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Name | Symbol | Market | Type |
---|---|---|---|
Indianapolis Power and Light (PK) | USOTC:IPWLP | OTCMarkets | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 118.20 | 117.75 | 250.00 | 0.00 | 01:00:00 |
|
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
54-1163725
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
4300 Wilson Boulevard
|
|
|
|
Arlington,
|
Virginia
|
|
22203
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Registrant's telephone number, including area code:
|
(703)
|
522-1315
|
Securities registered pursuant to Section 12(b) of the Act:
|
||
Title of Each Class
|
Trading Symbol(s)
|
Name of Each Exchange on Which Registered
|
Common Stock, par value $0.01 per share
|
AES
|
New York Stock Exchange
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
Non-accelerated filer
|
☐
|
|
|
|
|
|
|
|
ITEM 1.
|
||
|
||
|
Condensed Consolidated Statements of Operations
|
|
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||
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ITEM 2.
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||
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||
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ITEM 3.
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||
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ITEM 4.
|
||
|
|
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|
|
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ITEM 1.
|
||
|
|
|
ITEM 1A.
|
||
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|
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ITEM 2.
|
||
|
|
|
ITEM 3.
|
||
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|
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ITEM 4.
|
||
|
|
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ITEM 5.
|
||
|
|
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ITEM 6.
|
||
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
|
|
|
||||
|
(in millions, except share and per share amounts)
|
||||||
Revenue:
|
|
|
|
||||
Regulated
|
$
|
712
|
|
|
$
|
785
|
|
Non-Regulated
|
1,626
|
|
|
1,865
|
|
||
Total revenue
|
2,338
|
|
|
2,650
|
|
||
Cost of Sales:
|
|
|
|
||||
Regulated
|
(592
|
)
|
|
(635
|
)
|
||
Non-Regulated
|
(1,239
|
)
|
|
(1,429
|
)
|
||
Total cost of sales
|
(1,831
|
)
|
|
(2,064
|
)
|
||
Operating margin
|
507
|
|
|
586
|
|
||
General and administrative expenses
|
(38
|
)
|
|
(46
|
)
|
||
Interest expense
|
(233
|
)
|
|
(265
|
)
|
||
Interest income
|
70
|
|
|
79
|
|
||
Loss on extinguishment of debt
|
(1
|
)
|
|
(10
|
)
|
||
Other expense
|
(4
|
)
|
|
(12
|
)
|
||
Other income
|
45
|
|
|
30
|
|
||
Loss on disposal and sale of business interests
|
—
|
|
|
(4
|
)
|
||
Asset impairment expense
|
(6
|
)
|
|
—
|
|
||
Foreign currency transaction gains (losses)
|
24
|
|
|
(4
|
)
|
||
Other non-operating expense
|
(44
|
)
|
|
—
|
|
||
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES
|
320
|
|
|
354
|
|
||
Income tax expense
|
(89
|
)
|
|
(115
|
)
|
||
Net equity in losses of affiliates
|
(2
|
)
|
|
(6
|
)
|
||
NET INCOME
|
229
|
|
|
233
|
|
||
Less: Net income attributable to noncontrolling interests and redeemable stock of subsidiaries
|
(85
|
)
|
|
(79
|
)
|
||
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION
|
$
|
144
|
|
|
$
|
154
|
|
BASIC EARNINGS PER SHARE:
|
|
|
|
||||
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS
|
$
|
0.22
|
|
|
$
|
0.23
|
|
DILUTED EARNINGS PER SHARE:
|
|
|
|
||||
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS
|
$
|
0.22
|
|
|
$
|
0.23
|
|
DILUTED SHARES OUTSTANDING
|
668
|
|
|
667
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
|
|
|
||||
|
(in millions)
|
||||||
NET INCOME
|
$
|
229
|
|
|
$
|
233
|
|
Foreign currency translation activity:
|
|
|
|
||||
Foreign currency translation adjustments, net of $0 income tax for all periods
|
(152
|
)
|
|
(1
|
)
|
||
Total foreign currency translation adjustments
|
(152
|
)
|
|
(1
|
)
|
||
Derivative activity:
|
|
|
|
||||
Change in derivative fair value, net of income tax benefit of $133 and $18, respectively
|
(448
|
)
|
|
(68
|
)
|
||
Reclassification to earnings, net of income tax expense of $8 and $2, respectively
|
32
|
|
|
10
|
|
||
Total change in fair value of derivatives
|
(416
|
)
|
|
(58
|
)
|
||
Pension activity:
|
|
|
|
||||
Reclassification to earnings, net of $0 income tax for all periods
|
—
|
|
|
1
|
|
||
Total pension adjustments
|
—
|
|
|
1
|
|
||
OTHER COMPREHENSIVE LOSS
|
(568
|
)
|
|
(58
|
)
|
||
COMPREHENSIVE INCOME (LOSS)
|
(339
|
)
|
|
175
|
|
||
Less: Comprehensive (income) loss attributable to noncontrolling interests and redeemable stock of subsidiaries
|
21
|
|
|
(53
|
)
|
||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION
|
$
|
(318
|
)
|
|
$
|
122
|
|
|
Three Months Ended March 31, 2020
|
||||||||||||||||||||||||||||
|
Common Stock
|
|
Treasury Stock
|
|
Additional
Paid-In Capital |
|
Accumulated
Deficit |
|
Accumulated
Other Comprehensive Loss |
|
Noncontrolling
Interests |
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||
Balance at January 1, 2020
|
817.8
|
|
|
$
|
8
|
|
|
153.9
|
|
|
$
|
(1,867
|
)
|
|
$
|
7,776
|
|
|
$
|
(692
|
)
|
|
$
|
(2,229
|
)
|
|
$
|
2,233
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
144
|
|
|
—
|
|
|
82
|
|
||||||
Total foreign currency translation adjustment, net of income tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(96
|
)
|
|
(56
|
)
|
||||||
Total change in derivative fair value, net of income tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(366
|
)
|
|
(25
|
)
|
||||||
Total other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(462
|
)
|
|
(81
|
)
|
||||||
Cumulative effect of a change in accounting principle (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35
|
)
|
|
—
|
|
|
(16
|
)
|
||||||
Fair value adjustment (2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
||||||
Dividends declared on common stock ($0.1433/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(95
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax
|
0.1
|
|
|
—
|
|
|
(0.8
|
)
|
|
9
|
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Sales to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Acquisition from noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
(1
|
)
|
|
(8
|
)
|
||||||
Balance at March 31, 2020
|
817.9
|
|
|
$
|
8
|
|
|
153.1
|
|
|
$
|
(1,858
|
)
|
|
$
|
7,664
|
|
|
$
|
(583
|
)
|
|
$
|
(2,692
|
)
|
|
$
|
2,178
|
|
(1)
|
Includes $39 million adjustment due to ASC 326 adoption, partially offset by $4 million adjustment due to ASC 842 adoption at sPower. See Note 1—Financial Statement Presentation—New Accounting Pronouncements Adopted in 2020 for further information.
|
(2)
|
Adjustment to record the redeemable stock of Colon at fair value.
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||||||||||||
|
Common Stock
|
|
Treasury Stock
|
|
Additional
Paid-In Capital |
|
Accumulated
Deficit |
|
Accumulated
Other Comprehensive Loss |
|
Noncontrolling
Interests |
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||
Balance at January 1, 2019
|
817.2
|
|
|
$
|
8
|
|
|
154.9
|
|
|
$
|
(1,878
|
)
|
|
$
|
8,154
|
|
|
$
|
(1,005
|
)
|
|
$
|
(2,071
|
)
|
|
$
|
2,396
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
154
|
|
|
—
|
|
|
81
|
|
||||||
Total foreign currency translation adjustment, net of income tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
(5
|
)
|
||||||
Total change in derivative fair value, net of income tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(37
|
)
|
|
(18
|
)
|
||||||
Total pension adjustments, net of income tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||||
Total other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
|
(23
|
)
|
||||||
Cumulative effect of a change in accounting principle (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
(4
|
)
|
|
—
|
|
||||||
Fair value adjustment (2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(40
|
)
|
||||||
Dividends declared on common stock ($0.1365/share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(91
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Issuance and exercise of stock-based compensation benefit plans, net of income tax
|
0.4
|
|
|
—
|
|
|
(1
|
)
|
|
11
|
|
|
(17
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Sales to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Balance at March 31, 2019
|
817.6
|
|
|
$
|
8
|
|
|
153.9
|
|
|
$
|
(1,867
|
)
|
|
$
|
8,039
|
|
|
$
|
(839
|
)
|
|
$
|
(2,107
|
)
|
|
$
|
2,415
|
|
(1)
|
See Note 1—Financial Statement Presentation—New Accounting Pronouncements in Item 8.—Financial Statements and Supplementary Data of our 2019 Form 10-K for further information.
|
(2)
|
Adjustment to record the redeemable stock of Colon at fair value.
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
|
|
|
||||
|
(in millions)
|
||||||
OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
229
|
|
|
$
|
233
|
|
Adjustments to net income:
|
|
|
|
||||
Depreciation and amortization
|
268
|
|
|
246
|
|
||
Loss on disposal and sale of business interests
|
—
|
|
|
4
|
|
||
Impairment expense
|
50
|
|
|
—
|
|
||
Deferred income taxes
|
2
|
|
|
62
|
|
||
Loss on extinguishment of debt
|
1
|
|
|
10
|
|
||
Loss (gain) on sale and disposal of assets
|
(42
|
)
|
|
7
|
|
||
Other
|
8
|
|
|
99
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
(Increase) decrease in accounts receivable
|
(40
|
)
|
|
9
|
|
||
(Increase) decrease in inventory
|
23
|
|
|
(18
|
)
|
||
(Increase) decrease in prepaid expenses and other current assets
|
(23
|
)
|
|
47
|
|
||
(Increase) decrease in other assets
|
(79
|
)
|
|
2
|
|
||
Increase (decrease) in accounts payable and other current liabilities
|
(99
|
)
|
|
25
|
|
||
Increase (decrease) in income tax payables, net and other tax payables
|
36
|
|
|
(35
|
)
|
||
Increase (decrease) in other liabilities
|
39
|
|
|
(1
|
)
|
||
Net cash provided by operating activities
|
373
|
|
|
690
|
|
||
INVESTING ACTIVITIES:
|
|
|
|
||||
Capital expenditures
|
(576
|
)
|
|
(504
|
)
|
||
Acquisitions of business interests, net of cash and restricted cash acquired
|
(10
|
)
|
|
—
|
|
||
Proceeds from the sale of assets
|
15
|
|
|
—
|
|
||
Sale of short-term investments
|
254
|
|
|
150
|
|
||
Purchase of short-term investments
|
(277
|
)
|
|
(220
|
)
|
||
Contributions and loans to equity affiliates
|
(115
|
)
|
|
(90
|
)
|
||
Other investing
|
(26
|
)
|
|
1
|
|
||
Net cash used in investing activities
|
(735
|
)
|
|
(663
|
)
|
||
FINANCING ACTIVITIES:
|
|
|
|
||||
Borrowings under the revolving credit facilities
|
1,194
|
|
|
504
|
|
||
Repayments under the revolving credit facilities
|
(315
|
)
|
|
(274
|
)
|
||
Repayments of recourse debt
|
(18
|
)
|
|
(1
|
)
|
||
Issuance of non-recourse debt
|
406
|
|
|
866
|
|
||
Repayments of non-recourse debt
|
(92
|
)
|
|
(428
|
)
|
||
Payments for financing fees
|
(5
|
)
|
|
(4
|
)
|
||
Distributions to noncontrolling interests
|
(22
|
)
|
|
(50
|
)
|
||
Contributions from noncontrolling interests and redeemable security holders
|
—
|
|
|
10
|
|
||
Dividends paid on AES common stock
|
(95
|
)
|
|
(90
|
)
|
||
Payments for financed capital expenditures
|
(10
|
)
|
|
(96
|
)
|
||
Other financing
|
(13
|
)
|
|
(35
|
)
|
||
Net cash provided by financing activities
|
1,030
|
|
|
402
|
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(32
|
)
|
|
(4
|
)
|
||
(Increase) decrease in cash, cash equivalents and restricted cash of held-for-sale businesses
|
2
|
|
|
(53
|
)
|
||
Total increase in cash, cash equivalents and restricted cash
|
638
|
|
|
372
|
|
||
Cash, cash equivalents and restricted cash, beginning
|
1,572
|
|
|
2,003
|
|
||
Cash, cash equivalents and restricted cash, ending
|
$
|
2,210
|
|
|
$
|
2,375
|
|
SUPPLEMENTAL DISCLOSURES:
|
|
|
|
||||
Cash payments for interest, net of amounts capitalized
|
$
|
163
|
|
|
$
|
169
|
|
Cash payments for income taxes, net of refunds
|
52
|
|
|
65
|
|
||
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
|
|
|
|
||||
Dividends declared but not yet paid
|
95
|
|
|
91
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Cash and cash equivalents
|
$
|
1,544
|
|
|
$
|
1,029
|
|
Restricted cash
|
426
|
|
|
336
|
|
||
Debt service reserves and other deposits
|
240
|
|
|
207
|
|
||
Cash, Cash Equivalents, and Restricted Cash
|
$
|
2,210
|
|
|
$
|
1,572
|
|
Condensed Consolidated Balance Sheet
|
Balance at
December 31, 2019
|
|
Adjustments Due to ASC 326
|
|
Balance at
January 1, 2020
|
||||||
Assets
|
|
|
|
|
|
||||||
Accounts receivable, net of allowance for doubtful accounts of $20
|
$
|
1,479
|
|
|
$
|
—
|
|
|
$
|
1,479
|
|
Other current assets (1)
|
802
|
|
|
(2
|
)
|
|
800
|
|
|||
Deferred income taxes
|
156
|
|
|
9
|
|
|
165
|
|
|||
Loan receivable, net of allowance of $32
|
1,351
|
|
|
(32
|
)
|
|
1,319
|
|
|||
Other noncurrent assets (2)
|
1,635
|
|
|
(30
|
)
|
|
1,605
|
|
|||
Liabilities and Equity
|
|
|
|
|
|
||||||
Accumulated deficit
|
$
|
(692
|
)
|
|
(39
|
)
|
|
$
|
(731
|
)
|
|
Noncontrolling interests
|
2,233
|
|
|
(16
|
)
|
|
2,217
|
|
(1)
|
Other current assets include the short-term portion of the Mong Duong loan receivable.
|
(2)
|
Other noncurrent assets include Argentina financing receivables.
|
(1)
|
Excludes operating lease receivable allowances and contractual dispute allowances of $16 million and $15 million as of January 1, 2020 and March 31, 2020, respectively. Those reserves are not in scope under ASC 326.
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Fuel and other raw materials
|
$
|
203
|
|
|
$
|
230
|
|
Spare parts and supplies
|
258
|
|
|
257
|
|
||
Total
|
$
|
461
|
|
|
$
|
487
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
DEBT SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Certificates of deposit
|
$
|
—
|
|
|
$
|
268
|
|
|
$
|
—
|
|
|
$
|
268
|
|
|
$
|
—
|
|
|
$
|
326
|
|
|
$
|
—
|
|
|
$
|
326
|
|
EQUITY SECURITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Mutual funds
|
19
|
|
|
49
|
|
|
—
|
|
|
68
|
|
|
22
|
|
|
61
|
|
|
—
|
|
|
83
|
|
||||||||
DERIVATIVES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest rate derivatives
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|
31
|
|
||||||||
Foreign currency derivatives
|
—
|
|
|
25
|
|
|
99
|
|
|
124
|
|
|
—
|
|
|
17
|
|
|
93
|
|
|
110
|
|
||||||||
Commodity derivatives
|
—
|
|
|
59
|
|
|
1
|
|
|
60
|
|
|
—
|
|
|
28
|
|
|
2
|
|
|
30
|
|
||||||||
Total derivatives — assets
|
—
|
|
|
85
|
|
|
100
|
|
|
185
|
|
|
—
|
|
|
76
|
|
|
95
|
|
|
171
|
|
||||||||
TOTAL ASSETS
|
$
|
19
|
|
|
$
|
402
|
|
|
$
|
100
|
|
|
$
|
521
|
|
|
$
|
22
|
|
|
$
|
463
|
|
|
$
|
95
|
|
|
$
|
580
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
DERIVATIVES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest rate derivatives
|
$
|
—
|
|
|
$
|
509
|
|
|
$
|
269
|
|
|
$
|
778
|
|
|
$
|
—
|
|
|
$
|
144
|
|
|
$
|
184
|
|
|
$
|
328
|
|
Cross-currency derivatives
|
—
|
|
|
30
|
|
|
29
|
|
|
59
|
|
|
—
|
|
|
10
|
|
|
11
|
|
|
21
|
|
||||||||
Foreign currency derivatives
|
—
|
|
|
52
|
|
|
—
|
|
|
52
|
|
|
—
|
|
|
44
|
|
|
—
|
|
|
44
|
|
||||||||
Commodity derivatives
|
—
|
|
|
46
|
|
|
1
|
|
|
47
|
|
|
—
|
|
|
29
|
|
|
2
|
|
|
31
|
|
||||||||
Total derivatives — liabilities
|
—
|
|
|
637
|
|
|
299
|
|
|
936
|
|
|
—
|
|
|
227
|
|
|
197
|
|
|
424
|
|
||||||||
TOTAL LIABILITIES
|
$
|
—
|
|
|
$
|
637
|
|
|
$
|
299
|
|
|
$
|
936
|
|
|
$
|
—
|
|
|
$
|
227
|
|
|
$
|
197
|
|
|
$
|
424
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Gross proceeds from sale of available-for-sale securities
|
$
|
258
|
|
|
$
|
148
|
|
Three Months Ended March 31, 2020
|
Interest Rate
|
|
Cross Currency
|
|
Foreign Currency
|
|
Commodity
|
|
Total
|
||||||||||
Balance at January 1
|
$
|
(184
|
)
|
|
$
|
(11
|
)
|
|
$
|
94
|
|
|
$
|
(1
|
)
|
|
$
|
(102
|
)
|
Total realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
|
|
||||||||||
Included in earnings
|
2
|
|
|
—
|
|
|
12
|
|
|
1
|
|
|
15
|
|
|||||
Included in other comprehensive income — derivative activity
|
(53
|
)
|
|
(18
|
)
|
|
7
|
|
|
—
|
|
|
(64
|
)
|
|||||
Settlements
|
1
|
|
|
—
|
|
|
(14
|
)
|
|
—
|
|
|
(13
|
)
|
|||||
Transfers of assets/(liabilities), net into Level 3
|
(35
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35
|
)
|
|||||
Balance at March 31
|
$
|
(269
|
)
|
|
$
|
(29
|
)
|
|
$
|
99
|
|
|
$
|
—
|
|
|
$
|
(199
|
)
|
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
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
1
|
|
|
$
|
5
|
|
Three Months Ended March 31, 2019
|
Interest Rate
|
|
Cross Currency
|
|
Foreign Currency
|
|
Commodity
|
|
Total
|
||||||||||
Balance at January 1
|
$
|
(140
|
)
|
|
$
|
—
|
|
|
$
|
199
|
|
|
$
|
4
|
|
|
$
|
63
|
|
Total realized and unrealized gains (losses):
|
|
|
|
|
|
|
|
|
|
||||||||||
Included in earnings
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
|||||
Included in other comprehensive income — derivative activity
|
(36
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36
|
)
|
|||||
Included in regulatory (assets) liabilities
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|||||
Settlements
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
Transfers of assets/(liabilities), net into Level 3
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|||||
Transfers of (assets)/liabilities, net out of Level 3
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Balance at March 31
|
$
|
(182
|
)
|
|
$
|
—
|
|
|
$
|
194
|
|
|
$
|
2
|
|
|
$
|
14
|
|
Total gains (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
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
(5
|
)
|
|
$
|
2
|
|
|
$
|
(5
|
)
|
Type of Derivative
|
|
Fair Value
|
|
Unobservable Input
|
|
Amount or Range (Weighted Average)
|
|||
Interest rate
|
|
$
|
(269
|
)
|
|
Subsidiaries’ credit spreads
|
|
1.8% - 6.3% (6.1%)
|
|
Cross-currency
|
|
(29
|
)
|
|
Subsidiaries’ credit spreads
|
|
4.6
|
%
|
|
Foreign currency:
|
|
|
|
|
|
|
|||
Argentine peso
|
|
99
|
|
|
Argentine peso to U.S. dollar currency exchange rate after one year
|
|
97 - 667 (338)
|
|
|
Total
|
|
$
|
(199
|
)
|
|
|
|
|
|
Measurement Date
|
|
Carrying Amount (1)
|
|
Fair Value
|
|
Pre-tax Loss
|
||||||||||||||
Three Months Ended March 31, 2020
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
||||||||||||||
Equity method investments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
OPGC
|
03/31/2020
|
|
$
|
195
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
152
|
|
|
$
|
43
|
|
(1)
|
Represents the carrying value at the date of measurement, before fair value adjustment and excluding $115 million of cumulative translation adjustment balance.
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range (Weighted Average)
|
|||
Equity method investments:
|
|
|
|
|
|
|
|
|||
OPGC
|
$
|
152
|
|
|
Expected present value
|
|
Annual dividend growth
|
|
-25% to 40% (2%)
|
|
|
|
|
|
|
Weighted-average cost of equity
|
|
12
|
%
|
|
|
March 31, 2020
|
||||||||||||||||||
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||||||||||
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||
Assets:
|
Accounts receivable — noncurrent (1)
|
$
|
115
|
|
|
$
|
178
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
178
|
|
Liabilities:
|
Non-recourse debt
|
17,085
|
|
|
17,338
|
|
|
—
|
|
|
16,157
|
|
|
1,181
|
|
|||||
|
Recourse debt
|
4,005
|
|
|
3,987
|
|
|
—
|
|
|
3,987
|
|
|
—
|
|
|
|
December 31, 2019
|
||||||||||||||||||
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||||||||||
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||
Assets:
|
Accounts receivable — noncurrent (1)
|
$
|
98
|
|
|
$
|
145
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
145
|
|
Liabilities:
|
Non-recourse debt
|
16,712
|
|
|
16,579
|
|
|
—
|
|
|
15,804
|
|
|
775
|
|
|||||
|
Recourse debt
|
3,396
|
|
|
3,529
|
|
|
—
|
|
|
3,529
|
|
|
—
|
|
(1)
|
These amounts primarily relate to amounts due from CAMMESA, the administrator of the wholesale electricity market in Argentina, and amounts impacted by the Stabilization Fund enacted by the Chilean government, and are included in Other noncurrent assets in the accompanying Condensed Consolidated Balance Sheets. The fair value and carrying amount of these receivables exclude VAT of $11 million as of March 31, 2020 and December 31, 2019.
|
Interest Rate and Foreign Currency Derivatives
|
|
Maximum Notional Translated to USD
|
|
Latest Maturity
|
||
Interest rate (LIBOR and EURIBOR)
|
|
$
|
6,217
|
|
|
2047
|
Cross-currency swaps (Chilean Unidad de Fomento and Chilean peso)
|
|
228
|
|
|
2029
|
|
Foreign Currency:
|
|
|
|
|
||
Argentine peso
|
|
27
|
|
|
2026
|
|
Chilean peso
|
|
165
|
|
|
2022
|
|
Colombian peso
|
|
131
|
|
|
2022
|
|
Mexican Peso
|
|
196
|
|
|
2020
|
|
Others, primarily with weighted average remaining maturities of a year or less
|
|
84
|
|
|
2022
|
Commodity Derivatives
|
|
Maximum Notional
|
|
Latest Maturity
|
|
Natural Gas (in MMBtu)
|
|
79
|
|
|
2020
|
Power (in MWhs)
|
|
9
|
|
|
2024
|
Coal (in Tons or Metric Tons)
|
|
10
|
|
|
2027
|
Fair Value
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||||||||||
Assets
|
Designated
|
|
Not Designated
|
|
Total
|
|
Designated
|
|
Not Designated
|
|
Total
|
||||||||||||
Interest rate derivatives
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
31
|
|
Foreign currency derivatives
|
37
|
|
|
87
|
|
|
124
|
|
|
31
|
|
|
79
|
|
|
110
|
|
||||||
Commodity derivatives
|
—
|
|
|
60
|
|
|
60
|
|
|
—
|
|
|
30
|
|
|
30
|
|
||||||
Total assets
|
$
|
38
|
|
|
$
|
147
|
|
|
$
|
185
|
|
|
$
|
62
|
|
|
$
|
109
|
|
|
$
|
171
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate derivatives
|
$
|
774
|
|
|
$
|
4
|
|
|
$
|
778
|
|
|
$
|
323
|
|
|
$
|
5
|
|
|
$
|
328
|
|
Cross-currency derivatives
|
59
|
|
|
—
|
|
|
59
|
|
|
21
|
|
|
—
|
|
|
21
|
|
||||||
Foreign currency derivatives
|
34
|
|
|
18
|
|
|
52
|
|
|
22
|
|
|
22
|
|
|
44
|
|
||||||
Commodity derivatives
|
1
|
|
|
46
|
|
|
47
|
|
|
2
|
|
|
29
|
|
|
31
|
|
||||||
Total liabilities
|
$
|
868
|
|
|
$
|
68
|
|
|
$
|
936
|
|
|
$
|
368
|
|
|
$
|
56
|
|
|
$
|
424
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||
Fair Value
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
Current
|
$
|
104
|
|
|
$
|
378
|
|
|
$
|
72
|
|
|
$
|
126
|
|
Noncurrent
|
81
|
|
|
558
|
|
|
99
|
|
|
298
|
|
||||
Total
|
$
|
185
|
|
|
$
|
936
|
|
|
$
|
171
|
|
|
$
|
424
|
|
Credit Risk-Related Contingent Features (1)
|
March 31, 2020
|
||
Present value of liabilities subject to collateralization
|
$
|
22
|
|
Cash collateral held by third parties or in escrow
|
22
|
|
(1)
|
Based on the credit rating of certain subsidiaries
|
|
Three Months Ended March 31,
|
||||||
2020
|
|
2019
|
|||||
Cash flow hedges
|
|
|
|
||||
Gains (losses) recognized in AOCL
|
|
|
|
||||
Interest rate derivatives
|
$
|
(487
|
)
|
|
$
|
(94
|
)
|
Equity in earnings
|
(43
|
)
|
|
—
|
|
||
Cross-currency derivatives
|
(39
|
)
|
|
5
|
|
||
Foreign currency derivatives
|
(12
|
)
|
|
3
|
|
||
Total
|
$
|
(581
|
)
|
|
$
|
(86
|
)
|
Gains (losses) reclassified from AOCL into earnings
|
|
|
|
||||
Interest rate derivatives
|
$
|
(15
|
)
|
|
$
|
(8
|
)
|
Cross-currency derivatives
|
(17
|
)
|
|
7
|
|
||
Foreign currency derivatives
|
(8
|
)
|
|
(11
|
)
|
||
Total
|
$
|
(40
|
)
|
|
$
|
(12
|
)
|
Gains (losses) recognized in earnings related to
|
|
|
|
||||
Not designated as hedging instruments:
|
|
|
|
||||
Interest rate derivatives
|
$
|
—
|
|
|
$
|
(2
|
)
|
Foreign currency derivatives
|
40
|
|
|
(5
|
)
|
||
Commodity derivatives and other
|
6
|
|
|
2
|
|
||
Total
|
$
|
46
|
|
|
$
|
(5
|
)
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||||||
|
Gross Receivable
|
|
Allowance
|
|
Net Receivable
|
|
Receivable
|
||||||||
Argentina
|
$
|
61
|
|
|
$
|
13
|
|
|
$
|
48
|
|
|
$
|
64
|
|
Chile
|
39
|
|
|
—
|
|
|
$
|
39
|
|
|
33
|
|
|||
U.S.
|
17
|
|
|
—
|
|
|
$
|
17
|
|
|
—
|
|
|||
Other
|
9
|
|
|
—
|
|
|
$
|
9
|
|
|
12
|
|
|||
Total
|
$
|
126
|
|
|
$
|
13
|
|
|
$
|
113
|
|
|
$
|
109
|
|
|
Three Months Ended March 31,
|
||||||
50%-or-less-Owned Affiliates
|
2020
|
|
2019
|
||||
Revenue
|
$
|
370
|
|
|
$
|
214
|
|
Operating margin
|
55
|
|
|
11
|
|
||
Net loss
|
(11
|
)
|
|
(21
|
)
|
Subsidiary
|
|
Transaction Period
|
|
Issuances
|
||
Southland (1)
|
|
Q1
|
|
$
|
112
|
|
Gener
|
|
Q1
|
|
85
|
|
(1)
|
Issuances relate to the June 2017 long-term non-recourse debt financing to fund the Southland repowering construction projects.
|
Subsidiary
|
|
Primary Nature of Default
|
|
Debt in Default
|
|
Net Assets
|
||||
AES Puerto Rico
|
|
Covenant
|
|
$
|
278
|
|
|
$
|
150
|
|
AES Ilumina (Puerto Rico)
|
|
Covenant
|
|
32
|
|
|
64
|
|
||
AES Jordan Solar (1)
|
|
Covenant
|
|
5
|
|
|
2
|
|
||
Total
|
|
|
|
$
|
315
|
|
|
|
(1)
|
Classified as current held-for-sale liability on the Condensed Consolidated Balance Sheets.
|
Contingent Contractual Obligations
|
|
Amount
(in millions)
|
|
Number of Agreements
|
|
Maximum Exposure Range for Each Agreement (in millions)
|
|||
Guarantees and commitments
|
|
$
|
906
|
|
|
43
|
|
|
$0 — 157
|
Letters of credit under the unsecured credit facility
|
|
343
|
|
|
14
|
|
|
$1 — 296
|
|
Letters of credit under the senior secured credit facility
|
|
14
|
|
|
23
|
|
|
$0 — 4
|
|
Asset sale related indemnities (1)
|
|
12
|
|
|
1
|
|
|
$12
|
|
Total
|
|
$
|
1,275
|
|
|
81
|
|
|
|
(1)
|
Excludes normal and customary representations and warranties in agreements for the sale of assets (including ownership in associated legal entities) where the associated risk is considered to be nominal.
|
|
Three Months Ended March 31,
|
||||||
Lease Income
|
2020
|
|
2019
|
||||
Total Lease Revenue
|
$
|
135
|
|
|
$
|
153
|
|
Less: Variable Lease Payments
|
11
|
|
|
25
|
|
||
Total Non-Variable Lease Revenue
|
$
|
124
|
|
|
$
|
128
|
|
|
Future Cash Receipts for
|
||||||
|
Sales-Type Leases
|
|
Operating Leases
|
||||
2020
|
$
|
1
|
|
|
$
|
381
|
|
2021
|
2
|
|
|
472
|
|
||
2022
|
2
|
|
|
456
|
|
||
2023
|
2
|
|
|
392
|
|
||
2024
|
2
|
|
|
393
|
|
||
Thereafter
|
39
|
|
|
1,420
|
|
||
Total
|
$
|
48
|
|
|
$
|
3,514
|
|
Less: Imputed interest
|
(26
|
)
|
|
|
|||
Present value of total lease receipts
|
$
|
22
|
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
IPALCO common stock
|
$
|
618
|
|
|
$
|
618
|
|
Colon quotas (1)
|
195
|
|
|
210
|
|
||
IPL preferred stock
|
60
|
|
|
60
|
|
||
Total redeemable stock of subsidiaries
|
$
|
873
|
|
|
$
|
888
|
|
(1)
|
Characteristics of quotas are similar to common stock.
|
|
Foreign currency translation adjustment, net
|
|
Unrealized derivative gains (losses), net
|
|
Unfunded pension obligations, net
|
|
Total
|
||||||||
Balance at the beginning of the period
|
$
|
(1,721
|
)
|
|
$
|
(470
|
)
|
|
$
|
(38
|
)
|
|
$
|
(2,229
|
)
|
Other comprehensive loss before reclassifications
|
(96
|
)
|
|
(392
|
)
|
|
—
|
|
|
(488
|
)
|
||||
Amount reclassified to earnings
|
—
|
|
|
26
|
|
|
—
|
|
|
26
|
|
||||
Other comprehensive loss
|
(96
|
)
|
|
(366
|
)
|
|
—
|
|
|
(462
|
)
|
||||
Reclassification from NCI due to Gener share repurchases
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Balance at the end of the period
|
$
|
(1,817
|
)
|
|
$
|
(837
|
)
|
|
$
|
(38
|
)
|
|
$
|
(2,692
|
)
|
AOCL Components
|
|
Affected Line Item in the Condensed Consolidated Statements of Operations
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||||
Derivative gains (losses), net
|
|
|
|
|
||||||
|
|
Non-regulated cost of sales
|
|
$
|
(1
|
)
|
|
$
|
(9
|
)
|
|
|
Interest expense
|
|
(16
|
)
|
|
(8
|
)
|
||
|
|
Foreign currency transaction gains (losses)
|
|
(23
|
)
|
|
5
|
|
||
|
|
Income from continuing operations before taxes and equity in earnings of affiliates
|
|
(40
|
)
|
|
(12
|
)
|
||
|
|
Income tax expense
|
|
8
|
|
|
2
|
|
||
|
|
Income from continuing operations
|
|
(32
|
)
|
|
(10
|
)
|
||
|
|
Less: Income from continuing operations attributable to noncontrolling interests and redeemable stock of subsidiaries
|
|
6
|
|
|
—
|
|
||
|
|
Net income attributable to The AES Corporation
|
|
$
|
(26
|
)
|
|
$
|
(10
|
)
|
Amortization of defined benefit pension actuarial loss, net
|
|
|
|
|
||||||
|
|
Other expense
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
|
Income from continuing operations before taxes and equity in earnings of affiliates
|
|
—
|
|
|
(1
|
)
|
||
|
|
Income from continuing operations
|
|
—
|
|
|
(1
|
)
|
||
|
|
Net income
|
|
—
|
|
|
(1
|
)
|
||
|
|
Net income attributable to The AES Corporation
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
Total reclassifications for the period, net of income tax and noncontrolling interests
|
|
$
|
(26
|
)
|
|
$
|
(11
|
)
|
|
Three Months Ended March 31,
|
||||||
Total Adjusted PTC
|
2020
|
|
2019
|
||||
Income from continuing operations before taxes and equity in earnings of affiliates
|
$
|
320
|
|
|
$
|
354
|
|
Add: Net equity in losses of affiliates
|
(2
|
)
|
|
(6
|
)
|
||
Less: Income from continuing operations before taxes, attributable to noncontrolling interests
|
(119
|
)
|
|
(109
|
)
|
||
Pre-tax contribution
|
199
|
|
|
239
|
|
||
Unrealized derivative and equity securities losses (gains)
|
(16
|
)
|
|
3
|
|
||
Unrealized foreign currency losses
|
9
|
|
|
11
|
|
||
Disposition/acquisition losses
|
1
|
|
|
9
|
|
||
Impairment expense
|
53
|
|
|
2
|
|
||
Loss on extinguishment of debt
|
4
|
|
|
8
|
|
||
Total Adjusted PTC
|
$
|
250
|
|
|
$
|
272
|
|
Total Assets
|
March 31, 2020
|
|
December 31, 2019
|
||||
US and Utilities SBU
|
$
|
13,547
|
|
|
$
|
13,334
|
|
South America SBU
|
11,197
|
|
|
11,314
|
|
||
MCAC SBU
|
5,017
|
|
|
4,770
|
|
||
Eurasia SBU
|
3,847
|
|
|
3,990
|
|
||
Corporate and Other
|
534
|
|
|
240
|
|
||
Total Assets
|
$
|
34,142
|
|
|
$
|
33,648
|
|
|
Three Months Ended March 31, 2020
|
||||||||||||||||||||||
|
US and Utilities SBU
|
|
South America SBU
|
|
MCAC SBU
|
|
Eurasia SBU
|
|
Corporate, Other and Eliminations
|
|
Total
|
||||||||||||
Regulated Revenue
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue from contracts with customers
|
$
|
703
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
703
|
|
Other regulated revenue
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
||||||
Total regulated revenue
|
712
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
712
|
|
||||||
Non-Regulated Revenue
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue from contracts with customers
|
163
|
|
|
711
|
|
|
408
|
|
|
171
|
|
|
(2
|
)
|
|
1,451
|
|
||||||
Other non-regulated revenue (1)
|
96
|
|
|
1
|
|
|
24
|
|
|
54
|
|
|
—
|
|
|
175
|
|
||||||
Total non-regulated revenue
|
259
|
|
|
712
|
|
|
432
|
|
|
225
|
|
|
(2
|
)
|
|
1,626
|
|
||||||
Total revenue
|
$
|
971
|
|
|
$
|
712
|
|
|
$
|
432
|
|
|
$
|
225
|
|
|
$
|
(2
|
)
|
|
$
|
2,338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended March 31, 2019
|
||||||||||||||||||||||
|
US and Utilities SBU
|
|
South America SBU
|
|
MCAC SBU
|
|
Eurasia SBU
|
|
Corporate, Other and Eliminations
|
|
Total
|
||||||||||||
Regulated Revenue
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue from contracts with customers
|
$
|
778
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
778
|
|
Other regulated revenue
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||||
Total regulated revenue
|
785
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
785
|
|
||||||
Non-Regulated Revenue
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenue from contracts with customers
|
173
|
|
|
843
|
|
|
429
|
|
|
267
|
|
|
—
|
|
|
1,712
|
|
||||||
Other non-regulated revenue (1)
|
61
|
|
|
2
|
|
|
21
|
|
|
72
|
|
|
(3
|
)
|
|
153
|
|
||||||
Total non-regulated revenue
|
234
|
|
|
845
|
|
|
450
|
|
|
339
|
|
|
(3
|
)
|
|
1,865
|
|
||||||
Total revenue
|
$
|
1,019
|
|
|
$
|
845
|
|
|
$
|
450
|
|
|
$
|
339
|
|
|
$
|
(3
|
)
|
|
$
|
2,650
|
|
(1)
|
Other non-regulated revenue primarily includes lease and derivative revenue not accounted for under ASC 606.
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Other Income
|
Gain on sale of assets (1)
|
$
|
43
|
|
|
$
|
—
|
|
|
Gain on insurance proceeds (2)
|
—
|
|
|
23
|
|
||
|
Other
|
2
|
|
|
7
|
|
||
|
Total other income
|
$
|
45
|
|
|
$
|
30
|
|
|
|
|
|
|
||||
Other Expense
|
Loss on sale and disposal of assets
|
$
|
1
|
|
|
$
|
5
|
|
|
Non-service pension and other postretirement costs
|
—
|
|
|
4
|
|
||
|
Other
|
3
|
|
|
3
|
|
||
|
Total other expense
|
$
|
4
|
|
|
$
|
12
|
|
(1)
|
Primarily associated with the gain on sale of Redondo Beach land at Southland. See Note 17—Held-for-Sale and Dispositions for further information.
|
(2)
|
Associated with recoveries for property damage at the Andres facility in the Dominican Republic from a lightning incident in September 2018.
|
Three Months Ended March 31,
|
2020
|
|
2019
|
||||||||||||||||||
(in millions, except per share data)
|
Income
|
|
Shares
|
|
$ per Share
|
|
Income
|
|
Shares
|
|
$ per Share
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
BASIC EARNINGS PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations attributable to The AES Corporation common stockholders
|
$
|
144
|
|
|
664
|
|
|
$
|
0.22
|
|
|
$
|
154
|
|
|
663
|
|
|
$
|
0.23
|
|
EFFECT OF DILUTIVE SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock options
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Restricted stock units
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
DILUTED EARNINGS PER SHARE
|
$
|
144
|
|
|
668
|
|
|
$
|
0.22
|
|
|
$
|
154
|
|
|
667
|
|
|
$
|
0.23
|
|
|
|
(1) See Item 2.—Management’s Discussion and Analysis of Financial Condition and Results of Operations—SBU Performance Analysis—Non-GAAP Measures for reconciliation and definition.
|
•
|
In the first quarter of 2020, the Company completed construction of 1,409 MW of new projects, including:
|
◦
|
1,299 MW Southland repowering in Southern California;
|
◦
|
100 MW Vientos Bonaerenses wind facility in Argentina; and
|
◦
|
10 MW of solar and solar plus storage in the U.S. at AES Distributed Energy.
|
•
|
In year-to-date 2020, the Company signed 685 MW of renewables under long-term PPAs:
|
◦
|
522 MW of wind and solar at AES Gener in Chile;
|
◦
|
108 MW of energy storage, solar and solar plus storage in the U.S.; and
|
◦
|
55 MW of wind in Panama.
|
•
|
The Company's backlog of 5,345 MW includes:
|
◦
|
1,764 MW under construction and expected on-line through 2021; and
|
◦
|
3,581 MW of renewables signed under long-term PPAs.
|
•
|
The Company's joint venture with Siemens, Fluence, is the global leader in the fast-growing energy storage market, which is expected to increase by 15 to 20 GW annually.
|
◦
|
Fluence has been awarded 32 MW of projects in year-to-date 2020, bringing its total backlog to 1.3 GW.
|
•
|
As of March 31, 2020, the Company had $3.3 billion of available liquidity. This includes $2.5 billion of cash and cash equivalents, restricted cash and short-term investments, as well as $0.8 billion available under committed credit lines.
|
•
|
The Company is executing on $100 million in annual run rate cost savings from digital initiatives, including utilizing data and technology for maintenance, outage prevention, inspection and procurement, to be fully realized by 2022.
|
•
|
The Company remains committed to reducing its coal-fired generation below 30% of total generation volume by year-end 2020 and to less than 10% by year-end 2030.
|
|
Three Months Ended March 31,
|
|||||||||||||
(in millions, except per share amounts)
|
2020
|
|
2019
|
|
$ change
|
|
% change
|
|||||||
Revenue:
|
|
|
|
|
|
|
|
|||||||
US and Utilities SBU
|
$
|
971
|
|
|
$
|
1,019
|
|
|
$
|
(48
|
)
|
|
-5
|
%
|
South America SBU
|
712
|
|
|
845
|
|
|
(133
|
)
|
|
-16
|
%
|
|||
MCAC SBU
|
432
|
|
|
450
|
|
|
(18
|
)
|
|
-4
|
%
|
|||
Eurasia SBU
|
225
|
|
|
339
|
|
|
(114
|
)
|
|
-34
|
%
|
|||
Corporate and Other
|
28
|
|
|
9
|
|
|
19
|
|
|
NM
|
|
|||
Eliminations
|
(30
|
)
|
|
(12
|
)
|
|
(18
|
)
|
|
NM
|
|
|||
Total Revenue
|
2,338
|
|
|
2,650
|
|
|
(312
|
)
|
|
-12
|
%
|
|||
Operating Margin:
|
|
|
|
|
|
|
|
|
||||||
US and Utilities SBU
|
120
|
|
|
212
|
|
|
(92
|
)
|
|
-43
|
%
|
|||
South America SBU
|
177
|
|
|
216
|
|
|
(39
|
)
|
|
-18
|
%
|
|||
MCAC SBU
|
140
|
|
|
75
|
|
|
65
|
|
|
87
|
%
|
|||
Eurasia SBU
|
51
|
|
|
63
|
|
|
(12
|
)
|
|
-19
|
%
|
|||
Corporate and Other
|
32
|
|
|
20
|
|
|
12
|
|
|
60
|
%
|
|||
Eliminations
|
(13
|
)
|
|
—
|
|
|
(13
|
)
|
|
NM
|
|
|||
Total Operating Margin
|
507
|
|
|
586
|
|
|
(79
|
)
|
|
-13
|
%
|
|||
General and administrative expenses
|
(38
|
)
|
|
(46
|
)
|
|
8
|
|
|
-17
|
%
|
|||
Interest expense
|
(233
|
)
|
|
(265
|
)
|
|
32
|
|
|
-12
|
%
|
|||
Interest income
|
70
|
|
|
79
|
|
|
(9
|
)
|
|
-11
|
%
|
|||
Loss on extinguishment of debt
|
(1
|
)
|
|
(10
|
)
|
|
9
|
|
|
-90
|
%
|
|||
Other expense
|
(4
|
)
|
|
(12
|
)
|
|
8
|
|
|
-67
|
%
|
|||
Other income
|
45
|
|
|
30
|
|
|
15
|
|
|
50
|
%
|
|||
Loss on disposal and sale of business interests
|
—
|
|
|
(4
|
)
|
|
4
|
|
|
-100
|
%
|
|||
Asset impairment expense
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
|
NM
|
|
|||
Foreign currency transaction gains (losses)
|
24
|
|
|
(4
|
)
|
|
28
|
|
|
NM
|
|
|||
Other non-operating expense
|
(44
|
)
|
|
—
|
|
|
(44
|
)
|
|
NM
|
|
|||
Income tax expense
|
(89
|
)
|
|
(115
|
)
|
|
26
|
|
|
-23
|
%
|
|||
Net equity in losses of affiliates
|
(2
|
)
|
|
(6
|
)
|
|
4
|
|
|
-67
|
%
|
|||
NET INCOME
|
229
|
|
|
233
|
|
|
(4
|
)
|
|
-2
|
%
|
|||
Less: Net income attributable to noncontrolling interests and redeemable stock of subsidiaries
|
(85
|
)
|
|
(79
|
)
|
|
(6
|
)
|
|
8
|
%
|
|||
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION
|
$
|
144
|
|
|
$
|
154
|
|
|
$
|
(10
|
)
|
|
-6
|
%
|
Net cash provided by operating activities
|
$
|
373
|
|
|
$
|
690
|
|
|
$
|
(317
|
)
|
|
-46
|
%
|
•
|
$111 million in Eurasia mainly driven by the sale of the Northern Ireland businesses in June 2019;
|
•
|
$103 million in South America mainly driven by lower generation in Colombia due to a life extension project being performed at the Chivor hydro plant, and lower pass-through coal prices in Chile;
|
•
|
$48 million in US and Utilities mainly driven by lower regulated rates at DPL due to the changes in DPL’s ESP, lower retail sales demand at both IPL and DPL primarily due to milder weather, and a decrease in energy pass-through rates in El Salvador. These decreases were partially offset by increased unrealized gains on derivatives at Southland Energy.
|
•
|
$15 million in MCAC mainly driven by lower pass-through fuel prices in Mexico, lower PPA prices driven by lower LNG index prices at the Colon plant in Panama, and lower spot sales at Itabo.
|
•
|
$92 million in US and Utilities mostly due to a favorable revision to the ARO at DPL in 2019, lower regulated rates at DPL due to the changes in DPL’s ESP, lower retail sales demand at both IPL and DPL primarily due to milder weather, and increased rock ash disposal at Puerto Rico;
|
•
|
$37 million in South America mostly due to the drivers discussed above; and
|
•
|
$11 million in Eurasia primarily due to the drivers discussed above.
|
(1)
|
Includes gains of $39 million and $4 million on foreign currency derivative contracts for the three months ended March 31, 2020 and 2019, respectively.
|
•
|
Lower interest expense due to incremental capitalized interest in Chile;
|
•
|
Gains on foreign currency derivatives in South America; and
|
•
|
Higher earnings in Panama primarily due to improved hydrology in 2020 and higher spot sales, higher availability and lower fixed costs at Colon.
|
•
|
Lower earnings in Colombia due to a life extension project at the Chivor hydroelectric plant.
|
•
|
Lower margins at our US and Utilities, South America, and Eurasia SBUs;
|
•
|
Other-than-temporary impairment of OPGC; and
|
•
|
Prior period gains on insurance proceeds associated with the lightning incident at the Andres facility in 2018.
|
•
|
Higher margins at our MCAC SBU;
|
•
|
Gain on sale of land held by AES Redondo Beach at Southland;
|
•
|
Lower interest expense due to incremental capitalized interest in Chile;
|
•
|
Gains on foreign currency derivatives in South America; and
|
•
|
Lower income tax expense.
|
|
Three Months Ended March 31,
|
||||||
Reconciliation of Adjusted Operating Margin (in millions)
|
2020
|
|
2019
|
||||
Operating Margin
|
$
|
507
|
|
|
$
|
586
|
|
Noncontrolling interests adjustment (1)
|
(169
|
)
|
|
(161
|
)
|
||
Unrealized derivative gains
|
(12
|
)
|
|
—
|
|
||
Disposition/acquisition losses
|
2
|
|
|
5
|
|
||
Total Adjusted Operating Margin
|
$
|
328
|
|
|
$
|
430
|
|
(1)
|
The allocation of HLBV earnings to noncontrolling interests is not adjusted out of Adjusted Operating Margin.
|
|
Three Months Ended March 31,
|
||||||
Reconciliation of Adjusted PTC (in millions)
|
2020
|
|
2019
|
||||
Income from continuing operations, net of tax, attributable to The AES Corporation
|
$
|
144
|
|
|
$
|
154
|
|
Income tax expense from continuing operations attributable to The AES Corporation
|
55
|
|
|
85
|
|
||
Pre-tax contribution
|
199
|
|
|
239
|
|
||
Unrealized derivative and equity securities losses (gains)
|
(16
|
)
|
|
3
|
|
||
Unrealized foreign currency losses
|
9
|
|
|
11
|
|
||
Disposition/acquisition losses
|
1
|
|
|
9
|
|
||
Impairment expense
|
53
|
|
|
2
|
|
||
Loss on extinguishment of debt
|
4
|
|
|
8
|
|
||
Total Adjusted PTC
|
$
|
250
|
|
|
$
|
272
|
|
|
Three Months Ended March 31,
|
||||||
Reconciliation of Adjusted EPS
|
2020
|
|
2019
|
||||
Diluted earnings per share from continuing operations
|
$
|
0.22
|
|
|
$
|
0.23
|
|
Unrealized derivative and equity securities losses (gains)
|
(0.02
|
)
|
|
0.01
|
|
||
Unrealized foreign currency losses
|
0.01
|
|
|
0.02
|
|
||
Disposition/acquisition losses
|
—
|
|
|
0.01
|
|
||
Impairment expense
|
0.08
|
|
(1)
|
—
|
|
||
Loss on extinguishment of debt
|
—
|
|
|
0.01
|
|
||
U.S. Tax Law Reform Impact
|
—
|
|
|
0.01
|
|
||
Less: Net income tax benefit
|
—
|
|
|
(0.01
|
)
|
||
Adjusted EPS
|
$
|
0.29
|
|
|
$
|
0.28
|
|
(1)
|
Amount primarily relates to other-than-temporary impairment of OPGC of $43 million, or $0.06 per share.
|
|
Three Months Ended March 31,
|
|||||||||||||
|
2020
|
|
2019
|
|
$ Change
|
|
% Change
|
|||||||
Operating Margin
|
$
|
120
|
|
|
$
|
212
|
|
|
$
|
(92
|
)
|
|
-43
|
%
|
Adjusted Operating Margin (1)
|
84
|
|
|
182
|
|
|
(98
|
)
|
|
-54
|
%
|
|||
Adjusted PTC (1)
|
71
|
|
|
122
|
|
|
(51
|
)
|
|
-42
|
%
|
(1)
|
A non-GAAP financial measure, adjusted for the impact of NCI. See SBU Performance Analysis—Non-GAAP Measures for definition and Item 1.—Business included in our 2019 Form 10-K for the respective ownership interest for key businesses.
|
Decrease at DPL due to a credit to depreciation expense in 2019 as a result of a reduction in the ARO liability at DPL's closed plants, Stuart and Killen
|
$
|
(23
|
)
|
Decrease in DPL’s regulated retail margin primarily due to changes to DPL’s ESP and lower volumes as a result of milder weather
|
(19
|
)
|
|
Increase of rock ash disposal in Puerto Rico
|
(14
|
)
|
|
Decrease at IPL due to lower retail margin primarily driven by lower volumes from milder weather
|
(11
|
)
|
|
Decrease at DPL due to lower PJM capacity prices on remaining generation capacity contracts
|
(7
|
)
|
|
Decrease at Southland Energy due to depreciation expense and fixed costs after the CCGT units began commercial operations during Q1 in advance of the upcoming PPA periods in May and June 2020
|
(7
|
)
|
|
Other
|
(11
|
)
|
|
Total US and Utilities SBU Operating Margin Decrease
|
$
|
(92
|
)
|
|
Three Months Ended March 31,
|
|||||||||||||
|
2020
|
|
2019
|
|
$ Change
|
|
% Change
|
|||||||
Operating Margin
|
$
|
177
|
|
|
$
|
216
|
|
|
$
|
(39
|
)
|
|
-18
|
%
|
Adjusted Operating Margin (1)
|
95
|
|
|
120
|
|
|
(25
|
)
|
|
-21
|
%
|
|||
Adjusted PTC (1)
|
119
|
|
|
115
|
|
|
4
|
|
|
3
|
%
|
(1)
|
A non-GAAP financial measure, adjusted for the impact of NCI. See SBU Performance Analysis—Non-GAAP Measures for definition and Item 1.—Business included in our 2019 Form 10-K for the respective ownership interest for key businesses.
|
Lower reservoir levels and lower generation at Chivor as a result of the life extension project during Q1 2020
|
$
|
(36
|
)
|
Other
|
(3
|
)
|
|
Total South America SBU Operating Margin Decrease
|
$
|
(39
|
)
|
|
Three Months Ended March 31,
|
|||||||||||||
|
2020
|
|
2019
|
|
$ Change
|
|
% Change
|
|||||||
Operating Margin
|
$
|
140
|
|
|
$
|
75
|
|
|
$
|
65
|
|
|
87
|
%
|
Adjusted Operating Margin (1)
|
93
|
|
|
54
|
|
|
39
|
|
|
72
|
%
|
|||
Adjusted PTC (1)
|
78
|
|
|
50
|
|
|
28
|
|
|
56
|
%
|
(1)
|
A non-GAAP financial measure, adjusted for the impact of NCI. See SBU Performance Analysis—Non-GAAP Measures for definition and Item 1.—Business included in our 2019 Form 10-K for the respective ownership interest for key businesses.
|
Increase in Dominican Republic mainly driven by lower LNG prices and higher availability at Itabo
|
$
|
19
|
|
Higher availability in Panama mainly due to the outage in 2019 related to Changuinola's tunnel lining upgrade
|
15
|
|
|
Increase in Panama driven by higher spot sales, higher availability and lower fixed costs at the Colon combined cycle plant
|
15
|
|
|
Higher availability in Panama driven by better hydrology
|
13
|
|
|
Other
|
3
|
|
|
Total MCAC SBU Operating Margin Increase
|
$
|
65
|
|
|
Three Months Ended March 31,
|
|||||||||||||
|
2020
|
|
2019
|
|
$ Change
|
|
% Change
|
|||||||
Operating Margin
|
$
|
51
|
|
|
$
|
63
|
|
|
$
|
(12
|
)
|
|
-19
|
%
|
Adjusted Operating Margin (1)
|
38
|
|
|
52
|
|
|
(14
|
)
|
|
-27
|
%
|
|||
Adjusted PTC (1)
|
44
|
|
|
56
|
|
|
(12
|
)
|
|
-21
|
%
|
(1)
|
A non-GAAP financial measure, adjusted for the impact of NCI. See SBU Performance Analysis—Non-GAAP Measures for definition and Item 1.—Business included in our 2019 Form 10-K for the respective ownership interest for key businesses.
|
Impact of the sale of Kilroot and Ballylumford businesses in June 2019
|
$
|
(11
|
)
|
Other
|
(1
|
)
|
|
Total Eurasia SBU Operating Margin Decrease
|
$
|
(12
|
)
|
|
|
Three Months Ended March 31,
|
||||||
Cash Sources:
|
|
2020
|
|
2019
|
||||
Borrowings under the revolving credit facilities
|
|
$
|
1,194
|
|
|
$
|
504
|
|
Issuance of non-recourse debt
|
|
406
|
|
|
866
|
|
||
Net cash provided by operating activities
|
|
373
|
|
|
690
|
|
||
Sale of short-term investments
|
|
254
|
|
|
150
|
|
||
Other
|
|
17
|
|
|
11
|
|
||
Total Cash Sources
|
|
$
|
2,244
|
|
|
$
|
2,221
|
|
|
|
|
|
|
||||
Cash Uses:
|
|
|
|
|
||||
Capital expenditures
|
|
$
|
(576
|
)
|
|
$
|
(504
|
)
|
Repayments under the revolving credit facilities
|
|
(315
|
)
|
|
(274
|
)
|
||
Purchase of short-term investments
|
|
(277
|
)
|
|
(220
|
)
|
||
Contributions and loans to equity affiliates
|
|
(115
|
)
|
|
(90
|
)
|
||
Dividends paid on AES common stock
|
|
(95
|
)
|
|
(90
|
)
|
||
Repayments of non-recourse debt
|
|
(92
|
)
|
|
(428
|
)
|
||
Distributions to noncontrolling interests
|
|
(22
|
)
|
|
(50
|
)
|
||
Repayments of recourse debt
|
|
(18
|
)
|
|
(1
|
)
|
||
Payments for financed capital expenditures
|
|
(10
|
)
|
|
(96
|
)
|
||
Other
|
|
(86
|
)
|
|
(96
|
)
|
||
Total Cash Uses
|
|
$
|
(1,606
|
)
|
|
$
|
(1,849
|
)
|
Net increase in Cash, Cash Equivalents, and Restricted Cash
|
|
$
|
638
|
|
|
$
|
372
|
|
|
Three Months Ended March 31,
|
||||||||||
Cash flows provided by (used in):
|
2020
|
|
2019
|
|
$ Change
|
||||||
Operating activities
|
$
|
373
|
|
|
$
|
690
|
|
|
$
|
(317
|
)
|
Investing activities
|
(735
|
)
|
|
(663
|
)
|
|
(72
|
)
|
|||
Financing activities
|
1,030
|
|
|
402
|
|
|
628
|
|
(1)
|
The change in adjusted net income is defined as the variance in net income, net of the total adjustments to net income as shown on the Condensed Consolidated Statements of Cash Flows in Item 1—Financial Statements of this Form 10-Q.
|
(2)
|
The change in working capital is defined as the variance in total changes in operating assets and liabilities as shown on the Condensed Consolidated Statements of Cash Flows in Item 1—Financial Statements of this Form 10-Q.
|
•
|
Adjusted net income decreased $145 million primarily due to lower margins at our US and Utilities, South America and Eurasia SBUs, and prior year gains on insurance proceeds associated with the lightning incident at the Andres facility in 2018. These impacts were partially offset by higher margin at our MCAC SBUs.
|
•
|
Working capital requirements increased $172 million, primarily due to prior year collections of overdue receivables from distribution companies in the Dominican Republic, deposits made for the purchase of wind projects in Panama, the timing of collections from customers at Gener, lower collections at Chivor due to the life extension project performed during the first quarter of 2020, and higher interest payments at Tietê. These impacts were partially offset by higher collections in Argentina.
|
•
|
Cash used for short-term investing activities decreased $47 million, primarily at Tietê as a result of higher net short-term investment purchases in the prior year.
|
•
|
Contributions and loans to equity affiliates increased $25 million, primarily due to project funding requirements at sPower, partially offset by lower contributions to OPGC due to the completion of the expansion project in 2019.
|
•
|
Capital expenditures increased $72 million, discussed further below.
|
•
|
Growth expenditures increased $72 million, primarily driven by higher investments in solar projects at Distributed Energy and Gener, and renewable energy projects in Argentina. These impacts were partially offset by the timing of payments for the Southland repowering project and the completion of solar projects at Tietê.
|
•
|
Maintenance and environmental expenditures were consistent compared to the prior year.
|
•
|
The $380 million impact from Parent Company revolver transactions is primarily due to higher net borrowings in 2020 for general corporate cash management activities, and precautionary measures taken to further enhance our liquidity position in response to the COVID-19 pandemic.
|
•
|
The $269 million impact from non-recourse revolver transactions is primarily due to prior year repayments at Gener and increased borrowings at DPL, Los Mina and Itabo.
|
•
|
The $86 million impact from financed capital expenditures is primarily due to higher prior year project spending at Colon and Southland.
|
•
|
The $124 million impact from non-recourse debt transactions is primarily due to prior year net borrowings at Gener and Colon and lower current year borrowings at Southland, which were partially offset by current year net borrowings at Argentina and Panama.
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
Consolidated cash and cash equivalents
|
$
|
1,544
|
|
|
$
|
1,029
|
|
Less: Cash and cash equivalents at subsidiaries
|
(1,198
|
)
|
|
(1,016
|
)
|
||
Parent Company and qualified holding companies’ cash and cash equivalents
|
346
|
|
|
13
|
|
||
Commitments under the Parent Company credit facility
|
1,000
|
|
|
1,000
|
|
||
Less: Letters of credit under the credit facility
|
(14
|
)
|
|
(19
|
)
|
||
Less: Borrowings under the credit facility
|
(805
|
)
|
|
(180
|
)
|
||
Borrowings available under the Parent Company credit facility
|
181
|
|
|
801
|
|
||
Total Parent Company Liquidity
|
$
|
527
|
|
|
$
|
814
|
|
•
|
reducing our cash flows as the subsidiary will typically be prohibited from distributing cash to the Parent Company during the time period of any default;
|
•
|
triggering our obligation to make payments under any financial guarantee, letter of credit or other credit support we have provided to or on behalf of such subsidiary;
|
•
|
causing us to record a loss in the event the lender forecloses on the assets; and
|
•
|
triggering defaults in our outstanding debt at the Parent Company.
|
•
|
further decline in customer demand as a result of general decline in business activity;
|
•
|
further destabilization of the markets and decline in business activity negatively impacting customers’ ability to pay for our services when due or at all, including downstream impacts, whereby the utilities’ customers are unable to pay monthly bills or receiving a moratorium from payment obligations, resulting in inability on the part of utilities to make payments for power supplied by our generation companies;
|
•
|
decline in business activity causing our commercial and industrial customers to experience declining revenues and liquidity difficulties that impede their ability to pay for power supplied by our generation companies;
|
•
|
government moratoriums or other regulatory or legislative actions that limit changes in pricing, delay or suspend customers’ payment obligations or permit extended payment terms applicable to customers of our utilities or to our offtakers under power purchase agreements, in particular, to the extent that such measures are not
|
•
|
claims by our PPA counterparties for delay or relief from payment obligations or other adjustments, including claims based on force majeure or other legal grounds;
|
•
|
further decline in spot electricity prices;
|
•
|
the destabilization of the markets and decline in business activity negatively impacting our customer growth in our service territories at our utilities;
|
•
|
negative impacts on the health of our essential personnel, especially if a significant number of them are affected by COVID-19, and on our operations as a result of implementing stay-at-home, quarantine, curfew and other social distancing measures;
|
•
|
delays or inability to access, transport and deliver fuel to our generation facilities due to restrictions on business operations or other factors affecting us and our third-party suppliers;
|
•
|
delays or inability to access equipment or the availability of personnel to perform planned and unplanned maintenance, which can, in turn, lead to disruption in operations;
|
•
|
a deterioration in our ability to ensure business continuity, including increased cybersecurity attacks related to the work-from-home environment;
|
•
|
further delays to our construction projects, including at our renewables projects, and the timing of the completion of renewables projects;
|
•
|
delay or inability to receive the necessary permits for our development projects due to delays or shutdowns of government operations;
|
•
|
delays in achieving our financial goals, strategy and digital transformation;
|
•
|
deterioration of the credit profile of the AES Corporation and/or its subsidiaries and difficulty accessing the capital and credit markets on favorable terms, or at all, and a severe disruption and instability in the global financial markets, or deteriorations in credit and financing conditions, which could affect our access to capital necessary to fund business operations or address maturing liabilities on a timely basis;
|
•
|
delays or inability to complete asset sales on anticipated terms or redeploy capital as set forth in our capital allocation plans;
|
•
|
increased volatility in foreign exchange and commodity markets;
|
•
|
deterioration of economic conditions, demand and other related factors resulting in impairments to goodwill or long-lived assets;
|
•
|
delay or inability in obtaining regulatory actions and outcomes that could be material to our business, including for recovery of COVID-19 related losses and the review and approval of our rates at our U.S. regulated utilities; and
|
•
|
delays in the implementation of expected rules and regulations, including with respect to the TCJA.
|
31.1
|
|
|
31.2
|
|
|
32.1
|
|
|
32.2
|
|
|
101
|
|
The AES Corporation Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, formatted in Inline XBRL (Inline Extensible Business Reporting Language): (i) the Cover Page, (ii) Condensed Consolidated Balance Sheets, (iii) Condensed Consolidated Statements of Operations, (iv) Condensed Consolidated Statements of Comprehensive Income (Loss), (v) Condensed Consolidated Statements of Changes in Equity, (vi) Condensed Consolidated Statements of Cash Flows, and (vii) Notes to Condensed Consolidated Financial Statements. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
104
|
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
|
|
THE AES CORPORATION
(Registrant)
|
|||
|
|
|
|
|
|
Date:
|
May 6, 2020
|
By:
|
|
/s/ GUSTAVO PIMENTA
|
|
|
|
|
|
Name:
|
Gustavo Pimenta
|
|
|
|
|
Title:
|
Executive Vice President and Chief Financial Officer (Principal Financial Officer)
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ SHERRY L. KOHAN
|
|
|
|
|
|
Name:
|
Sherry L. Kohan
|
|
|
|
|
Title:
|
Vice President and Controller (Principal Accounting Officer)
|
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