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Accounting Changes and Error Corrections | 12 Months Ended
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Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract] |
Error Correction | RESTATEMENT (UNAUDITED) We restated the unaudited quarterly financial information as of and for the three and six months ended June 30, 2024, and as of and for the three and nine months ended September 30, 2024, to correct misstatements associated with the calculation of asset impairment expense for the AES Brasil disposal group. The misstatements were primarily due to the use of incomplete data in the estimation of the fair value of net assets of AES Brasil, which was used in the calculation of the impairment expense after AES Brasil was classified as held-for-sale in the second quarter of 2024. The impairment expense previously reported was overstated by $192 million for the three and six months ended June 30, 2024 and overstated by $5 million for the three months ended September 30, 2024. Description of Restatement Tables — See below for a reconciliation from the previously reported amounts in the Company's Quarterly Reports on Form 10-Q to the restated amounts as of and for the three and six months ended June 30, 2024, and as of and for the three and nine months ended September 30, 2024. These amounts are labeled as "Previously Reported" in the table below. The amounts labeled "Adjustments" represent the effects of this restatement. Effects of the Restatement on Quarterly Results (Unaudited) — The tables below illustrate the impact of the restatement on the historical unaudited Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income, and Condensed Consolidated Statements of Changes in Equity for the interim quarters impacted, each as compared with the amounts presented in the Form 10-Qs previously filed with the SEC. Since the restatement is associated with the calculation of asset impairment expense, a non-cash activity, there was no impact to net cash provided by (used in) operating, investing, or financing activities on the Condensed Consolidated Statements of Cash Flows. The restatement resulted in an increase to Net income and an offsetting decrease to Impairment expense of $192 million for the six months ended June 30, 2024, and an increase to Net income and an offsetting decrease to Impairment expense of $197 million for the nine months ended September 30, 2024. Condensed Consolidated Balance Sheets (Unaudited)
| June 30, 2024 |  | September 30, 2024
| Previously Reported |  | Adjustments |  | Restated |  | Previously Reported |  | Adjustments |  | Restated
(in millions, except share and per share amounts) |  |  |  |  |  |  |  |  |  |  |
ASSETS |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,773 |  |  | $ | — |  |  | $ | 1,773 |  |  | $ | 1,919 |  |  | $ | — |  |  | $ | 1,919 |
Restricted cash | 299 |  |  | — |  |  | 299 |  |  | 563 |  |  | — |  |  | 563 |
Short-term investments | 61 |  |  | — |  |  | 61 |  |  | 62 |  |  | — |  |  | 62 |
Accounts receivable, net of allowance of $22 and $32, respectively | 1,507 |  |  | — |  |  | 1,507 |  |  | 1,868 |  |  | — |  |  | 1,868 |
Inventory | 661 |  |  | — |  |  | 661 |  |  | 646 |  |  | — |  |  | 646 |
Prepaid expenses | 141 |  |  | — |  |  | 141 |  |  | 134 |  |  | — |  |  | 134 |
Other current assets, net of allowance of $0 for all periods | 1,458 |  |  | — |  |  | 1,458 |  |  | 1,460 |  |  | — |  |  | 1,460 |
Current held-for-sale assets (1) | 3,655 |  |  | 177 |  |  | 3,832 |  |  | 3,874 |  |  | 186 |  |  | 4,060 |
Total current assets | 9,555 |  |  | 177 |  |  | 9,732 |  |  | 10,526 |  |  | 186 |  |  | 10,712 |
NONCURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment, net of accumulated depreciation of $8,270 and $8,505, respectively | 30,732 |  |  | — |  |  | 30,732 |  |  | 32,354 |  |  | — |  |  | 32,354 |
Investments in and advances to affiliates | 1,156 |  |  | — |  |  | 1,156 |  |  | 1,162 |  |  | — |  |  | 1,162 |
Debt service reserves and other deposits | 76 |  |  | — |  |  | 76 |  |  | 77 |  |  | — |  |  | 77 |
Goodwill | 348 |  |  | — |  |  | 348 |  |  | 348 |  |  | — |  |  | 348 |
Other intangible assets, net of accumulated amortization of $420 and $426, respectively | 1,879 |  |  | — |  |  | 1,879 |  |  | 1,928 |  |  | — |  |  | 1,928 |
Deferred income taxes | 435 |  |  | — |  |  | 435 |  |  | 421 |  |  | — |  |  | 421 |
Other noncurrent assets, net of allowance of $11 for all periods | 2,845 |  |  | — |  |  | 2,845 |  |  | 2,593 |  |  | — |  |  | 2,593 |
Noncurrent held-for-sale assets | 712 |  |  | — |  |  | 712 |  |  | 670 |  |  | — |  |  | 670 |
Total noncurrent assets | 38,183 |  |  | — |  |  | 38,183 |  |  | 39,553 |  |  | — |  |  | 39,553 |
TOTAL ASSETS | $ | 47,738 |  |  | $ | 177 |  |  | $ | 47,915 |  |  | $ | 50,079 |  |  | $ | 186 |  |  | $ | 50,265 |
LIABILITIES, REDEEMABLE STOCK OF SUBSIDIARIES, AND EQUITY |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Accounts payable | $ | 1,869 |  |  | $ | — |  |  | $ | 1,869 |  |  | $ | 1,965 |  |  | $ | — |  |  | $ | 1,965 |
Accrued interest | 242 |  |  | — |  |  | 242 |  |  | 328 |  |  | — |  |  | 328 |
Accrued non-income taxes | 229 |  |  | — |  |  | 229 |  |  | 257 |  |  | — |  |  | 257 |
Supplier financing arrangements | 553 |  |  | — |  |  | 553 |  |  | 698 |  |  | — |  |  | 698 |
Accrued and other liabilities | 1,043 |  |  | — |  |  | 1,043 |  |  | 1,182 |  |  | — |  |  | 1,182 |
Recourse debt | 890 |  |  | — |  |  | 890 |  |  | 1,709 |  |  | — |  |  | 1,709 |
Non-recourse debt | 2,176 |  |  | — |  |  | 2,176 |  |  | 3,237 |  |  | — |  |  | 3,237 |
Current held-for-sale liabilities | 2,821 |  |  | — |  |  | 2,821 |  |  | 2,999 |  |  | — |  |  | 2,999 |
Total current liabilities | 9,823 |  |  | — |  |  | 9,823 |  |  | 12,375 |  |  | — |  |  | 12,375 |
NONCURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Recourse debt | 5,256 |  |  | — |  |  | 5,256 |  |  | 4,840 |  |  | — |  |  | 4,840 |
Non-recourse debt | 20,232 |  |  | — |  |  | 20,232 |  |  | 19,666 |  |  | — |  |  | 19,666 |
Deferred income taxes | 1,588 |  |  | — |  |  | 1,588 |  |  | 1,696 |  |  | — |  |  | 1,696 |
Other noncurrent liabilities | 2,452 |  |  | — |  |  | 2,452 |  |  | 2,501 |  |  | — |  |  | 2,501 |
Noncurrent held-for-sale liabilities | 457 |  |  | — |  |  | 457 |  |  | 457 |  |  | — |  |  | 457 |
Total noncurrent liabilities | 29,985 |  |  | — |  |  | 29,985 |  |  | 29,160 |  |  | — |  |  | 29,160 |
Redeemable stock of subsidiaries | 901 |  |  | — |  |  | 901 |  |  | 905 |  |  | — |  |  | 905 |
EQUITY |  |  |  |  |  |  |  |  |  |  |
THE AES CORPORATION STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
Common stock (0.01 par value, 1,200,000,000 shares authorized; 859,584,456 issued and 710,823,239 outstanding at June 30, 2024, and 859,709,987 issued and 711,027,043 outstanding at September 30, 2024) | 9 |  |  | — |  |  | 9 |  |  | 9 |  |  | — |  |  | 9 |
Additional paid-in capital | 7,067 |  |  | — |  |  | 7,067 |  |  | 6,949 |  |  | — |  |  | 6,949 |
Accumulated deficit | (769) |  |  | 91 |  |  | (678) |  |  | (267) |  |  | 93 |  |  | (174) |
Accumulated other comprehensive loss | (1,409) |  |  | (7) |  |  | (1,416) |  |  | (1,595) |  |  | (5) |  |  | (1,600) |
Treasury stock, at cost (148,761,217 and 148,682,944 shares at June 30, 2024 and September 30, 2024, respectively) | (1,807) |  |  | — |  |  | (1,807) |  |  | (1,806) |  |  | — |  |  | (1,806) |
Total AES Corporation stockholders’ equity | 3,091 |  |  | 84 |  |  | 3,175 |  |  | 3,290 |  |  | 88 |  |  | 3,378 |
NONCONTROLLING INTERESTS (2) | 3,938 |  |  | 93 |  |  | 4,031 |  |  | 4,349 |  |  | 98 |  |  | 4,447 |
Total equity | 7,029 |  |  | 177 |  |  | 7,206 |  |  | 7,639 |  |  | 186 |  |  | 7,825 |
TOTAL LIABILITIES, REDEEMABLE STOCK OF SUBSIDIARIES, AND EQUITY | $ | 47,738 |  |  | $ | 177 |  |  | $ | 47,915 |  |  | $ | 50,079 |  |  | $ | 186 |  |  | $ | 50,265 |
_____________________________ (1)The adjustments to current held-for-sale assets for the overstatement of impairment expense of the AES Brasil disposal group include the impact of foreign currency translation adjustments at the balance sheet date. (2)As the Company had a 47.3% ownership interest in the AES Brasil disposal group, the noncontrolling interests adjustments reflect the allocation of the overstatement of impairment expense to noncontrolling interest holders, inclusive of the impact of foreign currency translation adjustments at the balance sheet date. Condensed Consolidated Statements of Operations (Unaudited)
| Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2024 |  |  |  |
(in millions, except share and per share amounts) | Previously Reported |  | Adjustments |  | Restated |  | Previously Reported |  | Adjustments |  | Restated |  |  |  |  |  |  |  |  |  |  |  |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Regulated | $ | 2,070 |  |  | $ | — |  |  | $ | 2,070 |  |  | $ | 4,302 |  |  | $ | — |  |  | $ | 4,302 |  |  |  |  |  |  |  |  |  |  |  |  |
Regulated | 872 |  |  | — |  |  | 872 |  |  | 1,725 |  |  | — |  |  | 1,725 |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue | 2,942 |  |  | — |  |  | 2,942 |  |  | 6,027 |  |  | — |  |  | 6,027 |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Regulated | (1,671) |  |  | — |  |  | (1,671) |  |  | (3,404) |  |  | — |  |  | (3,404) |  |  |  |  |  |  |  |  |  |  |  |  |
Regulated | (718) |  |  | — |  |  | (718) |  |  | (1,451) |  |  | — |  |  | (1,451) |  |  |  |  |  |  |  |  |  |  |  |  |
Total cost of sales | (2,389) |  |  | — |  |  | (2,389) |  |  | (4,855) |  |  | — |  |  | (4,855) |  |  |  |  |  |  |  |  |  |  |  |  |
Operating margin | 553 |  |  | — |  |  | 553 |  |  | 1,172 |  |  | — |  |  | 1,172 |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses | (66) |  |  | — |  |  | (66) |  |  | (141) |  |  | — |  |  | (141) |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense | (389) |  |  | — |  |  | (389) |  |  | (746) |  |  | — |  |  | (746) |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income | 88 |  |  | — |  |  | 88 |  |  | 193 |  |  | — |  |  | 193 |  |  |  |  |  |  |  |  |  |  |  |  |
Loss on extinguishment of debt | (9) |  |  | — |  |  | (9) |  |  | (10) |  |  | — |  |  | (10) |  |  |  |  |  |  |  |  |  |  |  |  |
Other expense | (84) |  |  | — |  |  | (84) |  |  | (122) |  |  | — |  |  | (122) |  |  |  |  |  |  |  |  |  |  |  |  |
Other income | 21 |  |  | — |  |  | 21 |  |  | 56 |  |  | — |  |  | 56 |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on disposal and sale of business interests | 1 |  |  | — |  |  | 1 |  |  | 44 |  |  | — |  |  | 44 |  |  |  |  |  |  |  |  |  |  |  |  |
Asset impairment expense | (230) |  |  | 192 |  |  | (38) |  |  | (276) |  |  | 192 |  |  | (84) |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency transaction gains | 38 |  |  | — |  |  | 38 |  |  | 30 |  |  | — |  |  | 30 |  |  |  |  |  |  |  |  |  |  |  |  |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | (77) |  |  | 192 |  |  | 115 |  |  | 200 |  |  | 192 |  |  | 392 |  |  |  |  |  |  |  |  |  |  |  |  |
Income tax benefit | 35 |  |  | — |  |  | 35 |  |  | 51 |  |  | — |  |  | 51 |  |  |  |  |  |  |  |  |  |  |  |  |
Net equity in earnings (losses) of affiliates | 3 |  |  | — |  |  | 3 |  |  | (12) |  |  | — |  |  | (12) |  |  |  |  |  |  |  |  |  |  |  |  |
NET INCOME (LOSS) | (39) |  |  | 192 |  |  | 153 |  |  | 239 |  |  | 192 |  |  | 431 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries | 224 |  |  | (101) |  |  | 123 |  |  | 378 |  |  | (101) |  |  | 277 |  |  |  |  |  |  |  |  |  |  |  |  |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION | $ | 185 |  |  | $ | 91 |  |  | $ | 276 |  |  | $ | 617 |  |  | $ | 91 |  |  | $ | 708 |  |  |  |  |  |  |  |  |  |  |  |  |
BASIC EARNINGS PER SHARE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ | 0.27 |  |  | $ | 0.13 |  |  | $ | 0.40 |  |  | $ | 0.88 |  |  | $ | 0.13 |  |  | $ | 1.01 |  |  |  |  |  |  |  |  |  |  |  |  |
DILUTED EARNINGS PER SHARE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ | 0.27 |  |  | $ | 0.12 |  |  | $ | 0.39 |  |  | $ | 0.87 |  |  | $ | 0.12 |  |  | $ | 0.99 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
(in millions, except share and per share amounts) |  |  |  |  |  |  |  |  |  |  |  |  | Previously Reported |  | Adjustments |  | Restated |  | Previously Reported |  | Adjustments |  | Restated
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Regulated |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,352 |  |  | $ | — |  |  | $ | 2,352 |  |  | $ | 6,654 |  |  | $ | — |  |  | $ | 6,654 |
Regulated |  |  |  |  |  |  |  |  |  |  |  |  | 937 |  |  | — |  |  | 937 |  |  | 2,662 |  |  | — |  |  | 2,662 |
Total revenue |  |  |  |  |  |  |  |  |  |  |  |  | 3,289 |  |  | — |  |  | 3,289 |  |  | 9,316 |  |  | — |  |  | 9,316 |
Cost of Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Regulated |  |  |  |  |  |  |  |  |  |  |  |  | (1,794) |  |  | — |  |  | (1,794) |  |  | (5,198) |  |  | — |  |  | (5,198) |
Regulated |  |  |  |  |  |  |  |  |  |  |  |  | (773) |  |  | — |  |  | (773) |  |  | (2,224) |  |  | — |  |  | (2,224) |
Total cost of sales |  |  |  |  |  |  |  |  |  |  |  |  | (2,567) |  |  | — |  |  | (2,567) |  |  | (7,422) |  |  | — |  |  | (7,422) |
Operating margin |  |  |  |  |  |  |  |  |  |  |  |  | 722 |  |  | — |  |  | 722 |  |  | 1,894 |  |  | — |  |  | 1,894 |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  | (57) |  |  | — |  |  | (57) |  |  | (198) |  |  | — |  |  | (198) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (379) |  |  | — |  |  | (379) |  |  | (1,125) |  |  | — |  |  | (1,125) |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  | 119 |  |  | — |  |  | 119 |  |  | 312 |  |  | — |  |  | 312 |
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  |  | (1) |  |  | — |  |  | (1) |  |  | (11) |  |  | — |  |  | (11) |
Other expense |  |  |  |  |  |  |  |  |  |  |  |  | (31) |  |  | — |  |  | (31) |  |  | (153) |  |  | — |  |  | (153) |
Other income |  |  |  |  |  |  |  |  |  |  |  |  | 64 |  |  | — |  |  | 64 |  |  | 120 |  |  | — |  |  | 120 |
Gain (loss) on disposal and sale of business interests |  |  |  |  |  |  |  |  |  |  |  |  | (1) |  |  | — |  |  | (1) |  |  | 43 |  |  | — |  |  | 43 |
Asset impairment expense |  |  |  |  |  |  |  |  |  |  |  |  | (79) |  |  | 5 |  |  | (74) |  |  | (355) |  |  | 197 |  |  | (158) |
Foreign currency transaction gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (28) |  |  | — |  |  | (28) |  |  | 2 |  |  | — |  |  | 2 |
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES |  |  |  |  |  |  |  |  |  |  |  |  | 329 |  |  | 5 |  |  | 334 |  |  | 529 |  |  | 197 |  |  | 726 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | (103) |  |  | — |  |  | (103) |  |  | (52) |  |  | — |  |  | (52) |
Net equity in losses of affiliates |  |  |  |  |  |  |  |  |  |  |  |  | (9) |  |  | — |  |  | (9) |  |  | (21) |  |  | — |  |  | (21) |
INCOME FROM CONTINUING OPERATIONS |  |  |  |  |  |  |  |  |  |  |  |  | 217 |  |  | 5 |  |  | 222 |  |  | 456 |  |  | 197 |  |  | 653 |
Loss from disposal of discontinued businesses |  |  |  |  |  |  |  |  |  |  |  |  | (7) |  |  | — |  |  | (7) |  |  | (7) |  |  | — |  |  | (7) |
NET INCOME |  |  |  |  |  |  |  |  |  |  |  |  | 210 |  |  | 5 |  |  | 215 |  |  | 449 |  |  | 197 |  |  | 646 |
Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  | 292 |  |  | (3) |  |  | 289 |  |  | 670 |  |  | (104) |  |  | 566 |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION |  |  |  |  |  |  |  |  |  |  |  |  | $ | 502 |  |  | $ | 2 |  |  | $ | 504 |  |  | $ | 1,119 |  |  | $ | 93 |  |  | $ | 1,212 |
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations, net of tax |  |  |  |  |  |  |  |  |  |  |  |  | $ | 509 |  |  | $ | 2 |  |  | $ | 511 |  |  | $ | 1,126 |  |  | $ | 93 |  |  | $ | 1,219 |
Loss from discontinued operations, net of tax |  |  |  |  |  |  |  |  |  |  |  |  | (7) |  |  | — |  |  | (7) |  |  | (7) |  |  | — |  |  | (7) |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION |  |  |  |  |  |  |  |  |  |  |  |  | $ | 502 |  |  | $ | 2 |  |  | $ | 504 |  |  | $ | 1,119 |  |  | $ | 93 |  |  | $ | 1,212 |
BASIC EARNINGS PER SHARE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax |  |  |  |  |  |  |  |  |  |  |  |  | $ | 0.72 |  |  | $ | — |  |  | $ | 0.72 |  |  | $ | 1.60 |  |  | $ | 0.13 |  |  | $ | 1.73 |
Loss from discontinued operations attributable to The AES Corporation common stockholders, net of tax |  |  |  |  |  |  |  |  |  |  |  |  | (0.01) |  |  | — |  |  | (0.01) |  |  | (0.01) |  |  | — |  |  | (0.01) |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  | $ | 0.71 |  |  | $ | — |  |  | $ | 0.71 |  |  | $ | 1.59 |  |  | $ | 0.13 |  |  | $ | 1.72 |
DILUTED EARNINGS PER SHARE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax |  |  |  |  |  |  |  |  |  |  |  |  | $ | 0.72 |  |  | $ | — |  |  | $ | 0.72 |  |  | $ | 1.58 |  |  | $ | 0.13 |  |  | $ | 1.71 |
Loss from discontinued operations attributable to The AES Corporation common stockholders, net of tax |  |  |  |  |  |  |  |  |  |  |  |  | (0.01) |  |  | — |  |  | (0.01) |  |  | (0.01) |  |  | — |  |  | (0.01) |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS |  |  |  |  |  |  |  |  |  |  |  |  | $ | 0.71 |  |  | $ | — |  |  | $ | 0.71 |  |  | $ | 1.57 |  |  | $ | 0.13 |  |  | $ | 1.70 |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
| Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2024 |  |  |  |
(in millions) | Previously Reported |  | Adjustments |  | Restated |  | Previously Reported |  | Adjustments |  | Restated |  |  |  |  |  |  |  |  |  |  |  |
NET INCOME (LOSS) | $ | (39) |  |  | $ | 192 |  |  | $ | 153 |  |  | $ | 239 |  |  | $ | 192 |  |  | $ | 431 |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments, net of $0 income tax for all periods | (121) |  |  | (15) |  |  | (136) |  |  | (164) |  |  | (15) |  |  | (179) |  |  |  |  |  |  |  |  |  |  |  |  |
Total foreign currency translation adjustments | (121) |  |  | (15) |  |  | (136) |  |  | (164) |  |  | (15) |  |  | (179) |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of derivatives, net of income tax expense of $22 and $66, respectively | 92 |  |  | — |  |  | 92 |  |  | 292 |  |  | — |  |  | 292 |  |  |  |  |  |  |  |  |  |  |  |  |
Reclassification to earnings, net of $7 income tax expense for all periods | 23 |  |  | — |  |  | 23 |  |  | 21 |  |  | — |  |  | 21 |  |  |  |  |  |  |  |  |  |  |  |  |
Total change in fair value of derivatives | 115 |  |  | — |  |  | 115 |  |  | 313 |  |  | — |  |  | 313 |  |  |  |  |  |  |  |  |  |  |  |  |
Pension activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in pension adjustments due to net actuarial gain for the period, net of $0 income tax for all periods | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |
Total pension adjustments | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value option liabilities activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value option liabilities due to instrument-specific credit risk, net of $0 income tax for all periods | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |  |  |  |  |  |  |  |  |  |  |  |  |
Total change in fair value option liabilities | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |  |  |  |  |  |  |  |  |  |  |  |  |
OTHER COMPREHENSIVE INCOME (LOSS) | (5) |  |  | (15) |  |  | (20) |  |  | 153 |  |  | (15) |  |  | 138 |  |  |  |  |  |  |  |  |  |  |  |  |
COMPREHENSIVE INCOME (LOSS) | (44) |  |  | 177 |  |  | 133 |  |  | 392 |  |  | 177 |  |  | 569 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Comprehensive loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries | 234 |  |  | (93) |  |  | 141 |  |  | 330 |  |  | (93) |  |  | 237 |  |  |  |  |  |  |  |  |  |  |  |  |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE AES CORPORATION | $ | 190 |  |  | $ | 84 |  |  | $ | 274 |  |  | $ | 722 |  |  | $ | 84 |  |  | $ | 806 |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
(in millions) |  |  |  |  |  |  |  |  |  |  |  |  | Previously Reported |  | Adjustments |  | Restated |  | Previously Reported |  | Adjustments |  | Restated
NET INCOME |  |  |  |  |  |  |  |  |  |  |  |  | $ | 210 |  |  | $ | 5 |  |  | $ | 215 |  |  | $ | 449 |  |  | $ | 197 |  |  | $ | 646 |
Foreign currency translation activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments, net of $9 income tax benefit for all periods |  |  |  |  |  |  |  |  |  |  |  |  | 36 |  |  | 4 |  |  | 40 |  |  | (128) |  |  | (11) |  |  | (139) |
Total foreign currency translation adjustments |  |  |  |  |  |  |  |  |  |  |  |  | 36 |  |  | 4 |  |  | 40 |  |  | (128) |  |  | (11) |  |  | (139) |
Derivative activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of derivatives, net of income tax benefit (expense) of $65 and $(1), respectively |  |  |  |  |  |  |  |  |  |  |  |  | (262) |  |  | — |  |  | (262) |  |  | 30 |  |  | — |  |  | 30 |
Reclassification to earnings, net of income tax expense of $0 and $7, respectively |  |  |  |  |  |  |  |  |  |  |  |  | (3) |  |  | — |  |  | (3) |  |  | 18 |  |  | — |  |  | 18 |
Total change in fair value of derivatives |  |  |  |  |  |  |  |  |  |  |  |  | (265) |  |  | — |  |  | (265) |  |  | 48 |  |  | — |  |  | 48 |
Pension activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in pension adjustments due to net actuarial gain for the period, net of $0 income tax for all periods |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Total pension adjustments |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Fair value option liabilities activity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value option liabilities due to instrument-specific credit risk, net of $0 income tax for all periods |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Total change in fair value option liabilities |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
OTHER COMPREHENSIVE INCOME (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  | (229) |  |  | 4 |  |  | (225) |  |  | (76) |  |  | (11) |  |  | (87) |
COMPREHENSIVE INCOME (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  | (19) |  |  | 9 |  |  | (10) |  |  | 373 |  |  | 186 |  |  | 559 |
Less: Comprehensive loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  | 335 |  |  | (5) |  |  | 330 |  |  | 665 |  |  | (98) |  |  | 567 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE AES CORPORATION |  |  |  |  |  |  |  |  |  |  |  |  | $ | 316 |  |  | $ | 4 |  |  | $ | 320 |  |  | $ | 1,038 |  |  | $ | 88 |  |  | $ | 1,126 |
Condensed Consolidated Statements of Changes in Equity (Unaudited)
|  |  |  |  | Six Months Ended June 30, 2024 |
|  |  | Common Stock |  | Treasury Stock |  | Additional Paid-In Capital |  | Accumulated Deficit |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interests |
(in millions) |  |  |  |  | Shares |  | Amount |  | Shares |  | Amount |  |  |  |  |
Previously Reported |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2024 |  |  |  |  | 859.6 |  |  | $ | 9 |  |  | 148.9 |  |  | $ | (1,809) |  |  | $ | 7,068 |  |  | $ | (954) |  |  | $ | (1,414) |  |  | $ | 3,380 |  |
Net income (loss) |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 185 |  |  | — |  |  | (214) |  |
Foreign currency translation adjustments and reclassification to earnings, net of income tax |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (87) |  |  | (33) |  |
Change in fair value of derivatives and reclassification to earnings, net of income tax |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 92 |  |  | (15) |  |
Change in pension adjustments and reclassification to earnings, net of income tax |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |
Total other comprehensive income (loss) |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | (47) |  |
Adjustments to redemption value of redeemable stock of subsidiaries |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |  |
Reclassification of redeemable stock of subsidiaries to noncontrolling interests |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 670 |  |
Distributions to noncontrolling interests |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (94) |  |
Contributions from noncontrolling interests |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 51 |  |
Sales to noncontrolling interests |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9) |  |  | — |  |  | — |  |  | 192 |  |
Dividends declared on AES common stock |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7) |  |  | — |  |  | — |  |  | — |  |
Issuance and exercise of stock-based compensation benefit plans, net of income tax |  |  |  |  | — |  |  | — |  |  | (0.1) |  |  | 2 |  |  | 9 |  |  | — |  |  | — |  |  | — |  |
Balance at June 30, 2024 |  |  |  |  | 859.6 |  |  | $ | 9 |  |  | 148.8 |  |  | $ | (1,807) |  |  | $ | 7,067 |  |  | $ | (769) |  |  | $ | (1,409) |  |  | $ | 3,938 |  |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 91 |  |  | — |  |  | 101 |  |
Foreign currency translation adjustments and reclassification to earnings, net of income tax |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7) |  |  | (8) |  |
Total adjustments |  |  |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | 91 |  |  | $ | (7) |  |  | $ | 93 |  |
Restated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at March 31, 2024 |  |  |  |  | 859.6 |  |  | $ | 9 |  |  | 148.9 |  |  | $ | (1,809) |  |  | $ | 7,068 |  |  | $ | (954) |  |  | $ | (1,414) |  |  | $ | 3,380 |  |
Net income (loss) |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 276 |  |  | — |  |  | (113) |  |
Foreign currency translation adjustments and reclassification to earnings, net of income tax |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (94) |  |  | (41) |  |
Change in fair value of derivatives and reclassification to earnings, net of income tax |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 92 |  |  | (15) |  |
Change in pension adjustments and reclassification to earnings, net of income tax |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |
Total other comprehensive loss |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | (55) |  |
Adjustments to redemption value of redeemable stock of subsidiaries |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |  |
Reclassification of redeemable stock of subsidiaries to noncontrolling interests |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 670 |  |
Distributions to noncontrolling interests |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (94) |  |
Contributions from noncontrolling interests |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 51 |  |
Sales to noncontrolling interests |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9) |  |  | — |  |  | — |  |  | 192 |  |
Dividends declared on AES common stock |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7) |  |  | — |  |  | — |  |  | — |  |
Issuance and exercise of stock-based compensation benefit plans, net of income tax |  |  |  |  | — |  |  | — |  |  | (0.1) |  |  | 2 |  |  | 9 |  |  | — |  |  | — |  |  | — |  |
Balance at June 30, 2024 |  |  |  |  | 859.6 |  |  | $ | 9 |  |  | 148.8 |  |  | $ | (1,807) |  |  | $ | 7,067 |  |  | $ | (678) |  |  | $ | (1,416) |  |  | $ | 4,031 |  |
|  |  |  |  | Nine Months Ended September 30, 2024 |
|  |  | Common Stock |  | Treasury Stock |  | Additional Paid-In Capital |  | Accumulated Deficit |  | Accumulated Other Comprehensive Loss |  | Noncontrolling Interests |
(in millions) |  |  |  |  | Shares |  | Amount |  | Shares |  | Amount |  |  |  |  |
Previously Reported |  |  |  |  |  |
Balance at June 30, 2024 |  |  |  |  | 859.6 |  |  | $ | 9 |  |  | 148.8 |  |  | $ | (1,807) |  |  | $ | 7,067 |  |  | $ | (769) |  |  | $ | (1,409) |  |  | $ | 3,938 |  |
Net income (loss) |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 502 |  |  | — |  |  | (308) |  |
Foreign currency translation adjustments and reclassification to earnings, net of income tax |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23 |  |  | 13 |  |
Change in fair value of derivatives and reclassification to earnings, net of income tax |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (209) |  |  | (56) |  |
Total other comprehensive loss |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (186) |  |  | (43) |  |
Reclassification of redeemable stock of subsidiaries to noncontrolling interests |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 62 |  |
Distributions to noncontrolling interests |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (20) |  |
Acquisitions of noncontrolling interests |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | (2) |  |
Contributions from noncontrolling interests |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 233 |  |
Sales to noncontrolling interests |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7) |  |  | — |  |  | — |  |  | 489 |  |
Dividends declared on AES common stock |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (123) |  |  | — |  |  | — |  |  | — |  |
Issuance and exercise of stock-based compensation benefit plans, net of income tax |  |  |  |  | 0.1 |  |  | — |  |  | (0.1) |  |  | 1 |  |  | 10 |  |  | — |  |  | — |  |  | — |  |
Balance at September 30, 2024 |  |  |  |  | 859.7 |  |  | $ | 9 |  |  | 148.7 |  |  | $ | (1,806) |  |  | $ | 6,949 |  |  | $ | (267) |  |  | $ | (1,595) |  |  | $ | 4,349 |  |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at June 30, 2024 |  |  |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | 91 |  |  | $ | (7) |  |  | $ | 93 |  |
Net income |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 3 |  |
Foreign currency translation adjustments and reclassification to earnings, net of income tax |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |  |
Total adjustments |  |  |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | 93 |  |  | $ | (5) |  |  | $ | 98 |  |
Restated |  |  |  |  |  |
Balance at June 30, 2024 |  |  |  |  | 859.6 |  |  | $ | 9 |  |  | 148.8 |  |  | $ | (1,807) |  |  | $ | 7,067 |  |  | $ | (678) |  |  | $ | (1,416) |  |  | $ | 4,031 |  |
Net income (loss) |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 504 |  |  | — |  |  | (305) |  |
Foreign currency translation adjustments and reclassification to earnings, net of income tax |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25 |  |  | 15 |  |
Change in fair value of derivatives and reclassification to earnings, net of income tax |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (209) |  |  | (56) |  |
Total other comprehensive loss |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (184) |  |  | (41) |  |
Reclassification of redeemable stock of subsidiaries to noncontrolling interests |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 62 |  |
Distributions to noncontrolling interests |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (20) |  |
Acquisitions of noncontrolling interests |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | (2) |  |
Contributions from noncontrolling interests |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 233 |  |
Sales to noncontrolling interests |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7) |  |  | — |  |  | — |  |  | 489 |  |
Dividends declared on common stock |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (123) |  |  | — |  |  | — |  |  | — |  |
Issuance and exercise of stock-based compensation benefit plans, net of income tax |  |  |  |  | 0.1 |  |  | — |  |  | (0.1) |  |  | 1 |  |  | 10 |  |  | — |  |  | — |  |  | — |  |
Balance at September 30, 2024 |  |  |  |  | 859.7 |  |  | $ | 9 |  |  | 148.7 |  |  | $ | (1,806) |  |  | $ | 6,949 |  |  | $ | (174) |  |  | $ | (1,600) |  |  | $ | 4,447 |  |

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- References No definition available. + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
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- Definition The entire disclosure for reporting error correction. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7 + Details
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