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AES CORP

For the period ended Mar 31, 2024. Filed May 2, 2024.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 2, 2024

AES$14.87-0.1%Stored close · as of Nov 6, 2026
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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

THE AES CORPORATION

(Exact name of registrant as specified in its charter)

Delaware54-1163725
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
4300 Wilson Boulevard
Arlington,Virginia22203
(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 shareAESNew 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

Glossary of Terms1
PART I: FINANCIAL INFORMATION3
ITEM 1.FINANCIAL STATEMENTS (UNAUDITED)3
Condensed Consolidated Balance Sheets3
Condensed Consolidated Statements of Operations4
Condensed Consolidated Statements of Comprehensive Income (Loss)5
Condensed Consolidated Statements of Changes in Equity6
Condensed Consolidated Statements of Cash Flows7
Notes to Condensed Consolidated Financial Statements8
Note 1 - Financial Statement Presentation8
Note 2 - Inventory10
Note 3 - Fair Value10
Note 4 - Derivative Instruments and Hedging Activities12
Note 5 - Financing Receivables14
Note 6 - Allowance for Credit Losses15
Note 7 - Investments in and Advances to Affiliates15
Note 8 - Debt16
Note 9 - Commitments and Contingencies18
Note 10 - Leases20
Note 11 - Redeemable Stock of Subsidiaries21
Note 12 - Equity21
Note 13 - Segments23
Note 14 - Revenue25
Note 15 - Other Income and Expense26
Note 16 - Asset Impairment Expense26
Note 17 - Income Taxes27
Note 18 - Held-for-Sale and Dispositions27
Note 19 - Acquisitions28
Note 20 - Earnings Per Share28
Note 21 - Risks and Uncertainties29
ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS30
Executive Summary30
Review of Consolidated Results of Operations33
SBU Performance Analysis37
Key Trends and Uncertainties42
Capital Resources and Liquidity51
Critical Accounting Policies and Estimates58
ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK58
ITEM 4.CONTROLS AND PROCEDURES61
PART II: OTHER INFORMATION62
ITEM 1.LEGAL PROCEEDINGS62
ITEM 1A.RISK FACTORS65
ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS65
ITEM 3.DEFAULTS UPON SENIOR SECURITIES65
ITEM 4.MINE SAFETY DISCLOSURES65
ITEM 5.OTHER INFORMATION65
ITEM 6.EXHIBITS66
SIGNATURES67
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.