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Investments In and Advances To Affiliates | 12 Months Ended
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Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS IN AND ADVANCES TO AFFILIATES | 8. INVESTMENTS IN AND ADVANCES TO AFFILIATES The following table summarizes the relevant effective equity ownership interest and carrying values for the Company's investments accounted for under the equity method as of the periods indicated:
December 31, |  |  | 2020 |  | 2019 |  | 2020 |  | 2019
Affiliate | Country |  | Carrying Value (in millions) |  | Ownership Interest %
sPower (1) | United States |  | $ | 551 |  |  | $ | 442 |  |  | 50 | % |  | 50 | %
Uplight | United States |  | 85 |  |  | 91 |  |  | 32 | % |  | 32 | %
Mesa La Paz | Mexico |  | 60 |  |  | 66 |  |  | 50 | % |  | 50 | %
Energía Natural Dominicana Enadom (2) | Dominican Republic |  | 49 |  |  | 48 |  |  | 43 | % |  | 43 | %
OPGC | India |  | — |  |  | 212 |  |  | 49 | % |  | 49 | %
Guacolda (3) | Chile |  | — |  |  | 74 |  |  | 34 | % |  | 33 | %
Barry (4) | United Kingdom |  | — |  |  | — |  |  | 100 | % |  | 100 | %
Other affiliates (5) | Various |  | 90 |  |  | 33 |  |  |  |  |
Total |  |  | $ | 835 |  |  | $ | 966 |  |  |  |  |
_____________________________ (1)In January 2021, the sPower and AES Distributed Energy development platforms were merged to form AES Clean Energy Development. See Note 31—Subsequent Events for further information. (2)The Company's ownership in Energía Natural Dominicana Enadom is held through AES Andres, an 85%-owned consolidated subsidiary. AES Andres owns 50% of Energía Natural Dominicana Enadom, resulting in an AES effective ownership of 43%. (3)The Company's ownership in Guacolda is held through AES Gener, a 67%-owned consolidated subsidiary. AES Gener owns 50% of Guacolda, resulting in an AES effective ownership of 34%. (4)Represents a VIE in which the Company holds a variable interest, but is not the primary beneficiary. (5)Includes Bosforo, Fluence, and Tucano equity method investments, and others, as well as a $67 million loan facility granted from Colon to an equity method affiliate in 2020. OPGC — In December 2019, an other-than-temporary impairment was identified at OPGC primarily due to the estimated market value of the Company's investment and other negative developments impacting future expected cash flows at the investee. A calculation of the fair value of the Company’s investment in OPGC was required to evaluate whether there was a loss in the carrying value of the investment. Based on management’s estimate of fair value of $212 million, the Company recognized an other-than-temporary impairment of $92 million in Other non-operating expense in December 2019. In March 2020, management’s updated estimate of fair value was $152 million and the Company recognized an additional other-than-temporary impairment of $43 million due to the economic slowdown. In June 2020, the Company agreed to sell its entire 49% stake in OPGC resulting in an additional other-than-temporary impairment of $158 million. Total other-than-temporary impairment for the year ended December 31, 2020 was $201 million, recognized in Other non-operating expense. In December 2020, the Company completed the sale for $135 million, resulting in a pre-tax gain on sale of $23 million, primarily due to the write-off of cumulative translation adjustments. Prior to its sale, the OPGC equity method investment was reported in the Eurasia SBU reportable segment. Fluence — In December 2020, Fluence entered into an agreement with the QIA whereby QIA will invest $125 million in Fluence. Following the completion of the transaction, which is expected in the second quarter of 2021, AES and Siemens are expected to each own approximately 44% of Fluence. The Fluence equity method investment is reported as part of Corporate and Other. Guacolda — In October 2019, Guacolda management reviewed the recoverability of the Guacolda asset group and determined the undiscounted cash flows did not exceed the carrying amount. Guacolda recognized a long-lived asset impairment at the investee level, which negatively impacted the Company's Net equity in earnings (losses) of affiliates by $158 million. In September 2020, Guacolda management identified additional impairment indicators primarily as a result of inability to re-contract Guacolda’s generation after expiration of its existing PPAs driven by lower energy prices in Chile and reduced forecasted cash flows resulting from decarbonization initiatives of the Chilean Government. Guacolda recognized a long-lived asset impairment at the investee level, which negatively impacted the Company's Net equity in earnings (losses) of affiliates by $127 million. As a result, the Company’s basis in its investment in Guacolda was reduced to zero and the equity method of accounting was suspended. As of December 31, 2020, the Company has not recognized $99 million of equity method losses which were in excess of the Company’s carrying amount. The Guacolda equity method investment is reported in the South America SBU reportable segment. Energía Natural Dominicana Enadom — In September 2019, AES Andres established a joint venture with Energas Group for the purpose of selling natural gas and related terminal services, storage, regasification, and transportation to customers in the Dominican Republic. Gas Natural del Este (subsequently renamed Energía Natural Dominicana Enadom), a wholly-owned subsidiary of the joint venture, acquired the Eastern Pipeline development project from AES Andres for total consideration of $55 million, resulting in a gain of $2 million. The transaction was considered a contribution of a nonfinancial asset in exchange for a noncontrolling interest in the joint venture. As the Company does not control the joint venture, it is accounted for as an equity method investment and is reported in the MCAC SBU reportable segment. Uplight — In July 2019, Simple Energy merged with Tendril, a previously unrelated party, to form Uplight, a new company that offers a comprehensive platform for utility customer engagement. As part of this merger, the Company contributed its ownership interest in Simple Energy and $53 million of cash in exchange for an ownership interest in the merged company. This transaction resulted in a gain on sale of $12 million and a total investment in Uplight of $98 million. As the Company does not control Uplight, it is accounted for as an equity method investment and is reported as part of Corporate and Other. sPower — In April 2019, the Company closed on the sale of approximately 48% of its interest in a portfolio of sPower’s operating assets for $173 million, subject to customary purchase price adjustments, of which $58 million was used to pay down debt at sPower. This sale resulted in a pre-tax gain on sale of business interests of $28 million. After the sale, the Company’s ownership interest in this portfolio of sPower’s operating assets decreased from 50% to approximately 26%. The sPower equity method investment is reported in the US and Utilities SBU reportable segment. Barry — The Company holds a 100% ownership interest in AES Barry Ltd. ("Barry"), a dormant entity in the U.K. that disposed of its generation and other operating assets. Due to a debt agreement, no material financial or operating decisions can be made without the banks' consent, and the Company does not control Barry. As of December 31, 2020 and 2019, other long-term liabilities included $46 million and $44 million related to this debt agreement. Summarized Financial Information — The following tables summarize financial information of the Company's 50%-or-less-owned affiliates and majority-owned unconsolidated subsidiaries that are accounted for using the equity method (in millions):
| 50%-or-less Owned Affiliates |  | Majority-Owned Unconsolidated Subsidiaries
Years ended December 31, | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Revenue | $ | 1,880 |  |  | $ | 1,122 |  |  | $ | 962 |  |  | $ | 1 |  |  | $ | 49 |  |  | $ | 40 |
Operating margin (loss) | 213 |  |  | 124 |  |  | 135 |  |  | (3) |  |  | (5) |  |  | 3 |
Net income (loss) | (538) |  |  | (724) |  |  | 14 |  |  | (4) |  |  | (7) |  |  | (3) |
December 31, | 2020 |  | 2019 |  |  |  | 2020 |  | 2019 |  |
Current assets | $ | 1,017 |  |  | $ | 831 |  |  |  |  | $ | 159 |  |  | $ | 166 |  |  |
Noncurrent assets | 6,230 |  |  | 7,220 |  |  |  |  | 886 |  |  | 982 |  |  |
Current liabilities | 1,294 |  |  | 1,271 |  |  |  |  | 121 |  |  | 141 |  |  |
Noncurrent liabilities | 3,671 |  |  | 3,966 |  |  |  |  | 981 |  |  | 1,052 |  |  |
Stockholders' equity | 2,282 |  |  | 2,814 |  |  |  |  | (57) |  |  | (45) |  |  |
At December 31, 2020, retained earnings included $120 million related to the undistributed losses of the Company's 50%-or-less owned affiliates. Distributions received from these affiliates were $14 million, $23 million, and $83 million for the years ended December 31, 2020, 2019, and 2018, respectively. As of December 31, 2020, the underlying equity in the net assets of our equity affiliates exceeded the aggregate carrying amount of our investments in equity affiliates by $150 million.

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- Definition The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 + Details
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