AES CORP Leases Disclosure
| Consolidated Balance Sheet Classification | December 31, 2025 | December 31, 2024 | ||||||||||||||||||
| Assets | ||||||||||||||||||||
| Right-of-use assets — finance leases | $ | 676 | $ | 547 | ||||||||||||||||
| Right-of-use assets — operating leases | 369 | 372 | ||||||||||||||||||
| Total right-of-use assets | $ | 1,045 | $ | 919 | ||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Finance lease liabilities (current) | $ | 21 | $ | 18 | ||||||||||||||||
| Finance lease liabilities (noncurrent) | 714 | 553 | ||||||||||||||||||
| Total finance lease liabilities | 735 | 571 | ||||||||||||||||||
| Operating lease liabilities (current) | 36 | 26 | ||||||||||||||||||
| Operating lease liabilities (noncurrent) | 394 | 392 | ||||||||||||||||||
| Total operating lease liabilities | 430 | 418 | ||||||||||||||||||
| Total lease liabilities | $ | 1,165 | $ | 989 | ||||||||||||||||
| Lease Term and Discount Rate | December 31, 2025 | December 31, 2024 | |||||||||
| Weighted-average remaining lease term — finance leases | 35 years | 36 years | |||||||||
| Weighted-average remaining lease term — operating leases | 22 years | 27 years | |||||||||
| Weighted-average discount rate — finance leases | 5.47 | % | 5.38 | % | |||||||
| Weighted-average discount rate — operating leases | 6.35 | % | 7.25 | % | |||||||
Years Ended December 31, | |||||||||||
Components of Lease Cost | 2025 | 2024 | |||||||||
| Operating lease cost | $ | 54 | $ | 56 | |||||||
| Finance lease cost: | |||||||||||
| Amortization of right-of-use assets | 16 | 13 | |||||||||
| Interest on lease liabilities | 31 | 22 | |||||||||
| Short-term lease costs | 17 | 18 | |||||||||
| Variable lease cost | 2 | — | |||||||||
| Total lease cost | $ | 120 | $ | 109 | |||||||
| Maturity of Lease Liabilities | |||||||||||
| Finance Leases | Operating Leases | ||||||||||
| 2026 | $ | 36 | $ | 50 | |||||||
| 2027 | 38 | 39 | |||||||||
| 2028 | 39 | 35 | |||||||||
| 2029 | 41 | 33 | |||||||||
| 2030 | 42 | 33 | |||||||||
| Thereafter | 1,518 | 653 | |||||||||
| Total | 1,714 | 843 | |||||||||
| Less: Imputed interest | (979) | (413) | |||||||||
| Present value of lease payments | $ | 735 | $ | 430 | |||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 11, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 28, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.