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Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

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

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(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

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(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

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(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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