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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________________________________________________________________________________
FORM 10-Q
(Mark One)
|
| |
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended September 30, 2018
or
|
| |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 1-12291
THE AES CORPORATION
(Exact name of registrant as specified in its charter)
|
| | |
Delaware | | 54 1163725 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
4300 Wilson Boulevard Arlington, Virginia | | 22203 |
(Address of principal executive offices) | | (Zip Code) |
(703) 522-1315
Registrant’s telephone number, including area code:
______________________________________________________________________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
| | | | | | | | |
Large accelerated filer x | | Accelerated filer ¨ | | Smaller reporting company ¨ | | Emerging growth company ¨ | | Non-accelerated filer ¨ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
______________________________________________________________________________________________
The number of shares outstanding of Registrant’s Common Stock, par value $0.01 per share, on October 30, 2018 was 662,297,479.
THE AES CORPORATION
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2018
TABLE OF CONTENTS |
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ITEM 2. | | |
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ITEM 3. | | |
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ITEM 4. | | |
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ITEM 1. | | |
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ITEM 1A. | | |
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ITEM 2. | | |
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ITEM 3. | | |
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ITEM 4. | | |
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ITEM 5. | | |
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ITEM 6. | | |
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GLOSSARY OF TERMS
The following terms and acronyms appear in the text of this report and have the definitions indicated below: |
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Adjusted EPS | Adjusted Earnings Per Share, a non-GAAP measure |
Adjusted PTC | Adjusted Pretax Contribution, a non-GAAP measure of operating performance |
AFS | Available For Sale |
AOCI | Accumulated Other Comprehensive Income |
AOCL | Accumulated Other Comprehensive Loss |
ASC | Accounting Standards Codification |
ASU | Accounting Standards Update |
CAA | United States Clean Air Act |
CAMMESA | Wholesale Electric Market Administrator in Argentina |
CHP | Combined Heat and Power |
COFINS | Contribution for the Financing of Social Security |
DG Comp | Directorate-General for Competition |
DP&L | The Dayton Power & Light Company |
DPL | DPL Inc. |
EPA | United States Environmental Protection Agency |
EPC | Engineering, Procurement and Construction |
EURIBOR | Euro Interbank Offered Rate |
FASB | Financial Accounting Standards Board |
FX | Foreign Exchange |
GAAP | Generally Accepted Accounting Principles in the United States |
GHG | Greenhouse Gas |
GILTI | Global Intangible Low Taxed Income
|
GW | Gigawatts |
HLBV | Hypothetical Liquidation Book Value |
HPP | Hydropower Plant |
IPALCO | IPALCO Enterprises, Inc. |
IPL | Indianapolis Power & Light Company |
ISO | Independent System Operator |
LIBOR | London Interbank Offered Rate |
MW | Megawatts |
MWh | Megawatt Hours |
NCI | Noncontrolling Interest |
NEK | Natsionalna Elektricheska Kompania (state-owned electricity public supplier in Bulgaria) |
NM | Not Meaningful |
NOV | Notice of Violation |
NOX | Nitrogen Oxides |
OPGC | Odisha Power Generation Corporation |
PIS | Program of Social Integration |
PPA | Power Purchase Agreement |
PREPA | Puerto Rico Electric Power Authority |
RSU | Restricted Stock Unit |
RTO | Regional Transmission Organization |
SBU | Strategic Business Unit |
SEC | United States Securities and Exchange Commission |
SO2 | Sulfur Dioxide |
TCJA | Tax Cuts and Jobs Act
|
U.S. | United States |
USD | United States Dollar |
VAT | Value-Added Tax |
VIE | Variable Interest Entity |
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
THE AES CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited) |
| | | | | | | |
| September 30, 2018 | | December 31, 2017 |
| (in millions, except share and per share data) |
ASSETS | | | |
CURRENT ASSETS | | | |
Cash and cash equivalents | $ | 1,187 |
| | $ | 949 |
|
Restricted cash | 441 |
| | 274 |
|
Short-term investments | 401 |
| | 424 |
|
Accounts receivable, net of allowance for doubtful accounts of $16 and $10, respectively | 1,510 |
| | 1,463 |
|
Inventory | 562 |
| | 562 |
|
Prepaid expenses | 97 |
| | 62 |
|
Other current assets | 706 |
| | 630 |
|
Current held-for-sale assets | 111 |
| | 2,034 |
|
Total current assets | 5,015 |
| | 6,398 |
|
NONCURRENT ASSETS | | | |
Property, Plant and Equipment: | | | |
Land | 470 |
| | 502 |
|
Electric generation, distribution assets and other | 25,055 |
| | 24,119 |
|
Accumulated depreciation | (8,033 | ) | | (7,942 | ) |
Construction in progress | 3,616 |
| | 3,617 |
|
Property, plant and equipment, net | 21,108 |
| | 20,296 |
|
Other Assets: | | | |
Investments in and advances to affiliates | 1,277 |
| | 1,197 |
|
Debt service reserves and other deposits | 494 |
| | 565 |
|
Goodwill | 1,059 |
| | 1,059 |
|
Other intangible assets, net of accumulated amortization of $472 and $441, respectively | 400 |
| | 366 |
|
Deferred income taxes | 88 |
| | 130 |
|
Service concession assets, net of accumulated amortization of $0 and $206, respectively | — |
| | 1,360 |
|
Loan receivable | 1,441 |
| | — |
|
Other noncurrent assets | 1,607 |
| | 1,741 |
|
Total other assets | 6,366 |
| | 6,418 |
|
TOTAL ASSETS | $ | 32,489 |
| | $ | 33,112 |
|
LIABILITIES AND EQUITY | | | |
CURRENT LIABILITIES | | | |
Accounts payable | $ | 1,299 |
| | $ | 1,371 |
|
Accrued interest | 272 |
| | 228 |
|
Accrued and other liabilities | 1,151 |
| | 1,232 |
|
Non-recourse debt, includes $368 and $1,012, respectively, related to variable interest entities | 1,308 |
| | 2,164 |
|
Current held-for-sale liabilities | 17 |
| | 1,033 |
|
Total current liabilities | 4,047 |
| | 6,028 |
|
NONCURRENT LIABILITIES | | | |
Recourse debt | 3,815 |
| | 4,625 |
|
Non-recourse debt, includes $2,832 and $1,358, respectively, related to variable interest entities | 14,273 |
| | 13,176 |
|
Deferred income taxes | 1,214 |
| | 1,006 |
|
Other noncurrent liabilities | 2,552 |
| | 2,595 |
|
Total noncurrent liabilities | 21,854 |
| | 21,402 |
|
Commitments and Contingencies (see Note 8) | | | |
Redeemable stock of subsidiaries | 879 |
| | 837 |
|
EQUITY | | | |
THE AES CORPORATION STOCKHOLDERS’ EQUITY | | | |
Common stock ($0.01 par value, 1,200,000,000 shares authorized; 817,203,691 issued and 662,297,479 outstanding at September 30, 2018 and 816,312,913 issued and 660,388,128 outstanding at December 31, 2017) | 8 |
| | 8 |
|
Additional paid-in capital | 8,328 |
| | 8,501 |
|
Accumulated deficit | (1,133 | ) | | (2,276 | ) |
Accumulated other comprehensive loss | (2,020 | ) | | (1,876 | ) |
Treasury stock, at cost (154,906,212 and 155,924,785 shares at September 30, 2018 and December 31, 2017, respectively) | (1,878 | ) | | (1,892 | ) |
Total AES Corporation stockholders’ equity | 3,305 |
| | 2,465 |
|
NONCONTROLLING INTERESTS | 2,404 |
| | 2,380 |
|
Total equity | 5,709 |
| | 4,845 |
|
TOTAL LIABILITIES AND EQUITY | $ | 32,489 |
| | $ | 33,112 |
|
See Notes to Condensed Consolidated Financial Statements.
THE AES CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2018 | | 2017 | | 2018 | | 2017 |
| | | | | | | |
| (in millions, except per share amounts) |
Revenue: | | | | | | | |
Regulated | $ | 777 |
| | $ | 853 |
| | $ | 2,215 |
| | $ | 2,449 |
|
Non-Regulated | 2,060 |
| | 1,840 |
| | 5,899 |
| | 5,438 |
|
Total revenue | 2,837 |
| | 2,693 |
| | 8,114 |
| | 7,887 |
|
Cost of Sales: | | | | | | | |
Regulated | (638 | ) | | (704 | ) | | (1,856 | ) | | (2,088 | ) |
Non-Regulated | (1,528 | ) | | (1,349 | ) | | (4,331 | ) | | (3,979 | ) |
Total cost of sales | (2,166 | ) | | (2,053 | ) | | (6,187 | ) | | (6,067 | ) |
Operating margin | 671 |
| | 640 |
| | 1,927 |
| | 1,820 |
|
General and administrative expenses | (43 | ) | | (52 | ) | | (134 | ) | | (155 | ) |
Interest expense | (255 | ) | | (297 | ) | | (799 | ) | | (860 | ) |
Interest income | 79 |
| | 63 |
| | 231 |
| | 185 |
|
Loss on extinguishment of debt | (11 | ) | | (49 | ) | | (187 | ) | | (44 | ) |
Other expense | (29 | ) | | (36 | ) | | (42 | ) | | (67 | ) |
Other income | 10 |
| | 16 |
| | 30 |
| | 103 |
|
Gain (loss) on disposal and sale of businesses | (21 | ) | | (1 | ) | | 856 |
| | (49 | ) |
Asset impairment expense | (74 | ) | | (2 | ) | | (166 | ) | | (260 | ) |
Foreign currency transaction gains (losses) | 5 |
| | 22 |
| | (44 | ) | | 14 |
|
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES AND EQUITY IN EARNINGS OF AFFILIATES | 332 |
| | 304 |
| | 1,672 |
| | 687 |
|
Income tax expense | (146 | ) | | (93 | ) | | (509 | ) | | (246 | ) |
Net equity in earnings of affiliates | 6 |
| | 24 |
| | 31 |
| | 33 |
|
INCOME FROM CONTINUING OPERATIONS | 192 |
| | 235 |
| | 1,194 |
| | 474 |
|
Income (loss) from operations of discontinued businesses, net of income tax expense of $0, $17, $2 and $24, respectively | (4 | ) | | 26 |
| | (9 | ) | | 35 |
|
Gain from disposal of discontinued businesses, net of income tax expense of $2, $0, $44 and $0, respectively | 3 |
| | — |
| | 199 |
| | — |
|
NET INCOME | 191 |
| | 261 |
| | 1,384 |
| | 509 |
|
Noncontrolling interests: | | | | | | | |
Less: Income from continuing operations attributable to noncontrolling interests and redeemable stocks of subsidiaries | (90 | ) | | (88 | ) | | (311 | ) | | (298 | ) |
Less: Loss (income) from discontinued operations attributable to noncontrolling interests | — |
| | (21 | ) | | 2 |
| | (30 | ) |
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION | $ | 101 |
| | $ | 152 |
| | $ | 1,075 |
| | $ | 181 |
|
AMOUNTS ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS: | | | | | | | |
Income from continuing operations, net of tax | $ | 102 |
| | $ | 147 |
| | $ | 883 |
| | $ | 176 |
|
Income (loss) from discontinued operations, net of tax | (1 | ) | | 5 |
| | 192 |
| | 5 |
|
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION | $ | 101 |
| | $ | 152 |
| | $ | 1,075 |
| | $ | 181 |
|
BASIC EARNINGS PER SHARE: | | | | | | | |
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ | 0.15 |
| | $ | 0.22 |
| | $ | 1.33 |
| | $ | 0.27 |
|
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax | — |
| | 0.01 |
| | 0.29 |
| | 0.01 |
|
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ | 0.15 |
| | $ | 0.23 |
| | $ | 1.62 |
| | $ | 0.28 |
|
DILUTED EARNINGS PER SHARE: | | | | | | | |
Income from continuing operations attributable to The AES Corporation common stockholders, net of tax | $ | 0.15 |
| | $ | 0.22 |
| | $ | 1.33 |
| | $ | 0.27 |
|
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax | — |
| | 0.01 |
| | 0.29 |
| | 0.01 |
|
NET INCOME ATTRIBUTABLE TO THE AES CORPORATION COMMON STOCKHOLDERS | $ | 0.15 |
| | $ | 0.23 |
| | $ | 1.62 |
| | $ | 0.28 |
|
DILUTED SHARES OUTSTANDING | 665 |
| | 663 |
| | 664 |
| | 662 |
|
DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.13 |
| | $ | 0.12 |
| | $ | 0.26 |
| | $ | 0.24 |
|
See Notes to Condensed Consolidated Financial Statements.
THE AES CORPORATION
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
|
| | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2018 | | 2017 | | 2018 | | 2017 |
| | | | | | | |
| (in millions) |
NET INCOME | $ | 191 |
| | $ | 261 |
| | $ | 1,384 |
| | $ | 509 |
|
Foreign currency translation activity: | | | | | | | |
Foreign currency translation adjustments, net of income tax benefit of $2, $1, $3 and $0, respectively | (42 | ) | | 80 |
| | (159 | ) | | 29 |
|
Reclassification to earnings, net of $0 income tax | (3 | ) | | — |
| | (1 | ) | | 98 |
|
Total foreign currency translation adjustments | (45 | ) | | 80 |
| | (160 | ) | | 127 |
|
Derivative activity: | | | | | | | |
Change in derivative fair value, net of income tax benefit (expense) of $(3), $(6), $(3) and $15, respectively | 15 |
| | 5 |
| | 32 |
| | (42 | ) |
Reclassification to earnings, net of income tax benefit (expense) of $(7), $5, $(15) and $(6), respectively | 21 |
| | 1 |
| | 67 |
| | 50 |
|
Total change in fair value of derivatives | 36 |
| | 6 |
| | 99 |
| | 8 |
|
Pension activity: | | | | | | | |
Reclassification to earnings, net of income tax expense of $0, $4, $2 and $10, respectively | 1 |
| | 7 |
| | 5 |
| | 20 |
|
Total pension adjustments | 1 |
| | 7 |
| | 5 |
| | 20 |
|
OTHER COMPREHENSIVE INCOME (LOSS) | (8 | ) | | 93 |
| | (56 | ) | | 155 |
|
COMPREHENSIVE INCOME | 183 |
| | 354 |
| | 1,328 |
| | 664 |
|
Less: Comprehensive income attributable to noncontrolling interests | (114 | ) | | (127 | ) | | (416 | ) | | (360 | ) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE AES CORPORATION | $ | 69 |
| | $ | 227 |
| | $ | 912 |
| | $ | 304 |
|
See Notes to Condensed Consolidated Financial Statements.
THE AES CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
|
| | | | | | | |
| Nine Months Ended September 30, |
| 2018 | | 2017 |
| | | |
| (in millions) |
OPERATING ACTIVITIES: | | | |
Net income | $ | 1,384 |
| | $ | 509 |
|
Adjustments to net income: | | | |
Depreciation and amortization | 770 |
| | 884 |
|
Loss (gain) on disposal and sale of businesses | (856 | ) | | 49 |
|
Impairment expenses | 172 |
| | 260 |
|
Deferred income taxes | 221 |
| | (3 | ) |
Provisions for contingencies | 1 |
| | 30 |
|
Loss on extinguishment of debt | 187 |
| | 44 |
|
Net loss on sales of assets | 23 |
| | 34 |
|
Gain on sale of discontinued operations | (243 | ) | | — |
|
Other | 206 |
| | 73 |
|
Changes in operating assets and liabilities | | | |
(Increase) decrease in accounts receivable | (125 | ) | | (279 | ) |
(Increase) decrease in inventory | (13 | ) | | (66 | ) |
(Increase) decrease in prepaid expenses and other current assets | 15 |
| | 140 |
|
(Increase) decrease in other assets | (22 | ) | | (266 | ) |
Increase (decrease) in accounts payable and other current liabilities | (29 | ) | | 162 |
|
Increase (decrease) in income taxes payable, net and other taxes payable | (61 | ) | | (4 | ) |
Increase (decrease) in other liabilities | 51 |
| | 134 |
|
Net cash provided by operating activities | 1,681 |
| | 1,701 |
|
INVESTING ACTIVITIES: | | | |
Capital expenditures | (1,592 | ) | | (1,587 | ) |
Acquisitions of businesses, net of cash and restricted cash acquired, and equity method investments | (66 | ) | | (590 | ) |
Proceeds from the sale of businesses, net of cash and restricted cash sold, and equity method investments | 1,796 |
| | 39 |
|
Proceeds from the sale of assets | 15 |
| | — |
|
Sale of short-term investments | 1,010 |
| | 2,942 |
|
Purchase of short-term investments | (1,215 | ) | | (2,673 | ) |
Contributions to equity affiliates | (101 | ) | | (49 | ) |
Other investing | (37 | ) | | (37 | ) |
Net cash used in investing activities | (190 | ) | | (1,955 | ) |
FINANCING ACTIVITIES: | | | |
Borrowings under the revolving credit facilities | 1,434 |
| | 1,489 |
|
Repayments under the revolving credit facilities | (1,595 | ) | | (851 | ) |
Issuance of recourse debt | 1,000 |
| | 1,025 |
|
Repayments of recourse debt | (1,781 | ) | | (1,353 | ) |
Issuance of non-recourse debt | 1,509 |
| | 2,703 |
|
Repayments of non-recourse debt | (1,139 | ) | | (1,731 | ) |
Payments for financing fees | (32 | ) | | (96 | ) |
Distributions to noncontrolling interests | (199 | ) | | (263 | ) |
Contributions from noncontrolling interests and redeemable security holders | 40 |
| | 59 |
|
Dividends paid on AES common stock | (258 | ) | | (238 | ) |
Payments for financed capital expenditures | (186 | ) | | (100 | ) |
Proceeds from sales to noncontrolling interests | — |
| | 60 |
|
Other financing | 44 |
| | (26 | ) |
Net cash provided by (used in) financing activities | (1,163 | ) | | 678 |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (50 | ) | | 21 |
|
(Increase) decrease in cash, cash equivalents and restricted cash of discontinued operations and held-for-sale businesses | 56 |
| | (107 | ) |
Total increase in cash, cash equivalents and restricted cash | 334 |
| | 338 |
|
Cash, cash equivalents and restricted cash, beginning | 1,788 |
| | 1,960 |
|
Cash, cash equivalents and restricted cash, ending | $ | 2,122 |
| | $ | 2,298 |
|
SUPPLEMENTAL DISCLOSURES: | | | |
Cash payments for interest, net of amounts capitalized | $ | 683 |
| | $ | 797 |
|
Cash payments for income taxes, net of refunds | 313 |
| | 291 |
|
SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | | | |
Non-cash acquisition of intangible assets | $ | 14 |
| | $ | — |
|
Non-cash contributions of assets and liabilities for Fluence acquisition | 20 |
| | — |
|
Non-cash exchange of debentures for the acquisition of the Guaimbê Solar Complex (see Note 18—Acquisitions) | 119 |
| | — |
|
Conversion of Alto Maipo loans and accounts payable into equity (see Note 10—Equity) | — |
| | 279 |
|
See Notes to Condensed Consolidated Financial Statements.
THE AES CORPORATION
Notes to Condensed Consolidated Financial Statements
For the Three and Nine Months Ended September 30, 2018 and 2017
(Unaudited)
1. FINANCIAL STATEMENT PRESENTATION
The prior period condensed consolidated financial statements in this Quarterly Report on Form 10-Q (“Form 10-Q”) have been reclassified to reflect the businesses classified as discontinued operations as discussed in Note 16—Discontinued Operations. Certain prior period amounts have been reclassified to comply with newly adopted accounting standards. See further detail in the new accounting pronouncements discussion.
Consolidation — In this Quarterly Report the terms “AES,” “the Company,” “us” or “we” refer to the consolidated entity, including its subsidiaries and affiliates. The terms “The AES Corporation” or “the Parent Company” refer only to the publicly held holding company, The AES Corporation, excluding its subsidiaries and affiliates. Furthermore, VIEs in which the Company has a variable intere