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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, 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 July 30, 2024 was 710,924,314.



The AES Corporation
Form 10-Q for the Quarterly Period ended June 30, 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 | June 30, 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:
2024 Base Rate Order
The order issued in April 2024 by the IURC authorizing AES Indiana to, among other things, increase its basic rates and charges by $71 million annually
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
DIR
Distribution Investment Rider - established in the ESP 4 to recover certain distribution capital investments placed in service beginning June 30, 2020, for three years, and subject to increasing annual revenue limits and other terms. The annual revenue limit for 2024 is $38.4 million.
DPLDPL Inc.
EBITDA
Earnings before interest income and expense, taxes, depreciation and amortization, a non-GAAP measure of operating performance
ECCRA
Environmental Compliance Cost Recovery Adjustment
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

2 | The AES Corporation | June 30, 2024 Form 10-Q
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
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 | June 30, 2024 Form 10-Q
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets
(Unaudited)
June 30, 2024December 31, 2023
(in millions, except share and per share amounts)
ASSETS
CURRENT ASSETS
Cash and cash equivalents$1,773 $1,426 
Restricted cash299 370 
Short-term investments61 395 
Accounts receivable, net of allowance of $22 and $15, respectively
1,507 1,420 
Inventory661 712 
Prepaid expenses141 177 
Other current assets, net of allowance of $0 and $14, respectively
1,458 1,387 
Current held-for-sale assets3,655 762 
Total current assets9,555 6,649 
NONCURRENT ASSETS
Property, Plant and Equipment:
Land488 522 
Electric generation, distribution assets and other29,467 30,190 
Accumulated depreciation(8,270)(8,602)
Construction in progress9,047 7,848 
Property, plant and equipment, net30,732 29,958 
Other Assets:
Investments in and advances to affiliates1,156 941 
Debt service reserves and other deposits76 194 
Goodwill348 348 
Other intangible assets, net of accumulated amortization of $420 and $498, respectively
1,879 2,243 
Deferred income taxes435 396 
Other noncurrent assets, net of allowance of $11 and $9, respectively
2,845 3,259 
Noncurrent held-for-sale assets712 811 
Total other assets7,451 8,192 
TOTAL ASSETS$47,738 $44,799 
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable$1,869 $2,199 
Accrued interest242 315 
Accrued non-income taxes229 278 
Supplier financing arrangements553 974 
Accrued and other liabilities1,043 1,334 
Recourse debt890 200 
Non-recourse debt, including $335 and $1,080, respectively, related to variable interest entities
2,176 3,932 
Current held-for-sale liabilities2,821 499 
Total current liabilities9,823 9,731 
NONCURRENT LIABILITIES
Recourse debt5,256 4,264 
Non-recourse debt, including $2,087 and $1,715, respectively, related to variable interest entities
20,232 18,482 
Deferred income taxes1,588 1,245 
Other noncurrent liabilities2,452 3,114 
Noncurrent held-for-sale liabilities457 514 
Total noncurrent liabilities29,985 27,619 
   Commitments and Contingencies (see Note 9)
Redeemable stock of subsidiaries901 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 710,823,239 outstanding at June 30, 2024 and 819,051,591 issued and 669,693,234 outstanding at December 31, 2023)
9 8 
Additional paid-in capital7,067 6,355 
Accumulated deficit(769)(1,386)
Accumulated other comprehensive loss(1,409)(1,514)
Treasury stock, at cost (148,761,217 and 149,358,357 shares at June 30, 2024 and December 31, 2023, respectively)
(1,807)(1,813)
Total AES Corporation stockholders’ equity3,091 2,488 
NONCONTROLLING INTERESTS3,938 3,497 
Total equity7,029 5,985 
TOTAL LIABILITIES AND EQUITY$47,738 $44,799 
See Notes to Condensed Consolidated Financial Statements.

4 | The AES Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in millions, except share and per share amounts)
Revenue:
Non-Regulated$2,070 $2,193 $4,302 $4,480 
Regulated872 834 1,725 1,786 
Total revenue2,942 3,027 6,027 6,266 
Cost of Sales:
Non-Regulated(1,671)(1,782)(3,404)(3,579)
Regulated(718)(747)(1,451)(1,595)
Total cost of sales(2,389)(2,529)(4,855)(5,174)
Operating margin553 498 1,172 1,092 
General and administrative expenses(66)(72)(141)(127)
Interest expense(389)(310)(746)(640)
Interest income88 131 193 254 
Loss on extinguishment of debt(9)— (10)(1)
Other expense(84)(12)(122)(26)
Other income21 14 56 24 
Gain (loss) on disposal and sale of business interests1 (4)44 (4)
Asset impairment expense(230)(174)(276)(194)
Foreign currency transaction gains (losses)38 (67)30 (109)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES(77)4 200 269 
Income tax benefit (expense)35 2 51 (70)
Net equity in earnings (losses) of affiliates3 (25)(12)(29)
NET INCOME (LOSS)(39)(19)239 170 
Less: Net loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries224 (20)378 (58)
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION$185 $(39)$617 $112 
BASIC EARNINGS PER SHARE:
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS$0.27 $(0.06)$0.88 $0.17 
DILUTED EARNINGS PER SHARE:
NET INCOME (LOSS) ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS$0.27 $(0.06)$0.87 $0.16 
DILUTED SHARES OUTSTANDING
713 669 713 712 
        
See Notes to Condensed Consolidated Financial Statements.

5 | The AES Corporation
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in millions)
NET INCOME (LOSS)$(39)$(19)$239 $170 
Foreign currency translation activity:
Foreign currency translation adjustments, net of $0 income tax for all periods
(121)79 (164)119 
Total foreign currency translation adjustments(121)79 (164)119 
Derivative activity:
Change in fair value of derivatives, net of income tax expense of $22, $36, $66 and $5, respectively
92 124 292 2 
Reclassification to earnings, net of income tax benefit (expense) of $(7), $2, $(7), and $11, respectively
23 (7)21 (48)
Total change in fair value of derivatives115 117 313 (46)
Pension activity:
Change in pension adjustments due to net actuarial gain for the period, net of $0 income tax for all periods
1 — 1 1 
Total pension adjustments1 — 1 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 liabilities— — 3 — 
OTHER COMPREHENSIVE INCOME (LOSS)(5)196 153 74 
COMPREHENSIVE INCOME (LOSS)(44)177 392 244 
Less: Comprehensive loss (income) attributable to noncontrolling interests and redeemable stock of subsidiaries234 (41)330 (59)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE AES CORPORATION$190 $136 $722 $185 
See Notes to Condensed Consolidated Financial Statements.

6 | The AES Corporation
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
Six Months Ended June 30, 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 
Net income (loss)— — — — — — — 185 — (214)
Total foreign currency translation adjustments, net of income tax— — — — — — — — (87)(33)
Total change in fair value of derivatives, net of income tax— — — — — — — — 92 (15)
Total pension adjustments, net of income tax— — — — — — — — — 1 
Total other comprehensive income— — — — — — — — 5 (47)
Adjustments to redemption value of redeemable stock of subsidiaries (2)
— — — — — — 6 — — — 
Reclassification of redeemable stock of subsidiaries (3)
— — — — — — — — — 670 
Distributions to noncontrolling interests— — — — — — — — — (94)
Contributions from noncontrolling interests— — — — — — — — — 51 
Sales to noncontrolling interests— — — — — — (9)— — 192 
Dividends declared on common stock— — — — — — (7)— — — 
Issuance and exercise of stock-based compensation benefit plans, net of income tax— — — — (0.1)2 9 — — — 
Balance at June 30, 2024— $— 859.6 $9 148.8 $(1,807)$7,067 $(769)$(1,409)$3,938 


7 | The AES Corporation
Six Months Ended June 30, 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 
Net income (loss)— — — — — — — (39)— 42 
Total foreign currency translation adjustments, net of income tax— — — — — — — — 74 4 
Total change in fair value of derivatives, net of income tax— — — — — — — — 101 — 
Total other comprehensive income— — — — — — — — 175 4 
Distributions to noncontrolling interests— — — — — — — — — (90)
Sales to noncontrolling interests— — — — — — (17)— — 209