Equity (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Net Income Attributable to Parent And Transfers To From Noncontrolling Interests [Text Block]

The following table summarizes the net income (loss) attributable to The AES Corporation and all transfers (to) from noncontrolling interests for the periods indicated (in millions):



Year Ended December 31,	2024		2023		2022
Net income (loss) attributable to The AES Corporation	$	1,679	$	249	$	(546)
Transfers (to) from noncontrolling interest:
Increase (decrease) in The AES Corporation's paid-in capital for sale of subsidiary shares	(19)		85		78
Increase (decrease) in The AES Corporation's paid-in capital for acquisition of subsidiary shares	(802)		24		(78)
Net transfers (to) from noncontrolling interest	(821)		109		—
Change from net income (loss) attributable to The AES Corporation and transfers (to) from noncontrolling interests	$	858	$	358	$	(546)

Components of Accumulated Other Comprehensive Income

The changes in AOCL by component, net of tax and NCI, for the periods indicated were as follows (in millions):


	Foreign currency translation adjustments, net		Change in fair value of derivatives, net		Pension adjustments, net		Change in fair value option liabilities, net		Total
Balance at December 31, 2021	$	(1,734)	$	(456)	$	(30)	$	—	$	(2,220)
Other comprehensive income (loss) before reclassifications	(37)		645		10		—		618
Amount reclassified to earnings	—		44		—		—		44
Other comprehensive income (loss)	(37)		689		10		—		662
Reclassification from NCI due to share sales and repurchases	(57)		(22)		(3)		—		(82)
Balance at December 31, 2022	$	(1,828)	$	211	$	(23)	$	—	$	(1,640)
Other comprehensive income (loss) before reclassifications	136		55		(3)		—		188
Amount reclassified to earnings	—		(52)		—		—		(52)
Other comprehensive income (loss)	136		3		(3)		—		136
Reclassification from NCI due to share sales	—		(10)		—		—		(10)
Balance at December 31, 2023	$	(1,692)	$	204	$	(26)	$	—	$	(1,514)
Other comprehensive income (loss) before reclassifications	(159)		315		(5)		3		154
Amount reclassified to earnings	71		18		7		—		96
Other comprehensive income (loss)	(88)		333		2		3		250
Reclassification from NCI due to share repurchases	498		—		—		—		498
Balance at December 31, 2024	$	(1,282)	$	537	$	(24)	$	3	$	(766)

Reclassification out of Accumulated Other Comprehensive Income

Reclassifications out of AOCL are presented in the following table. Amounts for the periods indicated are in millions and those in parenthesis indicate debits to the Consolidated Statements of Operations.


Details About		Year Ended December 31,
AOCL Components	Affected Line Item in the Consolidated Statements of Operations	2024		2023		2022
Foreign currency translation adjustments, net
	Gain (loss) on disposal and sale of business interests	$	(649)	$	—	$	—

	Net income (loss) attributable to The AES Corporation	$	(649)	$	—	$	—
	Less: Net income (loss) attributable to The AES Corporation—reclassified out of NCI and redeemable stock of subsidiaries	578		—		—
	Net income (loss) attributable to The AES Corporation—reclassified out of AOCL	$	(71)	$	—	$	—
Change in fair value of derivatives, net
	Non-regulated revenue	$	—	$	(8)	$	(1)
	Non-regulated cost of sales	(2)		(3)		(1)
	Interest expense	(32)		17		(58)
	Gain (loss) on disposal and sale of business interests	(8)		33		—
	Asset impairment expense	—		—		(16)
	Foreign currency transaction gains (losses)	2		(3)		2
	Income (loss) from continuing operations before taxes and equity in earnings of affiliates	(40)		36		(74)
	Income tax expense	8		9		9
	Net equity in losses of affiliates	2		28		6
	Net income (loss)	(30)		73		(59)
	Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries	8		(21)		15
	Net income (loss) attributable to The AES Corporation	$	(22)	$	52	$	(44)
	Less: Net income (loss) attributable to The AES Corporation—reclassified out of NCI	4		—		—
	Net income (loss) attributable to The AES Corporation—reclassified out of AOCL	$	(18)	$	52	$	(44)
Pension adjustments, net

	Non-regulated cost of sales	$	—	$	—	$	(1)

	Other expense	(2)		—		(1)
	Gain (loss) on disposal and sale of business interests	(14)		—		—
	Income (loss) from continuing operations before taxes and equity in earnings of affiliates	(16)		—		(2)
	Income tax expense	1		—		1



	Net income (loss)	(15)		—		(1)
	Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries	—		—		1

	Net income (loss) attributable to The AES Corporation	$	(15)	$	—	$	—
	Less: Net income (loss) attributable to The AES Corporation—reclassified out of NCI	8		—		—
	Net income (loss) attributable to The AES Corporation—reclassified out of AOCL	$	(7)	$	—	$	—
Total reclassifications out of AOCL for the period, net of income tax and noncontrolling interests		$	(96)	$	52	$	(44)

Noncontrolling interest, increase from Sale of Parent equity

During 2024, 2023, and 2022, AES Clean Energy Development and AES Renewable Holdings, through multiple transactions, sold noncontrolling interests in project companies to tax equity investors, resulting in the following increases to NCI (in millions):


Business	2024		2023		2022
AES Clean Energy Development	$	603	$	1,039	$	230
AES Renewable Holdings	263		124		88