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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________________________________________________________________________________
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-12291
AESlogo03.jpg
THE AES CORPORATION
(Exact name of registrant as specified in its charter)
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 ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share
AES
New York Stock Exchange
Corporate UnitsAESCNew York Stock Exchange
______________________________________________________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Smaller reporting company
Emerging growth company
Non-accelerated filer
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
______________________________________________________________________________________________
The number of shares outstanding of Registrant’s Common Stock, par value $0.01 per share, on October 31, 2023 was 669,629,035.




The AES Corporation
Form 10-Q for the Quarterly Period ended September 30, 2023
Table of Contents
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.


1 | The AES Corporation | September 30, 2023 Form 10-Q
Glossary of Terms
The following terms and acronyms appear in the text of this report and have the definitions indicated below:
Adjusted EBITDA
Adjusted earnings before interest income and expense, taxes, depreciation and amortization, a non-GAAP measure of operating performance
Adjusted EBITDA with Tax Attributes
Adjusted earnings before interest income and expense, taxes, depreciation and amortization, adding back the pre-tax effect of Production Tax Credits, Investment Tax Credits and depreciation tax expense allocated to tax equity investors, a non-GAAP measure
Adjusted EPSAdjusted Earnings Per Share, a non-GAAP measure
Adjusted PTCAdjusted Pre-tax Contribution, a non-GAAP measure of operating performance
AESThe Parent Company and its subsidiaries and affiliates
AES AndesAES Andes S.A., formerly AES Gener
AES BrasilAES Brasil Operações S.A., formerly branded as AES Tietê
AES Clean Energy DevelopmentAES Clean Energy Development, LLC
AES IndianaIndianapolis Power & Light Company, formerly branded as IPL. AES Indiana is wholly-owned by IPALCO
AES OhioThe Dayton Power & Light Company, formerly branded as DP&L. AES Ohio is wholly-owned by DPL
AES Renewable HoldingsAES Renewable Holdings, LLC, formerly branded as AES Distributed Energy
AFUDCAllowance for Funds Used During Construction
AGIC
AES Global Insurance Company, AES’ captive insurance company
AOCLAccumulated Other Comprehensive Loss
ASCAccounting Standards Codification
ASUAccounting Standards Update
BESSBattery Energy Storage System
CAAUnited States Clean Air Act
CCRCoal Combustion Residuals, which includes bottom ash, fly ash, and air pollution control wastes generated at coal-fired generation plant sites
CECLCurrent Expected Credit Loss
CO2
Carbon Dioxide
CSAPRCross-State Air Pollution Rule
CWAU.S. Clean Water Act
DG CompDirectorate-General for Competition
DPLDPL Inc.
EBITDA
Earnings before interest income and expense, taxes, depreciation and amortization, a non-GAAP measure of operating performance
EPAUnited States Environmental Protection Agency
EPCEngineering, Procurement and Construction
ESPElectric Security Plan
EUEuropean Union
FASBFinancial Accounting Standards Board
FluenceFluence Energy, Inc and its subsidiaries, including Fluence Energy, LLC, which was previously our joint venture with Siemens (NASDAQ: FLNC)
GAAPGenerally Accepted Accounting Principles in the United States
GHGGreenhouse Gas
GILTIGlobal Intangible Low Taxed Income
GWGigawatts
GWhGigawatt Hours
HLBVHypothetical Liquidation at Book Value
IPALCOIPALCO Enterprises, Inc.
ITCInvestment Tax Credit
IURCIndiana Utility Regulatory Commission
LNGLiquid Natural Gas
MMBtuMillion British Thermal Units
MWMegawatts
MWhMegawatt Hours
NAAQSNational Ambient Air Quality Standards
NCINoncontrolling Interest
NEKNatsionalna Elektricheska Kompania (state-owned electricity public supplier in Bulgaria)
NMNot Meaningful
NOVNotice of Violation
NOX
Nitrogen Oxide
NPDESNational Pollutant Discharge Elimination System
Parent CompanyThe AES Corporation
Pet CokePetroleum Coke
PPAPower Purchase Agreement
PREPAPuerto Rico Electric Power Authority
PUCOThe Public Utilities Commission of Ohio
RSURestricted Stock Unit
SBUStrategic Business Unit
SECUnited States Securities and Exchange Commission


2 | The AES Corporation | September 30, 2023 Form 10-Q
SO2
Sulfur Dioxide
TDSICTransmission, Distribution, and Storage System Improvement Charge
TEG
Termoeléctrica del Golfo, S. de R.L. de C.V.
TEP
Termoeléctrica Peñoles, S. de R.L. de C.V.
U.S.United States
USDUnited States Dollar
VIEVariable Interest Entity


3 | The AES Corporation | September 30, 2023 Form 10-Q
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets (Unaudited)
September 30, 2023December 31, 2022
(in millions, except share and per share amounts)
ASSETS
CURRENT ASSETS
Cash and cash equivalents$1,765 $1,374 
Restricted cash365 536 
Short-term investments538 730 
Accounts receivable, net of allowance for doubtful accounts of $9 and $5, respectively
1,725 1,799 
Inventory798 1,055 
Prepaid expenses161 98 
Other current assets1,472 1,533 
Current held-for-sale assets493 518 
Total current assets7,317 7,643 
NONCURRENT ASSETS
Property, Plant and Equipment:
Land492 470 
Electric generation, distribution assets and other27,998 26,599 
Accumulated depreciation(8,602)(8,651)
Construction in progress7,647 4,621 
Property, plant and equipment, net27,535 23,039 
Other Assets:
Investments in and advances to affiliates894 952 
Debt service reserves and other deposits205 177 
Goodwill362 362 
Other intangible assets, net of accumulated amortization of $486 and $434, respectively
2,290 1,841 
Deferred income taxes428 319 
Loan receivable, net of allowance of $24 and $26, respectively
990 1,051 
Other noncurrent assets, net of allowance of $16 and $51, respectively
3,140 2,979 
Total other assets8,309 7,681 
TOTAL ASSETS$43,161 $38,363 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable$1,641 $1,730 
Accrued interest379 249 
Accrued non-income taxes269 249 
Accrued and other liabilities2,442 2,151 
Recourse debt700  
Non-recourse debt, including $1,015 and $416, respectively, related to variable interest entities
3,060 1,758 
Current held-for-sale liabilities328 354 
Total current liabilities8,819 6,491 
NONCURRENT LIABILITIES
Recourse debt4,864 3,894 
Non-recourse debt, including $1,781 and $2,295, respectively, related to variable interest entities
18,767 17,846 
Deferred income taxes1,257 1,139 
Other noncurrent liabilities2,775 3,168 
Total noncurrent liabilities27,663 26,047 
   Commitments and Contingencies (see Note 8)
Redeemable stock of subsidiaries1,423 1,321 
EQUITY
THE AES CORPORATION STOCKHOLDERS’ EQUITY
Preferred stock (without par value, 50,000,000 shares authorized; 1,043,050 issued and outstanding at September 30, 2023 and December 31, 2022)
838 838 
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 819,051,591 issued and 669,629,035 outstanding at September 30, 2023 and 818,790,001 issued and 668,743,464 outstanding at December 31, 2022)
8 8 
Additional paid-in capital6,449 6,688 
Accumulated deficit(1,292)(1,635)
Accumulated other comprehensive loss(1,410)(1,640)
Treasury stock, at cost (149,422,556 and 150,046,537 shares at September 30, 2023 and December 31, 2022, respectively)
(1,814)(1,822)
Total AES Corporation stockholders’ equity2,779 2,437 
NONCONTROLLING INTERESTS2,477 2,067 
Total equity5,256 4,504 
TOTAL LIABILITIES AND EQUITY$43,161 $38,363 
See Notes to Condensed Consolidated Financial Statements.


4 | The AES Corporation

Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in millions, except share and per share amounts)
Revenue:
Non-Regulated$2,571 $2,651 $7,051 $6,944 
Regulated863 976 2,649 2,613 
Total revenue3,434 3,627 9,700 9,557 
Cost of Sales:
Non-Regulated(1,813)(1,839)(5,392)(5,237)
Regulated(703)(896)(2,298)(2,335)
Total cost of sales(2,516)(2,735)(7,690)(7,572)
Operating margin918 892 2,010 1,985 
General and administrative expenses(64)(51)(191)(149)
Interest expense(326)(276)(966)(813)
Interest income144 100 398 270 
Loss on extinguishment of debt (1)(1)(8)
Other expense(12)(10)(38)(51)
Other income12 4 36 80 
Gain (loss) on disposal and sale of business interests 1 (4) 
Asset impairment expense(158)(50)(352)(533)
Foreign currency transaction gains (losses)(100)8 (209)(60)
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES414 617 683 721 
Income tax expense(109)(145)(179)(186)
Net equity in losses of affiliates(14)(26)(43)(54)
NET INCOME291 446 461 481 
Less: Net income attributable to noncontrolling interests and redeemable stock of subsidiaries(60)(25)(118)(124)
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION$231 $421 $343 $357 
BASIC EARNINGS PER SHARE:
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS$0.34 $0.63 $0.51 $0.53 
DILUTED EARNINGS PER SHARE:
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS$0.32 $0.59 $0.48 $0.50 
DILUTED SHARES OUTSTANDING
712 711 712 711 
        
See Notes to Condensed Consolidated Financial Statements.


5 | The AES Corporation
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in millions)
NET INCOME$291 $446 $461 $481 
Foreign currency translation activity:
Foreign currency translation adjustments, net of $0 income tax for all periods
(44)(80)75 (97)
Total foreign currency translation adjustments(44)(80)75 (97)
Derivative activity:
Change in derivative fair value, net of income tax expense of $73, $62, $78, and $196, respectively
274 189 276 731 
Reclassification to earnings, net of income tax benefit (expense) of $0, $1, $11 and $(12), respectively
(1)14 (49)52 
Total change in fair value of derivatives273 203 227 783 
Pension activity:
Change in pension adjustments due to net actuarial gain for the period, net of $0 income tax for all periods
  1  
Reclassification to earnings, net of income tax benefit (expense) of $0, $(1), $0, $(1), respectively
 1  2 
Total pension adjustments 1 1 2 
OTHER COMPREHENSIVE INCOME229 124 303 688 
COMPREHENSIVE INCOME520 570 764 1,169 
Less: Comprehensive income attributable to noncontrolling interests and redeemable stock of subsidiaries(109)(50)(168)(207)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE AES CORPORATION$411 $520 $596 $962 
See Notes to Condensed Consolidated Financial Statements.


6 | The AES Corporation
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Nine Months Ended September 30, 2023
Preferred StockCommon StockTreasury StockAdditional
Paid-In
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
SharesAmountSharesAmountSharesAmount
(in millions)
Balance at January 1, 20231.0 $838 818.8 $8 150.0 $(1,822)$6,688 $(1,635)$(1,640)$2,067 
Net income— — — — — —  151  52 
Total foreign currency translation adjustment, net of income tax— — — — — —   33 7 
Total change in derivative fair value, net of income tax— — — — — —   (135)1 
Total pension adjustments, net of income tax— — — — — —    1 
Total other comprehensive income (loss)— — — — — — — — (102)9 
Distributions to noncontrolling interests— — — — — —    (37)
Acquisitions of noncontrolling interests— — — — — — (1)  1 
Contributions from noncontrolling interests— — — — — —    2 
Sales to noncontrolling interests— — — — — — (7)  3 
Issuance of preferred shares in subsidiaries— — — — — —    4 
Dividends declared on common stock ($0.1659/share)
— — — — — — (111)   
Issuance and exercise of stock-based compensation benefit plans, net of income tax— —   (0.5)7 (12)   
Balance at March 31, 20231.0 $838 818.8 $8 149.5 $(1,815)$6,557 $(1,484)$(1,742)$2,101 
Net income (loss)— — — — — —  (39) 42 
Total foreign currency translation adjustment, net of income tax— — — — — —   74 4 
Total change in derivative fair value, net of income tax— — — — — —   101  
Total other comprehensive income— — — — — — — — 175 4 
Distributions to noncontrolling interests— — — — — —    (90)
Sales to noncontrolling interests— — — — — — (17)  209 
Issuance and exercise of stock-based compensation benefit plans, net of income tax— —   (0.1)1 10    
Balance at June 30, 20231.0 $838 818.8 $8 149.4 $(1,814)$6,550 $(1,523)$(1,567)$2,266 
Net income— — — — — —  231  68 
Total foreign currency translation adjustment, net of income tax— — — — — —   (36)(7)
Total change in derivative fair value, net of income tax— — — — — —   216 (3)
Total other comprehensive income (loss)— — — — — —   180 (10)
Distributions to noncontrolling interests — — — — — —    (7)
Acquisitions of noncontrolling interests— — — — — — 25   (46)
Sales to noncontrolling interests— — — — — — (21) (23)206 
Dividends declared on common stock ($0.1659/share)
— — — — — — (111)   
Issuance and exercise of stock-based compensation benefit plans, net of income tax— — 0.3    6    
Balance at September 30, 20231.0 $838 819.1 $8 149.4 $(1,814)$6,449 $(1,292)$(1,410)$2,477 



7 | The AES Corporation
Nine Months Ended September 30, 2022
Preferred StockCommon StockTreasury StockAdditional
Paid-In
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
SharesAmountSharesAmountSharesAmount
(in millions)
Balance at January 1, 20221.0 $838 818.7 $8 152.0 $(1,845)$7,106 $(1,089)$(2,220)$1,769 
Net income— — — — — —  115  94 
Total foreign currency translation adjustment, net of income tax— — — — — —   131 1 
Total change in derivative fair value, net of income tax— — — — — —   265 22 
Total pension adjustments, net of income tax— — — — — —   1  
Total other comprehensive income— — — — — — — — 397 23 
Distributions to noncontrolling interests— — — — — —    (25)
Acquisitions of noncontrolling interests— — — — — — (93) (76)(367)
Contributions from noncontrolling interests— — — — — —