Company Quick10K Filing
AES
Price16.05 EPS1
Shares667 P/E14
MCap10,705 P/FCF6
Net Debt-1,841 EBIT1,869
TEV8,864 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-26
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-06-23
8-K 2020-06-04
8-K 2020-05-27
8-K 2020-05-15
8-K 2020-05-15
8-K 2020-05-07
8-K 2020-04-23
8-K 2020-02-28
8-K 2020-01-06
8-K 2019-12-20
8-K 2019-12-06
8-K 2019-11-22
8-K 2019-11-06
8-K 2019-08-06
8-K 2019-05-07
8-K 2019-04-18
8-K 2019-02-26
8-K 2019-02-22
8-K 2018-11-05
8-K 2018-11-01
8-K 2018-08-07
8-K 2018-05-08
8-K 2018-04-19
8-K 2018-03-21
8-K 2018-03-21
8-K 2018-03-15
8-K 2018-03-15
8-K 2018-03-01
8-K 2018-02-27
8-K 2018-01-30
8-K 2018-01-17
8-K 2018-01-16
8-K 2015-08-19
8-K 2015-08-10
8-K 2015-05-22
8-K 2015-05-12
8-K 2015-05-11
8-K 2015-04-23
8-K 2015-03-31
8-K 2015-03-30
8-K 2015-02-25
8-K 2015-01-13

AES 10Q Quarterly Report

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 aes331202010-qexhibit311.htm
EX-31.2 aes331202010-qexhibit312.htm
EX-32.1 aes331202010-qexhibit321.htm
EX-32.2 aes331202010-qexhibit322.htm

AES Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
45362718902012201420172020
Assets, Equity
4.73.52.31.1-0.1-1.32012201420172020
Rev, G Profit, Net Income
1.00.50.1-0.4-0.8-1.32012201420172020
Ops, Inv, Fin

Document
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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, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-12291
aeslogominia02a01a01a02a16.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  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 April 30, 2020 was 664,907,475.
 





The AES Corporation
Form 10-Q for the Quarterly Period ended March 31, 2020
Table of Contents
 
 
 
 
 
 
ITEM 1.
 
 
Condensed Consolidated Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2020 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 EPS
Adjusted Earnings Per Share, a non-GAAP measure
Adjusted PTC
Adjusted Pre-tax Contribution, a non-GAAP measure of operating performance
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
CECL
Current Expected Credit Loss
CO2
Carbon Dioxide
DP&L
The Dayton Power & Light Company
DPL
DPL Inc.
EPA
United States Environmental Protection Agency
EPC
Engineering, Procurement and Construction
ESP
Electric Security Plan
EURIBOR
Euro Interbank Offered Rate
FASB
Financial Accounting Standards Board
FONINVEMEM
Fund for the Investment Needed to Increase the Supply of Electricity in the Wholesale Market in Argentina
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
IDEM
Indiana Department of Environmental Management
IPALCO
IPALCO Enterprises, Inc.
IPL
Indianapolis Power & Light Company
IURC
Indiana Utility Regulatory Commission
LIBOR
London Interbank Offered Rate
LNG
Liquid Natural Gas
MMBtu
Million British Thermal Units
MRO
Market Rate Option, a market-based plan that a utility may file with PUCO to establish SSO rates pursuant to Ohio law
MW
Megawatts
MWh
Megawatt Hours
NCI
Noncontrolling Interest
NM
Not Meaningful
NOV
Notice of Violation
NOX
Nitrogen Oxide
OPGC
Odisha Power Generation Corporation, Ltd.
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
SEET
Significantly Excessive Earnings Test
SIP
State Implementation Plan
SO2
Sulfur Dioxide
SSO
Standard Service Offer
TCJA
Tax Cuts and Jobs Act
TDSIC
Transmission, Distribution, and Storage System Improvement Charge
U.S.
United States
USD
United States Dollar
VAT
Value-Added Tax
VIE
Variable Interest Entity


2 | The AES Corporation | March 31, 2020 Form 10-Q

PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets
(Unaudited)
 
March 31, 2020
 
December 31, 2019
 
 
 
 
 
(in millions, except share and per share amounts)
ASSETS
 
 
 
CURRENT ASSETS
 
 
 
Cash and cash equivalents
$
1,544

 
$
1,029

Restricted cash
426

 
336

Short-term investments
328

 
400

Accounts receivable, net of allowance for doubtful accounts of $20 and $20, respectively
1,446

 
1,479

Inventory
461

 
487

Prepaid expenses
106

 
80

Other current assets, net of allowance of $2 and $0, respectively
843

 
802

Current held-for-sale assets
597

 
618

Total current assets
5,751

 
5,231

NONCURRENT ASSETS
 
 
 
Property, Plant and Equipment:
 
 
 
Land
418

 
447

Electric generation, distribution assets and other
26,972

 
25,383

Accumulated depreciation
(8,597
)
 
(8,505
)
Construction in progress
3,777

 
5,249

Property, plant and equipment, net
22,570

 
22,574

Other Assets:
 
 
 
Investments in and advances to affiliates
938

 
966

Debt service reserves and other deposits
240

 
207

Goodwill
1,059

 
1,059

Other intangible assets, net of accumulated amortization of $310 and $307, respectively
459

 
469

Deferred income taxes
197

 
156

Loan receivable, net of allowance of $32 and $0, respectively
1,300

 
1,351

Other noncurrent assets, net of allowance of $29 and $0, respectively
1,628

 
1,635

Total other assets
5,821

 
5,843

TOTAL ASSETS
$
34,142

 
$
33,648

LIABILITIES AND EQUITY
 
 
 
CURRENT LIABILITIES
 
 
 
Accounts payable
$
1,069

 
$
1,311

Accrued interest
247

 
201

Accrued non-income taxes
287

 
253

Accrued and other liabilities
1,168

 
1,016

Recourse debt
498

 
5

Non-recourse debt, including $331 and $337, respectively, related to variable interest entities
1,725

 
1,868

Current held-for-sale liabilities
438

 
442

Total current liabilities
5,432

 
5,096

NONCURRENT LIABILITIES
 
 
 
Recourse debt
3,507

 
3,391

Non-recourse debt, including $4,074 and $3,872, respectively, related to variable interest entities
15,360

 
14,914

Deferred income taxes
1,105

 
1,213

Other noncurrent liabilities
3,148

 
2,917

Total noncurrent liabilities
23,120

 
22,435

Commitments and Contingencies (see Note 9)
 
 
 
Redeemable stock of subsidiaries
873

 
888

EQUITY
 
 
 
THE AES CORPORATION STOCKHOLDERS’ EQUITY
 
 
 
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 817,964,353 issued and 664,907,475 outstanding at March 31, 2020 and 817,843,916 issued and 663,952,656 outstanding at December 31, 2019)
8

 
8

Additional paid-in capital
7,664

 
7,776

Accumulated deficit
(583
)
 
(692
)
Accumulated other comprehensive loss
(2,692
)
 
(2,229
)
Treasury stock, at cost (153,056,878 and 153,891,260 shares at March 31, 2020 and December 31, 2019, respectively)
(1,858
)
 
(1,867
)
Total AES Corporation stockholders’ equity
2,539

 
2,996

NONCONTROLLING INTERESTS
2,178

 
2,233

Total equity
4,717

 
5,229

TOTAL LIABILITIES AND EQUITY
$
34,142

 
$
33,648

See Notes to Condensed Consolidated Financial Statements.


3 | The AES Corporation

Condensed Consolidated Statements of Operations
(Unaudited)
 
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

See Notes to Condensed Consolidated Financial Statements.


4 | The AES Corporation

Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
 
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

See Notes to Condensed Consolidated Financial Statements.


5 | The AES Corporation

Condensed Consolidated Statements of Changes in Equity
(Unaudited)
 
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.



6 | The AES Corporation

Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
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