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Segments
 6 Months Ended
Jun. 30, 2021
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; and (f) 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 June 30,Six Months Ended June 30,
Total Revenue 2021202020212020
US and Utilities SBU
$972 $913 $1,921 $1,884 
South America SBU
964 711 1,848 1,423 
MCAC SBU
490 381 1,025 813 
Eurasia SBU
277 214 547 439 
Corporate and Other37 114 61 142 
Eliminations(40)(116)(67)(146)
Total Revenue$2,700 $2,217 $5,335 $4,555 
Three Months Ended June 30,Six Months Ended June 30,
Total Adjusted PTC2021202020212020
Income (loss) from continuing operations before taxes and equity in earnings of affiliates$(130)$105 $(121)$425 
Add: Net equity in earnings (losses) of affiliates(10)8 (40)6 
Less: (Income) loss from continuing operations before taxes, attributable to noncontrolling interests140 (118)(23)(237)
Pre-tax contribution— (5)(184)194 
Unrealized derivative and equity securities losses (gains)8 14 77 (2)
Unrealized foreign currency gains(12)(12)(6)(3)
Disposition/acquisition losses (gains)(229)29 (244)30 
Impairment losses628 168 1,103 221 
Loss on extinguishment of debt18 44 24 48 
Net gains from early contract terminations at Angamos(110)— (220)— 
Total Adjusted PTC$303 $238 $550 $488 
Three Months Ended June 30,Six Months Ended June 30,
Total Adjusted PTC2021202020212020
US and Utilities SBU$128 $57 $172 $128 
South America SBU96 140 184 259 
MCAC SBU71 66 132 144 
Eurasia SBU48 49 99 93 
Corporate and Other(55)(85)(62)(143)
Eliminations15 11 25 7 
Total Adjusted PTC$303 $238 $550 $488 
Total AssetsJune 30, 2021December 31, 2020
US and Utilities SBU$14,949 $14,464 
South America SBU10,836 11,329 
MCAC SBU4,610 4,847 
Eurasia SBU3,575 3,621 
Corporate and Other757 342 
Total Assets$34,727 $34,603