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Derivative Instruments and Hedging Activities | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES For further information on the Company’s derivative and hedge accounting policies, see Note 1—General and Summary of Significant Accounting Policies—Derivatives and Hedging Activities of Item 8.—Financial Statements and Supplementary Data in the 2024 Form 10-K. Volume of Activity — The following tables present the Company’s maximum notional (in millions) over the remaining contractual period by type of derivative as of September 30, 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 |  | $ | 10,942 |  |  | 2058
Foreign currency: |  |  |  |
Colombian peso |  | 224 |  |  | 2028
Euro |  | 176 |  |  | 2028
Chilean peso |  | 151 |  |  | 2028
Mexican peso |  | 78 |  |  | 2026
Commodity Derivatives |  | Maximum Notional |  | Latest Maturity
Natural Gas (in MMBtu) |  | 200 |  |  | 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. Accounting and Reporting — Assets and Liabilities — The following tables present the fair value of the Company’s derivative assets and liabilities as of the dates indicated (in millions):
Fair Value | September 30, 2025 |  | December 31, 2024
Assets | Designated |  | Not Designated |  | Total |  | Designated |  | Not Designated |  | Total
Interest rate derivatives | $ | 161 |  |  | $ | — |  |  | $ | 161 |  |  | $ | 349 |  |  | $ | — |  |  | $ | 349 |
Foreign currency derivatives | 8 |  |  | 28 |  |  | 36 |  |  | 16 |  |  | 45 |  |  | 61 |
Commodity derivatives | 3 |  |  | 249 |  |  | 252 |  |  | 4 |  |  | 274 |  |  | 278 |
Total assets (1) | $ | 172 |  |  | $ | 277 |  |  | $ | 449 |  |  | $ | 369 |  |  | $ | 319 |  |  | $ | 688 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | $ | 84 |  |  | $ | — |  |  | $ | 84 |  |  | $ | 15 |  |  | $ | — |  |  | $ | 15 |
Foreign currency derivatives | 4 |  |  | 28 |  |  | 32 |  |  | 10 |  |  | 8 |  |  | 18 |
Commodity derivatives | 22 |  |  | 236 |  |  | 258 |  |  | 29 |  |  | 226 |  |  | 255 |
Total liabilities (1) | $ | 110 |  |  | $ | 264 |  |  | $ | 374 |  |  | $ | 54 |  |  | $ | 234 |  |  | $ | 288 |
| September 30, 2025 |  | December 31, 2024
Fair Value | Assets |  | Liabilities |  | Assets |  | Liabilities
Current | $ | 298 |  |  | $ | 219 |  |  | $ | 369 |  |  | $ | 170 |
Noncurrent | 151 |  |  | 155 |  |  | 319 |  |  | 118 |
Total (1) | $ | 449 |  |  | $ | 374 |  |  | $ | 688 |  |  | $ | 288 |
_____________________________ (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 Condensed Consolidated Balance Sheets related to Dominican Republic Renewables as of December 31, 2024. Earnings and Other Comprehensive Income (Loss) — 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 September 30, |  | Nine Months Ended September 30,
2025 |  | 2024 |  | 2025 |  | 2024
Cash flow hedges |  |  |  |  |  |  |
Gains (losses) recognized in AOCL |  |  |  |  |  |  |
Interest rate derivatives | $ | 2 |  |  | $ | (337) |  |  | $ | (183) |  |  | $ | 3 |
Foreign currency derivatives | (1) |  |  | 10 |  |  | 6 |  |  | — |
Commodity derivatives | 5 |  |  | 1 |  |  | 5 |  |  | 29 |
Total | $ | 6 |  |  | $ | (326) |  |  | $ | (172) |  |  | $ | 32 |
Gains (losses) reclassified from AOCL into earnings |  |  |  |  |  |  |
Interest rate derivatives — Interest expense | $ | 2 |  |  | $ | 2 |  |  | $ | 11 |  |  | $ | (28) |
Foreign currency derivatives — Foreign currency transaction gains (losses) | 1 |  |  | 1 |  |  | 6 |  |  | 3 |
Commodity derivatives — Cost of sales—Non-Regulated | (3) |  |  | — |  |  | — |  |  | — |
Total | $ | — |  |  | $ | 3 |  |  | $ | 17 |  |  | $ | (25) |
Gains (losses) on fair value hedging relationships |  |  |  |  |  |  |
Cross-currency derivatives |  |  |  |  |  |  |
Derivatives designated as hedging instruments | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | (2) |
Hedged items | — |  |  | 4 |  |  | — |  |  | (1) |
Total | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | $ | (3) |
Gains reclassified from AOCL to earnings due to change in forecast | $ | — |  |  | $ | — |  |  | $ | 8 |  |  | $ | 11 |
Gain (losses) recognized in earnings related to |  |  |  |  |  |  |
Not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate derivatives — Interest expense | $ | (2) |  |  | $ | — |  |  | $ | (2) |  |  | $ | 1 |
Foreign currency derivatives — Foreign currency transaction gains (losses) | (4) |  |  | (12) |  |  | (13) |  |  | 46 |
Commodity derivatives — Revenue—Non-Regulated | 90 |  |  | 90 |  |  | 51 |  |  | 201 |
Commodity derivatives — Cost of sales—Non-Regulated | (26) |  |  | (25) |  |  | (40) |  |  | (43) |
Total | $ | 58 |  |  | $ | 53 |  |  | $ | (4) |  |  | $ | 205 |
Reclassifications from AOCL to earnings are forecasted to decrease pre-tax income from continuing operations by $11 million for the twelve months ended September 30, 2026, primarily related to foreign currency derivatives.
FAIR VALUE | FAIR VALUE The fair value of current financial assets and liabilities, debt service reserves, and other deposits approximate their reported carrying amounts. The estimated fair values of the Company’s assets and liabilities have been determined using available market information. Because these amounts are estimates and based on hypothetical transactions to sell assets or transfer liabilities, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. For further information on our valuation techniques and policies, see Note 5—Fair Value in Item 8.—Financial Statements and Supplementary Data of our 2024 Form 10-K. Recurring Measurements The following table presents, by level within the fair value hierarchy, the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated (in millions). For the Company’s investments in marketable debt securities, the security classes presented were determined based on the nature and risk of the security and are consistent with how the Company manages, monitors, and measures its marketable securities:
| September 30, 2025 |  | December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DEBT SECURITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |
Government debt securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Total debt securities | — |  |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
EQUITY SECURITIES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds | 56 |  |  | — |  |  | — |  |  | 56 |  |  | 51 |  |  | — |  |  | — |  |  | 51 |
Common stock | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | 4 |
Total equity securities | 56 |  |  | — |  |  | — |  |  | 56 |  |  | 55 |  |  | — |  |  | — |  |  | 55 |
DERIVATIVES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | — |  |  | 161 |  |  | — |  |  | 161 |  |  | — |  |  | 349 |  |  | — |  |  | 349 |
Foreign currency derivatives | — |  |  | 36 |  |  | — |  |  | 36 |  |  | — |  |  | 9 |  |  | 52 |  |  | 61 |
Commodity derivatives | 182 |  |  | 64 |  |  | 6 |  |  | 252 |  |  | 193 |  |  | 80 |  |  | 5 |  |  | 278 |
Total derivatives — assets (1) | 182 |  |  | 261 |  |  | 6 |  |  | 449 |  |  | 193 |  |  | 438 |  |  | 57 |  |  | 688 |
TOTAL ASSETS | $ | 238 |  |  | $ | 263 |  |  | $ | 6 |  |  | $ | 507 |  |  | $ | 248 |  |  | $ | 446 |  |  | $ | 57 |  |  | $ | 751 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration (2) | $ | — |  |  | $ | — |  |  | $ | 146 |  |  | $ | 146 |  |  | $ | — |  |  | $ | — |  |  | $ | 145 |  |  | $ | 145 |
DERIVATIVES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate derivatives | — |  |  | 84 |  |  | — |  |  | 84 |  |  | — |  |  | 14 |  |  | 1 |  |  | 15 |
Foreign currency derivatives | — |  |  | 32 |  |  | — |  |  | 32 |  |  | — |  |  | 18 |  |  | — |  |  | 18 |
Commodity derivatives | 188 |  |  | 49 |  |  | 21 |  |  | 258 |  |  | 185 |  |  | 44 |  |  | 26 |  |  | 255 |
Total derivatives — liabilities (1) | 188 |  |  | 165 |  |  | 21 |  |  | 374 |  |  | 185 |  |  | 76 |  |  | 27 |  |  | 288 |
TOTAL LIABILITIES | $ | 188 |  |  | $ | 165 |  |  | $ | 167 |  |  | $ | 520 |  |  | $ | 185 |  |  | $ | 76 |  |  | $ | 172 |  |  | $ | 433 |
_____________________________ (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 Condensed Consolidated Balance Sheets related to Dominican Republic Renewables as of December 31, 2024. (2)The level 3 contingent consideration is mainly related to the acquisition of Bellefield in June 2023. As of September 30, 2025, all available-for-sale debt securities had stated maturities within one year. For the three and nine months ended September 30, 2025, no impairments of marketable securities were recognized in earnings or other comprehensive income (loss). Credit-related impairments are recognized as an allowance with a corresponding impact recognized as a credit loss in Other expense. Gains and losses on sales of investments are determined using the specific identification method. The following table presents gross proceeds from the sale of available-for-sale securities for the periods indicated (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Gross proceeds from sale of available-for-sale securities |  | $ | — |  |  | $ | 189 |  |  | $ | 4 |  |  | $ | 683 |
The Company accounts for equity securities without readily determinable fair values using the measurement alternative in accordance with ASC 321. These securities are measured at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer. As of December 31, 2024, the carrying amount of equity securities accounted for using the measurement alternative was $62 million, inclusive of $22 million of cumulative upward adjustments recorded in Other income in prior years to reflect observable price changes for our investment in 5B Holdings Ptd. Ltd. (“5B”). In June 2025, the Company recorded a $48 million downward adjustment to our investment in 5B in Other expense due to an observable price change resulting from a transaction between 5B and a third party. The carrying amount of equity securities accounted for using the measurement alternative as of September 30, 2025 was $17 million. The following tables present a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2025 and 2024 (derivative balances are presented net), in millions. Transfers between Level 3 and Level 2 principally result from changes in the significance of unobservable inputs used to calculate the credit valuation adjustment.
| Derivative Assets and Liabilities |  |  |  |  |  |  |
Three Months Ended September 30, 2025 | Interest Rate |  |  |  | Foreign Currency |  | Commodity |  | Contingent Consideration |  | Total |  |  |
Balance at July 1, 2025 | $ | — |  |  |  |  | $ | 35 |  |  | $ | (22) |  |  | $ | (144) |  |  | $ | (131) |  |  |  |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  |  |  | 1 |  |  | — |  |  | 6 |  |  | 7 |  |  |  |
Included in other comprehensive income (loss) — derivative activity | — |  |  |  |  | — |  |  | 8 |  |  | — |  |  | 8 |  |  |  |
Acquisitions | — |  |  |  |  | — |  |  | — |  |  | (8) |  |  | (8) |  |  |  |
Settlements | — |  |  |  |  | (10) |  |  | (1) |  |  | — |  |  | (11) |  |  |  |
Transfers of assets, net out of Level 3 | — |  |  |  |  | (26) |  |  | — |  |  | — |  |  | (26) |  |  |  |
Balance at September 30, 2025 | $ | — |  |  |  |  | $ | — |  |  | $ | (15) |  |  | $ | (146) |  |  | $ | (161) |  |  |  |
Total gains for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | 6 |  |  |  |
| Derivative Assets and Liabilities |  |  |  |  |  |  |
Three Months Ended September 30, 2024 | Interest Rate |  |  |  | Foreign Currency |  | Commodity |  | Contingent Consideration |  | Total |  |  |
Balance at July 1, 2024 | $ | (2) |  |  |  |  | $ | 60 |  |  | $ | (71) |  |  | $ | (162) |  |  | $ | (175) |  |  |  |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  |  |  | 5 |  |  | — |  |  | (8) |  |  | (3) |  |  |  |
Included in other comprehensive income (loss) — derivative activity | (2) |  |  |  |  | 1 |  |  | (1) |  |  | — |  |  | (2) |  |  |  |
Settlements | — |  |  |  |  | (10) |  |  | (1) |  |  | 7 |  |  | (4) |  |  |  |
Balance at September 30, 2024 | $ | (4) |  |  |  |  | $ | 56 |  |  | $ | (73) |  |  | $ | (163) |  |  | $ | (184) |  |  |  |
Total losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | — |  |  |  |  | $ | (3) |  |  | $ | — |  |  | $ | — |  |  | $ | (3) |  |  |  |
| Derivative Assets and Liabilities |  |  |  |  |  |  |  |
Nine Months Ended September 30, 2025 | Interest Rate |  |  |  | Foreign Currency |  | Commodity |  | Contingent Consideration |  | Total |  |  |  |
Balance at January 1, 2025 | $ | (1) |  |  |  |  | $ | 52 |  |  | $ | (21) |  |  | $ | (145) |  |  | $ | (115) |  |  |  |  |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  |  |  | 3 |  |  | — |  |  | (12) |  |  | (9) |  |  |  |  |
Included in other comprehensive income (loss) — derivative activity | — |  |  |  |  | 1 |  |  | 5 |  |  | — |  |  | 6 |  |  |  |  |
Included in regulatory (assets) liabilities | — |  |  |  |  | — |  |  | 5 |  |  | — |  |  | 5 |  |  |  |  |
Acquisitions | — |  |  |  |  | — |  |  | — |  |  | (19) |  |  | (19) |  |  |  |  |
Settlements | — |  |  |  |  | (30) |  |  | (3) |  |  | 30 |  |  | (3) |  |  |  |  |
Transfers of assets (liabilities), net into Level 3 | — |  |  |  |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  |  |  |
Transfers of assets, net out of Level 3 | 1 |  |  |  |  | (26) |  |  | — |  |  | — |  |  | (25) |  |  |  |  |
Balance at September 30, 2025 | $ | — |  |  |  |  | $ | — |  |  | $ | (15) |  |  | $ | (146) |  |  | $ | (161) |  |  |  |  |
Total losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | — |  |  |  |  | $ | (12) |  |  | $ | — |  |  | $ | (12) |  |  | $ | (24) |  |  |  |  |
| Derivative Assets and Liabilities |  |  |  |  |  |  |  |
Nine Months Ended September 30, 2024 | Interest Rate |  |  |  | Foreign Currency |  | Commodity |  | Contingent Consideration |  | Total |  |  |  |
Balance at January 1, 2024 | $ | (4) |  |  |  |  | $ | 59 |  |  | $ | (110) |  |  | $ | (165) |  |  | $ | (220) |  |  |  |  |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | — |  |  |  |  | 19 |  |  | 4 |  |  | (3) |  |  | 20 |  |  |  |  |
Included in other comprehensive income (loss) — derivative activity | — |  |  |  |  | 6 |  |  | 31 |  |  | — |  |  | 37 |  |  |  |  |
Included in regulatory (assets) liabilities | — |  |  |  |  | — |  |  | 5 |  |  | — |  |  | 5 |  |  |  |  |
Acquisitions | — |  |  |  |  | — |  |  | — |  |  | (14) |  |  | (14) |  |  |  |  |
Settlements | — |  |  |  |  | (28) |  |  | (3) |  |  | 19 |  |  | (12) |  |  |  |  |
Balance at September 30, 2024 | $ | (4) |  |  |  |  | $ | 56 |  |  | $ | (73) |  |  | $ | (163) |  |  | $ | (184) |  |  |  |  |
Total gains for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets and liabilities held at the end of the period | $ | — |  |  |  |  | $ | (3) |  |  | $ | 6 |  |  | $ | — |  |  | $ | 3 |  |  |  |  |
The following table summarizes the significant unobservable inputs used to value Level 3 derivative assets (liabilities) as of September 30, 2025 (in millions, except range amounts):
Type of Derivative |  | Fair Value |  | Unobservable Input |  |  | Amount or Range (Average)
Commodity: |  |  |  |  |  |  |
CAISO energy swap |  | $ | (16) |  |  | Forward CAISO energy prices per MWh from Q4 2031 through 2038 |  |  | $13.36 to $132.30 ($68.41)
MISO energy swap |  | (2) |  |  | Forward MISO energy prices per MWh from Q4 2031 through 2040 |  |  | $23.83 to $75.68 ($46.87)
Other |  | 3 |  |  |  |  |  |
Total |  | $ | (15) |  |  |  |  |  |
For the CAISO and MISO energy swaps, increases (decreases) in the estimates above would decrease (increase) the value of the derivatives. Contingent consideration is primarily related to future milestone payments associated with acquisitions of renewables development projects. The estimated fair value of contingent consideration is determined using probability-weighted discounted cash flows based on internal forecasts, which are considered Level 3 inputs. Changes in Level 3 inputs, particularly changes in the probability of achieving development milestones, could result in material changes to the fair value of the contingent consideration and could materially impact the amount of expense or income recorded each reporting period. Contingent consideration is updated quarterly with any prospective changes in fair value recorded through earnings. Gains and losses on the remeasurement of contingent consideration are recognized in Other income and Other expense, respectively, on the Condensed Consolidated Statements of Operations. Nonrecurring Measurements The Company measures fair value using the applicable fair value measurement guidance. Impairment expense, shown as pre-tax loss below, is measured by comparing the fair value at the evaluation date to the then-latest available carrying amount and is included in Asset impairment reversals (expense) or Other non-operating expense, as applicable, on the Condensed Consolidated Statements of Operations. 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
Nine Months Ended September 30, 2025 |  | Level 1 |  | Level 2 |  | Level 3 |
Held-for-sale businesses: (2) |  |  |  |  |  |  |  |  |  |  |
Mong Duong (3) | 3/31/2025 |  | $ | 383 |  |  | $ | — |  |  | $ | 371 |  |  | $ | — |  |  | $ | 17 |
Equity method investments: (4) |  |  |  |  |  |  |  |  |  |  |
Uplight | 9/30/2025 |  | $ | 60 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 60 |
| Measurement Date |  | Carrying Amount (1) |  | Fair Value |  |
Nine Months Ended September 30, 2024 |  | Level 1 |  | Level 2 |  | Level 3 |  | Pre-tax Loss
Held-for-sale businesses: (2) |  |  |  |  |  |  |  |  |  |  |
Mong Duong | 3/31/2024 |  | $ | 450 |  |  | $ | — |  |  | $ | 413 |  |  | $ | — |  |  | $ | 37 |
AES Brasil (5) | 5/15/2024 |  | 1,577 |  |  | — |  |  | 1,565 |  |  | — |  |  | 25 |
Mong Duong (3) | 6/30/2024 |  | 390 |  |  | — |  |  | 389 |  |  | — |  |  | 6 |
AES Brasil (6) | 9/30/2024 |  | 1,581 |  |  | — |  |  | 1,548 |  |  | — |  |  | 55 |
Mong Duong (3) | 9/30/2024 |  | 407 |  |  | — |  |  | 400 |  |  | — |  |  | 11 |
_____________________________ (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. (4)See Note 7—Investments in and Advances to Affiliates for further information. (5)The pre-tax loss recognized was calculated using the fair value of the AES Brasil disposal group less costs to sell of $13 million. A subsequent impairment analysis was performed as of June 30, 2024 and no additional impairment was identified. (6)The pre-tax loss recognized was calculated using the fair value of the AES disposal group less costs to sell of $22 million. Mong Duong — During the nine months ended September 30, 2025, the Company recognized a $243 million increase in the carrying value of the Mong Duong asset group due to the derecognition of a $239 million valuation allowance on the loan receivable accounted for under ASC 310, which had been recognized in Asset impairment expense between December 31, 2023 and March 31, 2025 while Mong Duong was classified as held-for-sale, and the elimination of $4 million in net estimated costs to sell from the measurement of the asset group. Upon reclassification out of held-for-sale, the loan receivable was remeasured at amortized cost and individual non-loan assets were remeasured at the lower of (i) carrying value before Mong Duong was classified as held for sale, adjusted for any depreciation expense or impairment losses that would have been recognized had the asset been continuously classified as held and used, or (ii) fair value at the date of the subsequent determination that held-for-sale criteria was no longer met. See Note 16—Asset Impairment Expense for further information. 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 $132 million and $21 million of pre-tax asset impairment expense related to AES Clean Energy Development Projects during the nine months ended September 30, 2025 and 2024, respectively. See Note 16—Asset Impairment Expense for further information. Financial Instruments Not Measured at Fair Value in the Condensed Consolidated Balance Sheets 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:
|  | September 30, 2025
|  | Carrying Amount |  | Fair Value
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | Financing receivables (1) | $ | 877 |  |  | $ | 990 |  |  | $ | — |  |  | $ | — |  |  | $ | 990 |
Liabilities: | Non-recourse debt | 23,927 |  |  | 24,775 |  |  | — |  |  | 21,458 |  |  | 3,317 |
| Recourse debt | 6,246 |  |  | 5,241 |  |  | — |  |  | 5,241 |  |  | — |
|  | December 31, 2024
|  | Carrying Amount |  | Fair Value
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: | Financing receivables (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)As of September 30, 2025, the amounts primarily relate to the Mong Duong loan receivable. For both periods presented, amounts also include payment deferrals granted to mining customers as part of our green blend agreements in Chile, the sale of the Redondo Beach land, and the fair value of the Argentine FONINVEMEM receivables. These are included in Loan receivable and Other noncurrent assets in the accompanying Condensed Consolidated Balance Sheets. See Note 5—Financing Receivables for further information.

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