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Segment and Geographic Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHIC INFORMATION SEGMENTS AND GEOGRAPHIC INFORMATION
The segment reporting structure uses the Company’s management reporting structure as its foundation to reflect how the Company manages the businesses internally. In our 2022 Form 10-K, the management reporting structure and the Company’s reportable segments were mainly organized by geographic regions. In March 2023, we announced internal management changes as a part of our ongoing strategy to align our business to meet our customers’ needs and deliver on our major strategic objectives. The management reporting structure is now composed of four SBUs, mainly organized by technology, led by our President and Chief Executive Officer. 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. All prior period results have been retrospectively revised to reflect the new segment reporting structure.
•Renewables — Solar, wind, energy storage, and hydro generation facilities;
•Utilities — AES Indiana, AES Ohio and AES El Salvador regulated utilities and their generation facilities;
•Energy Infrastructure — Natural gas, LNG, coal, pet coke, diesel and oil generation facilities, and our businesses in Chile, which have a mix of generation sources, including renewables, that are pooled to service our existing PPAs; and
•New Energy Technologies — Green hydrogen initiatives and investments in Fluence, Uplight, 5B, and other new and innovative energy technology businesses.
Our Renewables, Utilities, and Energy Infrastructure SBUs participate in our generation business line, in which we own and/or operate power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries. Our Utilities SBU participates in our utilities business line, in which we own and/or operate utilities to generate or purchase, distribute, transmit and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors within a defined service area. In certain circumstances, our utilities also generate and sell electricity on the wholesale market. Our New Energy Technologies SBU includes investments in new and innovative technologies to support leading-edge greener energy solutions.
Included in "Corporate and Other" are the results of the AES self-insurance company, 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.
During the first quarter of 2023, management began assessing operational performance and making resource allocation decisions using Adjusted EBITDA. Therefore, the Company uses Adjusted EBITDA as its primary segment performance measure. Adjusted EBITDA, a non-GAAP measure, is defined by the Company as earnings before interest income and expense, taxes, depreciation and amortization, adjusted for the impact of NCI and interest, taxes, depreciation and amortization of our equity affiliates, and adding back interest income recognized under service concession arrangements; excluding gains or losses of both consolidated entities and entities accounted for under the equity method 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 Energy Infrastructure SBU, associated with the early contract terminations with Minera Escondida and Minera Spence.
The Company has concluded Adjusted EBITDA 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 overall complexity, the Company concluded that Adjusted EBITDA 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 EBITDA are presented before inter-segment eliminations, which includes the effect of intercompany transactions with other segments except for 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):
Total Revenue
Year Ended December 31,202320222021
Renewables SBU$2,339 $1,893 $1,562 
Utilities SBU3,495 3,617 2,944 
Energy Infrastructure SBU6,836 7,204 6,702 
New Energy Technologies SBU76 3 7 
Corporate and Other138 116 108 
Eliminations(216)(216)(182)
Total Revenue$12,668 $12,617 $11,141 
Reconciliation from Net Income (Loss):Adjusted EBITDA
Year Ended December 31,
202320222021
Net loss
$(182)$(505)$(951)
Income tax expense (benefit)261 265 (133)
Interest expense1,319 1,117 911 
Interest income(551)(389)(298)
Depreciation and amortization1,128 1,053 1,056 
EBITDA$1,975 $1,541 $585 
Less: Income from discontinued operations(7)— (4)
Less: Adjustment for noncontrolling interests and redeemable stock of subsidiaries (1)
(552)(704)(47)
Less: Income tax expense (benefit), interest expense (income) and depreciation and amortization from equity affiliates130 126 123 
Interest income recognized under service concession arrangements71 77 82 
Unrealized derivative and equity securities losses (gains)34 131 (4)
Unrealized foreign currency losses
301 42 14 
Disposition/acquisition losses (gains)
(79)40 863 
Impairment losses877 1,658 1,153 
Loss on extinguishment of debt62 20 71 
Net gains from early contract terminations at Angamos— — (256)
Adjusted EBITDA$2,812 $2,931 $2,580 
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(1)The allocation of earnings and losses to tax equity investors from both consolidated entities and equity affiliates is removed from Adjusted EBITDA.

Adjusted EBITDA
Year Ended December 31,202320222021
Renewables SBU$645 $605 $545 
Utilities SBU678 612 633 
Energy Infrastructure SBU1,531 1,836 1,494 
New Energy Technologies SBU(62)(116)(77)
Corporate and Other22 (19)(20)
Eliminations(2)13 5 
Total Adjusted EBITDA
$2,812 $2,931 $2,580 
The Company uses long-lived assets as its measure of segment assets. Long-lived assets includes amounts recorded in Property, plant and equipment, net and right-of-use assets for operating leases recorded in Other noncurrent assets on the Consolidated Balance Sheets.
Long-Lived Assets
Year Ended December 31, 202320222021
Renewables SBU$15,735 $9,533 $6,353 
Utilities SBU7,166 6,311 6,027 
Energy Infrastructure SBU7,414 7,532 7,778 
New Energy Technologies SBU14 2 4 
Corporate and Other9 17 21 
Long-Lived Assets30,338 23,395 20,183 
Current assets6,649 7,643 5,356 
Investments in and advances to affiliates941 952 1,080 
Debt service reserves and other deposits194 177 237 
Goodwill348 362 1,177 
Other intangible assets2,243 1,841 1,450 
Deferred income taxes396 319 409 
Other noncurrent assets, excluding right-of-use assets for operating leases2,879 3,674 1,911 
Noncurrent held-for-sale assets811 — 1,160 
Total Assets$44,799 $38,363 $32,963 
Depreciation and AmortizationCapital Expenditures
Year Ended December 31, 202320222021202320222021
Renewables SBU$338 $260 $222 $5,759 $2,972 $721 
Utilities SBU400 376 361 1,374 859 544 
Energy Infrastructure SBU381 404 458 585 742 847 
New Energy Technologies SBU1 2 1 5 — — 
Corporate and Other8 11 14 10 11 28 
Total$1,128 $1,053 $1,056 $7,733 $4,584 $2,140 
Interest IncomeInterest ExpenseNet Equity in Earnings (Losses) of Affiliates
Year Ended December 31, 202320222021202320222021202320222021
Renewables SBU$181 $131 $55 $326 $236 $200 $41 $28 $63 
Utilities SBU12 8 5 243 234 218 5 6 3 
Energy Infrastructure SBU337 246 236 534 488 422 6 9 (4)
New Energy Technologies SBU2 — — — — — (84)(114)(86)
Corporate and Other19 4 2 216 159 71 — — — 
Total$551 $389 $298 $1,319 $1,117 $911 $(32)$(71)$(24)

The following table presents information, by country, about the Company's consolidated operations for each of the three years ended December 31, 2023, 2022, and 2021, and as of December 31, 2023 and 2022 (in millions). Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located.
Total Revenue
Long-Lived Assets
Year Ended December 31, 20232022202120232022
United States (1)
$4,439 $4,093 $3,531 $19,750 $13,833 
Non-U.S.:
Chile1,932 2,064 2,297 3,018 2,730 
Dominican Republic1,400 1,591 1,087 1,098 1,013 
El Salvador935 902 792 442 395 
Colombia706 417 383 390 308 
Brazil697 560 471 2,482 1,811 
Panama644 678 595 1,910 1,880 
Mexico536 595 471 271 409 
Bulgaria528 790 700 483 487 
Argentina
407 501 390 431 461 
Vietnam (2)
344 323 320 — 1 
Jordan97 102 98 39 41 
Other Non-U.S.3 1 6 24 26 
Total Non-U.S.8,229 8,524 7,610 10,588 9,562 
Total$12,668 $12,617 $11,141 $30,338 $23,395 
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(1)     Includes Puerto Rico revenues of $269 million, $293 million, and $311 million for the years ended December 31, 2023, 2022, and 2021, respectively, and long-lived assets of $145 million and $96 million as of December 31, 2023 and 2022, respectively.
(2)     The Mong Duong 2 power project is operated under a BOT contract. Future expected payments for the construction performance obligation were recognized in Other noncurrent assets on the Consolidated Balance Sheets as of December 31, 2022. The Mong Duong assets were classified as held-for-sale as of December 31, 2023. See Note 20—Revenue and Note 24—Held-for-Sale and Dispositions for further information.