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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, 2024
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
______________________________________________________________________________________________
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, 2024 was 710,666,647.




The AES Corporation
Form 10-Q for the Quarterly Period ended March 31, 2024
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, 2024 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 deductions 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
ENSO
El Niño-Southern Oscillation
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


2 | The AES Corporation | March 31, 2024 Form 10-Q
SECUnited States Securities and Exchange Commission
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 | March 31, 2024 Form 10-Q
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets (Unaudited)
March 31, 2024December 31, 2023
(in millions, except share and per share amounts)
ASSETS
CURRENT ASSETS
Cash and cash equivalents$1,994 $1,426 
Restricted cash362 370 
Short-term investments394 395 
Accounts receivable, net of allowance of $19 and $15, respectively
1,624 1,420 
Inventory639 712 
Prepaid expenses198 177 
Other current assets, net of allowance of $15 and $14, respectively
1,404 1,387 
Current held-for-sale assets555 762 
Total current assets7,170 6,649 
NONCURRENT ASSETS
Property, Plant and Equipment:
Land556 522 
Electric generation, distribution assets and other31,352 30,190 
Accumulated depreciation(8,804)(8,602)
Construction in progress8,802 7,848 
Property, plant and equipment, net31,906 29,958 
Other Assets:
Investments in and advances to affiliates1,029 941 
Debt service reserves and other deposits199 194 
Goodwill348 348 
Other intangible assets, net of accumulated amortization of $514 and $498, respectively
2,258 2,243 
Deferred income taxes395 396 
Other noncurrent assets, net of allowance of $9 and $9, respectively
2,992 3,259 
Noncurrent held-for-sale assets748 811 
Total other assets7,969 8,192 
TOTAL ASSETS$47,045 $44,799 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable$2,064 $2,199 
Accrued interest312 315 
Accrued non-income taxes268 278 
Supplier financing arrangements875 974 
Accrued and other liabilities1,273 1,334 
Recourse debt200 200 
Non-recourse debt, including $757 and $1,080, respectively, related to variable interest entities
4,033 3,932 
Current held-for-sale liabilities186 499 
Total current liabilities9,211 9,731 
NONCURRENT LIABILITIES
Recourse debt5,095 4,264 
Non-recourse debt, including $1,617 and $1,715, respectively, related to variable interest entities
20,275 18,482 
Deferred income taxes1,507 1,245 
Other noncurrent liabilities2,661 3,114 
Noncurrent held-for-sale liabilities514 514 
Total noncurrent liabilities30,052 27,619 
   Commitments and Contingencies (see Note 9)
Redeemable stock of subsidiaries1,502 1,464 
EQUITY
THE AES CORPORATION STOCKHOLDERS’ EQUITY
Preferred stock (without par value, 50,000,000 shares authorized; 1,043,050 issued and outstanding at December 31, 2023)
 838 
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 859,584,456 issued and 710,644,647 outstanding at March 31, 2024 and 819,051,591 issued and 669,693,234 outstanding at December 31, 2023)
9 8 
Additional paid-in capital7,068 6,355 
Accumulated deficit(954)(1,386)
Accumulated other comprehensive loss(1,414)(1,514)
Treasury stock, at cost (148,939,809 and 149,358,357 shares at March 31, 2024 and December 31, 2023, respectively)
(1,809)(1,813)
Total AES Corporation stockholders’ equity2,900 2,488 
NONCONTROLLING INTERESTS3,380 3,497 
Total equity6,280 5,985 
TOTAL LIABILITIES AND EQUITY$47,045 $44,799 
See Notes to Condensed Consolidated Financial Statements.


4 | The AES Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended March 31,
20242023
(in millions, except share and per share amounts)
Revenue:
Non-Regulated$2,232 $2,287 
Regulated853 952 
Total revenue3,085 3,239 
Cost of Sales:
Non-Regulated(1,733)(1,797)
Regulated(733)(848)
Total cost of sales(2,466)(2,645)
Operating margin619 594 
General and administrative expenses(75)(55)
Interest expense(357)(330)
Interest income105 123 
Loss on extinguishment of debt(1)(1)
Other expense(38)(14)
Other income35 10 
Gain on disposal and sale of business interests43  
Asset impairment expense(46)(20)
Foreign currency transaction losses(8)(42)
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES277 265 
Income tax benefit (expense)16 (72)
Net equity in losses of affiliates(15)(4)
NET INCOME278 189 
Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries154 (38)
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION$432 $151 
BASIC EARNINGS PER SHARE:
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS$0.62 $0.22 
DILUTED EARNINGS PER SHARE:
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS$0.60 $0.21 
DILUTED SHARES OUTSTANDING
712 712 
        
See Notes to Condensed Consolidated Financial Statements.


5 | The AES Corporation
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended March 31,
20242023
(in millions)
NET INCOME$278 $189 
Foreign currency translation activity:
Foreign currency translation adjustments, net of $0 income tax for all periods
(43)40 
Total foreign currency translation adjustments(43)40 
Derivative activity:
Change in fair value of derivatives, net of income tax benefit (expense) of $(44) and $31, respectively
200 (122)
Reclassification to earnings, net of income tax benefit of $0 and $9, respectively
(2)(41)
Total change in fair value of derivatives198 (163)
Pension activity:
Change in pension adjustments due to net actuarial gain for the period, net of $0 income tax for all periods
 1 
Total pension adjustments 1 
Fair value option liabilities activity:
Change in fair value option liabilities due to instrument-specific credit risk, net of $0 income tax for all periods
3  
Total change in fair value option liabilities3  
OTHER COMPREHENSIVE INCOME (LOSS)158 (122)
COMPREHENSIVE INCOME436 67 
Less: Comprehensive loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries96 (18)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE AES CORPORATION$532 $49 
See Notes to Condensed Consolidated Financial Statements.


6 | The AES Corporation
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Three Months Ended March 31, 2024
Preferred StockCommon StockTreasury StockAdditional
Paid-In
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests (1)
SharesAmountSharesAmountSharesAmount
(in millions)
Balance at January 1, 20241.0 $838 819.1 $8 149.4 $(1,813)$6,355 $(1,386)$(1,514)$3,497 
Net income (loss)— — — — — —  432  (65)
Total foreign currency translation adjustments, net of income tax— — — — — —   (38)(4)
Total change in fair value of derivatives, net of income tax— — — — — —   135 27 
Total change in fair value option liabilities, net of income tax— — — — — — — — 3 — 
Total other comprehensive income— — — — — — — — 100 23 
Adjustments to redemption value of redeemable stock of subsidiaries (2)
— — — — — — (6)— — — 
Disposition of business interests— — — — — — — — — (111)
Distributions to noncontrolling interests— — — — — —    (13)
Contributions from noncontrolling interests— — — — — —    1 
Sales to noncontrolling interests— — — — — — 1   48 
Conversion of Corporate Units to shares of common stock(1.0)(838)40.5 1 — — 838 — — — 
Dividends declared on common stock ($0.1725/share)
— — — — — — (116)   
Purchase of treasury stock— — — — 0.1 (3)3 — — — 
Issuance and exercise of stock-based compensation benefit plans, net of income tax— —   (0.6)7 (7)   
Balance at March 31, 2024 $ 859.6 $9 148.9 $(1,809)$7,068 $(954)$(1,414)$3,380 

Three Months Ended March 31, 2023
Preferred StockCommon StockTreasury StockAdditional
Paid-In
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests (1)
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 adjustments, net of income tax— — — — — —   33 7 
Total change in fair value of derivatives, 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 


(1) Excludes redeemable stock of subsidiaries. See Note 11—Redeemable Stock of Subsidiaries.
(2) Adjustment to record the redeemable stock of a tax equity partnership at AES Clean Energy Development at redemption value.

See Notes to Condensed Consolidated Financial Statements.


7 | The AES Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended March 31,
20242023
(in millions)
OPERATING ACTIVITIES:
Net income$278 $189 
Adjustments to net income:
Depreciation and amortization312 273 
Emissions allowance expense47 89 
Gain on realized/unrealized derivatives(73)(33)
Gain on disposal and sale of business interests(43) 
Impairment expense46 20 
Deferred income tax expense (benefit)222 (11)
Other104 89 
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable(232)(62)
(Increase) decrease in inventory72 191 
(Increase) decrease in prepaid expenses and other current assets39 64 
(Increase) decrease in other assets(91)50 
Increase (decrease) in accounts payable and other current liabilities(85)(293)
Increase (decrease) in income tax payables, net and other tax payables(327)(7)
Increase (decrease) in deferred income23 21 
Increase (decrease) in other liabilities(5)45 
Net cash provided by operating activities287 625 
INVESTING ACTIVITIES:
Capital expenditures(2,148)(1,551)
Acquisitions of business interests, net of cash and restricted cash acquired(57) 
Proceeds from the sale of business interests, net of cash and restricted cash sold11 98 
Sale of short-term investments141 356 
Purchase of short-term investments(144)(418)
Contributions and loans to equity affiliates(21)(20)
Purchase of emissions allowances(56)(78)
Other investing(112)(11)
Net cash used in investing activities(2,386)(1,624)
FINANCING ACTIVITIES:
Borrowings under the revolving credit facilities1,741 1,415 
Repayments under the revolving credit facilities(1,037)(1,055)
Commercial paper borrowings (repayments), net719 350 
Issuance of recourse debt 500 
Issuance of non-recourse debt2,131 690 
Repayments of non-recourse debt(915)(660)
Payments for financing fees(31)(18)
Purchases under supplier financing arrangements486 529 
Repayments of obligations under supplier financing arrangements(516)(587)
Distributions to noncontrolling interests(23)(47)
Contributions from noncontrolling interests26 18 
Sales to noncontrolling interests125  
Dividends paid on AES common stock(116)(111)
Payments for financed capital expenditures(7)(4)
Other financing23 (4)
Net cash provided by financing activities2,606 1,016 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(15)(18)
(Increase) decrease in cash, cash equivalents and restricted cash of held-for-sale businesses73 (9)
Total increase (decrease) in cash, cash equivalents and restricted cash565 (10)
Cash, cash equivalents and restricted cash, beginning1,990 2,087 
Cash, cash equivalents and restricted cash, ending$2,555 $2,077 
SUPPLEMENTAL DISCLOSURES:
Cash payments for interest, net of amounts capitalized$354 $252 
Cash payments for income taxes, net of refunds68 53 
SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Conversion of Corporate Units to shares of common stock (see Note 12)838  
Noncash recognition of new operating and financing leases124 19 
Dividends declared but not yet paid116 111 
Initial recognition of contingent consideration for acquisitions9  
See Notes to Condensed Consolidated Financial Statements.


8 | Notes to Condensed Consolidated Financial Statements | March 31, 2024 and 2023
Notes to Condensed Consolidated Financial Statements
For the Three Months Ended March 31, 2024 and 2023
(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, except for our investment in Alto Maipo, for which we have elected the fair value option as permitted under ASC 825. 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, 2024 are not necessarily indicative of expected results for the year ending December 31, 2024. The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the 2023 audited consolidated financial statements and notes thereto, which are included in the 2023 Form 10-K filed with the SEC on February 29, 2024 (the “2023 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 Sheets that reconcile to the total of such amounts as shown on the Condensed Consolidated Statements of Cash Flows (in millions):
March 31, 2024December 31, 2023
Cash and cash equivalents$1,994 $1,426 
Restricted cash362 370 
Debt service reserves and other deposits199 194 
Cash, Cash Equivalents, and Restricted Cash$2,555 $1,990 
ASC 450LiabilitiesSupplier Finance Programs With some purchases, AES enters into supplier financing arrangements. The Company generally uses an intermediary entity between the supplier and the Company, but sometimes enters into these agreements directly with the supplier, with the goal of securing improved payment terms. These arrangements are included in Supplier financing arrangements on the Condensed Consolidated Balance Sheets as the amounts are all due in less than a year; the related interest expense is recorded on the Condensed Consolidated Statements of Operations within Interest expense. The company had 32 supplier financing arrangements with a total outstanding balance of $875 million as of March 31, 2024, and 46 supplier financing arrangements with a total outstanding balance of $974 million as of December 31, 2023. The agreements ranged from less than $1 million to $96 million with a weighted average interest rate of 7.60% as of March 31, 2024; as of December 31, 2023, the agreements ranged from less than $1 million to $69 million with a weighted average interest rate of 7.51%. Of the amounts outstanding under supplier financing arrangements, $725 million and $814 million were guaranteed by the Company as of March 31, 2024 and December 31, 2023, respectively.
New Accounting Pronouncements Adopted in 2024 The following table provides a brief description of recent accounting pronouncements that had an impact on the Company’s condensed 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 condensed consolidated financial statements.


9 | Notes to Condensed Consolidated Financial Statements—(Continued) | March 31, 2024 and 2023
New Accounting Standards Adopted
ASU Number and NameDescriptionDate of AdoptionEffect on the financial statements upon adoption
2022-04,Liabilities - Supplier Finance Programs (Topic 450-50): Disclosure of Supplier Finance Program ObligationsThis update is to provide additional information and disclosures about an entity’s use of supplier finance programs to see how these programs will affect an entity’s working capital, liquidity, and cash flows. Entities that use supplier finance programs as the buyer party should disclose (1) the key terms of the payment terms and assets pledged as security or other forms of guarantees provided and (2) the unpaid amount outstanding, a description of where those obligations are presented on the balance sheet, and a rollforward of those obligations during the annual period.January 1, 2023, except for the rollforward information, which is effective for fiscal years beginning after December 15, 2023.The ASU only requires disclosures related to the Company's supplier finance programs and does not affect the recognition, measurement, or presentation of supplier finance program obligations on the balance sheet or cash flow statement. The Company adopted the new disclosure requirements in the first quarter of 2023, except for the annual requirement to disclose rollforward information, which the Company expects to adopt and present prospectively beginning in the 2024 annual financial statements.
New Accounting Pronouncements Issued But Not Yet Effective The following table provides a brief description of recent accounting pronouncements that could have a material impact on the Company’s condensed consolidated financial statements once adopted. Accounting pronouncements not listed below were assessed and determined to be either not applicable or are expected to have no material impact on the Company’s condensed consolidated financial statements.
New Accounting Standards Issued But Not Yet Effective
ASU Number and NameDescriptionDate of AdoptionEffect on the financial statements upon adoption
2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
The amendments in this section are designed to improve the disclosures related to segment reporting on an interim and annual basis. Public companies must disclose significant segment expenses and an amount for other segment items. This will also require that a company disclose its annual disclosures under Topic 280 in each interim period. Furthermore, companies will need to disclose the Chief Operating Decision Maker (“CODM”) and how the CODM assesses the performance of a segment. Lastly, public companies that have a single reportable segment must report the required disclosures under Topic 280.
The amendments in this Update are effective for fiscal years beginning after
December 15, 2023, and interim periods within fiscal years beginning after
December 15, 2024. Early adoption is permitted.
This ASU only affects disclosures, which will be provided when the amendment becomes effective.
2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures
The amendments in this Update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. Furthermore, companies are required to disclose a disaggregated amount of income taxes paid at a federal, state, and foreign level as well as a breakdown of income taxes paid in an jurisdiction that comprises 5% of a company's total income taxes paid. Lastly, this ASU requires that companies disclose income (loss) from continuing operations before income tax at a domestic and foreign level and that companies disclose income tax expense from continuing operations on a federal, state, and foreign level.
The amendments in this Update are effective for fiscal years beginning after December 15, 2024
This ASU only affects disclosures, which will be provided when the amendment becomes effective.


10 | Notes to Condensed Consolidated Financial Statements—(Continued) | March 31, 2024 and 2023
2. INVENTORY
The following table summarizes the Company’s inventory balances as of the periods indicated (in millions):
March 31, 2024December 31, 2023
Fuel and other raw materials$337 $424 
Spare parts and supplies302 288 
Total$639 $712 
3. FAIR VALUE
The fair value of current financial assets and liabilities, debt service reserves, and other deposits approximate their reported carrying amounts. The estimated fair values of the Company’s assets and liabilities have been determined using available market information. Because these amounts are estimates and based on hypothetical transactions to sell assets or transfer liabilities, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. For further information on our valuation techniques and policies, see Note 5—Fair Value in Item 8.—Financial Statements and Supplementary Data of our 2023 Form 10-K.
Recurring Measurements
The following table presents, by level within the fair value hierarchy, the Company’s financial assets and liabilities that were measured at fair value on a recurring basis as of the dates indicated (in millions). For the Company’s investments in marketable debt securities, the security classes presented were determined based on the nature and risk of the security and are consistent with how the Company manages, monitors, and measures its marketable securities:
 March 31, 2024December 31, 2023
 Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
DEBT SECURITIES:
Available-for-sale:
Certificates of deposit$ $338 $ $338 $ $360 $ $360 
Government debt securities 3  3     
Total debt securities 341  341  360  360 
EQUITY SECURITIES:
Mutual funds49   49 46   46 
Common stock
5   5     
Total equity securities54   54 46   46 
DERIVATIVES:
Interest rate derivatives 268  268  182 2 184 
Foreign currency derivatives 13 64 77  15 59 74 
Commodity derivatives 253  253  127 1 128 
Total derivatives — assets 534 64 598  324 62 386 
TOTAL ASSETS$54 $875 $64 $993 $46 $684 $62 $792 
Liabilities
Contingent consideration$ $ $158 $158 $ $ $165 $165 
DERIVATIVES:
Interest rate derivatives 33 2 35  102 6 108 
Cross-currency derivatives 54  54  63  63 
Foreign currency derivatives 28