XML 71 R27.htm IDEA: XBRL DOCUMENT
v3.22.0.1

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 and 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.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration