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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income from Continuing Operations before taxes and equity in earnings of affiliates [Table Text Block]
The following table shows the income (loss) from continuing operations, before income taxes, net equity in earnings of affiliates and noncontrolling interests, for the periods indicated (in millions):
December 31, 202320222021
U.S.$(238)$22 $622 
Non-U.S.342 (191)(1,686)
Total$104 $(169)$(1,064)
Income Tax Expense On Continuing Operations The following table summarizes the expense for income taxes on continuing operations for the periods indicated (in millions):
December 31, 202320222021
Federal:Current$$$(2)
Deferred15 (18)42 
State:Current16 
Deferred30 18 
Foreign:Current289 256 273 
Deferred(98)21 (465)
Total$261 $265 $(133)
Reconciliation Of US Federal Income Tax Rates And AES Effective Tax Rate For The Current And Two Prior Years The following table summarizes a reconciliation of the U.S. statutory federal income tax rate to the Company's effective tax rate as a percentage of income from continuing operations before taxes for the periods indicated:
December 31, 202320222021
Statutory Federal tax rate21 %21 %21 %
State taxes, net of Federal tax benefit87 %(1)%(6)%
Taxes on foreign earnings14 %(42)%(2)%
Valuation allowance83 %(10)%%
Uncertain tax positions— %%16 %
Change in tax law— %— %(1)%
U.S. Investment Tax Credit(70)%— %— %
Noncontrolling interest in U.S. subsidiaries115 %— %— %
Alto Maipo deconsolidation— %— %(17)%
Noncontrolling interest on Buffalo Gap impairments— %— %(3)%
Nondeductible goodwill impairments%(127)%— %
Other—net(2)%(5)%(2)%
Effective tax rate251 %(157)%13 %
Schedule Of Income Tax Payable And Receivable The following table summarizes the income taxes receivable and payable as of the periods indicated (in millions):
December 31,20232022
Income taxes receivable—current$95 $107 
Income taxes receivable—noncurrent41 69 
Total income taxes receivable$136 $176 
Income taxes payable—current$103 $104 
Income taxes payable—noncurrent— — 
Total income taxes payable$103 $104 
Summary Of Deferred Tax Assets And Liabilities
The following table summarizes deferred tax assets and liabilities, as of the periods indicated (in millions):
December 31, 20232022
Differences between book and tax basis of property$(966)$(903)
Investment in U.S. tax partnerships(578)(582)
Other taxable temporary differences(403)(350)
Total deferred tax liability(1,947)(1,835)
Operating loss carryforwards1,132 1,129 
Capital loss carryforwards65 62 
Bad debt and other book provisions92 57 
Tax credit carryforwards72 62 
Other deductible temporary differences409 282 
Total gross deferred tax asset1,770 1,592 
Less: Valuation allowance(672)(577)
Total net deferred tax asset1,098 1,015 
Net deferred tax liability$(849)$(820)
Uncertain Tax Positions [Table Text Block] The following table shows the total amount of gross accrued income taxes related to interest and penalties included in the Consolidated Balance Sheets for the periods indicated (in millions):
December 31,20232022
Interest related $$
Penalties related— — 
The following table shows the expense/(benefit) related to interest and penalties on unrecognized tax benefits for the periods indicated (in millions):
December 31, 202320222021
Total benefit for interest related to unrecognized tax benefits$— $— $
Total expense for penalties related to unrecognized tax benefits— — 
Tax Years Potentially Subject To Examination And Jurisdictions The following is a summary of tax years potentially subject to examination in the significant tax and
business jurisdictions in which we operate:
JurisdictionTax Years Subject to Examination
Argentina
2017-2023
Brazil
2017-2023
Chile
2020-2023
Colombia
2017-2023
Dominican Republic
2020-2023
El Salvador
2020-2023
Netherlands
2017-2023
Panama
2020-2023
United Kingdom
2020-2023
United States (Federal)
2017-2023
Unrecognized Tax Benefits
The following is a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the periods indicated (in millions):
202320222021
Balance at January 1$107 $122 $458 
Additions for current year tax positions28 
Additions for tax positions of prior years— — 14 
Reductions for tax positions of prior years(1)(16)— 
Settlements— (3)(377)
Lapse of statute of limitations— — (1)
Balance at December 31$107 $107 $122