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Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Interest Rate Derivatives By Type Table | The following table presents the Company's maximum notional (in millions) over the remaining contractual period by type of derivative as of December 31, 2024, and the dates through which the maturities for each type of derivative range:
Interest Rate and Foreign Currency Derivatives |  | Maximum Notional Translated to USD |  | Latest Maturity(1)
Interest rate |  | $ | 9,566 |  |  | 2059
Foreign currency: |  |  |  |
Chilean peso |  | 133 |  |  | 2027
Colombian peso |  | 68 |  |  | 2027
Mexican peso |  | 39 |  |  | 2026
Commodity Derivatives By Type Table |
Commodity Derivatives |  | Maximum Notional |  | Latest Maturity
Natural Gas (in MMBtu) |  | 303 |  |  | 2029
Power (in MWhs) (2) |  | 62 |  |  | 2040
Coal (in Metric Tonnes) |  | 7 |  |  | 2027
_____________________________ (1)Maturity dates are consistent for both designated and non-designated positions. (2)Includes one contract designated as a cash flow hedge with a final maturity date in 2038.
Derivative Assets Liabilities At Fair Value Net By Balance Sheet Classification And Type Table | The following tables present the fair value of the Company's derivative assets and liabilities as of the dates indicated (in millions):
Fair Value |  | December 31, 2024 |  | December 31, 2023
Assets |  | Designated |  | Not Designated |  | Total |  | Designated |  | Not Designated |  | Total
Interest rate derivatives |  | $ | 349 |  |  | $ | — |  |  | $ | 349 |  |  | $ | 184 |  |  | $ | — |  |  | $ | 184 |
Foreign currency derivatives |  | 16 |  |  | 45 |  |  | 61 |  |  | 23 |  |  | 51 |  |  | 74 |
Commodity derivatives |  | 4 |  |  | 274 |  |  | 278 |  |  | — |  |  | 128 |  |  | 128 |
Total assets |  | $ | 369 |  |  | $ | 319 |  |  | $ | 688 |  |  | $ | 207 |  |  | $ | 179 |  |  | $ | 386 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives |  | $ | 15 |  |  | $ | — |  |  | $ | 15 |  |  | $ | 108 |  |  | $ | — |  |  | $ | 108 |
Cross-currency derivatives (1) |  | — |  |  | — |  |  | — |  |  | 63 |  |  | — |  |  | 63 |
Foreign currency derivatives |  | 10 |  |  | 8 |  |  | 18 |  |  | 5 |  |  | 14 |  |  | 19 |
Commodity derivatives |  | 29 |  |  | 226 |  |  | 255 |  |  | 107 |  |  | 149 |  |  | 256 |
Total liabilities |  | $ | 54 |  |  | $ | 234 |  |  | $ | 288 |  |  | $ | 283 |  |  | $ | 163 |  |  | $ | 446 |
_____________________________ (1)As of December 31, 2023, the carrying amount of debt hedged by cross-currency derivatives designated as fair value hedges was $386 million. As of December 31, 2024, there was no carrying amount since the associated debt was included in the carrying value of AES Brasil, which was sold in October 2024.
|  | December 31, 2024 |  | December 31, 2023
Fair Value |  | Assets |  | Liabilities |  | Assets |  | Liabilities
Current |  | $ | 369 |  |  | $ | 170 |  |  | $ | 216 |  |  | $ | 152 |
Noncurrent |  | 319 |  |  | 118 |  |  | 170 |  |  | 294 |
Total (1) |  | $ | 688 |  |  | $ | 288 |  |  | $ | 386 |  |  | $ | 446 |
_____________________________ (1)Includes $3 million of derivative assets reported in Current held-for-sale assets and $3 million of derivative liabilities reported in Current held-for-sale liabilities on the Consolidated Balance Sheets related to Dominican Republic Renewables as of December 31, 2024.
Credit Risk-Related Contingent Features | December 31, 2024 |  | December 31, 2023
Net position of derivatives subject to master netting arrangements and subject to collateralization | $ | 8 |  |  | $ | (4) |
Cash collateral held by third parties or in escrow | 54 |  |  | 104 |
Gain Loss In Accumulated Other Comprehensive Income And Earnings On Effective Portion Of Qualifying Cash Flow Hedges Table | The following table presents the pre-tax gains (losses) recognized in AOCL and earnings related to all derivative instruments for the periods indicated (in millions):
|  | Years Ended December 31,
2024 |  | 2023 |  | 2022
Cash flow hedges |  |  |  |  |  |
Gains (losses) recognized in AOCL |  |  |  |  |  |
Interest rate derivatives |  | $ | 493 |  |  | $ | 42 |  |  | $ | 869 |
Foreign currency derivatives |  | (12) |  |  | 2 |  |  | 17 |
Commodity derivatives |  | 80 |  |  | (48) |  |  | 16 |
Total |  | $ | 561 |  |  | $ | (4) |  |  | $ | 902 |
Gains (losses) reclassified from AOCL to earnings |  |  |  |  |  |
Interest rate derivatives — Interest expense |  | $ | (32) |  |  | $ | 51 |  |  | $ | (72) |
Foreign currency derivatives — Foreign currency transaction gains (losses) |  | (6) |  |  | (4) |  |  | 2 |
Commodity derivatives — Cost of sales—Non-Regulated |  | — |  |  | 17 |  |  | 2 |
Total |  | $ | (38) |  |  | $ | 64 |  |  | $ | (68) |
Gains (losses) on fair value hedging relationships |  |  |  |  |  |
Cross-currency derivatives |  |  |  |  |  |
Derivatives designated as hedging instruments |  | $ | 63 |  |  | $ | (72) |  |  | $ | (35) |
Hedged items |  | (58) |  |  | 58 |  |  | 26 |
Total |  | $ | 5 |  |  | $ | (14) |  |  | $ | (9) |
Loss reclassified from AOCL to earnings due to impairment of assets |  | $ | — |  |  | $ | — |  |  | $ | (16) |
Gains reclassified from AOCL to earnings due to change in forecast |  | $ | 11 |  |  | $ | 14 |  |  | $ | 26 |
Gain (losses) recognized in earnings related to |  |  |  |  |  |
Not designated as hedging instruments: |  |  |  |  |  |
Interest rate derivatives — Interest expense |  | $ | — |  |  | $ | (7) |  |  | $ | 4 |
Foreign currency derivatives — Foreign currency transaction gains (losses) |  | 66 |  |  | 19 |  |  | 21 |
Commodity derivatives — Revenue—Non-Regulated |  | 255 |  |  | 205 |  |  | (111) |
Commodity derivatives — Cost of sales—Non-Regulated |  | (97) |  |  | 56 |  |  | 68 |
Total |  | $ | 224 |  |  | $ | 273 |  |  | $ | (18) |

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