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Segments
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
SEGMENTS 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 mainly organized by geographic regions, which provides a socio-political-economic understanding of our business. The management reporting structure is organized by four SBUs led by our President and Chief Executive Officer: US and Utilities, South America, MCAC, and Eurasia SBUs. Using the accounting guidance on segment reporting, the Company determined that its four operating segments are aligned with its four reportable segments corresponding to its SBUs.
Corporate and Other — Included in “Corporate and Other” are the results of the AES self-insurance company and certain equity affiliates, corporate overhead costs which are not directly associated with the operations of our four reportable segments, and 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 pre-tax income from continuing operations attributable to The AES Corporation excluding gains or losses of the consolidated entity due to (a) unrealized gains or losses related to derivative transactions and equity securities; (b) unrealized foreign currency gains or losses; (c) gains, losses, benefits and costs associated with dispositions and acquisitions of business interests, including early plant closures, and gains and losses recognized at commencement of sales-type leases; (d) losses due to impairments; (e) gains, losses and costs due to the early retirement of debt; (f) costs directly associated with a major restructuring program, including, but not limited to, workforce reduction efforts, relocations, and office consolidation; and (g) net gains at Angamos, one of our businesses in the South America SBU, associated with the early contract terminations with Minera Escondida and Minera Spence. Adjusted PTC also includes net equity in earnings of affiliates on an after-tax basis adjusted for the same gains or losses excluded from consolidated entities. The Company has concluded that
Adjusted PTC better 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 Company’s results.
Revenue and Adjusted PTC are presented before inter-segment eliminations, which includes the effect of intercompany transactions with other segments except for interest, charges for certain management fees, and the write-off of intercompany balances, as applicable. All intra-segment activity has been eliminated within the segment. Inter-segment activity has been eliminated within the total consolidated results.
The following tables present financial information by segment for the periods indicated (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
Total Revenue 2020201920202019
US and Utilities SBU
$1,061 $1,130 $2,945 $3,125 
South America SBU
850 828 2,273 2,438 
MCAC SBU
442 470 1,255 1,398 
Eurasia SBU
195 197 634 801 
Corporate and Other49 14 191 39 
Eliminations(52)(14)(198)(43)
Total Revenue$2,545 $2,625 $7,100 $7,758 
Three Months Ended September 30,Nine Months Ended September 30,
Total Adjusted PTC2020201920202019
Income (loss) from continuing operations before taxes and equity in earnings of affiliates$(516)$424 $(91)$896 
Add: Net equity in earnings (losses) of affiliates(112)4 (106)3 
Less: (Income) loss from continuing operations before taxes, attributable to noncontrolling interests197 (124)(40)(304)
Pre-tax contribution(431)304 (237)595 
Unrealized derivative and equity securities losses26 69 24 78 
Unrealized foreign currency losses (gains)(4)31 (7)49 
Disposition/acquisition losses (gains)100 (17)130 (3)
Impairment expense657 1 878 124 
Loss on extinguishment of debt55 38 103 95 
Net gains from early contract terminations at Angamos(72)— (72)— 
Total Adjusted PTC$331 $426 $819 $938 
Three Months Ended September 30,Nine Months Ended September 30,
Total Adjusted PTC2020201920202019
US and Utilities SBU$185 $187 $313 $427 
South America SBU122 139 381 360 
MCAC SBU57 185 201 298 
Eurasia SBU40 19 133 114 
Corporate and Other(77)(95)(220)(251)
Eliminations4 (9)11 (10)
Total Adjusted PTC$331 $426 $819 $938 
Total AssetsSeptember 30, 2020December 31, 2019
US and Utilities SBU$14,222 $13,334 
South America SBU11,088 11,314 
MCAC SBU5,061 4,770 
Eurasia SBU3,626 3,990 
Corporate and Other270 240 
Total Assets$34,267 $33,648