Debt (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Non-recourse debt [Table Text Block] |
During the year ended December 31, 2023, the Company’s following subsidiaries had significant debt issuances (in millions): | | | | | | | | | | | | | Subsidiary | | | Issuances (1) | | | | | AES Clean Energy | | | $ | 2,654 | | | | | | Netherlands and Colon | | | 350 | | | | | | AES Indiana | | | 300 | | | | | | | AES Ohio | | | 300 | | | | | |
_____________________________ (1)These amounts do not include revolving credit facility activity at the Company's subsidiaries.
|
| Carrying Amount and Terms of Non-Recourse Debt |
The following table summarizes the carrying amount and terms of non-recourse debt at our subsidiaries as of the periods indicated (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | NON-RECOURSE DEBT | Weighted Average Interest Rate | | Maturity | | December 31, | | 2023 | | 2022 | | Variable Rate: | | | | | | | | | Bank loans | 7.39% | | 2024 - 2045 | | $ | 5,568 | | | $ | 3,306 | | | Notes and bonds | 4.62% | | 2024 - 2047 | | 1,768 | | | 2,137 | | Revolver borrowings | 7.18% | | 2024 - 2027 | | 2,356 | | | 1,832 | | | | | | | | | | | Other | 11.85% | | 2024 - 2030 | | 31 | | | 71 | | | Fixed Rate: | | | | | | | | | Bank loans | 7.20% | | 2024 - 2064 | | 1,473 | | | 461 | | | Notes and bonds | 5.09% | | 2024 - 2079 | | 11,228 | | | 11,130 | | | | | | | | | | Other (1) | 5.90% | | 2024 - 2061 | | 53 | | | 801 | | | Unamortized (discount) premium & debt issuance (costs), net | | | | | (333) | | | (309) | | | Subtotal | | | | | $ | 22,144 | | | $ | 19,429 | | Less: Current maturities (2) | | | | | (3,924) | | | (1,752) | | Noncurrent maturities (2) | | | | | $ | 18,220 | | | $ | 17,677 | |
_____________________________ (1) Other fixed rate debt as of December 31, 2022 includes $756 million at Mong Duong, which was classified as held and used as of December 31, 2022, but is classified as held-for-sale as of December 31, 2023. See Note 24—Held-for-Sale and Dispositions for further information. (2) Excludes $8 million and $6 million (current) and $262 million and $169 million (noncurrent) finance lease liabilities included in the respective non-recourse debt line items on the Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively. See Note 14—Leases for further information.
|
| Schedule For Maturity For Non-Recourse Debt |
The following table summarizes the amounts due under our non-recourse debt agreements for the next five years and thereafter, as of December 31, 2023 (in millions): | | | | | | | December 31, | Annual Maturities | | 2024 | $ | 3,935 | | | 2025 | 2,232 | | | 2026 | 3,515 | | | 2027 | 2,566 | | | 2028 | 932 | | | Thereafter | 9,297 | | | Unamortized (discount) premium & debt issuance (costs), net | (333) | | | Total | $ | 22,144 | |
|
| Debt In Default Table |
The following table summarizes the Company's subsidiary non-recourse debt in default (in millions) as of December 31, 2023. Due to the defaults, these amounts are included in the current portion of non-recourse debt: | | | | | | | | | | | | | | | | | | | Primary Nature
of Default | | December 31, 2023 | | Subsidiary | Debt in Default | | Net Assets | | AES Mexico Generation Holdings (TEG and TEP) | Covenant | | $ | 150 | | | $ | 24 | | | AES Puerto Rico | Covenant/Payment | | 143 | | | (170) | | | AES Ilumina (Puerto Rico) | Covenant | | 25 | | | 29 | | | AES Jordan Solar | Covenant | | 7 | | | 11 | | | Total | | | $ | 325 | | |
|
| Schedule of Recourse Debt Detail |
The following table summarizes the carrying amount and terms of recourse debt of the Company as of the periods indicated (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Interest Rate | | Final Maturity | | December 31, 2023 | | December 31, 2022 | | Senior Variable Rate Term Loan | SOFR + 1.125% | | 2024 | | $ | 200 | | | $ | 200 | | | Senior Unsecured Note | 3.30% | | 2025 | | 900 | | | 900 | | | Senior Unsecured Note | 1.375% | | 2026 | | 800 | | | 800 | | | Drawings on revolving credit facility | SOFR + 1.75% | | 2027 | | — | | | 325 | | | | | | | | | | | Senior Unsecured Note | 5.45% | | 2028 | | 900 | | | — | | | Senior Unsecured Note | 3.95% | | 2030 | | 700 | | | 700 | | | Senior Unsecured Note | 2.45% | | 2031 | | 1,000 | | | 1,000 | | | | | | | | | | | Unamortized (discount) premium & debt issuance (costs), net | | | | | (36) | | | (31) | | | Subtotal | | | | | $ | 4,464 | | | $ | 3,894 | | | Less: Current maturities | | | | | (200) | | | — | | | Noncurrent maturities | | | | | $ | 4,264 | | | $ | 3,894 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, | | | Interest Rate | | Maturity | | 2023 | | 2022 | | Senior Variable Rate Term Loan | | SOFR + 1.125% | | 2024 | | $ | 200 | | | $ | 200 | | | Senior Unsecured Note | | 3.30% | | 2025 | | 900 | | | 900 | | | Senior Unsecured Note | | 1.375% | | 2026 | | 800 | | | 800 | | | Drawings on revolving credit facility | | SOFR + 1.75% | | 2027 | | — | | | 325 | | | Senior Unsecured Note | | 5.45% | | 2028 | | 900 | | | — | | | Senior Unsecured Note | | 3.95% | | 2030 | | 700 | | | 700 | | | Senior Unsecured Note | | 2.45% | | 2031 | | 1,000 | | | 1,000 | | | Unamortized (discounts)/premiums & debt issuance (costs) | | | | | | (36) | | | (31) | | | Subtotal | | | | | | $ | 4,464 | | | $ | 3,894 | | | Less: Current maturities | | | | | | (200) | | | — | | Noncurrent maturities | | | | | | $ | 4,264 | | | $ | 3,894 | |
|
| Schedule of Future Maturities of Recourse Debt |
The following table summarizes the principal amounts due under our recourse debt for the next five years and thereafter (in millions): | | | | | | | December 31, | Annual Maturities | | 2024 | $ | 200 | | | 2025 | 900 | | | 2026 | 800 | | | 2027 | — | | | 2028 | 900 | | | Thereafter | 1,700 | | | Unamortized (discount) premium & debt issuance (costs), net | (36) | | | Total recourse debt | $ | 4,464 | |
| | | | | | | December 31, | Annual Maturities | | 2024 | $ | 200 | | | 2025 | 900 | | | 2026 | 800 | | | 2027 | — | | | 2028 | 900 | | | Thereafter | 1,700 | | | Unamortized (discount)/premium & debt issuance (costs), net | (36) | | | Total debt | $ | 4,464 | |
|