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Fair Value (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022 (in millions, except range amounts):
Type of Derivative |  | Fair Value |  | Unobservable Input |  | Amount or Range (Weighted Average) |  |
Foreign currency: |  |  |  |  |  |  |  |
Argentine peso |  | $ | 64 |  |  | Argentine peso to USD currency exchange rate after one year |  | 323 - 742 (547) |  |
Commodity: |  |  |  |  |  |  |  |
CAISO Energy Swap |  | (59) |  |  | Forward energy prices per MWh after 2030 |  | $7.06 - $64.78 ($34.71) |  |
Other |  | 12 |  |  |  |  |  |  |
Total |  | $ | 17 |  |  |  |  |  |  |
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, 2022 and 2021 (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, 2022 | Interest Rate |  | Cross Currency |  | Foreign Currency |  | Commodity |  | Total
Balance at January 1 | $ | (6) |  |  | $ | — |  |  | $ | 108 |  |  | $ | (1) |  |  | $ | 101 |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |
Included in earnings | 4 |  |  | — |  |  | (26) |  |  | — |  |  | (22) |
Included in other comprehensive income — derivative activity | 15 |  |  | — |  |  | (6) |  |  | (54) |  |  | (45) |
Included in regulatory (assets) liabilities | — |  |  | — |  |  | — |  |  | 8 |  |  | 8 |
Settlements | (2) |  |  | — |  |  | (12) |  |  | 2 |  |  | (12) |
Transfers of assets/(liabilities), net into Level 3 | (1) |  |  | — |  |  | — |  |  | — |  |  | (1) |
Transfers of (assets)/liabilities, net out of Level 3 | (10) |  |  | — |  |  | — |  |  | (2) |  |  | (12) |
Balance at December 31 | $ | — |  |  | $ | — |  |  | $ | 64 |  |  | $ | (47) |  |  | $ | 17 |
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 | $ | 3 |  |  | $ | — |  |  | $ | (34) |  |  | $ | 5 |  |  | $ | (26) |
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) |
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, 2022
|  |  | Carrying Amount |  | Fair Value
|  |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | Accounts receivable — noncurrent (1) |  | $ | 301 |  |  | $ | 340 |  |  | $ | — |  |  | $ | — |  |  | $ | 340 |
Liabilities: | Non-recourse debt |  | 19,429 |  |  | 18,527 |  |  | — |  |  | 17,089 |  |  | 1,438 |
| Recourse debt |  | 3,894 |  |  | 3,505 |  |  | — |  |  | 3,505 |  |  | — |
|  |  | December 31, 2021
|  |  | Carrying Amount |  | Fair Value
|  |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | Accounts receivable — noncurrent (2) |  | $ | 55 |  |  | $ | 117 |  |  | $ | — |  |  | $ | — |  |  | $ | 117 |
Liabilities: | Non-recourse debt |  | 14,811 |  |  | 16,091 |  |  | — |  |  | 16,065 |  |  | 26 |
| Recourse debt |  | 3,754 |  |  | 3,818 |  |  | — |  |  | 3,818 |  |  | — |
_____________________________ (1)These amounts primarily relate to amounts impacted by the Stabilization Fund enacted by the Chilean government, and future premium payments on a heat rate call option entered into on behalf of the Southland Energy CCGT units. The premium payments are expected to be received in 2024. These amounts are included in Other noncurrent assets in the accompanying Condensed Consolidated Balance Sheets. See Note 7—Financing Receivables for further information. (2)These amounts primarily relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and amounts impacted by the Stabilization Fund enacted by the Chilean government, and are included in Other noncurrent assets in the accompanying Condensed Consolidated Balance Sheets. The fair value and carrying amount of the Argentina receivables exclude VAT of $2 million as of December 31, 2021. See Note 7—Financing Receivables for further information.
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 and equity method investments measured on a nonrecurring basis during the year ended December 31, 2022 (in millions, except range amounts):
December 31, 2022 |  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average) |  |
Long-lived assets held and used: |  |  |  |  |  |  |  |  |  |
Maritza |  | $ | 452 |  |  | Discounted cash flow |  | Annual revenue growth |  | (66)% to 11% (-11%) |  |
|  |  |  |  |  | Annual variable margin |  | (66)% to 23% (-1%) |  |
|  |  |  |  |  | Discount rate |  | 20% to 25% (21%) |  |
TEG TEP |  | 311 |  |  | Discounted cash flow |  | Annual revenue growth |  | (15)% to 2% (0%) |  |
|  |  |  |  |  | Annual variable margin |  | 36% to 43% (37%) |  |
|  |  |  |  |  | Discount rate |  | 13% to 20% (15%) |  |
Equity method investments: |  |  |  |  |  |  |  |  |  |
sPower |  | 432 |  |  | Discounted cash flow |  | Annual dividend growth |  | (36)% to 41% (2%) |  |
|  |  |  |  |  | Discount rate |  | 7 | % |  |
Total |  | $ | 1,195 |  |  |  |  |  |  |  |  |
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, 2022 |  | Measurement Date |  | Carrying Amount (1) |  | Fair Value |  | Pre-tax Loss
Assets |  |  | Level 1 |  | Level 2 |  | Level 3 |
Long-lived assets held and used: (2) |  |  |  |  |  |  |  |  |  |  |  |
Maritza |  | 4/30/2022 |  | $ | 920 |  |  | $ | — |  |  | $ | — |  |  | $ | 452 |  |  | $ | 468 |
TEG TEP |  | 10/1/2022 |  | 504 |  |  | — |  |  | — |  |  | 311 |  |  | 193 |
Held-for-sale businesses: (3) |  |  |  |  |  |  |  |  |  |  |  |
Jordan (4) |  | 9/30/2022 |  | $ | 216 |  |  | $ | — |  |  | $ | 170 |  |  | $ | — |  |  | $ | 51 |
Jordan (4) |  | 12/31/2022 |  | 190 |  |  | — |  |  | 170 |  |  | — |  |  | 25 |
Goodwill: (5) |  |  |  |  |  |  |  |  |  |  |  |
AES Andes |  | 10/1/2022 |  | $ | 644 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 644 |
AES El Salvador |  | 10/1/2022 |  | 133 |  |  | — |  |  | — |  |  | — |  |  | 133 |
Equity method investments: (6) |  |  |  |  |  |  |  |  |  |  |  |
sPower |  | 12/31/2022 |  | $ | 607 |  |  | $ | — |  |  | $ | — |  |  | $ | 432 |  |  | $ | 175 |
Year Ended December 31, 2021 |  | Measurement Date |  | Carrying Amount (1) |  | Fair Value |  | Pre-tax Loss
Assets |  |  | Level 1 |  | Level 2 |  | Level 3 |
Long-lived assets held and used: (2) |  |  |  |  |  |  |  |  |  |  |  |
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 |
Dispositions and held-for-sale businesses: (3) |  |  |  |  |  |  |  |  |  |  |  |
Estrella del Mar I |  | 9/30/2021 |  | $ | 17 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 11 |
Alto Maipo (7) |  | 11/30/2021 |  | 2,339 |  |  | — |  |  | — |  |  | 2,043 |  |  | — |
_____________________________ (1)Represents the carrying values at the dates of initial measurement, before fair value adjustment. (2)See Note 22—Asset Impairment Expense for further information. (3)See Note 24—Held-for-Sale and Dispositions for further information. (4)The pre-tax loss recognized was calculated using the $170 million fair value of the Jordan disposal group less cost to sell of $5 million. (5)See Note 9—Goodwill and Other Intangible Assets for further information. (6)See Note 8—Investments in and Advances to Affiliates for further information. (7)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-for-Sale and Dispositions 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, 2022 |  | December 31, 2021
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DEBT SECURITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured debentures |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Certificates of deposit |  | — |  |  | 698 |  |  | — |  |  | 698 |  |  | — |  |  | 199 |  |  | — |  |  | 199 |
Government debt securities |  | — |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |
Total debt securities |  | — |  |  | 701 |  |  | — |  |  | 701 |  |  | — |  |  | 199 |  |  | — |  |  | 199 |
EQUITY SECURITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds |  | 38 |  |  | — |  |  | — |  |  | 38 |  |  | 31 |  |  | 13 |  |  | — |  |  | 44 |
Total equity securities |  | 38 |  |  | — |  |  | — |  |  | 38 |  |  | 31 |  |  | 13 |  |  | — |  |  | 44 |
DERIVATIVES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  | — |  |  | 314 |  |  | — |  |  | 314 |  |  | — |  |  | 51 |  |  | 2 |  |  | 53 |
Cross-currency derivatives |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | 5 |
Foreign currency derivatives |  | — |  |  | 22 |  |  | 64 |  |  | 86 |  |  | — |  |  | 29 |  |  | 108 |  |  | 137 |
Commodity derivatives |  | — |  |  | 232 |  |  | 13 |  |  | 245 |  |  | — |  |  | 32 |  |  | 6 |  |  | 38 |
Total derivatives — assets |  | — |  |  | 568 |  |  | 77 |  |  | 645 |  |  | — |  |  | 117 |  |  | 116 |  |  | 233 |
TOTAL ASSETS |  | $ | 38 |  |  | $ | 1,269 |  |  | $ | 77 |  |  | $ | 1,384 |  |  | $ | 31 |  |  | $ | 329 |  |  | $ | 116 |  |  | $ | 476 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DERIVATIVES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 286 |  |  | $ | 8 |  |  | $ | 294 |
Cross-currency derivatives |  | — |  |  | 42 |  |  | — |  |  | 42 |  |  | — |  |  | 11 |  |  | — |  |  | 11 |
Foreign currency derivatives |  | — |  |  | 20 |  |  | — |  |  | 20 |  |  | — |  |  | 35 |  |  | — |  |  | 35 |
Commodity derivatives |  | — |  |  | 346 |  |  | 60 |  |  | 406 |  |  | — |  |  | 37 |  |  | 7 |  |  | 44 |
Total derivatives — liabilities |  | — |  |  | 414 |  |  | 60 |  |  | 474 |  |  | — |  |  | 369 |  |  | 15 |  |  | 384 |
TOTAL LIABILITIES |  | $ | — |  |  | $ | 414 |  |  | $ | 60 |  |  | $ | 474 |  |  | $ | — |  |  | $ | 369 |  |  | $ | 15 |  |  | $ | 384 |
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, |  | 2022 |  | 2021 |  | 2020
Gross proceeds from sale of available-for-sale securities |  | $ | 1,065 |  |  | $ | 578 |  |  | $ | 582 |

X
- Definition This element represents, for the fair value measurement of derivative assets and liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (net); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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