The management reporting structure is organized along our two lines of business (Generation and Utilities) and three regions: (1) Latin America & Africa; (2) North America; and (3) Europe, Middle East & Asia (collectively “EMEA”), each managed by a regional president. The segment reporting structure uses the Company's management reporting structure as its foundation to reflect how the Company manages the business internally. During 2010, the Company modified its internal reporting structure to move the management of the Company's generation business in Jordan, Amman East, from Asia to Europe. Accordingly, Amman East is now reported within the Europe—Generation segment. All prior periods have been retrospectively restated to reflect this change and conform to current period presentation. The Company applied the segment reporting accounting guidance, which provides certain quantitative thresholds and aggregation criteria, and the Company concluded it has six reportable segments which include:

Corporate and Other – The Company's Europe Utilities, Africa Utilities, Africa Generation, Wind Generation and Climate Solutions operating segments are reported within “Corporate and Other” because they do not meet the criteria to allow for aggregation with another operating segment or the quantitative thresholds that would require separate disclosure under segment reporting accounting guidance. None of these operating segments are currently material to our presentation of reportable segments, individually or in the aggregate. AES Solar and certain other unconsolidated businesses are accounted for using the equity method of accounting; therefore, their operating results are included in “Net Equity in Earnings of Affiliates” on the face of the Consolidated Statements of Operations, not in revenue or gross margin. “Corporate and Other” also includes costs related to corporate overhead costs which are not directly associated with the operations of our six reportable segments and other intercompany charges such as self-insurance premiums which are fully eliminated in consolidation.

The Company uses Adjusted Gross Margin, a non-GAAP measure, to evaluate the performance of its segments. Adjusted Gross Margin is defined by the Company as: Gross Margin plus depreciation and amortization less general and administrative expenses.

Segment revenue includes inter-segment sales related to the transfer of electricity from generation plants to utilities within Latin America. No material inter-segment revenue relationships exist between other segments. Corporate allocations include certain management fees and self insurance activities which are reflected within segment Adjusted Gross Margin. All intra-segment activity has been eliminated with respect to revenue and Adjusted Gross Margin within the segment. Inter-segment activity has been eliminated within the total consolidated results. All balance sheet information for businesses that were discontinued or classified as held for sale as of December 31, 2010 is segregated and is shown in the line “Discontinued Businesses” in the accompanying segment tables.

The tables below present the breakdown of business segment balance sheet and income statement data as of and for the years ended December 31, 2010 through 2008:

	Total Revenue						Intersegment						External Revenue
	2010		2009		2008		2010		2009		2008		2010		2009		2008

	(in millions)
Revenue
Latin America - Generation	$	4,281	$	3,651	$	4,468	$	(1,017)	$	(864)	$	(991)	$	3,264	$	2,787	$	3,477
Latin America - Utilities		7,222		6,092		5,907		-		-		-		7,222		6,092		5,907
North America - Generation		1,551		1,483		1,644		-		-		-		1,551		1,483		1,644
North America - Utilities		1,145		1,068		1,079		-		-		-		1,145		1,068		1,079
Europe - Generation		1,318		762		1,044		(2)		2		-		1,316		764		1,044
Asia - Generation		618		375		345		-		-		-		618		375		345
Corp/Other and eliminations		46		9		21		1,019		862		991		1,065		871		1,012
Total Revenue	$	16,181	$	13,440	$	14,508	$	-	$	-	$	-	$	16,181	$	13,440	$	14,508

	Total Adjusted Gross Margin						Intersegment						External Adjusted Gross Margin
	2010		2009		2008		2010		2009		2008		2010		2009		2008

	(in millions)
Adjusted Gross Margin
Latin America - Generation	$	1,698	$	1,528	$	1,557	$	(1,010)	$	(852)	$	(978)	$	688	$	676	$	579
Latin America - Utilities		1,320		1,130		1,102		1,018		865		991		2,338		1,995		2,093
North America - Generation		555		558		640		2		(3)		17		557		555		657
North America - Utilities		407		401		419		2		2		2		409		403		421
Europe - Generation		395		273		305		3		4		2		398		277		307
Asia - Generation		255		111		(11)		2		4		4		257		115		(7)
Corp/Other and eliminations		62		2		(65)		(17)		(20)		(38)		45		(18)		(103)
Reconciliation to Income from Continuing Operations before Taxes
Depreciation and amortization														(1,096)		(936)		(899)
Interest expense														(1,506)		(1,462)		(1,746)
Interest income														410		346		515
Other expense														(238)		(106)		(161)
Other income														104		460		372
Gain on sale of investments														-		131		909
Loss on sale of subsidiary stock														-		-		(31)
Goodwill impairment														(21)		(122)		-
Asset impairment expense														(391)		(20)		(175)
Foreign currency transaction gains (losses) on net monetary position														(33)		34		(183)
Other non-operating expense														(7)		(12)		(15)
Income from continuing operations before taxes and equity in earnings of affiliates													$	1,914	$	2,316	$	2,533

	Total Assets						Depreciation and Amortization						Capital Expenditures
	2010		2009		2008		2010		2009		2008		2010		2009		2008

	(in millions)

Latin America - Generation	$	10,373	$	9,802	$	8,217	$	215	$	183	$	168	$	641	$	951	$	886
Latin America - Utilities		10,081		9,233		7,124		254		220		221		649		413		437
North America - Generation		4,681		5,081		5,196		168		167		162		71		64		64
North America - Utilities		3,139		3,035		3,092		161		157		152		177		116		117
Europe - Generation		4,178		3,154		2,836		114		53		45		233		212		531
Asia - Generation		1,762		1,594		1,588		33		32		23		10		22		32
Discontinued businesses		258		2,371		2,684		49		88		92		16		38		86
Corp/Other and eliminations		6,039		5,265		4,069		184		149		138		536		722		744
Total	$	40,511	$	39,535	$	34,806	$	1,178	$	1,049	$	1,001	$	2,333	$	2,538	$	2,897

	Investment in and
	Advances to Affiliates						Equity in Earnings (Loss)
	2010		2009		2008		2010		2009		2008

	(in millions)

Latin America - Generation	$	150	$	129	$	81	$	48	$	30	$	9
Latin America - Utilities		-		-		-		-		-		-
North America - Generation		-		3		2		(2)		(2)		(2)
North America - Utilities		-		-		1		-		-		-
Europe - Generation		353		308		232		19		50		28
Asia - Generation		409		390		371		3		28		12
Discontinued businesses		-		-		-		-		-		-
Corp/Other and eliminations		408		327		214		115		(14)		(14)
Total	$	1,320	$	1,157	$	901	$	183	$	92	$	33

The table below presents information, by country, about the Company's consolidated operations for each of the years ended December 31, 2010 through 2008 and as of December 31, 2010 and 2009, respectively. Revenue is recorded in the country in which it is earned and assets are recorded in the country in which they are located.

	Revenue						Property, Plant & Equipment, net
	2010		2009		2008		2010		2009

	(in millions)
United States⁽¹⁾	$	2,193	$	2,089	$	2,155	$	6,165	$	6,323
Non-U.S.:
Brazil		6,473		5,394		5,501		6,413		5,799
Chile		1,355		1,239		1,349		2,560		2,321
Argentina		887		684		949		459		448
El Salvador		648		619		484		261		254
Dominican Republic		535		429		601		625		634
Philippines⁽²⁾		501		250		148		784		765
Cameroon		422		370		379		823		742
Spain⁽³⁾		411		-		-		667		-
Mexico		409		329		463		786		802
Colombia		393		347		291		387		390
United Kingdom		385		241		342		527		433
Ukraine		356		286		403		86		80
Hungary⁽⁴⁾		252		259		367		73		182
Puerto Rico		253		267		251		596		609
Panama		194		168		210		921		834
Kazakhstan		138		123		234		63		48
Jordan		120		104		47		224		231
Sri Lanka		100		109		184		69		74
Bulgaria⁽⁵⁾		44		-		-		1,825		1,835
Qatar⁽⁶⁾		-		-		-		-		-
Pakistan⁽⁷⁾		-		-		-		-		-
Oman⁽⁸⁾		-		-		-		-		-
Other Non-U.S.		112		133		150		298		285
Total Non-U.S.		13,988		11,351		12,353		18,447		16,766
Total	$	16,181	$	13,440	$	14,508	$	24,612	$	23,089

(1) Excludes revenue of $422 million, $456 million and $590 million for the years ended December 31, 2010, 2009 and 2008, respectively, and property, plant and equipment of $2 million and $693 million as of December 31, 2010, and 2009, respectively, related to Eastern Energy, which was reflected as discontinued operations and businesses held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets.

(2) Masinloc was acquired in April 2008; 2008 revenue represents results for a partial year.

(3) Cartagena was consolidated effective January 1, 2010 upon implementation of the variable interest entity accounting guidance.

(4) Excludes revenue of $44 million, $58 million and $99 million for the years ended December 31, 2010, 2009 and 2008, respectively, and property, plant and equipment of $7 million and $14 million as of December 31, 2010, and 2009, respectively, related to Borsod and Tiszapalkonya, which were reflected as discontinued operations and businesses held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets.

(5) Maritza East and our wind project in Bulgaria were under development and therefore not operational as of December 31, 2009. Our wind project in Bulgaria started operations in 2010.

(6) Excludes revenue of $129 million, $163 million and $161 million for the years ended December 31, 2010, 2009 and 2008, respectively, and property, plant and equipment of $501 million as of December 31, 2009 related to Ras Laffan, which was reflected as discontinued operations and businesses held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets.

(7) Excludes revenue of $299 million, $470 million and $607 million for the years ended December 31, 2010, 2009 and 2008, respectively, and property, plant and equipment of $36 million as of December 31, 2009 related to Lal Pir and Pak Gen, which were reflected as discontinued operations and businesses held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets.

(8) Excludes revenue of $62 million, $101 million and $105 million for the years ended December 31, 2010, 2009 and 2008, respectively, and property, plant and equipment of $311 million as of December 31, 2009, related to Barka, which was reflected as discontinued operations and businesses held for sale in the accompanying Consolidated Statements of Operations and Consolidated Balance Sheets.