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Redeemable Stocks of Subsidiaries (Tables)

3 Months Ended

Mar. 31, 2025

Redeemable Stock of Subsidiaries [Abstract]

The following table summarizes the Company’s redeemable stock of subsidiaries balances as of the dates indicated (in millions):


	March 31, 2025		December 31, 2024
IPALCO common stock	$	836	$	835
AES Clean Energy tax equity partnerships	63		65


AES Indiana Pike County BESS tax equity partnership	—		38
Total redeemable stock of subsidiaries	$	899	$	938

Redeemable Noncontrolling Interest

The following table is a reconciliation of changes in redeemable stock of subsidiaries for the periods indicated (in millions):


	Three Months Ended March 31,
	2025		2024
Balance at the beginning of the period	$	938	$	1,464
Net income (loss)	30		(89)
Other comprehensive income	—		35
Adjustments to redemption value of redeemable stock of subsidiaries	—		6
Reclassification of redeemable stock of subsidiaries to noncontrolling interests	(38)		—

Distributions to holders of redeemable stock of subsidiaries	(31)		(14)

Contributions from holders of redeemable stock of subsidiaries	—		26
Sales of redeemable stock of subsidiaries	—		74
Balance at the end of the period	$	899	$	1,502

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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