions | 126 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Equity, Class of Treasury Stock [Line Items] | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 264 | |
Treasury Stock, Shares | 153,028,526 | 151,923,418 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss) on Disposition of Business | $ (1,683) | $ (95) | $ 28 |
Segment and Geographic Inform_3
Segment and Geographic Information (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | $ 2,770 | $ 3,036 | $ 2,700 | $ 2,635 | $ 2,560 | $ 2,545 | $ 2,217 | $ 2,338 | $ 11,141 | $ 9,660 | $ 10,189 |
US and Utilities SBU | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 4,335 | 3,918 | 4,058 | ||||||||
South America | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 3,541 | 3,159 | 3,208 | ||||||||
MCAC [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 2,157 | 1,766 | 1,882 | ||||||||
EURASIA [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 1,123 | 828 | 1,047 | ||||||||
Corporate and Other | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | (15) | (11) | (6) | ||||||||
Corporate, Non-Segment [Member] | Corporate and Other | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 116 | 231 | 46 | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | (131) | (242) | (52) | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 11,141 | 9,660 | 10,189 | ||||||||
Operating Segments [Member] | US and Utilities SBU | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 4,335 | 3,918 | 4,058 | ||||||||
Operating Segments [Member] | South America | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 3,541 | 3,159 | 3,208 | ||||||||
Operating Segments [Member] | MCAC [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | 2,157 | 1,766 | 1,882 | ||||||||
Operating Segments [Member] | EURASIA [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Revenues | $ 1,123 | $ 828 | $ 1,047 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment Reporting Information Adjusted Pretax Contribution | $ 1,418 | $ 1,247 | $ 1,240 |
Reconciliation To Income From Continuing Operations Before Taxes | |||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | (1,064) | 488 | 1,001 |
Net equity in losses of affiliates | (24) | (123) | (172) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 644 | 192 | 277 |
Pre-tax contribution | (444) | 173 | 552 |
Unrealized derivative and equity securities losses (gains) | 1 | (3) | (113) |
Unrealized foreign currency losses (gains) | (14) | 10 | (36) |
Disposition/acquisition losses | (861) | (112) | (12) |
Impairment losses | (1,153) | (928) | (406) |
Loss on extinguishment of debt | (91) | (223) | (121) |
Gain (Loss) on Contract Termination | (256) | (182) | 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 | 660 | 505 | 569 |
Reconciliation To Income From Continuing Operations Before Taxes | |||
Net equity in losses of affiliates | 83 | (8) | 11 |
Operating Segments | South America | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment Reporting Information Adjusted Pretax Contribution | 423 | 534 | 504 |
Reconciliation To Income From Continuing Operations Before Taxes | |||
Net equity in losses of affiliates | 0 | (80) | (129) |
Operating Segments | MCAC SBU | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment Reporting Information Adjusted Pretax Contribution | 314 | 287 | 367 |
Reconciliation To Income From Continuing Operations Before Taxes | |||
Net equity in losses of affiliates | (23) | (11) | (13) |
Operating Segments | EURASIA [Member] | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment Reporting Information Adjusted Pretax Contribution | 196 | 177 | 159 |
Reconciliation To Income From Continuing Operations Before Taxes | |||
Net equity in losses of affiliates | 2 | 4 | (9) |
Intersegment Eliminations | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Segment Reporting Information Adjusted Pretax Contribution | 7 | 0 | (12) |
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 | (182) | (256) | (347) |
Reconciliation To Income From Continuing Operations Before Taxes | |||
Net equity in losses of affiliates | $ (86) | $ (28) | $ (32) |
Segments and Geographic Infor_4
Segments and Geographic Information Segment and Geographic Information (Assets, Depreciation and Amortization and Capital Expenditures ) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total Assets | $ 32,963 | $ 34,603 | $ 33,648 |
Depreciation and Amortization | 1,056 | 1,068 | 1,045 |
Capital Expenditures | 2,140 | 1,960 | 2,551 |
Interest Income | 298 | 268 | 318 |
Interest Expense | 911 | 1,038 | 1,050 |
Investments in and Advances to Affiliates | 1,080 | 835 | 966 |
Net Equity in Earnings (Losses) of Affiliates | (24) | (123) | (172) |
Operating Segments [Member] | US and Utilities SBU | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 16,512 | 14,464 | 13,334 |
Depreciation and Amortization | 549 | 534 | 465 |
Capital Expenditures | 1,115 | 1,099 | 1,484 |
Interest Income | 28 | 17 | 18 |
Interest Expense | 362 | 371 | 301 |
Investments in and Advances to Affiliates | 510 | 568 | 465 |
Net Equity in Earnings (Losses) of Affiliates | 83 | (8) | 11 |
Operating Segments [Member] | South America | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 7,728 | 11,329 | 11,314 |
Depreciation and Amortization | 273 | 294 | 315 |
Capital Expenditures | 833 | 650 | 692 |
Interest Income | 100 | 64 | 95 |
Interest Expense | 239 | 237 | 285 |
Investments in and Advances to Affiliates | 19 | 13 | 77 |
Net Equity in Earnings (Losses) of Affiliates | 0 | (80) | (129) |
Operating Segments [Member] | MCAC SBU | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 4,545 | 4,847 | 4,770 |
Depreciation and Amortization | 155 | 164 | 183 |
Capital Expenditures | 143 | 183 | 344 |
Interest Income | 7 | 14 | 22 |
Interest Expense | 139 | 157 | 142 |
Investments in and Advances to Affiliates | 144 | 168 | 107 |
Net Equity in Earnings (Losses) of Affiliates | (23) | (11) | (13) |
Operating Segments [Member] | EURASIA [Member] | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 3,466 | 3,621 | 3,990 |
Depreciation and Amortization | 66 | 63 | 67 |
Capital Expenditures | 20 | 9 | 30 |
Interest Income | 161 | 171 | 180 |
Interest Expense | 98 | 113 | 127 |
Investments in and Advances to Affiliates | 0 | 1 | 215 |
Net Equity in Earnings (Losses) of Affiliates | 2 | 4 | (9) |
Corporate, Non-Segment [Member] | Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total Assets | 712 | 342 | 240 |
Depreciation and Amortization | 13 | 13 | 15 |
Capital Expenditures | 29 | 19 | 1 |
Interest Income | 2 | 2 | 3 |
Interest Expense | 73 | 160 | 195 |
Investments in and Advances to Affiliates | 407 | 85 | 102 |
Net Equity in Earnings (Losses) of Affiliates | $ (86) | $ (28) | $ (32) |
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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | $ 2,770 | $ 3,036 | $ 2,700 | $ 2,635 | $ 2,560 | $ 2,545 | $ 2,217 | $ 2,338 | $ 11,141 | $ 9,660 | $ 10,189 | |
Property, plant and equipment, net | 19,906 | 22,826 | 19,906 | 22,826 | ||||||||
Long-Lived Assets | 20,183 | 23,103 | 20,183 | 23,103 | ||||||||
UNITED STATES | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | [1] | 3,531 | 3,243 | 3,230 | ||||||||
Long-Lived Assets | [1] | 11,034 | 10,360 | 11,034 | 10,360 | |||||||
Total Non-U.S. | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 7,610 | 6,417 | 6,959 | |||||||||
Long-Lived Assets | 9,149 | 12,743 | 9,149 | 12,743 | ||||||||
VIET NAM | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | [2] | 320 | 285 | 343 | ||||||||
Long-Lived Assets | [2] | 0 | 0 | 0 | 0 | |||||||
Brazil | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 471 | 401 | 525 | |||||||||
Long-Lived Assets | 1,215 | 1,091 | 1,215 | 1,091 | ||||||||
CHILE | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 2,297 | 2,092 | 1,839 | |||||||||
Long-Lived Assets | 2,241 | 5,831 | 2,241 | 5,831 | ||||||||
Dominican Republic | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 1,087 | 896 | 877 | |||||||||
Long-Lived Assets | 892 | 843 | 892 | 843 | ||||||||
El Salvador | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 792 | 666 | 824 | |||||||||
Long-Lived Assets | 371 | 361 | 371 | 361 | ||||||||
Colombia | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 383 | 358 | 472 | |||||||||
Long-Lived Assets | 349 | 355 | 349 | 355 | ||||||||
ARGENTINA | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 390 | 308 | 373 | |||||||||
Long-Lived Assets | 470 | 484 | 470 | 484 | ||||||||
Mexico | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 471 | 349 | 402 | |||||||||
Long-Lived Assets | 614 | 623 | 614 | 623 | ||||||||
UNITED KINGDOM | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 0 | 0 | 147 | |||||||||
Long-Lived Assets | 0 | 0 | 0 | 0 | ||||||||
BULGARIA | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 700 | 444 | 459 | |||||||||
Long-Lived Assets | 1,020 | 1,149 | 1,020 | 1,149 | ||||||||
Panama | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 595 | 519 | 601 | |||||||||
Long-Lived Assets | 1,907 | 1,939 | 1,907 | 1,939 | ||||||||
Puerto Rico | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | [1] | 311 | 298 | 294 | ||||||||
Long-Lived Assets | [1] | 79 | 533 | 79 | 533 | |||||||
JORDAN | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 98 | 96 | 95 | |||||||||
Long-Lived Assets | 42 | 44 | 42 | 44 | ||||||||
Other Non-U.S. | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue | 6 | 3 | $ 2 | |||||||||
Long-Lived Assets | $ 28 | $ 23 | $ 28 | $ 23 | ||||||||
[1] | Includes Puerto Rico revenues of $311 million, $298 million, and $294 million for the years ended December 31, 2021, 2020, and 2019, respectively, and long-lived assets of $79 million and $533 million as of December 31, 2021 and 2020, respectively. | |||||||||||
[2] | Mong Duong assets were classified as held-for-sale as of December 31, 2021 and 2020. See Notes 20— Revenue 24— Held - f o r-Sale and Dispositions for further information. |
Share-Based Compensation (Stock
Share-Based Compensation (Stock Option Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax compensation expense | $ 14 | $ 21 | $ 22 |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax compensation expense | 12 | 10 | 10 |
Tax benefit | (2) | (2) | (1) |
Compensation expense, net of tax | $ 10 | $ 8 | $ 9 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 9 months |
Share-Based Compensation (Sto_2
Share-Based Compensation (Stock Option Activity) (Details) - Stock Options | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pretax compensation expense | $ 14 | $ 21 | $ 22 | |
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Pretax compensation expense | 12 | 10 | 10 | |
Tax benefit | (2) | (2) | (1) | |
Compensation expense, net of tax | 10 | 8 | 9 | |
Total value of RSUs converted | [1] | 13 | 11 | 12 |
Total fair value of RSUs vested | $ 10 | $ 10 | $ 10 | |
[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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Estimated Forfeiture Rate Non Officers | 5.30% | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 9 months | ||
RSUs (Number of Shares): | |||
Nonvested at beginning of period | 1,210 | ||
Vested | (634) | (806) | (996) |
Forfeited and expired | (109) | ||
Granted | 1,091 | ||
Nonvested at end of period | 1,558 | 1,210 | |
Vested and expected to vest at end of period | 1,420 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 26 | ||
Weighted Average Grant Date Fair Value (in dollars per share): | |||
Nonvested at beginning of period | $ 17.53 | ||
Vested | 15.63 | ||
Forfeited and expired | 23.46 | ||
Granted | 26.46 | ||
Nonvested at end of period | 24.14 | $ 17.53 | |
Vested and expected to vest at end of period | $ 24.10 | ||
Nonvested at end of period, weighted average remaining vesting term | 2 years 3 months 14 days | ||
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Related To Current Current Year Grants Per Year | $ 27 | ||
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Related To Current Current Year Grants Per Year, Weighted Average Period of Amortization | 3 years 4 months 24 days |
Share-Based Compensation (RSUs
Share-Based Compensation (RSUs Vested and Converted) (Details) - RSUs - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSUs vested during the year | 634 | 806 | 996 |
RSUs converted during the year, net of shares withheld for taxes | 452 | 547 | 666 |
Shares withheld for taxes | 182 | 259 | 329 |
Share-Based Compensation (PSU A
Share-Based Compensation (PSU Activity) (Details) - PSUs | Dec. 31, 2021 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax compensation expense | $ 14 | $ 21 | $ 22 |
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share Based Compensation Estimated Forfeiture Rate Non Officers | 5.30% | ||
Pretax compensation expense | $ 12 | $ 10 | $ 10 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 26 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 9 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 24.14 | $ 17.53 | |
Weighted Average Grant Date Fair Value | $ 26.46 | ||
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Related To Current Current Year Grants Per Year | $ 27 | ||
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 | $ 26.46 | $ 20.75 | $ 17.53 |
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, 2021USD ($)quarterseries$ / shares | Dec. 31, 2020USD ($) | Sep. 13, 2021 | Dec. 31, 2019USD ($) | ||
Temporary Equity [Line Items] | |||||
Temporary Equity, Accretion to Redemption Value | $ 4 | $ 4 | |||
Temporary equity carrying amount | 1,257 | 872 | $ 888 | ||
Temporary Equity, Other Changes | 579 | 0 | |||
Temporary Equity, Net Income | (6) | 8 | |||
Redeemable noncontrolling interest, percentage acquired by parent | 49.90% | ||||
Noncontrolling Interest [Member] | |||||
Temporary Equity [Line Items] | |||||
Temporary Equity, Other Changes | (211) | 0 | |||
Colon [Domain] | |||||
Temporary Equity [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | [1] | 0 | 194 | ||
Redeemable noncontrolling interest, percentage acquired by parent | 49.90% | ||||
IPALCO Enterprises, Inc. [Member] | |||||
Temporary Equity [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 700 | 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 | ||||
AES Clean Energy | |||||
Temporary Equity [Line Items] | |||||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ 497 | 0 | |||
sPower [Member] | |||||
Temporary Equity [Line Items] | |||||
Temporary Equity, Other Changes | 81 | ||||
AES US Investments | |||||
Temporary Equity [Line Items] | |||||
Limited Partners' Contributed Capital | 34 | ||||
CDPQ | |||||
Temporary Equity [Line Items] | |||||
Limited Partners' Contributed Capital | 48 | ||||
AIMCo | |||||
Temporary Equity [Line Items] | |||||
Limited Partners' Contributed Capital | 240 | ||||
Other Comprehensive Income (Loss) [Member] | |||||
Temporary Equity [Line Items] | |||||
Temporary Equity, Other Changes | $ 19 | $ (28) | |||
[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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues | $ 2,770 | $ 3,036 | $ 2,700 | $ 2,635 | $ 2,560 | $ 2,545 | $ 2,217 | $ 2,338 | $ 11,141 | $ 9,660 | $ 10,189 | ||
Regulated Revenue [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 2,831 | 2,626 | 2,979 | ||||||||||
Other non-606 revenue | 37 | 35 | 49 | ||||||||||
Revenues | 2,868 | 2,661 | 3,028 | ||||||||||
Non-regulated revenue [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 7,586 | 6,418 | 6,555 | ||||||||||
Other non-606 revenue | 687 | [1] | 581 | [1] | 606 | ||||||||
Revenues | 8,273 | 6,999 | 7,161 | ||||||||||
US and Utilities [Domain] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues | 4,335 | 3,918 | 4,058 | ||||||||||
US and Utilities [Domain] | Regulated Revenue [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 2,831 | 2,626 | 2,979 | ||||||||||
Other non-606 revenue | 37 | 35 | 49 | ||||||||||
Revenues | 2,868 | 2,661 | 3,028 | ||||||||||
US and Utilities [Domain] | Non-regulated revenue [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 1,132 | 1,015 | 767 | ||||||||||
Other non-606 revenue | 335 | [1] | 242 | [1] | 263 | ||||||||
Revenues | 1,467 | 1,257 | 1,030 | ||||||||||
South America | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues | 3,541 | 3,159 | 3,208 | ||||||||||
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 | 3,531 | 3,151 | 3,205 | ||||||||||
Other non-606 revenue | 10 | [1] | 8 | [1] | 3 | ||||||||
Revenues | 3,541 | 3,159 | 3,208 | ||||||||||
MCAC [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues | 2,157 | 1,766 | 1,882 | ||||||||||
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 | 2,057 | 1,668 | 1,788 | ||||||||||
Other non-606 revenue | 100 | [1] | 98 | [1] | 94 | ||||||||
Revenues | 2,157 | 1,766 | 1,882 | ||||||||||
EURASIA [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues | 1,123 | 828 | 1,047 | ||||||||||
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 | 881 | 594 | 799 | ||||||||||
Other non-606 revenue | 242 | [1] | 234 | [1] | 248 | ||||||||
Revenues | 1,123 | 828 | 1,047 | ||||||||||
Corporate Other And Other Eliminations [Member] | |||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||
Revenues | (15) | (11) | (6) | ||||||||||
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 | (15) | (10) | (4) | ||||||||||
Other non-606 revenue | 0 | [1] | (1) | [1] | (2) | ||||||||
Revenues | $ (15) | $ (11) | $ (6) | ||||||||||
[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, 2021 | Dec. 31, 2020 | |
Revenue [Abstract] | |||
Contract with Customer, Liability | $ 216 | $ 531 | |
Contract with Customer, Liability, Revenue Recognized | 410 | 14 | |
Disaggregation of Revenue [Line Items] | |||
Contract with Customer, Liability | 216 | 531 | |
Financing Receivable, after Allowance for Credit Loss | 57 | 101 | |
Angamos [Member] | |||
Revenue [Abstract] | |||
Contract with Customer, Liability | $ 655 | ||
Disaggregation of Revenue [Line Items] | |||
Contract with Customer, Liability | 655 | ||
Servicing Liability at Amortized Cost, Amortization | $ 55 | ||
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 | 30 | 32 | |
Financing Receivable, after Allowance for Credit Loss, Current | 91 | 80 | |
Financing Receivable, after Allowance for Credit Loss | 1,200 | 1,300 | |
Financing Receivable, after Allowance for Credit Loss, Noncurrent | $ 1,100 | $ 1,200 |
Revenue Remaining Performance O
Revenue Remaining Performance Obligations (Details) $ in Millions | Dec. 31, 2021USD ($) |
Remaining Performance Obligations [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 9 |
Other Income and Expense (Nonop
Other Income and Expense (Nonoperating Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 178 | $ 36 | $ 214 | ||||||
Other Income [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 254 | [1] | $ 0 | $ 0 | |||||
Litigation Settlement, Amount Awarded from Other Party | 53 | [2] | 0 | 0 | |||||
Asset Acquisition of a VIE, Contingent Consideration, Remeasurement Gain | 28 | [3] | 0 | 0 | |||||
Gain (Loss) on Disposition of Other Assets | 24 | 46 | [4] | 0 | |||||
Gain on pension curtailment | 11 | 0 | 0 | ||||||
Non-service pension income | 10 | 0 | 0 | ||||||
Public Utilities, Allowance for Funds Used During Construction, Additions | 8 | 5 | 3 | ||||||
Insured Event, Gain (Loss) | 0 | 0 | 118 | [5] | |||||
Other | 22 | 24 | 24 | ||||||
Other income | $ 410 | $ 75 | $ 145 | ||||||
[1] | Primarily related to the remeasurement of our existing equity interest in sPower’s development platform as part of the step acquisition to form AES Clean Energy Development. See Note 25— Acquisitions for further information. | ||||||||
[2] | Primarily related to settlement of legal arbitration at Alto Maipo. | ||||||||
[3] | Primarily related to the remeasurement of contingent consideration on the Great Cove Solar acquisition at Clean Energy See Note 25— Acquisitions for further information. | ||||||||
[4] | For the year ended December 31, 2020, primarily associated with the gain on sale of Redondo Beach land at Southland. See Note 24— Held-for-Sale and Dispositions for further information. | ||||||||
[5] | 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. |
Other Income and Expense (Other
Other Income and Expense (Other Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Schedule of other operating expense [Line Items] | ||||||
Other Nonoperating Expense | $ 0 | $ 202 | $ 92 | |||
Other Expenses | 60 | 53 | 80 | |||
Other Expense [Member] | ||||||
Schedule of other operating expense [Line Items] | ||||||
Gain (Loss) on Disposition of Assets | 14 | 7 | 22 | [1] | ||
Sales-type and Direct Financing Leases, Profit (Loss) | 13 | [2] | 0 | 36 | [2] | |
Gain (Loss) on Sale of Financing Receivable | 9 | [3] | 20 | [3] | 0 | |
Gain (Loss) Related to Litigation Settlement | 2 | 15 | 2 | |||
Defined Benefit Plan, Other Cost (Credit) | 0 | 2 | 17 | |||
Other Nonoperating Expense | 22 | 9 | 3 | |||
Other Expenses | $ 60 | $ 53 | $ 80 | |||
[1] | For the year ended December 31, 2019, associated with a loss due to the upgrade of the tunnel lining at Changuinola | |||||
[2] | Related to losses recognized at commencement of sales-type leases at AES Renewable Holdings. See Note 14— Leases for further information. | |||||
[3] | Associated with a loss on sale of Stabilization Fund receivables at AES Andes. See Note 7— Financing Receivables 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 | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Impairment Expense [Line Items] | ||||||||||
Asset impairment expense | $ (1,575) | $ (864) | $ (185) | |||||||
Impairment of Long-Lived Assets Held-for-use | 1,575 | 864 | 185 | |||||||
Kilroot and Ballylumford [Member] | ||||||||||
Asset Impairment Expense [Line Items] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 115 | 0 | 0 | 115 | ||||||
Hawaii Subsidiary [Member] | ||||||||||
Asset Impairment Expense [Line Items] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 38 | $ 60 | 0 | 38 | 60 | |||||
Other | ||||||||||
Asset Impairment Expense [Line Items] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 25 | 19 | 10 | |||||||
AES Gener | ||||||||||
Asset Impairment Expense [Line Items] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 213 | 0 | 213 | 0 | ||||||
AES Panama | ||||||||||
Asset Impairment Expense [Line Items] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 11 | 30 | 11 | 30 | 0 | |||||
Ventanas 3 & 4 | ||||||||||
Asset Impairment Expense [Line Items] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 649 | 649 | 0 | 0 | ||||||
AES PR | ||||||||||
Asset Impairment Expense [Line Items] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 475 | 475 | 0 | 0 | ||||||
Angamos [Member] | ||||||||||
Asset Impairment Expense [Line Items] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 155 | $ 564 | 155 | 564 | 0 | |||||
buffalo gap III | ||||||||||
Asset Impairment Expense [Line Items] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 91 | 91 | 0 | 0 | ||||||
buffalo gap II [Member] [Member] | ||||||||||
Asset Impairment Expense [Line Items] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | 73 | 73 | 0 | 0 | ||||||
Buffalo Gap [Member] | ||||||||||
Asset Impairment Expense [Line Items] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 29 | 29 | 0 | 0 | ||||||
Mountain View Power Partners | ||||||||||
Asset Impairment Expense [Line Items] | ||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 67 | $ 67 | $ 0 | $ 0 |
Asset Impairment Expense (Narra
Asset Impairment Expense (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 12, 2019 | |||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 1,575 | $ 864 | $ 185 | ||||||||||
Other Asset Impairment Charges | 1,575 | 864 | 185 | ||||||||||
Long-Lived Assets | $ 20,183 | 20,183 | 23,103 | ||||||||||
Level 3 | Fair Value | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 2,225 | 2,225 | |||||||||||
Hawaii Subsidiary [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 38 | $ 60 | 0 | 38 | 60 | ||||||||
Kilroot and Ballylumford [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 115 | 0 | 0 | 115 | |||||||||
Assets carrying amount | $ 114 | ||||||||||||
Angamos [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 155 | 564 | 155 | 564 | 0 | ||||||||
AES Gener | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | 213 | 0 | 213 | 0 | |||||||||
Buffalo Gap [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | 29 | 29 | 0 | 0 | |||||||||
buffalo gap II [Member] [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | 73 | 73 | 0 | 0 | |||||||||
buffalo gap III | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | 91 | 91 | 0 | 0 | |||||||||
Ventanas 3 & 4 | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | 649 | 649 | 0 | 0 | |||||||||
Mountain View Power Partners | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 67 | 67 | 0 | 0 | |||||||||
AES PR | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 475 | 475 | 0 | 0 | |||||||||
Assets carrying amount | $ 73 | ||||||||||||
AES Panama | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Impairment of Long-Lived Assets Held-for-use | 11 | 30 | 11 | 30 | 0 | ||||||||
Long Lived Assets Held For Sale [Member] | AES Panama | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Other Asset Impairment Charges | 11 | ||||||||||||
Assets carrying amount | 17 | ||||||||||||
Long Lived Assets Held For Sale [Member] | AES Panama | Level 3 | Fair Value | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 0 | ||||||||||||
Long Lived Assets Held And Used [Member] | Hawaii Subsidiary [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | $ 103 | $ 103 | |||||||||||
Long Lived Assets Held And Used [Member] | Hawaii Subsidiary [Member] | Level 3 | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 12 | ||||||||||||
Long Lived Assets Held And Used [Member] | Kilroot and Ballylumford [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | $ 232 | ||||||||||||
Long Lived Assets Held And Used [Member] | Angamos [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Other Asset Impairment Charges | 155 | 564 | [1] | ||||||||||
Long Lived Assets Held And Used [Member] | Angamos [Member] | Fair Value | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 241 | ||||||||||||
Long Lived Assets Held And Used [Member] | Angamos [Member] | Level 3 | Fair Value | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 86 | 86 | $ 306 | 306 | [1] | ||||||||
Long Lived Assets Held And Used [Member] | Buffalo Gap [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Other Asset Impairment Charges | 29 | ||||||||||||
Long Lived Assets Held And Used [Member] | Buffalo Gap [Member] | Fair Value | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 29 | 29 | |||||||||||
Long Lived Assets Held And Used [Member] | Buffalo Gap [Member] | Level 3 | Fair Value | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 0 | 0 | 0 | ||||||||||
Long Lived Assets Held And Used [Member] | buffalo gap II [Member] [Member] | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Other Asset Impairment Charges | 73 | ||||||||||||
Long Lived Assets Held And Used [Member] | buffalo gap II [Member] [Member] | Fair Value | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 73 | 73 | |||||||||||
Long Lived Assets Held And Used [Member] | buffalo gap II [Member] [Member] | Level 3 | Fair Value | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 0 | 0 | 0 | ||||||||||
Long Lived Assets Held And Used [Member] | buffalo gap III | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Other Asset Impairment Charges | 91 | ||||||||||||
Long Lived Assets Held And Used [Member] | buffalo gap III | Fair Value | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 91 | 91 | |||||||||||
Long Lived Assets Held And Used [Member] | buffalo gap III | Level 3 | Fair Value | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | $ 0 | 0 | 0 | ||||||||||
Long Lived Assets Held And Used [Member] | Ventanas 3 & 4 | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Other Asset Impairment Charges | 649 | ||||||||||||
Long Lived Assets Held And Used [Member] | Ventanas 3 & 4 | Fair Value | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 661 | ||||||||||||
Long Lived Assets Held And Used [Member] | Ventanas 3 & 4 | Level 3 | Fair Value | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | $ 12 | 12 | |||||||||||
Long Lived Assets Held And Used [Member] | Mountain View Power Partners | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Other Asset Impairment Charges | 67 | ||||||||||||
Long Lived Assets Held And Used [Member] | Mountain View Power Partners | Fair Value | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | 78 | ||||||||||||
Long Lived Assets Held And Used [Member] | Mountain View Power Partners | Level 3 | Fair Value | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | $ 11 | ||||||||||||
Long Lived Assets Held And Used [Member] | AES PR | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Other Asset Impairment Charges | [1] | $ 475 | |||||||||||
Long Lived Assets Held And Used [Member] | AES Panama | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Other Asset Impairment Charges | 30 | ||||||||||||
Long Lived Assets Held And Used [Member] | AES Panama | Level 3 | Fair Value | |||||||||||||
Asset Impairment Expense [Line Items] | |||||||||||||
Assets carrying amount | $ 14 | ||||||||||||
[1] | See Note 22— Asset Impairment Expense for further information. (5) See Note 8— Investments In 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Federal: | |||
Current | $ (2) | $ (8) | $ (7) |
Deferred | 42 | (17) | (4) |
State: | |||
Current | 1 | 0 | (1) |
Deferred | 18 | 2 | 0 |
Foreign: | |||
Current | 273 | 458 | 368 |
Deferred | $ (465) | $ (219) | $ (4) |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Reconciliation) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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%) | 6.00% |
Taxes on foreign earnings | (2.00%) | 15.00% | 12.00% |
Tax Cuts and Jobs Act, Income Tax Expense (Benefit) | $ (377,000,000) | $ 0 | $ 0 |
Valuation allowance | 7.00% | 16.00% | (2.00%) |
Uncertain tax positions | 16.00% | 0.00% | 0.00% |
Change in tax law | (1.00%) | 3.00% | (1.00%) |
Income Tax Expense (Benefit) | $ (133,000,000) | $ 216,000,000 | $ 352,000,000 |
Other—net | (2.00%) | 3.00% | (1.00%) |
Effective tax rate | 13.00% | 44.00% | 35.00% |
Investment Tax Credit | $ 0 | $ (0.08) | $ 0 |
Deconsolidation, Gain (Loss), Amount | 2,074,000,000 | ||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 41,000,000 | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 41,000,000 | ||
Federal | Latest Tax Year | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Operating Loss Carryforwards, Limitations on Use | 1.4 billion | ||
Guacolda Affiliate [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income Tax Expense (Benefit) | $ 20,000,000 | $ 19,000,000 | |
Brazil subsidiary [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income Tax Expense (Benefit) | 93,000,000 | ||
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% | ||
Income Tax Expense (Benefit) | $ 75,000,000 | ||
Buffalo Gap [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory Federal tax rate | (3.00%) | 0.00% | 0.00% |
Alto Maipo | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Taxes on foreign earnings | (17.00%) | 0.00% | 0.00% |
Deconsolidation, Gain (Loss), Amount | $ 775,000,000 | ||
US and Utilities SBU | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income Tax Expense (Benefit) | $ 176,000,000 | ||
UNITED STATES | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory Federal tax rate | (21.00%) | ||
Effective tax rate | 35.00% | ||
Non-US [Member] | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income Tax Expense (Benefit) | $ 27,000,000 | $ 33,000,000 | $ 26,000,000 |
Income Taxes (Income Tax Payabl
Income Taxes (Income Tax Payables and Income Tax Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Income taxes receivable—current | $ 184 | $ 138 |
Income Taxes Receivable, Noncurrent | 2 | 9 |
Total income taxes receivable | 186 | 147 |
Income taxes payable—current | 133 | 284 |
Income taxes payable—noncurrent | 0 | 0 |
Total income taxes payable | $ 133 | $ 284 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Liabilities: | ||
Differences between book and tax basis of property | $ (961) | $ (1,308) |
Deferred Tax Liabilities, Investment in US Tax Partnerships | (629) | (332) |
Deferred income taxes | 977 | 1,100 |
Other taxable temporary differences | (418) | (403) |
Deferred Tax Liabilities, Gross | (2,008) | (2,043) |
Deferred Tax Assets: | ||
Operating loss carryforwards | 979 | 1,156 |
Capital loss carryforwards | 77 | 73 |
Bad debt and other book provisions | 380 | 87 |
Tax credit carryforwards | 68 | 78 |
Other deductible temporary differences | 464 | 471 |
Total gross deferred tax asset | 1,968 | 1,865 |
Less: Valuation allowance | (528) | (634) |
Total net deferred tax asset | 1,440 | 1,231 |
Total deferred tax liability | $ (568) | $ (812) |
Income Taxes (Income (Loss) fro
Income Taxes (Income (Loss) from Continuing Operations Before Income Tax) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
U.S. | $ 622 | $ (135) | $ (57) |
Non-U.S. | (1,686) | 623 | 1,058 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | $ (1,064) | $ 488 | $ 1,001 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 2 | $ 1 | |
Unrecognized Tax Benefits, Period Increase (Decrease) | $ (1) | $ 0 | $ 2 |
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 | $ 122 | $ 439 | $ 448 |
Effective Income Tax Rate Reconciliation, Percent | 13.00% | 44.00% | 35.00% |
Tax Cuts and Jobs Act, Income Tax Expense (Benefit) | $ (377) | $ 0 | $ 0 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | 458 | 465 | |
Additions for current year tax positions | 28 | 0 | 6 |
Additions for tax positions of prior years | 14 | 3 | 4 |
Reductions for tax positions of prior years | 0 | (6) | (5) |
Lapse of statute of limitations | (1) | (4) | (3) |
Ending balance | 122 | 458 | 465 |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 1 | 0 | |
Unrecognized Tax Benefits, Income Tax Penalties Expense | $ 1 | $ 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 | $ 34 | ||
Effective Income Tax Rate Reconciliation, Percent | 35.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Income Tax Disclosures [Line Items] | ||||
Tax Cuts and Jobs Act, Income Tax Expense (Benefit) | $ (377,000,000) | $ 0 | $ 0 | |
Deferred Tax Liabilities, Undistributed Foreign Earnings | 0 | |||
Undistributed Earnings of Foreign Subsidiaries | $ 3,000,000,000 | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | (2.00%) | 15.00% | 12.00% | |
Effective tax rate | 13.00% | 44.00% | 35.00% | |
Increase (decrease) in valuation allowance | $ (106,000,000) | $ (190,000,000) | ||
Valuation allowance | (528,000,000) | (634,000,000) | ||
Income tax benefit (expense) | $ 133,000,000 | $ (216,000,000) | $ (352,000,000) | |
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) | $ 0.02 | $ 0.03 | $ 0.02 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued: | ||||
Interest on income taxes accrued | $ 2,000,000 | $ 1,000,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 1,000,000 | 0 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense: | ||||
Unrecognized Tax Benefits, Income Tax Penalties Expense | 1,000,000 | 0 | $ 0 | |
Uncertain Tax Positions Additional Disclosures: | ||||
Unrecognized tax benefits | 122,000,000 | 458,000,000 | 465,000,000 | $ 463,000,000 |
Unrecognized tax benefits that would impact effective tax rate | 122,000,000 | 439,000,000 | 448,000,000 | |
Unrecognized tax benefits that would impact effective tax rate portion with attributes warranting full valuation allowance | 4,000,000 | 33,000,000 | 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 | 1,900,000,000 | |||
Foreign Tax Authority | ||||
Income Tax Disclosures [Line Items] | ||||
Operating loss carryforward | 1,200,000,000 | |||
State and Local Jurisdiction | ||||
Income Tax Disclosures [Line Items] | ||||
Operating loss carryforward | 6,800,000,000 | |||
General Business Tax Credit Carryforward | ||||
Income Tax Disclosures [Line Items] | ||||
Tax credit carryforward | 68,000,000 | |||
Foreign Jurisdictions | ||||
Income Tax Disclosures [Line Items] | ||||
Tax credit carryforward | 2,000,000 | |||
Non-US [Member] | ||||
Income Tax Disclosures [Line Items] | ||||
Income tax benefit (expense) | (27,000,000) | (33,000,000) | (26,000,000) | |
VIET NAM | ||||
Income Tax Disclosures [Line Items] | ||||
Income tax benefit (expense) | $ (16,000,000) | $ (16,000,000) | $ (13,000,000) | |
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 | 540 million | |||
Earliest Tax Year | General Business Tax Credit Carryforward | ||||
Income Tax Disclosures [Line Items] | ||||
Tax credit carryforward | $ 14,000,000 | |||
Latest Tax Year | Federal | ||||
Uncertain Tax Positions Additional Disclosures: | ||||
Operating Loss Carryforwards, Limitations on Use | 1.4 billion | |||
Latest Tax Year | General Business Tax Credit Carryforward | ||||
Income Tax Disclosures [Line Items] | ||||
Tax credit carryforward | $ 54,000,000 | |||
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] | ||||
Effective tax rate | 35.00% | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Uncertain Tax Positions Additional Disclosures: | ||||
Unrecognized tax benefits that would impact effective tax rate | $ 34,000,000 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Details) - USD ($) | May 22, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2021 | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Business Combination, Consideration Transferred | $ 28,000,000 | |||||||
Gain (Loss) on Disposition of Business | (1,683,000,000) | $ (95,000,000) | $ 28,000,000 | |||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 95,000,000 | 169,000,000 | 178,000,000 | |||||
Income (Loss) from Continuing Operations Attributable to Parent | 413,000,000 | (43,000,000) | (302,000,000) | |||||
Dispositions and Held-for-Sales Businesses | ||||||||
Asset Retirement Obligation, Revision of Estimate | 13,000,000 | 3,000,000 | ||||||
Goodwill, Written off Related to Sale of Business Unit | 224,000,000 | |||||||
Goodwill | 1,177,000,000 | $ 1,061,000,000 | ||||||
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 | 77,000,000 | $ 75,000,000 | 52,000,000 | |||||
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 | 56,000,000 | $ 55,000,000 | 34,000,000 | |||||
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] | 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 | 501,000,000 | |||||||
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 | 21,000,000 | $ 20,000,000 | 18,000,000 | |||||
Assets Carrying Amount Disclosure Nonrecurring | 175,000,000 | |||||||
Proceeds from Divestiture of Businesses | $ 58,000,000 | |||||||
Dispositions and Held-for-Sales Businesses | ||||||||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 26.00% | |||||||
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 | 40,000,000 | $ 57,000,000 | 80,000,000 | |||||
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] | ||||||||
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 | 0 | [1] | 0 | [1] | 52,000,000 | |||
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 | 0 | 0 | (5,000,000) | |||||
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] | 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 | 0 | 0 | (3,000,000) | |||||
Disposal Group, Disposed of by 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 | 5,000,000 | 41,000,000 | 30,000,000 | |||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 88,000,000 | |||||||
Dispositions and Held-for-Sales Businesses | ||||||||
Disposal Group Not Discontinued Operation Ownership Interest Sold | 43.00% | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Estrella del Mar I | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | $ 0 | 5,000,000 | 12,000,000 | |||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 6,000,000 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Uruguaiana [Member] | ||||||||
Dispositions and Held-for-Sales Businesses | ||||||||
Pre-tax gain on disposal | (95,000,000) | |||||||
Guaranty Liabilities | 22,000,000 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Alto Maipo | ||||||||
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 | 35,000,000 | $ 11,000,000 | $ (6,000,000) | |||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | AES Tiete Inova Solucoes | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 20,000,000 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Colon [Domain] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | 51,000,000 | |||||||
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% | |||||||
Itabo Disposal Group | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||
Dispositions and Held-for-Sales Businesses | ||||||||
Pre-tax gain on disposal | 4,000,000 | |||||||
AES Tiete Inova Solucoes | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||
Dispositions and Held-for-Sales Businesses | ||||||||
Pre-tax gain on disposal | (1,000,000) | |||||||
Alto Maipo | ||||||||
Dispositions and Held-for-Sales Businesses | ||||||||
Goodwill | $ 868,000,000 | |||||||
Alto Maipo | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||
Dispositions and Held-for-Sales Businesses | ||||||||
Pre-tax gain on disposal | 2,074,000,000 | |||||||
Goodwill, Written off Related to Sale of Business Unit | 224,000,000 | |||||||
Colon [Domain] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||||
Dispositions and Held-for-Sales Businesses | ||||||||
Pre-tax gain on disposal | $ 6,000,000 | |||||||
[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. |
Acquisitions Acquistions (Detai
Acquisitions Acquistions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Consideration Transferred | $ 28 | |||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 178 | $ 36 | $ 214 | |||||||
Business Combination, Goodwill Recognized, Description | 81 million | 45 million | ||||||||
Asset Acquisition, Contingent Consideration [Line Items] | ||||||||||
Business Combination, Consideration Transferred, Including Equity Interest in Acquiree Held Prior to Combination | $ 7 | |||||||||
Additional Paid in Capital | 7,119 | $ 7,561 | ||||||||
AIMCo | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | 25.00% | ||||||||
Other Income [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Asset Acquisition of a VIE, Contingent Consideration, Remeasurement Gain | 28 | [1] | 0 | $ 0 | ||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 254 | [2] | $ 0 | 0 | ||||||
Cubico Wind Complex | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Asset Acquisition, Purchase Price | 109 | |||||||||
Great Cove Solar I | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Asset Acquisition, Purchase Price | 13 | |||||||||
Asset Acquisition, Contingent Consideration, Liability | $ 6 | |||||||||
Asset Acquisition, Consideration Transferred, Other Assets | $ 2 | |||||||||
Great Cove Solar II | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Asset Acquisition, Purchase Price | 24 | |||||||||
Asset Acquisition, Contingent Consideration, Liability | $ 22 | $ 22 | ||||||||
Asset Acquisition, Consideration Transferred, Other Assets | 12 | |||||||||
Great Cove | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Asset Acquisition of a VIE, Contingent Consideration, Remeasurement Gain | $ 32 | |||||||||
Cajuina Wind Complex | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Asset Acquisition, Purchase Price | 22 | |||||||||
Payments to Acquire Businesses, Gross | 6 | |||||||||
Cajuina Wind Complex II | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Asset Acquisition, Purchase Price | 24 | |||||||||
Payments to Acquire Businesses, Gross | 6 | |||||||||
Asset Acquisition, Contingent Consideration, Liability | $ 3 | $ 3 | ||||||||
Serra Verde Wind Complex | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Asset Acquisition, Purchase Price | 18 | |||||||||
Payments to Acquire Businesses, Gross | 6 | |||||||||
Asset Acquisition, Contingent Consideration [Line Items] | ||||||||||
Notes Payable | 12 | |||||||||
New York Wind | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 352 | |||||||||
Business Combination, Goodwill Recognized, Description | 199 million | |||||||||
Asset Acquisition, Contingent Consideration [Line Items] | ||||||||||
Non-Recourse Debt | $ 126 | |||||||||
Community Energy | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to Acquire Businesses, Gross | 232 | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 217 | |||||||||
Other Payments to Acquire Businesses | $ 15 | |||||||||
Business Combination, Goodwill Recognized, Description | 90 million | |||||||||
Asset Acquisition, Contingent Consideration [Line Items] | ||||||||||
Non-Recourse Debt | $ 38 | |||||||||
sPower [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Consideration Transferred | $ 102 | |||||||||
Asset Acquisition, Contingent Consideration [Line Items] | ||||||||||
Additional Paid in Capital | $ 3 | |||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||||
Hardy Hills Wind | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Asset Acquisition, Contingent Consideration, Liability | $ 3 | |||||||||
Asset Acquisition, Contingent Consideration [Line Items] | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 52 | |||||||||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 6 | |||||||||
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 | 90 | |||||||||
Payments to Acquire Businesses, Gross | 44 | |||||||||
Other Payments to Acquire Businesses | $ 3 | |||||||||
Series of Individually Immaterial Business Acquisitions | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 25.00% | |||||||||
AES Clean Energy | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 75.00% | 75.00% | ||||||||
Mountain View Power Partners | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 75.00% | |||||||||
[1] | Primarily related to the remeasurement of contingent consideration on the Great Cove Solar acquisition at Clean Energy See Note 25— Acquisitions for further information. | |||||||||
[2] | Primarily related to the remeasurement of our existing equity interest in sPower’s development platform as part of the step acquisition to form AES Clean Energy Development. See Note 25— 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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | $ (413) | $ 43 | $ 302 | ||||||||
Weighted Average Number of Shares Outstanding, Basic (in shares) | 666 | 665 | 664 | ||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.95) | $ 0.52 | $ 0.03 | $ (0.22) | $ 0.48 | $ (0.50) | $ (0.13) | $ 0.22 | $ (0.62) | $ 0.06 | $ 0.46 |
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Diluted | $ (413) | $ 43 | $ 302 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted (in shares) | 666 | 668 | 667 | ||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ (0.95) | $ 0.48 | $ 0.03 | $ (0.22) | $ 0.47 | $ (0.50) | $ (0.13) | $ 0.22 | $ (0.62) | $ 0.06 | $ 0.45 |
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) | 0 | 1 | 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) | 0 | 2 | 3 | ||||||||
Dilutive Securities Effect On Basic EPS, dilutive Restricted Stock Units, per diluted share | $ 0 | $ 0 | $ (0.01) |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($) | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Corporate Unit, Notional Value | $ | $ 1,043 | |
Preferred stock (without par value, 50,000,000 shares authorized; 1,043,050 issued and outstanding at December 31, 2021) | $ | $ 825 | $ 0 |
Preferred Stock, Convertible, Initial Conversion Rate | $ / shares | $ 31.5428 | |
Preferred Stock, Convertible, Conversion Price | $ / shares | $ 31.70 | |
Equity Unit, Shares Issued | 10,430,500 | |
Corporate Equity Unit, Stated Value Per Share | $ / shares | $ 100 | |
Preferred Stock, Beneficial Ownership Interest in One Share | 0.10 | |
Share-based Payment Arrangement | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 5,000,000 | |
Weighted Average Number Antidilutive Securities Excluded from Computation of EPS | 4,000,000 | |
Equity Unit Purchase Agreements | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 40,000,000 | |
Weighted Average Number Antidilutive Securities Excluded from Computation of EPS | 33,000,000 |
Risks And Uncertainties (Detail
Risks And Uncertainties (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)segmentbusinessinteger | Dec. 31, 2020USD ($) | |
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 | $ 943 | $ 1,089 |
Percentage of Total Revenue Non-U.S. | 68.00% | |
Goodwill, Gross | $ 3,788 | $ 3,672 |
Number Of Single Customers That Accounted For Ten Percent Or More Of Total Revenue | integer | 0 | |
Alto Maipo | ||
Unusual Risk or Uncertainty [Line Items] | ||
Deconsolidation, Revaluation of Retained Investment, Gain (Loss), Amount | $ 1,200 | |
Debt Restructuring, Holders of Outstanding Indebtedness Party to Agreement, Percentage | 0.78 | |
Cash and Cash Equivalents [Member] | ||
Unusual Risk or Uncertainty [Line Items] | ||
Cash and Cash Equivalents, at Carrying Value | $ 943 |
Related Party Transactions (Sch
Related Party Transactions (Schedule of related Party Transactions) (Details) - Affiliated Entity - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Interest Income | $ 12 | $ 20 | $ 21 |
Interest expense | 88 | 131 | 74 |
Electricity, Generation [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue—Non-Regulated | 1,159 | 1,506 | 1,544 |
Cost of Sales—Non-Regulated | $ 324 | $ 504 | $ 531 |
Related Party Transactions (S_2
Related Party Transactions (Schedule of Related Party Receivables Payables) (Details) - Affiliated Entity [Member] - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Receivables from Related Parties | $ 131 | $ 252 | |
Accounts and notes payable to related parties (1) | [1] | $ 1,421 | $ 1,765 |
[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, 2021 and 2020 (see Note 11— Debt ). As of December 31, 2021, the debt balance at the SPV was reclassified to held-for-sale liabilities on the Consolidated Balance Sheet. Also includes $181 million of debt to Banco General S.A., a bank in Panama where our former minority partner in Colon is part of its board of directors as of December 31, 2020; and $379 million of debt to Strabag, our EPC contractor and minority partner in Alto Maipo as of December 31, 2020. |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||||||
Gain (Loss) on Disposition of Business | $ (1,683) | $ (95) | $ 28 | |||||||||||||||
Other Asset Impairment Charges | 1,575 | 864 | 185 | |||||||||||||||
Revenues | $ 2,770 | $ 3,036 | $ 2,700 | $ 2,635 | $ 2,560 | $ 2,545 | $ 2,217 | $ 2,338 | 11,141 | 9,660 | 10,189 | |||||||
Tax Cuts and Jobs Act, Income Tax Expense (Benefit) | (377) | 0 | 0 | |||||||||||||||
Net equity in losses of affiliates | (24) | (123) | (172) | |||||||||||||||
Deconsolidation, Gain (Loss), Amount | 2,074 | |||||||||||||||||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||||||
Operating margin | 559 | 760 | 728 | 664 | 906 | 756 | 524 | 507 | 2,711 | 2,693 | 2,349 | |||||||
Income (Loss) from Continuing Operations, net of Tax | (1,330) | [1] | 485 | (81) | [1] | (29) | [1] | 401 | (481) | [2] | 0 | [2] | 229 | [2] | (955) | 149 | 477 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 4 | 0 | 0 | 0 | 3 | 0 | ||||||||||
NET INCOME (LOSS) | (1,330) | 485 | (77) | (29) | 401 | (481) | 3 | 229 | (951) | 152 | 478 | |||||||
Net income (loss) attributable to The AES Corporation | $ (632) | $ 343 | $ 28 | $ (148) | $ 318 | $ (333) | $ (83) | $ 144 | $ (409) | $ 46 | $ 303 | |||||||
Basic earnings (loss) per share: | ||||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ (0.95) | $ 0.52 | $ 0.03 | $ (0.22) | $ 0.48 | $ (0.50) | $ (0.13) | $ 0.22 | $ (0.62) | $ 0.06 | $ 0.46 | |||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | 0.01 | 0 | 0 | 0 | 0.01 | 0 | 0.01 | 0.01 | 0 | |||||||
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | (0.95) | 0.52 | 0.04 | (0.22) | 0.48 | (0.50) | (0.12) | 0.22 | (0.61) | 0.07 | 0.46 | |||||||
Diluted earnings (loss) per share: | ||||||||||||||||||
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax | (0.95) | 0.48 | 0.03 | (0.22) | 0.47 | (0.50) | (0.13) | 0.22 | (0.62) | 0.06 | 0.45 | |||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | 0.01 | 0 | 0 | 0 | 0.01 | 0 | 0.01 | 0.01 | 0 | |||||||
Earnings Per Share, Diluted | (0.95) | 0.48 | 0.04 | (0.22) | 0.47 | (0.50) | (0.12) | 0.22 | (0.61) | 0.07 | $ 0.45 | |||||||
Dividends declared per common share | $ 0.31 | $ 0.15 | $ 0 | $ 0.15 | $ 0.29 | $ 0.14 | $ 0 | $ 0.14 | $ 0.6095 | $ 0.5804 | ||||||||
OPGC Affiliate [Member] | ||||||||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 43 | |||||||||||||||||
OPGC | ||||||||||||||||||
Equity Method Investment, Other than Temporary Impairment | $ 158 | $ 43 | $ 201 | |||||||||||||||
[1] | Includes pre-tax impairment expense of $473 million, $872 million, and $201 million in the first, second, and fourth quarters of 2021, respectively (See Note 22— Asset Impairment Expense ), and pre-tax loss on sale of business interests of $1.8 billion, primarily due to the deconsolidation of Alto Maipo, in the fourth quarter of 2021 (See Note 24— Held-for-Sale and Dispositions ). | |||||||||||||||||
[2] | Includes pre-tax impairment expense of $849 million in the third quarter of 2020 (See Note 22— Asset Impairment 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 $112 million in the third quarter of 2020 (See Note 8— Investments in and Advances to Affiliates ). |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Feb. 01, 2022 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | |||||
Preferred stock (without par value, 50,000,000 shares authorized; 1,043,050 issued and outstanding at December 31, 2021) | $ 825 | $ 0 | |||
Subsequent Event [Member] | Coal [Member] | |||||
Subsequent Event [Line Items] | |||||
Reduction of Asset | 10.00% | ||||
AES Gener | |||||
Subsequent Event [Line Items] | |||||
Sale of Stock, Percentage of Ownership after Transaction | 38.00% | ||||
Sale of Stock, Description of Transaction | 5 | ||||
Andes Chile Subsidiary | |||||
Subsequent Event [Line Items] | |||||
Sale of Stock, Percentage of Ownership before Transaction | 67.00% | ||||
Andes Chile Subsidiary | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Sale of Stock, Percentage of Ownership after Transaction | 99.00% | ||||
AES Brasil | |||||
Subsequent Event [Line Items] | |||||
Sale of Stock, Percentage of Ownership before Transaction | 37.40% | ||||
AES Brasil | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Sale of Stock, Percentage of Ownership after Transaction | 35.80% | ||||
Sale of Stock, Description of Transaction | 3.5 | ||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 63 |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information of Parent (Balance Sheet) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2017 |
Current Assets: | ||||||
Cash and cash equivalents | $ 943,000,000 | $ 1,089,000,000 | ||||
Restricted cash | 304,000,000 | 297,000,000 | ||||
Assets, Current | 5,356,000,000 | 5,414,000,000 | ||||
Investment in and advances to subsidiaries and affiliates | 1,080,000,000 | 835,000,000 | $ 966,000,000 | |||
Office Equipment: | ||||||
Cost | 25,552,000,000 | 26,707,000,000 | ||||
Accumulated depreciation | (8,486,000,000) | (8,472,000,000) | ||||
Property, plant and equipment, net | 19,906,000,000 | 22,826,000,000 | ||||
Other Assets: | ||||||
Deferred income taxes | 409,000,000 | 288,000,000 | ||||
Other assets | 2,188,000,000 | 1,660,000,000 | $ 1,605,000,000 | 1,635,000,000 | ||
Total other assets | 7,701,000,000 | 6,363,000,000 | ||||
Assets | 32,963,000,000 | 34,603,000,000 | 33,648,000,000 | |||
Current Liabilities: | ||||||
Accounts payable | 1,153,000,000 | 1,156,000,000 | ||||
Accrued and other liabilities | 1,120,000,000 | 1,223,000,000 | ||||
Total current liabilities | 4,732,000,000 | 5,362,000,000 | ||||
Long-term Liabilities: | ||||||
Other long-term liabilities | 3,358,000,000 | 3,241,000,000 | ||||
Liabilities, Noncurrent | 22,407,000,000 | 23,649,000,000 | ||||
Stockholders' equity: | ||||||
Common stock | 8,000,000 | 8,000,000 | $ 26.07 | |||
Additional paid-in capital | 7,119,000,000 | 7,561,000,000 | ||||
Accumulated deficit | (1,089,000,000) | (680,000,000) | $ (731,000,000) | (692,000,000) | ||
Accumulated other comprehensive loss | (2,220,000,000) | (2,397,000,000) | (2,229,000,000) | |||
Treasury stock | (1,845,000,000) | (1,858,000,000) | ||||
Total AES Corporation stockholders’ equity | 2,798,000,000 | 2,634,000,000 | ||||
TOTAL LIABILITIES AND EQUITY | 32,963,000,000 | 34,603,000,000 | ||||
Preferred stock (without par value, 50,000,000 shares authorized; 1,043,050 issued and outstanding at December 31, 2021) | 825,000,000 | 0 | ||||
Parent Company [Member] | ||||||
Current Assets: | ||||||
Cash and cash equivalents | 40,000,000 | 70,000,000 | $ 11,000,000 | $ 19,000,000 | ||
Accounts and notes receivable from subsidiaries | 231,000,000 | 188,000,000 | ||||
Prepaid expenses and other current assets | 50,000,000 | 55,000,000 | ||||
Assets, Current | 321,000,000 | 313,000,000 | ||||
Investment in and advances to subsidiaries and affiliates | 7,159,000,000 | 6,426,000,000 | ||||
Office Equipment: | ||||||
Cost | 29,000,000 | 29,000,000 | ||||
Accumulated depreciation | (23,000,000) | (22,000,000) | ||||
Property, plant and equipment, net | 6,000,000 | 7,000,000 | ||||
Other Assets: | ||||||
Debt Issuance Costs, Noncurrent, Net | 6,000,000 | 4,000,000 | ||||
Deferred income taxes | 0 | 25,000,000 | ||||
Other assets | 33,000,000 | 20,000,000 | ||||
Total other assets | 39,000,000 | 49,000,000 | ||||
Assets | 7,525,000,000 | 6,795,000,000 | ||||
Current Liabilities: | ||||||
Accounts payable | 17,000,000 | 15,000,000 | ||||
Accounts and notes payable to subsidiaries | 161,000,000 | 184,000,000 | ||||
Accrued and other liabilities | 340,000,000 | 344,000,000 | ||||
Total current liabilities | 518,000,000 | 543,000,000 | ||||
Long-term Liabilities: | ||||||
Senior notes payable | 3,729,000,000 | 3,430,000,000 | ||||
Accounts and notes payable to subsidiaries | 0 | 28,000,000 | ||||
Other long-term liabilities | 480,000,000 | 160,000,000 | ||||
Liabilities, Noncurrent | 4,209,000,000 | 3,618,000,000 | ||||
Stockholders' equity: | ||||||
Common stock | 8,000,000 | 8,000,000 | ||||
Additional paid-in capital | 7,119,000,000 | 7,561,000,000 | ||||
Accumulated deficit | (1,089,000,000) | (680,000,000) | ||||
Accumulated other comprehensive loss | (2,220,000,000) | (2,397,000,000) | ||||
Treasury stock | (1,845,000,000) | (1,858,000,000) | ||||
Total AES Corporation stockholders’ equity | 2,798,000,000 | 2,634,000,000 | ||||
TOTAL LIABILITIES AND EQUITY | 7,525,000,000 | 6,795,000,000 | ||||
Accumulated Amortization, Debt Issuance Costs, Noncurrent | $ 7,000,000 | $ 6,000,000 |
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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest income | $ 298 | $ 268 | $ 318 | ||||||||
General and administrative expenses | (166) | (165) | (196) | ||||||||
Other expense | (60) | (53) | (80) | ||||||||
Gain (Loss) on Extinguishment of Debt | (78) | (186) | (169) | ||||||||
Interest expense | (911) | (1,038) | (1,050) | ||||||||
Income (loss) before income taxes | (644) | (192) | (277) | ||||||||
Income tax benefit (expense) | 133 | (216) | (352) | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ (632) | $ 343 | $ 28 | $ (148) | $ 318 | $ (333) | $ (83) | $ 144 | (409) | 46 | 303 |
Parent Company | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenue from subsidiaries and affiliates | 28 | 29 | 30 | ||||||||
Equity in earnings of subsidiaries and affiliates | (47) | 383 | 674 | ||||||||
Interest income | 20 | 31 | 53 | ||||||||
General and administrative expenses | (121) | (125) | (148) | ||||||||
Other income | 51 | 26 | 1 | ||||||||
Other expense | (65) | (6) | (103) | ||||||||
Gain (Loss) on Extinguishment of Debt | 0 | (146) | (5) | ||||||||
Interest expense | (74) | (163) | (197) | ||||||||
Income (loss) before income taxes | (208) | 29 | 305 | ||||||||
Income tax benefit (expense) | (201) | 17 | (2) | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ (409) | $ 46 | $ 303 |
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, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | $ (632) | $ 343 | $ 28 | $ (148) | $ 318 | $ (333) | $ (83) | $ 144 | $ (409) | $ 46 | $ 303 |
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 $0, $(8) and $1, respectively | (130) | (52) | (33) | ||||||||
Reclassification to earnings, net of $0 income tax for all periods | 3 | 192 | 23 | ||||||||
Total foreign currency translation adjustments | (127) | 140 | (10) | ||||||||
Derivative activity: | |||||||||||
Change in derivative fair value, net of income tax benefit of $8, $90 and $53, respectively | 5 | (368) | (265) | ||||||||
Reclassification to earnings, net of income tax expense of $73, $19 and $4, respectively | 387 | 74 | 42 | ||||||||
Pension activity: | |||||||||||
Prior service cost for the period, net of income tax expense of $0, $1 and $0, respectively | 0 | (1) | (1) | ||||||||
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax (expense) benefit of $(9), $4 and $6, respectively | 26 | (14) | (23) | ||||||||
Reclassification of earnings, net of income tax expense of $3, $0 and $13, respectively | (1) | 0 | (28) | ||||||||
Total pension adjustments | 27 | (13) | 6 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | 292 | (167) | (227) | ||||||||
COMPREHENSIVE INCOME (LOSS) | (659) | (15) | 251 | ||||||||
OCI, Foreign Currency Transaction and Translation Gain (Loss), Arising During Period, Tax | 0 | (8) | 1 | ||||||||
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 | (1) | (110) | (74) | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 105 | 17 | 12 | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax | 0 | 0 | 0 | ||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | 10 | (4) | (10) | ||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 3 | 0 | 13 | ||||||||
Total change in fair value of derivatives | 392 | (294) | (223) | ||||||||
Parent Company | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION | (409) | 46 | 303 | ||||||||
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 $0, $(8) and $1, respectively | (86) | 0 | (23) | ||||||||
Reclassification to earnings, net of $0 income tax for all periods | 3 | 192 | 23 | ||||||||
Total foreign currency translation adjustments | (83) | 192 | 0 | ||||||||
Derivative activity: | |||||||||||
Change in derivative fair value, net of income tax benefit of $8, $90 and $53, respectively | (7) | (309) | (202) | ||||||||
Reclassification to earnings, net of income tax expense of $73, $19 and $4, respectively | 254 | 72 | 36 | ||||||||
Pension activity: | |||||||||||
Prior service cost for the period, net of income tax expense of $0, $1 and $0, respectively | 0 | 0 | 1 | ||||||||
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax (expense) benefit of $(9), $4 and $6, respectively | 23 | (12) | (16) | ||||||||
Reclassification of earnings, net of income tax expense of $3, $0 and $13, respectively | 1 | 0 | 27 | ||||||||
Total pension adjustments | 24 | (12) | 12 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | 188 | (57) | (154) | ||||||||
COMPREHENSIVE INCOME (LOSS) | (221) | (11) | 149 | ||||||||
OCI, Foreign Currency Transaction and Translation Gain (Loss), Arising During Period, Tax | 0 | (8) | 1 | ||||||||
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 | 8 | 90 | 53 | ||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (73) | (19) | (4) | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax | 0 | (1) | 0 | ||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | (9) | 4 | 6 | ||||||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | (3) | 0 | (13) | ||||||||
Total change in fair value of derivatives | $ 247 | $ (237) | $ (166) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ (1,902) | $ (2,755) | $ (2,466) |
Investing Activities: | |||
Sale of short-term investments | 616 | 627 | 666 |
Net cash used in investing activities | (3,051) | (2,295) | (2,721) |
Financing Activities: | |||
Common stock dividends paid | (401) | (381) | (362) |
Payments for deferred financing costs | (32) | (107) | (126) |
Proceeds from (Payments for) Other Financing Activities | (45) | (53) | (8) |
Net cash provided by (used in) financing activities | 797 | (78) | (86) |
Effect of exchange rate changes on cash | (46) | (24) | (18) |
Cash and cash equivalents, beginning | 1,089 | ||
Cash and cash equivalents, ending | 943 | 1,089 | |
SUPPLEMENTAL DISCLOSURES: | |||
Cash payments for interest, net of amounts capitalized | (815) | (908) | (946) |
Cash payments for income taxes, net of refunds | (459) | (333) | (363) |
Issuance of preferred stock | 1,014 | 0 | 0 |
Sales to noncontrolling interests | 173 | 553 | 128 |
Parent Company [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | (570) | (434) | 583 |
Investing Activities: | |||
Proceeds from the sale of business interests, net of expenses | 64 | 412 | 196 |
Investment in and net advances to subsidiaries | (2,260) | (652) | (596) |
Return of capital | 698 | 346 | 411 |
Additions to property, plant and equipment | (14) | (8) | (8) |
Sale of short-term investments | 0 | (1) | 0 |
Net cash used in investing activities | (1,512) | 97 | 3 |
Financing Activities: | |||
(Repayments) Borrowings under the revolver, net | 295 | (110) | 180 |
Borrowings of notes payable and other coupon bearing securities | 0 | 3,397 | 0 |
Repayments of notes payable and other coupon bearing securities | 0 | (3,366) | (450) |
Loans from (Repayments to) subsidiaries | 0 | 25 | 40 |
Proceeds from issuance of common stock | 8 | 4 | 6 |
Common stock dividends paid | (401) | (381) | (362) |
Payments for deferred financing costs | (4) | (38) | (3) |
Proceeds from (Payments for) Other Financing Activities | 1 | (3) | (4) |
Net cash provided by (used in) financing activities | 912 | (472) | (593) |
Effect of exchange rate changes on cash | 0 | 0 | (1) |
Total increase (decrease) in cash, cash equivalents and restricted cash | (30) | 59 | (8) |
Cash and cash equivalents, beginning | 70 | 11 | |
Cash and cash equivalents, ending | 40 | 70 | 11 |
SUPPLEMENTAL DISCLOSURES: | |||
Cash payments for interest, net of amounts capitalized | 79 | 156 | 192 |
Cash payments for income taxes, net of refunds | 0 | (8) | (5) |
Issuance of preferred stock | 1,014 | 0 | 0 |
Sales to noncontrolling interests | $ (1) | $ 0 | $ 0 |
Schedule I - Condensed Financ_7
Schedule I - Condensed Financial Information of Parent (Senior Notes and Junior Subordinated Notes) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | $ 3,754 | $ 3,447 |
Recourse Debt Non Current | 3,729 | 3,446 |
Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 3,729 | |
Debt Maturity Year One [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 25 | |
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 | 0 | |
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 | 0 | |
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 | 900 | |
Debt Maturity Year Four [Member] | Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 900 | |
Debt Maturity Year Five [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 1,165 | |
Debt Maturity Year Five [Member] | Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 1,165 | |
Thereafter | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 1,700 | |
Thereafter | Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Total | 1,700 | |
Recourse Debt Excluding Junior Subordinated Debt | Parent Company | ||
Condensed Financial Statements, Captions [Line Items] | ||
Recourse Debt Non Current | $ 3,729 | $ 3,430 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 95 | $ 169 | $ 178 |
SEC Schedule, 12-04, Cash Dividends Paid to Registrant, Consolidated Subsidiaries | 894 | 1,000 | 1,000 |
Parent Company [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 65 | $ 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, 2021USD ($)agreement | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations number of agreements | agreement | 149 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 2,331 |
Guarantees [Member] | Parent Company | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations number of agreements | agreement | 90 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 2,200 |
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 | 90 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 2,162 |
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 | $ 400 |
Unsecured Debt [Member] | Financial Standby Letter of Credit [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations number of agreements | agreement | 31 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 119 |
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 | $ 42 |
Secured Debt [Member] | Financial Standby Letter of Credit [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Obligations number of agreements | agreement | 26 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 48 |
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 | $ 16 |