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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 June 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-12291
aes-20220630_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 August 2, 2022 was 667,933,612.




The AES Corporation
Form 10-Q for the Quarterly Period ended June 30, 2022
Table of Contents
ITEM 1.
Note 17 - Held-for-Sale and Dispositions
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.


1 | The AES Corporation | June 30, 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
BEATBase Erosion and Anti-Abuse Tax
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
DG CompDirectorate-General for Competition
DPLDPL Inc.
EPAUnited States Environmental Protection Agency
EPCEngineering, Procurement and Construction
ESPElectric Security Plan
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
GWhGigawatt Hours
HLBVHypothetical Liquidation Book Value
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
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
RSURestricted Stock Unit
SBUStrategic Business Unit
SECUnited States Securities and Exchange Commission
SO2
Sulfur Dioxide
TDSICTransmission, Distribution, and Storage System Improvement Charge
U.S.United States
USDUnited States Dollar
VATValue-Added Tax
VIEVariable Interest Entity


2 | The AES Corporation | June 30, 2022 Form 10-Q
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets (Unaudited)
June 30, 2022December 31, 2021
(in millions, except share and per share amounts)
ASSETS
CURRENT ASSETS
Cash and cash equivalents$1,075 $943 
Restricted cash412 304 
Short-term investments595 232 
Accounts receivable, net of allowance for doubtful accounts of $5 and $5, respectively
1,675 1,418 
Inventory871 604 
Prepaid expenses182 142 
Other current assets1,269 897 
Current held-for-sale assets844 816 
Total current assets6,923 5,356 
NONCURRENT ASSETS
Property, Plant and Equipment:
Land433 426 
Electric generation, distribution assets and other25,351 25,552 
Accumulated depreciation(8,387)(8,486)
Construction in progress3,356 2,414 
Property, plant and equipment, net20,753 19,906 
Other Assets:
Investments in and advances to affiliates1,098 1,080 
Debt service reserves and other deposits164 237 
Goodwill1,179 1,177 
Other intangible assets, net of accumulated amortization of $402 and $385, respectively
1,646 1,450 
Deferred income taxes395 409 
Other noncurrent assets, net of allowance of $42 and $23, respectively
2,775 2,188 
Noncurrent held-for-sale assets1,137 1,160 
Total other assets8,394 7,701 
TOTAL ASSETS$36,070 $32,963 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable$1,685 $1,153 
Accrued interest214 182 
Accrued non-income taxes242 266 
Accrued and other liabilities1,099 1,205 
Non-recourse debt, including $353 and $302, respectively, related to variable interest entities
2,202 1,367 
Current held-for-sale liabilities547 559 
Total current liabilities5,989 4,732 
NONCURRENT LIABILITIES
Recourse debt4,177 3,729 
Non-recourse debt, including $2,142 and $2,223, respectively, related to variable interest entities
14,997 13,603 
Deferred income taxes1,086 977 
Other noncurrent liabilities3,117 3,358 
Noncurrent held-for-sale liabilities678 740 
Total noncurrent liabilities24,055 22,407 
Commitments and Contingencies (see Note 8)
Redeemable stock of subsidiaries1,173 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 June 30, 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 667,878,925 outstanding at June 30, 2022 and 818,717,043 issued and 666,793,625 outstanding at December 31, 2021)
8 8 
Additional paid-in capital6,924 7,106 
Accumulated deficit(1,153)(1,089)
Accumulated other comprehensive loss(1,790)(2,220)
Treasury stock, at cost (150,856,389 and 151,923,418 shares at June 30, 2022 and December 31, 2021, respectively)
(1,832)(1,845)
Total AES Corporation stockholders’ equity2,995 2,798 
NONCONTROLLING INTERESTS1,858 1,769 
Total equity4,853 4,567 
TOTAL LIABILITIES AND EQUITY$36,070 $32,963 
See Notes to Condensed Consolidated Financial Statements.


3 | The AES Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(in millions, except share and per share amounts)
Revenue:
Regulated$802 $672 $1,637 $1,379 
Non-Regulated2,276 2,028 4,293 3,956 
Total revenue3,078 2,700 5,930 5,335 
Cost of Sales:
Regulated(734)(580)(1,439)(1,162)
Non-Regulated(1,781)(1,392)(3,398)(2,781)
Total cost of sales(2,515)(1,972)(4,837)(3,943)
Operating margin563 728 1,093 1,392 
General and administrative expenses(46)(45)(98)(91)
Interest expense(279)(237)(537)(427)
Interest income95 73 170 141 
Loss on extinguishment of debt(1)(18)(7)(19)
Other expense(29)(4)(41)(20)
Other income70 183 76 226 
Gain (loss) on disposal and sale of business interests(2)64 (1)59 
Asset impairment expense(482)(872)(483)(1,345)
Foreign currency transaction losses(49)(2)(68)(37)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES(160)(130)104 (121)
Income tax benefit (expense)19 59 (41)51 
Net equity in earnings (losses) of affiliates5 (10)(28)(40)
INCOME (LOSS) FROM CONTINUING OPERATIONS(136)(81)35 (110)
Gain from disposal of discontinued businesses 4  4 
NET INCOME (LOSS)(136)(77)35 (106)
Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries(43)105 (99)(14)
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION$(179)$28 $(64)$(120)
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS:
Income (loss) from continuing operations, net of tax$(179)$24 $(64)$(124)
Income from discontinued operations, net of tax 4  4 
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION$(179)$28 $(64)$(120)
BASIC EARNINGS PER SHARE:
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax$(0.27)$0.03 $(0.10)$(0.19)
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax 0.01  0.01 
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS$(0.27)$0.04 $(0.10)$(0.18)
DILUTED EARNINGS PER SHARE:
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax$(0.27)$0.03 $(0.10)$(0.19)
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax 0.01  0.01 
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS$(0.27)$0.04 $(0.10)$(0.18)
DILUTED SHARES OUTSTANDING
668 671 668 666 
See Notes to Condensed Consolidated Financial Statements.


4 | The AES Corporation
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(in millions)
NET INCOME (LOSS)$(136)$(77)$35 $(106)
Foreign currency translation activity:
Foreign currency translation adjustments, net of $0 income tax for all periods
(149)38 (17)(31)
Reclassification to earnings, net of $0 income tax for all periods
 3  3 
Total foreign currency translation adjustments(149)41 (17)(28)
Derivative activity:
Change in derivative fair value, net of income tax benefit (expense) of $(61), $48, $(134), and $(19), respectively
270 (175)542 68 
Reclassification to earnings, net of income tax expense of $3, $6, $13, and $13, respectively
20 26 38 49 
Total change in fair value of derivatives290 (149)580 117 
Pension activity:
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax expense of $0, $1, $0, and $0, respectively
 (1)  
Reclassification to earnings, net of income tax expense of $0, $1, $0, and $1, respectively
 1 1 1 
Total pension adjustments  1 1 
OTHER COMPREHENSIVE INCOME (LOSS)141 (108)564 90 
COMPREHENSIVE INCOME (LOSS)5 (185)599 (16)
Less: Comprehensive loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries(75)104 (157)(47)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION$(70)$(81)$442 $(63)
See Notes to Condensed Consolidated Financial Statements.


5 | The AES Corporation
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Six Months Ended June 30, 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 income— — — — — — — — 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)