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Dispositions and Held-for-Sale Businesses (Notes) | 9 Months Ended
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Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract] |
DISPOSITIONS AND HELD-FOR-SALE BUSINESSES | DISPOSITIONS AND HELD-FOR-SALE BUSINESSES Dispositions Armenia Mountain — On July 1, 2015, the Company completed the sale of Armenia Mountain, a 101 MW wind project in Pennsylvania. Net proceeds from the sale transaction were $64 million and the Company recognized a pretax gain on sale of $22 million. As Armenia Mountain does not meet the criteria to be reported as a discontinued operation, its results are reflected within continuing operations in the Condensed Consolidated Statements of Operations. Armenia Mountain’s pretax income attributable to The AES Corporation was $6 million for the nine months ended September 30, 2015 and $(1) million and $4 million, respectively, for the three and nine months ended September 30, 2014. Prior to its sale, Armenia Mountain was in the US SBU reportable segment. See Note 18—Discontinued Operations for more about transactions preceding the sale. UK Wind (Operating Projects) — In August 2014, the Company sold 100% of its interests in four operating wind projects located in the UK with an aggregate generation capacity of 88 MW. Net proceeds from the sale transaction were $161 million and the Company recognized a pretax gain on sale of $78 million during the third quarter of 2014. As these wind projects do not meet the criteria to be reported as discontinued operations, their results are reflected within continuing operations in the Condensed Consolidated Statements of Operations. Excluding the gain on sale, the pretax loss for these projects was $19 million and $18 million, respectively, for the three and nine months ended September 30, 2014. Prior to the sale, these projects were reported in the Europe SBU reportable segment. Held-For-Sale Businesses Kelanitissa — In August 2015, the Company executed an agreement for the sale of its 90% ownership interest in Kelanitissa, a 168 MW diesel-fired generation plant in Sri Lanka. Accordingly, Kelanitissa has been classified as held-for-sale as of September 30, 2015, but does not meet the criteria to be reported as a discontinued operation. Kelanitissa’s results are therefore reflected within continuing operations in the Condensed Consolidated Statements of Operations. Kelanitissa’s pretax income (loss) attributable to The AES Corporation was $(2) million and $(7) million, respectively, for the three and nine months ended September 30, 2015 and $(1) million and $1 million, respectively, for the three and nine months ended September 30, 2014. Kelanitissa is reported in the Asia SBU reportable segment. DISCONTINUED OPERATIONS As discussed in Note 1—Financial Statement Presentation, effective July 1, 2014, the Company prospectively adopted ASU No. 2014-08. There have been no businesses classified as a discontinued operation subsequent to this ASU adoption. The following table summarizes the revenue, income from operations, income tax expense, impairment and loss on disposal of all businesses classified as a discontinued operation prior to the adoption of ASU No. 2014-08 for the periods indicated (in millions):
| Three Months Ended September 30, 2014 |  | Nine Months Ended September 30, 2014
Revenue | $ | — |  |  | $ | 233 |
Income from operations of discontinued businesses, before income tax | $ | — |  |  | $ | 49 |
Income tax expense | — |  |  | (22 | )
Income from operations of discontinued businesses, after income tax | $ | — |  |  | $ | 27 |
Net loss from disposal and impairments of discontinued businesses, after income tax | $ | — |  |  | $ | (56 | )
U.S. wind project s — In November 2013, the Company executed an agreement for the sale of its 100% membership interests in three wind projects with an aggregate generation capacity of 234 MW: Condon in California, Lake Benton I in Minnesota and Storm Lake II in Iowa. The sale transaction closed on January 30, 2014 and net proceeds of $27 million were received. These wind projects were previously reported in the US SBU reportable segment. Under the terms of the sale agreement, the buyer was provided an option to purchase the Company’s 100% interest in Armenia Mountain, a 101 MW wind project in Pennsylvania, at a fixed price of $75 million. Approximately $3 million of the $27 million net proceeds was deferred and allocated to this option. The buyer exercised the option on March 31, 2015 and the sale was completed on July 1, 2015. See Note 17—Dispositions and Held-For-Sale Businesses for further information. Saurashtra — In October 2013, the Company executed a sale agreement for the sale of its wholly owned subsidiary AES Saurashtra Private Ltd, a 39 MW wind project in India. The sale transaction closed on February 24, 2014 and net proceeds of $8 million were received. Saurashtra was previously reported in the Asia SBU reportable segment. Cameroon — In September 2013, the Company executed agreements for the sale of AES White Cliffs B.V. (owner of 56% of AES SONEL S.A.), AES Kribi Holdings B.V. (owner of 56% of Kribi Power Development Company S.A.) and AES Dibamba Holdings B.V. (owner of 56% of Dibamba Power Development Company S.A.). In June 2014, the Company sold its entire equity interest in all three businesses in Cameroon. Net proceeds from the sale transaction were $200 million with $156 million received and non-contingent consideration of $44 million to be received in 2016. The carrying amount is $44 million, which approximates fair value, and is secured by a $40 million letter of credit from a well-capitalized, multinational bank. Between meeting the held-for-sale criteria in September 2013 through the first quarter of 2014, the Company recognized impairment charges totaling $101 million, representing the difference between the aggregate carrying amount of $435 million and fair value less costs to sell of $334 million. During the second quarter of 2014, the Company recognized an additional loss on sale of $7 million. These businesses were previously reported in the Europe SBU reportable segment.

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