Company Quick10K Filing
Quick10K
AES
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$16.12 664 $10,700
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-05-07 Earnings, Regulation FD, Exhibits
8-K 2019-04-18 Shareholder Vote
8-K 2019-02-26 Earnings, Regulation FD, Exhibits
8-K 2019-02-22 Officers
8-K 2018-11-05 Earnings, Regulation FD, Exhibits
8-K 2018-11-01 Officers
8-K 2018-08-07 Earnings, Regulation FD, Exhibits
8-K 2018-04-19 Shareholder Vote
8-K 2018-03-21 Shareholder Rights, Exhibits
8-K 2018-03-15 Shareholder Rights, Exhibits
8-K 2018-03-01 Enter Agreement, Exhibits
8-K 2018-01-30 Officers
8-K 2018-01-17 Officers
8-K 2018-01-16 Earnings, Other Events
EXR Extra Space Storage 13,230
BRKS Brooks Automation 2,770
ENVA Enova 849
HBCP Home Bancorp 344
CUTR Cutera 266
CUI CUI Global 35
PXS Pyxis Tankers 24
MWPP Markham Woods Press Publishing Company 0
INTV Intervoice 0
MAGE Magellan Gold 0
AES 2019-03-31
Part I: Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii: Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 aes03312019exhibit311.htm
EX-31.2 aes03312019exhibit312.htm
EX-32.1 aes03312019exhibit321.htm
EX-32.2 aes03312019exhibit322.htm

AES Earnings 2019-03-31

AES 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________________________________________________________________________________
FORM 10-Q
(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2019
or
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-12291
aeslogominia02a01a01a02a10.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 Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share
AES
New 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 x 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 x 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 x
 
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 x
______________________________________________________________________________________________
The number of shares outstanding of Registrant’s Common Stock, par value $0.01 per share, on May 1, 2019 was 663,727,053.
 





THE AES CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2019
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.
 
 





GLOSSARY OF TERMS
The following terms and acronyms appear in the text of this report and have the definitions indicated below:
Adjusted EPS
Adjusted Earnings Per Share, a non-GAAP measure
Adjusted PTC
Adjusted Pretax Contribution, a non-GAAP measure of operating performance
AFS
Available For Sale
AOCI
Accumulated Other Comprehensive Income
AOCL
Accumulated Other Comprehensive Loss
ARO
Asset Retirement Obligations
ASC
Accounting Standards Codification
ASU
Accounting Standards Update
CAA
United States Clean Air Act
CAMMESA
Wholesale Electric Market Administrator in Argentina
CCR
Coal Combustion Residuals, which includes bottom ash, fly ash and air pollution control wastes generated at coal-fired generation plant sites.
COFINS
Contribution for the Financing of Social Security
DP&L
The Dayton Power & Light Company
DPL
DPL Inc.
EPA
United States Environmental Protection Agency
EPC
Engineering, Procurement and Construction
EU
European Union
EURIBOR
Euro Interbank Offered Rate
FASB
Financial Accounting Standards Board
FX
Foreign Exchange
GAAP
Generally Accepted Accounting Principles in the United States
GHG
Greenhouse Gas
GILTI
Global Intangible Low Taxed Income
GW
Gigawatts
HLBV
Hypothetical Liquidation Book Value
HPP
Hydropower Plant
IPALCO
IPALCO Enterprises, Inc.
IPL
Indianapolis Power & Light Company
LIBOR
London Interbank Offered Rate
LNG
Liquid Natural Gas
MW
Megawatts
MWh
Megawatt Hours
NCI
Noncontrolling Interest
NM
Not Meaningful
NOV
Notice of Violation
NOX
Nitrogen Oxides
PIS
Program of Social Integration
PPA
Power Purchase Agreement
PREPA
Puerto Rico Electric Power Authority
PUCO
The Public Utilities Commission of Ohio
RSU
Restricted Stock Unit
SBU
Strategic Business Unit
SEC
United States Securities and Exchange Commission
SO2
Sulfur Dioxide
TBTU
Trillion British Thermal Units
TCJA
Tax Cuts and Jobs Act
U.S.
United States
UK
United Kingdom
USD
United States Dollar
VAT
Value-Added Tax
VIE
Variable Interest Entity

1




PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
THE AES CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
 
March 31,
2019
 
December 31,
2018
 
(in millions, except share and per share data)
ASSETS
 
 
 
CURRENT ASSETS
 
 
 
Cash and cash equivalents
$
1,426

 
$
1,166

Restricted cash
519

 
370

Short-term investments
378

 
313

Accounts receivable, net of allowance for doubtful accounts of $23 and $23, respectively
1,564

 
1,595

Inventory
579

 
577

Prepaid expenses
111

 
130

Other current assets
703

 
807

Current held-for-sale assets
575

 
57

Total current assets
5,855

 
5,015

NONCURRENT ASSETS
 
 
 
Property, Plant and Equipment:
 
 
 
Land
450

 
449

Electric generation, distribution assets and other
24,844

 
25,242

Accumulated depreciation
(8,273
)
 
(8,227
)
Construction in progress
4,207

 
3,932

Property, plant and equipment, net
21,228

 
21,396

Other Assets:
 
 
 
Investments in and advances to affiliates
1,147

 
1,114

Debt service reserves and other deposits
430

 
467

Goodwill
1,059

 
1,059

Other intangible assets, net of accumulated amortization of $467 and $457, respectively
467

 
436

Deferred income taxes
108

 
97

Loan receivable
1,406

 
1,423

Other noncurrent assets
1,771

 
1,514

Total other assets
6,388

 
6,110

TOTAL ASSETS
$
33,471

 
$
32,521

LIABILITIES AND EQUITY
 
 
 
CURRENT LIABILITIES
 
 
 
Accounts payable
$
1,224

 
$
1,329

Accrued interest
265

 
191

Accrued non-income taxes
271

 
250

Accrued and other liabilities
914

 
962

Non-recourse debt, including $338 and $479, respectively, related to variable interest entities
1,265

 
1,659

Current held-for-sale liabilities
418

 
8

Total current liabilities
4,357

 
4,399

NONCURRENT LIABILITIES
 
 
 
Recourse debt
3,895

 
3,650

Non-recourse debt, including $3,077 and $2,922 respectively, related to variable interest entities
14,550

 
13,986

Deferred income taxes
1,302

 
1,280

Other noncurrent liabilities
2,828

 
2,723

Total noncurrent liabilities
22,575

 
21,639

Commitments and Contingencies (see Note 9)
 
 
 
Redeemable stock of subsidiaries
890

 
879

EQUITY
 
 
 
THE AES CORPORATION STOCKHOLDERS’ EQUITY
 
 
 
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 817,593,854 issued and 663,694,956 outstanding at March 31, 2019 and 817,203,691 issued and 662,298,096 outstanding at December 31, 2018)
8

 
8

Additional paid-in capital
8,039

 
8,154

Accumulated deficit
(839
)
 
(1,005
)
Accumulated other comprehensive loss
(2,107
)
 
(2,071
)
Treasury stock, at cost (153,898,898 and 154,905,595 shares at March 31, 2019 and December 31, 2018, respectively)
(1,867
)
 
(1,878
)
Total AES Corporation stockholders’ equity
3,234

 
3,208

NONCONTROLLING INTERESTS
2,415

 
2,396

Total equity
5,649

 
5,604

TOTAL LIABILITIES AND EQUITY
$
33,471

 
$
32,521

See Notes to Condensed Consolidated Financial Statements.

2




THE AES CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
 
Three Months Ended March 31,
 
2019
 
2018
 
 
 
 
 
(in millions, except per share amounts)
Revenue:
 
 
 
Regulated
$
785

 
$
722

Non-Regulated
1,865

 
2,018

Total revenue
2,650

 
2,740

Cost of Sales:
 
 
 
Regulated
(635
)
 
(601
)
Non-Regulated
(1,429
)
 
(1,483
)
Total cost of sales
(2,064
)
 
(2,084
)
Operating margin
586

 
656

General and administrative expenses
(46
)
 
(56
)
Interest expense
(265
)
 
(281
)
Interest income
79

 
76

Loss on extinguishment of debt
(10
)
 
(170
)
Other expense
(12
)
 
(9
)
Other income
30

 
13

Gain (loss) on disposal and sale of business interests
(4
)
 
788

Foreign currency transaction losses
(4
)
 
(19
)
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES
354

 
998

Income tax expense
(115
)
 
(231
)
Net equity in earnings (losses) of affiliates
(6
)
 
11

INCOME FROM CONTINUING OPERATIONS
233

 
778

Loss from operations of discontinued businesses

 
(1
)
NET INCOME
233

 
777

Less: Income from continuing operations attributable to noncontrolling interests and redeemable stock of subsidiaries
(79
)
 
(93
)
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION
$
154

 
$
684

AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS:
 
 
 
Income from continuing operations, net of tax
$
154

 
$
685

Loss from discontinued operations, net of tax

 
(1
)
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION
$
154

 
$
684

BASIC EARNINGS PER SHARE:
 
 
 
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS
$
0.23

 
$
1.04

DILUTED EARNINGS PER SHARE:
 
 
 
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS
$
0.23

 
$
1.03

DILUTED SHARES OUTSTANDING
667

 
663

See Notes to Condensed Consolidated Financial Statements.

3




THE AES CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 
Three Months Ended March 31,
 
2019
 
2018
 
 
 
 
 
(in millions)
NET INCOME
$
233

 
$
777

Foreign currency translation activity:
 
 
 
Foreign currency translation adjustments, net of $0 income tax for all periods
(1
)
 
25

Reclassification to earnings, net of $0 income tax for all periods

 
(16
)
Total foreign currency translation adjustments
(1
)
 
9

Derivative activity:
 
 
 
Change in derivative fair value, net of income tax benefit (expense) of $18 and $(15), respectively
(68
)
 
57

Reclassification to earnings, net of income tax benefit (expense) of $(2) and $1, respectively
10

 
10

Total change in fair value of derivatives
(58
)
 
67

Pension activity:
 
 
 
Reclassification to earnings, net of $0 income tax for all periods
1

 
2

Total pension adjustments
1

 
2

OTHER COMPREHENSIVE INCOME (LOSS)
(58
)
 
78

COMPREHENSIVE INCOME
175

 
855

Less: Comprehensive income attributable to noncontrolling interests and redeemable stock of subsidiaries
(53
)
 
(122
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE AES CORPORATION
$
122

 
$
733

See Notes to Condensed Consolidated Financial Statements.

4




THE AES CORPORATION
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
 
Three Months Ended March 31, 2019
 
Common Stock
 
Treasury Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
(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 income (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
)
 

 

 

Sale of subsidiary shares 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 Standards Adopted for further information.
(2)  
Adjustment to record the redeemable stock of Colon at fair value.
 
Three Months Ended March 31, 2018
 
Common Stock
 
Treasury Stock
 
Additional
Paid-In
Capital
 
Retained
Earnings
(Accumulated
Deficit)
 
Accumulated
Other
Comprehensive
Loss
 
Noncontrolling
Interests
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
(in millions)
Balance at January 1, 2018
816.3

 
$
8

 
155.9

 
$
(1,892
)
 
$
8,501

 
$
(2,276
)
 
$
(1,876
)
 
$
2,380

Net income

 

 

 

 

 
684

 

 
98

Total foreign currency translation adjustment, net of income tax

 

 

 

 

 

 
3

 
6

Total change in derivative fair value, net of income tax

 

 

 

 

 

 
44

 
23

Total pension adjustments, net of income tax

 

 

 

 

 

 
2

 

Total other comprehensive income (loss)

 

 

 

 

 

 
49

 
29

Cumulative effect of a change in accounting principle (1)

 

 

 

 

 
67

 
19

 
81

Fair value adjustment (2)

 

 

 

 
(6
)
 

 

 

Disposition of business interests (3)

 

 

 

 

 

 

 
(249
)
Distributions to noncontrolling interests

 

 

 

 

 

 

 
(9
)
Contributions from noncontrolling interests

 

 

 

 

 

 

 
1

Dividends declared on common stock ($0.13/share)

 

 

 

 
(86
)
 

 

 

Issuance and exercise of stock-based compensation benefit plans, net of income tax

 

 
(1
)
 
13

 
(12
)
 

 

 

Sale of subsidiary shares to noncontrolling interests

 

 

 

 

 

 

 
1

Balance at March 31, 2018
816.3

 
$
8

 
154.9

 
$
(1,879
)
 
$
8,397

 
$
(1,525
)
 
$
(1,808
)
 
$
2,332


(1)  
See Note 1—Financial Statement Presentation—New Accounting Standards Adopted for further information.
(2)  
Adjustment to record the redeemable stock of Colon at fair value.
(3) 
See Note 18—Held-for-Sale and Dispositions for further information.

5




THE AES CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
Three Months Ended 
March 31, 2019
 
2019
 
2018
 
 
 
 
 
(in millions)
OPERATING ACTIVITIES:
 
 
 
Net income
$
233

 
$
777

Adjustments to net income:
 
 
 
Depreciation and amortization
246

 
254

Loss (gain) on disposal and sale of business interests
4

 
(788
)
Deferred income taxes
62

 
180

Loss on extinguishment of debt
10

 
170

Loss on sale and disposal of assets
7

 
2

Other
99

 
72

Changes in operating assets and liabilities:
 
 
 
(Increase) decrease in accounts receivable
9

 
(39
)
(Increase) decrease in inventory
(18
)
 
(16
)
(Increase) decrease in prepaid expenses and other current assets
47

 
(33
)
(Increase) decrease in other assets
2

 
19

Increase (decrease) in accounts payable and other current liabilities
25

 
(66
)
Increase (decrease) in income tax payables, net and other tax payables
(35
)
 

Increase (decrease) in other liabilities
(1
)
 
(17
)
Net cash provided by operating activities
690

 
515

INVESTING ACTIVITIES:
 
 
 
Capital expenditures
(504
)
 
(495
)
Proceeds from the sale of business interests, net of cash and restricted cash sold

 
1,180

Sale of short-term investments
150

 
149

Purchase of short-term investments
(220
)
 
(345
)
Contributions to equity affiliates
(90
)
 
(44
)
Other investing
1

 
(29
)
Net cash provided by (used in) investing activities
(663
)
 
416

FINANCING ACTIVITIES:
 
 
 
Borrowings under the revolving credit facilities
504

 
881

Repayments under the revolving credit facilities
(274
)
 
(783
)
Issuance of recourse debt

 
1,000

Repayments of recourse debt
(1
)
 
(1,774
)
Issuance of non-recourse debt
866

 
757

Repayments of non-recourse debt
(428
)
 
(510
)
Payments for financing fees
(4
)
 
(14
)
Distributions to noncontrolling interests
(50
)
 
(17
)
Contributions from noncontrolling interests and redeemable security holders
10

 
11

Dividends paid on AES common stock
(90
)
 
(86
)
Payments for financed capital expenditures
(96
)
 
(89
)
Other financing
(35
)
 
(6
)
Net cash provided by (used in) financing activities
402

 
(630
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(4
)
 
5

(Increase) decrease in cash, cash equivalents and restricted cash of discontinued operations and held-for-sale businesses
(53
)
 
74

Total increase in cash, cash equivalents and restricted cash
372

 
380

Cash, cash equivalents and restricted cash, beginning
2,003

 
1,788

Cash, cash equivalents and restricted cash, ending
$
2,375

 
$
2,168

SUPPLEMENTAL DISCLOSURES:
 
 
 
Cash payments for interest, net of amounts capitalized
$
169

 
$
207

Cash payments for income taxes, net of refunds
65

 
71

SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
 
 
 
Non-cash contributions of assets and liabilities for the Fluence transaction

 
20

Dividends declared but not yet paid
91

 
86


See Notes to Condensed Consolidated Financial Statements.

6




THE AES CORPORATION
Notes to Condensed Consolidated Financial Statements
For the Three Months Ended March 31, 2019 and 2018
(Unaudited)
1. FINANCIAL STATEMENT PRESENTATION
Consolidation In this Quarterly Report the terms “AES,” “the Company,” “us” or “we” refer to the consolidated entity, including its subsidiaries and affiliates. The terms “The AES Corporation” or “the Parent Company” refer only to the publicly held holding company, The AES Corporation, excluding its subsidiaries and affiliates. Furthermore, VIEs in which the Company has a variable interest have been consolidated where the Company is the primary beneficiary. Investments in which the Company has the ability to exercise significant influence, but not control, are accounted for using the equity method of accounting. All intercompany transactions and balances have been eliminated in consolidation.
Interim Financial Presentation The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with GAAP, as contained in the FASB ASC, for interim financial information and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for annual fiscal reporting periods. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, comprehensive income, changes in equity and cash flows. The results of operations for the three months ended March 31, 2019, are not necessarily indicative of expected results for the year ending December 31, 2019. The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the 2018 audited consolidated financial statements and notes thereto, which are included in the 2018 Form 10-K filed with the SEC on February 26, 2019 (the “2018 Form 10-K”).
Cash, Cash Equivalents, and Restricted Cash The following table provides a summary of cash, cash equivalents, and restricted cash amounts reported on the Condensed Consolidated Balance Sheet that reconcile to the total of such amounts as shown on the Condensed Consolidated Statements of Cash Flows (in millions):
 
March 31, 2019
 
December 31, 2018
Cash and cash equivalents
$
1,426

 
$
1,166

Restricted cash
519

 
370

Debt service reserves and other deposits
430

 
467

Cash, Cash Equivalents, and Restricted Cash
$
2,375

 
$
2,003


New Accounting Pronouncements Adopted in 2019 The following table provides a brief description of recent accounting pronouncements that had an impact on the Company’s consolidated financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or did not have a material impact on the Company’s consolidated financial statements.
New Accounting Standards Adopted
ASU Number and Name
Description
Date of Adoption
Effect on the financial statements upon adoption
2018-02, Income Statement — Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from AOCI
This amendment allows a reclassification of the stranded tax effects resulting from the implementation of the Tax Cuts and Jobs Act from AOCI to retained earnings at the election of the filer. Because this amendment only relates to the reclassification of the income tax effects of the Tax Cuts and Jobs Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected.
January 1, 2019
The Company has not elected to reclassify any amounts to retained earnings. The Company’s accounting policy for releasing the income tax effects from AOCI occurs on a portfolio basis.
2017-12, Derivatives and Hedging (Topic 815): Targeted improvements to Accounting for Hedging Activities
The standard updates the hedge accounting model to expand the ability to hedge nonfinancial and financial risk components, reduce complexity, and ease certain documentation and assessment requirements. When facts and circumstances are the same as at the previous quantitative test, a subsequent quantitative effectiveness test is not required. The standard also eliminates the requirement to separately measure and report hedge ineffectiveness. For cash flow hedges, this means that the entire change in the fair value of a hedging instrument will be recorded in other comprehensive income and amounts deferred will be reclassified to earnings in the same income statement line as the hedged item.
Transition method: modified retrospective with the cumulative effect adjustment recorded to the opening balance of retained earnings as of the initial application date. Prospective for presentation and disclosures.
January 1, 2019

The adoption of this standard resulted in a $4 million increase to retained earnings.


7




2014-09, 2015-14, 2016-08, 2016-10, 2016-12, 2016-20, 2017-10, 2017-13, Revenue from Contracts with Customers (Topic 606)

ASC 606 was adopted by sPower on January 1, 2019. sPower was not required to adopt ASC 606 using the public adoption date, as sPower is an equity method investee that meets the definition of a public business entity only by virtue of the inclusion of its summarized financial information in the Company’s SEC filings. Under the previous revenue standard, the payment received by sPower for the transfer of Incentive Tax Credits related to projects was deferred and recognized in revenue over time. Under ASC 606, this payment is recognized at a point in time.
January 1, 2019
The adoption of this standard resulted in an $8 million increase to retained earnings attributable to the AES Corporation stockholders’ equity.
2016-02, 2018-01, 2018-10, 2018-11, 2018-20, 2019-01, Leases (Topic 842)
See discussion of the ASU below.
January 1, 2019
See impact upon adoption of the standard below.

On January 1, 2019, the Company adopted ASC 842 Leases and its subsequent corresponding updates (“ASC 842”). Under this standard, lessees are required to recognize assets and liabilities for most leases on the balance sheet, and recognize expenses in a manner similar to the current accounting method. For lessors, the guidance modifies the lease classification criteria and the accounting for sales-type and direct financing leases. The guidance eliminates previous real estate-specific provisions.
Under ASC 842, fewer contracts contain a lease. However, due to the elimination of the real estate-specific guidance and changes to certain lessor classification criteria, more leases qualify as sales-type leases and direct financing leases. Under these two models, a lessor derecognizes the asset and recognizes a lease receivable. According to ASC 842, the lease receivable includes the fair value of the asset after the contract period, but does not include variable payments such as margin on the sale of energy. Therefore, the lease receivable could be significantly different than the carrying amount of the underlying asset at lease commencement. In such circumstances, the difference between the initially recognized lease receivable and the carrying amount of the underlying asset is recognized as a gain/loss at lease commencement.
During the course of adopting ASC 842, the Company applied various practical expedients including:
The package of practical expedients (applied to all leases) that allowed lessees and lessors not to reassess:
a.
whether any expired or existing contracts are or contain leases,
b.
lease classification for any expired or existing leases, and
c.
whether initial direct costs for any expired or existing leases qualify for capitalization under ASC 842.
The transition practical expedient related to land easements, allowing us to carry forward our accounting treatment for land easements on existing agreements, and
The transition practical expedient for lessees that allowed businesses to not separate lease and non-lease components. The Company applied the practical expedient to all classes of underlying assets when valuing right-of-use assets and lease liabilities. Contracts where the Company is the lessor were separated between the lease and non-lease components.
The Company applied the modified retrospective method of adoption and elected to continue to apply the guidance in ASC 840 Leases to the comparative periods presented in the year of adoption. Under this transition method, the Company applied the transition provisions starting at the date of adoption. The cumulative effect of the adoption of ASC 842 on our January 1, 2019 Condensed Consolidated Balance Sheet was as follows (in millions):
Condensed Consolidated Balance Sheet
Balance at December 31, 2018
 
Adjustments Due to ASC 842
 
Balance at
January 1, 2019
Assets
 
 
 
 
 
Other noncurrent assets
$
1,514

 
$
253

 
$
1,767