Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

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Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES


(a)	Financial Statements.



Financial Statements and Schedules:		Page
Consolidated Balance Sheets as of December 31, 2015 and 2014		121
Consolidated Statements of Operations for the years ended December 31, 2015, 2014 and 2013		122
Consolidated Statements of Comprehensive Income for the years ended December 31, 2015, 2014 and 2013		123
Consolidated Statements of Changes in Equity for the years ended December 31, 2015, 2014 and 2013		124
Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014 and 2013		125
Notes to Consolidated Financial Statements		126
Schedules		S-2-S-7


(b)	Exhibits.



3.1		Sixth Restated Certificate of Incorporation of The AES Corporation is incorporated herein by reference to Exhibit 3.1 of the Company's Form 10-K for the year ended December 31, 2008.
3.2		By-Laws of The AES Corporation, as amended and incorporated herein by reference to Exhibit 3.1 of the Company's Form 8-K/A filed on December 2, 2015.
4		There are numerous instruments defining the rights of holders of long-term indebtedness of the Registrant and its consolidated subsidiaries, none of which exceeds ten percent of the total assets of the Registrant and its subsidiaries on a consolidated basis. The Registrant hereby agrees to furnish a copy of any of such agreements to the Commission upon request. Since these documents are not required filings under Item 601 of Regulation S-K, the Company has elected to file certain of these documents as Exhibits 4.(a)—4.(r).
4.(a)		Junior Subordinated Indenture, dated as of March 1, 1997, between The AES Corporation and Wells Fargo Bank, National Association, as successor to Bank One, National Association (formerly known as The First National Bank of Chicago) is incorporated herein by reference to Exhibit 4.(a) of the Company's Form 10-K for the year ended December 31, 2008.
4.(b)		Third Supplemental Indenture, dated as of October 14, 1999, between The AES Corporation and Wells Fargo Bank, National Association, as successor to Bank One, National Association is incorporated herein by reference to Exhibit 4.(b) of the Company's Form 10-K for the year ended December 31, 2008.
4.(c)		Senior Indenture, dated as of December 8, 1998, between The AES Corporation and Wells Fargo Bank, National Association, as successor to Bank One, National Association (formerly known as The First National Bank of Chicago) is incorporated herein by reference to Exhibit 4.01 of the Company's Form 8-K filed on December 11, 1998 (SEC File No. 001-12291).
4.(d)		Form of Second Supplemental Indenture, dated as of June 11, 1999, between The AES Corporation and Wells Fargo Bank, National Association, as successor to Bank One, National Association (formerly known as The First National Bank of Chicago) is incorporated herein by reference to Exhibit 4.01 of the Company's Form 8-K filed on June 11, 1999 (SEC File No. 001-12291).
4.(e)		Third Supplemental Indenture, dated as of September 12, 2000, between The AES Corporation and Wells Fargo Bank, National Association, as successor to Bank One, National Association is incorporated herein by reference to Exhibit 4.(e) of the Company's Form 10-K for the year ended December 31, 2008.
4.(f)		Form of Fifth Supplemental Indenture, dated as of February 9, 2001, between The AES Corporation and Wells Fargo Bank, National Association, as successor to Bank One, National Association is incorporated herein by reference to Exhibit 4.1 of the Company's Form 8-K filed on February 8, 2001 (SEC File No. 001-12291).
4.(g)		Form of Sixth Supplemental Indenture, dated as of February 22, 2001, between The AES Corporation and Wells Fargo Bank, National Association, as successor to Bank One, National Association is incorporated herein by reference to Exhibit 4.1 of the Company's Form 8-K filed on February 21, 2001 (SEC File No. 001-12291).
4.(h)		Ninth Supplemental Indenture, dated as of April 3, 2003, between The AES Corporation and Wells Fargo Bank, National Association (as successor by consolidation to Wells Fargo Bank Minnesota, National Association) is incorporated herein by reference to Exhibit 4.6 of the Company's Form S-4 filed on December 7, 2007.
4.(i)		Form of Tenth Supplemental Indenture, dated as of February 13, 2004, between The AES Corporation and Wells Fargo Bank, National Association (as successor by consolidation to Wells Fargo Bank Minnesota, National Association) is incorporated herein by reference to Exhibit 4.1 of the Company's Form 8-K filed on February 13, 2004 (SEC File No. 001-12291).
4.(j)		Eleventh Supplemental Indenture, dated as of October 15, 2007, between The AES Corporation and Wells Fargo Bank, National Association is incorporated herein by reference to Exhibit 4.7 of the Company's Form S-4 filed on December 7, 2007.
4.(k)		Twelfth Supplemental Indenture, dated as of October 15, 2007, between The AES Corporation and Wells Fargo Bank, National Association is incorporated herein by reference to Exhibit 4.8 of the Company's Form S-4 filed on December 7, 2007.
4.(l)		Thirteenth Supplemental Indenture, dated as of May 19, 2008, between The AES Corporation and Wells Fargo Bank, National Association is incorporated herein by reference to Exhibit 4.(l) of the Company's Form 10-K for the year ended December 31, 2008.
4.(m)		Fourteenth Supplemental Indenture, dated as of April 2, 2009, between The AES Corporation and Wells Fargo Bank, National Association is incorporated herein by reference to Exhibit 99.1 of the Company's Form 8-K filed on April 2, 2009.
4.(n)		Fifteenth Supplemental Indenture, dated as of June 15, 2011, between The AES Corporation and Wells Fargo Bank, National Association is incorporated herein by reference to Exhibit 4.3 of the Company's Form 8-K filed on June 15, 2011.
4.(o)		Indenture, dated October 3, 2011, between Dolphin Subsidiary II, Inc. and Wells Fargo Bank, National Association is incorporated herein by reference to Exhibit 4.1 of the Company's Form 8-K filed on October 5, 2011.
4.(p)		Sixteenth Supplemental Indenture, dated April 30, 2013, between The AES Corporation and Wells Fargo Bank, N.A., as Trustee is incorporated herein by reference to Exhibit 4.1 of the Company's Form 8-K filed on April 30, 2013 (SEC File No. 001-12291).
4.(q)		Seventeenth Supplemental Indenture, dated March 7, 2014, between The AES Corporation and Wells Fargo Bank, N.A. as Trustee is incorporated herein by reference to Exhibit 4.1 of the Company's Form 8-K filed on March 7, 2014.
4.(r)		Eighteenth Supplemental Indenture, dated May 20, 2014, between The AES Corporation and Wells Fargo Bank, N.A. as Trustee is incorporated herein by reference to Exhibit 4.1 of the Company's Form 8-K filed on May 20, 2014.
4.(s)		Nineteenth Supplemental Indenture, dated April 6, 2015, between The AES Corporation and Wells Fargo Bank, N.A. as Trustee is incorporated herein by reference to Exhibit 4.1 of the Company's Form 8-K filed on April 6, 2015.
10.1		The AES Corporation Profit Sharing and Stock Ownership Plan are incorporated herein by reference to Exhibit 4(c)(1) of the Registration Statement on Form S-8 (Registration No. 33-49262) filed on July 2, 1992.
10.2		The AES Corporation Incentive Stock Option Plan of 1991, as amended, is incorporated herein by reference to Exhibit 10.30 of the Company's Form 10-K for the year ended December 31, 1995 (SEC File No. 00019281).



10.3		Applied Energy Services, Inc. Incentive Stock Option Plan of 1982 is incorporated herein by reference to Exhibit 10.31 of the Registration Statement on Form S-1 (Registration No. 33-40483).
10.4		Deferred Compensation Plan for Executive Officers, as amended, is incorporated herein by reference to Exhibit 10.32 of Amendment No. 1 to the Registration Statement on Form S-1 (Registration No. 33-40483).
10.5		Deferred Compensation Plan for Directors, as amended and restated, on February 17, 2012 is incorporated herein by reference to Exhibit 10.5 of the Company's Form 10-K for the year ended December 31, 2012.
10.6		The AES Corporation Stock Option Plan for Outside Directors, as amended and restated, on December 7, 2007 is incorporated herein by reference to Exhibit 10.6 of the Company's Form 10-K for the year ended December 31, 2012.
10.7		The AES Corporation Supplemental Retirement Plan is incorporated herein by reference to Exhibit 10.63 of the Company's Form 10-K for the year ended December 31, 1994 (SEC File No. 00019281).
10.7A		Amendment to The AES Corporation Supplemental Retirement Plan, dated March 13, 2008 is incorporated herein by reference to Exhibit 10.9.A of the Company's Form 10-K for the year ended December 31, 2007.
10.8		The AES Corporation 2001 Stock Option Plan is incorporated herein by reference to Exhibit 10.12 of the Company's Form 10-K for the year ended December 31, 2000 (SEC File No. 001-12291).
10.9		Second Amended and Restated Deferred Compensation Plan for Directors is incorporated herein by reference to Exhibit 10.13 of the Company's Form 10-K for the year ended December 31, 2000 (SEC File No. 001-12291).
10.10		The AES Corporation 2001 Non-Officer Stock Option Plan is incorporated herein by reference to Exhibit 10.12 of the Company's Form 10-K for the year ended December 31, 2002 (SEC File No. 001-12291).
10.10A		Amendment to the 2001 Stock Option Plan and 2001 Non-Officer Stock Option Plan, dated March 13, 2008 is incorporated herein by reference to Exhibit 10.12.A of the Company's Form 10-K for the year ended December 31, 2007.
10.11		The AES Corporation 2003 Long Term Compensation Plan, as Amended and Restated, dated April 23, 2015, is incorporated herein by reference to Exhibit 99.1 of the Company's Form 8-K filed on April 23, 2015.
10.12		Form of AES Nonqualified Stock Option Award Agreement under The AES Corporation 2003 Long Term Compensation Plan (Outside Directors) is incorporated herein by reference to Exhibit 10.2 of the Company's Form 8-K filed on April 27, 2010.
10.13		Form of AES Performance Stock Unit Award Agreement under The AES Corporation 2003 Long Term Compensation Plan (filed herewith).
10.14		Form of AES Restricted Stock Unit Award Agreement under The AES Corporation 2003 Long Term Compensation Plan (filed herewith).
10.15		Form of AES Performance Unit Award Agreement under The AES Corporation 2003 Long Term Compensation Plan (filed herewith).
10.16		Form of AES Nonqualified Stock Option Award Agreement under The AES Corporation 2003 Long Term Compensation Plan is incorporated herein by reference to Exhibit 10.4 of the Company's Form 10-Q for the quarter ended June 30, 2015.
10.17		Form of AES Performance Cash Unit Award Agreement under The AES Corporation 2003 Long Term Compensation Plan (filed herewith).
10.18		The AES Corporation Restoration Supplemental Retirement Plan, as amended and restated, dated December 29, 2008 is incorporated herein by reference to Exhibit 10.15 of the Company's Form 10-K for the year ended December 31, 2008.
10.18A		Amendment to The AES Corporation Restoration Supplemental Retirement Plan, dated December 9, 2011 is incorporated herein by reference to Exhibit 10.17A of the Company's Form 10-K for the year ended December 31, 2012.
10.19		The AES Corporation International Retirement Plan, as amended and restated on December 29, 2008 is incorporated herein by reference to Exhibit 10.16 of the Company's Form 10-K for the year ended December 31, 2008.
10.19A		Amendment to The AES Corporation International Retirement Plan, dated December 9, 2011 is incorporated herein by reference to Exhibit 10.18A of the Company's Form 10-K for the year ended December 31, 2012.
10.20		The AES Corporation Severance Plan, as amended and restated on April 23, 2015 is incorporated herein by reference to Exhibit 10.6 of the Company's Form 10-Q for the quarter ended June 30, 2015.
10.21		The AES Corporation Amended and Restated Executive Severance Plan dated April 23, 2015 is incorporated herein by reference to Exhibit 10.5 of the Company's Form 10-Q for the period ended June 30, 2015.
10.22		The AES Corporation Performance Incentive Plan, as Amended and Restated on April 23, 2015 is incorporated herein by reference to Exhibit 99.2 of the Company's Form 8-K filed on April 23, 2015.
10.23		The AES Corporation Deferred Compensation Program For Directors dated February 17, 2012 is incorporated herein by reference to Exhibit 10.22 of the Company's Form 10-K filed on December 31, 2011.
10.24		The AES Corporation Employment Agreement with Andrés Gluski is incorporated herein by reference to Exhibit 99.3 of the Company's Form 8-K filed on December 31, 2008.
10.25		Mutual Agreement, between Andrés Gluski and The AES Corporation dated October 7, 2011 is incorporated herein by reference to Exhibit 10.2 of the Company's Form 10-Q for the period ended September 30, 2011.
10.26		Form of Retroactive Consent to Provide for Double-Trigger IN Change-In-Control Transactions is incorporated herein by reference to Exhibit 10.7 of the Company's Form 10-Q for the period ended June 30, 2015.
10.27		Amendment No. 3, dated as of July 26, 2013 to the Fifth Amended and Restated Credit and Reimbursement Agreement, dated as of July 29, 2010 is incorporated herein by reference to Exhibit 10.1 of the Company's Form 8-K filed on July 29, 2013.
10.27A		Sixth Amended and Restated Credit and Reimbursement Agreement dated as of July 26, 2013 among The AES Corporation, a Delaware corporation, the Banks listed on the signature pages thereof, Citibank, N.A., as Administrative Agent and Collateral Agent, Citigroup Global Markets Inc., as Lead Arranger and Book Runner, Banc of America Securities LLC, as Lead Arranger and Book Runner and Co-Syndication Agent, Barclays Capital, as Lead Arranger and Book Runner and Co-Syndication Agent, RBS Securities Inc., as Lead Arranger and Book Runner and Co-Syndication Agent and Union Bank, N.A., as Lead Arranger and Book Runner and Co-Syndication Agent is incorporated herein by reference to Exhibit 10.1.A of the Company's Form 8-K filed on July 29, 2013.
10.27B		Appendices and Exhibits to the Sixth Amended and Restated Credit and Reimbursement Agreement, dated as of July 29, 2013 is incorporated herein by reference to Exhibit 10.1.B of the Company's Form 8-K filed on July 29, 2013.
10.28		Collateral Trust Agreement dated as of December 12, 2002 among The AES Corporation, AES International Holdings II, Ltd., Wilmington Trust Company, as corporate trustee and Bruce L. Bisson, an individual trustee is incorporated herein by reference to Exhibit 4.2 of the Company's Form 8-K filed on December 17, 2002 (SEC File No. 001-12291).
10.29		Security Agreement dated as of December 12, 2002 made by The AES Corporation to Wilmington Trust Company, as corporate trustee and Bruce L. Bisson, as individual trustee is incorporated herein by reference to Exhibit 4.3 of the Company's Form 8-K filed on December 17, 2002 (SEC File No. 001-12291).
10.30		Charge Over Shares dated as of December 12, 2002 between AES International Holdings II, Ltd. and Wilmington Trust Company, as corporate trustee and Bruce L. Bisson, as individual trustee is incorporated herein by reference to Exhibit 4.4 of the Company's Form 8-K filed on December 17, 2002 (SEC File No. 001-12291).
10.31		Agreement and Plan of Merger, dated April 19, 2011, by and among The AES Corporation, DPL Inc. and Dolphin Sub, Inc. is incorporated herein by reference to Exhibit 2.1 of the Company's Form 8-K filed on April 20, 2011.
10.32		Credit Agreement dated as of May 27, 2011 among The AES Corporation, as borrower, the banks listed therein and Bank of America, N.A., as administrative agent is incorporated herein by reference to Exhibit 10.1 of the Company's Form 8-K filed on June 1, 2011.



10.32A		Amendment No.1 dated February 27, 2013 to the Credit Agreement dated as of May 27, 2011 among The AES Corporation, as borrower, the banks listed therein and Bank of America N.A., as administrative agent is incorporated herein by reference to exhibit 10.1 of the Company's Form 10-Q for the period ending March 31, 2013.
10.33		Common Stock Repurchase Agreement, dated as of December 11, 2013, by and between The AES Corporation and Terrific Investment Corporation is incorporated herein by reference to Exhibit 10.1 of the Company's Form 8-K filed on December 13, 2013.
12		Statement of computation of ratio of earnings to fixed charges (filed herewith).
21		Subsidiaries of The AES Corporation (filed herewith).
23.1		Consent of Independent Registered Public Accounting Firm, Ernst & Young LLP (filed herewith).
24		Powers of Attorney (filed herewith).
31.1		Rule 13a-14(a)/15d-14(a) Certification of Andrés Gluski (filed herewith).
31.2		Rule 13a-14(a)/15d-14(a) Certification of Thomas M. O'Flynn (filed herewith).
32.1		Section 1350 Certification of Andrés Gluski (filed herewith).
32.2		Section 1350 Certification of Thomas M. O'Flynn (filed herewith).
101.INS		XBRL Instance Document (filed herewith).
101.SCH		XBRL Taxonomy Extension Schema Document (filed herewith).
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith).
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document (filed herewith).
101.LAB		XBRL Taxonomy Extension Label Linkbase Document (filed herewith).
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document (filed herewith).


(c)	Schedules

Schedule I—

Financial Information of Registrant

Schedule II—Valuation and Qualifying Accounts

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



		THE AES CORPORATION (Company)

Date:	February 23, 2016	By:	/s/ ANDRÉS GLUSKI
		Name:	Andrés Gluski
			President, Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the Company and in the capacities and on the dates indicated.



Name	Title		Date

*	President, Chief Executive Officer (Principal Executive Officer) and Director
Andrés Gluski		February 23, 2016

*	Director
Charles L. Harrington		February 23, 2016
*	Director
Kristina M. Johnson		February 23, 2016

*	Director
Tarun Khanna		February 23, 2016

*	Director
Holly K. Koeppel		February 23, 2016

*	Director
Philip Lader		February 23, 2016

*	Director
James H. Miller		February 23, 2016

*	Director
John B. Morse		February 23, 2016

*	Director
Moises Naim		February 23, 2016

*	Chairman of the Board and Lead Independent Director
Charles O. Rossotti		February 23, 2016

/s/ THOMAS M. O'FLYNN	Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Thomas M. O'Flynn		February 23, 2016

/s/ FABIAN E. SOUZA	Vice President and Controller (Principal Accounting Officer)
Fabian E. Souza		February 23, 2016



*By:	/s/ BRIAN A. MILLER	February 23, 2016
	Attorney-in-fact

THE AES CORPORATION AND SUBSIDIARIES

INDEX TO FINANCIAL STATEMENT SCHEDULES



Schedule I—Condensed Financial Information of Registrant	S-2
Schedule II—Valuation and Qualifying Accounts	S-7

Schedules other than those listed above are omitted as the information is either not applicable, not required, or has been furnished in the financial statements or notes thereto included in Item 8 hereof.

See Notes to Schedule I

S-1

THE AES CORPORATION

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT

BALANCE SHEETS



	December 31,
	2015			2014
	(in millions)
ASSETS
Current Assets:
Cash and cash equivalents	$	186		$	511
Restricted cash	32			81
Accounts and notes receivable from subsidiaries	264			380
Deferred income taxes	—			142
Prepaid expenses and other current assets	26			57
Total current assets	508			1,171
Investment in and advances to subsidiaries and affiliates	7,764			9,063
Office Equipment:
Cost	135			157
Accumulated depreciation	(112		)	(114		)
Office equipment, net	23			43
Other Assets:
Deferred financing costs (net of accumulated amortization of $75 and $81, respectively)	49			61
Deferred income taxes	1,028			872
Other Assets	1			1
Total other assets	1,078			934
Total	$	9,373		$	11,211
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	16		$	25
Accounts and notes payable to subsidiaries	97			80
Accrued and other liabilities	204			212
Senior notes payable—current portion	—			151
Total current liabilities	317			468
Long-term Liabilities:
Senior notes payable	4,498			4,590
Junior subordinated notes and debentures payable	517			517
Accounts and notes payable to subsidiaries	873			1,352
Other long-term liabilities	19			12
Total long-term liabilities	5,907			6,471
Stockholders' equity:
Common stock	8			8
Additional paid-in capital	8,718			8,409
Retained Earnings	143			512
Accumulated other comprehensive loss	(3,883		)	(3,286		)
Treasury stock	(1,837		)	(1,371		)
Total stockholders' equity	3,149			4,272
Total	$	9,373		$	11,211

See Notes to Schedule I.

S-2

THE AES CORPORATION

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT

STATEMENTS OF OPERATIONS



For the Years Ended December 31,	2015			2014			2013
	(in millions)
Revenue from subsidiaries and affiliates	$	24		$	29		$	32
Equity in earnings of subsidiaries and affiliates	859			1,313			498
Interest income	24			59			66
General and administrative expenses	(154		)	(161		)	(171		)
Other Income	24			8			14
Other Expense	(6		)	(30		)	(11		)
Loss on extinguishment of debt	(105		)	(193		)	(165		)
Interest expense	(364		)	(422		)	(436		)
Income (loss) before income taxes	302			603			(173		)
Income tax benefit	4			166			287
Net income	$	306		$	769		$	114

See Notes to Schedule I.

S-3

THE AES CORPORATION

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT

STATEMENTS OF COMPREHENSIVE INCOME

YEARS ENDED DECEMBER 31, 2015, 2014, AND 2013



	2015			2014			2013
	(in millions)
NET INCOME	$	306		$	769		$	114
Foreign currency translation activity:
Foreign currency translation adjustments, net of income tax (expense) benefit of $1, $(7) and $10, respectively	(674		)	(366		)	(263		)
Reclassification to earnings, net of income tax (expense) benefit of $0, $0 and $0, respectively	—			34			36
Total foreign currency translation adjustments, net of tax	(674		)	(332		)	(227		)
Derivative activity:
Change in derivative fair value, net of income tax (expense) benefit of $4, $51 and $(31), respectively	(5		)	(180		)	46
Reclassification to earnings, net of income tax (expense) benefit of $(12), $(37) and $(32), respectively	48			72			128
Total change in fair value of derivatives, net of tax	43			(108		)	174
Pension activity:
Prior service cost for the period, net of income tax (expense) benefit of $0, $0 and $0, respectively	1			(1		)	—
Change in pension adjustments due to net actuarial gain (loss) for the period, net of income tax (expense) benefit of $(7), $9 and $(42), respectively	18			(13		)	78
Reclassification of earnings due to amortization of net actuarial loss, net of income tax (expense) benefit of $(2), $0 and $(5), respectively	2			10			13
Total change in unfunded pension obligation	21			(4		)	91
OTHER COMPREHENSIVE INCOME (LOSS)	(610		)	(444		)	38
COMPREHENSIVE INCOME (LOSS)	$	(304	)	$	325		$	152

See Notes to Schedule I.

S-4

THE AES CORPORATION

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT

STATEMENTS OF CASH FLOWS



For the Years Ended December 31,	2015			2014			2013
	(in millions)
Net cash provided by operating activities	$	475		$	449		$	418
Investing Activities:
Expenses related to asset sales	—			(4		)	(5		)
Investment in and net advances to subsidiaries	(221		)	(69		)	201
Return of capital	501			740			230
Decrease in restricted cash	49			96			50
Additions to property, plant and equipment	(11		)	(31		)	(11		)
(Purchase) sale of short term investments, net	—			(1		)	1
Net cash provided by (used in) investing activities	318			731			466
Financing Activities:
Borrowings (payments) under the revolver, net	—			—			—
Borrowings of notes payable and other coupon bearing securities	575			1,525			750
Repayments of notes payable and other coupon bearing securities	(915		)	(2,117		)	(1,210		)
Loans (to) from subsidiaries	—			263			(152		)
Purchase of treasury stock	(482		)	(308		)	(322		)
Proceeds from issuance of common stock	4			1			13
Common stock dividends paid	(276		)	(144		)	(119		)
Payments for deferred financing costs	(6		)	(20		)	(17		)
Other Financing	(18		)	—			—
Net cash (used in) provided by financing activities	(1,118		)	(800		)	(1,057		)
Effect of exchange rate changes on cash	—			—			(1		)
Increase (decrease) in cash and cash equivalents	(325		)	380			(174		)
Cash and cash equivalents, beginning	511			131			305
Cash and cash equivalents, ending	$	186		$	511		$	131
Supplemental Disclosures:
Cash payments for interest, net of amounts capitalized	$	314		$	373		$	442
Cash payments for income taxes, net of refunds	$	—		$	(2	)	$	11

See Notes to Schedule I.

S-5

THE AES CORPORATION

SCHEDULE I

NOTES TO SCHEDULE I

Application of Significant Accounting Principles

The Schedule I Condensed Financial Information of the Parent includes the accounts of The AES Corporation (the “Parent Company”) and certain holding companies.

Accounting for Subsidiaries and Affiliates—The Parent Company has accounted for the earnings of its subsidiaries on the equity method in the financial information.

Income Taxes—Positions taken on the Parent Company's income tax return which satisfy a more-likely-than-not threshold will be recognized in the financial statements. The income tax expense or benefit computed for the Parent Company reflects the tax assets and liabilities on a stand-alone basis and the effect of filing a consolidated U.S. income tax return with certain other affiliated companies.

Accounts and Notes Receivable from Subsidiaries—Amounts have been shown in current or long-term assets based on terms in agreements with subsidiaries, but payment is dependent upon meeting conditions precedent in the subsidiary loan agreements.

Debt

Senior Notes and Loans Payable ($ in millions)



			December 31,
	Interest Rate	Maturity	2015			2014
Senior Unsecured Note	7.75%	2015	$	—		$	151
Senior Unsecured Note	9.75%	2016	—			164
Senior Unsecured Note	8.00%	2017	181			525
Senior Unsecured Note	LIBOR + 3.00%	2019	775			775
Senior Unsecured Note	8.00%	2020	469			625
Senior Unsecured Note	7.38%	2021	1,000			1,000
Senior Unsecured Note	4.88%	2023	750			750
Senior Unsecured Note	5.50%	2024	750			750
Senior Unsecured Note	5.50%	2025	575			—
Unamortized premium (discounts)			(2		)	1
SUBTOTAL			4,498			4,741
Less: Current maturities			—			(151		)
Total			$	4,498		$	4,590

Junior Subordinated Notes Payable ($ in millions)



			December 31,
	Interest Rate	Maturity	2015		2014
Term Convertible Trust Securities	6.75%	2029	$	517	$	517

FUTURE MATURITIES OF DEBT — Recourse debt as of December 31, 2015 is scheduled to reach maturity as presented in the table below in millions:



December 31,	Annual Maturities
2016	$	—
2017	181
2018	—
2019	774
2020	469
Thereafter	3,591
Total debt	$	5,015

Dividends from Subsidiaries and Affiliates

Cash dividends received from consolidated subsidiaries were $748 million, $880 million, and $818 million for the years ended December 31, 2015, 2014, and 2013, respectively. There were no cash dividends received from affiliates accounted for by the equity method for the years ended December 31, 2015, 2014, and 2013.

Guarantees and Letters of Credit

GUARANTEES—In connection with certain of its project financing, acquisition, and power purchase agreements, the Company has expressly undertaken limited obligations and commitments, most of which will only be effective or will be terminated upon the occurrence of future events. These obligations and commitments, excluding those collateralized by letter of credit and other obligations discussed below, were limited as of December 31, 2015, by the terms of the agreements, to an aggregate of approximately $396 million representing 15 agreements with individual exposures ranging from less than $1

S-6

million up to $53 million. These amounts exclude normal and customary representations and warranties in agreements for the sale of assets (including ownership in associated legal entities) where the associated risk is considered to be nominal.

LETTERS OF CREDIT—At December 31, 2015, the Company had $62 million in letters of credit outstanding under the senior unsecured credit facility representing 7 agreements with individual exposures ranging from less than $1 million up to $29 million, which operate to guarantee performance relating to certain project development and construction activities and subsidiary operations. At December 31, 2015, the Company had $32 million in cash collateralized letters of credit outstanding representing 4 agreements with individual exposures ranging from $1 million up to $15 million, which operate to guarantee performance relating to certain project development and construction activities and subsidiary operations. During 2015, the Company paid letter of credit fees ranging from 0.2% to 2.5% per annum on the outstanding amounts.

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS



(in millions)	Balance at Beginning of the Period		Charged to Cost and Expense		Amounts Written off			Translation Adjustment			Balance at the End of the Period
Allowance for accounts receivables
(current and noncurrent)
Year Ended December 31, 2013	$	195	$	38	$	(77	)	$	(22	)	$	134
Year Ended December 31, 2014	134		61		(88		)	(11		)	96
Year Ended December 31, 2015	96		88		(60		)	(29		)	95

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