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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Non-recourse debt [Table Text Block] | During the year ended December 31, 2024, the Company’s following subsidiaries had significant debt issuances (in millions):
Subsidiary |  |  | Issuances (1) |  |  |  |
AES Clean Energy |  |  | $ | 3,219 |  |  |  |  |
AES Indiana (2) |  |  | 1,450 |  |  |  |  |
AES Andes |  |  | 1,248 |  |  |  |  |
_____________________________ (1)These amounts do not include revolving credit facility activity at the Company's subsidiaries. (2)Issuances related to both AES Indiana and its parent company, IPALCO.
Carrying Amount and Terms of Non-Recourse Debt | The following table summarizes the carrying amount and terms of non-recourse debt at our subsidiaries, excluding amounts classified as held for sale, as of the periods indicated (in millions):
NON-RECOURSE DEBT | Weighted Average Interest Rate |  | Maturity |  | December 31,
2024 |  | 2023
Variable Rate: |  |  |  |  |  |  |
Bank loans (1) | 6.49% |  | 2025 - 2038 |  | $ | 5,132 |  |  | $ | 5,568 |
Notes and bonds | 8.00% |  | 2025 |  | 105 |  |  | 1,768 |
Revolver borrowings | 6.25% |  | 2025 - 2028 |  | 3,147 |  |  | 2,356 |
Other | 11.15% |  | 2030 |  | 16 |  |  | 31 |
Fixed Rate: |  |  |  |  |  |  |
Bank loans | 6.55% |  | 2025 - 2064 |  | 2,610 |  |  | 1,473 |
Notes and bonds | 5.23% |  | 2025 - 2079 |  | 11,737 |  |  | 11,228 |
Other (2) | 9.38% |  | 2025 - 2061 |  | 297 |  |  | 53 |
Unamortized (discount) premium & debt issuance (costs), net |  |  |  |  | (301) |  |  | (333) |
Subtotal |  |  |  |  | $ | 22,743 |  |  | $ | 22,144 |
Less: Current maturities (3) (4) |  |  |  |  | (2,670) |  |  | (3,924) |
Noncurrent maturities (3) (4) |  |  |  |  | $ | 20,073 |  |  | $ | 18,220 |
_____________________________ (1) Variable rate bank loans as of December 31, 2023 includes $249 million at Dominican Republic Renewables, which was classified as held and used as of December 31, 2023, but is classified as held-for-sale as of December 31, 2024. See Note 25—Held-for-Sale and Dispositions for further information. (2) Other fixed rate debt includes $250 million related to preferred shares that include mandatory redemption features at Bellefield Equity Holdings and are therefore classified as a liability under ASC 480 as of December 31, 2024. (3) Excludes $18 million and $8 million (current) and $553 million and $262 million (noncurrent) finance lease liabilities included in the respective non-recourse debt line items on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively. See Note 15—Leases for further information. (4) Includes $650 million (current) and $8.2 billion (noncurrent) of non-recourse debt related to VIEs as of December 31, 2024.
Schedule For Maturity For Non-Recourse Debt | The following table summarizes the amounts due under our non-recourse debt agreements for the next five years and thereafter, as of December 31, 2024 (in millions):
December 31, | Annual Maturities
2025 | $ | 2,678 |
2026 | 4,858 |
2027 | 3,052 |
2028 | 993 |
2029 | 1,796 |
Thereafter | 9,667 |
Unamortized (discount) premium & debt issuance (costs), net | (301) |
Total | $ | 22,743 |
Debt In Default Table | The following table summarizes the Company's subsidiary non-recourse debt in default (in millions) as of December 31, 2024. Due to the defaults, these amounts are included in the current portion of non-recourse debt:
| Primary Nature of Default |  | December 31, 2024
Subsidiary | Debt in Default |  | Net Assets (Liabilities)
AES Dominican Renewable Energy (1) | Covenant |  | $ | 354 |  |  | $ | 88 |
AES Puerto Rico | Payment |  | 158 |  |  | (416) |
AES Ilumina (Puerto Rico) | Covenant |  | 22 |  |  | 30 |
AES Jordan Solar | Covenant |  | 6 |  |  | 12 |
Total |  |  | $ | 540 |  |
Schedule of Recourse Debt Detail | The following table summarizes the carrying amount and terms of recourse debt as of the periods indicated (in millions):
| Interest Rate |  | Final Maturity |  | December 31, 2024 |  | December 31, 2023
Senior Variable Rate Term Loan | SOFR + 1.125% |  | 2024 |  | $ | — |  |  | $ | 200 |
Senior Unsecured Note | 3.30% |  | 2025 |  | 900 |  |  | 900 |
Senior Unsecured Note | 1.375% |  | 2026 |  | 800 |  |  | 800 |
Senior Unsecured Note | 5.45% |  | 2028 |  | 900 |  |  | 900 |
Senior Unsecured Note | 3.95% |  | 2030 |  | 700 |  |  | 700 |
Senior Unsecured Note | 2.45% |  | 2031 |  | 1,000 |  |  | 1,000 |
Junior Unsecured Note | 7.60% |  | 2055 |  | 950 |  |  | — |
Junior Unsecured Note | 6.95% |  | 2055 |  | 500 |  |  | — |
Unamortized (discount) premium & debt issuance (costs), net |  |  |  |  | (46) |  |  | (36) |
Subtotal |  |  |  |  | $ | 5,704 |  |  | $ | 4,464 |
Less: Current maturities |  |  |  |  | (899) |  |  | (200) |
Noncurrent maturities |  |  |  |  | $ | 4,805 |  |  | $ | 4,264 |
|  |  |  |  |  | December 31,
|  | Interest Rate |  | Maturity |  | 2024 |  | 2023
Senior Variable Rate Term Loan |  | SOFR + 1.125% |  | 2024 |  | $ | — |  |  | $ | 200 |
Senior Unsecured Note |  | 3.30% |  | 2025 |  | 900 |  |  | 900 |
Senior Unsecured Note |  | 1.375% |  | 2026 |  | 800 |  |  | 800 |
Senior Unsecured Note |  | 5.45% |  | 2028 |  | 900 |  |  | 900 |
Senior Unsecured Note |  | 3.95% |  | 2030 |  | 700 |  |  | 700 |
Senior Unsecured Note |  | 2.45% |  | 2031 |  | 1,000 |  |  | 1,000 |
Junior Unsecured Note |  | 7.60% |  | 2055 |  | 950 |  |  | — |
Junior Unsecured Note |  | 6.95% |  | 2055 |  | 500 |  |  | — |
Unamortized (discounts)/premiums & debt issuance (costs) |  |  |  |  |  | (46) |  |  | (36) |
Subtotal |  |  |  |  |  | $ | 5,704 |  |  | $ | 4,464 |
Less: Current maturities |  |  |  |  |  | (899) |  |  | (200) |
Noncurrent maturities |  |  |  |  |  | $ | 4,805 |  |  | $ | 4,264 |
Schedule of Future Maturities of Recourse Debt | The following table summarizes the principal amounts due under our recourse debt for the next five years and thereafter (in millions):
December 31, | Annual Maturities
2025 | $ | 900 |
2026 | 800 |
2027 | — |
2028 | 900 |
2029 | — |
Thereafter | 3,150 |
Unamortized (discount) premium & debt issuance (costs), net | (46) |
Total recourse debt | $ | 5,704 |
As of December 31, 2024 scheduled maturities are presented in the following table (in millions):
December 31, | Annual Maturities
2025 | $ | 900 |
2026 | 800 |
2027 | — |
2028 | 900 |
2029 | — |
Thereafter | 3,150 |
Unamortized (discount)/premium & debt issuance (costs), net | (46) |
Total debt | $ | 5,704 |

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