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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________________________________________________________________________________
FORM 10-Q
(Mark One)
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2018
or
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-12291
aeslogominia02a01a01a02a03.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)
(703) 522-1315
Registrant’s telephone number, including area code:
______________________________________________________________________________________________
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 x 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 x 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 x
 
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 x
______________________________________________________________________________________________
The number of shares outstanding of Registrant’s Common Stock, par value $0.01 per share, on October 30, 2018 was 662,297,479.
 




THE AES CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2018
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.
 
 




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 Pretax Contribution, a non-GAAP measure of operating performance
AFS
Available For Sale
AOCI
Accumulated Other Comprehensive Income
AOCL
Accumulated Other Comprehensive Loss
ASC
Accounting Standards Codification
ASU
Accounting Standards Update
CAA
United States Clean Air Act
CAMMESA
Wholesale Electric Market Administrator in Argentina
CHP
Combined Heat and Power
COFINS
Contribution for the Financing of Social Security
DG Comp
Directorate-General for Competition
DP&L
The Dayton Power & Light Company
DPL
DPL Inc.
EPA
United States Environmental Protection Agency
EPC
Engineering, Procurement and Construction
EURIBOR
Euro Interbank Offered Rate
FASB
Financial Accounting Standards Board
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
IPALCO
IPALCO Enterprises, Inc.
IPL
Indianapolis Power & Light Company
ISO
Independent System Operator
LIBOR
London Interbank Offered Rate
MW
Megawatts
MWh
Megawatt Hours
NCI
Noncontrolling Interest
NEK
Natsionalna Elektricheska Kompania (state-owned electricity public supplier in Bulgaria)
NM
Not Meaningful
NOV
Notice of Violation
NOX
Nitrogen Oxides
OPGC
Odisha Power Generation Corporation
PIS
Program of Social Integration
PPA
Power Purchase Agreement
PREPA
Puerto Rico Electric Power Authority
RSU
Restricted Stock Unit
RTO
Regional Transmission Organization
SBU
Strategic Business Unit
SEC
United States Securities and Exchange Commission
SO2
Sulfur Dioxide
TCJA
Tax Cuts and Jobs Act 

U.S.
United States
USD
United States Dollar
VAT
Value-Added Tax
VIE
Variable Interest Entity

1



PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

THE AES CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
 
September 30,
2018
 
December 31,
2017
 
(in millions, except share and per share data)
ASSETS
 
 
 
CURRENT ASSETS
 
 
 
Cash and cash equivalents
$
1,187

 
$
949

Restricted cash
441

 
274

Short-term investments
401

 
424

Accounts receivable, net of allowance for doubtful accounts of $16 and $10, respectively
1,510

 
1,463

Inventory
562

 
562

Prepaid expenses
97

 
62

Other current assets
706

 
630

Current held-for-sale assets
111

 
2,034

Total current assets
5,015

 
6,398

NONCURRENT ASSETS
 
 
 
Property, Plant and Equipment:
 
 
 
Land
470

 
502

Electric generation, distribution assets and other
25,055

 
24,119

Accumulated depreciation
(8,033
)
 
(7,942
)
Construction in progress
3,616

 
3,617

Property, plant and equipment, net
21,108

 
20,296

Other Assets:
 
 
 
Investments in and advances to affiliates
1,277

 
1,197

Debt service reserves and other deposits
494

 
565

Goodwill
1,059

 
1,059

Other intangible assets, net of accumulated amortization of $472 and $441, respectively
400

 
366

Deferred income taxes
88

 
130

Service concession assets, net of accumulated amortization of $0 and $206, respectively
—

 
1,360

Loan receivable
1,441

 
—

Other noncurrent assets
1,607

 
1,741

Total other assets
6,366

 
6,418

TOTAL ASSETS
$
32,489

 
$
33,112

LIABILITIES AND EQUITY
 
 
 
CURRENT LIABILITIES
 
 
 
Accounts payable
$
1,299

 
$
1,371

Accrued interest
272

 
228

Accrued and other liabilities
1,151

 
1,232

Non-recourse debt, includes $368 and $1,012, respectively, related to variable interest entities
1,308

 
2,164

Current held-for-sale liabilities
17

 
1,033

Total current liabilities
4,047

 
6,028

NONCURRENT LIABILITIES
 
 
 
Recourse debt
3,815

 
4,625

Non-recourse debt, includes $2,832 and $1,358, respectively, related to variable interest entities
14,273

 
13,176

Deferred income taxes
1,214

 
1,006

Other noncurrent liabilities
2,552

 
2,595

Total noncurrent liabilities
21,854

 
21,402

Commitments and Contingencies (see Note 8)
 
 
 
Redeemable stock of subsidiaries
879

 
837

EQUITY
 
 
 
THE AES CORPORATION STOCKHOLDERS’ EQUITY
 
 
 
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 817,203,691 issued and 662,297,479 outstanding at September 30, 2018 and 816,312,913 issued and 660,388,128 outstanding at December 31, 2017)
8

 
8

Additional paid-in capital
8,328

 
8,501

Accumulated deficit
(1,133
)
 
(2,276
)
Accumulated other comprehensive loss
(2,020
)
 
(1,876
)
Treasury stock, at cost (154,906,212 and 155,924,785 shares at September 30, 2018 and December 31, 2017, respectively)
(1,878
)
 
(1,892
)
Total AES Corporation stockholders’ equity
3,305

 
2,465

NONCONTROLLING INTERESTS
2,404

 
2,380

Total equity
5,709

 
4,845

TOTAL LIABILITIES AND EQUITY
$
32,489

 
$
33,112

See Notes to Condensed Consolidated Financial Statements.

2



THE AES CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
 
(in millions, except per share amounts)
Revenue:
 
 
 
 
 
 
 
Regulated
$
777

 
$
853

 
$
2,215

 
$
2,449

Non-Regulated
2,060

 
1,840

 
5,899

 
5,438

Total revenue
2,837

 
2,693

 
8,114

 
7,887

Cost of Sales:
 
 
 
 
 
 
 
Regulated
(638
)
 
(704
)
 
(1,856
)
 
(2,088
)
Non-Regulated
(1,528
)
 
(1,349
)
 
(4,331
)
 
(3,979
)
Total cost of sales
(2,166
)
 
(2,053
)
 
(6,187
)
 
(6,067
)
Operating margin
671

 
640

 
1,927

 
1,820

General and administrative expenses
(43
)
 
(52
)
 
(134
)
 
(155
)
Interest expense
(255
)
 
(297
)
 
(799
)
 
(860
)
Interest income
79

 
63

 
231

 
185

Loss on extinguishment of debt
(11
)
 
(49
)
 
(187
)
 
(44
)
Other expense
(29
)
 
(36
)
 
(42
)
 
(67
)
Other income
10

 
16

 
30

 
103

Gain (loss) on disposal and sale of businesses
(21
)
 
(1
)
 
856

 
(49
)
Asset impairment expense
(74
)
 
(2
)
 
(166
)
 
(260
)
Foreign currency transaction gains (losses)
5

 
22

 
(44
)
 
14

INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES
332

 
304

 
1,672

 
687

Income tax expense
(146
)
 
(93
)
 
(509
)
 
(246
)
Net equity in earnings of affiliates
6

 
24

 
31

 
33

INCOME FROM CONTINUING OPERATIONS
192

 
235

 
1,194

 
474

Income (loss) from operations of discontinued businesses, net of income tax expense of $0, $17, $2 and $24, respectively
(4
)
 
26

 
(9
)
 
35

Gain from disposal of discontinued businesses, net of income tax expense of $2, $0, $44 and $0, respectively
3

 
—

 
199

 
—

NET INCOME
191

 
261

 
1,384

 
509

Noncontrolling interests:
 
 
 
 
 
 
 
Less: Income from continuing operations attributable to noncontrolling interests and redeemable stocks of subsidiaries
(90
)
 
(88
)
 
(311
)
 
(298
)
Less: Loss (income) from discontinued operations attributable to noncontrolling interests
—

 
(21
)
 
2

 
(30
)
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION
$
101

 
$
152

 
$
1,075

 
$
181

AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS:
 
 
 
 
 
 
 
Income from continuing operations, net of tax
$
102

 
$
147

 
$
883

 
$
176

Income (loss) from discontinued operations, net of tax
(1
)
 
5

 
192

 
5

NET INCOME ATTRIBUTABLE TO THE AES CORPORATION
$
101

 
$
152

 
$
1,075

 
$
181

BASIC EARNINGS PER SHARE:
 
 
 
 
 
 
 
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax
$
0.15

 
$
0.22

 
$
1.33

 
$
0.27

Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax
—

 
0.01

 
0.29

 
0.01

NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS
$
0.15

 
$
0.23

 
$
1.62

 
$
0.28

DILUTED EARNINGS PER SHARE:
 
 
 
 
 
 
 
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax
$
0.15

 
$
0.22

 
$
1.33

 
$
0.27

Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax
—

 
0.01

 
0.29

 
0.01

NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS
$
0.15

 
$
0.23

 
$
1.62

 
$
0.28

DILUTED SHARES OUTSTANDING
665

 
663

 
664

 
662

DIVIDENDS DECLARED PER COMMON SHARE
$
0.13

 
$
0.12

 
$
0.26

 
$
0.24

See Notes to Condensed Consolidated Financial Statements.

3



THE AES CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
 
(in millions)
NET INCOME
$
191

 
$
261

 
$
1,384

 
$
509

Foreign currency translation activity:
 
 
 
 
 
 
 
Foreign currency translation adjustments, net of income tax benefit of $2, $1, $3 and $0, respectively
(42
)
 
80

 
(159
)
 
29

Reclassification to earnings, net of $0 income tax
(3
)
 
—

 
(1
)
 
98

Total foreign currency translation adjustments
(45
)
 
80

 
(160
)
 
127

Derivative activity:
 
 
 
 
 
 
 
Change in derivative fair value, net of income tax benefit (expense) of $(3), $(6), $(3) and $15, respectively
15

 
5

 
32

 
(42
)
Reclassification to earnings, net of income tax benefit (expense) of $(7), $5, $(15) and $(6), respectively
21

 
1

 
67

 
50

Total change in fair value of derivatives
36

 
6

 
99

 
8

Pension activity:
 
 
 
 
 
 
 
Reclassification to earnings, net of income tax expense of $0, $4, $2 and $10, respectively
1

 
7

 
5

 
20

Total pension adjustments
1

 
7

 
5

 
20

OTHER COMPREHENSIVE INCOME (LOSS)
(8
)
 
93

 
(56
)
 
155

COMPREHENSIVE INCOME
183

 
354

 
1,328

 
664

Less: Comprehensive income attributable to noncontrolling interests
(114
)
 
(127
)
 
(416
)
 
(360
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE AES CORPORATION
$
69

 
$
227

 
$
912

 
$
304

See Notes to Condensed Consolidated Financial Statements.

4



THE AES CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
Nine Months Ended September 30,
 
2018
 
2017
 
 
 
 
 
(in millions)
OPERATING ACTIVITIES:
 
 
 
Net income
$
1,384

 
$
509

Adjustments to net income:
 
 
 
Depreciation and amortization
770

 
884

Loss (gain) on disposal and sale of businesses
(856
)
 
49

Impairment expenses
172

 
260

Deferred income taxes
221

 
(3
)
Provisions for contingencies
1

 
30

Loss on extinguishment of debt
187

 
44

Net loss on sales of assets
23

 
34

Gain on sale of discontinued operations
(243
)
 
—

Other
206

 
73

Changes in operating assets and liabilities
 
 
 
(Increase) decrease in accounts receivable
(125
)
 
(279
)
(Increase) decrease in inventory
(13
)
 
(66
)
(Increase) decrease in prepaid expenses and other current assets
15

 
140

(Increase) decrease in other assets
(22
)
 
(266
)
Increase (decrease) in accounts payable and other current liabilities
(29
)
 
162

Increase (decrease) in income taxes payable, net and other taxes payable
(61
)
 
(4
)
Increase (decrease) in other liabilities
51

 
134

Net cash provided by operating activities
1,681

 
1,701

INVESTING ACTIVITIES:
 
 
 
Capital expenditures
(1,592
)
 
(1,587
)
Acquisitions of businesses, net of cash and restricted cash acquired, and equity method investments
(66
)
 
(590
)
Proceeds from the sale of businesses, net of cash and restricted cash sold, and equity method investments
1,796

 
39

Proceeds from the sale of assets
15

 
—

Sale of short-term investments
1,010

 
2,942

Purchase of short-term investments
(1,215
)
 
(2,673
)
Contributions to equity affiliates
(101
)
 
(49
)
Other investing
(37
)
 
(37
)
Net cash used in investing activities
(190
)
 
(1,955
)
FINANCING ACTIVITIES:
 
 
 
Borrowings under the revolving credit facilities
1,434

 
1,489

Repayments under the revolving credit facilities
(1,595
)
 
(851
)
Issuance of recourse debt
1,000

 
1,025

Repayments of recourse debt
(1,781
)
 
(1,353
)
Issuance of non-recourse debt
1,509

 
2,703

Repayments of non-recourse debt
(1,139
)
 
(1,731
)
Payments for financing fees
(32
)
 
(96
)
Distributions to noncontrolling interests
(199
)
 
(263
)
Contributions from noncontrolling interests and redeemable security holders
40

 
59

Dividends paid on AES common stock
(258
)
 
(238
)
Payments for financed capital expenditures
(186
)
 
(100
)
Proceeds from sales to noncontrolling interests
—

 
60

Other financing
44

 
(26
)
Net cash provided by (used in) financing activities
(1,163
)
 
678

Effect of exchange rate changes on cash, cash equivalents and restricted cash
(50
)
 
21

(Increase) decrease in cash, cash equivalents and restricted cash of discontinued operations and held-for-sale businesses
56

 
(107
)
Total increase in cash, cash equivalents and restricted cash
334

 
338

Cash, cash equivalents and restricted cash, beginning
1,788

 
1,960

Cash, cash equivalents and restricted cash, ending
$
2,122

 
$
2,298

SUPPLEMENTAL DISCLOSURES:
 
 
 
Cash payments for interest, net of amounts capitalized
$
683

 
$
797

Cash payments for income taxes, net of refunds
313

 
291

SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
 
 
 
Non-cash acquisition of intangible assets
$
14

 
$
—

Non-cash contributions of assets and liabilities for Fluence acquisition
20

 
—

Non-cash exchange of debentures for the acquisition of the Guaimbê Solar Complex (see Note 18—Acquisitions)
119

 
—

Conversion of Alto Maipo loans and accounts payable into equity (see Note 10—Equity)
—

 
279


See Notes to Condensed Consolidated Financial Statements.

5



THE AES CORPORATION
Notes to Condensed Consolidated Financial Statements
For the Three and Nine Months Ended September 30, 2018 and 2017
(Unaudited)
1. FINANCIAL STATEMENT PRESENTATION
The prior period condensed consolidated financial statements in this Quarterly Report on Form 10-Q (“Form 10-Q”) have been reclassified to reflect the businesses classified as discontinued operations as discussed in Note 16—Discontinued Operations. Certain prior period amounts have been reclassified to comply with newly adopted accounting standards. See further detail in the new accounting pronouncements discussion.
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 v