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, 2019 have been derived from our audited Consolidated Financial Statements. Prior period amounts have been restated to reflect discontinued operations in all periods presented. 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 28—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.



77 \| 2019 Annual Report

Selected Financial Data



	2019			2018			2017			2016			2015
Statement of Operations Data for the Years Ended December 31:	(in millions, except per share amounts)
Revenue	$	10,189		$	10,736		$	10,530		$	10,281		$	11,260
Income (loss) from continuing operations (1)	477			1,349			(148		)	191			682
Income (loss) from continuing operations attributable to The AES Corporation, net of tax	302			985			(507		)	(20		)	318
Income (loss) from discontinued operations attributable to The AES Corporation, net of tax (2)	1			218			(654		)	(1,110		)	(12		)
Net income (loss) attributable to The AES Corporation	$	303		$	1,203		$	(1,161	)	$	(1,130	)	$	306
Per Common Share Data
Basic earnings (loss) per share:
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax	$	0.46		$	1.49		$	(0.77	)	$	(0.04	)	$	0.46
Income (loss) from discontinued operations attributable to The AES Corporation common stockholders, net of tax	—			0.33			(0.99		)	(1.68		)	(0.01		)
Net income (loss) attributable to The AES Corporation common stockholders	$	0.46		$	1.82		$	(1.76	)	$	(1.72	)	$	0.45
Diluted earnings (loss) per share:
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax	$	0.45		$	1.48		$	(0.77	)	$	(0.04	)	$	0.46
Income (loss) from discontinued operations attributable to The AES Corporation common stockholders, net of tax	—			0.33			(0.99		)	(1.68		)	(0.02		)
Net income (loss) attributable to The AES Corporation common stockholders	$	0.45		$	1.81		$	(1.76	)	$	(1.72	)	$	0.44
Dividends Declared Per Common Share	$	0.55		$	0.53		$	0.49		$	0.45		$	0.41
Cash Flow Data for the Years Ended December 31:
Net cash provided by operating activities	$	2,466		$	2,343		$	2,504		$	2,897		$	2,136
Net cash used in investing activities	(2,721		)	(505		)	(2,599		)	(2,136		)	(2,128		)
Net cash provided by (used in) financing activities	(86		)	(1,643		)	43			(747		)	28
Total increase (decrease) in cash, cash equivalents and restricted cash	(431		)	215			(172		)	9			(10		)
Cash, cash equivalents and restricted cash, ending	1,572			2,003			1,788			1,960			1,951
Balance Sheet Data at December 31:
Total assets	$	33,648		$	32,521		$	33,112		$	36,124		$	36,545
Non-recourse debt (noncurrent)	14,914			13,986			13,176			13,731			12,184
Non-recourse debt (noncurrent)—Discontinued operations	—			—			—			758			772
Recourse debt (noncurrent)	3,391			3,650			4,625			4,671			4,966
Redeemable stock of subsidiaries	888			879			837			782			538
Retained earnings (accumulated deficit)	(692		)	(1,005		)	(2,276		)	(1,146		)	143
The AES Corporation stockholders' equity	2,996			3,208			2,465			2,794			3,149


(1)	Includes pre-tax gains on sales of business interests of $28 million, $984 million, $29 million, and $29 million for the years ended December 31, 2019, 2018, 2016, and 2015, respectively, and pre-tax losses of $52 million for the year ended December 31, 2017; pre-tax impairment expense of $185 million, $208 million, $537 million, $1.1 billion, and $602 million for the years ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively; other-than-temporary impairment of equity method investments of $92 million and $147 million for the years ended December 31, 2019 and 2018; 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; and net equity in losses of affiliates, primarily at Guacolda, of $172 million, for the year ended December 31, 2019. See Note 25—Held-for-Sale and Dispositions, Note 22—Asset Impairment Expense, Note 8—Investments in and Advances to Affiliates and Note 23—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 $28 million, $984 million, $29 million, and $29 million for the years ended December 31, 2019, 2018, 2016, and 2015, respectively, and pre-tax losses of $52 million for the year ended December 31, 2017*;* pre-tax impairment expense of $185 million, $208 million, $537 million, $1.1 billion, and $602 million for the years ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively; other-than-temporary impairment of equity method investments of $92 million and $147 million for the years ended December 31, 2019 and 2018; 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; and net equity in losses of affiliates, primarily at Guacolda, of $172 million, for the year ended December 31, 2019. See Note 25—Held-for-Sale and Dispositions, Note 22—Asset Impairment Expense, Note 8—Investments in and Advances to Affiliates and Note 23—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 24—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 24—Discontinued Operations included in Item 8.—Financial Statements and Supplementary Data of this Form 10-K for further information.



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