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Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate And Cross Currency Derivatives By Type Table

The following tables present the Company’s maximum notional (in millions) over the remaining contractual period by type of derivative as of March 31, 2025, 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						$	10,020					2058
Foreign currency:
Chilean peso						105						2027
Euro						97						2026
Colombian peso						83						2027
Mexican peso						70						2026

Commodity Derivatives						Maximum Notional						Latest Maturity
Natural Gas (in MMBtu)						221						2029
Power (in MWhs) (2)						62						2040
Coal (in Metric Tons)						8						2028

_____________________________

(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			March 31, 2025																		December 31, 2024
Assets			Designated						Not Designated						Total						Designated						Not Designated						Total
Interest rate derivatives			$	202					$	—					$	202					$	349					$	—					$	349
Foreign currency derivatives			12						37						49						16						45						61
Commodity derivatives			4						300						304						4						274						278
Total assets (1)			$	218					$	337					$	555					$	369					$	319					$	688
Liabilities
Interest rate derivatives			$	64					$	—					$	64					$	15					$	—					$	15
Foreign currency derivatives			6						9						15						10						8						18
Commodity derivatives			3						238						241						29						226						255
Total liabilities (1)			$	73					$	247					$	320					$	54					$	234					$	288

			March 31, 2025												December 31, 2024
Fair Value			Assets						Liabilities						Assets						Liabilities
Current			$	344					$	206					$	369					$	170
Noncurrent			211						114						319						118
Total (1)			$	555					$	320					$	688					$	288

_____________________________

(1)Includes $1 million and $3 million of derivative assets reported in Current held-for-sale assets and $8 million and $3 million of derivative liabilities reported in Current held-for-sale liabilities on the Condensed Consolidated Balance Sheets related to Dominican Republic Renewables as of March 31, 2025 and December 31, 2024, respectively.

Gain Loss In Earnings On Ineffective 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):

									Three Months Ended March 31,
															2025						2024
Cash flow hedges
Gains (losses) recognized in AOCL
Interest rate derivatives															$	(166)					$	225
Foreign currency derivatives															4						(9)
Commodity derivatives															30						28
Total															$	(132)					$	244
Gains reclassified from AOCL into earnings
Interest rate derivatives — Interest expense															$	15					$	1
Foreign currency derivatives — Foreign currency transaction gains (losses)															3						1
Commodity derivatives — Cost of sales—Non-Regulated															2						—
Total															$	20					$	2
Gains (losses) on fair value hedging relationships
Cross-currency derivatives
Derivatives designated as hedging instruments															$	—					$	(56)
Hedged items															—						43
Total															$	—					$	(13)
Gains reclassified from AOCL to earnings due to change in forecast															$	8					$	—
Gain (losses) recognized in earnings related to
Not designated as hedging instruments:
Foreign currency derivatives — Foreign currency transaction gains (losses)															$	(2)					$	13
Commodity derivatives — Revenue—Non-Regulated															23						95
Commodity derivatives — Cost of sales—Non-Regulated															(5)						(4)
Total															$	16					$	104

Fair Value Measurements, Recurring and Nonrecurring

The following table summarizes our major categories of asset groups measured at fair value on a nonrecurring basis and their level within the fair value hierarchy (in millions):

			Measurement Date						Carrying Amount (1)						Fair Value																		Pre-tax Loss
Three Months Ended March 31, 2025															Level 1						Level 2						Level 3
Held-for-sale businesses: (2)
Mong Duong (3)			3/31/2025						$	383					$	—					$	371					$	—					$	17
			Measurement Date						Carrying Amount (1)						Fair Value
Three Months Ended March 31, 2024															Level 1						Level 2						Level 3						Pre-tax Loss
Held-for-sale businesses: (2)
Mong Duong			3/31/2024						$	450					$	—					$	413					$	—					$	37

_____________________________

(1)Represents the carrying values of the asset groups at the dates of measurement, before fair value adjustment.

(2)See Note 18—Held-for-Sale and Dispositions for further information.

(3)The pre-tax loss recognized was calculated using the fair value of the Mong Duong disposal group less costs to sell of $5 million.

AES Clean Energy Development Projects — On a quarterly basis, the Company reviews the status of development projects to identify projects that are no longer viable and will be abandoned. The fair value of each abandoned project with no salvage value is determined to be zero as there are no future projected cash flows, resulting in a full write-off of the carrying value of project development intangibles and capitalized development costs incurred.

The Company recognized $31 million and $7 million of pre-tax asset impairment expense related to AES Clean Energy Development Projects during the three months ended March 31, 2025 and 2024, respectively. See Note 16—Asset Impairment Expense for further information.

Fair Value Of Financial Instruments Not Carried At Fair Value [Table Text Block]

The following table presents (in millions) the carrying amount, fair value, and fair value hierarchy of the Company’s financial assets and liabilities that are not measured at fair value in the Condensed Consolidated Balance Sheets as of the dates indicated, but for which fair value is disclosed:

						March 31, 2025
						Carrying Amount						Fair Value
												Total						Level 1						Level 2						Level 3
Assets:			Accounts receivable — noncurrent (1)			$	90					$	197					$	—					$	—					$	197
Liabilities:			Non-recourse debt			24,007						24,559						—						22,073						2,486
			Recourse debt			5,978						4,871						—						4,871						—

						December 31, 2024
						Carrying Amount						Fair Value
												Total						Level 1						Level 2						Level 3
Assets:			Accounts receivable — noncurrent (1)			$	87					$	171					$	—					$	—					$	171
Liabilities:			Non-recourse debt			22,743						23,066						—						20,981						2,085
			Recourse debt			5,704						4,538						—						4,538						—

_____________________________

(1)These amounts primarily relate to the sale of the Redondo Beach land, payment deferrals granted to mining customers as part of our green blend agreements in Chile, and fair value of the Argentine FONINVEMEM receivables. These are included in Other noncurrent assets in the accompanying Condensed Consolidated Balance Sheets. See Note 5—Financing Receivables for further information.

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