AES Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>AES Corp submitted its Q1 2024 10-Q filing detailing financial performance and position.</b>

AI Summary

AES CORP (AES) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. AES Corp filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The filing covers financial activities for the first quarter of 2024. It includes details on assets, liabilities, equity, and other financial statement information. The report references various accounting standards and members related to financial reporting. Key dates for financial reporting and changes in company information are noted.

Why It Matters

For investors and stakeholders tracking AES CORP, this filing contains several important signals. Provides investors with up-to-date financial information to assess the company's performance and outlook. Enables stakeholders to understand the company's financial health, including assets, liabilities, and equity as of March 31, 2024.

Risk Assessment

Risk Level: low — AES CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or disclosures beyond routine financial reporting.

Analyst Insight

Review the detailed financial statements and disclosures within the 10-Q to understand AES Corp's performance and financial position for Q1 2024.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)
• 121 — Public Document Count (Total number of documents in the filing)
• 4991 — SIC Code (Standard Industrial Classification code for Cogeneration Services & Small Power Producers)

Key Players & Entities

• AES CORP (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-02 (date) — Filed as of date
• 4300 WILSON BOULEVARD (address) — Business address
• ARLINGTON (location) — Business address city
• VA (location) — Business address state
• 22203 (postal_code) — Business address zip
• 7035221315 (phone_number) — Business phone

FAQ

Key Dates

• 2024-03-31: Reporting Period End — End date for the financial data presented in the 10-Q.
• 2024-05-02: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with essential financial information on a company's performance during the quarter.)

Variable Interest Entity

An entity that is not structured as a corporation but in which the holder has a controlling financial interest. (Relevant for understanding consolidated financial statements and potential off-balance sheet risks.)

Nonrecourse Member

A member in a variable interest entity whose obligation is limited to the assets contributed to the entity. (Indicates limited liability for the entity's debts.)

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share AES New York Stock Exchange
• $0 — instrument-specific credit risk, net of $0 income tax for all periods 3 — Total

Filing Documents

• aes-20240331.htm (10-Q) — 2419KB
• aes0331202410-qexhibit311.htm (EX-31.1) — 10KB
• aes0331202410-qexhibit312.htm (EX-31.2) — 9KB
• aes0331202410-qexhibit321.htm (EX-32.1) — 4KB
• aes0331202410-qexhibit322.htm (EX-32.2) — 4KB
• aes-20240331_g1.jpg (GRAPHIC) — 47KB
• aes-20240331_g10.jpg (GRAPHIC) — 51KB
• aes-20240331_g2.jpg (GRAPHIC) — 272KB
• aes-20240331_g3.jpg (GRAPHIC) — 45KB
• aes-20240331_g4.jpg (GRAPHIC) — 42KB
• aes-20240331_g5.jpg (GRAPHIC) — 70KB
• aes-20240331_g6.jpg (GRAPHIC) — 71KB
• aes-20240331_g7.jpg (GRAPHIC) — 38KB
• aes-20240331_g8.jpg (GRAPHIC) — 44KB
• aes-20240331_g9.jpg (GRAPHIC) — 40KB
• 0000874761-24-000038.txt (&nbsp;) — 18508KB
• aes-20240331.xsd (EX-101.SCH) — 133KB
• aes-20240331_cal.xml (EX-101.CAL) — 96KB
• aes-20240331_def.xml (EX-101.DEF) — 1160KB
• aes-20240331_lab.xml (EX-101.LAB) — 1722KB
• aes-20240331_pre.xml (EX-101.PRE) — 1387KB
• aes-20240331_htm.xml (XML) — 2274KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION 3

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Income (Loss) 5 Condensed Consolidated Statements of Changes in Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8 Note 1 - Financial Statement Presentation 8 Note 2 - Inventory 10 Note 3 - Fair Value 10 Note 4 - Derivative Instruments and Hedging Activities 12 Note 5 - Financing Receivables 14 Note 6 - Allowance for Credit Los ses 15 Note 7 - Investments in and Advances to Affiliates 15 Note 8 - Debt 16 Note 9 - Commitments and Contingencies 18 Note 10 - Leases 20 Note 1 1 - Redeemable Stock of Subsidiaries 21 Note 1 2 - Equity 21 Note 1 3 - Segments 23 Note 1 4 - Revenue 25 Note 1 5 - Other Income and Expense 26 Note 1 6 - Asset Impairment Expense 26 Note 1 7 - Income Taxes 27 Note 1 8 - Held-for-Sale and Dispositions 27 Note 1 9 - Acquisitions 28 Note 20 - Earnings Per Share 28 Note 2 1 - Risks and Uncertainties 29

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 30 Executive Summary 30 Review of Consolidated Results of Operations 33 SBU Performance Analysis 37 Key Trends and Uncertainties 42 Capital Resources and Liquidity 51 Critical Accounting Policies and Estimates 58

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 58

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 61

: OTHER INFORMATION

PART II: OTHER INFORMATION 62

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 62

RISK FACTORS

ITEM 1A. RISK FACTORS 65

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 65

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 65

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 65

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 65

EXHIBITS

ITEM 6. EXHIBITS 66

SIGNATURES

SIGNATURES 67 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 EPS Adjusted Earnings Per Share, a non-GAAP measure Adjusted PTC Adjusted Pre-tax Contribution, a non-GAAP measure of operating performance AES The Parent Company and its subsidiaries and affiliates AES Andes AES Andes S.A., formerly AES Gener AES Brasil AES Brasil Operaes S.A., formerly branded as AES Tiet AES Clean Energy Development AES Clean Energy Development, LLC AES Indiana Indianapolis Power & Light Company, formerly branded as IPL. AES Indiana is wholly-owned by IPALCO AES Ohio The Dayton Power & Light Company, formerly branded as DP&L. AES Ohio is wholly-owned by DPL AES Renewable Holdings AES Renewable Holdings, LLC, formerly branded as AES Distributed Energy AFUDC Allowance for Funds Used During Construction AGIC AES Global Insurance Company, AES' captive insurance company AOCL Accumulated Other Comprehensive Loss ASC Accounting Standards Codification ASU Accounting Standards Update BESS Battery Energy Storage System CAA United States Clean Air Act 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 CO 2 Carbon Dioxide CSAPR Cross-State Air Pollution Rule CWA U.S. Clean Water Act DG Comp Directorate-General for Competition DPL DPL Inc. EBITDA

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets (Unaudited) March 31, 2024 December 31, 2023 (in millions, except share and per share amounts) ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,994 $ 1,426 Restricted cash 362 370 Short-term investments 394 395 Accounts receivable, net of allowance of $ 19 and $ 15 , respectively 1,624 1,420 Inventory 639 712 Prepaid expenses 198 177 Other current assets, net of allowance of $ 15 and $ 14 , respectively 1,404 1,387 Current held-for-sale assets 555 762 Total current assets 7,170 6,649 NONCURRENT ASSETS Property, Plant and Equipment: Land 556 522 Electric generation, distribution assets and other 31,352 30,190 Accumulated depreciation ( 8,804 ) ( 8,602 ) Construction in progress 8,802 7,848 Property, plant and equipment, net 31,906 29,958 Other Assets: Investments in and advances to affiliates 1,029 941 Debt service reserves and other deposits 199 194 Goodwill 348 348 Other intangible assets, net of accumulated amortization of $ 514 and $ 498 , respectively 2,258 2,243 Deferred income taxes 395 396 Other noncurrent assets, net of allowance of $ 9 and $ 9 , respectively 2,992 3,259 Noncurrent held-for-sale assets 748 811 Total other assets 7,969 8,192 TOTAL ASSETS $ 47,045 $ 44,799 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable $ 2,064 $ 2,199 Accrued interest 312 315 Accrued non-income taxes 268 278 Supplier financing arrangements 875 974 Accrued and other liabilities 1,273 1,334 Recourse debt 200 200 Non-recourse debt, including $ 757 and $ 1,080 , respectively, related to variable interest entities 4,033 3,932 Current held-for-sale liabilities 186 499 Total current liabilities 9,211 9,731 NONCURRENT LIABILITIES Recourse debt 5,095 4,264 Non-recourse debt, including $ 1,617 and $ 1,715 , respectively, related to variable interest entities 20,275 18,482 Deferred income taxes 1,507 1,245 Other noncurrent liabilities 2,661 3,114

View Full Filing

View this 10-Q filing on SEC EDGAR