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Schedule I - Condensed Financial Information of Parent | 12 Months Ended
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Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT | THE AES CORPORATION SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT BALANCE SHEETS
|  | December 31,
|  | 2015 |  | 2014
|  | (in millions)
ASSETS |  |  |  |
Current Assets: |  |  |  |
Cash and cash equivalents |  | $ | 186 |  |  | $ | 511 |
Restricted cash |  | 32 |  |  | 81 |
Accounts and notes receivable from subsidiaries |  | 264 |  |  | 380 |
Deferred income taxes |  | — |  |  | 142 |
Prepaid expenses and other current assets |  | 26 |  |  | 57 |
Total current assets |  | 508 |  |  | 1,171 |
Investment in and advances to subsidiaries and affiliates |  | 7,764 |  |  | 9,063 |
Office Equipment: |  |  |  |
Cost |  | 135 |  |  | 157 |
Accumulated depreciation |  | (112 | ) |  | (114 | )
Office equipment, net |  | 23 |  |  | 43 |
Other Assets: |  |  |  |
Deferred financing costs (net of accumulated amortization of $75 and $81, respectively) |  | 49 |  |  | 61 |
Deferred income taxes |  | 1,028 |  |  | 872 |
Other Assets |  | 1 |  |  | 1 |
Total other assets |  | 1,078 |  |  | 934 |
Total |  | $ | 9,373 |  |  | $ | 11,211 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |
Current Liabilities: |  |  |  |
Accounts payable |  | $ | 16 |  |  | $ | 25 |
Accounts and notes payable to subsidiaries |  | 97 |  |  | 80 |
Accrued and other liabilities |  | 204 |  |  | 212 |
Senior notes payable—current portion |  | — |  |  | 151 |
Total current liabilities |  | 317 |  |  | 468 |
Long-term Liabilities: |  |  |  |
Senior notes payable |  | 4,498 |  |  | 4,590 |
Junior subordinated notes and debentures payable |  | 517 |  |  | 517 |
Accounts and notes payable to subsidiaries |  | 873 |  |  | 1,352 |
Other long-term liabilities |  | 19 |  |  | 12 |
Total long-term liabilities |  | 5,907 |  |  | 6,471 |
Stockholders' equity: |  |  |  |
Common stock |  | 8 |  |  | 8 |
Additional paid-in capital |  | 8,718 |  |  | 8,409 |
Retained Earnings |  | 143 |  |  | 512 |
Accumulated other comprehensive loss |  | (3,883 | ) |  | (3,286 | )
Treasury stock |  | (1,837 | ) |  | (1,371 | )
Total stockholders' equity |  | 3,149 |  |  | 4,272 |
Total |  | $ | 9,373 |  |  | $ | 11,211 |
See Notes to Schedule I. THE AES CORPORATION SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT STATEMENTS OF OPERATIONS
For the Years Ended December 31, |  | 2015 |  | 2014 |  | 2013
|  | (in millions)
Revenue from subsidiaries and affiliates |  | $ | 24 |  |  | $ | 29 |  |  | $ | 32 |
Equity in earnings of subsidiaries and affiliates |  | 859 |  |  | 1,313 |  |  | 498 |
Interest income |  | 24 |  |  | 59 |  |  | 66 |
General and administrative expenses |  | (154 | ) |  | (161 | ) |  | (171 | )
Other Income |  | 24 |  |  | 8 |  |  | 14 |
Other Expense |  | (6 | ) |  | (30 | ) |  | (11 | )
Loss on extinguishment of debt |  | (105 | ) |  | (193 | ) |  | (165 | )
Interest expense |  | (364 | ) |  | (422 | ) |  | (436 | )
Income (loss) before income taxes |  | 302 |  |  | 603 |  |  | (173 | )
Income tax benefit |  | 4 |  |  | 166 |  |  | 287 |
Net income |  | $ | 306 |  |  | $ | 769 |  |  | $ | 114 |
See Notes to Schedule I. THE AES CORPORATION SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT STATEMENTS OF COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2015, 2014, AND 2013
| 2015 |  | 2014 |  | 2013
| (in millions)
NET INCOME | $ | 306 |  |  | $ | 769 |  |  | $ | 114 |
Foreign currency translation activity: |  |  |  |  |
Foreign currency translation adjustments, net of income tax (expense) benefit of $1, $(7) and $10, respectively | (674 | ) |  | (366 | ) |  | (263 | )
Reclassification to earnings, net of income tax (expense) benefit of $0, $0 and $0, respectively | — |  |  | 34 |  |  | 36 |
Total foreign currency translation adjustments, net of tax | (674 | ) |  | (332 | ) |  | (227 | )
Derivative activity: |  |  |  |  |
Change in derivative fair value, net of income tax (expense) benefit of $4, $51 and $(31), respectively | (5 | ) |  | (180 | ) |  | 46 |
Reclassification to earnings, net of income tax (expense) benefit of $(12), $(37) and $(32), respectively | 48 |  |  | 72 |  |  | 128 |
Total change in fair value of derivatives, net of tax | 43 |  |  | (108 | ) |  | 174 |
Pension activity: |  |  |  |  |
Prior service cost for the period, net of income tax (expense) benefit of $0, $0 and $0, respectively | 1 |  |  | (1 | ) |  | — |
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax (expense) benefit of $(7), $9 and $(42), respectively | 18 |  |  | (13 | ) |  | 78 |
Reclassification of earnings due to amortization of net actuarial loss, net of income tax (expense) benefit of $(2), $0 and $(5), respectively | 2 |  |  | 10 |  |  | 13 |
Total change in unfunded pension obligation | 21 |  |  | (4 | ) |  | 91 |
OTHER COMPREHENSIVE INCOME (LOSS) | (610 | ) |  | (444 | ) |  | 38 |
COMPREHENSIVE INCOME (LOSS) | $ | (304 | ) |  | $ | 325 |  |  | $ | 152 |
See Notes to Schedule I. THE AES CORPORATION SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT STATEMENTS OF CASH FLOWS
For the Years Ended December 31, |  | 2015 |  | 2014 |  | 2013
|  | (in millions)
Net cash provided by operating activities |  | $ | 475 |  |  | $ | 449 |  |  | $ | 418 |
Investing Activities: |  |  |  |  |  |
Expenses related to asset sales |  | — |  |  | (4 | ) |  | (5 | )
Investment in and net advances to subsidiaries |  | (221 | ) |  | (69 | ) |  | 201 |
Return of capital |  | 501 |  |  | 740 |  |  | 230 |
Decrease in restricted cash |  | 49 |  |  | 96 |  |  | 50 |
Additions to property, plant and equipment |  | (11 | ) |  | (31 | ) |  | (11 | )
(Purchase) sale of short term investments, net |  | — |  |  | (1 | ) |  | 1 |
Net cash provided by (used in) investing activities |  | 318 |  |  | 731 |  |  | 466 |
Financing Activities: |  |  |  |  |  |
Borrowings (payments) under the revolver, net |  | — |  |  | — |  |  | — |
Borrowings of notes payable and other coupon bearing securities |  | 575 |  |  | 1,525 |  |  | 750 |
Repayments of notes payable and other coupon bearing securities |  | (915 | ) |  | (2,117 | ) |  | (1,210 | )
Loans (to) from subsidiaries |  | — |  |  | 263 |  |  | (152 | )
Purchase of treasury stock |  | (482 | ) |  | (308 | ) |  | (322 | )
Proceeds from issuance of common stock |  | 4 |  |  | 1 |  |  | 13 |
Common stock dividends paid |  | (276 | ) |  | (144 | ) |  | (119 | )
Payments for deferred financing costs |  | (6 | ) |  | (20 | ) |  | (17 | )
Other Financing |  | (18 | ) |  | — |  |  | — |
Net cash (used in) provided by financing activities |  | (1,118 | ) |  | (800 | ) |  | (1,057 | )
Effect of exchange rate changes on cash |  | — |  |  | — |  |  | (1 | )
Increase (decrease) in cash and cash equivalents |  | (325 | ) |  | 380 |  |  | (174 | )
Cash and cash equivalents, beginning |  | 511 |  |  | 131 |  |  | 305 |
Cash and cash equivalents, ending |  | $ | 186 |  |  | $ | 511 |  |  | $ | 131 |
Supplemental Disclosures: |  |  |  |  |  |
Cash payments for interest, net of amounts capitalized |  | $ | 314 |  |  | $ | 373 |  |  | $ | 442 |
Cash payments for income taxes, net of refunds |  | $ | — |  |  | $ | (2 | ) |  | $ | 11 |
See Notes to Schedule I. SCHEDULE I NOTES TO SCHEDULE I 1. Application of Significant Accounting Principles The Schedule I Condensed Financial Information of the Parent includes the accounts of The AES Corporation (the “Parent Company”) and certain holding companies. Accounting for Subsidiaries and Affiliates—The Parent Company has accounted for the earnings of its subsidiaries on the equity method in the financial information. Income Taxes—Positions taken on the Parent Company's income tax return which satisfy a more-likely-than-not threshold will be recognized in the financial statements. The income tax expense or benefit computed for the Parent Company reflects the tax assets and liabilities on a stand-alone basis and the effect of filing a consolidated U.S. income tax return with certain other affiliated companies. Accounts and Notes Receivable from Subsidiaries—Amounts have been shown in current or long-term assets based on terms in agreements with subsidiaries, but payment is dependent upon meeting conditions precedent in the subsidiary loan agreements. Senior Notes and Loans Payable ($ in millions)
|  |  |  |  |  | December 31,
|  | Interest Rate |  | Maturity |  | 2015 |  | 2014
Senior Unsecured Note |  | 7.75% |  | 2015 |  | $ | — |  |  | $ | 151 |
Senior Unsecured Note |  | 9.75% |  | 2016 |  | — |  |  | 164 |
Senior Unsecured Note |  | 8.00% |  | 2017 |  | 181 |  |  | 525 |
Senior Unsecured Note |  | LIBOR + 3.00% |  | 2019 |  | 775 |  |  | 775 |
Senior Unsecured Note |  | 8.00% |  | 2020 |  | 469 |  |  | 625 |
Senior Unsecured Note |  | 7.38% |  | 2021 |  | 1,000 |  |  | 1,000 |
Senior Unsecured Note |  | 4.88% |  | 2023 |  | 750 |  |  | 750 |
Senior Unsecured Note |  | 5.50% |  | 2024 |  | 750 |  |  | 750 |
Senior Unsecured Note |  | 5.50% |  | 2025 |  | 575 |  |  | — |
Unamortized premium (discounts) |  |  |  |  |  | (2 | ) |  | 1 |
SUBTOTAL |  |  |  |  |  | 4,498 |  |  | 4,741 |
Less: Current maturities |  |  |  |  |  | — |  |  | (151 | )
Total |  |  |  |  |  | $ | 4,498 |  |  | $ | 4,590 |
Junior Subordinated Notes Payable ($ in millions)
|  |  |  |  |  | December 31,
|  | Interest Rate |  | Maturity |  | 2015 |  | 2014
Term Convertible Trust Securities |  | 6.75% |  | 2029 |  | $ | 517 |  |  | $ | 517 |
FUTURE MATURITIES OF DEBT — Recourse debt as of December 31, 2015 is scheduled to reach maturity as presented in the table below in millions:
December 31, | Annual Maturities
2016 | $ | — |
2017 | 181 |
2018 | — |
2019 | 774 |
2020 | 469 |
Thereafter | 3,591 |
Total debt | $ | 5,015 |
Dividends from Subsidiaries and Affiliates Cash dividends received from consolidated subsidiaries were $748 million, $880 million, and $818 million for the years ended December 31, 2015, 2014, and 2013, respectively. There were no cash dividends received from affiliates accounted for by the equity method for the years ended December 31, 2015, 2014, and 2013. Guarantees and Letters of Credit GUARANTEES—In connection with certain of its project financing, acquisition, and power purchase agreements, the Company has expressly undertaken limited obligations and commitments, most of which will only be effective or will be terminated upon the occurrence of future events. These obligations and commitments, excluding those collateralized by letter of credit and other obligations discussed below, were limited as of December 31, 2015, by the terms of the agreements, to an aggregate of approximately $396 million representing 15 agreements with individual exposures ranging from less than $1 million up to $53 million. These amounts exclude normal and customary representations and warranties in agreements for the sale of assets (including ownership in associated legal entities) where the associated risk is considered to be nominal. LETTERS OF CREDIT—At December 31, 2015, the Company had $62 million in letters of credit outstanding under the senior unsecured credit facility representing 7 agreements with individual exposures ranging from less than $1 million up to $29 million, which operate to guarantee performance relating to certain project development and construction activities and subsidiary operations. At December 31, 2015, the Company had $32 million in cash collateralized letters of credit outstanding representing 4 agreements with individual exposures ranging from $1 million up to $15 million, which operate to guarantee performance relating to certain project development and construction activities and subsidiary operations. During 2015, the Company paid letter of credit fees ranging from 0.2% to 2.5% per annum on the outstanding amounts.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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