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Debt
 3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
DEBT DEBT
Recourse Debt
In March 2018, the Company purchased via tender offers $671 million aggregate principal of its existing 5.50% senior unsecured notes due in 2024 and $29 million of its existing 5.50% senior unsecured notes due in 2025. As a result of these transactions, the Company recognized a loss on extinguishment of debt of $44 million for the three months ended March 31, 2018.
In March 2018, the Company issued $500 million aggregate principal of 4.00% senior notes due in 2021 and $500 million of 4.50% senior notes due in 2023. The Company used the proceeds from these issuances to purchase via tender offer in full the $228 million balance of its 8.00% senior notes due in 2020 and the $690 million balance of its 7.375% senior notes due in 2021. As a result of these transactions, the Company recognized a loss on extinguishment of debt of $125 million for the three months ended March 31, 2018.
Non-Recourse Debt
During the three months ended March 31, 2019, the Company’s subsidiaries had the following significant debt transactions:
Subsidiary
 
Issuances
 
Repayments
 
Gain (Loss) on Extinguishment of Debt
Southland
 
$
161

 
$
—

 
$
—

Gener
 
550

 
(363
)
 
(10
)
Total
 
$
711

 
$
(363
)
 
$
(10
)

Non-Recourse Debt in Default — The current portion of non-recourse debt includes the following subsidiary debt in default as of March 31, 2019 (in millions).
Subsidiary
 
Primary Nature of Default
 
Debt in Default
 
Net Assets
AES Puerto Rico
 
Covenant
 
$
311

 
$
151

AES Ilumina (Puerto Rico)
 
Covenant
 
34

 
18

Total
 
 
 
$
345

 
 

The above defaults are not payment defaults. All of the subsidiary non-recourse debt defaults were triggered by failure to comply with covenants or other requirements contained in the non-recourse debt documents due to the bankruptcy of the offtaker.
The AES Corporation’s recourse debt agreements include cross-default clauses that will trigger if a subsidiary or group of subsidiaries for which the non-recourse debt is in default provides 20% or more of the Parent Company’s total cash distributions from businesses for the four most recently completed fiscal quarters. As of March 31, 2019, the Company had no defaults which resulted in or were at risk of triggering a cross-default under the recourse debt of the Parent Company. In the event the Parent Company is not in compliance with the financial covenants of its senior secured revolving credit facility, restricted payments will be limited to regular quarterly shareholder dividends at the then-prevailing rate. Payment defaults and bankruptcy defaults would preclude the making of any restricted payments.