SEGMENTS

The segment reporting structure uses the Company’s management reporting structure as its foundation to reflect how the Company manages the businesses internally and is organized by geographic regions which provide better socio-political-economic understanding of our business. The management reporting structure is organized along six SBUs — led by our Chief Executive Officer (“CEO”). Using the accounting guidance on segment reporting, the Company has determined that it has six reportable segments corresponding to its six SBUs:


•	US SBU;


•	Andes SBU;


•	Brazil SBU;


•	MCAC SBU;


•	Europe SBU; and


•	Asia SBU

Corporate and Other — Corporate overhead costs which are not directly associated with the operations of our six reportable segments are included in “Corporate and Other.” Also included are certain intercompany charges such as self-insurance premiums which are fully eliminated in consolidation.

The Company uses Adjusted PTC as its primary segment performance measure. Adjusted PTC, a non-GAAP measure, is defined by the Company as pretax income from continuing operations attributable to AES excluding unrealized gains or losses related to derivative transactions, unrealized foreign currency gains or losses, gains or losses due to dispositions and acquisitions of business interests, losses due to impairments and costs due to the early retirement of debt. The Company has concluded that Adjusted PTC best reflects the underlying business performance of the Company and is the most relevant measure considered in the Company’s internal evaluation of the financial performance of its segments. Additionally, given its large number of businesses and complexity, the Company concluded that Adjusted PTC is a more transparent measure that better assists investors in determining which businesses have the greatest impact on the overall Company results.

All intra-segment activity has been eliminated with respect to revenue and Adjusted PTC within the segment. Inter-segment activity has been eliminated within the total consolidated results.

Information about the Company’s operations by segment for the periods indicated was as follows:



Revenue	Total Revenue				Intersegment						External Revenue
Three Months Ended March 31,	2015		2014		2015			2014			2015		2014
	(in millions)
US SBU	$	997	$	1,001	$	—		$	—		$	997	$	1,001
Andes SBU	612		620		(2		)	—			610		620
Brazil SBU	1,330		1,445		—			—			1,330		1,445
MCAC SBU	598		638		(1		)	(1		)	597		637
Europe SBU	330		391		—			—			330		391
Asia SBU	119		168		—			—			119		168
Corporate and Other	4		2		(3		)	(2		)	1		—
Total Revenue	$	3,990	$	4,265	$	(6	)	$	(3	)	$	3,984	$	4,262



Adjusted PTC⁽¹⁾	Total Adjusted PTC						Intersegment						External Adjusted PTC
Three Months Ended March 31,	2015			2014			2015			2014			2015			2014
	(in millions)
US SBU	$	106		$	75		$	3		$	3		$	109		$	78
Andes SBU	91			53			3			3			94			56
Brazil SBU	21			69			1			1			22			70
MCAC SBU	50			65			4			4			54			69
Europe SBU	85			115			3			3			88			118
Asia SBU	12			8			—			1			12			9
Corporate and Other	(113		)	(142		)	(14		)	(15		)	(127		)	(157		)
Total Adjusted PTC	$	252		$	243		$	—		$	—		$	252		$	243
Reconciliation to Income from Continuing Operations before Taxes and Equity Earnings of Affiliates:
Non-GAAP Adjustments:
Unrealized derivative gains													15			10
Unrealized foreign currency losses													(47		)	(26		)
Disposition/acquisition gains													5			1
Impairment losses													(6		)	(166		)
Loss on extinguishment of debt													(27		)	(134		)
Pretax contribution													192			(72		)
Add: Income from continuing operations before taxes, attributable to noncontrolling interests													158			215
Less: Net equity in earnings of affiliates													15			25
Income from continuing operations before taxes and equity in earnings of affiliates													$	335		$	118

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⁽¹⁾	Adjusted PTC in each segment before intersegment eliminations includes the effect of intercompany transactions with other segments except for interest, charges for certain management fees and the write-off of intercompany balances.



	Total Assets
	March 31, 2015		December 31, 2014
Assets	(in millions)
US SBU	$	9,874	$	10,062
Andes SBU	8,304		7,888
Brazil SBU	7,456		8,439
MCAC SBU	5,013		4,948
Europe SBU	3,313		3,525
Asia SBU	3,009		2,972
Assets of held-for-sale businesses	179		—
Corporate and Other & eliminations	849		1,132
Total Assets	$	37,997	$	38,966