Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

The following table presents our selected financial data as of the dates and for the periods indicated. This data should be read together with Item 7.—Management's Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and the notes thereto included in Item 8.—Financial Statements and Supplementary Data of this Form 10-K. The selected financial data for each of the years in the five year period ended December 31, 2018 have been derived from our audited Consolidated Financial Statements. Prior period amounts have been restated to reflect discontinued operations in all periods presented. Prior to July 1, 2014, a discontinued operation was a component of the Company that either had been disposed of or was classified as held-for-sale and where the Company did not expect to have significant cash flows or significant continuing involvement with the component as of one year after its disposal or sale. Effective July 1, 2014, the Company adopted new accounting guidance under which the Company reports a business as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results when the business is sold or classified as held-for-sale. Please refer to Note 1— General and Summary of Significant Accounting Policies in Item 8.—Financial Statements and Supplementary Data of this Form 10-K for further explanation. Our historical results are not necessarily indicative of our future results.

Acquisitions, disposals, reclassifications and changes in accounting principles affect the comparability of information included in the tables below. Please refer to the Notes to the Consolidated Financial Statements included in Item 8.—Financial Statements and Supplementary Data of this Form 10-K for further explanation of the effect of such activities. Please also refer to Item 1A.—Risk Factors of this Form 10-K and Note 26—Risks and Uncertainties to the Consolidated Financial Statements included in Item 8.—Financial Statements and

Supplementary Data of this Form 10-K for certain risks and uncertainties that may cause the data reflected herein not to be indicative of our future financial condition or results of operations.

SELECTED FINANCIAL DATA



	2018			2017			2016			2015			2014
Statement of Operations Data for the Years Ended December 31:	(in millions, except per share amounts)
Revenue	$	10,736		$	10,530		$	10,281		$	11,260		$	12,604
Income (loss) from continuing operations (1)	1,349			(148		)	191			682			941
Income (loss) from continuing operations attributable to The AES Corporation, net of tax	985			(507		)	(20		)	318			678
Income (loss) from discontinued operations attributable to The AES Corporation, net of tax (2)	218			(654		)	(1,110		)	(12		)	91
Net income (loss) attributable to The AES Corporation	$	1,203		$	(1,161	)	$	(1,130	)	$	306		$	769
Per Common Share Data
Basic earnings (loss) per share:
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax	$	1.49		$	(0.77	)	$	(0.04	)	$	0.46		$	0.94
Income (loss) from discontinued operations attributable to The AES Corporation common stockholders, net of tax	0.33			(0.99		)	(1.68		)	(0.01		)	0.13
Net income (loss) attributable to The AES Corporation common stockholders	$	1.82		$	(1.76	)	$	(1.72	)	$	0.45		$	1.07
Diluted earnings (loss) per share:
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax	$	1.48		$	(0.77	)	$	(0.04	)	$	0.46		$	0.94
Income (loss) from discontinued operations attributable to The AES Corporation common stockholders, net of tax	0.33			(0.99		)	(1.68		)	(0.02		)	0.12
Net income (loss) attributable to The AES Corporation common stockholders	$	1.81		$	(1.76	)	$	(1.72	)	$	0.44		$	1.06
Dividends Declared Per Common Share	$	0.53		$	0.49		$	0.45		$	0.41		$	0.25
Cash Flow Data for the Years Ended December 31:
Net cash provided by operating activities	$	2,343		$	2,504		$	2,897		$	2,136		$	1,800
Net cash used in investing activities	(505		)	(2,599		)	(2,136		)	(2,128		)	(1,075		)
Net cash provided by (used in) financing activities	(1,643		)	43			(747		)	28			(1,262		)
Total increase (decrease) in cash, cash equivalents and restricted cash	215			(172		)	9			(10		)	(529		)
Cash, cash equivalents and restricted cash, ending	2,003			1,788			1,960			1,951			1,961
Balance Sheet Data at December 31:
Total assets	$	32,521		$	33,112		$	36,124		$	36,545		$	38,676
Non-recourse debt (noncurrent)	13,986			13,176			13,731			12,184			12,077
Non-recourse debt (noncurrent)—Discontinued operations	—			—			758			772			1,226
Recourse debt (noncurrent)	3,650			4,625			4,671			4,966			5,047
Redeemable stock of subsidiaries	879			837			782			538			78
Retained earnings (accumulated deficit)	(1,005		)	(2,276		)	(1,146		)	143			512
The AES Corporation stockholders' equity	3,208			2,465			2,794			3,149			4,272


(1)	Includes pre-tax gains on sales of business interests of $984 million, $29 million, $29 million and $358 million for the years ended December 31, 2018, 2016, 2015 and 2014, respectively, and pre-tax losses of $52 million for the year ended December 31, 2017; pre-tax impairment expense of $208 million, $537 million, $1.1 billion, $602 million and $383 million for the years ended December 31, 2018, 2017, 2016, 2015 and 2014, respectively; other-than-temporary impairments of equity method investments of $147 million and $128 million for the years ended December 31, 2018 and 2014, respectively; income tax expense of $194 million and $675 million related to the one-time transition tax on foreign earnings, and income tax benefit of $77 million and expense of $39 million related to the remeasurement of deferred tax assets and liabilities to the lower corporate tax rate for the years ended December 31, 2018 and 2017, respectively. See Note 23—Held-for-Sale and Dispositions, Note 8—Goodwill and Other Intangible Assets, Note 20—Asset Impairment Expense, Note 7—Investments in and Advances to Affiliates and Note 21—Income Taxes included in Item 8.—Financial Statements and Supplementary Data of this Form 10-K for further information.

(1)

Includes pre-tax gains on sales of business interests of $984 million, $29 million, $29 million and $358 million for the years ended December 31, 2018, 2016, 2015 and 2014, respectively, and pre-tax losses of $52 million for the year ended December 31, 2017*;* pre-tax impairment expense of $208 million, $537 million, $1.1 billion, $602 million and $383 million for the years ended December 31, 2018, 2017, 2016, 2015 and 2014, respectively; other-than-temporary impairments of equity method investments of $147 million and $128 million for the years ended December 31, 2018 and 2014, respectively; income tax expense of $194 million and $675 million related to the one-time transition tax on foreign earnings, and income tax benefit of $77 million and expense of $39 million related to the remeasurement of deferred tax assets and liabilities to the lower corporate tax rate for the years ended December 31, 2018 and 2017, respectively. See Note 23—Held-for-Sale and Dispositions, Note 8—Goodwill and Other Intangible Assets, Note 20—Asset Impairment Expense, Note 7—Investments in and Advances to Affiliates and Note 21—Income Taxes included in Item 8.—Financial Statements and Supplementary Data of this Form 10-K for further information.


(2)	Includes gain on sale of $199 million and loss on deconsolidation of $611 million related to Eletropaulo for the years ended December 31, 2018 and 2017, respectively, and impairment expense of $382 million and loss on sale of $737 million related to Sul for the year ended December 31, 2016. See Note 22—Discontinued Operations included in Item 8.—Financial Statements and Supplementary Data of this Form 10-K for further information.

(2)

Includes gain on sale of $199 million and loss on deconsolidation of $611 million related to Eletropaulo for the years ended December 31, 2018 and 2017, respectively, and impairment expense of $382 million and loss on sale of $737 million related to Sul for the year ended December 31, 2016. See Note 22—Discontinued Operations included in Item 8.—Financial Statements and Supplementary Data of this Form 10-K for further information.

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