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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Fair value hierarchy for recurring measurements table | The following table presents, by level within the fair value hierarchy, 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:
| September 30, 2024 |  | December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DEBT SECURITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit (1) | $ | — |  |  | $ | 295 |  |  | $ | — |  |  | $ | 295 |  |  | $ | — |  |  | $ | 360 |  |  | $ | — |  |  | $ | 360 |
Government debt securities | — |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |
Total debt securities | — |  |  | 298 |  |  | — |  |  | 298 |  |  | — |  |  | 360 |  |  | — |  |  | 360 |
EQUITY SECURITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds | 52 |  |  | — |  |  | — |  |  | 52 |  |  | 46 |  |  | — |  |  | — |  |  | 46 |
Common stock | 4 |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |
Total equity securities | 56 |  |  | — |  |  | — |  |  | 56 |  |  | 46 |  |  | — |  |  | — |  |  | 46 |
DERIVATIVES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | — |  |  | 131 |  |  | — |  |  | 131 |  |  | — |  |  | 182 |  |  | 2 |  |  | 184 |
Cross-currency derivatives | — |  |  | 10 |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency derivatives | — |  |  | 34 |  |  | 56 |  |  | 90 |  |  | — |  |  | 15 |  |  | 59 |  |  | 74 |
Commodity derivatives | — |  |  | 525 |  |  | 3 |  |  | 528 |  |  | — |  |  | 127 |  |  | 1 |  |  | 128 |
Total derivatives — assets (2) | — |  |  | 700 |  |  | 59 |  |  | 759 |  |  | — |  |  | 324 |  |  | 62 |  |  | 386 |
TOTAL ASSETS | $ | 56 |  |  | $ | 998 |  |  | $ | 59 |  |  | $ | 1,113 |  |  | $ | 46 |  |  | $ | 684 |  |  | $ | 62 |  |  | $ | 792 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 163 |  |  | $ | 163 |  |  | $ | — |  |  | $ | — |  |  | $ | 165 |  |  | $ | 165 |
DERIVATIVES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | — |  |  | 164 |  |  | 4 |  |  | 168 |  |  | — |  |  | 102 |  |  | 6 |  |  | 108 |
Cross-currency derivatives | — |  |  | 11 |  |  | — |  |  | 11 |  |  | — |  |  | 63 |  |  | — |  |  | 63 |
Foreign currency derivatives | — |  |  | 17 |  |  | — |  |  | 17 |  |  | — |  |  | 19 |  |  | — |  |  | 19 |
Commodity derivatives | — |  |  | 399 |  |  | 76 |  |  | 475 |  |  | — |  |  | 145 |  |  | 111 |  |  | 256 |
Total derivatives — liabilities (2) | — |  |  | 591 |  |  | 80 |  |  | 671 |  |  | — |  |  | 329 |  |  | 117 |  |  | 446 |
TOTAL LIABILITIES | $ | — |  |  | $ | 591 |  |  | $ | 243 |  |  | $ | 834 |  |  | $ | — |  |  | $ | 329 |  |  | $ | 282 |  |  | $ | 611 |
_____________________________ (1)Includes $292 million reported in Current held-for-sale assets on the Condensed Consolidated Balance Sheets related to AES Brasil as of September 30, 2024. (2)Includes $234 million of derivative assets reported in Current held-for-sale assets and $236 million of derivative liabilities reported in Current held-for-sale liabilities on the Condensed Consolidated Balance Sheets related to AES Brasil as of September 30, 2024.
Marketable Securities [Table Text Block] | The following table presents gross proceeds from the sale of available-for-sale securities during the periods indicated (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Gross proceeds from sale of available-for-sale securities |  | $ | 189 |  |  | $ | 308 |  |  | $ | 683 |  |  | $ | 1,047 |
Fair Value, Net Derivative Assets (Liabilities) measured on a recurring basis, Unobservable Input Reconciliation Table | The following tables present a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2024 and 2023 (derivative balances are presented net), 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.
| Derivative Assets and Liabilities |  |  |  |  |  |  |
Three Months Ended September 30, 2024 | Interest Rate |  |  |  | Foreign Currency |  | Commodity |  | Contingent Consideration |  | Total |  |  |
Balance at July 1, 2024 | $ | (2) |  |  |  |  | $ | 60 |  |  | $ | (71) |  |  | $ | (162) |  |  | $ | (175) |  |  |  |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  |  |  | 5 |  |  | — |  |  | (8) |  |  | (3) |  |  |  |
Included in other comprehensive income (loss) — derivative activity | (2) |  |  |  |  | 1 |  |  | (1) |  |  | — |  |  | (2) |  |  |  |
Settlements | — |  |  |  |  | (10) |  |  | (1) |  |  | 7 |  |  | (4) |  |  |  |
Balance at September 30, 2024 | $ | (4) |  |  |  |  | $ | 56 |  |  | $ | (73) |  |  | $ | (163) |  |  | $ | (184) |  |  |  |
Total 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) |  |  | $ | — |  |  | $ | — |  |  | $ | (3) |  |  |  |
| Derivative Assets and Liabilities |  |  |  |  |  |  |
Three Months Ended September 30, 2023 | Interest Rate |  |  |  | Foreign Currency |  | Commodity |  | Contingent Consideration |  | Total |  |  |
Balance at July 1, 2023 | $ | (1) |  |  |  |  | $ | 63 |  |  | $ | (78) |  |  | $ | (274) |  |  | $ | (290) |  |  |  |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  |  |  | (6) |  |  | (3) |  |  | (1) |  |  | (10) |  |  |  |
Included in other comprehensive income (loss) — derivative activity | 5 |  |  |  |  | (2) |  |  | 7 |  |  | — |  |  | 10 |  |  |  |
Acquisitions | — |  |  |  |  | — |  |  | — |  |  | 3 |  |  | 3 |  |  |  |
Settlements | — |  |  |  |  | (9) |  |  | (2) |  |  | 5 |  |  | (6) |  |  |  |
Transfers of assets, net out of Level 3 | (4) |  |  |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  |  |
Balance at September 30, 2023 | $ | — |  |  |  |  | $ | 46 |  |  | $ | (76) |  |  | $ | (267) |  |  | $ | (297) |  |  |  |
Total 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 | $ | — |  |  |  |  | $ | (13) |  |  | $ | (3) |  |  | $ | (1) |  |  | $ | (17) |  |  |  |
Fair value schedule of Significant Unobservable Input Recurring | The following table summarizes the significant unobservable inputs used for Level 3 derivative assets (liabilities) as of September 30, 2024 (in millions, except range amounts):
Type of Derivative |  | Fair Value |  | Unobservable Input |  |  | Amount or Range (Average)
Interest rate |  | $ | (4) |  |  | Subsidiary credit spread |  |  | 0.8% to 3.2% (2.3%)
Foreign currency: |  |  |  |  |  |  |
Argentine peso |  | 56 |  |  | Argentine peso to U.S. dollar currency exchange rate after one year |  |  | 1,254 to 1,456 (1,351)
Commodity: |  |  |  |  |  |  |
CAISO energy swap |  | (75) |  |  | Forward energy prices per MWh after 2030 |  |  | $11.85 to $132.09 ($65.40)
Other |  | 2 |  |  |  |  |  |
Total |  | $ | (21) |  |  |  |  |  |
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 Condensed Consolidated Balance Sheets as of the periods indicated, but for which fair value is disclosed:
|  | September 30, 2024
|  | Carrying Amount |  | Fair Value
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | Accounts receivable — noncurrent (1) | $ | 97 |  |  | $ | 166 |  |  | $ | — |  |  | $ | — |  |  | $ | 166 |
Liabilities: | Non-recourse debt | 22,483 |  |  | 23,150 |  |  | — |  |  | 20,919 |  |  | 2,231 |
| Recourse debt | 6,549 |  |  | 6,459 |  |  | — |  |  | 6,459 |  |  | — |
|  | December 31, 2023
|  | Carrying Amount |  | Fair Value
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | Accounts receivable — noncurrent (1) | $ | 193 |  |  | $ | 239 |  |  | $ | — |  |  | $ | — |  |  | $ | 239 |
Liabilities: | Non-recourse debt | 22,144 |  |  | 22,174 |  |  | — |  |  | 20,676 |  |  | 1,498 |
| Recourse debt | 4,464 |  |  | 4,210 |  |  | — |  |  | 4,210 |  |  | — |
_____________________________ (1)These amounts primarily relate to the sale of the Redondo Beach land, the amounts impacted by the Stabilization Funds enacted by the Chilean government, and for December 31, 2023 only, the receivables under the Warrior Run PPA termination agreement. These are included in Other noncurrent assets in the accompanying Condensed Consolidated Balance Sheets. See Note 5—Financing Receivables for further information.

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