Debt (Tables)
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12 Months Ended |
Dec. 31, 2019 |
Debt Disclosure [Abstract] |
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Schedule of Non-recourse debt [Table Text Block] |
During the year ended December 31, 2019, the Company's subsidiaries had the following significant debt transactions: | | | | | | | | | | | | | | | Subsidiary | Transaction Period | | Issuances | | Repayments | | Gain (Loss) on Extinguishment of Debt | Southland (1) | Q1, Q2, Q3, Q4 | | $ | 930 |
| | $ | (210 | ) | | $ | (1 | ) | Gener | Q1, Q2, Q4 | | 1,000 |
| | (697 | ) | | (29 | ) | DPL (2) | Q2 | | 825 |
| | (835 | ) | | (43 | ) | Tietê | Q2 | | 561 |
| | (533 | ) | | (3 | ) | Mong Duong (3) | Q3 | | 1,120 |
| | (1,081 | ) | | (31 | ) | Colon | Q3 | | 610 |
| | (579 | ) | | (28 | ) | Cochrane | Q4 | | 875 |
| | (833 | ) | | (24 | ) | TEGTEP | Q4 | | 280 |
| | (248 | ) | | (1 | ) |
_____________________________ (1) Issuances relate to the June 2017 long-term non-recourse debt financing to fund the Southland re-powering construction projects, a non-recourse bridge loan in September 2019, and long-term non-recourse debt financing issued in December 2019 to settle the bridge loan.
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Carrying Amount and Terms of Non-Recourse Debt |
The following table summarizes the carrying amount and terms of non-recourse debt at our subsidiaries as of the periods indicated (in millions): | | | | | | | | | | | | | NON-RECOURSE DEBT | Weighted Average Interest Rate | | Maturity | | December 31, | 2019 | | 2018 | Variable Rate: | | | | | | | | Bank loans | 4.25% | | 2020 – 2050 | | $ | 3,389 |
| | $ | 2,600 |
| Notes and bonds | 3.99% | | 2020 – 2030 | | 1,056 |
| | 821 |
| Debt to (or guaranteed by) multilateral, export credit agencies or development banks (1) | 1.73% | | 2023 – 2033 | | 460 |
| | 3,292 |
| Fixed Rate: | | | | | | | | Bank loans | 5.19% | | 2020 – 2040 | | 2,900 |
| | 1,684 |
| Notes and bonds | 5.51% | | 2020 – 2079 | | 8,098 |
| | 7,346 |
| Debt to (or guaranteed by) multilateral, export credit agencies or development banks (1) | 6.09% | | 2023 – 2029 | | 1,110 |
| | 246 |
| Other | 4.20% | | 2061 | | 17 |
| | 24 |
| Unamortized (discount) premium & debt issuance (costs), net | | | | | (318 | ) | | (368 | ) | Subtotal | | | | | $ | 16,712 |
| | $ | 15,645 |
| Less: Current maturities (2) | | | | | (1,865 | ) | | (1,659 | ) | Noncurrent maturities (2) | | | | | $ | 14,847 |
| | $ | 13,986 |
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_____________________________ (1) Multilateral loans include loans funded and guaranteed by bilaterals, multilaterals, development banks and other similar institutions.
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Schedule For Maturity For Non-Recourse Debt |
Non-recourse debt as of December 31, 2019 is scheduled to reach maturity as shown below (in millions): | | | | | December 31, | Annual Maturities | 2020 | $ | 1,883 |
| 2021 | 1,648 |
| 2022 | 999 |
| 2023 | 1,125 |
| 2024 | 1,180 |
| Thereafter | 10,195 |
| Unamortized (discount) premium & debt issuance (costs), net | (318 | ) | Total | $ | 16,712 |
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Debt In Default Table |
The following table summarizes the Company's subsidiary non-recourse debt in default (in millions) as of December 31, 2019. Due to the defaults, these amounts are included in the current portion of non-recourse debt: | | | | | | | | | | | | Primary Nature of Default | | December 31, 2019 | Subsidiary | Default | | Net Assets | AES Puerto Rico | Covenant | | $ | 287 |
| | $ | 151 |
| AES Ilumina (Puerto Rico) | Covenant | | 33 |
| | 19 |
| AES Jordan Solar (1) | Covenant | | 5 |
| | 4 |
| Total | | | $ | 325 |
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_____________________________ (1) Classified as current held-for-sale liability on the Consolidated Balance Sheets.
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Schedule of Recourse Debt Detail |
The following table summarizes the carrying amount and terms of recourse debt of the Company as of the periods indicated (in millions): | | | | | | | | | | | | | | Interest Rate | | Final Maturity | | December 31, 2019 | | December 31, 2018 | Senior Unsecured Note | 4.00% | | 2021 | | 500 |
| | 500 |
| Senior Secured Term Loan | LIBOR + 1.75% | | 2022 | | 18 |
| | 366 |
| Senior Unsecured Note | 4.875% | | 2023 | | 613 |
| | 713 |
| Senior Unsecured Note | 4.50% | | 2023 | | 500 |
| | 500 |
| Drawings on secured credit facility | LIBOR + 1.75% | | 2024 | | 180 |
| | — |
| Senior Unsecured Note | 5.50% | | 2024 | | 63 |
| | 63 |
| Senior Unsecured Note | 5.50% | | 2025 | | 544 |
| | 544 |
| Senior Unsecured Note | 6.00% | | 2026 | | 500 |
| | 500 |
| Senior Unsecured Note | 5.125% | | 2027 | | 500 |
| | 500 |
| Unamortized (discount) premium & debt issuance (costs), net | | | | | (22 | ) | | (31 | ) | Subtotal | | | | | $ | 3,396 |
| | $ | 3,655 |
| Less: Current maturities | | | | | (5 | ) | | (5 | ) | Noncurrent maturities | | | | | $ | 3,391 |
| | $ | 3,650 |
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| | | | | | | | | | | | | | | | | | | | December 31, | | | Interest Rate | | Maturity | | 2019 | | 2018 | Senior Unsecured Note | | 4.00% | | 2021 | | 500 |
| | 500 |
| Senior Secured Term Loan | | LIBOR + 1.75% | | 2022 | | 18 |
| | 366 |
| Senior Unsecured Note | | 4.875% | | 2023 | | 613 |
| | 713 |
| Senior Unsecured Note | | 4.50% | | 2023 | | 500 |
| | 500 |
| Drawings on secured credit facility | | LIBOR + 1.75% | | 2024 | | 180 |
| | — |
| Senior Unsecured Note | | 5.50% | | 2024 | | 63 |
| | 63 |
| Senior Unsecured Note | | 5.50% | | 2025 | | 544 |
| | 544 |
| Senior Unsecured Note | | 6.00% | | 2026 | | 500 |
| | 500 |
| Senior Unsecured Note | | 5.125% | | 2027 | | 500 |
| | 500 |
| Unamortized (discounts)/premiums & debt issuance (costs) | | | | | | (22 | ) | | (31 | ) | Subtotal | | | | | | $ | 3,396 |
| | $ | 3,655 |
| Less: Current maturities | | | | | | (5 | ) | | (5 | ) | Total | | | | | | $ | 3,391 |
| | $ | 3,650 |
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Schedule of Future Maturities of Recourse Debt |
The following table summarizes the principal amounts due under our recourse debt for the next five years and thereafter (in millions): | | | | | December 31, | Net Principal Amounts Due | 2020 | $ | 5 |
| 2021 | 505 |
| 2022 | 8 |
| 2023 | 1,113 |
| 2024 | 243 |
| Thereafter | 1,544 |
| Unamortized (discount) premium & debt issuance (costs), net | (22 | ) | Total recourse debt | $ | 3,396 |
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As of December 31, 2019 scheduled maturities are presented in the following table (in millions): | | | | | December 31, | Annual Maturities | 2020 | $ | 5 |
| 2021 | 505 |
| 2022 | 8 |
| 2023 | 1,113 |
| 2024 | 243 |
| Thereafter | 1,544 |
| Unamortized (discount)/premium & debt issuance (costs) | (22 | ) | Total debt | $ | 3,396 |
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