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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 March 31, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-12291
aes-20220331_g1.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 May 3, 2022 was 667,859,645.




The AES Corporation
Form 10-Q for the Quarterly Period ended March 31, 2022
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 | March 31, 2022 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 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 Tietê Energia 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
AIMCoAlberta Management Investment Corporation
ANEELBrazilian National Electric Energy Agency
AOCLAccumulated Other Comprehensive Loss
ASCAccounting Standards Codification
ASUAccounting Standards Update
BESSBattery Energy Storage System
CAAUnited States Clean Air Act
CAMMESAWholesale Electric Market Administrator in Argentina
CCEEBrazilian Chamber of Electric Energy Commercialization
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
DPLDPL Inc.
EPAUnited States Environmental Protection Agency
EPCEngineering, Procurement and Construction
ESPElectric Security Plan
EURIBOREuro Interbank Offered Rate
FASBFinancial Accounting Standards Board
FluenceFluence Energy, Inc and its subsidiaries, including Fluence Energy, LLC, which was previously our joint venture with Siemens (NASDAQ: FLNC)
FXForeign Exchange
GAAPGenerally Accepted Accounting Principles in the United States
GHGGreenhouse Gas
GILTIGlobal Intangible Low Taxed Income
GWGigawatts
GWhGigawatt Hours
HLBVHypothetical Liquidation Book Value
IDEMIndiana Department of Environmental Management
IPALCOIPALCO Enterprises, Inc.
LIBORLondon Interbank Offered Rate
LNGLiquid Natural Gas
MMBtuMillion British Thermal Units
MWMegawatts
MWhMegawatt Hours
NAAQSNational Ambient Air Quality Standards
NCINoncontrolling Interest
NMNot Meaningful
NOVNotice of Violation
NOX
Nitrogen Oxide
OPGCOdisha Power Generation Corporation, Ltd.
OTC PolicyStatewide Water Quality Control Policy on the Use of Coastal and Estuarine Waters for Power Plant Cooling
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
SO2
Sulfur Dioxide
SWRCBCalifornia State Water Resources Board
TCJATax Cuts and Jobs Act
TDSICTransmission, Distribution, and Storage System Improvement Charge
U.S.United States
USDUnited States Dollar
VATValue-Added Tax
VIEVariable Interest Entity


2 | The AES Corporation | March 31, 2022 Form 10-Q
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets (Unaudited)
March 31, 2022December 31, 2021
(in millions, except share and per share amounts)
ASSETS
CURRENT ASSETS
Cash and cash equivalents$1,056 $943 
Restricted cash334 304 
Short-term investments440 232 
Accounts receivable, net of allowance for doubtful accounts of $5 and $5, respectively
1,523 1,418 
Inventory688 604 
Prepaid expenses91 142 
Other current assets1,110 897 
Current held-for-sale assets900 816 
Total current assets6,142 5,356 
NONCURRENT ASSETS
Property, Plant and Equipment:
Land443 426 
Electric generation, distribution assets and other26,112 25,552 
Accumulated depreciation(8,734)(8,486)
Construction in progress2,632 2,414 
Property, plant and equipment, net20,453 19,906 
Other Assets:
Investments in and advances to affiliates1,081 1,080 
Debt service reserves and other deposits172 237 
Goodwill1,182 1,177 
Other intangible assets, net of accumulated amortization of $411 and $385, respectively
1,585 1,450 
Deferred income taxes385 409 
Other noncurrent assets, net of allowance of $23 and $23, respectively
2,489 2,188 
Noncurrent held-for-sale assets1,159 1,160 
Total other assets8,053 7,701 
TOTAL ASSETS$34,648 $32,963 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable$1,288 $1,153 
Accrued interest199 182 
Accrued non-income taxes294 266 
Accrued and other liabilities1,140 1,205 
Non-recourse debt, including $657 and $302, respectively, related to variable interest entities
2,254 1,367 
Current held-for-sale liabilities578 559 
Total current liabilities5,753 4,732 
NONCURRENT LIABILITIES
Recourse debt3,982 3,729 
Non-recourse debt, including $1,909 and $2,223, respectively, related to variable interest entities
14,016 13,603 
Deferred income taxes1,035 977 
Other noncurrent liabilities3,275 3,358 
Noncurrent held-for-sale liabilities739 740 
Total noncurrent liabilities23,047 22,407 
Commitments and Contingencies (see Note 8)
Redeemable stock of subsidiaries1,134 1,257 
EQUITY
THE AES CORPORATION STOCKHOLDERS’ EQUITY
Preferred stock (without par value, 50,000,000 shares authorized; 1,043,050 issued and outstanding at March 31, 2022 and December 31, 2021, respectively)
838 838 
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 818,735,314 issued and 667,859,645 outstanding at March 31, 2022 and 818,717,043 issued and 666,793,625 outstanding at December 31, 2021)
8 8 
Additional paid-in capital6,903 7,106 
Accumulated deficit(974)(1,089)
Accumulated other comprehensive loss(1,899)(2,220)
Treasury stock, at cost (150,875,669 and 151,923,418 shares at March 31, 2022 and December 31, 2021, respectively)
(1,832)(1,845)
Total AES Corporation stockholders’ equity3,044 2,798 
NONCONTROLLING INTERESTS1,670 1,769 
Total equity4,714 4,567 
TOTAL LIABILITIES AND EQUITY$34,648 $32,963 
See Notes to Condensed Consolidated Financial Statements.


3 | The AES Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended March 31,
20222021
(in millions, except share and per share amounts)
Revenue:
Regulated$835 $707 
Non-Regulated2,017 1,928 
Total revenue2,852 2,635 
Cost of Sales:
Regulated(705)(582)
Non-Regulated(1,617)(1,389)
Total cost of sales(2,322)(1,971)
Operating margin530 664 
General and administrative expenses(52)(46)
Interest expense(258)(190)
Interest income75 68 
Loss on extinguishment of debt(6)(1)
Other expense(12)(16)
Other income6 43 
Gain (loss) on disposal and sale of business interests1 (5)
Asset impairment expense(1)(473)
Foreign currency transaction losses(19)(35)
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES264 9 
Income tax expense(60)(8)
Net equity in losses of affiliates(33)(30)
NET INCOME (LOSS)171 (29)
Less: Net income attributable to noncontrolling interests and redeemable stock of subsidiaries(56)(119)
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION$115 $(148)
BASIC EARNINGS PER SHARE:
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS$0.17 $(0.22)
DILUTED EARNINGS PER SHARE:
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS$0.16 $(0.22)
DILUTED SHARES OUTSTANDING
711 666 
See Notes to Condensed Consolidated Financial Statements.


4 | The AES Corporation
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended March 31,
20222021
(in millions)
NET INCOME (LOSS)$171 $(29)
Foreign currency translation activity:
Foreign currency translation adjustments, net of $0 income tax for all periods
132 (69)
Total foreign currency translation adjustments132 (69)
Derivative activity:
Change in derivative fair value, net of income tax expense of $73, and $67, respectively
272 243 
Reclassification to earnings, net of income tax expense of $10, and $7, respectively
18 23 
Total change in fair value of derivatives290 266 
Pension activity:
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax benefit of $0, and $1, respectively
 1 
Reclassification to earnings, net of $0 income tax for all periods
1  
Total pension adjustments1 1 
OTHER COMPREHENSIVE INCOME423 198 
COMPREHENSIVE INCOME594 169 
Less: Comprehensive income attributable to noncontrolling interests and redeemable stock of subsidiaries(82)(151)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE AES CORPORATION$512 $18 
See Notes to Condensed Consolidated Financial Statements.


5 | The AES Corporation
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended March 31, 2022
Preferred StockCommon StockTreasury Stock
Additional
Paid-In
Capital (1)
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Shares
Amount(1)
SharesAmountSharesAmount
(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 loss— — — — — — — — 397 23 
Distributions to noncontrolling interests— — — — — —    (25)
Acquisitions of noncontrolling interests— — — — — — (93) (76)(367)
Contributions from noncontrolling interests— — — — — —    86 
Sales to noncontrolling interests— — — — — — 7   30 
Issuance of preferred shares in subsidiaries— — — — — —    60 
Dividends declared on common stock ($0.1580/share)
— — — — — — (105)   
Issuance and exercise of stock-based compensation benefit plans, net of income tax— —   (1.1)13 (12)   
Balance at March 31, 20221.0 $838 818.7 $8 150.9 $(1,832)$6,903 $(974)$(1,899)$1,670 

(1)     The balance at January 1, 2022 includes a $13 million reclass from Additional paid-in capital to Preferred stock to reflect the retrospective adoption of ASU 2020-06. For further information, see Note 1—Financial Statement Presentation.

Three Months Ended March 31, 2021
Preferred StockCommon StockTreasury StockAdditional
Paid-In
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
SharesAmountSharesAmountSharesAmount
(in millions)
Balance at January 1, 2021 $ 818.4 $8 153.0 $(1,858)$7,561 $(680)$(2,397)$2,086 
Net income (loss)— — — — — —  (148) 119 
Total foreign currency translation adjustment, net of income tax— — — — — —   (53)(16)
Total change in derivative fair value, net of income tax— — — — — —   219 27 
Total pension adjustments, net of income tax— — — — — —    1 
Total other comprehensive income— — — — — — — — 166 12 
Fair value adjustment (1)
— — — — — — 33    
Distributions to noncontrolling interests— — — — — —    (17)
Acquisitions of noncontrolling interests— — — — — — (5) (6)(3)
Contributions from noncontrolling interests— — — — — —    94 
Issuance of preferred stock1.0 1,043 — — — — (235)   
Dividends declared on common stock ($0.1505/share)
— — — — — — (101)   
Issuance and exercise of stock-based compensation benefit plans, net of income tax— — 0.2  (0.7)8 (12)   
Balance at March 31, 20211.0 $1,043 818.6 $8 152.3 $(1,850)$7,241 $(828)$(2,237)$2,291 

(1)     Adjustment to record the redeemable stock of Colon at fair value.

See Notes to Condensed Consolidated Financial Statements.


6 | The AES Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended March 31,
20222021
(in millions)
OPERATING ACTIVITIES:
Net income (loss)$171 $(29)
Adjustments to net income (loss):
Depreciation and amortization270 275 
Loss (gain) on disposal and sale of business interests(1)5 
Impairment expense1 473 
Deferred income taxes(7)21 
Loss on extinguishment of debt6 1 
Loss (gain) on sale and disposal of assets4 (20)
Loss of affiliates, net of dividends33 36 
Emissions allowance expense118 58 
Other50 19 
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable(77)(79)
(Increase) decrease in inventory(44)14 
(Increase) decrease in prepaid expenses and other current assets59 22 
(Increase) decrease in other assets(10)31 
Increase (decrease) in accounts payable and other current liabilities(124)(337)
Increase (decrease) in income tax payables, net and other tax payables7 (92)
Increase (decrease) in deferred income10 (142)
Increase (decrease) in other liabilities(9)(3)
Net cash provided by operating activities457 253 
INVESTING ACTIVITIES:
Capital expenditures(766)(432)
Sale of short-term investments197 257 
Purchase of short-term investments(345)(130)
Contributions and loans to equity affiliates(93)(64)
Purchase of emissions allowances(136)(31)
Other investing(10)13