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AES CORP

For the period ended Sep 30, 2024. Filed Oct 31, 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.

Sep 30, 2024 · Filed Oct 31, 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 September 30, 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 October 29, 2024 was 711,027,043.

The AES Corporation

Form 10-Q for the Quarterly Period ended September 30, 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 Flows8
Notes to Condensed Consolidated Financial Statements9
Note 1 - Financial Statement Presentation9
Note 2 - Inventory11
Note 3 - Fair Value11
Note 4 - Derivative Instruments and Hedging Activities15
Note 5 - Financing Receivables17
Note 6 - Allowance for Credit Losses18
Note 7 - Investments in and Advances to Affiliates18
Note 8 - Debt20
Note 9 - Commitments and Contingencies23
Note 10 - Leases24
Note 11 - Redeemable Stock of Subsidiaries25
Note 12 - Equity26
Note 13 - Segments28
Note 14 - Revenue30
Note 15 - Other Income and Expense32
Note 16 - Asset Impairment Expense32
Note 17 - Income Taxes33
Note 18 - Held-for-Sale and Dispositions34
Note 19 - Acquisitions35
Note 20 - Earnings Per Share35
Note 21 - Subsequent Events36
ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS37
Executive Summary37
Review of Consolidated Results of Operations41
SBU Performance Analysis48
Key Trends and Uncertainties55
Capital Resources and Liquidity64
Critical Accounting Policies and Estimates71
ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK71
ITEM 4.CONTROLS AND PROCEDURES74
PART II: OTHER INFORMATION75
ITEM 1.LEGAL PROCEEDINGS75
ITEM 1A.RISK FACTORS78
ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS79
ITEM 3.DEFAULTS UPON SENIOR SECURITIES78
ITEM 4.MINE SAFETY DISCLOSURES78
ITEM 5.OTHER INFORMATION79
ITEM 6.EXHIBITS79
SIGNATURES80
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.