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, 2022 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 27—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.


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Selected Financial Data


	2022		2021		2020		2019		2018
Statement of Operations Data for the Years Ended December 31:	(in millions, except per share amounts)
Revenue	$	12,617	$	11,141	$	9,660	$	10,189	$	10,736
Income (loss) from continuing operations (1)	(505)		(955)		149		477		1,349
Income (loss) from continuing operations attributable to The AES Corporation, net of tax	(546)		(413)		43		302		985
Income from discontinued operations attributable to The AES Corporation, net of tax (2)	—		4		3		1		218
Net income (loss) attributable to The AES Corporation	$	(546)	$	(409)	$	46	$	303	$	1,203
Per Common Share Data
Basic earnings (loss) per share:
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax	$	(0.82)	$	(0.62)	$	0.06	$	0.46	$	1.49
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax	—		0.01		0.01		—		0.33
Net income (loss) attributable to The AES Corporation common stockholders	$	(0.82)	$	(0.61)	$	0.07	$	0.46	$	1.82
Diluted earnings (loss) per share:
Income (loss) from continuing operations attributable to The AES Corporation common stockholders, net of tax	$	(0.82)	$	(0.62)	$	0.06	$	0.45	$	1.48
Income from discontinued operations attributable to The AES Corporation common stockholders, net of tax	—		0.01		0.01		—		0.33
Net income (loss) attributable to The AES Corporation common stockholders	$	(0.82)	$	(0.61)	$	0.07	$	0.45	$	1.81
Dividends Declared Per Common Share	$	0.64	$	0.61	$	0.58	$	0.55	$	0.53
Cash Flow Data for the Years Ended December 31:
Net cash provided by operating activities	$	2,715	$	1,902	$	2,755	$	2,466	$	2,343
Net cash used in investing activities	(5,836)		(3,051)		(2,295)		(2,721)		(505)
Net cash provided by (used in) financing activities	3,758		797		(78)		(86)		(1,643)
Total increase (decrease) in cash, cash equivalents and restricted cash	603		(343)		255		(431)		215
Cash, cash equivalents and restricted cash, ending	2,087		1,484		1,827		1,572		2,003
Balance Sheet Data at December 31:
Total assets	$	38,363	$	32,963	$	34,603	$	33,648	$	32,521
Non-recourse debt (noncurrent)	17,846		13,603		15,005		14,914		13,986

Recourse debt (noncurrent)	3,894		3,729		3,446		3,391		3,650
Redeemable stock of subsidiaries	1,321		1,257		872		888		879
Accumulated deficit	(1,635)		(1,089)		(680)		(692)		(1,005)
The AES Corporation stockholders' equity	2,437		2,798		2,634		2,996		3,208

(1)Includes pre-tax losses on sales of business interests of $9 million, $1.7 billion, and $95 million for the years ended December 31, 2022, 2021, and 2020, respectively, and pre-tax gains of $28 million and $984 million for the years ended December 31, 2019, and 2018, respectively*;* pre-tax impairment expense of $1.5 billion, $1.6 billion, $864 million, $185 million, and $208 million for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively; other-than-temporary impairment of equity method investments of $175 million, $202 million, $92 million, and $147 million for the years ended December 31, 2022, 2020, 2019, and 2018, respectively; income tax benefit of $176 million related to the reversal of uncertain tax positions effectively settled upon the closure of the Company's 2017 U.S. tax return exam for the year ended December 31, 2021 and income tax expense of $194 million related to the one-time transition tax on foreign earnings and income tax benefit of $77 million related to the remeasurement of deferred tax assets and liabilities to the lower corporate tax rate for the year ended December 31, 2018; and net equity in losses of affiliates, primarily at Guacolda, of $123 million, and $172 million, for the years ended December 31, 2020 and 2019, respectively. See Note 24—Held-for-Sale and Dispositions, Note 22—Asset Impairment Expense, Note 9 —Goodwill and Other Intangible Assets, 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 related to Eletropaulo for the year ended December 31, 2018.


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