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Segments
 6 Months Ended
Jun. 30, 2022
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. In January 2022, we internally announced a reorganization as a part of our ongoing strategy to align our business to meet our customers' needs and deliver on our major strategic objectives. The Company performed an assessment in accordance with ASC 280 and determined there were no changes to its operating or reportable segments.
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 2022202120222021
US and Utilities SBU
$1,197 $972 $2,314 $1,921 
South America SBU
880 964 1,690 1,848 
MCAC SBU
686 490 1,252 1,025 
Eurasia SBU
318 277 686 547 
Corporate and Other36 37 59 61 
Eliminations(39)(40)(71)(67)
Total Revenue$3,078 $2,700 $5,930 $5,335 
Three Months Ended June 30,Six Months Ended June 30,
Total Adjusted PTC2022202120222021
Income (loss) from continuing operations before taxes and equity in earnings of affiliates$(160)$(130)$104 $(121)
Add: Net equity in losses of affiliates5 (10)(28)(40)
Less: Income from continuing operations before taxes, attributable to noncontrolling interests and redeemable stock of subsidiaries(53)140 (119)(23)
Pre-tax contribution(208)— (43)(184)
Unrealized derivative and equity securities losses (gains)(35)8 6 77 
Unrealized foreign currency losses (gains)39 (12)20 (6)
Disposition/acquisition losses23 (229)32 (244)
Impairment losses479 628 480 1,103 
Loss on extinguishment of debt6 18 16 24 
Net gains from early contract terminations at Angamos— (110)— (220)
Total Adjusted PTC$304 $303 $511 $550 
Three Months Ended June 30,Six Months Ended June 30,
Total Adjusted PTC2022202120222021
US and Utilities SBU$70 $128 $127 $172 
South America SBU145 96 273 184 
MCAC SBU87 71 124 132 
Eurasia SBU42 48 107 99 
Corporate and Other(75)(55)(150)(62)
Eliminations35 15 30 25 
Total Adjusted PTC$304 $303 $511 $550 
Total AssetsJune 30, 2022December 31, 2021
US and Utilities SBU$18,541 $16,512 
South America SBU8,838 7,728 
MCAC SBU4,968 4,545 
Eurasia SBU2,904 3,466 
Corporate and Other819 712 
Total Assets$36,070 $32,963