XML 71 R30.htm IDEA: XBRL DOCUMENT v3.24.0.1
Revenue (Notes)
 12 Months Ended
Dec. 31, 2023
Revenue [Abstract]  
Revenue from Contract with Customer [Text Block] REVENUE
The following table presents our revenue from contracts with customers and other revenue for the periods indicated (in millions):
Year Ended December 31, 2023
Renewables SBUUtilities SBUEnergy Infrastructure SBU
New Energy Technologies SBU
Corporate, Other and EliminationsTotal
Non-Regulated Revenue
Revenue from contracts with customers$2,198 $68 $6,181 $75 $(77)$8,445 
Other non-regulated revenue (1)
141 4 655 1 (1)800 
Total non-regulated revenue2,339 72 6,836 76 (78)9,245 
Regulated Revenue
Revenue from contracts with customers— 3,391 — — — 3,391 
Other regulated revenue— 32 — — — 32 
Total regulated revenue— 3,423 — — — 3,423 
Total revenue$2,339 $3,495 $6,836 $76 $(78)$12,668 
Year Ended December 31, 2022
Renewables SBUUtilities SBUEnergy Infrastructure SBU
New Energy Technologies SBU
Corporate, Other and EliminationsTotal
Non-Regulated Revenue
Revenue from contracts with customers$1,791 $75 $6,871 $1 $(100)$8,638 
Other non-regulated revenue (1)
102 4 333 2 — 441 
Total non-regulated revenue1,893 79 7,204 3 (100)9,079 
Regulated Revenue
Revenue from contracts with customers— 3,507 — — — 3,507 
Other regulated revenue— 31 — — — 31 
Total regulated revenue— 3,538 — — — 3,538 
Total revenue$1,893 $3,617 $7,204 $3 $(100)$12,617 
Year Ended December 31, 2021
Renewables SBUUtilities SBUEnergy Infrastructure SBU
New Energy Technologies SBU
Corporate, Other and EliminationsTotal
Non-Regulated Revenue
Revenue from contracts with customers$1,438 $73 $6,143 $6 $(74)$7,586 
Other non-regulated revenue (1)
124 3 559 1 — 687 
Total non-regulated revenue1,562 76 6,702 7 (74)8,273 
Regulated Revenue
Revenue from contracts with customers— 2,831 — — — 2,831 
Other regulated revenue— 37 — — — 37 
Total regulated revenue— 2,868 — — — 2,868 
Total revenue$1,562 $2,944 $6,702 $7 $(74)$11,141 
_____________________________
(1)Other non-regulated revenue primarily includes lease and derivative revenue not accounted for under ASC 606.
Contract Balances — The timing of revenue recognition, billings, and cash collections results in accounts receivable and contract liabilities. The contract liabilities from contracts with customers were $328 million and $337 million as of December 31, 2023 and December 31, 2022, respectively.
During the years ended December 31, 2023 and 2022, we recognized revenue of $70 million and $36 million, respectively, that was included in the corresponding contract liability balance at the beginning of the periods.
In June 2023, the Company closed on an agreement to terminate the PPA for the Warrior Run coal-fired power plant for total consideration of $357 million, to be paid by the offtaker through the end of the previous contract term in January 2030. Under the termination agreement, the plant will continue providing capacity through May 2024. The termination represents a contract modification under which the discounted termination payments, as well as a pre-existing contract liability, will be recognized as revenue on a straight-line basis over the remaining performance obligation period for approximately $32 million per month. As of December 31, 2023, the corresponding receivable balance was $148 million, of which $40 million and $108 million was recorded in Other current assets and Other noncurrent assets, respectively, on the Consolidated Balance Sheet. A significant financing component of $57 million is being recognized over the life of the payment term as interest income using the effective interest method.
In August 2020, AES Andes reached an agreement with Minera Escondida and Minera Spence to early terminate two PPAs of the Angamos coal-fired plant in Chile, further accelerating AES Andes' decarbonization strategy. As a result of the termination payment, Angamos recognized a contract liability of $655 million, of which $55 million was derecognized each month through the end of the remaining performance obligation in August 2021.
A significant financing arrangement exists for our Mong Duong plant in Vietnam. The plant was constructed under a BOT contract and will be transferred to the Vietnamese government after the completion of a 25 year PPA. The performance obligation to construct the facility was substantially completed in 2015. Contract consideration related to the construction, but not yet collected through the 25 year PPA, was reflected on the Consolidated Balance Sheet. As of December 31, 2022, the Mong Duong loan receivable balance was $1.1 billion, net of CECL reserve of $28 million. Of the loan receivable balance, $97 million was classified as Other current assets, and $1 billion as Other noncurrent assets on the Consolidated Balance Sheet as of December 31, 2022. As of December 31, 2023, Mong Duong met the held-for-sale criteria and the loan receivable balance of $1.1 billion, net of CECL reserve of $26 million was classified as held-for-sale assets. Of the loan receivable balance, $108 million was classified as Current held-for-sale assets, and $962 million was classified as Noncurrent held-for-sale assets, respectively. See Note 24—Held-for-Sale and Dispositions for further information.
Remaining Performance Obligations — The transaction price allocated to remaining performance obligations represents future consideration for unsatisfied (or partially unsatisfied) performance obligations at the end of the reporting period. As of December 31, 2023, the aggregate amount of transaction price allocated to remaining performance obligations was $7 million, primarily consisting of fixed consideration for the sale of renewable energy credits ("RECs") in long-term contracts in the U.S. We expect to recognize revenue of approximately $1 million per year between 2024 and 2028, and the remainder thereafter.